# EDGAR Filing Document

**Accession Number:** 0002105398
**File Stem:** 0001104659-26-077451
**Filing Date:** 2026-6
**Character Count:** 2103155
**Document Hash:** c89e6a059158abd758732377e6afc20a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-077451.hdr.sgml**: 20260625

**ACCESSION NUMBER**: 0001104659-26-077451

**CONFORMED SUBMISSION TYPE**: S-1/A

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20260625

**DATE AS OF CHANGE**: 20260624

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Csquare, Inc.
- **CENTRAL INDEX KEY:** 0002105398
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 830679216
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-296826
- **FILM NUMBER:** 261117447

**BUSINESS ADDRESS:**
- **STREET 1:** 3100 OLYMPUS BLVD.
- **STREET 2:** SUITE 510
- **CITY:** COPPELL
- **STATE:** TX
- **ZIP:** 75019
- **BUSINESS PHONE:** (855) 699-8372

**MAIL ADDRESS:**
- **STREET 1:** 3100 OLYMPUS BLVD.
- **STREET 2:** SUITE 510
- **CITY:** COPPELL
- **STATE:** TX
- **ZIP:** 75019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BIF III US Aggregator (Delaware) LLC
- **DATE OF NAME CHANGE:** 20260114

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#### As filed with the Securities and Exchange Commission on June 24, 2026.

#### Registration No. 333-296826

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

#### AMENDMENT NO. 1 TO

### FORM S-1

#### REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

### Csquare, Inc.
(Exact name of registrant as Specified in its Charter)

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| | | |
|:---|:---|:---|
| **Delaware** <br> (State or other jurisdiction of <br> incorporation or organization)  | **7370** <br> (Primary Standard Industrial <br> Classification Code Number)  | **83-0679216** <br> (I.R.S. Employer <br> Identification Number)  |

---

#### 3100 Olympus Blvd., Suite 510 Coppell, TX 75019 (855) 699-8372
(Address, including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)

#### Spencer Mullee Chief Executive Officer 3100 Olympus Blvd., Suite 510 Coppell, TX 75019 (855) 699-8372
(Name, Address, including Zip Code, and Telephone Number, including Area Code, of Agent for Service)

#### Copies to:

---

| | | |
|:---|:---|:---|
| **Brian M. Janson, Esq. <br> Ravi Purohit, Esq. <br> Christopher Van Buren, Esq. <br> Paul, Weiss, Rifkind, Wharton & Garrison LLP <br> 1285 Avenue of the Americas <br> New York, NY 10019-6064 <br> (212) 373-3000**  | **Catherine Smith, Esq. <br> Chief Legal Officer <br> 3100 Olympus Blvd., Suite 510 <br> Coppell, TX 75019 <br> (855) 699-8372**  | **Lewis W. Kneib, Esq. <br> Brent T. Epstein, Esq. <br> Devon L. MacLaughlin, Esq. <br> Latham & Watkins LLP <br> 1271 Avenue of the Americas <br> New York, NY 10020 <br> (212) 906-1200**  |

---

Approximate date of commencement of proposed sale of the securities to the public: As soon as practicable after the effective date of this registration statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box. ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☐ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

 **The registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.** 

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The information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and we are not soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted.

PRELIMINARY PROSPECTUS Subject to completion, dated June 24, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares

## Csquare, Inc.
Common Stock

This is the initial public offering of shares of common stock of Csquare, Inc., a Delaware corporation. We are offering shares of common stock. Prior to this offering, there has been no public market for our common stock. We expect the initial public offering price to be between $ and $ per share. We have applied to list our common stock on the New York Stock Exchange (the "NYSE") under the symbol "CSQR".

Following the completion of this offering, certain entities managed or controlled by Brookfield Corporation or its affiliates (collectively, "Brookfield") will beneficially own approximately % of the voting power of our outstanding common stock. As a result, Brookfield will have the ability to determine all matters requiring approval by our stockholders and we expect to be a "controlled company" within the meaning of the corporate governance standards of the NYSE and therefore will be exempt from certain corporate governance requirements of such rules. See "Risk Factors—Risks Related to this Offering and Ownership of Our Common Stock," "Management—Controlled Company" and "Principal Stockholders."

Investing in our common stock involves risks that are described in the "Risk Factors" section beginning on page [22](#tRIFA) of this prospectus.

---

| | | |
|:---|:---|:---|
|  | *Per Share*  | *Total*  |
| *Initial public offering price*  |  | $— |
| *Underwriting discounts and commissions<sup>(1)</sup>*  |  | $— |
| *Proceeds, before expenses, to us*  |  | $— |

---

(1) *See "Underwriting (Conflicts of Interest)" for additional information regarding the underwriting compensation.* 

At our request, the underwriters have reserved 5% of the shares of common stock to be issued by us and offered by this prospectus for sale, at the initial public offering price, to certain individuals identified by our executive team and certain other individuals affiliated with us. The number of shares of common stock available for sale to the general public will be reduced to the extent these individuals purchase such reserved shares. Any reserved shares that are not so purchased will be offered by the underwriters to the general public on the same basis as the other shares offered by this prospectus. See "Underwriting (Conflicts of Interest)—Directed Share Program" for additional information.

We have granted the underwriters an option to purchase up to additional shares of common stock, solely to cover over-allotments, if any, from us at the initial public offering price, less underwriting discounts and commissions, within 30 days from the date of this prospectus.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

The underwriters expect to deliver the shares of common stock to purchasers on or about , 2026.

---

| | | |
|:---|:---|:---|
| *Morgan Stanley* | *TD Securities*  | *Wells Fargo Securities*  |
| *BofA Securities* | *BMO Capital Markets*  | *Scotiabank*  |

---

Jefferies J.P. Morgan RBC Capital Markets Societe Generale

Brookfield Capital SolutionsCIBC Capital MarketsNational Bank of Canada Capital MarketsPNC Capital Markets LLC

Prospectus dated , 2026

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![[MISSING IMAGE: ph_cooling1-4clr.jpg]](ph_cooling1-4clr.jpg)

![[MISSING IMAGE: ph_pdu-4clr.jpg]](ph_pdu-4clr.jpg)

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![[MISSING IMAGE: ph_interiorcage-4clr.jpg]](ph_interiorcage-4clr.jpg)

![[MISSING IMAGE: ph_chilledwater-4clr.jpg]](ph_chilledwater-4clr.jpg)

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**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [PROSPECTUS SUMMARY](#tPRSU)  | [1](#tPRSU) |
| [RISK FACTORS](#tRIFA)  | [22](#tRIFA) |
|  [CAUTIONARY NOTE REGARDING <br> FORWARD-LOOKING <br> STATEMENTS](#tCANO)  | [51](#tCANO) |
| [USE OF PROCEEDS](#tUOP)  | [53](#tUOP) |
| [DIVIDEND POLICY](#tDIPO)  | [55](#tDIPO) |
| [CAPITALIZATION](#tCAP)  | [56](#tCAP) |
| [DILUTION](#tDIL)  | [57](#tDIL) |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#tMDAA)  | [59](#tMDAA) |
| [BUSINESS](#tBUS)  | [86](#tBUS) |
| [MANAGEMENT](#tMAN)  | [101](#tMAN) |
| [EXECUTIVE COMPENSATION](#tEXCO)  | [108](#tEXCO) |
|  [CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#tCRAR)  | [117](#tCRAR) |

---

---

| | |
|:---|:---|
| [PRINCIPAL STOCKHOLDERS](#tPRST)  | [121](#tPRST) |
|  [DESCRIPTION OF CAPITAL STOCK](#tDOCS)  | [122](#tDOCS) |
|  [SHARES ELIGIBLE FOR FUTURE SALE](#tSEFF)  | [131](#tSEFF) |
|  [MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS](#tMUFI)  | [133](#tMUFI) |
|  [UNDERWRITING (CONFLICTS OF <br> INTEREST)](#tUCOI)  | [137](#tUCOI) |
| [LEGAL MATTERS](#tLEMA)  | [145](#tLEMA) |
| [EXPERTS](#tEXP)  | [146](#tEXP) |
|  [WHERE YOU CAN FIND MORE INFORMATION](#tWYCF)  | [147](#tWYCF) |
|  [INDEX TO FINANCIAL STATEMENTS](#tITCF)  | [F-1](#tITCF) |

---

We have not, and the underwriters have not, authorized any other person to provide you with any information or to make any representations other than those contained in this prospectus or in any free writing prospectuses we have prepared. We and the underwriters take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may provide you. We are offering to sell, and seeking offers to buy, shares of our common stock only in jurisdictions where offers and sales are permitted. You should assume that the information appearing in this prospectus and any free writing prospectus prepared by us is accurate only as of their respective dates or on the date or dates which are specified in these documents. Our business, financial condition, results of operations and prospects may have changed since those dates.

For investors outside the United States: neither we nor the underwriters have done anything that would permit this offering or possession or distribution of this prospectus or any free writing prospectus we may provide to you in connection with this offering in any jurisdiction where action for that purpose is required, other than in the United States. You are required to inform yourselves about and to observe any restrictions relating to this offering and the distribution of this prospectus and any such free writing prospectus outside of the United States.

 **Through and including , 2026 (the 25th day after the date of this prospectus), all dealers effecting transactions in the common stock, whether or not participating in this offering, may be required to deliver a prospectus. This delivery requirement is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.** 

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#### TRADEMARKS, TRADE NAMES AND SERVICE MARKS
We own or have rights to trademarks, service marks and trade names that we use in connection with the operation of our business, including Csquare. Other trademarks, service marks and trade names appearing in this prospectus are the property of their respective owners. Solely for convenience, trademarks and trade names referred to in this prospectus may appear without the <sup>®</sup> or <sup>TM</sup> symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks and trade names. We do not intend our use or display of other companies' trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

#### INDUSTRY AND MARKET DATA
We include in this prospectus statements regarding our industry, our competitors and factors that have impacted our and our customers' industries. Such statements are statements of belief and are based on industry data and forecasts that we have obtained from industry publications and surveys, including those published by CBRE Group, Inc., as well as internal company sources. Industry publications, surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable, but there can be no assurance as to the accuracy or completeness of such information. In addition, while we believe that the industry information included herein is generally reliable, such information is inherently imprecise. Certain statements regarding our competitors are based on publicly available information, including filings with the Securities and Exchange Commission by such competitors, published industry sources and management estimates. While we are not aware of any misstatements regarding the industry, competitor and market data presented herein, our estimates involve risks and uncertainties and are subject to change based on various factors, including those discussed under the caption "*Risk Factors*" in this prospectus.

#### BASIS OF PRESENTATION
In this prospectus, unless otherwise indicated or the context otherwise requires, references to the "Company," the "Issuer," "Csquare," "we," "us" and "our" refer, prior to our conversion to a corporation, to BIF III US Aggregator (Delaware) LLC and its consolidated subsidiaries and, after our conversion to a corporation, to Csquare, Inc. and its consolidated subsidiaries.

All consolidated financial statements presented in this prospectus have been prepared in U.S. dollars in accordance with generally accepted accounting principles in the United States of America ("GAAP").

ii

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#### PROSPECTUS SUMMARY
 *The following summary highlights information contained in greater detail elsewhere in this prospectus. This summary is not complete and does not contain all of the information that you should consider in making your investment decision. Before you make an investment decision, you should review this prospectus in its entirety, including matters set forth under "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and the related notes thereto included elsewhere in this prospectus. Some of the statements in the following summary constitute forward-looking statements. See "Cautionary Note Regarding Forward-Looking Statements."* 

#### Overview
Csquare is a leading North American enterprise digital infrastructure platform providing carrier-neutral colocation and interconnection services that support the applications powering the modern economy. We deliver mission-critical infrastructure to a diversified customer base of more than 1,700 enterprise, network, cloud, and technology customers. Our facilities support long-duration, availability-sensitive workloads with high barriers to exit, underpinned by strong customer retention, recurring revenue, and requirements for exceptional reliability, security, and connectivity.

We own and operate a geographically diverse portfolio of highly engineered, carrier-neutral data centers located in 21 major metropolitan markets across the United States, Canada and the United Kingdom. Given our presence in strategic locations, over 92% of the U.S. population is within two milliseconds of latency from one of our data centers. Our data centers provide essential infrastructure, including secure space, redundant power, advanced cooling systems, physical security, and dense interconnection capabilities, enabling customers to deploy and operate critical IT and network infrastructure.

As of March 31, 2026, our platform is comprised of 64 sites across 21 major metropolitan markets, delivering approximately 389 megawatts ("MW") of Sellable Power Capacity and more than 36,600 interconnection products. Please see "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Business Metrics*" for details regarding the definition of Sellable Power Capacity.

The following map shows the locations and installed capacities of our data centers as of March 31, 2026, excluding three sites currently slated for closure.

![[MISSING IMAGE: mp_catalyst-4c.jpg]](mp_catalyst-4c.jpg)

Our platform is purpose-built to serve enterprise customers with complex operating requirements, including the need for network proximity, consistent operating standards, and high service availability. We focus

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primarily on sub-5 MW colocation deployments within multi-customer, interconnection-rich environments. We opportunistically can and will consider larger deployments based on customer demand. This approach allows us to support a broad range of long-standing blue-chip customers while maintaining high levels of operational efficiency and scalability across our portfolio.

We generate a majority of our revenue from recurring colocation and interconnection services under contractual arrangements that generally range from one to seven years, with our average remaining contract term being approximately 33 months as of March 31, 2026. We believe our diversified customer base, combined with the mission-critical nature of our services and the high switching costs associated with data center relocation, has contributed to our Net Revenue Churn, which was less than 2% for each of the three months ended March 31, 2026 and 2025, and stable, predictable cash flows. Please see "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Business Metrics*" for details regarding the definition of Net Revenue Churn and the calculation thereof.

Our multi-customer operating model is designed to drive significant customer diversification and limit reliance on any single customer or industry vertical. In addition, we believe our interconnection-rich facilities enhance customer retention and support incremental revenue growth through cross-connects and expansion deployments. As customers scale their infrastructure within our data centers, we believe we will be able to benefit from embedded growth with limited incremental capital investment.

Our customers rely on us as a critical infrastructure partner that simplifies the deployment and operation of mission-critical IT environments. We provide a geographically proximate, carrier-neutral colocation platform with pre-built power and cooling infrastructure that can be activated and scaled quickly within existing facilities. This enables enterprises to deploy capacity with short lead times, predictable costs, and minimal upfront capital.

Because our buildings, infrastructure and fiber ecosystems are already in place, customers benefit from low-latency connectivity, reduced execution risk, and flexible, modular expansion without the complexity or capital intensity of self-build or greenfield alternatives. This value proposition has driven sustained demand and strong customer adoption.

Strong operating performance and cash generation have enabled us to fund growth primarily through operating cash flow and disciplined financing activities. Our expansions are typically executed within existing, transformer-enabled facilities, requiring site-specific capital expenditures and typically costing on a net basis approximately $4 million to $8 million per MW—meaningfully lower than the expected cost of greenfield development.

This capital-efficient expansion model allows us to add incremental revenue with limited reliance on new building construction. As enterprises place additional workloads into production, including hybrid cloud and inference use cases, our portfolio of urban, carrier-neutral data centers provides a durable runway for scalable growth.

We believe our portfolio, operating strategy, and customer mix position us to benefit from long-term secular trends, including increased enterprise outsourcing of data center infrastructure, growth in network-intensive and latency-sensitive applications, artificial intelligence ("AI") inference, and rising demand for reliable, secure, and interconnected digital infrastructure. We believe our disciplined capital allocation strategy, strong corporate liquidity and operating cash flows, as well as focus on operational excellence, support sustainable growth.

Our business has grown rapidly since inception, including organically and through acquisitions in January 2024 and October 2025. Our revenue was $270.5 million and $232.8 million for the three months ended March 31, 2026 and 2025, respectively, representing year-over-year growth of 16%. Our revenue was $987.0 million, $907.6 million and $198.3 million for the years ended December 31, 2025, 2024 and 2023, respectively, representing year-over-year growth of 9% and 358%, respectively. Our net loss for the three months ended March 31, 2026 and 2025 was $66.0 million and $34.9 million, respectively. Our net income (loss) for the years ended December 31, 2025, 2024 and 2023 was $(119.9) million, $458.5 million and $(79.7) million, respectively. Our Adjusted EBITDA for the three months ended March 31, 2026 and 2025 was $108.3 million and $86.3 million, respectively. Our Adjusted EBITDA for the years ended December 31, 2025, 2024 and 2023 was $390.0 million, $288.7 million and $18.1 million, respectively. Our funds from operations ("FFO") for the

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three months ended March 31, 2026 and 2025 were $18.5 million and $28.8 million, respectively. Our FFO for the years ended December 31, 2025, 2024 and 2023 were $152.0 million, $718.1 million and $(29.3) million, respectively. Adjusted EBITDA and FFO are non-GAAP financial measures. For additional information about our non-GAAP financial measures, including reconciliations of the non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP, see "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Discussion of Non-GAAP Financial Measures*."

#### Our Origins
We commenced operations in January 2019. Our strategic development has been shaped by acquiring portfolios of data center assets that were built to high quality engineering standards, with robust power redundancy, dense embedded fiber connectivity, and strategically located urban footprints. As a result, many of our facilities benefit from infrastructure characteristics and locations that would be difficult and costly to replicate today.

In 2024, we acquired a portfolio of assets through a highly structured and disciplined process, capitalizing on a unique opportunity to add scale and quality to our platform. By focusing on assets with established power, connectivity, and enterprise demand, we enhanced our urban, carrier-neutral footprint with limited execution risk and attractive capital efficiency. The success of this approach is reflected in strong post-acquisition performance and sustained customer demand, demonstrating our ability to create value through operational expertise, balance sheet discipline, and opportunistic growth.

In addition, our current platform of assets has benefited from a comprehensive operational transformation. This process included the selective assumption and renegotiation of site leases, the divestiture of non-core international assets, significantly increased ownership of underlying real estate, and the consolidation of operations, systems, and go-to-market functions. These actions significantly improved our portfolio's quality, enhanced operating efficiency, and aligned the platform with our long-term strategic objectives.

#### Our Commercial Strategy
We serve more than 1,700 customers across a broad range of industries, including financial services, health care, cloud and IT services, media and content, network service providers, semiconductors, gaming, and enterprise technology. Our customer base is highly diversified, and no single customer represented more than 7% of our revenue for the year ended December 31, 2025.

The following graphic shows our monthly recurring revenue by customer vertical as of March 31, 2026:

#### Customer Vertical
![[MISSING IMAGE: pc_customervertical-4c.jpg]](pc_customervertical-4c.jpg)

Most of our revenue is recurring and generated under contractual customer arrangements with multi-year terms, and our average remaining contract length was approximately 33 months as of March 31, 2026, which has increased from approximately 30 months and 21 months as of December 31, 2025 and December 31, 2024, respectively. Substantially all of our contractual arrangements contain power pass-through pricing

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mechanisms and annual escalators, reducing our exposure to utility price volatility and simplifying our cash flow planning over multi-year contracts. We had Net Revenue Churn of less than 2% for each of the three months ended March 31, 2026 and 2025, reflecting the mission-critical nature of our services and the operational complexity associated with relocating data center infrastructure. Finally, we generated 78.5% and 70.6% of our net operating income for the three months ended March 31, 2026 and the year ended December 31, 2025, respectively, from owned sites, which, when combined with sites under long-term leases, provides significant operational control to deliver to our customers, improved capital markets access, and greater cost base certainty over the long term.

Our commercial strategy emphasizes long-term customer relationships and disciplined pricing over short-term revenue maximization, which we believe supports revenue visibility, and stability.

We provide several primary service offerings to our customer base:

*Enterprise Colocation*: Our primary service offering is enterprise-focused colocation. Customers deploy IT and network infrastructure within our data centers to support production IT environments, hybrid cloud architectures, latency-sensitive applications, financial trading platforms, content delivery networks, and enterprise AI and inference workloads. Most customer deployments are below 5 MW and average approximately 7.6 contracted kW per rack across our footprint, though we have the infrastructure and ability to provide high density computing environments in most of our data centers. We have installed and operate deployments as high as 150 kW per rack, with the ability to operate installations beyond 250 kW per rack.

The following graphic shows our monthly recurring revenue by deployment size as of March 31, 2026:

#### Deployment Size
![[MISSING IMAGE: pc_deploymentsize-4c.jpg]](pc_deploymentsize-4c.jpg)

*Interconnection*: Interconnection is a powerful growth engine at the center of our platform, and we averaged 21 interconnection products per customer as of March 31, 2026. Our data centers provide highly network-dense, carrier-neutral environments that give customers immediate access to a broad ecosystem of leading network service providers, cloud on-ramps, and direct customer-to-customer connectivity. With multiple providers operating in every facility, customers can rapidly scale, optimize performance, and reduce latency and costs—without vendor lock-in. This rich interconnection ecosystem enables faster deployments, efficient expansion, and stronger business partnerships from day one.

Interconnection services accounted for approximately 10.3% and 12.6% of our recurring revenues for the three months ended March 31, 2026 and 2025, respectively, and approximately 11.9%, 13.1% and 9.8% of our recurring revenues for the years ended December 31, 2025, 2024 and 2023, respectively, and we believe such services are a key driver of long-term customer value. By embedding customers within thriving, multi-tenant ecosystems, we help them build resilient, future-ready infrastructure that grows with their business.

While interconnection is not positioned as a primary customer acquisition tool, we believe it materially enhances customer "stickiness" by increasing switching costs and supporting operational integration within our facilities. As a result, our interconnection-rich environments contribute to average customer relationships with our top 50 customers of more than 12 years (as measured by monthly recurring revenue).

*Additional Services*: We also offer a range of additional services that generate incremental revenue and enhance customer retention. These services typically include remote hands and eyes support, equipment

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installation and removal, cabling and cross-connects, hardware troubleshooting, monitoring, and other on-demand technical assistance. Additional services are generally billed on a time-and-materials or per-service basis and allow customers to operate critical infrastructure without maintaining on-site personnel, while providing us with higher-margin, non-power-dependent revenue streams that complement our core colocation offerings.

#### Pricing Models and Power Cost Exposure
Data center contracts are typically structured as either "all-in" (bundled) or "metered power" (plus electricity). As of March 31, 2026, all-in contracts and metered power contracts comprised approximately 70.6% and approximately 29.4% of our total portfolio recurring revenue, respectively.

Under all-in contracts, customers pay a single recurring charge that includes power. However, substantially all of our all-in contracts as of March 31, 2026 included explicit mechanisms such as power indexation, utility rate pass-throughs, or extraordinary cost adjustment clauses. Where such mechanisms exist, certain increases in utility costs may be passed through to customers. Our exposure to utility rate volatility is significantly reduced through our ability to pass-through power costs to our all-in customers.

Under metered power contracts, customers pay a fixed facility and capacity fee plus electricity as a separate, metered charge. Electricity costs are passed through based on actual utility rates or agreed indices. As a result, power price increases are passed through to customers, and the customer bears all of the electricity price volatility.

Across both models, contracts are typically based on a committed power capacity (kW), and increases in customer power usage or capacity commitments generally result in higher customer charges, subject to contractual terms governing overages and capacity adjustments.

#### Our Competitive Strengths: Why We Win
Our ability to attract and retain customers is driven by several specific qualities that are critical to our success.

*High Quality Infrastructure Engineered for Reliability and Longevity*: Our data center facilities are designed and operated to support continuous, mission-critical workloads. Across our portfolio, we have historically achieved nearly 100% of uptime over more than a decade of operating history by us and our predecessors. Our model emphasizes preventative maintenance and disciplined capital reinvestment, including the systematic replacement and upgrading of power and cooling systems.

These ongoing investments are intended to maintain the reliability and performance of our facilities over time and to support evolving customer requirements. We believe this approach reduces operational risk, extends asset useful life, and mitigates the risk of infrastructure obsolescence.

*Scaled Presence in Urban Population Centers Offering Low Latency Connections*: Our portfolio of interconnection-oriented data centers is predominantly located in urban population centers in the United States market, that in almost all cases serve as demarcation points for key fiber-optic backbone providers. These fiber-optic backbone providers are part of a dense connectivity ecosystem within each of our data center campuses that include network service providers, cloud platforms, and enterprise customers.

*Embedded Power Availability that Scales with Customer Demand*: Our facilities are generally designed with **embedded power availability and future potential expandable capacity**, enabling customers to scale efficiently as their power and density requirements grow. This design allows us to activate additional capacity within almost all of our existing facilities in response to customer demand, supporting rapid deployments, expansions, and evolving workloads without the delays typically associated with new site development.

Because our facilities are already connected to utility power, fiber networks, and operational systems, customers may be able to benefit from **shorter lead times, lower execution risk, and greater flexibility** as their requirements change. This scalable approach allows customers to grow within our portfolio over time, supporting long-term relationships and repeat deployments while ensuring capacity is delivered in alignment with actual demand.

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*Structurally Advantaged Exposure to Enterprise AI and Inference Workloads*: The increased usage of AI increases demand for power densities and interconnection. We have embedded capacity to respond to **enterprise AI and inference workloads** in a capital efficient manner where these deployments align with our enterprise-focused operating model and facility capabilities. This allows customers to deploy higher-performance computing solutions, including GPU-based configurations, within a secure, operationally mature colocation environment designed for mission-critical workloads.

While many customers continue to operate at traditional enterprise power densities, many facilities within our portfolio can accommodate **higher-density deployments**, providing customers with flexibility to adopt AI and advanced computing use cases as their needs evolve. This approach enables customers to scale performance within a familiar platform and operating model, without requiring purpose-built facilities, while allowing us to participate in AI-related demand in a disciplined and targeted manner.

*Industry Leading Management Team with Significant Data Center Experience and Proven Track Record*: Our senior management team comprises seasoned industry professionals with more than a century of combined experience in the ownership, operation, and commercialization of data center and digital infrastructure assets. The team is supported by an in-house team of specialized data center engineers, electricians, and operations personnel with deep expertise across facility development, power systems, and day-to-day operations. This integrated operating platform, combined with management's decades-long customer relationships and a strong understanding of enterprise requirements, enables us to deliver highly reliable, customized solutions and sustain long-term customer retention.

#### Industry Background
Data centers are specialized facilities designed to house servers, data storage systems, and networking equipment used to store, process, and transmit digital information. As enterprises increasingly rely on digital technologies to support core business operations, data centers have become critical infrastructure, providing secure, reliable, and continuously available environments for mission-critical workloads.

Colocation data centers enable organizations to outsource facility-level infrastructure while maintaining ownership and control of their IT equipment. These facilities provide essential services, including power, cooling, physical security, and access to network and cloud connectivity. By colocating infrastructure within shared facilities, customers can reduce capital expenditures, increase operational flexibility, and avoid the complexity associated with designing, building, and operating proprietary data center infrastructure.

Certain data centers are located at centralized network exchange points where multiple communications networks converge. These facilities function as interconnection hubs, enabling customers to establish direct physical connections with network service providers, cloud platforms, and other enterprises. Interconnection-rich environments facilitate efficient data exchange, support low-latency and high-availability applications, and allow customers to access multiple connectivity options within a single location.

The colocation data center business model is characterized by recurring and contractual revenue streams, typically generated through multi-year customer agreements that often include annual pricing escalators. Interconnection services generally involve recurring fees for physical cross-connects between customers, networks, and cloud platforms within a facility. These connections are typically maintained for the duration of the underlying workloads.

Together, colocation and interconnection services form a complementary operating model in which customers establish a physical presence within a facility and layer connectivity relationships on top of that footprint. Over time, the accumulation of customers, networks, and cloud providers within interconnection-rich facilities can create dense ecosystems that support strong customer retention and long-term occupancy.

#### Demand Drivers
Demand for data center capacity continues to increase as enterprises, service providers, and technology platforms expand their reliance on digital infrastructure. Industry estimates indicate that global data center demand is expected to grow at a strong pace over the next five years, with demand for power and capacity

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increasingly outstripping new supply in many established markets. This growth is driven by a combination of structural trends that are increasing compute intensity, power requirements, and the need for secure, interconnected infrastructure.

The adoption of AI across enterprise, consumer, and industrial applications is contributing to higher power density, cooling, and compute requirements within data centers. As these workloads are deployed alongside traditional enterprise applications, they are increasing demand for flexible colocation environments capable of supporting a range of operating profiles.

The following graphic illustrates growth in global data center colocation market demand and average contract rates:

---

| | |
|:---|:---|
| **Data Center Colocation Market Demand<sup>(1)(2)</sup> <br> ($Bn)**  | **Average Contract Rates<sup>(3)</sup> <br> ($/ kW / mo.)**  |
| ![[MISSING IMAGE: bc_datacenterdemand-4c.jpg]](bc_datacenterdemand-4c.jpg)  | ![[MISSING IMAGE: lc_averagecontrate-4c.jpg]](lc_averagecontrate-4c.jpg)  |

---

(1) Source: Market Share Report Series—Data Centre Colocation, Global Markets (Structure Research, August 2025)

(2) Colocation market size defined as the total revenue generated from deploying colocation footprints

(3) Source: CBRE Research, CBRE Data Center Solutions, H2 2025. Represents average asking rental rates in primary markets for 250 – 500 kW contracts

The increased demand for colocation data centers is supported by several key factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Enterprise Workload Expansion.* Enterprise data traffic and processing requirements continue to increase in complexity and volume. As a result, enterprises are increasingly outsourcing IT infrastructure and adopting hybrid IT architectures to access secure, resilient, and scalable environments operated by specialized data center providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Rise of High-Density Computing and AI.* Enterprise adoption of AI is driving increased demand for higher-density computing, particularly for inference workloads that are latency-sensitive, network-intensive, and deployed close to users and enterprise data environments. Unlike large-scale training, these workloads prioritize low latency, high availability, and dense connectivity, favoring data centers with strong interconnection ecosystems, proximity to cloud and network providers, and the ability to support elevated power and cooling requirements. As AI adoption matures, industry trends indicate a shift from training toward inference deployed in production environments, increasing demand for infrastructure that can support advanced computing alongside existing enterprise workloads. We believe our facilities are well positioned to support this evolution by enabling customers to deploy AI-enabled applications within secure, network-rich, and operationally mature environments without requiring purpose-built AI campuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Regulatory, Compliance, and Data Localization Requirements.* Increasing regulatory requirements in certain industries and jurisdictions are driving demand for third-party data center facilities that can support compliance and security, data sovereignty, and localization needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Shift Away from On-Premises Infrastructure.* Many enterprises are migrating workloads away from on-premises environments to gain greater flexibility, reduce long-term capital requirements, access newer technologies, and locate infrastructure closer to end markets and network exchange points.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Cloud Repatriation and Hybrid Architectures.* Some enterprises are reevaluating public cloud deployments and relocating certain workloads to colocation environments, where dedicated

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infrastructure can offer greater cost predictability, performance control, and customization. Colocation data centers provide a flexible alternative that supports hybrid and multi-cloud strategies.

#### Key Factors Influencing Industry Structure
The retail colocation data center industry operates within a capital intensive, technically complex environment as well as connectivity-dependent framework that can make entry and rapid scaling challenging for new participants.

Entry into the colocation data center sector in the major markets that we target requires access to reliable and scalable utility power, significant upfront capital requirements and ongoing reinvestment needs, specialized technical expertise and operating personnel, suitably zoned sites, and compliance with regulatory and permitting requirements.

New supply is further constrained by factors such as power availability, lengthy permitting and zoning timelines, supply chain limitations, and extended construction and commissioning cycles. These constraints are compounded by the technical complexity associated with the design, construction, and operation of data center facilities, particularly those capable of supporting higher-density or advanced computing workloads.

Customers tend to have long-term relationships with their providers due to the cost, operational risk and complexity involved in migrating critical infrastructure, as well as the presence of embedded connectivity and interconnection relationships within existing facilities. In addition, achieving scale in the colocation sector requires the ability to deliver consistent service across multiple locations while effectively managing capital deployment and long-term asset maintenance.

Finally, interconnection-oriented data centers are often located along established fiber-optic backbones and within dense connectivity ecosystems that include network service providers, cloud platforms, and enterprise customers. These ecosystems typically develop over extended periods of time and are frequently concentrated in or near major metropolitan areas, making comparable connectivity environments difficult to replicate.

#### Growth Strategy
Our growth is driven by a repeatable, capital-efficient expansion model within our existing portfolio. Customers enter the platform with an initial deployment that converts into recurring revenue through predictable installation cycles. As workloads scale and architectures evolve, customers generally have the ability to expand power, density, and footprint within existing facilities, driving incremental revenue with materially lower capital intensity than new development. Over time, customers also have the ability to layer interconnection and additional services onto their colocation footprint, increasing revenue per customer and reinforcing long-term retention through rising switching costs. This operating model enables us to compound revenue and cash flow primarily through expansion inside our existing asset base while maintaining disciplined capital deployment and limited execution risk. As of March 31, 2026, we estimate there is up to approximately 670 MW of potential expansion capacity embedded within our existing sites by leveraging power, shell and topology upgrades, with approximately 330 MW and 340 MW of such potential expansion capacity from equipment optimization and under-roof expansion, respectively. For our expansions, we target a net cost to build of approximately $4 million to $8 million per MW and a payback period of less than five years.

Our Bookings were $64.2 million and $43.8 million for the three months ended March 31, 2026 and 2025, respectively, representing year-over-year growth of 46.7%. Our Bookings were $205.3 million, $141.8 million and $45.3 million for the years ended December 31, 2025, 2024 and 2023, respectively, representing year-over-year growth of 44.8% and 213.0%, respectively. Please see "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Business Metrics*" for details regarding the definition of Bookings. Our growth strategy includes converting Bookings into recurring revenue through disciplined execution, efficient project delivery, and close coordination among our sales, engineering, and operations teams. Bookings provides visibility into near-term revenue growth and reduces reliance on speculative demand or market timing. In addition, since the beginning of 2023, we have installed more than 51 MW of capacity and have added over 170 logos, or new customer organizations. We believe the addition of new customer logos is an indicator of market adoption of our platform and our ability to attract new customers across industries and geographies. New customer logos generally contribute to revenue growth through the addition of new subscription

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contracts and provide opportunities for future expansion through cross-selling and upselling additional products and services. Because the amount of revenue generated by each customer varies depending on factors such as contract size, product mix and deployment scope, increases in customer logos are not necessarily directly correlated with revenue growth in any particular period.

Further, we are focused on expanding recurring revenue and cash flow through capital-efficient investment within our existing portfolio, disciplined customer acquisition, and selective support of evolving enterprise workloads. We prioritize growth opportunities that preserve customer diversification, enhance interconnection ecosystems, and generate attractive risk-adjusted returns without increasing development, concentration, or execution risk.

As we pursue organic growth, we expect to fund our expansion activities primarily through operating cash flows, supported by our strong balance sheet and, where appropriate, access to debt financing. Our growth strategy is designed to be largely self-funded, benefiting from a predominantly fixed cost structure and meaningful operating leverage as incremental capacity is deployed. We believe that revenue growth from under-roof expansion, backlog conversion, and customer relationship expansion will translate efficiently into cash flow, supported by centralized operations, procurement scale, and standardized systems across our portfolio.

We believe we have identified potential opportunities to grow our Adjusted EBITDA in excess of 14% on a compounded annual basis over the medium term. We believe there is an opportunity to grow Adjusted EBITDA by 3% to 5% on an annual basis during that period as a result of our pricing and leasing dynamics, including through our annual contractual escalators, leasing spreads and power pass-through pricing mechanisms, which are supported by our low levels of customer churn and high customer switching costs. We believe there is an opportunity to grow Adjusted EBITDA by 7% to 9% on an annual basis during that period as a result of under-roof growth, consisting of brownfield projects, our targeted 4x to 6x build multiple, which is calculated as a project's total net capital expenditures expected to be incurred once a contract is in place divided by such project's contracted annualized net operating income, long-term contracts and significant untapped space and power, which is supported by our fast booked-to-billing times and track record of under-roof expansion. We further believe there is an opportunity to grow Adjusted EBITDA by 4% or more on an annual basis during that period through strategic lease buyouts, site level mergers and acquisitions and optimization of our balance sheet. There can be no assurance that we will be successful in pursuing, or realizing the benefits of, any of the potential opportunities that we have identified in the estimated amounts, within the timeframe identified, or at all. See "*Risk Factors—Risks Related to Our Business and Operations—Financial Risks—Our estimates of market opportunity, potential expansion capacity, potential Adjusted EBITDA growth opportunities and target leverage may prove to be inaccurate*."

#### Customer Relationship Expansion
We are focused on expanding existing customer relationships through incremental deployments, densification, and the provision of additional interconnection and additional services. Customers typically enter our platform with an initial deployment and generally have the ability to expand their deployment over time as workloads scale, architectures evolve, or additional applications are placed into production. As enterprise customer use cases continue to evolve—including increased adoption of higher-density computing and AI-enabled workloads such as inference—we believe we are well positioned to support rising power, cooling, and connectivity requirements within our existing facilities.

Our interconnection-rich environments, operational reliability, and flexible infrastructure enable customers to scale efficiently within our footprint, which we believe will allow us to increase revenue per customer while maintaining low customer acquisition costs and high retention.

#### Product and Pricing Optimization
We continue to refine our commercial strategy to enhance revenue quality and growth. This includes contractual annual pricing escalators, disciplined pricing for power-intensive deployments, and optimization of additional services such as cross-connects, remote hands, and on-site storage.

#### Under-Roof Expansion
A primary growth driver is under-roof expansion within our existing data center footprint to support additional capacity requirements. Our portfolio includes embedded capacity in the form of available power,

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vacant shell space, and infrastructure upgrade opportunities that can be activated through targeted investments, including additional UPS capacity, electrical topology enhancements, and increased rack density.

Under-roof expansion projects generally require lower capital investment and shorter development timelines than greenfield construction, as core building structures, utility power, and connectivity ecosystems are already in place. We expect a significant portion of near- and medium-term growth to be generated through these opportunities, in connection with contracted customer demand.

#### Disciplined Portfolio Optimization and Selective Acquisitions
We may pursue selective acquisitions or asset purchases that complement our existing footprint, enhance market density, or increase ownership of underlying real estate. Any such transactions are expected to meet strict underwriting criteria and align with our focus on enterprise colocation and interconnection.

#### Financial Policy
We seek to adhere to a conservative financial policy, which we believe is important to generating a stable and growing Adjusted EBITDA profile, maintaining a high rate of cash conversion and managing corporate liquidity.

The key pillars of our financial policy include the following:

*Generate cash flows from recurring, contractual arrangements with long-tenured, high-quality customers.* We target generating substantially all of our cash flows from recurring contractual arrangements with highly creditworthy counterparties under long-term offtake agreements. We believe this approach supports cash flow stability and reduces the capital intensity of our operations. For the year ended December 31, 2025, approximately 86% of our revenues were derived from enterprise colocation and interconnection services, which we consider to represent a stable, recurring base of cash flows.

In addition, we maintain a high level of customer diversification, with more than 1,700 customers across a broad range of industries. No single customer represented more than 7% of total revenues for the year ended December 31, 2025, which limits our exposure to any individual customer, service, or sector.

We also benefit from a long-standing customer base, with our top 50 customers (as measured by monthly recurring revenue) having maintained relationships with us for more than 12 years and a Net Revenue Churn of less than 8% for the year ended December 31, 2025. In addition, over the eight fiscal quarters in 2025 and 2024, we had an average quarterly Net Revenue Churn of less than 1.7%. We believe these factors reflect the durability of our customer relationships and contribute to the overall stability of our operations.

*Maintain high levels of liquidity.* As of March 31, 2026, we had total available liquidity of $357.6 million, consisting of $313.2 million of cash and cash equivalents and restricted cash, $91.0 million of undrawn and available capacity under our $800.0 million revolving credit facility (the "Revolving Credit Facility") and our variable funding notes, less $46.6 million due to the issuance of letters of credit. Our business has limited non-discretionary capital requirements, and accordingly we intend to use available liquidity to reinvest into accretive growth initiatives designed to grow and enhance our service offerings, fund working capital requirements, and repay outstanding indebtedness.

*Focus on self-funding accretive capital deployment while maintaining a resilient leverage profile*. Over the long term, as we pursue organic growth, we target funding our pipeline of accretive growth opportunities primarily through operating cash flows and, where appropriate, through incremental debt financing, and we are targeting a long-term leverage ratio (which we calculate as (x) the total carrying value of debt and finance leases, less cash and cash equivalents and restricted cash, divided by (y) the sum of (i) Adjusted EBITDA for our last fiscal quarter multiplied by four and (ii) contracted recurring revenue of signed customer commitments that require installation and/or deployment prior to the commencement of revenue recognition for our last month, net of associated recurring costs, multiplied by 12) of around 6.0x to 7.0x. We seek to build and maintain an inventory of growth opportunities that meet our internal return thresholds.

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#### Recent Developments

#### Preliminary Financial Results and Other Data for the Six Months ended June 30, 2026
Set forth below are our preliminary estimates of unaudited select financial results and other data for the six months ended June 30, 2026. Ranges have been provided, rather than specific amounts, for the preliminary estimates of the unaudited select financial results and other data for the six months ended June 30, 2026 because our financial closing procedures for this period are not yet complete. These preliminary estimates reflect our management's current views based on information available to us as of the date of this prospectus and are not a comprehensive statement of our financial results for the periods presented. These preliminary estimates are subject to the completion of our financial and accounting closing and review procedures and should not be viewed as a substitute for consolidated financial statements prepared in accordance with GAAP. Our unaudited condensed consolidated financial statements and related notes as of and for the six months ended June 30, 2026 are not expected to be filed with the SEC until after this offering is completed. These preliminary estimates are forward-looking statements. See "*Cautionary Note Regarding Forward-Looking Statements*" and "*Risk Factors*."

The preliminary estimates set forth below have been prepared by, and are the responsibility of, our management. Our independent registered public accounting firm, Deloitte & Touche LLP, has not audited, reviewed, compiled or performed any procedures with respect to this preliminary financial information and, accordingly, Deloitte & Touche LLP does not express an opinion or any other form of assurance with respect thereto.

We anticipate our Net Revenue Churn for the six months ended June 30, 2026 will be within the low and high range of approximately % and %, as compared to Net Revenue Churn of approximately % for the six months ended June 30, 2025. We further anticipate our Bookings for the six months ended June 30, 2026 will be within the low and high range of approximately $ million and $ million, as compared to Bookings of approximately $ million for the six months ended June 30, 2025.

We estimate that revenues, net income, Adjusted EBITDA and FFO for the six months ended June 30, 2026 will be within the ranges shown below, as compared to the six months ended June 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended**  | **Six Months Ended**  | **Six Months Ended**  | | |
| | **June 30, 2026**  | **June 30, 2026**  | **June 30, 2025**  | **% Change**  | **% Change**  |
| **(in thousands)**  | **Low**  | **High**  | **Actual**  | **Low**  | **High**  |
| Revenues  |  | $— | $| $nan% |  |
| Net income  |  | $— | $| $nan% |  |
| Adjusted EBITDA<sup>(1)</sup>  |  | $— | $| $nan% |  |
| FFO<sup>(2)</sup> |  | $— | $| $nan% |  |

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(1) Adjusted EBITDA is a non-GAAP measure. See "—*Summary Consolidated Financial and Operating Information*" and "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Discussion of Non-GAAP Financial Measures*" for how we define Adjusted EBITDA, the reasons why we include this measure and certain limitations associated with such measure.

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The following table presents the calculation of Adjusted EBITDA for the six months ended June 30, 2026 (at the low end and high end of the estimated net income and Adjusted EBITDA ranges set forth above) as compared to the six months ended June 30, 2025, with a reconciliation to the most comparable GAAP metric:

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| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended**  | **Six Months Ended**  | **Six Months Ended**  |
| | **June 30, 2026**  | **June 30, 2026**  | **June 30, 2025**  |
| **(in thousands)**  | **Low**  | **High**  | **Actual**  |
| Net income  |  | $— | $&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp; Adjustments:  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense  |  |  |  |
| &nbsp;&nbsp;&nbsp; Income tax (benefit) expense  |  |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  |  |  |  |
| &nbsp;&nbsp;&nbsp; Loss (gain) on extinguishment of debt  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bargain purchase gain  |  |  |  |
| &nbsp;&nbsp;&nbsp; Other (income) loss, net  |  |  |  |
| &nbsp;&nbsp;&nbsp; Transaction and other costs  |  |  |  |
| **Adjusted EBITDA**  |  | $— | $&nbsp;&nbsp; |

---

(2) FFO is a non-GAAP measure. See "—*Summary Consolidated Financial and Operating Information*" and "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Discussion of Non-GAAP Financial Measures*" for how we define FFO, the reasons why we include this measure and certain limitations associated with such measure.

The following table presents the calculation of FFO for the six months ended June 30, 2026 (at the low end and high end of the estimated net income and FFO ranges set forth above) as compared to the six months ended June 30, 2025, with a reconciliation to the most comparable GAAP metric:

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| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended**  | **Six Months Ended**  | **Six Months Ended**  |
| | **June 30, 2026**  | **June 30, 2026**  | **June 30, 2025**  |
| **(in thousands)**  | **Low**  | **High**  | **Actual**  |
| **Net income**  |  | $— | $&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp; Adjustments:  |  |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  |  |  |  |
| **FFO**  |  | $— | $&nbsp;&nbsp; |

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#### Risk Factor Summary
Participating in this offering involves substantial risk. Our business is also subject to numerous risks and uncertainties of which you should be aware before making a decision to invest in our common stock. These risks are more fully described in the section titled "Risk Factors" immediately following this prospectus summary. These risks, among others, include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our portfolio of properties is geographically concentrated, and adverse developments in local economic conditions, power availability, or demand for data center space in these markets could have a material adverse effect on our business, financial condition and operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • demand for data center space is affected by economic conditions, technology trends, and customer deployment decisions, and a reduction in demand could have a material adverse effect on our business, financial condition and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a small number of customers account for a significant portion of our operating revenues, and the loss, default, or reduced utilization by any of these customers could significantly harm our business, financial condition and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to generate interconnection and other service revenues depends on attracting and retaining a balanced customer base, and failure to attract, grow and retain this base of customers or future consolidation in the technology industry could harm our business, financial condition and operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our products and services have a long sales cycle, and delays in leasing decisions may harm our revenues and operating results;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we face significant competition and may be unable to sell vacant space, renew existing customer agreements, or contract space at favorable rates as customer agreements expire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our growth depends on the successful development and expansion of our data centers, and delays, cost overruns, or selling risk could have a material adverse effect on our business, financial condition and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • power procurement and interconnection constraints may limit our ability to deliver and monetize capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we depend on third parties for network connectivity, critical equipment, and utility power, and disruptions or cost increases could adversely affect our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the loss of one or more of our key personnel or our failure to attract and retain qualified personnel could harm our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our substantial indebtedness could adversely affect our financial condition and ability to raise additional capital to fund our operations and limit our ability to react to changes in the economy or our industry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we continue to be controlled by Brookfield, and Brookfield's interests may conflict with our interests and the interests of other stockholders.

#### Our Sponsor
Brookfield Corporation is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. Brookfield Corporation has three core businesses: alternative asset management, wealth solutions and its operating businesses, which are in infrastructure, energy, business and industrial services, and real estate.

Upon the closing of this offering, Brookfield will continue to beneficially own approximately % of the voting power of our outstanding common stock. As a result, Brookfield will have the ability to determine all matters requiring approval by our stockholders, and we will be a "controlled company" within the meaning of the corporate governance standards of the NYSE and therefore will be exempt from certain corporate governance requirements of such rules. For further information on the implications of being a "controlled company," see "*Risk Factors—Risks Related to this Offering and Ownership of Our Common Stock*" and "*Management—Controlled Company*."

Following the closing of this offering, Brookfield will have the right, at any time until Brookfield no longer beneficially owns at least 5% of the voting power of our outstanding common stock, to nominate a number of directors comprising a percentage of our board of directors in accordance with their beneficial ownership of the voting power of our outstanding common stock (rounded up to the nearest whole number), except that if Brookfield beneficially owns more than 50% of the voting power of our outstanding common stock, Brookfield will have the right to nominate a majority of the directors. In addition, the approval of Brookfield will be required for certain matters, including, but not limited to, material acquisitions and dispositions other than certain transactions in the ordinary course of business, certain issuances of equity securities and incurrence of debt, and mergers, consolidations and transfers of all or substantially all of our assets, until the first time that Brookfield ceases to beneficially own at least 20% of our common stock. See "*Management—Board Composition*," "*Certain Relationships and Related Party Transactions—Stockholders Agreement*" and "*Description of Capital Stock—Composition of Board of Directors; Election and Removal of Directors*" for more information.

#### Corporate Conversion
We were formed in May 2018 as a Delaware limited liability company under the name BIF III US Aggregator (Delaware) LLC. On June 15, 2026, BIF III US Aggregator (Delaware) LLC was converted into a Delaware corporation pursuant to a statutory conversion and changed its name to Csquare, Inc.

In connection with our conversion to a corporation, all of the outstanding equity interests of BIF III US Aggregator (Delaware) LLC were converted into shares of our common stock. As a result of the conversion,

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Csquare, Inc. continued to hold all property and assets of BIF III US Aggregator (Delaware) LLC and assumed all of the debts and obligations of BIF III US Aggregator (Delaware) LLC.

#### Corporate Information
We were organized under the laws of the State of Delaware as a limited liability company on May 25, 2018 and converted to a corporation under the laws of the State of Delaware on June 15, 2026. Our principal executive offices are located at 3100 Olympus Blvd., Suite 510, Coppell, TX 75019. Our telephone number is (855) 699-8372. Our website is located at https://www.csquare.com. Our website and the information contained on, or that can be accessed through, our website will not be deemed to be incorporated by reference in, and are not considered part of, this prospectus. You should not rely on our website or any such information in making your decision whether to purchase shares of our common stock.

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#### The Offering
Issuer

Csquare, Inc.

Common stock offered by us

shares (or shares if the underwriters exercise their option to purchase additional shares in full).

Underwriters' option to purchase additional shares

We have granted the underwriters a 30-day option to purchase up to an additional shares from us, solely to cover over-allotments, if any, at the initial public offering price less underwriting discounts and commissions. See "*Underwriting (Conflicts of Interest)*."

Common stock to be outstanding after giving effect to this offering

shares (or shares if the underwriters exercise their option to purchase additional shares in full).

Use of proceeds

We estimate that the net proceeds from this offering will be approximately $ million (or approximately $ million if the underwriters exercise their option to purchase additional shares in full), after deducting underwriting discounts and commissions, based on an assumed initial offering price of $ per share (the midpoint of the range set forth on the cover page of this prospectus).

We currently expect to use $ million of the net proceeds from this offering to repay in full all outstanding borrowings under our Revolving Credit Facility, the Promissory Note (as defined herein) and our Series 2024-1 Variable Funding Notes (as defined herein), $ million of the net proceeds from this offering to repay in full our outstanding Series 2020-2 Class A-2 notes and the remainder for general corporate purposes, which may include, in addition to repayment of indebtedness, funding acquisitions, additions to working capital, repurchases of common stock, dividends, capital expenditures and investments in our subsidiaries. We will retain broad discretion as to how we use the proceeds from this offering, and such proceeds may not be used immediately following this offering. See "*Use of Proceeds*" for additional information.

Controlled company

Upon completion of this offering, Brookfield will continue to beneficially own more than 50% of the voting power of our outstanding common stock. As a result, we will be a "controlled company" within the meaning of the corporate governance standards of the NYSE. As a "controlled company," we will be permitted to, and we intend to, elect not to comply with certain corporate governance requirements of the NYSE, including those that would otherwise require that (1) our board of directors have a majority of independent directors, (2) the compensation committee of our board of directors be comprised entirely of independent directors and (3) the nominating and corporate governance committee of our board of directors be comprised entirely of independent directors. See "*Management—Controlled Company*."

Dividend policy

We currently do not intend to pay dividends to holders of our common stock in the first few fiscal quarters immediately following the closing of this offering. However, we are currently targeting to establish a dividend policy to pay a conservative cash dividend to holders of our common stock on a quarterly basis in the future. Although we anticipate making quarterly cash distributions to our

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stockholders in the future, the timing and amount of any dividends in the future will be at the sole discretion of our board of directors and will depend upon such factors as earnings levels, cash flows, capital requirements, levels of indebtedness, restrictions imposed by applicable law, our overall financial condition, restrictions in our debt agreements, and any other factors deemed relevant by our board of directors. See "*Dividend Policy*."

Listing

We have applied to list our common stock on the NYSE under the symbol "CSQR".

Risk Factors

Investing in our common stock involves risks. You should read the section titled "*Risk Factors*" and the other information included in this prospectus for a discussion of some of the risks and uncertainties you should carefully consider before deciding to invest in our common stock.

Conflict of Interest

Because affiliates of TD Securities (USA) LLC, BMO Capital Markets Corp. and Scotia Capital (USA) Inc. are lenders on our Revolving Credit Facility and are holders of, or otherwise have economic interests in, our Series 2024-1 Variable Funding Notes and will receive 5% or more of the net proceeds of this offering due to the repayment of the Revolving Credit Facility and our Series 2024-1 Variable Funding Notes by us, and affiliates of Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC are lenders on our Revolving Credit Facility and will receive 5% or more of the net proceeds of this offering due to the repayment of the Revolving Credit Facility by us, each of Morgan Stanley & Co. LLC, TD Securities (USA) LLC, Wells Fargo Securities, LLC, BMO Capital Markets Corp. and Scotia Capital (USA) Inc. is deemed to have a "conflict of interest" within the meaning of FINRA Rule 5121. In addition, because affiliates of Brookfield Securities LLC own more than 10% of our outstanding equity securities in the aggregate and because the Brookfield Stockholder is the lender under the Promissory Note and, as a result, will receive 5% or more of the net proceeds of this offering due to the repayment of the Promissory Note by us, Brookfield Securities LLC is also deemed to have a "conflict of interest" within the meaning of FINRA Rule 5121. Accordingly, this offering will be conducted in compliance with FINRA Rule 5121, which requires, among other things, that a qualified independent underwriter has participated in the preparation of, and has exercised the usual standards of "due diligence" with respect to, this prospectus and the registration statement of which this prospectus forms a part. RBC Capital Markets, LLC has agreed to act as qualified independent underwriter for the offering and to undertake the legal responsibilities and liabilities of an underwriter under the Securities Act, specifically including those inherent in Section 11 of the Securities Act. RBC Capital Markets, LLC will not receive any additional fees for serving as a qualified independent underwriter in connection with this offering. We have agreed to indemnify RBC Capital Markets, LLC against liabilities incurred in connection with acting as qualified independent underwriter, including liabilities under the Securities Act. See "*Underwriting (Conflicts of Interest)*."

Directed Share Program

At our request, the underwriters have reserved 5% of the shares of common stock to be issued by us and offered by this prospectus for sale, at the initial public offering price, to certain individuals identified

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by our executive team and certain other individuals affiliated with us. The number of shares of our common stock available for sale to the general public will be reduced to the extent these individuals purchase such reserved shares. Any reserved shares that are not so purchased will be offered by the underwriters to the general public on the same basis as the other shares offered by this prospectus. Any shares sold under the directed share program, other than to our directors, officers, and existing significant stockholders, will not be subject to the terms of any lock-up agreement. See "*Underwriting (Conflicts of Interest)—Directed Share Program*."

Except as otherwise indicated, all of the information in this prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • gives effect to a -for- stock split of our common stock, which will occur prior to the closing of this offering (the "Stock Split");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • assumes an initial public offering price of $ per share of common stock, the midpoint of the range set forth on the cover page of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • assumes no exercise of the underwriters' option to purchase up to additional shares of common stock in this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • does not reflect shares of common stock reserved for future grant under our new equity incentive plan (the "Omnibus Incentive Plan"), including up to unvested shares of common stock or restricted stock units ("RSUs") that we expect to grant to certain of our employees, including our executive officers, on or about the date of this prospectus (assuming an initial public offering price at the midpoint of the estimated price range set forth on the cover page of this prospectus), other than shares of vested common stock that we expect to grant to our employees, including executive officers, on or about the date of this prospectus (assuming an initial public offering price at the midpoint of the estimated price range set forth on the cover page of this prospectus). Each $1.00 increase (decrease) in the initial public offering price would decrease (increase) the number of unvested common stock or RSUs and vested common stock that we expect to grant to our employees by and , respectively. See "*Executive Compensation—Equity Compensation Plans—2026 Omnibus Incentive Plan*" and "*Executive Compensation—Executive Compensation Tables—Outstanding Equity Awards.*"

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#### Summary Consolidated Financial and Operating Information
The following table sets forth our summary consolidated financial data as of the dates and for the periods indicated. The statements of operations data and statements of cash flows data set forth below for the years ended December 31, 2025, 2024 and 2023 and the balance sheet data as of December 31, 2025 and 2024 are derived from our audited consolidated financial statements that are included elsewhere in this prospectus. The statements of operations data and statements of cash flows data set forth below for the three months ended March 31, 2026 and 2025 and the balance sheet data as of March 31, 2026 are derived from our unaudited consolidated financial statements that are included elsewhere in this prospectus. Our historical results are not necessarily indicative of the results to be expected in any period in the future.

You should read the following summary consolidated financial data and operating information in conjunction with the section titled "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" and our consolidated financial statements, the related notes, and other financial information included elsewhere in this prospectus. The summary consolidated financial data in this section are not intended to replace our consolidated financial statements and the related notes and are qualified in their entirety by our consolidated financial statements and the related notes included elsewhere in this prospectus.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Three Months Ended <br> March 31,**  | **Three Months Ended <br> March 31,**  |
| | **2025**  | **2024**  | **2023**  | **2026**  | **2025**  |
|  | **(in thousands, except per unit data)**  | **(in thousands, except per unit data)**  | **(in thousands, except per unit data)**  | **(in thousands, except per unit data)**  | **(in thousands, except per unit data)**  |
| **Statements of Operations Data:** |  |  |  |  |  |
| **Revenues**  | $986980 | $907551 | $198260 | $270462 | $232759 |
| **Costs and operating expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cost of revenues, excluding depreciation and amortization  | 509249 | 516500 | 140058 | 136454 | 123525 |
| &nbsp;&nbsp;&nbsp; Selling, marketing, general and administrative  | 87724 | 102326 | 40143 | 25722 | 22928 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 271916 | 259575 | 50423 | 84498 | 63733 |
| &nbsp;&nbsp;&nbsp; Transaction and other costs  | 17710 | 69375 | 8873 | 10509 | 2827 |
| Total costs and operating expenses  | 886599 | 947776 | 239497 | 257183 | 213013 |
| &nbsp;&nbsp;&nbsp; Income (loss) from operations  | 100381 | (40225) | (41237) | 13279 | 19746 |
| &nbsp;&nbsp;&nbsp; Interest expense  | (241165) | (185614) | (46170) | (88363) | (54553) |
| &nbsp;&nbsp;&nbsp;&nbsp; (Loss) gain on extinguishment of debt  | (7114) | (14934) | 9782 |  | (5313) |
| &nbsp;&nbsp;&nbsp; Bargain purchase gain  |  | 544097 |  |  |  |
| &nbsp;&nbsp;&nbsp; Other income (loss), net  | 9479 | 10678 | (1039) | (2618) | (253) |
| &nbsp;&nbsp;&nbsp;&nbsp; (Loss) income before income taxes  | (138419) | 314002 | (78664) | (77702) | (40373) |
| &nbsp;&nbsp;&nbsp; Income tax benefit (expense)  | 18515 | 144539 | (1032) | 11749 | 5458 |
| **Net (loss) income**  | $(119904) | $458541 | $(79696) | $(65953) | $(34915) |
| **Net (loss) income per unit:**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic and diluted  | $(0.25) | $0.95 | $(0.16) | $(0.14) | $(0.07) |
| **Weighted average common units outstanding:**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic and diluted  | 484000 | 484000 | 484000 | 484000 | 484000 |
| &nbsp;&nbsp;&nbsp; Pro forma basic and diluted net (loss) per <br> share attributable to common <br> stockholders (unaudited)<sup>(1)</sup>  | $— |  |  | $— |  |
| &nbsp;&nbsp;&nbsp; Pro forma weighted average common shares outstanding – basic and diluted (unaudited)<sup>(1)</sup>  |  |  |  |  |  |

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(1) The following table sets forth the computation of unaudited pro forma net (loss) per share attributable to common stockholders, basic and diluted, for the periods presented.

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| | | |
|:---|:---|:---|
| | **Year Ended <br> December 31, <br> 2025**  | **Three Months <br> Ended <br> March 31, <br> 2026**  |
|  | **(in thousands, except per share data)**  | **(in thousands, except per share data)**  |
| **Numerator:**  | | |
| Net loss  | $(119904) | $(65953) |
| &nbsp;&nbsp;&nbsp; Pro forma adjustment to record compensation expense upon completion of this offering<sup>(1)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp; Pro forma adjustment to reduce interest expense related to debt repaid upon <br> completion of this offering<sup>(2)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp; Pro forma adjustment to record income tax expense related to the adjustments above<sup>(</sup><sup>3)</sup>  |  |  |
| Pro forma net (loss) attributable to common stockholders  | $— | $— |
| **Denominator:** |  |  |
| Basic and diluted common shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp; Weighted average common shares<sup>(</sup><sup>4)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp; Pro forma adjustment to reflect common shares issued in and concurrently with the completion of this offering<sup>(</sup><sup>5)</sup>  |  |  |
|  Pro forma weighted average common shares outstanding – basic and diluted <br> (unaudited)  |  |  |
| **Pro forma net (loss) per share attributable to common stockholders:** |  |  |
| Pro forma basic and diluted net (loss) per share (unaudited)  | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

Adjustment reflects the impacts related to (i) $ million for the anticipated cash payment to certain of our employees, including our executive officers, upon completion of this offering and (ii) $ million for the shares of vested common stock that we expect to issue under the Omnibus Incentive Plan to certain of our employees, including our executive officers, on or about the date of this prospectus (in each case, assuming an initial public offering price at the midpoint of the estimated price range set forth on the cover page of this prospectus). See "*Executive Compensation — Executive Compensation Tables — Outstanding Equity Awards*" for additional detail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

Adjustment reflects the pro forma impact to interest expense related to the repayment in full of outstanding borrowings under our Revolving Credit Facility, our Series 2024-1 Variable Funding Notes and our Series 2020-2 Class A-2 notes with the net proceeds from this offering. Excludes any loss on extinguishment for the write off of deferred financing costs upon repayment of debt concurrent with the completion of this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)

Adjustment reflects the impact to income tax expense for the pro forma adjustments, assuming an effective tax rate of % and % for the three months ended March 31, 2026 and year ended December 31, 2025, respectively. This adjustment does not reflect the pro forma impact of the full favorable tax attributes that would have been used if the pro forma adjustments described in footnotes (1) and (2) had occurred on January 1, 2025 to any benefit from the utilization of favorable tax attributes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)

Gives effect to the issuance of shares of common stock in connection with our conversion to a corporation, after giving effect to the Stock Split.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)

Pro forma adjustment to reflect (i) shares to be issued in this offering, which is the minimum number of shares offered hereby such that the net proceeds from this offering will be sufficient to repay outstanding borrowings as described in "*Use of Proceeds,*" and (ii) shares of vested common stock that we expect to issue under the Omnibus Incentive Plan on or about the date of this prospectus (in each case, assuming an initial public offering price at the midpoint of the estimated price range set forth on the cover page of this prospectus).

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Three Months Ended <br> March 31,**  | **Three Months Ended <br> March 31,**  |
| | **2025**  | **2024**  | **2023**  | **2026**  | **2025**  |
|  | **(in thousands)**  | **(in thousands)**  | **(in thousands)**  | **(in thousands)**  | **(in thousands)**  |
| **Statements of Cash Flows Data:** |  |  |  |  |  |
|  Net cash provided by (used in) operating activities  | $171984 | $80968 | $(56261) | $(18312) | $4132 |
| Net cash used in investing activities  | (871519) | (1356632) | (184165) | (135900) | (37098) |
| Net cash provided by financing activities  | 988370 | 1371020 | 236291 | 71447 | 89148 |
|  Effect of foreign currency exchange rates on <br> cash, cash equivalents and restricted cash  | (6006) | (1646) | (46) | (2099) | (2635) |
|  Net change in cash, cash equivalents and restricted cash  | 282829 | 93710 | (4181) | (84864) | 53547 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31,**  | **As of December 31,**  | **As of <br> March 31, <br> 2026**  |
| | **2025**  | **2024**  | **As of <br> March 31, <br> 2026**  |
|  | **(in thousands)**  | **(in thousands)**  | **(in thousands)**  |
| **Consolidated Balance Sheet Data:** |  |  |  |
| Total current assets  | $718895 | $283043 | $685115 |
| Total non-current assets  | 5375528 | 4247667 | 5424704 |
| Total current liabilities  | 316216 | 376073 | 320809 |
| Total non-current liabilities  | 5904953 | 3376213 | 5993019 |
| Total member's (deficit) equity  | (126746) | 778424 | (204009) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Three Months Ended <br> March 31,**  | **Three Months Ended <br> March 31,**  |
| | **2025**  | **2024**  | **2023**  | **2026**  | **2025**  |
|  | **(in thousands)**  | **(in thousands)**  | **(in thousands)**  | **(in thousands)**  | **(in thousands)**  |
|  **Non-GAAP Financial Measures and Other Financial and Operating Data:**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net (loss) income  | $(119904) | $458541 | $(79696) | $(65953) | $(34915) |
| &nbsp;&nbsp;&nbsp; Adjusted EBITDA<sup>(1)</sup>  | 390007 | 288725 | 18059 | 108286 | 86306 |
| &nbsp;&nbsp;&nbsp; FFO<sup>(1)</sup>  | 152012 | 718116 | (29273) | 18545 | 28818 |
| &nbsp;&nbsp;&nbsp; Bargain purchase gain  |  | (544097) |  |  |  |
| &nbsp;&nbsp;&nbsp; Net favorable leasehold interest amortization.  | 7923 | 9546 |  | 1018 | 2400 |
| &nbsp;&nbsp;&nbsp; Transaction and other costs  | 17710 | 69375 | 8873 | 10509 | 2827 |
| &nbsp;&nbsp;&nbsp; Amortization of deferred financing costs and <br> debt discounts  | 29012 | 23939 | 3044 | 11951 | 5512 |
| &nbsp;&nbsp;&nbsp; Loss (gain) on debt extinguishment  | 7114 | 14934 | (9782) |  | 5313 |
| &nbsp;&nbsp;&nbsp; Deferred income tax (benefit) loss  | (19748) | (145765) | 871 | (15668) | (5822) |
| &nbsp;&nbsp;&nbsp; Recurring capital expenditures  | (45554) | (30200) | (21263) | (10675) | (7037) |

---

(1) To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States ("GAAP"), we use Adjusted EBITDA and FFO, collectively, to help us evaluate our business. We use such non-GAAP financial measures to make strategic decisions, establish business plans and forecasts, identify trends affecting our business, and evaluate operating performance. We believe that these non-GAAP financial measures may be helpful to investors because they allow for greater transparency into what measures we use in operating our business and measuring our performance and enable comparison of financial trends and results between periods where items may vary independent of business performance. These non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. See the section titled "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures*" for additional information regarding our non-GAAP financial measures.

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The following table presents the calculation of Adjusted EBITDA for the periods presented, with a reconciliation to the most comparable GAAP metric:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Three Months Ended <br> March 31,**  | **Three Months Ended <br> March 31,**  |
| | **2025**  | **2024**  | **2023**  | **2026**  | **2025**  |
|  | **(in thousands)**  | **(in thousands)**  | **(in thousands)**  | **(in thousands)**  | **(in thousands)**  |
| Net (loss) income  | $(119904) | $458541 | $(79696) | $(65953) | $(34915) |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense  | 241165 | 185614 | 46170 | 88363 | 54553 |
| &nbsp;&nbsp;&nbsp; Income tax (benefit) expense  | (18515) | (144539) | 1032 | (11749) | (5458) |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 271916 | 259575 | 50423 | 84498 | 63733 |
| &nbsp;&nbsp;&nbsp; Loss (gain) on extinguishment of debt  | 7114 | 14934 | (9782) |  | 5313 |
| &nbsp;&nbsp;&nbsp; Bargain purchase gain  |  | (544097) |  |  |  |
| &nbsp;&nbsp;&nbsp; Other (income) loss, net  | (9479) | (10678) | 1039 | 2618 | 253 |
| &nbsp;&nbsp;&nbsp; Transaction and other costs  | 17710 | 69375 | 8873 | 10509 | 2827 |
| **Adjusted EBITDA**  | $390007 | $288725 | $18059 | $108286 | $86306 |

---

The following table presents the calculation of FFO for the periods presented, with a reconciliation to the most comparable GAAP metric:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Three Months Ended <br> March 31,**  | **Three Months Ended <br> March 31,**  |
| | **2025**  | **2024**  | **2023**  | **2026**  | **2025**  |
|  | **(in thousands)**  | **(in thousands)**  | **(in thousands)**  | **(in thousands)**  | **(in thousands)**  |
| **Net (loss) income**  | $(119904) | $458541 | $(79696) | $(65953) | $(34915) |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 271916 | 259575 | 50423 | 84498 | 63733 |
| **FFO**  | $152012 | $718116 | $(29273) | $18545 | $28818 |

---

#### Key Business Metrics
We evaluate our operating performance, growth, and the stability of our revenue base using a set of key business metrics that are specific to the retail colocation data center industry. These metrics are used by management and reviewed regularly by our board of directors to assess demand for our capacity, pricing trends, operating leverage, customer retention, and the durability of our customer relationships. We believe these metrics provide useful information to investors regarding the drivers of our financial results and our ability to generate long-term, recurring cash flows.

The following table presents our key business metrics (MW presented as whole numbers):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of and for the Years Ended <br> December 31,**  | **As of and for the Years Ended <br> December 31,**  | **As of and for the Years Ended <br> December 31,**  | **As of and for the Three Months <br> Ended March 31,**  | **As of and for the Three Months <br> Ended March 31,**  |
| | **2025**  | **2024**  | **2023**  | **2026**  | **2025**  |
|  Contracted Power Capacity (MW) (period end)<sup>(1)</sup>  | 376 | 263 | 48 | 392 | 279 |
|  Sellable Power Capacity (MW) (period <br> end)<sup>(1)</sup>  | 389 | 297 | 61 | 389 | 326 |
| Contracted Power Sold (%) (period end)<sup>(1)</sup>  | 97% | 88% | 78% | 101% | 86% |
| Net Revenue Churn (%)<sup>(1)</sup>  | 7.9% | 3.5% | 11.8% | 1.8% | 1.9% |
| Bookings (in thousands)<sup>(1)</sup>  | $205279 | $141821 | $45279 | $64216 | $43757 |

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(1) For definitions of Contracted Power Capacity, Sellable Power Capacity, Contracted Power Sold, Net Revenue Churn and Bookings, see "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Business Metrics.*"

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#### RISK FACTORS
 *Investing in our common stock involves risks. You should carefully consider the risks and uncertainties described below, as well as the other information contained in this prospectus, including our consolidated financial statements and the related notes thereto included elsewhere in this prospectus and "Management's Discussion and Analysis of Financial Condition and Results of Operations," before deciding to invest in our common stock. In addition, past financial performance may not be a reliable indicator of future performance and historical trends should not be used to anticipate results or trends in future periods. Any of the following risks could materially and adversely affect our business, financial condition and results of operations, in which case the trading price of our common stock could decline and you could lose all or part of your investment.* 

#### Risks Related to Our Business and Industry

#### Industry, Market and Customer Risks
 ***Our portfolio of properties is geographically concentrated, and adverse developments in local economic conditions, power availability, or demand for data center space in these markets could have a material adverse effect on our business, financial condition and operating results.***

Our portfolio of properties consists primarily of data centers concentrated in Chicago, Silicon Valley, New Jersey, Northern Virginia, Dallas, Phoenix and Atlanta. These markets comprised approximately 17%, 13%, 11%, 10%, 10%, 6% and 4%, respectively, of our total portfolio annualized recurring revenue as of March 31, 2026. As a result, we are susceptible to market-specific developments, including local economic conditions, changes in technology-related real estate fundamentals, utility and grid limitations, local permitting and zoning practices, and the supply of and demand for data center space in these markets. For example, the cost of power in the Boston and California markets is higher and more volatile.

A downturn in the economy, real estate markets, or the technology infrastructure industry in any of these markets, or an oversupply of or reduced demand for data center space in these markets, could reduce occupancy, slow leasing, increase concessions, or reduce rental rates. Because our portfolio is less diversified geographically than many broader real estate portfolios, adverse developments in any one of these markets could have a material adverse effect on our business, financial condition and results of operations.

 ***Demand for data center space is affected by economic conditions, technology trends, and customer deployment decisions, and a reduction in demand could have a material adverse effect on our business, financial condition and results of operations.***

We are in the business of operating data centers. A reduction in the demand for data center space, power or connectivity would have a greater adverse effect on our business and financial condition than if we had a more diversified business. Our development and leasing activities are susceptible to general economic slowdowns and adverse developments in the data center, internet and data communications, and broader technology industries. A slowdown in these industries could lead to reduced corporate IT spending, delayed or cancelled deployments, and reduced demand for data center space and related services. Demand could also decline due to customer relocations to metropolitan areas that we do not currently serve.

In addition, changes in technology and industry practices may reduce or shift demand for the physical data center space and infrastructure we provide. For example, customers may adopt computing architectures, software optimization, or hardware innovations that reduce required capacity per unit of workload, or they may shift to different facility types with higher power densities, specialized cooling, or other infrastructure attributes. Some customers—particularly larger customers—may choose to develop their own data centers, expand their existing data centers, consolidate into data centers that we do not own or operate, or shift their workloads to public cloud deployments or other technology solutions. In addition, mergers or consolidations among technology companies could reduce the number of our customers and potential customers, increase customer bargaining power, and make us more dependent on a smaller number of customers. If customers merge with, or are acquired by, other entities that are not our customers, they may discontinue or reduce their use of our data centers.

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If demand shifts toward facility designs or service offerings that our existing or planned data centers cannot cost-effectively support, we may be required to incur significant capital expenditures, accept lower pricing, or experience lower occupancy, which could have a material adverse effect on our business, financial condition and results of operations.

 ***A small number of customers account for a significant portion of our operating revenues, and the loss, default, or reduced utilization by any of these customers could significantly harm our business, financial condition and results of operations.***

We currently depend, and expect to continue to depend, on a relatively small number of customers for a significant percentage of our operating revenue. Our top 10 customers accounted for an aggregate of approximately 30% of our total portfolio annualized recurring revenue as of March 31, 2026. If we lose one or more significant customers, if one or more significant customers materially reduces its contracted space or service usage, or if one or more significant customers exerts pricing pressure on us at renewal or expansion, our revenues and operating results could be materially and adversely affected. There is no assurance that, if we lose a customer, we would be able to replace that customer at a comparable rental rate or at all, particularly in markets experiencing increased supply or power constraints.

Some of our customers may experience business downturns or other factors that weaken their financial condition, resulting in late payments, defaults, reductions in interconnection services, reductions in space contracted, or terminations of their relationships with us. If a customer becomes a debtor under the federal Bankruptcy Code, we generally may not evict the customer solely due to the bankruptcy, and the bankruptcy court might authorize the customer to reject and terminate its agreement with us. There can be no assurance that such customers (or such customers' parent entities or affiliates, as applicable) will satisfy their contractual obligations upon a default. In such circumstances, our claim for unpaid and future rent would be subject to statutory limitations and may not be paid in full. As of March 31, 2026, we did not have any material customers in bankruptcy.

In addition, competitive dynamics among our customers may negatively affect our operations. Certain of our customers compete with one another, and a customer could determine that it is not in that customer's interest to deploy mission-critical equipment in a facility where we derive a significant portion of our revenue from a key competitor. The loss of one or more large customers for this or any other reason could have a material adverse effect on our business, financial condition and results of operations.

 ***We depend on our ability to generate interconnection and other service revenues, which may be affected by our ability to attract and retain a balanced customer base and achieve a dense customer ecosystem.***

Our ability to generate interconnection and other service revenues depends in part on our ability to attract, grow, and retain a balanced customer base across a broad range of industries, including financial services, health care, cloud and IT services, media and content, network service providers, semiconductors, gaming, and enterprise technology. A balanced customer base in a data center market can increase demand for interconnection services and other higher-margin offerings. Conversely, if we fail to develop and maintain a sufficiently diverse and complementary mix of customers in a market, interconnection revenue opportunities may be limited, and we may need to rely more heavily on base rent, discounts, or other incentives to sell space.

Additionally, our ability to generate interconnection and other service revenues depends on us achieving dense customer ecosystems, and we may not be able to establish those ecosystems in certain markets. A key component of our strategy is to increase higher-margin interconnection services and other value-added offerings by developing ecosystems of cross-connected customers within each market. We have achieved varying levels of success across markets, and it may be difficult in some markets to develop ecosystems comparable to those of incumbent, network-dense data centers. Industry consolidation may further limit ecosystem development by reducing the number of network carriers, cloud on-ramps, or complementary customers in a market. If we cannot establish sufficiently dense ecosystems, we may have difficulty attracting or retaining customers that require them, and our ability to grow higher-margin services, improve customer stickiness, and sustain pricing power at levels that are comparable to our most highly evolved interconnected ecosystems, which may have a material adverse effect on our business, financial condition and results of operations.

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Our ability to attract and retain customers depends on a variety of factors, including demand for data center space, the presence of multiple network carriers and cloud operators in our facilities, reliability and security performance, connectivity, geographic coverage, available power, and the products and services we offer. If customers face competitive pressure, fail, or consolidate through merger or acquisition, we may experience increased churn in our customer base and reduced opportunities to expand, which could have a material adverse effect on our business, financial condition and results of operations.

#### Our products and services have a long sales cycle, and delays in leasing decisions may harm our revenues and operating results.
A customer's decision to contract for data center space and purchase additional services often involves a significant commitment of resources and internal approvals, contributing to a long sales cycle. We may expend significant time and resources pursuing customers and transactions that do not ultimately result in revenue. From time to time we have experienced Bookings failing to convert into closed sales or revenue, and there can be no guarantee that our reported Bookings will convert into closed sales and revenue. In addition, with respect to our booked-but-not-billed customers, there will be a delay in receiving the associated revenues and we may face lags or delay times in installation or deployment which would delay billing such customers and adversely affect our results of operations. Macroeconomic conditions may further impact our sales cycle by reducing customers' ability to forecast and plan future business activities, causing customers to slow spending or delay decision-making. These delays can reduce leasing efficiency, impair our ability to efficiently plan development and capital expenditures, and materially and adversely affect our business, financial condition and results of operation.

 ***We face significant competition and may be unable to sell vacant space, renew existing customer agreements, or contract space at favorable rates as customer agreements expire.***

We compete with numerous developers, owners, and operators of data centers and other technology-related real estate, many of which own properties like ours in the same markets. We may also face competition from new entrants. Competition is driven by reputation and track record, quality and availability of space and power, service quality, technical expertise, security, reliability, functionality, geographic coverage, scale, financial strength, network density, and price. Some competitors have advantages, including greater name recognition, longer operating histories, lower operating costs, lower leverage, stronger customer relationships, greater financial, marketing and other resources, and access to less expensive or more readily available power. These advantages could allow our competitors to respond more quickly or effectively to strategic opportunities or changes in our industries or markets.

If competitors offer space that existing or potential customers perceive as superior to ours based on a variety of factors, including power availability, location, security, network connectivity, or other factors, or if competitors offer rental rates below ours, we may lose customers, incur costs to upgrade our facilities, or be required to offer concessions, or reduce rental rates. The risk of pricing pressure can be compounded by customer agreement maturity concentration. Data center customer agreements representing 33%, 21% and 14% of our total portfolio annualized recurring revenue for the fiscal year ended December 31, 2025 are currently set to expire during 2026, 2027, and 2028, respectively. There can be no assurance that any of our legacy customers who benefit from favorable terms in their respective agreements relative to our current market terms will renew their agreements with us upon expiration of their existing agreements. If we are unable to renew agreements, fill vacant space, or contract expiring space at or above current rates, our business, financial condition and results of operations could be materially and adversely affected.

Certain customer agreements also contain early termination provisions that allow customers to shorten the term of their agreements, sometimes subject to payment of early termination charges. Even where early termination charges apply, those amounts may not fully offset reselling downtime, marketing costs, improvement costs, or required upgrades, and the exercise of early termination rights could adversely affect our business, financial condition and results of operations.

 ***Our growth depends on the successful development and expansion of our data centers, and delays, cost overruns, or selling risk could have a material adverse effect on our business, financial condition and results of operations.***

Our growth depends on successfully completing development and expansion of our existing data centers and pursuing similar projects in the future. These projects involve substantial planning and allocation of significant

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resources and are subject to risks related to land acquisition, zoning ordinances and codes, entitlement and regulatory approvals, construction costs and delays, permitting timelines, contractor and subcontractor performance, labor availability, utility coordination and the timing of customer deployments, and financing conditions. Such delays have occurred from time to time in the past, and any delays may result in deferred revenue recognition, increased costs and reduced returns on invested capital.

We also rely on the performance of general contractors and subcontractors. If a general contractor or key subcontractor experiences financial distress or performance issues, we could experience significant delays, increased costs to complete projects, and reduced returns. In addition, site selection is critical, and there may not be suitable properties available in our markets that combine attractive customer location, connectivity, high ceilings, heavy floor loading capacity, and access to required utility infrastructure. While we may prefer to locate new data centers near existing campuses, we may be limited by the availability and characteristics of suitable sites.

In some cases, we may not require commitments from customers before we develop or expand a data center, and we may not have sufficient customer demand to sell newly developed space upon completion. Once a development phase is completed, we incur operating expenses even if space is not occupied. A lack of customer demand, delays in customer deployments, or excess market capacity could impair our ability to achieve expected returns, require pricing concessions, or result in underutilized assets, which could have a material adverse effect on our business, financial condition and results of operations.

If we are unable to successfully develop and expand our data center properties, our ability to grow our business, compete and meet market expectations will be significantly impaired, which could have a material adverse effect on our business, financial condition and operating results.

#### Power procurement and interconnection constraints may limit our ability to deliver and monetize capacity.
Data centers require substantial electrical power. Development and expansion may require us to obtain access to sufficient power from utilities, which may involve lengthy timelines, significant costs, complex technical requirements, and, in some cases, the need to develop substations or other infrastructure on or near our properties to accommodate our power needs. Long lead times in our ability to access sufficient power may increase our interim costs and delay our time to market. We may also face constraints on the amount of electricity that a local grid can supply, delays in interconnection approvals, curtailments, or changes in utility programs and pricing. We may seek to negotiate long-term power contracts, but there can be no assurance that we will be able to do so on acceptable terms or at all. In addition, our power pass-through arrangements may not fully cover the incremental costs of obtaining power, and we may be impacted by back-office lags or other factors. If we cannot secure power in sufficient volumes, on a timely basis, or at competitive costs, we may be unable to deliver capacity to customers, may experience delayed stabilization, and may suffer reduced returns and impaired growth prospects, all of which could have a material adverse effect on our business, financial condition and results of operations.

#### We may be unable to identify, complete, and successfully integrate acquisitions or operate acquired properties.
We continually evaluate opportunities to acquire data centers or properties suited for data center development. Our ability to execute acquisitions on favorable terms and to realize intended benefits involves significant risks, including but not limited to competition from other acquirers, increased purchase prices, challenges in financing acquisitions, underestimating required capital improvements, integration difficulties, tax reassessments leading to higher property taxes, inability to obtain sufficient utility power, challenges in keeping existing customers, and market conditions that result in higher vacancy or lower rents than expected. In addition, we may assume customer contracts or operating obligations that are less favorable than our standard terms.

Post-acquisition integration presents additional risks. For example, we have faced post-acquisition difficulties in integrating legacy IT systems, migrating historical customer and invoicing data, and harmonizing billing software and procedures. Systems migrations or process changes have in the past, and may continue to in the future, lead to billing lags, delayed or inaccurate invoicing, or extended collection cycles, any of which could require incremental investments in systems and personnel for remediation. If our acquisitions do not perform

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as expected, our ability to grow, compete, and meet market expectations could be impaired, which could have a material adverse effect on our business, financial condition and results of operations.

 ***We may enter into joint ventures and strategic collaborations that involve risks and uncertainties, and failures of these arrangements could have a material adverse effect on our business, financial condition and results of operations.***

We may enter joint ventures, strategic collaborations, and similar arrangements. These arrangements involve risks, including partners failing to satisfy obligations, governance disputes or deadlocks, misalignment of strategic objectives or investment horizons, limitations on our control over decisions or asset dispositions, and the difficulty of monitoring and managing operations. We may also be exposed to liabilities through guarantees or other commitments. A failure of any such relationship could have a material adverse effect on our business, financial condition and results of operations.

#### We may be subject to unknown or contingent liabilities related to acquisitions for which we may have limited or no recourse against sellers.
Assets and entities that we have acquired, including recently in 2024 and 2025, or may acquire in the future may be subject to unknown or contingent liabilities, for which we may have limited or no recourse against the sellers. These may include environmental remediation liabilities, customer or vendor claims, tax liabilities, or other obligations incurred in the ordinary course or otherwise. In some transactions, representations and warranties may be limited or may not survive closing, and seller indemnities may include materiality thresholds, a significant deductible or an aggregate cap on losses. As a result, we may be unable to recover losses from sellers, and unknown liabilities could require us to incur significant costs, which could have a material adverse effect on our business, financial condition and results of operations.

#### Our international activities expose us to additional risks, and we may be unable to effectively manage our international operations.
As of March 31, 2026, our portfolio included 64 sites, including locations outside the United States in Canada and the United Kingdom. Owning and operating data centers outside the United States subjects us to risks, including foreign currency exchange rate fluctuations, which can affect reported revenues and operating margins and could materially and adversely impact our financial condition, results of operations, cash flow, cash available for distribution, and our ability to satisfy our debt obligations. Although we may seek to mitigate exchange-rate risk through local currency financing or hedging, there can be no assurance such strategies will be available or effective.

International operations also involve risks not generally associated with U.S. operations, including limited knowledge of local markets and relationships; complexity and costs of international development and operations; challenges hiring qualified management, sales and construction personnel and service providers in a timely fashion; trade restrictions or tariffs or the occurrence of trade wars; differing employment practices and labor issues; changing legal, regulatory, permitting, and tax and treaty regimes; exposure to increased taxation, confiscation or expropriation; currency transfer restrictions; difficulty enforcing agreements in non-U.S. jurisdictions, including those entered into in connection with our acquisitions or in the event of a default by one or more of our customers, suppliers or contractors; local business and cultural factors; geographic, political and economic instability, including sovereign credit risk and rapid and unpredictable changes in economic policy and regulatory environments; and anti-bribery and corruption risks.

We may also face higher diligence and transaction costs in unfamiliar metropolitan areas. If we fail to manage these risks, our business, financial condition and results of operations could be adversely affected.

#### Government customers expose us to unique risks, including termination rights, audits, investigations, sanctions, and penalties.
We derive a portion of revenues from contracts with governmental entities and agencies. Government entities and agencies accounted for approximately 3.5% and 3.6% of our total revenue for the three months ended March 31, 2026 and the year ended December 31, 2025, respectively. Government customers may terminate contracts in whole or in part, sometimes without cause, and government spending pressures may reduce

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demand. Some contracts are subject to appropriations and funding authorizations. Government contracts are often subject to audits and investigations that could result in civil or criminal penalties, administrative sanctions, termination, refund obligations, suspension of payments, fines, or suspension or debarment from future government business. Additionally, evolving security or facility requirements applicable to government contracts may impose obligations we may be unable to satisfy. Termination or reduction of government contracts could reduce revenues at related data centers, which could have a material adverse effect on our business, financial condition and results of operations.

 ***Our business may not benefit from AI-related demand to the extent anticipated, and evolving public sentiment regarding data center development could adversely affect our growth opportunities.***

The increasing adoption of AI technologies has contributed to growing demand for digital infrastructure; however, the timing, magnitude and nature of such demand remain uncertain. Enterprise adoption patterns, technological developments, changes in workload architectures and the evolution of computing requirements may differ from our expectations. In addition, certain AI workloads may ultimately be deployed in infrastructure environments that differ from those served by our facilities. As a result, anticipated increases in demand associated with AI-related applications may not materialize as expected, or at all.

More broadly, data centers have become subject to increased public scrutiny relating to their perceived impacts on local communities and infrastructure, including concerns regarding electricity consumption, water usage, noise, land use and environmental sustainability. Community opposition, activism or increased governmental focus on these issues could result in delays in obtaining approvals, restrictions on expansion activities, increased compliance obligations or reputational harm. Such developments could impair our ability to expand existing facilities, pursue future development opportunities or operate our business in a cost-effective manner.

If AI-related demand develops differently than anticipated, or if societal and regulatory opposition to data center infrastructure increases, our business, financial condition, results of operations and growth prospects could be adversely affected.

#### Operations and Infrastructure Risks

#### The loss of one or more of our key personnel or our failure to attract and retain qualified personnel could harm our business.
We depend on the continuous service and performance of our senior management team and other key personnel. The loss of any key executive or employee could disrupt operations and create uncertainty while we recruit and integrate replacements. If key personnel leave to join competitors or form competing businesses, we may lose customers or prospective customers, which could have a material adverse effect on our business, financial condition and results of operations.

We must continue to identify, hire, train, and retain IT professionals, technical engineers, operations employees, and sales, marketing, finance, and senior management personnel who maintain relationships with our customers and who can provide the technical, strategic and marketing skills required for us to grow. There is a limited pool of qualified talent in these areas, and we compete with other companies for personnel. Rising labor costs, turnover, and recruiting challenges could adversely affect our ability to grow and operate our business effectively.

#### Data center infrastructure may become obsolete, and we may be unable to upgrade power and cooling systems cost-effectively or at all.
The industries in which we and our customers operate are characterized by rapid technological change, evolving standards and evolving customer demands. Changes in technology or industry practice—such as virtualization, new computing architectures, higher power density equipment, or alternative deployment models—could reduce demand for certain facility configurations or require infrastructure capabilities our facilities were not designed to provide.

Our ability to deliver reliable and technologically sophisticated infrastructure, including power and cooling, is critical to leasing and customer retention. Customers increasingly deploy high-density equipment, which may

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require higher power delivery, advanced cooling, and, in some cases, liquid cooling. Retrofitting existing data centers to support higher densities or liquid cooling can be complex, expensive, and time-consuming and may not be feasible in certain facilities. If we cannot cost-effectively adapt our infrastructure, we may lose customers, face pricing pressure, or incur significant capital expenditures, which could have a material adverse effect on our business, financial condition and results of operations.

#### Any failure of our physical infrastructure or services could lead to significant costs, reputational harm, and reduced revenues.
Our business depends on providing highly reliable service. We may fail to provide such service due to human error, accidents, power loss, equipment failures, exposure to temperature, humidity, smoke and other environmental hazards, improper maintenance by landlords in leased facilities, physical or cyber security breaches, fire, earthquakes, hurricanes, floods, other natural disasters, public health emergencies, war, terrorism, theft, sabotage, or vandalism. We may also fail to maintain or timely replace critical site infrastructure or equipment.

Disruptions or equipment damage could result in service interruptions and billing abatements under service level commitments. While we have, in limited past instances, provided courtesy or service-level credits, such credits may not be viewed by customers as adequate compensation. As a result, customers could seek additional remedies, including contract termination or non-renewal. Service interruptions can also lead to legal liability and reputational harm and could impair our ability to attract and retain customers. Significant or frequent disruptions could have a material adverse effect on our business, financial condition and operating results.

#### We depend on third parties for network connectivity, critical equipment, and utility power, and disruptions or cost increases could adversely affect our business.
We rely on computer systems, hardware, software, technology infrastructure and online sites and networks for both internal and external operations that are critical to our business (collectively, "IT and Infrastructure Systems"). We own and manage some of these IT and Infrastructure Systems but also rely on third parties for a range of IT and Infrastructure Systems and related products and services. For example, we depend on telecommunications carriers and other network providers to deliver connectivity within our data centers and interconnection between certain facilities. We also purchase critical infrastructure equipment—such as generators, batteries, switches, PDUs, transformers, switchgear, and HVAC components—from a limited number of vendors and generally do not maintain significant inventories of such equipment. Long lead times or supply disruptions could delay development and customer deployments, increase costs, and adversely affect returns.

We also rely on third parties, including utilities, to provide adequate and reliable power. Our data centers consume large amounts of electricity and have access to a finite power capacity. As customers increase power usage—especially with high-performance computing and artificial intelligence workloads—available power for future customers may be limited. Demand may exceed designed electrical capacity in certain facilities, which could constrain leasing, reduce growth, or require significant upgrades. Increases in energy costs can adversely affect operating results, particularly where costs cannot be fully passed through or where customers resist price increases.

Our data centers may experience power outages, shortages, or increases in energy costs. Reliable network connectivity within and between our data centers is important to our operations, and delays in establishing such connectivity, service interruptions, or failures could adversely affect our operations and customer relationships. In addition, material interruptions in these services could negatively impact our ability to attract or retain customers. We may also be subject to fluctuations in energy costs, including increases driven by municipal utilities or changes in fuel prices, which could reduce the cost competitiveness of certain data center locations relative to others. Historically, energy costs at our properties have been seasonal, with higher costs typically incurred during the summer months, which have affected results of operations during those periods.

#### Supply chain and procurement disruptions could delay development, increase costs, and harm customer relationships.
Our development and operations depend on timely delivery of equipment and materials. Global supply chain disruptions—caused by geopolitical events, trade disputes and tariffs, war, terrorism, natural disasters, public

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health issues, inflation, labor disputes, industrial accidents, national security concerns, and other business interruptions—could delay projects, increase costs, result in penalties, or lead to customer terminations. Customers may also face procurement constraints that delay their deployments in our facilities, reducing revenue and slowing stabilization. Although we actively manage procurement and supplier relationships, sustained disruptions could have a material adverse effect on our business, financial condition and results of operations. In addition, the ongoing military conflict between Russia and Ukraine, tensions between China and Taiwan, tensions between the United States and Venezuela as well as conflicts in the Middle East and other potential global conflicts, could lead to market disruptions, including significant volatility in commodity prices, credit and capital markets, an increase in cyber security incidents as well as supply chain disruptions.

#### A significant portion of our expenses is relatively fixed and decreases in revenue may disproportionately reduce profitability.
Many of our expenses—such as debt service payments, taxes, insurance, utilities, employee wages and benefits, and corporate expenses—do not decrease proportionately with reductions in operating revenue. Inflationary pressures may also increase costs, and certain expenses may rise faster than inflation. If we cannot offset increased costs through higher rates or other revenue growth, our business, financial condition and results of operations could be materially and adversely affected.

 ***We do not own all of the buildings in which our data centers are located, and our ability to renew facility leases materially impacts our operations.***

We lease certain data center space from third-party landlords. As of March 31, 2026, approximately 45% of our data centers were located on sites subject to a real estate lease. For the three months ended March 31, 2026 and the year ended December 31, 2025, we generated 21.5% and 29.4% of our net operating income from sites subject to a real estate lease, respectively. Our business could be harmed if we are unable to renew these leases on favorable terms or at all, or if lease renewals materially increase costs that cannot be offset through revenue growth. Failure to renew could require relocation of equipment and customers, which could be costly and disruptive, and could result in customer losses. In addition, strained landlord relationships or landlord failures to maintain base building systems could adversely affect our operations and customer relationships.

#### Cybersecurity incidents, physical breaches and other security incidents could materially impact our operations, financial condition and reputation.
We face evolving cybersecurity risks that threaten the confidentiality, integrity, and availability of our information and IT and Infrastructure Systems, including from diverse threat actors, such as state-sponsored organizations, opportunistic hackers and hacktivists, as well as through diverse attack vectors, such as social engineering/phishing, malware (including ransomware), malfeasance by insiders, human or technological error, and as a result of bugs, misconfigurations or exploited vulnerabilities in software or hardware. We may not be able to anticipate or implement effective preventive measures against security breaches, especially because the methods of attack change frequently or may not be recognized until after such attack has been launched. Additionally, cyberattacks on local and state government databases and offices, including the rising trend of ransomware attacks and of cyberattacks as a tactical risk of modern warfare, expose us to the risk of losing access to critical data and the ability to provide services to clients. The introduction of AI has also reduced the level of difficulty for bad actors to submit high quality fraudulent content as part of a cyberattack, which could make it more difficult to contain cyber breaches, identify bad actors and fraudulent activity. AI-orchestrated cyberattacks may be launched with minimal human involvement, potentially increasing both the frequency and sophistication of future attacks.

While we do not provide data management services or directly manage any of our customers' data, our IT and Infrastructure Systems are vulnerable to a range of physical and cybersecurity risks and threats, including malicious code embedded in open-source software, or misconfigurations, "bugs" or other vulnerabilities in commercial software that is integrated into our (or our suppliers' or service providers') IT and Infrastructure systems. Even if vulnerabilities are publicly known or identified through our security tools, we cannot guarantee that patches or mitigating measures will be implemented before a threat actor can exploit them. Threat actors regularly launch attacks against companies in our industry, seeking to disrupt operations, prevent access to critical business records, misappropriate business information, compromise personal

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information of employees or visitors and to commit corporate espionage, among other things. Because our services are integrated with our customers' systems and processes, the circumvention or failure of our cybersecurity defenses or measures could compromise the confidentiality, integrity, and availability of our customers' own IT and Infrastructure Systems and information. And because we rely on various third party service providers for various IT and Infrastructure Systems, the circumvention or failure of a third party's security measures could expose us to material adverse impacts, including but not limited to financial harm, and/or the misappropriation of information in our custody or control.

We are also subject to laws, rules, regulations, industry standards, and other requirements relating to the collection, use, sharing and security of third-party data, including data that relates to or identifies an individual person or that constitutes "personal data," "personal information," "personally identifiable information" or similar terms under applicable data privacy laws. In many cases, these laws apply not only to third-party transactions, but also to transfers of information between and among our properties and other parties with which they have commercial relations. In the event of a breach resulting in loss of data, such as personally identifiable information or other such data protected by data privacy or other laws, we may be liable for damages, fines and penalties for such losses under applicable regulatory frameworks despite not handling the data directly, and may also be subject to lawsuits or other proceedings relating to these types of incidents. Any such claim or proceeding could cause us to incur significant unplanned expenses, which could have an adverse impact on our financial condition and results of operations. Furthermore, if a high-profile security breach or cyberattack occurs with respect to another provider of mission-critical data center facilities, our customers and potential customers may lose trust in the security of these business models generally, which could harm our reputation and brand image as well as our ability to retain existing customers or attract new ones.

In addition, the regulatory framework around data custody, data protection, data privacy and breaches varies by jurisdiction and is an evolving area of law. The legal framework around privacy issues is rapidly evolving, as the U.S., Canada, the European Union, the United Kingdom, and other countries in which we may operate now or in the future, including state and local jurisdictions therein, have adopted, are planning to enact or are revising increasingly complex and rigorous privacy, information security and data protection laws, regulations and standards that could have a significant impact on our current and planned privacy, data protection and information security-related practices, and our practices regarding the collection, use, sharing, retention, transfer, and safeguarding of personal data or third-party data. Compliance with current or future privacy, data protection, and information security laws affecting customer data or employee data to which we may be subject could result in additional costs, and our failure to comply with such laws could result in potentially significant regulatory investigations or government actions, penalties or remediation, litigation, judgments and other costs, as well as adverse publicity, loss of revenues and profits and an increase in fees payable to third parties. Ensuring that the collection, use, transfer, storage, maintenance, and other processing of data complies with applicable laws, regulations, rules, standards and contractual obligations regarding data privacy and cybersecurity in relevant jurisdictions can also increase operating costs, impact the development of new products, offerings or services, and reduce operational efficiency. As a result of the increasing awareness concerning the importance of safeguarding personal information, the potential misuse of such information and legislation that has been adopted or is being considered regarding the protection, privacy and security of personal information, information-related risks may be significant.

We expend resources to protect against these threats to our information and IT and Infrastructure Systems, but there is no assurance our security measures, including our policies, controls or procedures, will be fully implemented, complied with or effective in protecting our IT and Infrastructure Systems and information. As part of our cybersecurity program, we also regularly identify and track known security vulnerabilities in our IT and Infrastructure Systems but we cannot guarantee patches or mitigating measures will be applied before such vulnerabilities can be exploited by a threat actor. Cyberattacks are expected to accelerate on a global basis in frequency and magnitude as threat actors are becoming increasingly sophisticated in using techniques and tools—including AI—that circumvent security controls, evade detection and remove forensic evidence. As a result, we may be unable to detect, investigate, remediate or recover from future attacks or incidents, or to avoid a material adverse impact to our IT and Infrastructure Systems, Confidential Information or business. Any significant, adverse impact to the availability, integrity or confidentiality of our IT and Infrastructure Systems or information could result in litigation (including class actions), regulatory investigations, fines or penalties, increased insurance and security costs, loss of customers and reputational damage, any of which could have a material adverse effect on our business, financial condition and results of operations. We cannot

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guarantee that any costs and liabilities incurred in relation to an attack or incident will be covered by our existing insurance policies or that applicable insurance will be available to us in the future on economically reasonable terms or at all.

#### Our data center properties may be difficult to repurpose, which could limit our ability to sell or reposition assets and increase downside risk.
Our data centers are specifically designed to house and operate computing and networking equipment and include specialized electrical and mechanical infrastructure. If we are unable to sell available space or if market demand shifts away from the characteristics of a particular facility, we may be required to incur significant capital expenditures to reposition the property, and such repurposing may not be feasible or economical. This could reduce asset liquidity, impair values, and have a material adverse effect on our business, financial condition and results of operations.

#### Physical security incidents or other disruptions affecting our facilities could adversely affect our business, reputation and operating results.
Our customers rely on our facilities to support mission-critical applications and workloads that require continuous availability and secure operating environments. As a result, our data centers may be targets for unauthorized access attempts, theft, vandalism, sabotage, insider misconduct, civil disturbances or other physical security incidents. In addition, our facilities may be affected by acts of terrorism, geopolitical events, protests, natural disasters or other events that disrupt access to, or operations at, our sites.

Although we maintain physical security measures designed to protect our facilities, including site-specific security protocols and operational controls, these measures may not prevent all incidents or be sufficient to mitigate all potential threats. Any successful breach of physical security, prolonged disruption of operations or damage to critical infrastructure could result in service interruptions, contractual liabilities, litigation, increased insurance costs, reputational harm and the loss of existing or prospective customers.

The occurrence of any such event could materially and adversely affect our business, financial condition, results of operations and cash flows.

#### Financial Risks

#### Our estimates of market opportunity, potential expansion capacity, potential Adjusted EBITDA growth opportunities and target leverage may prove to be inaccurate.
Our estimates of market opportunity, potential Adjusted EBITDA growth opportunities and target leverage are subject to significant uncertainties and are based on assumptions and estimates that may not prove to be accurate. Significant variables and assumptions are included in these estimates and targets and are subject to change over time. There can be no assurance that we will be successful in achieving our targets or pursuing, or realizing the benefits of, any of the potential opportunities that we have identified in the estimated amounts, within the timeframe identified, or at all.

The methodology and assumptions used to estimate market opportunities may differ materially from the methodologies and assumptions used by other companies to estimate market opportunities. In preparing such estimates, we have relied on market reports by various research and consulting firms, the accuracy of which we have not independently verified, as well as internal estimates and forecasts. Alternatives to our services may present themselves, and competing services may be more successful, which could substantially undermine or reduce the market for our products, services and solutions. Any expansion in our market depends on a number of factors, including the cost, performance and perceived value associated with our services.

We have identified approximately $4 billion of potential expansion capital expenditure opportunities, representing approximately 670 MW of potential expansion capacity, within our existing portfolio for which we have not yet entered into definitive contracts. There can be no assurance that we will complete any expansion projects on the terms currently contemplated, or at all, that the actual cost of completion will not exceed our estimates, or that we will be able to lease such capacity at current or higher rates, or at all.

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Our estimates regarding our Adjusted EBITDA growth opportunities are based on several assumptions, which may prove to be inaccurate. There is no guarantee that we will be able to benefit from annual contractual escalators, leasing spreads or power pass-through pricing mechanisms in any of our existing or future contracts, nor is there any guarantee that customer churn rates do not increase or that switching costs remain high. Additionally, we may be unable to operationalize under-roof growth of brownfield projects, achieve our targeted 4x to 6x build multiple or leverage our long-term contracts, space and power capacity at the levels we expect, or at all. In particular, our actual initial build multiple from, payback periods for and costs of our brownfield and expansion projects may differ substantially from our targets based on numerous factors, including unanticipated expenses, delays in the estimated start and/or completion date, delays and/or difficulties in leasing capacity, failure to achieve estimated occupancy and rental rates, inability to collect anticipated revenues, customer bankruptcies and unanticipated expenses at our data centers that we cannot pass on to customers. Finally, we may be unable to complete or fully achieve any expected or future strategic lease buyouts, site level mergers and acquisitions or other optimization of our balance sheet. As a result of any or all of these factors, individually or in the aggregate, we may not achieve Adjusted EBITDA growth within the timeframe identified, or at all.

To the extent that our performance declines and our revenues or net income materially decrease compared to prior periods, our existing leverage levels may increase or we may be required to obtain additional debt financing to achieve our goals or operate our business. As a result, we may be unable to achieve, or maintain, our targeted leverage level.

 ***Our ability to execute our growth strategy depends in part on our ability to expand capacity within our existing facilities, and we may not realize the benefits of our estimated expansion opportunities.***

A significant component of our growth strategy is based on our ability to increase capacity within our existing portfolio through under-roof expansion initiatives, equipment optimization, electrical and cooling enhancements and the utilization of available space. Our estimates regarding potential expansion capacity are based on numerous assumptions relating to customer demand, technical feasibility, utility availability, permitting requirements, capital expenditures and the timing of infrastructure upgrades.

Actual expansion opportunities may differ materially from our expectations. We may encounter unforeseen technical constraints, delays in obtaining required permits or approvals, limitations in utility power availability, supply chain disruptions, higher-than-expected costs or changes in customer demand that reduce the economic attractiveness of planned expansions. In addition, certain facilities may be unable to accommodate anticipated increases in density or capacity without substantial additional investment.

If we are unable to execute our expansion plans on anticipated timelines, within expected cost parameters or at targeted returns, our ability to grow revenues and cash flows could be adversely affected, which could have a material adverse effect on our business, financial condition and results of operations.

#### The data center business is capital-intensive, and we may be unable to raise sufficient capital on acceptable terms to meet our needs.
Constructing, developing, operating, renovating, and maintaining data centers requires substantial capital. We often must invest significant amounts before generating revenue, and anticipated demand may not materialize, leaving us with excess capacity. Development delays, cost overruns, and procurement constraints can further increase capital needs.

We are required to fund the costs of constructing, developing, operating, renovating and maintaining our data centers and growing our operations with cash. We may need to raise additional funds through debt or equity financings to meet operating and capital requirements. Financing may not be available when needed or may not be available on satisfactory terms. Our access to capital depends on economic and financial market conditions, investor perceptions, our existing leverage, limitations on our ability to incur debt under our existing debt agreements, our earnings and cash flow, and the market price of our common stock. Interest rate volatility can increase borrowing costs, reduce property values, and adversely affect refinancing terms. If we cannot generate sufficient cash from operations or obtain additional financing, we may be unable to pursue potential expansion capital expenditures or we may need to curtail capital expenditures, delay projects, or

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prioritize among investments, which could materially and adversely affect our business, financial condition and results of operations.

#### Our operating results may fluctuate.
We may experience fluctuations in our results of operations. The fluctuations in our operating results may cause the market price of our common stock to be volatile. We may experience significant fluctuations in our operating results in the foreseeable future due to a variety of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • demand for space, power and services at our data centers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in general economic conditions, such as an economic downturn, or specific market conditions in the industries in which our customers operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the duration of the sales cycle for our business offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the timing and logistics required for customer implementation of new programs such as our hybrid cloud solution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • acquisitions or dispositions we may make or be a part of;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the financial condition and credit risk of our customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the provision of customer discounts and credits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the mix of current and proposed products and offerings and the gross margins associated with our products and offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the timing required for new and future data centers to open or become fully utilized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • competition in the markets in which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • conditions related to international operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • increasing repair and maintenance expenses in connection with our data centers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • lack of available capacity in our existing data centers to generate new revenue or delays in opening new or acquired data centers that delay our ability to generate new revenue in markets which have otherwise reached capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the timing and magnitude of other operating expenses, including taxes, expenses related to the expansion of sales, marketing, operations and acquisitions, if any, of complementary businesses and assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the cost and availability of adequate public utilities, including power;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in employee stock-based compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • overall inflation and inflationary pressures, which may increase costs for materials, supplies, and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • disruptions and inefficiencies in the supply chain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • increasing interest expense due to any increases in interest rates and/or potential additional debt financings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in our tax planning strategies or failure to realize anticipated benefits from such strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in income tax benefit or expense; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in or new accounting principles generally accepted in the United States as periodically released by the Financial Accounting Standards Board.

Any of the foregoing factors, or other factors discussed elsewhere in this prospectus, could have a material adverse effect on our business, results of operations and financial condition. Although we have experienced positive revenue growth in the past, this growth rate is not necessarily indicative of future operating results. We may not be able to generate net income on a quarterly or annual basis in the future. In addition, a relatively large portion of our expenses are fixed in the short term. Therefore, our results of operations are particularly

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sensitive to fluctuations in revenue. As such, comparisons to prior reporting periods should not be relied upon as indications of our future performance, and our results of operations for any quarter may not be indicative of the results that may be achieved for a full fiscal year. As a result, our operating results in one or more reporting periods may fail to meet the expectations of securities analysts or investors.

#### Losses to our properties may not be covered by insurance or may exceed coverage limits.
Our properties are subject to risks from earthquakes, storms, hurricanes, floods, fires, and other natural disasters, as well as riots, terrorism, and war. While we maintain insurance, coverage may be insufficient to cover all losses, and premiums, deductibles, and exclusions may increase over time, particularly for climate-related risks. In addition, we may discontinue or alter these policies on some or all our properties in the future if the cost of premiums for any of these policies exceeds, in our judgment, the value of the coverage relative to the risk of loss. If we experience an uninsured loss or losses exceeding coverage limits, we could lose invested capital and anticipated future cash flows. Even where insured, business interruption and rental loss insurance may not fully compensate for lost revenue, and a casualty event could cause customers to terminate or not renew agreements. While we monitor the solvency of our insurance carriers, it can be difficult to evaluate the stability and net assets or capitalization of insurance companies, and any insurer's ability to meet its claim payment obligations.

#### Increases in property taxes or other state and local taxes could adversely affect our results if such costs cannot be passed through to customers.
We are subject to state and local taxes, including real and personal property taxes, that may increase as a result of changes in tax rates or reassessments. We may appeal increased assessments, but there is no assurance we will succeed. Our customer agreements, except in the case of select triple-net leases, generally do not allow us to increase rent as a result of increases in property or other similar taxes. If property or other similar taxes increase and we cannot offset those increases through higher rents on new customer agreements or renewals, our cash flows and ability to make distributions to stockholders could be adversely affected.

#### Regulatory, Legal, and Environmental Risks
 ***We may incur significant costs complying with laws and regulations, and changes in regulation could materially and adversely affect our business, financial condition and results of operations.***

Our properties and operations are subject to numerous laws and regulations in the United States and internationally, including fire and life safety requirements, accessibility requirements, environmental and occupational safety rules, and evolving regulations related to cybersecurity, operational resilience, sustainability, and data privacy. In jurisdictions experiencing shortages of power, land, or water resources, governments may impose additional restrictions on data center development, including requirements related to energy efficiency, water usage, emissions, and community impact. Compliance can be costly and time-consuming. If we are found to be non-compliant, we could face fines, penalties, remediation requirements, and reputational harm.

We are also subject to sanctions, export controls, anti-corruption laws, and other national security-related regulations in the U.S. and abroad. Our business must be conducted in compliance with applicable economic and trade sanctions laws and regulations, such as those administered and enforced by the U.S. Department of the Treasury's Office of Foreign Assets Control, the U.S. Department of State, the United Nations Security Council, the United Kingdom, and Canada; as well as export control and import control laws and regulations, such as the U.S. Export Administration Regulations administered by the U.S. Department of Commerce, and the U.S. Customs and Border Protection regulations. Economic sanctions and export control laws and regulations may prohibit or restrict transactions, including the shipment of certain products and services, to embargoed, sanctioned or restricted countries, governments, and persons, as well as shipments for certain end uses (e.g., military end uses). Complying with sanctions and export controls laws and regulations may be time-consuming and result in the delay or loss of revenue opportunities. Enforcement activity in these areas has increased, and violations can result in severe civil and criminal penalties and restrictions on our business. While we have informed our employees that they must comply with applicable laws and regulations, we currently do not have written policies or procedures, or formal internal processes, to comply with export

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controls or sanctions regulations. We therefore cannot ensure that we, or third parties who we do not control, have complied or will comply in the future with all laws or regulations in this regard. Failure by our employees, representatives, contractors, partners, agents, intermediaries, or other third parties to comply with applicable laws and regulations also could have negative consequences to us, including reputational harm, government investigations, loss of export privileges and penalties.

Changes to sanctions and export or import restrictions in the jurisdictions in which we operate could further impact our ability to do business in certain parts of the world and to do business with certain persons and entities, which could adversely affect our business, operating results, financial condition, and future prospects. For example, the Remote Access Security Act, which recently passed the U.S. House of Representatives, could put restrictions on our customers' ability to provide remote access to computing resources which would have a negative effect on our business and future prospects. Any change in export or import regulations, economic sanctions, or related legislation, shift in the enforcement or scope of existing regulations, or change in the countries, governments, persons, or technologies targeted by such regulations, could result in decreased sales of our solutions and services to existing or potential customers outside of the U.S. Any decreased sales of our solutions or services or limitation on our ability to export or sell our solutions or services would adversely affect our business, operating results, financial condition, and future prospects.

In addition, various laws and governmental regulations, both in the U.S. and abroad, governing internet-related services, related communications services and information technologies remain largely unsettled. We expect there may also be forthcoming regulation in areas of regulating the responsible use of AI and the introduction of heightened measures to be adopted with respect to cybersecurity, operational resilience, data privacy, sustainability, taxation and data security, any of which could impact us or our customers.

We strive to comply with all laws and regulations that apply to our business. However, as these laws evolve, they may be subject to varying interpretations and regulatory discretion. To the extent a regulator or court disagrees with our interpretation of these laws and determines that our practices are not in compliance with applicable laws and regulations, we could be subject to civil and criminal penalties that could adversely affect our business operations. The adoption, or modification of laws or regulations relating to the internet and our business, or interpretations of existing laws, could have a material adverse effect on our business, financial condition and results of operations.

 ***Changes in federal, state, provincial, local or foreign laws, regulations and policies applicable to the ownership, development, expansion and operation of data centers could adversely affect our business.***

Our operations are subject to a variety of laws and regulations relating to land use, zoning, permitting, environmental matters, utility interconnections, building standards, workplace safety and other matters. State, provincial and local governmental authorities in the jurisdictions in which we operate or seek to expand may adopt or modify regulations, permitting requirements or policies applicable to data center facilities, including those relating to energy usage, water consumption, emissions, noise, taxation and development approvals.

The timing and outcome of regulatory reviews and permitting processes can be uncertain, and changes in applicable laws, regulations or governmental priorities could delay, restrict or increase the cost of constructing, expanding or operating our facilities. In addition, certain jurisdictions have provided tax incentives or other benefits designed to encourage data center investment. The reduction, elimination or modification of such incentives could adversely affect the economics of existing facilities or future expansion opportunities.

Any such developments could impair our ability to execute our growth strategy, increase our operating or capital costs, limit our ability to deploy additional capacity and adversely affect our business, financial condition and results of operations.

#### We may be subject to litigation, and our contracts with customers could expose us to significant liability.
From time to time, we may be called upon to defend claims relating to our business operations. Litigation is inherently uncertain, and adverse outcomes could result in significant damages, legal fees, and management distraction. In the ordinary course, customer contracts often include indemnification, limitation of liability, and service level provisions. Certain events—such as outages, security incidents, or alleged breaches—could lead to claims for monetary damages and significant defense costs, including under assumed contracts from

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acquisitions. We may also become subject to securities class actions or similar litigation, which can be costly and distracting and could have a material adverse effect on our business, financial condition and results of operations.

#### Any failure of our physical or information technology or operational technology infrastructure or services could lead to significant costs and disruptions.
Our business depends on providing customers with highly reliable services, including with respect to power supply, physical security, cybersecurity, and maintenance of environmental conditions. We may fail to provide such services because our operations are vulnerable to, among other things, mechanical or telecommunications failure, power outage, human error, physical or electronic security breaches, cyberattacks, war, terrorism, fire, earthquake, pandemics, hurricane, flood and other natural disasters, sabotage and vandalism.

Substantially all of our customer agreements include terms requiring us to meet certain service level commitments. A failure to meet these or other commitments or equipment damage in our data centers could subject us to contractual liability, including service level credits against customer rent payments, legal liability and monetary damages, regulatory sanctions, or, in certain cases of repeated failures, the right by the customer to terminate the agreement. Service interruptions, equipment failures or security breaches could also materially impact our brand and reputation globally and lead to customer contract terminations or non-renewals and an inability to attract customers in the future.

 ***Tax matters, including changes in corporate tax laws, developments relating to "Pillar Two" minimum tax rules, and disagreements with taxing authorities, could impact our financial results and cash taxes payable.***

We conduct business across the United States and in Canada and the United Kingdom and file income tax returns in each of these jurisdictions. Significant judgment is required in our accounting for income taxes. In the ordinary course of our business, there are transactions and calculations for which the most appropriate tax treatment is unsettled or unresolved. In addition, changes in tax laws and regulations, in addition to conflicts in administrative interpretations and other tax guidance, could materially impact our provision for income taxes, deferred tax assets and liabilities and liabilities for uncertain tax positions.

On July 4, 2025, the One Big Beautiful Bill Act (the "2025 Tax Act") was enacted into law. The 2025 Tax Act includes significant changes to the U.S. tax code, including reinstatement of 100% bonus depreciation for qualifying property. Additionally, the 2025 Tax Act eases the statutory limitation on interest expense deductions under Section 163(j) of the Internal Revenue Code by allowing companies to calculate their income for Section 163(j) purposes before deducting depreciation and amortization. We will continue to monitor development and evaluate the impact of the 2025 Tax Act on our financial statements and business operations.

The Organization for Economic Co-operation and Development (the "OECD") has introduced a framework to implement a global minimum corporate tax, referred to as "Pillar Two". These rules have been adopted or partially adopted in certain jurisdictions and may continue to evolve. Depending on how these rules are implemented and interpreted in the jurisdictions in which we operate, they could increase our effective tax rate and cash taxes. We continue to evaluate the impacts of these developments on our operations.

Issues relating to tax audits or examinations and any related interest or penalties and uncertainty in obtaining deductions or credits claimed in various jurisdictions could also impact the accounting for income taxes. Our results of operations are reported based on our determination of the amount of taxes we owe in various tax jurisdictions, and our provision for income taxes and tax liabilities are subject to review or examination by taxing authorities in applicable tax jurisdictions. An adverse outcome of such a review or examination could adversely affect our business, financial condition and results of operations, and the results of tax examinations and audits could have a negative impact on our results of operations and financial condition where the results differ from the liabilities recorded in our financial statements.

#### Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
As of December 31, 2025, the Company has U.S. federal net operating loss ("NOL") carryforwards of $118.2 million generated in tax years 2018 through 2025, of which all will carry forward indefinitely. The Company has state and local NOL carryforwards of $24.7 million, of which the majority has a 20 year

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carryforward period. Additionally, the Company has foreign NOL carryforwards of $13.1 million, of which the carryforward period varies from five years to indefinite. In addition, we have material "Section 163(j)" carryforwards arising from interest expense deductibility limitations in prior years for United States federal and state purposes. Realization of these net operating loss and Section 163(j) interest deduction carryforwards depends on our future taxable income, and it is possible that these amounts will not be usable in the near-term. Any changes in law or the inability to otherwise use these carryforwards in the future (including as the result of any audit or other tax proceeding) could adversely impact our financial statements, effective tax rate and cash flows.

In addition, under Sections 382 and 383 of the Internal Revenue Code, if a corporation undergoes an "ownership change," generally defined as a greater than 50% cumulative change (by value) in ownership by "5 percent shareholders" over a rolling three-year period, the corporation's ability to use its pre-change NOLs and other pre-change tax attributes to offset its post-change income or taxes may be limited. We may in the future experience ownership changes as a result of shifts in our stock ownership or as a result of the present and future offerings of our shares. As a result, if we earn net taxable income, our ability to use our pre-change U.S. NOL carryforwards and other tax attributes to offset U.S. federal taxable income may be subject to limitations, which could potentially result in increased future tax liability to us. Similar provisions of state tax law may also apply to limit our use of accumulated state tax NOLs. In addition, at the state level, there may be periods during which the use of NOLs is suspended or otherwise limited, which could accelerate or permanently increase our state income tax liabilities. As a result of the foregoing, we may be unable to use all or a material portion of our net operating losses and other tax attributes, which could adversely affect our future cash flows.

 ***If we fail to protect our proprietary intellectual property rights adequately, our competitive position could be impaired, and we may lose valuable assets, generate reduced revenue and incur costly litigation to protect our rights.***

Our success depends, in part, on our ability to protect our proprietary intellectual property rights, including certain methodologies, practices, tools, technologies and technical expertise we use in designing, developing, implementing and maintaining applications and processes used in providing our services. We rely on a combination of patent, trademark, trade secrets and other intellectual property laws, non-disclosure agreements with our employees, consultants, customers and other relevant persons, and other measures to protect our intellectual property, including our brand identity. However, the steps we take to protect our intellectual property may be inadequate, and we may choose not to pursue or maintain protection for our intellectual property in the United States or foreign jurisdictions. We will not be able to protect our intellectual property if we are unable to enforce our rights or if we do not detect unauthorized use of our intellectual property. Despite our precautions, it may be possible for unauthorized third parties to copy our technology and use information that we regard as proprietary to create technology that competes with ours. In addition, the laws of some countries do not protect proprietary rights to the same extent as the laws of the United States, and mechanisms for enforcement of intellectual property rights in some foreign countries may be inadequate. To the extent we expand our international activities, our exposure to unauthorized copying and use of our technologies and proprietary information may increase. Accordingly, despite our efforts, we may be unable to prevent third parties from infringing upon or misappropriating our technology and intellectual property.

We rely in part on trade secrets, proprietary know-how and other confidential information to maintain our competitive position. Although we enter into non-disclosure and invention assignment agreements with our employees, enter into non-disclosure agreements with our customers, consultants and other parties with whom we have strategic relationships and business alliances and enter into intellectual property assignment agreements with our consultants and vendors, no assurance can be given that these agreements will be effective in controlling access to and distribution of our technology and proprietary information. In addition, these agreements do not prevent our competitors from independently developing technologies that are substantially equivalent or superior to our products.

To protect our intellectual property rights, we may be required to spend significant resources to monitor and protect these rights. Litigation may be necessary in the future to enforce our intellectual property rights and to protect our trade secrets. Such litigation could be costly, time consuming and distracting to management and

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could result in the impairment or loss of portions of our intellectual property. Furthermore, our efforts to enforce our intellectual property rights may be met with defenses, counterclaims and countersuits attacking the validity and enforceability of our intellectual property rights. Our inability to protect our proprietary technology, as well as any costly litigation or diversion of our management's attention and resources, could disrupt our business, as well as have a material adverse effect on our financial condition and results of operations.

#### We may in the future be subject to intellectual property disputes, which are costly to defend and could harm our business and operating results.
We may from time to time face allegations that we have infringed the patents, copyrights, trademarks and other intellectual property rights of third parties, including from our competitors. We may be unaware of the intellectual property rights that others may claim cover some or all of our technology or services. Patent and other intellectual property litigation may be protracted and expensive, and the results are difficult to predict and may require us to stop using certain technologies or offering certain services or may result in significant damage awards or settlement costs.

Even if these matters do not result in litigation or are resolved in our favor or without significant cash settlements, these matters, and the time and resources necessary to litigate or resolve them, could divert the time and resources of our management team and harm our business, our operating results and our reputation.

#### Environmental liabilities, climate change, and related regulations could increase costs, disrupt operations, and reduce demand for our facilities.
Environmental liabilities such as contamination, compliance deficiencies, asbestos-containing materials, and indoor air quality issues could arise and require costly investigation or remediation. Federal, state and local laws and regulations relating to the protection of the environment may require a current or previous owner or operator of real estate to investigate and remediate hazardous or toxic substances or petroleum product releases at or from our property, regardless of fault. In addition, we could incur costs to comply with environmental health and safety laws and regulations, the violation of which could lead to substantial fines and penalties.

Climate change may increase the frequency and severity of extreme weather events—including droughts, heat waves, fires, hurricanes, tornadoes, rising sea levels, and flooding—which could cause physical damage, disrupt power supply, increase cooling costs, and reduce demand for or value of affected properties. An increase in the frequency, duration and severity of such extreme weather events and/or our failure to prevent or mitigate the impact of such events on our customers could have a material adverse effect on our business. Changes in average temperatures may increase operating costs, particularly for cooling.

Climate regulation is evolving rapidly. New or changing laws—such as carbon taxes, emissions reporting requirements, energy efficiency standards, or restrictions on fossil fuels—could increase electricity costs and require capital expenditures or operational changes. In addition, our customers, investors, and other stakeholders may impose sustainability expectations that require us to incur additional costs. These stakeholder requests, along with evolving laws and regulations, could limit our ability to develop new facilities or result in substantial compliance costs, maintenance costs, repair costs, retrofit costs and construction costs, including capital expenditures for environmental control facilities and other new equipment. If we fail to meet such stakeholder expectations, or if there is controversy or shifting public policy regarding sustainability initiatives, our reputation, customer relationships, investor demand, and share price could be adversely affected.

#### We may fail to achieve our sustainability objectives and pursuing them may increase costs and expose us to scrutiny.
We have established sustainability objectives, including long-term goals of procuring 100% clean and renewable energy coverage and reducing our GHG emissions from our operations and supply chain. Achieving these goals may require additional costs for data collection, measurement, reporting, procurement strategies, and operational changes. Renewable energy procurement or low-carbon alternatives may be more expensive than conventional sources, and facility modifications to improve efficiency may require significant capital expenditures.

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There is no assurance we will achieve our sustainability objectives on the timeline we anticipate, or that stakeholders will view our efforts as sufficient. Changes in political administrations, regulatory priorities, or public sentiment could also increase scrutiny, compliance burdens, or litigation risk related to sustainability goals and disclosures. Any failure to achieve stated goals, or significant controversy regarding those goals or related disclosures, could adversely affect public perception of our business, employee morale, customer demand, investor interest, and our share price.

#### Risks Related to Our Indebtedness
 ***Our substantial indebtedness could adversely affect our financial condition and ability to raise additional capital to fund our operations and limit our ability to react to changes in the economy or our industry.***

We have a significant amount of indebtedness. As of March 31, 2026, we had $734.0 million of borrowings outstanding under our $800.0 million Revolving Credit Facility and $4.3 billion outstanding under our securitized notes, all of which is secured.

Subject to the limitations contained in the documents governing our indebtedness, we may incur substantial additional debt from time to time to finance working capital, capital expenditures, investments, acquisitions or for other purposes. If we do incur substantial additional debt, the risks related to our high level of debt could intensify. Our substantial indebtedness could have important consequences for us and our stockholders. For example, it could:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • make us more vulnerable to changes in our business, our industry, or the economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • limit our ability to obtain additional financing to fund working capital, capital expenditures, investments, acquisitions or other general corporate requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • require us to dedicate a substantial portion of our cash flow from operations to the payment of interest and the repayment of our indebtedness instead of other purposes, thereby reducing the amount of cash flow available for working capital, capital expenditures, investments, acquisitions and other general corporate purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • limit our flexibility in planning for, or reacting to, changes in the industry in which we compete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • make us more highly leveraged than some of our competitors, which may place us at a competitive disadvantage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • restrict us from making strategic acquisitions, engaging in development activities, or exploiting business opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • limit, along with the restrictive covenants in our indebtedness, among other things, our ability to borrow additional funds or dispose of assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • expose us to the risk of increased interest rates, as certain of our borrowings, including borrowings under the Revolving Credit Facility, are at variable rates of interest.

In addition, the credit agreement governing the Revolving Credit Facility (the "Credit Agreement") and the indentures governing our securitized notes (the "Indentures") contain restrictive covenants that limit our ability to engage in activities that may be in our long-term best interest. Our failure to comply with those covenants could result in an event of default which, if not cured or waived, could result in the acceleration of such indebtedness. Any event of default under the agreements governing our indebtedness could result in the applicable lenders or noteholders declaring all outstanding principal and interest to be due and payable, terminating their commitments to provide additional funding and foreclosing against the assets securing their indebtedness.

#### Despite our substantial indebtedness , we may still be able to incur significantly more debt , including secured debt , which could intensify the risks associated with our indebtedness.
We and our subsidiaries may be able to incur substantial indebtedness in the future. Although our existing debt agreements, including the terms of the Credit Agreement and the Indentures, contain restrictions on our and our subsidiaries' ability to incur additional indebtedness, these restrictions are subject to a number of important qualifications and exceptions, and the indebtedness incurred in compliance with these restrictions

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could be substantial. These restrictions do not prevent us from incurring obligations that do not constitute indebtedness. As of March 31, 2026, we had $66.0 million available for additional borrowing under the Revolving Credit Facility, all of which would be secured. Although we intend to use a portion of the net proceeds of this offering to repay in full all outstanding borrowings under the Revolving Credit Facility, we may re-borrow any or all of such amounts under the Revolving Credit Facility in the future for working capital, capital expenditures or other general corporate purposes, which would increase our indebtedness following the closing of this offering. In addition to our securitized notes and our borrowings under the Revolving Credit Facility, the covenants under the Credit Agreement and the Indentures and under any other of our existing or future debt instruments could allow us to incur a significant amount of additional indebtedness and, subject to certain limitations, such additional indebtedness could be secured. The more leveraged we become, the more we, and in turn our security holders, will be exposed to certain risks described above under "—*Our substantial indebtedness could adversely affect our financial condition and ability to raise additional capital to fund our operations and limit our ability to react to changes in the economy or our industry*."

 ***We may not be able to generate sufficient cash to service all of our indebtedness and to fund our working capital and capital expenditures, and may be forced to take other actions to satisfy our significant debt service obligations, which would adversely affect our financial condition and results of operations.***

Our ability to pay principal and interest on, and satisfy, our debt obligations will depend upon, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our future financial and operating performance, which will be affected by prevailing economic, industry, and competitive conditions and financial, business, legislative, regulatory, and other factors, many of which are beyond our control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our future ability to refinance or restructure our existing debt obligations, which depends on, among other things, the condition of the capital markets, our financial condition, and the terms of existing or future debt agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our future ability to borrow under our Revolving Credit Facility, the availability of which depends on, among other things, our compliance with the covenants in the Credit Agreement.

We cannot assure you that our business will generate cash flow from operations, or that we will be able to draw under our Revolving Credit Facility, in an amount sufficient to fund our liquidity needs. If our cash flows and capital resources are insufficient to service our indebtedness, we may be forced to reduce or delay capital expenditures, sell assets, seek additional capital, or restructure or refinance our indebtedness. These alternative measures may not be successful and may not permit us to meet our scheduled debt service obligations. Our ability to restructure or refinance our debt will depend on the condition of the capital markets and our financial condition at such time. Any refinancing of our debt could be at higher interest rates and may require us to comply with more onerous covenants, which could further restrict our business operations. We cannot assure you that we will be able to restructure or refinance any of our debt on commercially reasonable terms or at all. In addition, the terms of existing or future debt agreements, including the Credit Agreement and the Indentures, may restrict us from adopting some of these alternatives. In the absence of such operating results and resources, we could face substantial liquidity problems and might be required to dispose of material assets or operations to meet our debt service and other obligations. We may not be able to consummate those dispositions for fair market value or at all. Furthermore, any proceeds that we could realize from any such dispositions may not be adequate to meet our debt service obligations then due. Brookfield and our other equity holders have no continuing obligation to provide us with debt or equity financing. Our inability to generate sufficient cash flow to satisfy our debt obligations, or to refinance our indebtedness on commercially reasonable terms or at all, could result in a material adverse effect on our business, results of operations and financial condition.

If we cannot make scheduled payments on our indebtedness, we will be in default, and our lenders and noteholders could declare all outstanding principal and interest to be due and payable and terminate their commitments to provide additional funding, foreclose against the assets securing their indebtedness and we could face financial distress.

If our indebtedness is accelerated, we may need to repay or refinance all or a portion of our indebtedness. There can be no assurance that we will be able to obtain sufficient funds to enable us to repay or refinance our debt obligations on commercially reasonable terms, or at all.

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#### Repayment of our debt is dependent on cash flow generated by our subsidiaries.
We are a holding company and have no material assets other than our investment in the equity interests of our subsidiaries and no direct operations other than activities directly related to our ownership of equity interests in our subsidiaries. Accordingly, repayment of indebtedness is dependent on the generation of cash flow by our subsidiaries and their ability to make such cash available to us by dividend, debt repayment, or otherwise. Our subsidiaries may not be able to, or may not be permitted to, make distributions to enable us to make payments in respect of their respective indebtedness. Each of our subsidiaries is a distinct legal entity, and under certain circumstances legal and contractual restrictions may limit our ability to obtain cash from them, and we may be limited in our ability to cause any future joint ventures to distribute their earnings to us. While our debt agreements limit our and our subsidiaries' ability to incur consensual restrictions on their respective ability to pay dividends or make other intercompany payments to us, these limitations are subject to certain qualifications and exceptions. In the event that we do not receive distributions from our subsidiaries, we may be unable to make required principal and interest payments on our indebtedness.

#### Our debt agreements contain restrictions that limit our flexibility in operating our business.
The Credit Agreement contains, and any other existing or future indebtedness of ours would likely contain, a number of covenants that will impose significant operating and financial restrictions on us, including restrictions on our and our subsidiaries' ability to, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • incur additional debt, guarantee indebtedness, or issue certain preferred shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • pay dividends on or make distributions in respect of, or repurchase or redeem, our capital stock or make other restricted payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • prepay, redeem, or repurchase certain debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • make loans or certain investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • sell certain assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • create liens on certain assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • consolidate, merge, sell, or otherwise dispose of all or substantially all of our assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • enter into certain transactions with affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • substantially alter the businesses we conduct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • enter into agreements restricting our subsidiaries' ability to pay dividends.

In addition, the Indentures contain covenants that restrict the ability of certain of our subsidiaries to incur additional debt or create liens on the assets covered by such Indentures.

As a result of these covenants, we will be limited in the manner in which we conduct our business, and we may be unable to engage in favorable business activities or finance future operations or capital needs.

A failure to comply with the covenants under the Credit Agreement, the Indentures or any of our other existing or future indebtedness could result in an event of default, which, if not cured or waived, could have a material adverse effect on our business, financial condition and results of operations.

If any of our outstanding indebtedness under the Revolving Credit Facility or our other indebtedness, including our securitized notes, were to be accelerated, there can be no assurance that our assets would be sufficient to repay such indebtedness in full.

In addition, the Indentures also require us to maintain specified financial ratios. Our ability to maintain these financial ratios may be adversely affected by events beyond our control, and we may be unable to satisfy such ratios. With respect to the Indentures, a breach of these covenants could result in a rapid amortization event or default under such debt agreements. If amounts owed under such debt agreements are accelerated because of a default and we are unable to pay such amounts, the applicable investors or lenders may have the right to, among other things, assume control of substantially all of the assets securing such indebtedness, if any, or require us to repay such indebtedness. If we are unable to refinance or repay amounts under the debt

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agreements prior to the expiration of the applicable term or upon rapid amortization occurring as a result of our failure to maintain specified financial ratios, our cash flow would be directed to the repayment of our debt and, other than management fees sufficient to cover minimal selling, general and administrative expenses, would not be available for operating our business.

#### Our variable rate indebtedness subjects us to interest rate risk , which could cause our debt service obligations to increase significantly.
Borrowings under the Revolving Credit Facility and a portion of our indebtedness under the Indentures are at variable rates of interest and expose us to interest rate risk. Increases in interest rates would raise our interest expense under any variable-rate debt that is not effectively converted to fixed-rate debt and increase our overall cost of capital, which could adversely affect our cash flows and FFO, and reduce our ability to use the capital that is being paid in interest in other ways. As of March 31, 2026, assuming the Revolving Credit Facility is fully borrowed, each 0.25% change in assumed blended interest rates would result in an approximately $2.0 million change in annual interest expense on indebtedness under the Revolving Credit Facility. As of March 31, 2026, assuming our Series 2024-1 Variable Funding Notes are fully drawn, each 0.25% change in assumed blended interest rates would result in an approximately $0.25 million change in annual interest expense on indebtedness under our securitized notes. In the future, we may enter into interest rate swaps that involve the exchange of floating for fixed rate interest payments in order to reduce interest rate volatility. However, we may not maintain interest rate swaps with respect to all of our variable rate indebtedness, and any swaps we enter into may not fully mitigate our interest rate risk, may prove disadvantageous, or may create additional risks. Increases in interest rates would also increase our interest expense on future fixed rate borrowings.

 ***The Indentures may restrict cash flow from the entities subject to such debt agreements to us and our subsidiaries and, upon the occurrence of certain events, cash flow would be further restricted.***

The Indentures require that cash from the entities subject to such debt agreements be allocated in accordance with a specified priority of payments. In the ordinary course, this means that funds available to us are paid at the end of the priority of payments, after expenses and debt service for securitized debt. In addition, in the event that a rapid amortization event occurs under the Indentures (including, without limitation, upon an event of default, failure to maintain specified financial ratios or the failure to repay the securitized debt at the end of the applicable term), the funds available to us would be reduced or eliminated, which would in turn reduce our ability to operate or grow our business.

#### Changes in our credit ratings and outlook may reduce access to capital and increase borrowing costs.
Our credit ratings are based on a number of factors, including our financial strength and factors outside of our control, such as conditions affecting our industry generally or the introduction of new rating practices and methodologies. Our current credit ratings may not remain in effect, and such ratings may be lowered, suspended or withdrawn entirely by the applicable rating agencies. If any rating agencies lower, suspend, or withdraw our ratings, the market price or marketability of our securities may be adversely affected. In addition, any change in our ratings could make it more difficult for us to raise capital on favorable terms, impact our ability to obtain adequate financing, and result in higher interest costs for our existing credit facilities or on future financings.

#### Risks Related to this Offering and Ownership of Our Common Stock

#### Our stock price may fluctuate significantly and purchasers of our common stock could incur substantial losses.
The market price of our common stock could vary significantly as a result of a number of factors, some of which are beyond our control. In the event of a drop in the market price of our common stock, you could lose a substantial part or all of your investment in our common stock. The following factors could affect our stock price:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our operating and financial performance and prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • quarterly variations in the rate of growth (if any) of our financial or operational indicators, such as earnings per share, net income, revenues, Adjusted EBITDA and FFO;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the public reaction to our press releases, our other public announcements and our filings with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • strategic actions by our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in operating performance and the stock market valuations of other companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • announcements related to litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • differences between our actual financial and operating results and those expected by investors and analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in revenue or earnings estimates or changes in recommendations or withdrawal of research coverage, by equity research analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • speculation in the press or investment community;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • market reaction to any indebtedness we incur in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • sales of our common stock by us or our stockholders, or the perception that such sales may occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in accounting principles, policies, guidance, interpretations or standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • additions or departures of key management personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • actions by our stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • general economic and market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • military conflicts, natural and man-made disasters, climate change-related events, pandemics or other health crises and their effects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • domestic and international economic, legal and regulatory factors unrelated to our performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • material weakness in our internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the realization of any risks described under this "*Risk Factors*" section, or other risks that may materialize in the future.

The stock markets in general have experienced extreme volatility that has often been unrelated to the operating performance of particular companies. These broad market fluctuations may adversely affect the trading price of our common stock. Securities class action litigation has often been instituted against companies following periods of volatility in the overall market and in the market price of a company's securities. Such litigation, if instituted against us, could result in very substantial costs, divert our management's attention and resources and harm our business, financial condition and results of operations.

#### We will incur significant costs and devote substantial management time as a result of operating as a public company.
We will incur significant legal, accounting and other expenses that we did not incur as a private company. As a public company with listed equity securities, we will need to comply with new laws, regulations and requirements, including the reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which will require, among other things, that we file with the SEC annual, quarterly and current reports with respect to our business and financial condition. In addition, we will be required to comply with the requirements of Section 404(a) of the Sarbanes-Oxley Act and the Dodd-Frank Act, as well as rules and regulations subsequently implemented by the SEC and heightened auditing standards, and the NYSE, our stock exchange, including the establishment and maintenance of effective disclosure and financial controls and changes in corporate governance practices. In addition, our independent registered public accounting firm will be required to formally attest to the effectiveness of our internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act commencing the year following our first annual report required to be filed with the SEC.

The rules governing management's assessment of our internal control over financial reporting are complex and require significant documentation, testing and possible remediation. We expect that compliance with these requirements will increase our legal and financial compliance costs and will make some activities more time consuming and costly. In addition, we expect that our management and other personnel will need to

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divert attention from operational and other business matters to devote substantial time to these public company requirements. In particular, we expect to continue incurring significant expenses and devote substantial management effort toward ensuring compliance with the requirements of the Sarbanes-Oxley Act. In that regard, we may need to hire additional accounting and financial staff with appropriate public company experience and technical accounting knowledge. Furthermore, if we fail to achieve and maintain an effective internal control environment, we could suffer material misstatements in our consolidated financial statements and fail to meet our reporting obligations, which would likely cause investors to lose confidence in our reported financial information. Additionally, ineffective internal control over financial reporting could expose us to increased risk of fraud or misuse of corporate assets and subject us to potential delisting from the NYSE, regulatory investigations, civil or criminal sanctions and litigation, any of which would have a material and adverse effect on our business, results of operations and financial condition. We cannot predict or estimate the amount of additional costs we may incur as a result of becoming a public company or the timing and materiality of such costs.

 ***We previously identified a material weakness in our internal control over financial reporting in the preparation of our audited financial statements for a historical period, and if we identify additional material weaknesses in the future, our ability to accurately report our financial results may be adversely affected.***

Although we are not yet subject to the certification or attestation requirements of Section 404 of the Sarbanes-Oxley Act, while preparing our audited financial statements for a historical period, we identified a material weakness in our internal control over financial reporting. A material weakness is a deficiency or combination of deficiencies in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our financial statements will not be prevented or detected and corrected on a timely basis.

The material weakness related to controls over the identification and assessment of indicators of impairment for goodwill and long-lived assets, including the design, operation, and documentation of such controls in accordance with applicable accounting guidance. This material weakness primarily related to impairment evaluations associated with certain subsidiaries and historical periods that were not previously subject to audit while we operated as a private company. We have taken steps to remediate this material weakness, including enhancing control activities related to the identification and evaluation of impairment indicators and updating policies and procedures to ensure appropriate documentation and review. The material weakness, which was identified in connection with the preparation of the 2022 financial statements, has been remediated as of December 31, 2025.

Upon completion of this offering, we will be subject to Section 404 of the Sarbanes-Oxley Act, which requires that we include a report of management on our internal control over financial reporting in our second annual report on Form 10-K. In addition, our independent registered public accounting firm must attest to and report on the effectiveness of our internal control over financial reporting in our second annual report on Form 10-K. If we identify additional material weaknesses in the future, our ability to produce timely and accurate financial statements could be adversely affected. If we are unable to comply with the requirements of Section 404 in a timely manner, or if our independent registered public accounting firm is unable to express an opinion as to the effectiveness of our internal control over financial reporting, investors may lose confidence in our financial reporting, which could negatively affect the market price of our common stock.

#### We continue to be controlled by Brookfield , and Brookfield's interests may conflict with our interests and the interests of other stockholders.
Following this offering, Brookfield will beneficially own approximately % of the voting power of our outstanding common equity (or approximately % if the underwriters exercise their option to purchase additional shares in full). Therefore, individuals affiliated with Brookfield will have effective control over the outcome of votes on all matters requiring approval by our stockholders, including the election of directors, entering into significant corporate transactions such as mergers, tender offers and the sale of all or substantially all of our assets and certain other corporate matters. The interests of Brookfield could conflict with or differ from our interests or the interests of our other stockholders. For example, the concentration of ownership held by Brookfield could delay, defer, or prevent a change in control of our company or impede a merger, takeover, or other business combination which may otherwise be favorable for us. Additionally, Brookfield is in the business of making investments in companies and may, from time to time, acquire and hold interests in

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or provide advice to businesses that compete directly or indirectly with us, or are suppliers or customers of ours. Brookfield may also pursue acquisition opportunities that may be complementary to our business, and as a result, those acquisition opportunities may not be available to us. Any such investment may increase the potential for the conflicts of interest discussed in this risk factor. So long as Brookfield continues to directly or indirectly beneficially own a significant amount of our equity, even if such amount is less than 50%, Brookfield will continue to be able to substantially influence or effectively control our ability to enter into corporate transactions. Brookfield also has a right to nominate a number of directors comprising a percentage of our board of directors in accordance with Brookfield's beneficial ownership of the voting power of our outstanding common stock (rounded up to the nearest whole number), except that if Brookfield beneficially owns more than 50% of the voting power of our outstanding common stock, Brookfield will have the right to nominate a majority of the directors. See "*Management—Board Composition*." In addition, following the consummation of this offering, we expect to have an executive committee that serves at the discretion of our board of directors and includes two members nominated by Brookfield, who are authorized to take actions (subject to certain exceptions) that they reasonably determine are appropriate. See "*Management—Board Committees—Executive Committee*" for a further discussion.

 ***We are a "controlled company" within the meaning of the NYSE rules and, as a result, qualify for and intend to rely on exemptions from certain corporate governance requirements. You will not have the same protections afforded to stockholders of companies that are subject to such requirements.***

Following this offering, Brookfield will continue to control a majority of the voting power of our outstanding voting stock and, as a result, we will be a controlled company within the meaning of the NYSE's corporate governance standards. Under the NYSE rules, a company of which more than 50% of the voting power is held by another person or group of persons acting together is a controlled company and may elect not to comply with certain corporate governance requirements, including the requirements that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a majority of our board of directors consist of independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our board of directors have a nominating and corporate governance committee that is comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our board of directors have a compensation committee that is comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

Upon completion of this offering, a majority of our board of directors will not consist of independent directors and, although we will have nominating and corporate governance and compensation committees with written charters addressing such committees' purposes and responsibilities, such committees will not be comprised entirely of independent directors. We intend to utilize these exemptions as long as we remain a controlled company. Accordingly, you will not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements of the NYSE.

#### Our organizational documents may impede or discourage a takeover , which could deprive our investors of the opportunity to receive a premium on their shares.
Certain provisions of our certificate of incorporation and bylaws may have the effect of delaying or preventing a merger, acquisition, tender offer, takeover attempt or other change of control transaction that a stockholder might consider to be in its best interest, including attempts that might result in a premium over the market price of our common stock. These provisions include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • providing that our board of directors will be divided into three classes, with each class of directors serving three-year terms and with terms of the directors of only one class expiring in any given year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • prohibiting cumulative voting in the election of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • providing for the removal of directors only for cause and only upon the affirmative vote of the holders of at least 66<sup>2</sup>∕3% in voting power of all the then-outstanding shares of stock of the Company entitled to vote generally in the election of directors, voting together as a single class, if less than 50.1% of the voting power of our outstanding common stock is beneficially owned by Brookfield;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • empowering only our board of directors to fill any vacancy on our board of directors (other than in respect of a Brookfield Director (as defined below)), whether such vacancy occurs as a result of an increase in the number of directors or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • authorizing the issuance of "blank check" preferred stock without any need for action by stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • prohibiting stockholders from acting by written consent if less than 50.1% of the voting power of our outstanding common stock is beneficially owned by Brookfield;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to the extent permitted by law, prohibiting stockholders from calling a special meeting of stockholders if less than 50.1% of the voting power of our outstanding common stock is beneficially owned by Brookfield; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • establishing advance notice requirements for nominations for election to our board of directors (other than any nomination for a Brookfield Director) or for proposing matters that can be acted on by stockholders at stockholder meetings.

Additionally, our certificate of incorporation provides that we are not governed by Section 203 of the Delaware General Corporation Law (the "DGCL"), which prohibits a publicly held Delaware corporation from engaging in a business combination transaction with an interested stockholder for a period of three years after the interested stockholder became such unless the transaction fits within an applicable exemption, such as board approval of the business combination or the transaction which resulted in such stockholder becoming an interested stockholder. However, our certificate of incorporation will include a provision that restricts us from engaging in any business combination with an interested stockholder for three years following the date that person becomes an interested stockholder, but such restrictions shall not apply to any business combination between Brookfield and any affiliate thereof or their direct and indirect transferees, on the one hand, and us, on the other, or certain other situations as described below in "*Description of Capital Stock—Certain Corporate Anti-takeover Provisions—Delaware Takeover Statute*."

Any issuance by us of preferred stock could delay or prevent a change in control of us. Our board of directors will have the authority to cause us to issue, without any further vote or action by the stockholders, shares of preferred stock, par value $0.01 per share, in one or more series, to designate the number of shares constituting any series, and to fix the rights, preferences, privileges, and restrictions thereof, including dividend rights, voting rights, rights and terms of redemption, redemption price or prices, and liquidation preferences of such series. The issuance of shares of our preferred stock may have the effect of delaying, deferring, or preventing a change in control without further action by the stockholders, even where stockholders are offered a premium for their shares.

In addition, as long as Brookfield beneficially owns a majority of the voting power of our outstanding common stock, Brookfield will be able to control all matters requiring stockholder approval, including the election of directors, amendment of our certificate of incorporation and certain corporate transactions. We intend to enter into a stockholders agreement with Brookfield (the "Stockholders Agreement") that will also require the approval of Brookfield for certain important matters, including, but not limited to, material acquisitions and dispositions other than certain transactions in the ordinary course of business, certain issuances of equity securities and incurrence of debt, and mergers, consolidations and transfers of all or substantially all of our assets, until the first time that Brookfield ceases to beneficially own at least 20% of our common stock. See "*Description of Capital Stock—Certain Corporate Anti-takeover Provisions—Certain Matters that Require Consent of Our Stockholders*.*"* 

Together, the provisions in our certificate of incorporation, bylaws and Stockholders Agreement and statutory provisions may discourage transactions that otherwise could involve payment of a premium over prevailing market prices for our common stock.

Furthermore, the existence of the foregoing provisions, as well as the significant common stock beneficially owned by Brookfield and its right to nominate a specified number of directors, could limit the price that investors might be willing to pay in the future for shares of our common stock. They could also deter potential acquirers of us, thereby reducing the likelihood that you could receive a premium for your common stock in an acquisition. For a further discussion of these and other such anti-takeover provisions, see "*Description of Capital Stock—Certain Corporate Anti-takeover Provisions*."

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 ***Our certificate of incorporation will provide that the Court of Chancery of the State of Delaware will be the sole and exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.***

Our certificate of incorporation will provide that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware lacks jurisdiction over such action or proceeding, then another court of the State of Delaware, or if no court of the State of Delaware has jurisdiction, then the United States District Court for the District of Delaware), to the fullest extent permitted by law, is the sole and exclusive forum for (i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers, employees or agents to us or our stockholders, (iii) any action asserting a claim arising pursuant to any provision of the DGCL or of our certificate of incorporation or our bylaws or as to which the DGCL confers jurisdiction on the Court of Chancery of the State of Delaware, or (iv) any action asserting a claim related to or involving the Company or any director or officer of the Company that is governed by the internal affairs doctrine; provided that, the federal district courts of the United States will be the exclusive forum for the resolution of any action, suit or proceedings asserting a cause of action arising under the Securities Act of 1933, as amended (the "Securities Act"). Section 22 of the Securities Act would otherwise create concurrent federal and state jurisdiction over all suits brought to enforce a liability or duty created under the Securities Act. Therefore, the exclusive federal forum provision in our certificate of incorporation for claims brought under the Securities Act will limit a stockholder's right to bring a claim to enforce a liability or duty created under the Securities Act in state court. The exclusive forum provisions in our certificate of incorporation will not apply to claims arising under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We recognize that the forum selection clause in our certificate of incorporation may impose additional litigation costs on stockholders in pursuing any such claims, particularly if the stockholders do not reside in or near the State of Delaware. Additionally, the forum selection clause in our certificate of incorporation may limit our stockholders' ability to bring a claim in a forum that they find favorable for disputes with us or our directors, officers or employees, which may discourage such lawsuits against us and our directors, officers and employees even though an action, if successful, might benefit our stockholders. The Court of Chancery of the State of Delaware and the federal district courts of the United States may also reach different judgments or results than would other courts, including courts where a stockholder considering an action may be located or would otherwise choose to bring the action, and such judgments may be more or less favorable to us than our stockholders.

The choice of forum provision may limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, or other employees, which may discourage such lawsuits against us and our directors, officers and other employees. However, the enforceability of similar forum provisions in other companies' certificates of incorporation has been challenged in legal proceedings. If a court were to find the choice of forum provision contained in our certificate of incorporation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could materially and adversely affect our business, financial condition and results of operations.

#### Our certificate of incorporation will contain a provision renouncing our interest and expectancy in certain corporate opportunities.
Under our certificate of incorporation, none of Brookfield, the portfolio companies owned by Brookfield, or any of their respective officers, directors, principals, partners, members, managers, employees, agents or other representatives will have any duty to refrain from engaging, directly or indirectly, in the same business activities, similar business activities, or lines of business in which we operate. Under our certificate of incorporation, Brookfield, the portfolio companies owned by Brookfield, or any of their respective officers, directors, principals, partners, members, managers, employees, agents or other representatives have the right to invest in, or provide services to, any person that is engaged in the same or similar business activities as us or our affiliates or directly or indirectly competes with us or any of our affiliates. In addition, our certificate of incorporation provides that, to the fullest extent permitted by law, no officer or director of ours who is also an officer, director, principal, partner, member, manager, employee, agent or other representative of Brookfield will be liable to us or our stockholders for breach of any fiduciary duty by reason of the fact that any such individual

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directs a corporate opportunity to Brookfield, instead of us, or does not communicate information regarding a corporate opportunity to us that the officer, director, employee, managing director, or other affiliate has directed to Brookfield or its representatives. For instance, a director of our company who also serves as a director, officer, principal, partner, member, manager, employee, agent or other representative of Brookfield or any of its portfolio companies, funds, or other affiliates may pursue certain acquisitions or other opportunities that may be complementary to our business and, as a result, such acquisition or other opportunities may not be available to us. Upon consummation of this offering, our board of directors will consist of nine members, four of whom will be Brookfield Directors. These potential conflicts of interest could have a material and adverse effect on our business, financial condition, results of operations, or prospects if attractive corporate opportunities are allocated by Brookfield to itself or the portfolio companies owned by Brookfield instead of to us. A description of our obligations related to corporate opportunities under our certificate of incorporation are more fully described in "*Description of Capital Stock—Corporate Opportunity*."

#### Investors in this offering will experience immediate and substantial dilution.
The initial public offering price per share of common stock will be substantially higher than our pro forma as adjusted net tangible book value (deficit) per share immediately after this offering. Based on our pro forma as adjusted net tangible book value (deficit) per share as of March 31, 2026 and an assumed initial public offering price of $ per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, we expect that purchasers of our common stock in this offering will experience immediate and substantial dilution in an amount of $ per share of common stock, or $ per share of common stock if the underwriters exercise their option to purchase additional shares in full. This dilution is due in large part to earlier investors having paid substantially less than the initial public offering price when they purchased their shares. See "*Dilution*."

 ***You may be diluted by the future issuance of additional common stock or convertible securities in connection with our incentive plans, acquisitions or otherwise, which could adversely affect our stock price.***

After the completion of this offering, we will have shares of common stock authorized but unissued (assuming no exercise of the underwriters' option to purchase additional shares). Our certificate of incorporation will authorize us to issue these shares of common stock and options, rights, warrants and appreciation rights relating to common stock for the consideration and on the terms and conditions established by our board of directors in its sole discretion, whether in connection with acquisitions or otherwise. We have reserved approximately shares for future grant under our Omnibus Incentive Plan. See "*Executive Compensation—Equity Compensation Plans—2026 Omnibus Incentive Plan*." Any common stock that we issue, including under our Omnibus Incentive Plan or other equity incentive plans that we may adopt in the future, would dilute the percentage ownership held by the investors who purchase common stock in this offering.

From time to time in the future, we may also issue additional shares of our common stock or securities convertible into common stock pursuant to a variety of transactions, including acquisitions. Our issuance of additional shares of our common stock or securities convertible into our common stock would dilute your ownership of us and the sale of a significant amount of such shares in the public market could adversely affect prevailing market prices of our common stock.

 ***Future sales of our common stock in the public market, or the perception in the public market that such sales may occur, could reduce our stock price.***

After this offering, the sale of shares of our common stock in the public market, or the perception that such sales could occur, could harm the prevailing market price of shares of our common stock. These sales, or the possibility that these sales may occur, also might make it more difficult for us to sell equity securities in the future at a time and at a price that we deem appropriate.

After the completion of this offering (assuming no exercise of the underwriters' option to purchase additional shares), we will have shares of common stock outstanding. All shares of our common stock sold in this offering will be freely tradable without restriction or further registration under the Securities Act. The remaining number of outstanding shares of common stock are "restricted securities," as defined under Rule 144 under the Securities Act, and eligible for sale in the public market subject to the requirements of

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Rule 144. We, Brookfield and each of our executive officers and directors, who collectively hold substantially all of our issued and outstanding common stock, have agreed that, for a period of 180 days after the date of this prospectus, we and they will not, without the prior written consent of the representatives on behalf of the underwriters, dispose of any shares of common stock or any securities convertible into or exchangeable for our common stock, subject to certain exceptions. See "*Underwriting (Conflicts of Interest)*." Following the expiration of the applicable lock-up period, all of the issued and outstanding shares of our common stock will be eligible for future sale, subject to the applicable volume, manner of sale, holding periods, and other limitations of Rule 144. Morgan Stanley & Co. LLC and TD Securities (USA) LLC on behalf of the underwriters may, in their sole discretion, release all or any portion of the shares subject to lock-up agreements at any time and for any reason. In addition, Brookfield has certain rights to require us to register the sale of common stock held by them including in connection with underwritten offerings. Sales of significant amounts of stock in the public market upon expiration of lock-up agreements, the perception that such sales may occur, or early release of any lock-up agreements, could adversely affect prevailing market prices of our common stock or make it more difficult for you to sell your shares of common stock at a time and price that you deem appropriate. See "*Shares Eligible for Future Sale*" for a discussion of the shares of common stock that may be sold into the public market in the future.

#### We will have broad discretion in the use of the net proceeds to us from this offering and may not use them effectively.
We will have broad discretion in the application of the net proceeds to us from this offering, including for the purposes described in the section titled "*Use of Proceeds*," and you will not have the opportunity as part of your investment decision to assess whether the net proceeds are being used appropriately. We intend to use a portion of the net proceeds of this offering to repay in full all outstanding borrowings under our Revolving Credit Facility, the Promissory Note, our outstanding Series 2024-1 Variable Funding Notes and our Series 2020-2 Class A-2 notes and the remainder for general corporate purposes, which may include, in addition to repayment of indebtedness, funding acquisitions, additions to working capital, repurchases of common stock, dividends, capital expenditures and investments in our subsidiaries. Our management may not apply the net proceeds in ways that increase the value of your investment in our common stock. Because of the number and variability of factors that will determine our use of the net proceeds from this offering, our ultimate use may vary substantially from our currently intended use. Investors will need to rely upon the judgment of our management with respect to the use of proceeds. Pending use, we may invest the net proceeds from this offering in short-term, investment-grade, interest-bearing securities, such as money market accounts, certificates of deposit, commercial paper and guaranteed obligations of the U.S. government that may not generate a high yield for our stockholders or that may lose value. If we do not use the net proceeds that we receive in this offering effectively, our business, financial condition, results of operations and prospects could be harmed, and the market price of our common stock could decline.

 ***There has been no prior public market for our common stock and there can be no assurances that a viable public market for our common stock will develop or be sustained.***

Prior to this offering, there has been no public market for our common stock, and there can be no assurance that an active trading market will develop or be sustained or that shares of our common stock will be resold at or above the initial public offering price. An active, liquid and orderly trading market for our common stock may not develop or be maintained after this offering. Active, liquid and orderly trading markets usually result in less price volatility and more efficiency in carrying out investors' purchase and sale orders. We cannot predict the extent to which investor interest in our common stock will lead to the development of an active trading market on the NYSE or otherwise or how liquid that market might become. The initial public offering price for the common stock will be determined by negotiations between us and the representatives of the underwriters and may not be indicative of prices that will prevail in the open market following this offering. See "*Underwriting (Conflicts of Interest)*." The market price of our common stock may decline below the initial offering price and you may not be able to sell your shares of our common stock at or above the price you paid in this offering, or at all. If an active public market for our common stock does not develop, or is not sustained, it may be difficult for you to sell your shares at a price that is attractive to you or at all.

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 ***We may pay dividends to our stockholders, but our ability to do so is subject to the discretion of our board of directors and may be limited by our holding company structure and applicable provisions of Delaware law.***

We currently do not intend to pay dividends to holders of our common stock in the first few fiscal quarters immediately following the closing of this offering. However, we are currently targeting to establish a dividend policy to pay a conservative cash dividend to holders of our common stock on a quarterly basis in the future. The ability of our subsidiaries to make distributions to us will be subject to their operating results, cash requirements and financial condition. Our ability to declare and pay dividends to our stockholders is likewise subject to Delaware law (which may limit the amount of funds available for dividends). If, as a consequence of these various limitations and restrictions, we are unable to generate sufficient distributions from our business, we may not be able to make, or may be required to reduce or eliminate, any payment of dividends on our common stock. Any return on investment in our common stock may be solely dependent upon the appreciation of the price of our common stock on the open market, which may not occur. There can be no assurance that we will pay dividends in the future or continue to pay any dividends on any set schedule or at all if we do commence paying dividends. Prospective investors should make any investment in our common stock without relying on any expectation or belief that dividends will be paid on the common stock. See "*Dividend Policy*."

#### If securities or industry analysts do not publish research or reports about our business or publish negative reports , our stock price could decline.
The trading market for our common stock will be influenced by the research and reports that industry or securities analysts publish about us or our business. We do not control these analysts and cannot assure you that any analysts will initiate or maintain research coverage of us and our stock. If one or more of these analysts ceases coverage of our company or fails to publish reports on us regularly, we could lose visibility in the financial markets, which in turn could cause our stock price or trading volume to decline. Moreover, if one or more of the analysts who cover our company downgrades our common stock, provide more favorable recommendations about our competitors, publishes inaccurate or unfavorable research about our business or if our operating results do not meet their expectations, our stock price could decline.

#### We may issue preferred securities , the terms of which could adversely affect the voting power or value of our common stock.
Our certificate of incorporation will authorize us to issue, without the approval of our stockholders, one or more classes or series of preferred securities having such designations, preferences, limitations, and relative rights, including preferences over our common stock respecting dividends and distributions, as our board of directors may determine. The terms of one or more classes or series of preferred securities could adversely impact the voting power or value of our common stock. For example, we might grant holders of preferred securities the right to elect some number of our directors in all events or on the happening of specified events or the right to veto specified transactions. Similarly, the repurchase or redemption rights or liquidation preferences we might assign to holders of preferred securities could affect the residual value of the common stock.

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#### CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus contains forward-looking statements, which involve risks and uncertainties. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "likely," "may," "plan," "possible," "potential," "predict," "project," "should," "target," "will," "would" and, in each case, their negative or other various or comparable terminology. All statements other than statements of historical facts contained in this prospectus, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management, and expected market growth are forward-looking statements. The forward-looking statements are contained principally in the sections entitled *"Prospectus Summary," "Risk Factors," "Use of Proceeds," "Management's Discussion and Analysis of Financial Condition and Results of Operations"* and *"Business"* and include, among other things, statements relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our strategies, outlook and growth prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our operational, financial and leverage targets and dividend policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our potential Adjusted EBITDA growth opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • general economic trends and trends in the industry and markets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the competitive environment in which we operate.

These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Important factors that could cause our results to vary from expectations include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our concentration in certain geographic areas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in demand for data center space;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in economic conditions, technology trends, and customer deployment decisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our customer concentration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in customer preferences, including self-supplying, consolidating deployments, or shifting workloads to alternative solutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to attract, grow and retain a balanced customer base;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a long sales cycle for our products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • competition in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to successfully develop or expand our data centers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • power procurement and interconnection constraints;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our dependence on third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to attract and retain qualified personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to identify, complete, and successfully integrate acquisitions or operate acquired properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to estimate market opportunity, potential expansion capacity, potential Adjusted EBITDA growth opportunities and target leverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to raise additional capital or service our substantial indebtedness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • other risk factors included under "*Risk Factors*" in this prospectus.

These forward-looking statements reflect our views with respect to future events as of the date of this prospectus and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this prospectus and, except as required by law,

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we undertake no obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this prospectus. We anticipate that subsequent events and developments will cause our views to change. You should read this prospectus and the documents filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the understanding that our actual future results may be materially different from what we expect. Financial estimates are subject to change and are not intended to be relied upon as predictions of future operating results. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may undertake. We qualify all of our forward-looking statements by these cautionary statements.

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#### USE OF PROCEEDS
We expect to receive approximately $ million of net proceeds (based upon the assumed initial public offering price of $ per share, the midpoint of the range set forth on the cover page of this prospectus and assuming no exercise of the underwriters' option to purchase additional shares) from the sale of the common stock offered by us, after deducting underwriting discounts and commissions. We estimate that the net proceeds to us, if the underwriters exercise their option to purchase the maximum number of additional shares of common stock from us, will be approximately $ million (based upon the assumed initial public offering price of $ per share, the midpoint of the range set forth on the cover page of this prospectus), after deducting underwriting discounts and commissions. Assuming no exercise of the underwriters' option to purchase additional shares, each $1.00 increase (decrease) in the initial public offering price would increase (decrease) our net proceeds by approximately $ million. Assuming no exercise of the underwriters' option to purchase additional shares, an increase (decrease) of 1,000,000 shares in the number of shares of common stock offered by us as set forth on the cover page of this prospectus would increase (decrease) the net proceeds to us by $ million, assuming no change in the assumed initial public offering price and after deducting estimated underwriting discounts and commissions.

We currently expect to use approximately $ million of the net proceeds from this offering to pay fees and expenses in connection with this offering, which include legal and accounting fees, SEC and FINRA registrations fees, printing expenses, and other similar fees and expenses.

We currently expect to use $ million of the net proceeds from this offering to repay in full all outstanding borrowings under our Revolving Credit Facility, the Promissory Note and our Series 2024-1 Variable Funding Notes and $ million of the net proceeds from this offering to repay in full our outstanding Series 2020-2 Class A-2 notes.

Our Revolving Credit Facility bears interest at a rate equal to (i) term SOFR, subject to a 0.0% floor, plus a margin of 3.00% per annum or (ii) the alternate base rate, as defined in the Revolving Credit Facility, plus a margin of 2.00% per annum. The Revolving Credit Facility will mature on December 22, 2026. The proceeds from the Revolving Credit Facility were used for general corporate purposes. We may voluntarily repay outstanding loans under the Revolving Credit Facility without prepayment premium or penalty, subject to customary "breakage" costs. As of June 30, 2026, there was $ million of borrowings outstanding under the Revolving Credit Facility.

The Promissory Note bears interest at a fixed rate of 3.54% per annum, payable quarterly at the end of each fiscal quarter, and permits interest that is not paid in cash when due to be paid-in-kind and added to the outstanding aggregate principal amount of the Promissory Note. The Promissory Note will mature on May 14, 2029. The proceeds from the Promissory Note were used for general corporate purposes. We may voluntarily repay outstanding loans under the Promissory Note without prepayment premium or penalty. As of June 30, 2026, there was $ million outstanding under the Promissory Note.

Our Series 2024-1 Variable Funding Notes bear interest at a rate equal to SOFR plus 2.45% per annum and have a legal final maturity date of October 2054. The proceeds from our Series 2024-1 Variable Funding Notes were used for general corporate purposes. We may voluntarily repay the Series 2024-1 Variable Funding Notes without prepayment premium or penalty, subject to customary "breakage" costs. As of June 30, 2026, there was $ million of borrowings outstanding under the Series 2024-1 Variable Funding Notes.

Our Series 2020-2 Class A-2 notes bear interest at a rate of 2.50% per annum and have a legal final maturity date of October 2050. We may voluntarily repay the Series 2020-2 Class A-2 notes without prepayment premium or penalty.

Certain affiliates of Morgan Stanley & Co. LLC, TD Securities (USA) LLC, Wells Fargo Securities, LLC, BMO Capital Markets Corp., Scotia Capital (USA) Inc., CIBC World Markets Corp., National Bank of Canada Financial Inc. and PNC Capital Markets LLC are lenders under our Revolving Credit Facility and, as a result, will receive a portion of the proceeds from this offering through the repayment of such indebtedness by us. The Brookfield Stockholder, an affiliate of Brookfield Securities LLC, is the lender under the Promissory Note and, as a result, will receive a portion of the proceeds from this offering through the repayment of such indebtedness. Certain affiliates of TD Securities (USA) LLC, BMO Capital Markets Corp. and Scotia Capital (USA) Inc. are holders of, or otherwise have economic interests in, our Series 2024-1

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Variable Funding Notes, and as a result, will receive a portion of the proceeds from this offering. See "*Underwriting (Conflicts of Interest).*"

We will use any remaining net proceeds for general corporate purposes. General corporate purposes may include, in addition to repayment of indebtedness, funding acquisitions, additions to working capital, repurchases of common stock, dividends, capital expenditures and investments in our subsidiaries. Our management team will retain broad discretion to allocate the net proceeds of this offering. Pending use as described above, we may invest the net proceeds from this offering in short-term, investment-grade, interest-bearing securities, such as money market accounts, certificates of deposit, commercial paper and guaranteed obligations of the U.S. government.

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#### DIVIDEND POLICY
We currently do not intend to pay dividends to holders of our common stock in the first few fiscal quarters immediately following the closing of this offering. However, we are currently targeting to establish a dividend policy to pay a conservative cash dividend to holders of our common stock on a quarterly basis in the future. Although we anticipate making quarterly cash distributions to our stockholders in the future, the timing and amount of any dividends in the future will be at the sole discretion of our board of directors and will depend upon such factors as earnings levels, cash flows, capital requirements, levels of indebtedness, restrictions imposed by applicable law, our overall financial condition, restrictions in our debt agreements, and any other factors deemed relevant by our board of directors.

As a holding company, our ability to pay dividends depends on our receipt of cash dividends from our operating subsidiaries. Our ability to pay dividends will therefore be restricted as a result of restrictions on their ability to pay dividends to us under existing or future indebtedness that we or they may incur. See "*Risk Factors—Risks Related to this Offering and Ownership of Our Common Stock*" and "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources*."

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#### CAPITALIZATION
The following table sets forth our cash, cash equivalents and restricted cash and our capitalization as of March 31, 2026 on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an actual basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a pro forma basis to give effect to (i) our conversion to a corporation and (ii) the filing and effectiveness of our amended and restated certificate of incorporation, which will be in effect immediately prior to the completion of this offering, as if each of the foregoing had occurred on March 31, 2026; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a pro forma as adjusted basis to give effect to (i) the pro forma adjustments set forth above, (ii) the issuance of shares of common stock in this offering at an assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the front cover of this prospectus, after deducting underwriting discounts, commissions and estimated offering expenses payable by us, and the use of the net proceeds of this offering as described in "*Use of Proceeds*," as if each of the foregoing had occurred on March 31, 2026 and (iii) the impacts of cash payments that we expect to make to certain of our employees, including our executive officers, and the issuance of shares of vested common stock that we expect to grant to such persons on or about the date of this prospectus (in each case, assuming an initial public offering price at the midpoint of the estimated price range set forth on the cover page of this prospectus). See "*Executive Compensation—Executive Compensation Tables—Outstanding Equity Awards*." Our management team will retain broad discretion to allocate the net proceeds of this offering.

The information set forth in the table below is illustrative only and will adjust based on the actual initial public offering price and other terms of this offering determined at the time of the pricing of this offering.

You should read this table together with the information included elsewhere in this prospectus, including *"Prospectus Summary—Summary Consolidated Financial and Operating Information," "Use of Proceeds*," *"Management's Discussion and Analysis of Financial Condition and Results of Operations,"* and our consolidated financial statements and the related notes thereto included elsewhere in this prospectus.

---

| | | | |
|:---|:---|:---|:---|
| | **As of March 31, 2026**  | **As of March 31, 2026**  | **As of March 31, 2026**  |
| **(in thousands)**  | **Actual**  | **Pro forma<sup>(1)</sup>**  | **Pro forma as <br> adjusted**  |
| Cash, cash equivalents and restricted cash  | $313191 |  | $|
| Debt: |  |  |  |
| &nbsp;&nbsp;&nbsp; Revolving Credit Facility<sup>(</sup><sup>2</sup><sup>)</sup>  | 734000 |  |  |
| &nbsp;&nbsp;&nbsp; ABS Notes  | 4338000 |  |  |
| Total debt  | 5072000 |  |  |
| Member's / stockholders' equity (deficit): |  |  |  |
| &nbsp;&nbsp;&nbsp; Member's interest – 484,000 common units authorized, issued and outstanding (actual); no shares issued and outstanding (pro forma and pro forma as adjusted)  | 1094620 |  |  |
| &nbsp;&nbsp;&nbsp; Common stock – $0.01 par value; no shares authorized, issued <br> and outstanding (actual); shares authorized, shares <br> issued and outstanding (pro forma); shares authorized, <br> shares issued and outstanding (pro forma as adjusted)  |  |  |  |
| &nbsp;&nbsp;&nbsp; Preferred stock – $0.01 par value; no shares authorized, issued <br> and outstanding (actual); shares authorized, shares <br> issued and outstanding (pro forma); shares authorized, <br> shares issued and outstanding (pro forma as adjusted)  |  |  |  |
| Additional paid-in capital  |  |  |  |
| Accumulated deficit  | (1291594) |  |  |
| Accumulated other comprehensive (loss) income  | (7035) |  |  |
| Total member's / stockholders' deficit  | (204009) |  |  |
| **Total capitalization**  | $4867991 |  | $|

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(1) Does not reflect the $75.0 million Promissory Note incurred on May 14, 2026 or additional borrowings under the Revolving Credit Facility after March 31, 2026, both of which will be repaid in full with the proceeds of this offering and would not have an impact to total capitalization on a pro forma as adjusted basis.

(2) As of March 31, 2026, the Revolving Credit Facility had commitments of $800.0 million. For additional information regarding the Revolving Credit Facility, see "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Debt*."

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#### DILUTION
Purchasers of the common stock in this offering will experience immediate and substantial dilution to the extent of the difference between the initial public offering price per share of our common stock and the pro forma as adjusted net tangible book value (deficit) per share of our common stock after this offering.

Our pro forma net tangible book value (deficit) as of March 31, 2026 was $, or $ per share of our common stock. Pro forma net tangible book value (deficit) per share represents the amount of our total tangible assets (total assets less goodwill, certain intangible assets and deferred offering costs) less total liabilities divided by the number of shares of common stock issued and outstanding as of March 31, 2026, after giving effect to our conversion to a corporation and the filing and effectiveness of our amended and restated certificate of incorporation, which will be in effect immediately prior to the completion of this offering.

Our pro forma as adjusted net tangible book value (deficit) as of March 31, 2026 was $, or $ per share of our common stock. Pro forma as adjusted net tangible book value (deficit) per share represents our pro forma net tangible book value (deficit) after giving effect to (i) the sale of shares of common stock by us in this offering at the assumed initial public offering price of $ per share (the midpoint of the range set forth on the cover page of this prospectus) and the application of the net proceeds from this offering and (ii) the impacts of cash payments that we expect to make to certain of our employees, including our executive officers, and the issuance of shares of vested common stock that we expect to grant to such persons on or about the date of this prospectus (in each case, assuming an initial public offering price at the midpoint of the estimated price range set forth on the cover page of this prospectus). See "*Executive Compensation—Executive Compensation Tables—Outstanding Equity Awards*."

The following table illustrates the dilution per share of our common stock, assuming the underwriters do not exercise their option to purchase additional shares of our common stock:

---

| | |
|:---|:---|
| Assumed initial public offering price per share  | $|
| &nbsp;&nbsp;&nbsp; Pro forma net tangible book value (deficit) per share as of March 31, 2026  | $— |
| &nbsp;&nbsp;&nbsp; Increase in pro forma net tangible book value (deficit) per share attributable to new investors purchasing shares in this offering  | $— |
|  Pro forma as adjusted net tangible book value (deficit) per share after this <br> offering  | $|
|  Dilution in pro forma as adjusted net tangible book value per share to new investors purchasing shares in this offering  | $|

---

Dilution in pro forma as adjusted net tangible book value per share to new investors purchasing shares in this offering is determined by subtracting pro forma as adjusted net tangible book value (deficit) per share after this offering from the initial public offering price per share of common stock.

The dilution information discussed above is illustrative only and may change based on the actual initial public offering price and other terms of this offering. A $1.00 increase (decrease) in the assumed initial public offering price of $ per share of common stock, the midpoint of the range set forth on the cover page of this prospectus, would increase (decrease) our pro forma as adjusted net tangible book value (deficit) per share after this offering by $ per share and increase (decrease) the dilution to new investors by $ per share, in each case assuming the number of shares of common stock offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting estimated underwriting discounts and commissions. Similarly, each increase or decrease of 1,000,000 shares in the number of shares of common stock offered by us would increase (decrease) our pro forma as adjusted net tangible book value by approximately $ per share and decrease (increase) the dilution to new investors by approximately $ per share, in each case assuming the assumed initial public offering price of $ per share of common stock remains the same, and after deducting estimated underwriting discounts and commissions.

To the extent the underwriters' option to purchase additional shares is exercised, there will be further dilution to new investors. If the underwriters exercise their option to purchase additional shares of common stock in

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full, the pro forma as adjusted net tangible book value (deficit) per share would be $ per share, and the dilution per share to new investors purchasing shares in this offering would be $ per share.

The following table summarizes, as of March 31, 2026, on a pro forma as adjusted basis as described above, the total number of shares of common stock owned by existing stockholders and to be owned by new investors, the total consideration paid, and the average price per share paid by our existing stockholders and to be paid by new investors in this offering at the assumed initial public offering price of $ per share, calculated before deduction of estimated underwriting discounts and commissions and estimated offering expenses payable by us.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Shares Purchased**  | **Shares Purchased**  | **Total Consideration**  | **Total Consideration**  | **Average <br> Price per <br> Share**  |
| | **Number**  | **Percent**  | **Amount**  | **Percent**  | **Average <br> Price per <br> Share**  |
| Existing stockholders  |  | **%**  |  | $**%**  | **$** |
| Investors in this offering  |  | % |  | % |  |
| Total  |  | 100% |  | 100% |  |

---

A $1.00 increase (decrease) in the assumed initial public offering price would increase (decrease) total consideration paid by new investors, total consideration paid by all stockholders and average price per share paid by new investors by $, $ and $ per share, respectively.

If the underwriters were to fully exercise their option to purchase additional shares of our common stock, the percentage of common stock held by existing investors would be %, and the percentage of shares of common stock held by new investors would be %.

The foregoing tables and calculations, except as otherwise indicated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • give effect to the Stock Split;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • assume an initial public offering price of $ per share of common stock, the midpoint of the range set forth on the cover page of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • assume no exercise of the underwriters' option to purchase additional shares of common stock in this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • do not reflect shares of our common stock reserved for future grant under the Omnibus Incentive Plan, including up to unvested shares of common stock or RSUs that we expect to grant to certain of our employees, including our executive officers, on or about the date of this prospectus (assuming an initial public offering price at the midpoint of the estimated price range set forth on the cover page of this prospectus), other than shares of vested common stock that we expect to grant to our employees, including executive officers, on or about the date of this prospectus (assuming an initial public offering price at the midpoint of the estimated price range set forth on the cover page of this prospectus). Each $1.00 increase (decrease) in the initial public offering price would decrease (increase) the number of unvested common stock or RSUs and vested common stock that we expect to grant to our employees by and , respectively. See "*Executive Compensation—Equity Compensation Plans—2026 Omnibus Incentive Plan*" and "*Executive Compensation—Executive Compensation Tables—Outstanding Equity Awards.*"

We may choose to raise additional capital due to market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating plans. To the extent that additional capital is raised through the sale of equity or convertible debt securities, the issuance of such securities could result in further dilution to our stockholders. To the extent that any outstanding options or warrants to purchase our common stock are exercised, RSUs vest or new awards are granted under our equity compensation plans, there will be further dilution to investors participating in this offering.

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#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 *You should read the following discussion of our financial condition and results of operations in conjunction with our consolidated financial statements and the related notes thereto included elsewhere in this prospectus. This discussion contains forward-looking statements that involve risk, assumptions and uncertainties, such as statements of our plans, objectives, expectations, intentions and forecasts. Our actual results and the timing of selected events could differ materially from those discussed in these forward-looking statements as a result of several factors, including those set forth under the section of this prospectus titled "Risk Factors" and elsewhere in this prospectus. You should carefully read the "Risk Factors" to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see the section of this prospectus titled "Cautionary Note Regarding Forward-Looking Statements."* 

#### Overview of Our Business
We are a leading North American enterprise digital infrastructure platform providing carrier-neutral colocation and interconnection services that support the applications powering the modern economy. We deliver mission-critical infrastructure to a diversified customer base of more than 1,700 enterprise, network, cloud, and technology customers. Our facilities support long-duration, availability-sensitive workloads with high barriers to exit, underpinned by strong customer retention, recurring revenue, and requirements for exceptional reliability, security, and connectivity.

We own and operate a geographically diverse portfolio of highly engineered, carrier-neutral data centers located in 21 major metropolitan markets across the United States, Canada and the United Kingdom. Given our presence in strategic locations, over 92% of the U.S. population is within two milliseconds of latency from one of our data centers. Our data centers provide essential infrastructure, including secure space, redundant power, advanced cooling systems, physical security, and dense interconnection capabilities, enabling customers to deploy and operate critical IT and network infrastructure.

As of March 31, 2026, our platform is comprised of 64 sites across 21 major metropolitan markets, delivering approximately 389 MW of Sellable Power Capacity and more than 36,600 interconnection products.

#### Key Business Metrics
We evaluate our operating performance, growth, and the stability of our revenue base using a set of key business metrics that are specific to the retail colocation data center industry. These metrics are used by management and reviewed regularly by our board of directors to assess demand for our capacity, pricing trends, operating leverage, customer retention, and the durability of our customer relationships. We believe these metrics provide useful information to investors regarding the drivers of our financial results and our ability to generate long-term, recurring cash flows.

The following table presents our key business metrics (MW presented as whole numbers):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of and for the years ended December 31,**  | **As of and for the years ended December 31,**  | **As of and for the years ended December 31,**  | **As of and for the <br> three months <br> ended March 31,**  | **As of and for the <br> three months <br> ended March 31,**  |
| | **2025**  | **2024**  | **2023**  | **2026**  | **2025**  |
| Contracted Power Capacity (MW) (period end)  | 376 | 263 | 48 | 392 | 279 |
| Sellable Power Capacity (MW) (period end)  | 389 | 297 | 61 | 389 | 326 |
| Contracted Power Sold (%) (period end)  | 97% | 88% | 78% | 101% | 86% |
| Net Revenue Churn (%)  | 7.9% | 3.5% | 11.8% | 1.8% | 1.9% |
| Bookings (in thousands)  | $205279 | $141821 | $45279 | $64216 | $43757 |

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#### Contracted Power Capacity
Contracted Power Capacity represents the aggregate amount of Sellable Power Capacity, measured in MW, that is subject to executed customer contracts as of the end of the applicable period. Contracted Power

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Capacity includes both revenue-generating capacity and capacity that has been contracted but is not yet in service. The period between contract execution and the commencement of billing varies based on customer requirements and can range from one to 12 months, primarily depending on the combination of deployment size and level of customer-specific design requirements.

We use Contracted Power Capacity as a measure of customer demand and revenue visibility.

**Q1 2026 compared to Q1 2025.** Contracted Power Capacity increased by 113 MW, or 41%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. This increase was driven by positive quarter-over-quarter growth in sales due to organic growth from newly acquired and existing customers, and inorganic growth from the acquisition of additional data center locations.

**FY 2025 compared to FY 2024.** Contracted Power Capacity increased by 113 MW, or 43%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. This increase was driven by positive year-over-year growth in sales due to organic growth from existing customers and newly acquired customers during the year.

**FY 2024 compared to FY 2023.** Contracted Power Capacity increased by 215 MW, or 448%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. This increase was primarily due to the growth in the scale and scope of the business following the completion of the acquisition of 42 data centers that provide retail colocation and interconnection services on January 12, 2024 (the "2024 Portfolio Acquisition"), as well as strong in-year bookings activity.

#### Sellable Power Capacity
Sellable Power Capacity represents the total amount of critical IT load, measured in MW, that is available for customer use across our data center facilities as of the end of the applicable period. Sellable Power Capacity includes installed capacity that can support customer equipment, whether such capacity is contracted, and excludes capacity under development or otherwise not yet available for customer deployment.

We use Sellable Power Capacity to evaluate the scale of our platform and the availability of inventory to support future customer demand.

**Q1 2026 compared to Q1 2025.** Sellable Power Capacity increased by 63 MW, or 19%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. This increase was driven by 59 MW of additional capacity from acquisitions during the period and 3 MW of incremental expansion capacity added across our portfolio on a same site basis compared to the three months ended March 31, 2025.

**FY 2025 compared to FY 2024.** Sellable Power Capacity increased by 92 MW, or 31%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. This increase was driven by 32 MW of incremental expansion capacity added across our portfolio on a same site basis compared to 2024 and 59 MW of additional capacity from acquisitions and newly opened data centers during the year.

**FY 2024 compared to FY 2023.** Sellable Power Capacity increased by 236 MW, or 387%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. This increase was driven by 17 MW of incremental expansion capacity added across our portfolio on a same site basis compared to 2023 and 219 MW of additional capacity added as part of the 2024 Portfolio Acquisition.

#### Contracted Power Sold
Contracted Power Sold represents the percentage of our Sellable Power Capacity that is Contracted Power Capacity as of the end of the applicable period. Contracted Power Sold is calculated by dividing Contracted Power Capacity by Sellable Power Capacity.

We use Contracted Power Sold to assess the efficiency with which we deploy our infrastructure and the extent to which incremental revenue growth can be achieved with limited incremental operating costs and capital expenditures.

**Q1 2026 compared to Q1 2025.** Contracted Power Sold increased to 101% as of March 31, 2026 compared to 86% as of March 31, 2025. This increase was driven by strong sales performance across existing customers and newly acquired customers.

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**FY 2025 compared to FY 2024.** Contracted Power Sold increased to 97% as of December 31, 2025 compared to 88% as of December 31, 2024. The increase in utilization was driven by strong sales performance during 2025 across existing customers and newly acquired customers during the year.

**FY 2024 compared to FY 2023.** Contracted Power Sold increased to 88% as of December 31, 2024 compared to 78% as of December 31, 2023. This increase was primarily due to growth in MW sold during the year, along with a positive impact from the 2024 Portfolio Acquisition.

#### Net Revenue Churn
Net Revenue Churn represents the percentage of net recurring revenue lost during the applicable period. Net recurring revenue lost is defined as the sum of (i) customer terminations, (ii) partial disconnects at renewal, and (iii) net reductions in contracted services from existing customers, which is the total reductions in service from all existing customers subtracted from total expansions in services from all existing customers, floored at zero. Net Revenue Churn is calculated by dividing net recurring revenue lost during the period by recurring revenue at the beginning of the period. Net Revenue Churn excludes any impact from completed or planned divestments or site closures.

We use Net Revenue Churn to assess customer retention, the durability of our revenue base, and the effectiveness of our customer engagement and renewal strategies.

**Q1 2026 compared to Q1 2025.** Net Revenue Churn decreased to 1.8% for the three months ended March 31, 2026 compared to 1.9% for the three months ended March 31, 2025. The decrease in Net Revenue Churn was driven by stronger expansion activity on a higher starting revenue base.

**FY 2025 compared to FY 2024.** Net Revenue Churn increased to 7.9% for the year ended December 31, 2025 compared to 3.5% for the year ended December 31, 2024. The increase in Net Revenue Churn was driven by higher year-over-year customer churn, partially offset by higher starting net recurring revenue at the beginning of the year compared to 2024. During both 2025 and 2024, expansion activity from customers exceeded reductions in contracted services for the year and therefore did not contribute to churn.

**FY 2024 compared to FY 2023.** Net Revenue Churn decreased to 3.5% for the year ended December 31, 2024 compared to 11.8% for the year ended December 31, 2023. The decline in Net Revenue Churn was driven by the increase in recurring revenue as a result of the 2024 Portfolio Acquisition, partially offset by higher year over year customer churn. During both 2024 and 2023, expansion activity from customers exceeded reductions in contracted services for the year and therefore did not contribute to churn.

#### Bookings
Bookings represent the amount of signed agreements during the applicable period. They are reported on an annualized recurring revenue basis and are the sum of (i) recurring revenue from new customers and (ii) increases in recurring revenue from existing customers who expanded their portfolio of contracted services. Bookings do not include non-recurring revenues or usage-based charges. Annualized recurring revenue represents monthly recurring revenue from closed sales during the applicable period, multiplied by 12.

We use Bookings to assess demand trends across our portfolio, evaluate commercial performance and execution, forecast future revenue and guide resource allocation decisions.

**Q1 2026 compared to Q1 2025.** Bookings increased by $20.5 million, or 47%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. This increase reflected broad-based strength across indirect and direct sales channels, increasing demand for newly acquired and existing customers and accelerating growth in bookings of one MW or greater.

**FY 2025 compared to FY 2024.** Bookings increased by $63.5 million, or 45%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. This increase reflected broad-based strength across direct and indirect sales channels, increasing demand for colocation services from newly acquired and existing customers and accelerating growth in bookings of one MW or greater.

**FY 2024 compared to FY 2023.** Bookings increased by $96.5 million, or 213%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. This increase was driven by the successful

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implementation of the Company's sales processes across its expanded data center portfolio following the 2024 Portfolio Acquisition and sales growth in bookings of one MW or greater.

The following table sets forth the monthly recurring revenue generated from bookings in each of the three month periods presented, which is used in our calculation of Bookings (in thousands):

---

| | |
|:---|:---|
| **For the three months ended**  | |
| March 31, 2023  | $362 |
| June 30, 2023  | 1100 |
| September 30, 2023  | 1137 |
| December 31, 2023  | 1174 |
| March 31, 2024  | 2653 |
| June 30, 2024  | 2776 |
| September 30, 2024  | 3040 |
| December 31, 2024  | 3350 |
| March 31, 2025  | 3646 |
| June 30, 2025  | 4114 |
| September 30, 2025  | 4127 |
| December 31, 2025  | 5219 |
| March 31, 2026  | 5351 |

---

#### Key Components of Our Results of Operations
 *Revenues* 

We derive the majority of our revenues from recurring revenue streams, consisting of: (i) enterprise colocation services, which include fees for the licensing of cabinet space and power; (ii) interconnection services, which includes cross connects and exchange ports; and (iii) other revenues including but not limited to lease income from tenants and/or subtenants and revenue for additional services such as remote hands and eyes support, equipment installation and removal, cabling and cross-connects, hardware troubleshooting, monitoring, and other on-demand technical assistance. Our colocation and interconnection service offerings are generally billed monthly and recognized ratably on a straight line basis over the term of the contract.

Our non-recurring revenues are primarily comprised of installation services related to a customer's initial deployment, professional services we perform, and other one-time charges such as termination fees and storage fees.

In addition to the above, we also generate metered power revenues, which are primarily comprised of usage-based cost of power charges that are billed directly to the customer, without an associated markup.

 *Cost of revenues, excluding depreciation and amortization* 

The components of our cost of revenue consist of utility costs, including electricity and other sources of power, real estate costs, including rental payments related to our leased data centers, personnel-related expenses, including data center employees' salaries and benefits and fees paid to contractors, property taxes, as well as repairs and maintenance. A majority of our cost of revenues is fixed in nature and should not vary significantly from period to period, unless we expand our existing data centers or open or acquire new data centers. However, there are certain costs that are considered more variable in nature, including utility costs and repairs and maintenance, that are directly related to growth in our existing and new customer base.

 *Selling, marketing, general and administrative* 

Our selling, marketing, general and administrative expenses consist primarily of personnel-related expenses, including salaries and benefits for our sales and marketing, executive, finance, human resources, legal and IT

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functions and administrative personnel, internal sales commissions, and other expenses including software subscription fees, insurance premiums, third-party professional services fees, and administrative-related rent expense.

In connection with this offering, we expect to grant equity awards under our Omnibus Incentive Plan. As a result, upon the completion of this offering, we expect to recognize approximately $ million of stock-based compensation expense related to vested common stock granted to our employees, including our executive officers (assuming an initial public offering price at the midpoint of the estimated price range set forth on the cover page of this prospectus). Additionally, following the completion of this offering, we expect that we will incur increased amounts of stock-based compensation expense related to unvested RSUs granted to certain of our employees, including our executive officers, in connection with this offering, as well as equity awards to be granted in future periods under the Omnibus Incentive Plan to both existing employees and newly-hired employees. Future grants of equity awards to newly-hired employees under the Omnibus Incentive Plan may be significant. Total unrecognized stock-based compensation expense for the unvested RSUs, which will vest over approximately three to five years, is expected to be approximately $ million (assuming an initial public offering price at the midpoint of the estimated price range set forth on the cover page of this prospectus).

 *Depreciation and amortization* 

Depreciation and amortization expense primarily consists of depreciation and amortization on our property and equipment, inclusive of amortization of assets under finance leases, as well as amortization of intangible assets.

 *Transaction and other costs* 

Transaction and other costs are primarily comprised of costs related to the 2024 Portfolio Acquisition and the acquisition of 10 data centers in the United States and Canada that provide retail colocation services on October 1, 2025 (the "2025 Portfolio Acquisition"). These costs include closing costs, commissions and other fees, including legal and accounting fees, as well as other non-recurring integration costs.

 *Interest expense* 

Interest expense is primarily comprised of interest incurred under our debt facilities and on finance leases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Loss) gain on extinguishment of debt

(Loss) gain on extinguishment of debt is comprised of gains or losses, if any, that are recognized due to the repayment of debt, typically related to repurchases of debt at below par values and the write-off of the unamortized debt discounts and deferred issuance costs.

 *Bargain purchase gain* 

Bargain purchase gain is comprised of the amount by which fair value of the net assets acquired in the acquisition exceeds the fair value of the purchase consideration as a gain in earnings as of the acquisition date.

 *Other income (loss), net* 

Other income (loss), net is primarily comprised of the impact of foreign currency gains and losses.

 *Income tax benefit (expense)* 

Income tax benefit (expense) is primarily comprised of income taxes in certain federal, state, local and foreign jurisdictions in which we conduct business. Foreign jurisdictions typically have different statutory tax rates from those in the United States.

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#### Results of Operations
The following table sets forth our consolidated statements of operations data for the periods indicated (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Three Months Ended <br> March 31,**  | **Three Months Ended <br> March 31,**  |
| | **2025**  | **2024**  | **2023**  | **2026**  | **2025**  |
| Revenues  | $986980 | $907551 | $198260 | $270462 | $232759 |
| Costs and operating expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cost of revenues, excluding depreciation and <br> amortization  | 509249 | 516500 | 140058 | 136454 | 123525 |
| &nbsp;&nbsp;&nbsp; Selling, marketing, general and administrative  | 87724 | 102326 | 40143 | 25722 | 22928 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 271916 | 259575 | 50423 | 84498 | 63733 |
| &nbsp;&nbsp;&nbsp; Transaction and other costs  | 17710 | 69375 | 8873 | 10509 | 2827 |
| Total costs and operating expenses  | 886599 | 947776 | 239497 | 257183 | 213013 |
| Income (loss) from operations  | 100381 | (40225) | (41237) | 13279 | 19746 |
| &nbsp;&nbsp;&nbsp; Interest expense  | (241165) | (185614) | (46170) | (88363) | (54553) |
| &nbsp;&nbsp;&nbsp;&nbsp; (Loss) gain on extinguishment of debt  | (7114) | (14934) | 9782 |  | (5313) |
| &nbsp;&nbsp;&nbsp; Bargain purchase gain  |  | 544097 |  |  |  |
| &nbsp;&nbsp;&nbsp; Other income (loss), net  | 9479 | 10678 | (1039) | (2618) | (253) |
| (Loss) income before income taxes  | (138419) | 314002 | (78664) | (77702) | (40373) |
| &nbsp;&nbsp;&nbsp; Income tax benefit (expense)  | 18515 | 144539 | (1032) | 11749 | 5458 |
| Net (loss) income  | $(119904) | $458541 | $(79696) | $(65953) | $(34915) |

---

#### Comparison of the Three Months Ended March 31, 2026 and 2025
 *Revenues* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> March 31,**  | **Three Months Ended <br> March 31,**  | | |
| **(dollars in thousands)**  | **2026**  | **2025**  | **$ Change**  | **% Change**  |
| Colocation  | $203341 | $175245 | $28096 | 16% |
| Interconnection  | 24953 | 26541 | (1588) | (6)% |
| Other  | 13023 | 9613 | 3410 | 35% |
| &nbsp;&nbsp;&nbsp; Recurring revenues  | 241317 | 211399 | 29918 | 14% |
| Non-recurring revenues  | 7356 | 8977 | $(1621) | (18)% |
| Metered power revenues  | 21789 | 12383 | 9406 | 76% |
| &nbsp;&nbsp;&nbsp; Total revenues  | $270462 | $232759 | $37703 | 16% |

---

Revenues for the three months ended March 31, 2026 increased by $37.7 million, or 16%, compared to the three months ended March 31, 2025. This growth was primarily due to a:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • $28.1 million increase in colocation revenues, driven by organic growth from both existing and new customers, as well as inorganic growth of $16.9 million resulting from the 2025 Portfolio Acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • $3.4 million increase in other revenues, driven by lease income from tenants resulting from the 2025 Portfolio Acquisition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • $9.4 million increase in metered power revenue, primarily driven by customer contracts entered into throughout 2025 and the three months ended March 31, 2026, including agreements with metered power billing structures in addition to inorganic growth resulting from the 2025 Portfolio Acquisition.

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These increases were partially offset by a $3.2 million decrease in interconnection and non-recurring revenues. The decrease in interconnection revenues was primarily attributable to customer churn and a reduction in active month-to-month cross connects. The decline in non-recurring revenues was driven mainly by an increase in revenue reserves, associated with an increase in customer churn during the three months ended March 31, 2026, compared to the prior-year period. This decrease was partially offset by $0.9 million deferred installation revenues, which are recognized over the lease term or the estimated average customer life and $0.3 million in other non-recurring revenues.

 *Cost of revenues, excluding depreciation and amortization* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> March 31,**  | **Three Months Ended <br> March 31,**  | | |
| **(dollars in thousands)**  | **2026**  | **2025**  | **$ Change**  | **% Change**  |
| Cost of revenues, excluding depreciation and amortization  | $136454 | $123525 | $12929 | 10% |
| Percentage of revenue  | 50% | 53% | N/A | N/A |

---

Cost of revenues, excluding depreciation and amortization for the three months ended March 31, 2026 increased by $12.9 million, or 10%, compared to the three months ended March 31, 2025. This increase primarily consisted of a $3.5 million increase in property taxes, a $2.0 million increase in personnel costs, a $2.8 million increase in other costs, a $9.8 million increase in utilities costs and a $1.7 million increase in repairs and maintenance costs, partially offset by a $6.9 million decrease in real estate costs.

Cost of revenues as a percentage of revenue decreased from 53% for the three months ended March 31, 2025 to 50% for the three months ended March 31, 2026. The decrease was primarily driven by positive operating leverage from revenue growth.

 *Selling, marketing, general and administrative* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> March 31,**  | **Three Months Ended <br> March 31,**  | | |
| **(dollars in thousands)**  | **2026**  | **2025**  | **$ Change**  | **% Change**  |
| Selling, marketing, general and administrative  | $25722 | $22928 | $2794 | 12% |
| Percentage of revenue  | 10% | 10% | N/A | N/A |

---

Selling, marketing, general and administrative expenses for the three months ended March 31, 2026 increased by $2.8 million, or 12%, compared to the three months ended March 31, 2025. This increase was primarily driven by higher personnel-related costs and increased professional services expenses.

 *Depreciation and amortization* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> March 31,**  | **Three Months Ended <br> March 31,**  | | |
| **(dollars in thousands)**  | **2026**  | **2025**  | **$ Change**  | **% Change**  |
| Depreciation and amortization  | $84498 | $63733 | $20765 | 33% |

---

Depreciation and amortization for the three months ended March 31, 2026 increased by $20.8 million, or 33%, compared to the three months ended March 31, 2025. The increase in depreciation and amortization was related to the property and equipment, as well as additional intangible assets, acquired as part of the 2025 Portfolio Acquisition.

 *Transaction and other costs* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> March 31,**  | **Three Months Ended <br> March 31,**  | | |
| **(dollars in thousands)**  | **2026**  | **2025**  | **$ Change**  | **% Change**  |
| Transaction and other costs  | $10509 | $2827 | $7682 | 272% |

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Transaction and other costs for the three months ended March 31, 2026 increased by $7.7 million, or 272%, compared to the three months ended March 31, 2025. The increase in transaction and other costs was primarily due to professional service fees incurred in connection with this offering.

 *Interest expense* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> March 31,**  | **Three Months Ended <br> March 31,**  | | |
| **(dollars in thousands)**  | **2026**  | **2025**  | **$ Change**  | **% Change**  |
| Interest expense  | $88363 | $54553 | $33810 | 62% |

---

Interest expense for the three months ended March 31, 2026 increased by $33.8 million, or 62%, compared to the three months ended March 31, 2025. The increase was due to the assumption of the 2021 ABS Notes in connection with the 2025 Portfolio Acquisition, as well as issuances of our 2024 ABS Notes in 2025.

 *Loss on extinguishment of debt* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> March 31,**  | **Three Months Ended <br> March 31,**  | | |
| **(dollars in thousands)**  | **2026**  | **2025**  | **$ Change**  | **% Change**  |
| Loss on extinguishment of debt  | $— | $(5313) | $5313 | (100)% |

---

The loss on extinguishment of debt for the three months ended March 31, 2026 decreased by $5.3 million compared to the three months ended March 31, 2025. The decrease in loss on extinguishment of debt is attributable to a loss incurred during the three months ended March 31, 2025 associated with the prepayment of long-term debt in connection with issuance of 2024 ABS Notes in March of 2025, with no comparable loss incurred during the three months ended March 31, 2026.

 *Other loss, net* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> March 31,**  | **Three Months Ended <br> March 31,**  | | |
| **(dollars in thousands)**  | **2026**  | **2025**  | **$ Change**  | **% Change**  |
| Other loss, net  | $(2618) | $(253) | $(2365) | 935% |

---

Other loss, net for the three months ended March 31, 2026 increased by $2.4 million, or 935%, compared to the three months ended March 31, 2025. The increase in other loss relates mainly to unrealized foreign currency losses.

 *Income tax benefit* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> March 31,**  | **Three Months Ended <br> March 31,**  | | |
| **(dollars in thousands)**  | **2026**  | **2025**  | **$ Change**  | **% Change**  |
| Income tax benefit  | $11749 | $5458 | $6291 | 115% |
| Effective tax rate  | 15% | 14% | N/A | N/A |

---

Income tax benefit for the three months ended March 31, 2026 increased by $6.3 million, or 115%, compared to the three months ended March 31, 2025. The increase in income tax benefit is primarily attributable to changes in the blended state income tax rate, as well as the recognition of additional deferred tax assets related to net operating losses.

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#### Comparison of the Years Ended December 31, 2025 and 2024
 *Revenues* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended <br> December 31,**  | **Years Ended <br> December 31,**  | | |
| **(dollars in thousands)**  | **2025**  | **2024**  | **$ Change**  | **% Change**  |
| Colocation  | $741751 | $683111 | $58640 | 9% |
| Interconnection  | 105611 | 108191 | (2580) | (2)% |
| Other  | 40600 | 37303 | 3297 | 9% |
| &nbsp;&nbsp;&nbsp; Recurring revenues  | 887962 | 828605 | 59357 | 7% |
| Non-recurring revenues  | 40709 | 34896 | 5813 | 17% |
| Metered power revenues  | 58309 | 44050 | 14259 | 32% |
| &nbsp;&nbsp;&nbsp; Total revenues  | $986980 | $907551 | $79429 | 9% |

---

Revenues for the year ended December 31, 2025 increased by $79.4 million, or 9%, compared to the year ended December 31, 2024. This growth was primarily due to a:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • $58.6 million increase in colocation revenues, driven by organic growth from both existing and new customers, as well as inorganic growth of $16.2 million resulting from the 2025 Portfolio Acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • $9.1 million increase in non-recurring and other revenues due to installation revenue that is amortized over either the lease term or the average customer life, primarily driven by large-scale customer contracts entered into in late 2024 and throughout 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • $14.3 million increase in metered power revenue, primarily driven by customer contracts entered into in late 2024 and throughout 2025, including agreements with metered power billing structures in addition to inorganic growth resulting from the 2025 Portfolio Acquisition.

These increases were partially offset by a $2.6 million decrease in interconnection revenues, primarily driven by the sale or transfer of seven data center sites in 2024, all of which were leased sites. From time to time the Company may seek to opportunistically sell or transfer owned or leased data center sites that are individually cash flow negative.

 *Cost of revenues, excluding depreciation and amortization* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended <br> December 31,**  | **Years Ended <br> December 31,**  | | |
| **(dollars in thousands)**  | **2025**  | **2024**  | **$ Change**  | **% Change**  |
| Cost of revenues, excluding depreciation and amortization  | $509249 | $516500 | $(7251) | (1)% |
| Percentage of revenue  | 52% | 57% | N/A | N/A |

---

Cost of revenues, excluding depreciation and amortization for the year ended December 31, 2025 decreased by $7.3 million, or 1%, compared to the year ended December 31, 2024. This decrease primarily consisted of an $8.7 million decrease in real estate costs, an $8.4 million decrease in property taxes, a $0.3 million decrease in personnel costs, and a $6.6 million decrease in other costs, partially offset by a $15.9 million increase in utilities costs and a $1.0 million increase in repairs and maintenance costs.

Cost of revenues as a percentage of revenue decreased from 57% for the year ended December 31, 2024 to 52% for the year ended December 31, 2025. The decrease was primarily driven by positive operating leverage from revenue growth.

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 *Selling, marketing, general and administrative* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended <br> December 31,**  | **Years Ended <br> December 31,**  | | |
| **(dollars in thousands)**  | **2025**  | **2024**  | **$ Change**  | **% Change**  |
| Selling, marketing, general and administrative  | $87724 | $102326 | $(14602) | (14)% |
| Percentage of revenue  | 9% | 11% | N/A | N/A |

---

Selling, marketing, general and administrative expenses for the year ended December 31, 2025 decreased by $14.6 million, or 14%, compared to the year ended December 31, 2024. This decrease primarily consisted of lower personnel related expenses after the Company completed the integration activities related to the 2024 Portfolio Acquisition. The decrease in selling, marketing, general and administrative expenses as a percentage of revenue is attributable to synergies realized from the integration of the acquired portfolios and the increase in revenue.

 *Depreciation and amortization* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended <br> December 31,**  | **Years Ended <br> December 31,**  | | |
| **(dollars in thousands)**  | **2025**  | **2024**  | **$ Change**  | **% Change**  |
| Depreciation and amortization  | $271916 | $259575 | $12341 | 5% |

---

Depreciation and amortization for the year ended December 31, 2025 increased by $12.3 million, or 5%, compared to the year ended December 31, 2024. The increase in depreciation and amortization was due to the depreciation and amortization related to the property and equipment, as well as additional intangible assets, acquired as part of the 2025 Portfolio Acquisition.

 *Transaction and other costs* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended <br> December 31,**  | **Years Ended <br> December 31,**  | | |
| **(dollars in thousands)**  | **2025**  | **2024**  | **$ Change**  | **% Change**  |
| Transaction and other costs  | $17710 | $69375 | $(51665) | (74)% |

---

Transaction and other costs for the year ended December 31, 2025 decreased by $51.7 million, or 74%, compared to the year ended December 31, 2024. The decrease in transaction and other costs was primarily due to lower acquisition-related costs incurred in connection with the 2025 Portfolio Acquisition, as well as a reduction in other non-recurring expenses related to the integration of the acquired portfolio, compared to costs incurred in connection with the 2024 Portfolio Acquisition.

 *Interest expense* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended <br> December 31,**  | **Years Ended <br> December 31,**  | | |
| **(dollars in thousands)**  | **2025**  | **2024**  | **$ Change**  | **% Change**  |
| Interest expense  | $241165 | $185614 | $55551 | 30% |

---

Interest expense for the year ended December 31, 2025 increased by $55.6 million, or 30%, compared to the year ended December 31, 2024. This increase was due to the assumption of the 2021 ABS Notes in connection with the 2025 Portfolio Acquisition, as well as issuances of our 2024 ABS Notes in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Loss) gain on extinguishment of debt

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended <br> December 31,**  | **Years Ended <br> December 31,**  | | |
| **(dollars in thousands)**  | **2025**  | **2024**  | **$ Change**  | **% Change**  |
| (Loss) gain on extinguishment of debt  | $(7114) | $(14934) | $7820 | (52)% |

---

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[**TABLE OF CONTENTS**](#TOC)

The loss on extinguishment of debt for the year ended December 31, 2025 decreased by $7.8 million, or 52%, compared to the year ended December 31, 2024. The decrease in loss on extinguishment of debt is attributable to lower repayments made under a two-year term loan facility (the "2024 Term Loan Facility") for the year ended December 31, 2025 compared to the year ended December 31, 2024.

 *Bargain purchase gain* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended <br> December 31,**  | **Years Ended <br> December 31,**  | | |
| **(dollars in thousands)**  | **2025**  | **2024**  | **$ Change**  | **% Change**  |
| Bargain purchase gain  | $— | $544097 | $(544097) | N/A |

---

There was no bargain purchase gain for the year ended December 31, 2025, compared to $544.1 million for the year ended December 31, 2024. The bargain purchase gain recorded during the year ended December 31, 2024 is entirely attributable to the 2024 Portfolio Acquisition, primarily relating to the negotiation process with the seller of the portfolio during its insolvency proceedings, resulting in cash consideration paid being less than the fair value of the net assets acquired.

 *Other income (loss), net* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended <br> December 31,**  | **Years Ended <br> December 31,**  | | |
| **(dollars in thousands)**  | **2025**  | **2024**  | **$ Change**  | **% Change**  |
| Other income (loss), net  | $9479 | $10678 | $(1199) | (11)% |

---

Other income (loss), net for the year ended December 31, 2025 decreased by $1.2 million, or 11%, compared to the year ended December 31, 2024. The decrease in other income relates mainly to a reduction of other income from management services provided to an affiliate of a parent of the Company, partially offset by unrealized foreign currency exchange gains.

 *Income tax benefit (expense)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended <br> December 31,**  | **Years Ended <br> December 31,**  | | |
| **(dollars in thousands)**  | **2025**  | **2024**  | **$ Change**  | **% Change**  |
| Income tax benefit (expense)  | $18515 | $144539 | $(126024) | (87)% |
| Effective tax rate  | 13% | (46)% | N/A | N/A |

---

Income tax benefit (expense) for the year ended December 31, 2025 decreased by $126.0 million, or 87%, compared to the year ended December 31, 2024. The decrease in income tax benefit (expense) is due to the release of a valuation allowance during the year ended December 31, 2024, in connection with the 2024 Portfolio Acquisition.

#### Comparison of the Years Ended December 31, 2024 and 2023
 *Revenues* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended <br> December 31,**  | **Years Ended <br> December 31,**  | | |
| **(dollars in thousands)**  | **2024**  | **2023**  | **$ Change**  | **% Change**  |
| Colocation  | $683111 | $154294 | $528817 | 343% |
| Interconnection  | 108191 | 18998 | 89193 | 469% |
| Other  | 37303 | 21228 | 16075 | 76% |
| Recurring revenues  | 828605 | 194520 | 634085 | 326% |
| Non-recurring revenues  | 34896 | 3113 | 31783 | 1,021% |
| Metered power revenues  | 44050 | 627 | 43423 | 6,926% |
| Total revenues  | $907551 | $198260 | $709291 | 358% |

---

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[**TABLE OF CONTENTS**](#TOC)

Revenue for the year ended December 31, 2024 increased by $709.3 million, or 358%, compared to the year ended December 31, 2023. This increase across each of the revenue streams described above was primarily due to the growth in the business following the completion of the 2024 Portfolio Acquisition, which contributed $704.3 million of total revenues for the year ended December 31, 2024.

 *Cost of revenues, excluding depreciation and amortization* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended <br> December 31,**  | **Years Ended <br> December 31,**  | | |
| **(dollars in thousands)**  | **2024**  | **2023**  | **$ Change**  | **% Change**  |
| Cost of revenues, excluding depreciation and amortization  | $516500 | $140058 | $376442 | 269% |
| Percentage of revenue  | 57% | 71% | N/A | N/A |

---

Cost of revenue, excluding depreciation and amortization for the year ended December 31, 2024 increased by $376.4 million, or 269%, compared to the year ended December 31, 2023. This change primarily consisted of a $134.5 million increase in utilities costs, a $95.1 million increase in real estate costs, a $43.9 million increase in personnel costs, a $29.9 million increase in property taxes, and a $15.6 million increase in repairs and maintenance costs. Each of these increases was primarily due to the growth in the business following the completion of the 2024 Portfolio Acquisition.

Cost of revenues as a percentage of revenue decreased from 71% for the year ended December 31, 2023 to 57% for the year ended December 31, 2024. This decrease was primarily driven by the acquisition of new data centers as part of the 2024 Portfolio Acquisition, which included structurally higher operating margins primarily due to favorable customer pricing and lower operating costs.

 *Selling, marketing, general and administrative* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended <br> December 31,**  | **Years Ended <br> December 31,**  | | |
| **(dollars in thousands)**  | **2024**  | **2023**  | **$ Change**  | **% Change**  |
| Selling, marketing, general and administrative  | $102326 | $40143 | $62183 | 155% |
| Percentage of revenue  | 11% | 20% | N/A | N/A |

---

Selling, marketing, general and administrative for the year ended December 31, 2024 increased by $62.2 million, or 155%, compared to the year ended December 31, 2023. This increase is primarily attributable to an increase in other costs of $57.5 million related to the 2024 Portfolio Acquisition, which generated proportionately higher revenues relative to the incremental selling, marketing, general and administrative costs required to operate the acquired facilities.

 *Depreciation and amortization* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended <br> December 31,**  | **Years Ended <br> December 31,**  | | |
| **(dollars in thousands)**  | **2024**  | **2023**  | **$ Change**  | **% Change**  |
| Depreciation and amortization  | $259575 | $50423 | $209152 | 415% |

---

Depreciation and amortization for the year ended December 31, 2024 increased by $209.2 million, or 415%, compared to the year ended December 31, 2023. The increase in depreciation and amortization was primarily due to the depreciation and amortization related to the property and equipment, as well as additional intangible assets acquired as part of the 2024 Portfolio Acquisition.

 *Transaction and other costs* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended <br> December 31,**  | **Years Ended <br> December 31,**  | | |
| **(dollars in thousands)**  | **2024**  | **2023**  | **$ Change**  | **% Change**  |
| Transaction and other costs  | $69375 | $8873 | $60502 | 682% |

---

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[**TABLE OF CONTENTS**](#TOC)

Transaction and other costs for the year ended December 31, 2024 increased by $60.5 million, or 682%, compared to the year ended December 31, 2023. This was primarily due to an increase in acquisition-related costs of $46.5 million incurred in connection with the 2024 Portfolio Acquisition and an increase in other non-recurring expenses of $14.0 million related to integration of the acquired portfolio.

 *Interest expense* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended <br> December 31,**  | **Years Ended <br> December 31,**  | | |
| **(dollars in thousands)**  | **2024**  | **2023**  | **$ Change**  | **% Change**  |
| Interest expense  | $185614 | $46170 | $139444 | 302% |

---

Interest expense for the year ended December 31, 2024 increased by $139.4 million, or 302%, compared to the year ended December 31, 2023. This was primarily due to the increase in interest expense of $134.3 million associated with $2.0 billion of additional indebtedness used to fund the 2024 Portfolio Acquisition and an increase of $40.5 million interest expense associated with the finance leases acquired as part of the 2024 Portfolio Acquisition. This increase was partially offset by a $33.7 million remeasurement gain recognized on the interest rate swap agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Loss) gain on extinguishment of debt

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended <br> December 31,**  | **Years Ended <br> December 31,**  | | |
| **(dollars in thousands)**  | **2024**  | **2023**  | **$ Change**  | **% Change**  |
| (Loss) gain on extinguishment of debt  | $(14934) | $9782 | $(24716) | (253)% |

---

The loss on extinguishment of debt for the year ended December 31, 2024 was $14.9 million, compared to a gain on extinguishment of debt of $9.8 million for the year ended December 31, 2023. The loss on extinguishment of debt in 2024 was primarily due to write-off of unamortized deferred debt issuance costs on the $755.2 million prepayment on the 2024 Term Loan Facility.

 *Bargain purchase gain* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended <br> December 31,**  | **Years Ended <br> December 31,**  | | |
| **(dollars in thousands)**  | **2024**  | **2023**  | **$ Change**  | **% Change**  |
| Bargain purchase gain  | $544097 | $— | $544097 | N/A |

---

Bargain purchase gain for the year ended December 31, 2024 was $544.1 million. The bargain purchase gain recorded during the year ended December 31, 2024 is entirely attributable to the 2024 Portfolio Acquisition, primarily relating to the negotiation process with the seller of the portfolio during its insolvency proceedings, resulting in cash consideration paid being less than the fair value of the net assets acquired.

 *Other income (loss), net* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended <br> December 31,**  | **Years Ended <br> December 31,**  | | |
| **(dollars in thousands)**  | **2024**  | **2023**  | **$ Change**  | **% Change**  |
| Other income (loss), net  | $10678 | $(1039) | $11717 | 1,128% |

---

Other income (loss), net for the year ended December 31, 2024 was $10.7 million, compared to an other loss, net of $1.0 million the year ended December 31, 2023. The change in other income (loss), net was primarily due to an increase in miscellaneous local state tax refunds and the management services provided to an affiliate of a parent of the Company.

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 *Income tax benefit (expense)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended <br> December 31,**  | **Years Ended <br> December 31,**  | | |
| **(dollars in thousands)**  | **2024**  | **2023**  | **$ Change**  | **% Change**  |
| Income tax benefit (expense)  | $144539 | $(1032) | $145571 | N/A |
| Effective tax rate  | (46)% | (1)% | N/A | N/A |

---

Income tax benefit (expense) for the year ended December 31, 2024 increased by $145.6 million, compared to the year ended December 31, 2023. This was primarily due to the tax effects of the non-taxable bargain gain and valuation allowance release.

#### Non-GAAP Financial Measures
We prepare our financial statements in conformity with U.S. GAAP, though we believe evaluating our ongoing results of operations may be difficult if limited to reviewing only GAAP financial measures. Accordingly we use non-GAAP financial measures to supplement our evaluation of our operations. We believe that these non-GAAP financial measures, when taken collectively with our U.S. GAAP financial statements, may be helpful to investors because they allow for greater transparency into what measures we use in operating our business and measuring our performance and enable comparison of financial trends and results between periods where items may vary independent of business performance. These non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP financial measures used by other companies. Because of these limitations, our non-GAAP financial measures should not be considered in isolation or as substitutes for net (loss) income, or any other measure calculated in accordance with U.S. GAAP, as applicable, and should be considered together with our GAAP financial measures and the reconciliations to the corresponding GAAP financial measures set forth in this prospectus.

#### Adjusted EBITDA
We define Adjusted EBITDA as net (loss) income, excluding (i) income taxes, (ii) interest expense, (iii) depreciation and amortization, (iv) (loss) gain on extinguishment of debt, (v) bargain purchase gain, (vi) other income (loss), net, and (vii) transaction and other costs. Management uses Adjusted EBITDA as a key measure of our operating performance and to assess the results of our business excluding certain items that we believe are not indicative of our core operating results. In addition, we believe Adjusted EBITDA is frequently used by securities analysts, investors, and other interested parties in the evaluation of data centers and other real estate companies. However, because Adjusted EBITDA is calculated before recurring cash charges, including interest expense and income taxes, which represent significant recurring cash charges necessary to operate our business, and is not adjusted for capital expenditures or other recurring cash requirements of our business, it should not be considered a measure of liquidity or an indicator of our cash flows and its utility as a measure of our performance is limited. Further, Adjusted EBITDA does not reflect our cash requirements or our ability to generate cash to meet those obligations. Other companies may calculate Adjusted EBITDA differently than we do and, as a result, Adjusted EBITDA may not be comparable to other companies' Adjusted EBITDA. Accordingly, Adjusted EBITDA should not be viewed in isolation or as a substitute for net (loss) income or any other performance measure calculated in accordance with U.S. GAAP.

#### Funds from Operations
Management uses FFO, which is a non-GAAP financial measure commonly used in the real estate industry. This measure is used by management to evaluate performance corresponding to the retail colocation data center industry which has similarities to other real estate type companies. FFO is calculated in accordance with the standards approved by the Board of Governors of the National Association of Real Estate Investment Trusts. FFO represents net (loss) income (calculated in accordance with GAAP), excluding, when applicable, (i) loss or gain from the disposition of real estate assets, (ii) depreciation and amortization and (iii) impairment write-downs of real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.

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Management uses FFO as a supplemental performance measure because, in excluding the items identified in the calculation, it provides a performance measure that, when compared year over year, captures trends in utilization rates, pricing and operating costs. In addition, we believe FFO is frequently used by securities analysts, investors, and other interested parties in the evaluation of data centers and other real estate companies. However, because FFO excludes depreciation and amortization and does not capture the changes in the value of our data centers that result from use or market conditions or the level of capital expenditures necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited. Other companies may calculate FFO differently than we do and, as a result, FFO may not be comparable to other companies' FFO. Accordingly, FFO should not be considered in isolation or as a substitute for net (loss) income or any other performance measure calculated in accordance with U.S. GAAP.

#### Discussion of Non-GAAP Financial Measures

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Three Months Ended <br> March 31,**  | **Three Months Ended <br> March 31,**  |
| **(dollars in thousands)**  | **2025**  | **2024**  | **2023**  | **2026**  | **2025**  |
| Net (loss) income  | $(119904) | $458541 | (79696) | $(65953) | $(34915) |
| Adjusted EBITDA  | 390007 | 288725 | 18059 | 108286 | 86306 |
| FFO  | 152012 | 718116 | (29273) | 18545 | 28818 |

---

Adjusted EBITDA increased by $22.0 million, or 25%, to $108.3 million for the three months ended March 31, 2026, compared to $86.3 million for the three months ended March 31, 2025. This increase reflected continued improvement in operating performance across our platform, driven by growth in recurring colocation and interconnection revenues and operating leverage from our cost structure.

Adjusted EBITDA increased by $101.3 million, or 35%, to $390.0 million for the year ended December 31, 2025, compared to $288.7 million for the year ended December 31, 2024. This increase reflected improved operating performance across our expanded platform following the 2024 Portfolio Acquisition, including growth in recurring colocation and interconnection revenues, and a reduction in cost of revenues as well as selling, marketing, general and administrative expenses through improved operational oversight and operating synergies.

Adjusted EBITDA increased by $270.7 million, or 1,499%, to $288.7 million for the year ended December 31, 2024, compared to $18.1 million for the year ended December 31, 2023. This increase reflects the scale of the platform following the completion of the 2024 Portfolio Acquisition on January 12, 2024, combined with strong operating execution, including increased recurring colocation and interconnection revenues, improved sales performance, and the realization of operating and financial synergies across the expanded portfolio. These improvements were partially offset by higher operating costs associated with supporting the larger platform.

FFO decreased by $10.3 million, or 36%, to $18.5 million for the three months ended March 31, 2026, compared to $28.8 million for the three months ended March 31, 2025. This decrease was primarily attributable to an increase in net loss, primarily driven by higher interest expense resulting from the assumption of the 2021 ABS Notes in connection with the 2025 Portfolio Acquisition and interest incurred on additional ABS notes issued during the latter part of 2025. These impacts were partially offset by improved operating performance driven by growth in recurring revenue.

FFO decreased by $566.1 million, or 79%, to $152.0 million for the year ended December 31, 2025, compared to $718.1 million for the year ended December 31, 2024. This decrease was primarily attributable to the absence in 2025 of the $544.1 million bargain purchase gain recognized in connection with the 2024 Portfolio Acquisition as well as increases in interest expense and transaction costs associated with acquisition-related activities which were offset by an increase in income from operations due to improved operating performance across our expanded platform following the 2024 Portfolio Acquisition, including growth in recurring colocation and interconnection revenues, and a reduction in cost of revenues as well as selling, marketing, general and administrative expenses through improved operational oversight and operating synergies.

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FFO increased by $747.4 million, or 2,553%, to $718.1 million for the year ended December 31, 2024, compared to a loss of $29.3 million for the year ended December 31, 2023. This increase was primarily attributable to the $544.1 million bargain purchase gain recognized in connection with the 2024 Portfolio Acquisition, as well as improved operating performance across the expanded platform following the acquisition, including growth in recurring revenues and the realization of financial and operational synergies, which more than offset increases in interest expense and transaction costs associated with acquisition-related activities.

The following table presents the calculation of Adjusted EBITDA for the periods presented, with a reconciliation to the most comparable GAAP metric:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Three Months Ended <br> March 31,**  | **Three Months Ended <br> March 31,**  |
| **(dollars in thousands)**  | **2025**  | **2024**  | **2023**  | **2026**  | **2025**  |
| **Net (loss) income**  | $(119904) | $458541 | $(79696) | $(65953) | $(34915) |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense  | 241165 | 185614 | 46170 | 88363 | 54553 |
| &nbsp;&nbsp;&nbsp; Income tax (benefit) expense  | (18515) | (144539) | 1032 | (11749) | (5458) |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 271916 | 259575 | 50423 | 84498 | 63733 |
| &nbsp;&nbsp;&nbsp; Loss (gain) on extinguishment of debt  | 7114 | 14934 | (9782) |  | 5313 |
| &nbsp;&nbsp;&nbsp; Bargain purchase gain  |  | (544097) |  |  |  |
| &nbsp;&nbsp;&nbsp; Other (income) loss, net  | (9479) | (10678) | 1039 | 2618 | 253 |
| &nbsp;&nbsp;&nbsp; Transaction and other costs  | 17710 | 69375 | 8873 | 10509 | 2827 |
| **Adjusted EBITDA**  | $390007 | $288725 | $18059 | $108286 | $86306 |

---

The following table presents the calculation of FFO for the periods presented, with a reconciliation to the most comparable GAAP metric:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Three Months Ended <br> March 31,**  | **Three Months Ended <br> March 31,**  |
| **(dollars in thousands)**  | **2025**  | **2024**  | **2023**  | **2026**  | **2025**  |
| **Net (loss) income**  | $(119904) | $458541 | $(79696) | $(65953) | $(34915) |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 271916 | 259575 | 50423 | 84498 | 63733 |
| **FFO**  | $152012 | $718116 | $(29273) | $18545 | $28818 |

---

#### Liquidity and Capital Resources
The following table presents our available liquidity as of the end of the periods:

---

| | | |
|:---|:---|:---|
| **(dollars in thousands)**  | **As of March 31, <br> 2026**  | **As of December 31, <br> 2025**  |
| Cash and cash equivalents  | $67568 | $140159 |
| Restricted cash<sup>(1)</sup>  | 245623 | 263257 |
| Undrawn and available committed credit facility  | 66000 | 141000 |
| Undrawn and available variable funding notes  | 25000 | 25000 |
| Letters of credit  | (46570) | (46867) |
| **Total available liquidity**  | $357621 | $522549 |

---

(1) Restricted cash represents cash under the control of a non-affiliated trustee appointed in conjunction with the issuance of asset-backed notes. These amounts are contractually restricted for specified purposes, such as principal and interest payments and capital expenditures, and are not available for general corporate use. The restrictions lapse upon final repayment of the related debt. For further information on restricted cash, see Note 10 to our audited consolidated financial statements included elsewhere in this prospectus.

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As of March 31, 2026, we had $357.6 million of available liquidity, which was comprised of $313.2 million of available cash and cash equivalents and restricted cash, $91.0 million of undrawn and available capacity under our corporate Revolving Credit Facility and our variable funding notes, less $46.6 million due to the issuance of any letters of credit. Our primary source of liquidity and capital resources are contractual cash flows generated from over 1,700 customers, most of whom we have long-standing relationships.

As of December 31, 2025, we had $522.5 million of available liquidity, which was comprised of $403.4 million of available cash and cash equivalents and restricted cash, $166.0 million of undrawn and available capacity under our corporate Revolving Credit Facility and our variable funding notes, less $46.9 million due to the issuance of any letters of credit. Our primary source of liquidity and capital resources are contractual cash flows generated from over 1,800 customers, most of whom we have long-standing relationships.

Our business has few non-discretionary capital requirements and generates strong cash flows from operations. Our largest normal course capital requirements are interest payments on our debt facilities and capital expenditures to maintain the operating performance of our data center assets.

We intend to use substantially all of the net proceeds from this offering to repay a portion of our outstanding indebtedness, which will reduce our historical annual interest expense by approximately $ million and will also reduce our long-term debt obligations. After giving effect to the use of proceeds from this offering, we expect to have approximately $ million of borrowing capacity under our Revolving Credit Facility and variable funding notes. As noted above, as of March 31, 2026, we had $313.2 million of cash and cash equivalents and restricted cash. During the year ended December 31, 2025, we had $172.0 million of net cash provided by operating activities. Following this offering, we expect to have opportunistic access to equity financing through which we could raise additional capital, if needed. Additionally, we believe that we will be able to refinance our long-term debt obligations prior to their maturity and could opportunistically access additional debt financing to raise additional capital, if needed. As a result of the foregoing, and our expectations with respect to future operating cash flows, we believe that our existing liquidity, future cash flows from operations and our ability to raise additional capital, if needed, will be sufficient to meet obligations due or anticipated to be due for the next twelve months and in the longer term, including interest payments on our debt, anticipated capital expenditures and cash lease payments.

As we continue to grow, we may pursue additional capital expenditures focused on, but not limited to, investments within our existing portfolio, disciplined customer acquisition, and selective support of evolving enterprise workloads. We have identified approximately $4 billion of potential expansion capital expenditure opportunities within our existing portfolio. To the extent we obtain accretive contracts to commercialize our potential expansion opportunities, we may elect to fund these growth initiatives by accessing the debt capital markets from time to time opportunistically, particularly if financing is available on attractive terms. We will continue to evaluate our operating requirements and financial resources in light of future developments.

#### Cash Flows
The following summary discussion of our cash flows is based on the consolidated statements of cash flows included elsewhere in this prospectus and is not meant to be an all-inclusive discussion of the changes in our cash flows for the periods presented below.

 *Comparison of Three Months Ended March 31, 2026 to Three Months Ended March 31, 2025* 

The following table shows cash flows for the periods presented:

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended <br> March 31,**  | **Three Months Ended <br> March 31,**  | |
| **(dollars in thousands)**  | **2026**  | **2025**  | **$ Change**  |
| Net cash (used in) provided by operating activities  | $(18312) | $4132 | $(22444) |
| Net cash used in investing activities  | (135900) | (37098) | (98802) |
| Net cash provided by financing activities  | 71447 | 89148 | (17701) |

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 *Operating activities* 

Net cash used in operating activities was $18.3 million for the three months ended March 31, 2026 as compared to $4.1 million net cash provided by operating activities for the three months ended March 31, 2025. The decrease was driven primarily by unfavorable changes in working capital related to the timing of customer billings, collections, and vendor payments.

 *Investing activities* 

Net cash used in investing activities was $135.9 million for the three months ended March 31, 2026 as compared to $37.1 million for the three months ended March 31, 2025. The increase in cash outflows was driven primarily by higher capital expenditures to support customer demand and growth initiatives across the platform, including investments in expansion and upgrades of existing facilities.

 *Financing activities* 

Net cash provided by financing activities was $71.4 million for the three months ended March 31, 2026 as compared to $89.1 million for the three months ended March 31, 2025. The decrease was driven primarily by lower financing activity as the Company did not access the term loan or asset-backed securities markets in the three months ended March 31, 2026. This was partially offset by $75.0 million borrowings under the revolving credit facility to support capital expenditures and operating needs.

 *Comparison of Year Ended December 31, 2025 to Year Ended December 31, 2024* 

The following table shows cash flows for the periods presented:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended <br> December 31,**  | **Years Ended <br> December 31,**  | |
| **(dollars in thousands)**  | **2025**  | **2024**  | **$ Change**  |
| Net cash provided by operating activities  | $171984 | $80968 | $91016 |
| Net cash used in investing activities  | (871519) | (1356632) | 485113 |
| Net cash provided by financing activities  | 988370 | 1371020 | (382650) |

---

 *Operating activities* 

Net cash provided by operating activities was $172.0 million for the year ended December 31, 2025 as compared to $81.0 million for the year ended December 31, 2024. The increase was driven primarily by increases in our income from operations as well as increases in cash inflows from collection activity. The increase was partially offset by a reduction in accounts payable.

 *Investing activities* 

Net cash used by investing activities was $871.5 million for the year ended December 31, 2025 as compared to $1,356.6 million for the year ended December 31, 2024. The reduction in cash outflows was driven primarily by a $311.5 million decrease in business acquisition-related disbursements in 2025 as well as a decrease of $378.4 million in purchases of previously leased property. The decrease was partially offset by a $56.4 million increase in capital spending to support investment across our data center portfolio as well as a $142.3 million increase in loans and deposits placed at affiliates of a parent of the Company.

 *Financing activities* 

Net cash provided by financing activities was $988.4 million for the year ended December 31, 2025 as compared to $1,371.0 million for the year ended December 31, 2024. The decrease was driven primarily by a $684.4 million increase in distributions to our member and a $505.9 million increase in debt repayments compared to the prior year. The decrease was partially offset by an additional $875.9 million in borrowings on available revolving lines of credit.

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 *Comparison of Year Ended December 31, 2024 to Year Ended December 31, 2023* 

The following table shows cash flows for the periods presented:

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| | | | |
|:---|:---|:---|:---|
| | **Years Ended <br> December 31,**  | **Years Ended <br> December 31,**  | |
| **(dollars in thousands)**  | **2024**  | **2023**  | **$ Change**  |
| Net cash provided by (used in) operating activities  | $80968 | $(56261) | $137229 |
| Net cash used in investing activities  | (1356632) | (184165) | (1172467) |
| Net cash provided by financing activities  | 1371020 | 236291 | 1134729 |

---

 *Operating activities* 

Net cash provided by operating activities was $81.0 million for the year ended December 31, 2024 as compared to $56.3 million net cash used in operating activities for the year ended December 31, 2023. The increase was driven primarily by greater operating leverage following the completion of the 2024 Portfolio Acquisition.

 *Investing activities* 

Net cash used by investing activities was $1,356.6 million for the year ended December 31, 2024 as compared to $184.2 million for the year ended December 31, 2023. The increase in cash used for investing activities is attributed to the 2024 Portfolio Acquisition.

 *Financing activities* 

Net cash provided by financing activities was $1,371.0 million for the year ended December 31, 2024 as compared to $236.3 million for the year ended December 31, 2023. The increase in net cash provided by financing activities primarily reflects proceeds from incremental indebtedness incurred in connection with the financing of the 2024 Portfolio Acquisition.

#### Debt
 *Revolving Credit Facility* 

On January 12, 2024, Phoenix Data Center Acquisitions LLC, one of our wholly-owned subsidiaries, as borrower (the "Borrower"), entered into the Revolving Credit Facility with Wells Fargo Bank, National Association, as administrative agent and collateral agent, the guarantors party thereto and the lenders and issuing banks party thereto, which provided for revolving loans in an aggregate principal amount of up to $200.0 million over a three-year term. On April 17, 2024, the Revolving Credit Facility was amended to add certain definitions related to the calculation of Consolidated EBITDA. On February 28, 2025, the Revolving Credit Facility was further amended to increase the aggregate principal amount of revolving loans available under the Revolving Credit Facility to $300.0 million and to amend certain interest rate-related provisions. On December 22, 2025, the Revolving Credit Facility was further amended to extend the maturity date of the Revolving Credit Facility to December 22, 2026 and to increase the aggregate principal amount of revolving loans available under the Revolving Credit Facility to $800.0 million. The proceeds of the Revolving Credit Facility may be used for working capital and general corporate purposes (including the financing of acquisitions). The Revolving Credit Facility includes a $50.0 million letter of credit sub-facility.

Amounts borrowed under the Revolving Credit Facility bear interest at a rate equal to (i) term SOFR, subject to a 0.0% floor, plus a margin of 3.00% per annum or (ii) the alternate base rate, as defined in the Revolving Credit Facility, plus a margin of 2.00% per annum. The unused portion of the Revolving Credit Facility accrues unused commitment fees at a rate equal to (i) 0.50% per annum if 50% or less of the commitments are drawn, or (ii) 0.375% per annum if more than 50% of the commitments are drawn, and letters of credit accrue participation fees equal to 3.00% per annum on the average daily stated amount of each outstanding letter of credit, plus a fronting fee of 0.25% per annum.

The Borrower may make voluntary prepayments under the Revolving Credit Facility in whole or in part upon prior written notice without prepayment premium or penalty, other than customary "breakage" costs. The

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Borrower may be required to make mandatory prepayments of borrowings from excess cash flow depending on the periodic calculation of our loan-to-value and fixed charge coverage ratio, as described in the Revolving Credit Facility. In lieu of mandatory prepayments, we may cause one or more sponsor guarantors to provide a guarantee of such obligations.

All obligations under the Revolving Credit Facility are guaranteed, jointly and severally, by Phoenix Data Center Intermediate LLC and certain of the Borrower's wholly-owned subsidiaries. The obligations under the Revolving Credit Facility are secured by first-priority security interests in, subject to certain exceptions, substantially all of the assets of the Borrower and each guarantor.

The Revolving Credit Agreement contains customary affirmative and negative covenants that limit, among other things, the Borrower and certain of its subsidiaries' ability to incur, assume or guarantee certain additional indebtedness and liens, sell certain assets outside the ordinary course of business, make certain investments, pay certain dividends or make other restricted payments, enter into certain transactions with affiliates and enter into certain change of control or other fundamental transactions. As of March 31, 2026, we were in compliance with all covenants under the Credit Agreement. The Credit Agreement also provides for customary events of default.

As of March 31, 2026, there was $734.0 million of borrowings outstanding under the Revolving Credit Facility.

 *Asset-Backed Notes* 

<u>2021 ABS Notes</u> 

On October 1, 2025, as a result of the 2025 Portfolio Acquisition, we acquired $743.0 million of asset-backed securitized notes (the "2021 ABS Notes") issued by Compass Datacenters Issuer, LLC and Compass Datacenters Canada Issuer Limited Partnership, each a special-purpose entity and indirect wholly-owned subsidiary of Compass Datacenters LLC (together, the "2021 Co-Issuers"), pursuant to an amended and restated indenture, dated as of May 28, 2021, among the 2021 Co-Issuers, certain subsidiaries of the 2021 Co-Issuers and Wilmington Trust, National Association, as trustee (as amended, restated, supplemented or otherwise modified from time to time, the "2021 Indenture"). On December 4, 2025, we used a portion of the proceeds from an issuance of 2024 ABS Notes to prepay $220.0 million of the 2021 ABS Notes.

The 2021 ABS Notes were issued in series in 2020, 2021 and 2022 and, as of March 31, 2026, there was $523.0 million aggregate outstanding principal amount of the 2021 ABS Notes, with each outstanding series as set forth in the table below (dollars in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Series**  | **Class**  | &nbsp;&nbsp;&nbsp; **Initial <br> Principal <br> Amount**  | &nbsp;&nbsp;&nbsp;&nbsp; **Note Principal <br> Balance**  | &nbsp;&nbsp; **Coupon <br> Rate**  | **Anticipated <br> Repayment <br> Date ("ARD")**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maturity <br> Date**  |
| 2020-2  | A-2  | $250000.0 | $250000.0 | 2.50% | October 2027  | October 2050  |
| 2021-1  | B  | $61000.0 | $61000.0 | 3.60% | May 2028  | May 2051  |
| 2021-1  | C  | $41000.0 | $41000.0 | 5.60% | May 2028  | May 2051  |
| 2022-1  | A-2  | $120000.0 | $120000.0 | 4.60% | April 2029  | April 2052  |
| 2022-1  | B  | $51000.0 | $51000.0 | 5.10% | April 2029  | April 2052  |

---

In the event that a series of 2021 ABS Notes is not repaid in full on or before the applicable ARD, the interest rate on such series of 2021 ABS Notes will increase and we will be required to use excess cash flows to pay down the unpaid principal balance of such series of 2021 ABS Notes in accordance with the priority of payments set forth in the 2021 Indenture.

We may prepay the notes of any series of the 2021 ABS Notes in whole or in part upon prior written notice at a prepayment premium applicable to such series if such series is in its applicable prepayment period, plus all accrued and unpaid interest on the principal amount of the notes being prepaid through the date of such prepayment.

The 2021 ABS Notes are secured obligations of the 2021 Co-Issuers and are fully and unconditionally, jointly and severally, guaranteed by certain subsidiaries of the 2021 Co-Issuers. The 2021 ABS Notes and related guarantees are secured by first-priority security interests in a collateral pool consisting of multi-tenant

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enterprise data centers, held in fee simple, subject to certain exceptions and permitted liens. The 2021 Indenture contains covenants that, among other things, limit the 2021 Co-Issuers' and certain of their subsidiaries' ability to incur additional debt and create liens on certain assets. As of March 31, 2026, we were in compliance with all covenants under the 2021 Agreement. The 2021 Indenture also provides for customary events of default.

<u>2024 ABS Notes</u> 

On October 17, 2024, Centersquare Issuer LLC and Centersquare Co-Issuer LLC, each a special-purpose entity and indirect wholly-owned subsidiary of Phoenix Data Center Acquisitions LLC (together, the "2024 Co-Issuers"), completed an asset-backed securitization transaction in which the 2024 Co-Issuers issued $885.0 million of asset-backed securitized notes (the "2024 ABS Notes") pursuant to an indenture, dated as of October 17, 2024, among the 2024 Co-Issuers, certain subsidiaries of the 2024 Co-Issuers and Wilmington Trust, National Association, as trustee (as amended, restated, supplemented or otherwise modified from time to time, the "2024 Indenture"). On March 20, 2025, the 2024 Co-Issuers issued an additional $940.0 million aggregate principal amount of our 2024 ABS Notes. On August 21, 2025, the 2024 Co-Issuers issued an additional $815.0 million aggregate principal amount of our 2024 ABS Notes. On December 4, 2025, the 2024 Co-Issuers issued an additional $1,100.0 million aggregate principal amount of our 2024 ABS Notes.

The 2024 ABS Notes were issued in series in 2024 and 2025 and, as of March 31, 2026, there was $3,815.0 million aggregate outstanding principal amount of the 2024 ABS Notes, with each outstanding fixed-rate series as set forth in the table below (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Series**  | **Class**  | &nbsp;&nbsp;&nbsp; **Initial <br> Principal <br> Amount**  | &nbsp;&nbsp;&nbsp; **Note <br> Principal <br> Balance**  | &nbsp;&nbsp; **Coupon <br> Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ARD**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maturity <br> Date**  |
| 2024-1  | A-2  | $400000.0 | $400000.0 | 5.20% | October 2029  | October 2054  |
| 2024-1  | B  | $85000.0 | $85000.0 | 5.60% | October 2029  | October 2054  |
| 2024-2  | A-2  | $400000.0 | $400000.0 | 5.40% | October 2031  | October 2054  |
| 2025-1  | A-2  | $445000.0 | $445000.0 | 5.50% | March 2030  | March 2055  |
| 2025-2  | A-2  | $440000.0 | $440000.0 | 5.70% | March 2032  | March 2055  |
| 2025-1  | B  | $55000.0 | $55000.0 | 5.90% | March 2030  | March 2055  |
| 2025-3  | A-2  | $395000.0 | $395000.0 | 5.00% | August 2030  | August 2055  |
| 2025-4  | A-2  | $390000.0 | $390000.0 | 5.20% | August 2032  | August 2055  |
| 2025-3  | B  | $30000.0 | $30000.0 | 5.40% | August 2030  | August 2055  |
| 2025-5  | A-2  | $150000.0 | $150000.0 | 5.30% | December 2029  | December 2055  |
| 2025-6  | A-2  | $335000.0 | $335000.0 | 5.30% | December 2030  | December 2055  |
| 2025-7  | A-2  | $575000.0 | $575000.0 | 5.80% | December 2032  | December 2055  |
| 2025-6  | B  | $40000.0 | $40000.0 | 5.85% | December 2030  | December 2055  |

---

In addition to the fixed-rate series of the 2024 ABS Notes set forth above, the 2024 Indenture provides for an additional variable-rate series of 2024 ABS Notes, which is $100.0 million of asset-backed, floating rate Series 2024-1 Secured Data Center Revenue Variable Funding Notes (the "Series 2024-1 Variable Funding Notes"). The applicable interest rate to the Series 2024-1 Variable Funding Notes is equal to SOFR plus 2.45% per annum. As of March 31, 2026, there was $75.0 million of outstanding draws on the Series 2024-1 Variable Funding Notes, as well as $25 million of outstanding letters of credit. The Series 2024-1 Variable Funding Notes have an ARD of October 2029 and will mature in October 2054.

In the event that a series of 2024 ABS Notes is not repaid in full on or before the applicable ARD, the interest rate on such series of 2024 ABS Notes will increase and we will be required to use excess cash flows to pay down the unpaid principal balance of such series of 2024 ABS Notes in accordance with the priority of payments set forth in the 2024 Indenture.

The 2024 Co-Issuers may prepay the notes of any series of the 2024 ABS Notes in whole or in part upon prior written notice at a prepayment premium applicable to such series if such series is in its applicable prepayment period, plus all accrued and unpaid interest on the principal amount of the notes being prepaid through the

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date of such prepayment. In addition, the 2024 Co-Issuers may prepay each series of the 2024 ABS Notes in an aggregate amount not to exceed 35.0% of the initial outstanding principal balance of such series with the proceeds received in connection with a "qualified deleveraging event" (which this offering will qualify as), as defined in the 2024 Indenture.

The 2024 ABS Notes are secured obligations of the 2024 Co-Issuers and are fully and unconditionally, jointly and severally, guaranteed by certain subsidiaries of the 2024 Co-Issuers. The 2024 ABS Notes and related guarantees are secured by first-priority security interests in a collateral pool consisting of multi-tenant enterprise data centers, held in both fee simple and leasehold interests, subject to certain exceptions and permitted liens. The 2024 Indenture contains covenants that, among other things, limit the 2024 Co-Issuers' and certain of their subsidiaries' ability to incur additional debt and create liens on certain assets. These limitations are subject to a number of qualifications and exceptions set forth in the 2024 Indenture. The 2024 Indenture also provides for customary events of default.

 *Promissory Note* 

On May 14, 2026, we received a $75.0 million loan from the Brookfield Stockholder pursuant to an unsecured promissory note (the "Promissory Note") in an original aggregate principal amount of $75.0 million. The Promissory Note matures on May 14, 2029, bears interest at a fixed rate of 3.54% per annum, payable quarterly at the end of each fiscal quarter, and permits interest that is not paid in cash when due to be paid-in-kind and added to the outstanding aggregate principal amount of the Promissory Note. We may make voluntary prepayments under the Promissory Note, in whole or in part, upon prior written notice without any prepayment premium or penalty. The Promissory Note also provides for customary events of default.

#### Off-Balance-Sheet Arrangements
We did not have during the periods presented, and we do not currently have, any off-balance sheet financing arrangements or any relationships with unconsolidated entities or financial partnerships, including entities sometimes referred to as structured finance or special purpose entities, that were established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

#### Critical Accounting Estimates
Discussion and analysis of our financial condition and results of operations are based on our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities and related disclosure of contingent assets and liabilities, revenue and expenses at the date of the financial statements. Generally, we base our estimates on historical experience and on various other assumptions in accordance with U.S. GAAP that we believe to be reasonable under the circumstances. Because of the uncertainty inherent in these matters, actual results may differ from these estimates under different assumptions or conditions.

Critical accounting estimates are those that we consider the most important to the portrayal of our financial condition and results of operations because they require the Company's most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Based on this definition, we have identified the following critical accounting estimates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • accounting for revenue recognition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • accounting for income taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • accounting for leases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • accounting for business combinations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • accounting for fair value measurements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • accounting for impairment of goodwill and other intangible assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • accounting for property and equipment, net.

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These critical accounting estimates are addressed below. In addition, we have other key accounting estimates that are described in Note 2 to our consolidated financial statements.

 *Revenue recognition* 

We derive the majority of our revenues primarily from revenue streams, consisting of (i) enterprise colocation services, which includes the licensing of cabinet space and power; (ii) interconnection services, such as cross connects and exchange ports; and (iii) other revenues including but not limited to rental income from tenants and/or subtenants. The remainder of the Company's revenues are from non-recurring revenue streams, such as installation services and other one-time charges such as termination fees and storage fees, as well as metered power revenue. Metered power revenues are determined based on the customer's measured consumption multiplied by the prevailing utility rate.

Our revenue contracts are accounted for in accordance with ASC 606, *Revenue from Contracts with Customers* ("Topic 606"), with the exception of certain contracts that contain lease components and are accounted for in accordance with ASC 842, *Leases* ("Topic 842") if the lease component is predominant. Under the revenue accounting guidance, revenues are recognized when services are provided to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for the services. Revenues from recurring revenue streams are generally invoiced monthly in advance and recognized ratably over the term of the contract, which generally ranges from one to seven years. Non-recurring installation fees, although generally invoiced upfront upon installation, are typically deferred and recognized ratably over the average customer life. Determining whether services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. A given transaction price is allocated to a separate performance obligation on a relative standalone selling price basis. The standalone selling price is determined based on overall pricing objectives, taking into consideration market conditions, geographic locations and other factors. Other judgments include determining if any variable consideration should be included in the total contract value of the arrangement, such as price increases.

Revenue recognition involves significant judgment, particularly in (i) identifying the predominant components of contracts that include lease and non-lease elements, (ii) identifying and separating distinct performance obligations within bundled service arrangements, (iii) estimating standalone selling prices for allocation purposes when observable prices are not available, and (iv) estimating average customer life for purposes of amortizing non-recurring installation fees.

For the three months ended March 31, 2026 and 2025, we recognized $270.5 million and $232.8 million in revenue, respectively. For the years ended December 31, 2025, 2024 and 2023, we recognized $987.0 million, $907.6 million and $198.3 million in revenue, respectively. Changes in the judgments and estimates discussed above could materially affect the timing and amount of revenue recognized.

For further information on revenue recognition, see Note 4 to our audited consolidated financial statements included elsewhere in this prospectus.

 *Income taxes* 

The Company's income tax provision was prepared following the separate return method. The separate return method applies ASC 740, *Income Taxes* ("Topic 740"), to the stand-alone financial statements of each member of the consolidated group as if the group members were a separate taxpayer. We make estimates, assumptions, and judgments to determine our provision for income taxes, deferred tax assets and liabilities, and any valuation allowance recorded against deferred tax assets. A tax benefit from an uncertain income tax position may be recognized in the financial statements only if it is more-likely-than-not that the position is sustainable, based solely on its technical merits and consideration of the relevant taxing authority's widely understood administrative practices and precedents.

The assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry forward periods by jurisdiction, our experience with loss carryforwards not expiring unutilized and all tax planning alternatives that may be available. A valuation allowance is recognized if, under applicable accounting standards, we determine it is more-likely-than-not that a deferred tax asset would not be realized. To the extent we increase or decrease the

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allowance in a period, we recognize the change in the allowance within net income (loss) in the audited consolidated statements of operations.

For the three months ended March 31, 2026 and 2025, we recognized $11.7 million and $5.5 million in income tax benefit (expense), respectively. For the years ended December 31, 2025, 2024 and 2023, we recognized $18.5 million, $144.5 million and $(1.0) million in income tax benefit (expense), respectively.

For further information on income taxes, see Note 13 to our audited consolidated financial statements included elsewhere in this prospectus.

 *Leases* 

The accounting for leases requires significant judgment, including determining whether an arrangement contains a lease, the classification of leases as operating or finance leases, identification of lease and non-lease components, allocation of consideration between components, and determination of the lease term, including assessing the likelihood of exercising renewal options.

Lease liabilities are measured based on the present value of fixed lease payments over the lease term. Variable lease payments that do not depend on an index or rate are excluded from the measurement of lease liabilities and expensed as incurred. Right-of-use assets consist of (i) the initial measurement of the lease liability, (ii) lease payments made to the lessor at or before the commencement date, less any lease incentives received, and (iii) any initial direct costs incurred by us. We utilize our own incremental borrowing rate ("IBR") to discount the present value of the remaining lease payments. We utilize a market-based approach to estimate the IBR. The IBR is based on our estimated rate of interest for a collateralized borrowing with a similar term and payments as the lease, which requires significant judgment. Therefore, we utilize different data sets to estimate IBRs via an analysis of (i) yields on our outstanding debt (ii) yields on comparable credit rating composite curves, and (iii) yields on comparable market curves.

These estimates are subject to uncertainty because (i) the IBR requires judgment about our creditworthiness and market conditions that may not be directly observable, (ii) the assessment of whether renewal options are reasonably certain to be exercised requires assumptions about future business needs and market conditions, and (iii) the allocation of consideration between lease and non-lease components involves judgment when standalone prices are not readily available. Changes in assumptions or estimates used in determining the lease term, IBR, or variable lease components could materially affect the recorded lease liabilities, corresponding right-of-use assets, and lease expense.

As of March 31, 2026, the operating and finance lease liabilities were $423.6 million and $439.6 million, respectively, and the corresponding operating and finance right-of-use assets were $344.7 million and $500.7 million, respectively. As of December 31, 2025, the operating and finance lease liabilities were $433.3 million and $443.4 million, respectively, and the corresponding operating and finance right-of-use assets were $355.2 million and $509.8 million, respectively. For the three months ended March 31, 2026 and 2025, we recognized operating lease costs of $17.9 million and $24.6 million, respectively. For the three months ended March 31, 2026 and 2025, we recognized finance lease costs of $18.0 million and $20.8 million, respectively. For the years ended December 31, 2025, 2024 and 2023, we recognized operating lease costs of $90.6 million, $106.9 million, $20.7 million, respectively. For the years ended December 31, 2025 and 2024, we recognized finance lease cost of $80.9 million and $83.9 million, respectively, and no finance lease cost was recognized for the year ended December 31, 2023. Changes in assumptions or estimates used in determining the lease term, IBR, or variable lease components could materially affect the recorded lease liabilities, corresponding right-of-use assets, and lease expense.

 *Business combinations* 

The accounting for business combinations requires significant judgment, particularly in determining the fair value of assets acquired and liabilities assumed at the acquisition date. These judgments primarily relate to the valuation of identifiable intangible assets and liabilities and are based on estimates and assumptions regarding the timing and amount of future revenues and expenses, future expected cash flows from acquired users and acquired technology from a market participant perspective, estimated useful lives, discount rates, and expected cost savings. We use all available information and, in certain cases, engage third-party valuation specialists to

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assist in estimating fair values using accepted valuation techniques, including discounted cash flow and market multiple analyses. In connection with our acquisitions, the estimated fair value of net assets acquired either exceeded the consideration transferred, resulting in the recognition of a bargain purchase gain, or was less than the consideration transferred, resulting in the recognition of goodwill.

Changes in assumptions or estimates used to determine fair values at the acquisition date could have affected the allocation of purchase price and the amount of bargain purchase gain and goodwill recognized.

For further information on business combinations, see Note 3 to our audited consolidated financial statements included elsewhere in this prospectus.

 *Fair value measurements* 

We measure certain financial instruments, including interest rate swap derivatives, at fair value on a recurring basis. Fair value is determined using valuation techniques that maximize the use of observable market inputs and reflect market participant assumptions at the measurement date. These measurements are primarily based on Level 2 inputs, including observable interest rate yield curves, forward interest rate expectations, and other market-based inputs, and require judgment in assessing the significance of inputs and the appropriate classification within the fair value hierarchy.

These estimates are subject to uncertainty because (i) the valuation of interest rate derivatives depends on forward rate expectations that are inherently volatile, (ii) credit valuation adjustments require judgment about counterparty credit risk, and (iii) market liquidity conditions can affect the availability and reliability of observable inputs.

Changes in market conditions or assumptions used in these valuation techniques would directly affect the estimated fair value of derivative assets and liabilities and, depending on hedge designation, could impact the amounts recognized in accumulated other comprehensive income or earnings.

For the three months ended March 31, 2026 and 2025, we recognized gains (losses) on interest rate swaps of $0.2 million and $(0.1) million, respectively. For the years ended December 31, 2025, 2024 and 2023, we recognized gains (losses) on interest rate swaps of $0.1 million, $33.7 million and $(2.2) million, respectively.

 *Impairment of goodwill and intangible assets* 

Our goodwill impairment assessments require significant judgment. We perform quantitative goodwill impairment tests annually, or more frequently if indicators of impairment exist, by comparing the fair value of the reporting unit to its carrying value. The fair value of the reporting unit is estimated using an income approach, based on a discounted cash flow method, and a market approach.

These valuation approaches require significant estimates and assumptions, including forecasted operating results, risk-adjusted discount rates, the selection of appropriate market comparables, and assumptions regarding future economic conditions and other market data. These estimates are inherently uncertain, and changes in the underlying assumptions could result in the carrying value of the reporting unit exceeding its fair value, which could lead to a material impairment charge and adversely affect our results of operations and financial position.

We operate as a single operating segment and reporting unit and periodically reassess this conclusion for changes in facts and circumstances, including indicators of potential impairment. Such indicators may include a significant decline in market value, adverse changes in the business climate or legal environment, operating or cash flow losses, or expectations that assets will be sold or disposed of earlier than previously estimated.

Our intangible assets consist primarily of customer relationships and developed technology, which are amortized over their estimated useful lives. We review intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The valuation and recoverability of our intangible assets, primarily customer relationships and developed technology, require significant judgment and estimates, including projected future cash flows, useful lives, customer attrition rates, and assumptions about future market and economic conditions. Changes in these assumptions could materially impact the carrying value of our intangible assets and result in impairment charges.

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The balance of our intangible assets, net as of March 31, 2026 was $421.4 million. The balance of our intangible assets, net as of December 31, 2025 and 2024 was $436.3 million and $425.3 million, respectively. We recorded no impairment charges on intangible assets during the three months ended March 31, 2026 and 2025 and the years ended December 31, 2025, 2024 and 2023.

 *Property and equipment, net* 

We have a significant amount of property and equipment recorded on our consolidated balance sheets. Property and equipment are depreciated using the straight-line method over their estimated useful lives, subject to lease terms for leasehold improvements and equipment located in leased properties.

Accounting for property and equipment requires significant judgment, primarily in estimating useful lives for depreciation purposes. These estimates are based on assumptions regarding the expected use of the assets, historical experience, and anticipated future economic benefits.

Additionally, we review our asset groups on an ongoing basis to identify any events or changes in circumstances indicating that the carrying amount of an asset group may not be recoverable, such as a significant decrease in market price of an asset group, a significant adverse change in the extent or manner in which an asset group is used, a significant adverse change in legal factors or business climate that could affect the value of an asset group or a continuous deterioration of financial condition. This assessment requires our assumptions and estimates derived from a review of its actual and forecasted operating results, approved business plans, future economic conditions and other market data. If a potential impairment trigger is identified, the measurement of an impairment loss requires assumptions and estimates of undiscounted and discounted future cash flows, and assumptions about the market price of assets. These assumptions and estimates require significant judgment and are inherently uncertain.

These estimates are subject to uncertainty because (i) the determination of useful lives requires assumptions about technological change, physical wear and obsolescence that may differ from actual experience, (ii) impairment testing requires assumptions about future cash flows that are inherently uncertain, and (iii) changes in business strategy or market conditions could affect the expected use of assets.

As of March 31, 2026, we had property and equipment, net of $4,005.5 million. During the three months ended March 31, 2026 and 2025, we recorded depreciation expense of $70.6 million and $50.0 million, respectively. As of December 31, 2025 and 2024, we had property and equipment, net of $3,951.1 million and $2,766.1 million, respectively. During the years ended December 31, 2025, 2024 and 2023 we recorded depreciation expense of $217.1 million, $207.7 million and $34.7 million, respectively. We evaluated the estimated useful lives of our property and equipment and made no revisions to these estimates during the three months ended March 31, 2026 and 2025 and the years ended December 31, 2025, 2024 and 2023. Subsequent changes in the estimated useful lives of our property and equipment could have a significant impact on results of operations.

#### Recent Accounting Pronouncements
See the sections titled "Summary of Significant Accounting Policies—Recent Accounting Pronouncements—Accounting Standards Recently Adopted" and "Summary of Significant Accounting Policies—Recent Accounting Pronouncements—Accounting Standards Not Yet Adopted" in Note 2 to our audited consolidated financial statements included elsewhere in this prospectus for more information.

#### Quantitative and Qualitative Disclosures About Market Risk
 *Market risk* 

The following discussion about market risk involves forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements. We may be exposed to market risks related to changes in interest rates and foreign currency exchange rates and fluctuations in the prices of certain commodities, primarily electricity.

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 *Interest rate risk* 

We are exposed to interest rate risk related to our outstanding debt. An immediate increase or decrease in current interest rates from their position as of March 31, 2026 and December 31, 2025 would not have a material impact on our interest expense due to the fixed coupon rate on 84% and 85% of our total debt obligations, respectively. However the interest expense associated with our Revolving Credit Facility that bears interest at variable rates could be affected. We enter into floating-to-fixed interest rate swaps to fix our variable cost of borrowing, to the extent that those variable-rate borrowings are material, which are designated as cash flow hedges. When interest rate hedges are settled periodically, any accumulated gain or loss included as a component of other comprehensive (loss) income will be amortized to Interest expense over the term of the forecasted hedging transaction which is equivalent to the term of the interest rate swap. As of March 31, 2026 we had $659.0 million of float to fixed interest rate swaps, and as of December 31, 2025 we did not have any float to fixed interest rate swaps. As a result, as of March 31, 2026 and December 31, 2025, our floating rate exposure is 3% and 15%, respectively, of our total debt obligations. As a result, for every 100-basis point increase or decrease in interest rates, our annual interest expense could increase or decrease by $1.5 million and $7.3 million based on the total balance of our Revolving Credit Facility and variable funding notes as of March 31, 2026 and December 31, 2025, respectively.

The fair value of our long-term fixed interest rate debt is subject to interest rate risk. Generally, the fair value of fixed interest rate debt will increase as interest rates fall and decrease as interest rates rise. These interest rate changes may affect the fair value of the fixed interest rate debt but do not impact our earnings or cash flows.

 *Foreign currency risk* 

We are subject to risk from the effects of exchange rate movements of foreign currencies, which may affect future costs and cash flows. Our primary currency exposure is the Canadian dollar. As a result, our consolidated results of operations and cash flows are subject to fluctuations due to changes in foreign currency exchange rates and may be adversely affected by such changes in the future. To date, we have not entered into any hedging arrangements with respect to foreign currency risk or other derivative financial instruments; however, we may choose to do so in the future.

 *Commodity price risk* 

Certain operating costs we incur are subject to price fluctuations resulting from volatility in underlying commodity prices. The commodities most likely to impact our results of operations in the event of price changes are energy and diesel fuel used in our generators. The Company has both all-in contracts and metered power contracts. Under all-in contracts, customers pay a single recurring charge that includes power. However, substantially all of our all-in contracts as of March 31, 2026 and December 31, 2025 included explicit mechanisms such as power indexation, utility rate pass-throughs, or extraordinary cost adjustment clauses. Where such mechanisms exist, certain increases in utility costs may be passed through to customers. Under metered power contracts, customers pay a fixed facility and capacity fee plus electricity as a separate, metered charge. For metered power contracts, power price increases are passed through to customers, and the customer bears all of the electricity price volatility. Therefore, under these contracts, increases in electricity costs are passed through to customers and, as a result, such increases do not materially impact net earnings under those contracts.

We do not currently employ forward contracts or other financial instruments to address commodity price risk.

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#### BUSINESS

#### Overview
Csquare is a leading North American enterprise digital infrastructure platform providing carrier-neutral colocation and interconnection services that support the applications powering the modern economy. We deliver mission-critical infrastructure to a diversified customer base of more than 1,700 enterprise, network, cloud, and technology customers. Our facilities support long-duration, availability-sensitive workloads with high barriers to exit, underpinned by strong customer retention, recurring revenue, and requirements for exceptional reliability, security, and connectivity.

We own and operate a geographically diverse portfolio of highly engineered, carrier-neutral data centers located in 21 major metropolitan markets across the United States, Canada and the United Kingdom. Given our presence in strategic locations, over 92% of the U.S. population is within two milliseconds of latency from one of our data centers. Our data centers provide essential infrastructure, including secure space, redundant power, advanced cooling systems, physical security, and dense interconnection capabilities, enabling customers to deploy and operate critical IT and network infrastructure.

As of March 31, 2026, our platform is comprised of 64 sites across 21 major metropolitan markets, delivering approximately 389 MW of Sellable Power Capacity and more than 36,600 interconnection products.

The following map shows the locations and installed capacities of our data centers as of March 31, 2026, excluding three sites currently slated for closure.

![[MISSING IMAGE: mp_catalyst-4c.jpg]](mp_catalyst-4c.jpg)

Our platform is purpose-built to serve enterprise customers with complex operating requirements, including the need for network proximity, consistent operating standards, and high service availability. We focus primarily on sub-5 MW colocation deployments within multi-customer, interconnection-rich environments. We opportunistically can and will consider larger deployments based on customer demand. This approach allows us to support a broad range of long-standing blue-chip customers while maintaining high levels of operational efficiency and scalability across our portfolio.

We generate a majority of our revenue from recurring colocation and interconnection services under contractual arrangements that generally range from one to seven years, with our average remaining contract term being approximately 33 months as of March 31, 2026. We believe our diversified customer base, combined with the mission-critical nature of our services and the high switching costs associated with data center relocation, has contributed to our Net Revenue Churn, which was less than 2% for each of the three months ended March 31, 2026 and 2025, and stable, predictable cash flows.

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Our multi-customer operating model is designed to drive significant customer diversification and limit reliance on any single customer or industry vertical. In addition, we believe our interconnection-rich facilities enhance customer retention and support incremental revenue growth through cross-connects and expansion deployments. As customers scale their infrastructure within our data centers, we believe we will be able to benefit from embedded growth with limited incremental capital investment.

Our customers rely on us as a critical infrastructure partner that simplifies the deployment and operation of mission-critical IT environments. We provide a geographically proximate, carrier-neutral colocation platform with pre-built power and cooling infrastructure that can be activated and scaled quickly within existing facilities. This enables enterprises to deploy capacity with short lead times, predictable costs, and minimal upfront capital.

Because our buildings, infrastructure and fiber ecosystems are already in place, customers benefit from low-latency connectivity, reduced execution risk, and flexible, modular expansion without the complexity or capital intensity of self-build or greenfield alternatives. This value proposition has driven sustained demand and strong customer adoption.

Strong operating performance and cash generation have enabled us to fund growth primarily through operating cash flow and disciplined financing activities. Our expansions are typically executed within existing, transformer-enabled facilities, requiring site-specific capital expenditures and typically costing on a net basis approximately $4 million to $8 million per MW—meaningfully lower than the expected cost of greenfield development.

This capital-efficient expansion model allows us to add incremental revenue with limited reliance on new building construction. As enterprises place additional workloads into production, including hybrid cloud and inference use cases, our portfolio of urban, carrier-neutral data centers provides a durable runway for scalable growth.

We believe our portfolio, operating strategy, and customer mix position us to benefit from long-term secular trends, including increased enterprise outsourcing of data center infrastructure, growth in network-intensive and latency-sensitive applications, AI inference, and rising demand for reliable, secure, and interconnected digital infrastructure. We believe our disciplined capital allocation strategy, strong corporate liquidity and operating cash flows, as well as focus on operational excellence, support sustainable growth.

#### Our Origins
We commenced operations in January 2019. Our strategic development has been shaped by acquiring portfolios of data center assets that were built to high quality engineering standards, with robust power redundancy, dense embedded fiber connectivity, and strategically located urban footprints. As a result, many of our facilities benefit from infrastructure characteristics and locations that would be difficult and costly to replicate today.

In 2024, we acquired a portfolio of assets through a highly structured and disciplined process, capitalizing on a unique opportunity to add scale and quality to our platform. By focusing on assets with established power, connectivity, and enterprise demand, we enhanced our urban, carrier-neutral footprint with limited execution risk and attractive capital efficiency. The success of this approach is reflected in strong post-acquisition performance and sustained customer demand, demonstrating our ability to create value through operational expertise, balance sheet discipline, and opportunistic growth.

In addition, our current platform of assets has benefited from a comprehensive operational transformation. This process included the selective assumption and renegotiation of site leases, the divestiture of non-core international assets, significantly increased ownership of underlying real estate, and the consolidation of operations, systems, and go-to-market functions. These actions significantly improved our portfolio's quality, enhanced operating efficiency, and aligned the platform with our long-term strategic objectives.

#### Our Commercial Strategy
We serve more than 1,700 customers across a broad range of industries, including financial services, health care, cloud and IT services, media and content, network service providers, semiconductors, gaming, and

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enterprise technology. Our customer base is highly diversified, and no single customer represented more than 7% of our revenue for the year ended December 31, 2025.

The following graphic shows our monthly recurring revenue by customer vertical as of March 31, 2026:

#### Customer Vertical
![[MISSING IMAGE: pc_customervertical-4c.jpg]](pc_customervertical-4c.jpg)

Most of our revenue is recurring and generated under contractual customer arrangements with multi-year terms, and our average remaining contract length was approximately 33 months as of March 31, 2026, which has increased from approximately 30 months and 21 months as of December 31, 2025 and December 31, 2024, respectively. Substantially all of our contractual arrangements contain power pass-through pricing mechanisms and annual escalators, reducing our exposure to utility price volatility and simplifying our cash flow planning over multi-year contracts. We had Net Revenue Churn of less than 2% for each of the three months ended March 31, 2026 and 2025, reflecting the mission-critical nature of our services and the operational complexity associated with relocating data center infrastructure. Finally, we generated 78.5% and 70.6% of our net operating income for the three months ended March 31, 2026 and the year ended December 31, 2025, respectively, from owned sites, which, when combined with sites under long-term leases, provides significant operational control to deliver to our customers, improved capital markets access, and greater cost base certainty over the long term.

Our commercial strategy emphasizes long-term customer relationships and disciplined pricing over short-term revenue maximization, which we believe supports revenue visibility, and stability.

We provide several primary service offerings to our customer base:

*Enterprise Colocation*: Our primary service offering is enterprise-focused colocation. Customers deploy IT and network infrastructure within our data centers to support production IT environments, hybrid cloud architectures, latency-sensitive applications, financial trading platforms, content delivery networks, and enterprise AI and inference workloads. Most customer deployments are below 5 MW and average approximately 7.6 contracted kW per rack across our footprint, though we have the infrastructure and ability to provide high density computing environments in most of our data centers. We have installed and operate deployments as high as 150 kW per rack, with the ability to operate installations beyond 250 kW per rack.

The following graphic shows our monthly recurring revenue by deployment size as of March 31, 2026:

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#### Deployment Size
![[MISSING IMAGE: pc_deploymentsize-4c.jpg]](pc_deploymentsize-4c.jpg)

*Interconnection*: Interconnection is a powerful growth engine at the center of our platform, and we averaged 21 interconnection products per customer as of March 31, 2026. Our data centers provide highly network-dense, carrier-neutral environments that give customers immediate access to a broad ecosystem of leading network service providers, cloud on-ramps, and direct customer-to-customer connectivity. With multiple providers operating in every facility, customers can rapidly scale, optimize performance, and reduce latency and costs—without vendor lock-in. This rich interconnection ecosystem enables faster deployments, efficient expansion, and stronger business partnerships from day one.

Interconnection services accounted for approximately 10.3% and 12.6% of our recurring revenues for the three months ended March 31, 2026 and 2025, respectively, and approximately 11.9%, 13.1% and 9.8% of our recurring revenues for the years ended December 31, 2025, 2024 and 2023, respectively, and we believe such services are a key driver of long-term customer value. By embedding customers within thriving, multi-tenant ecosystems, we help them build resilient, future-ready infrastructure that grows with their business.

While interconnection is not positioned as a primary customer acquisition tool, we believe it materially enhances customer "stickiness" by increasing switching costs and supporting operational integration within our facilities. As a result, our interconnection-rich environments contribute to average customer relationships with our top 50 customers of more than 12 years (as measured by monthly recurring revenue).

*Additional Services*: We also offer a range of additional services that generate incremental revenue and enhance customer retention. These services typically include remote hands and eyes support, equipment installation and removal, cabling and cross-connects, hardware troubleshooting, monitoring, and other on-demand technical assistance. Additional services are generally billed on a time-and-materials or per-service basis and allow customers to operate critical infrastructure without maintaining on-site personnel, while providing us with higher-margin, non-power-dependent revenue streams that complement our core colocation offerings.

#### Pricing Models and Power Cost Exposure
Data center contracts are typically structured as either "all-in" (bundled) or "metered power" (plus electricity). As of March 31, 2026, all-in contracts and metered power contracts comprised approximately 70.6% and approximately 29.4% of our total portfolio recurring revenue, respectively.

Under all-in contracts, customers pay a single recurring charge that includes power. However, substantially all of our all-in contracts as of March 31, 2026 included explicit mechanisms such as power indexation, utility rate pass-throughs, or extraordinary cost adjustment clauses. Where such mechanisms exist, certain increases in utility costs may be passed through to customers. Our exposure to utility rate volatility is significantly reduced through our ability to pass-through power costs to our all-in customers.

Under metered power contracts, customers pay a fixed facility and capacity fee plus electricity as a separate, metered charge. Electricity costs are passed through based on actual utility rates or agreed indices. As a result, power price increases are passed through to customers, and the customer bears all of the electricity price volatility.

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Across both models, contracts are typically based on a committed power capacity (kW), and increases in customer power usage or capacity commitments generally result in higher customer charges, subject to contractual terms governing overages and capacity adjustments.

#### Our Competitive Strengths: Why We Win
Our ability to attract and retain customers is driven by several specific qualities that are critical to our success.

*High Quality Infrastructure Engineered for Reliability and Longevity*: Our data center facilities are designed and operated to support continuous, mission-critical workloads. Across our portfolio, we have historically achieved nearly 100% of uptime over more than a decade of operating history by us and our predecessors. Our model emphasizes preventative maintenance and disciplined capital reinvestment, including the systematic replacement and upgrading of power and cooling systems.

These ongoing investments are intended to maintain the reliability and performance of our facilities over time and to support evolving customer requirements. We believe this approach reduces operational risk, extends asset useful life, and mitigates the risk of infrastructure obsolescence.

*Scaled Presence in Urban Population Centers Offering Low Latency Connections*: Our portfolio of interconnection-oriented data centers is predominantly located in urban population centers in the United States market, that in almost all cases serve as demarcation points for key fiber-optic backbone providers. These fiber-optic backbone providers are part of a dense connectivity ecosystem within each of our data center campuses that include network service providers, cloud platforms, and enterprise customers.

*Embedded Power Availability that Scales with Customer Demand*: Our facilities are generally designed with **embedded power availability and future potential expandable capacity**, enabling customers to scale efficiently as their power and density requirements grow. This design allows us to activate additional capacity within almost all of our existing facilities in response to customer demand, supporting rapid deployments, expansions, and evolving workloads without the delays typically associated with new site development.

Because our facilities are already connected to utility power, fiber networks, and operational systems, customers may be able to benefit from **shorter lead times, lower execution risk, and greater flexibility** as their requirements change. This scalable approach allows customers to grow within our portfolio over time, supporting long-term relationships and repeat deployments while ensuring capacity is delivered in alignment with actual demand.

*Structurally Advantaged Exposure to Enterprise AI and Inference Workloads*: The increased usage of AI increases demand for power densities and interconnection. We have embedded capacity to respond to **enterprise AI and inference workloads** in a capital efficient manner where these deployments align with our enterprise-focused operating model and facility capabilities. This allows customers to deploy higher-performance computing solutions, including GPU-based configurations, within a secure, operationally mature colocation environment designed for mission-critical workloads.

While many customers continue to operate at traditional enterprise power densities, many facilities within our portfolio can accommodate **higher-density deployments**, providing customers with flexibility to adopt AI and advanced computing use cases as their needs evolve. This approach enables customers to scale performance within a familiar platform and operating model, without requiring purpose-built facilities, while allowing us to participate in AI-related demand in a disciplined and targeted manner.

*Industry Leading Management Team with Significant Data Center Experience and Proven Track Record*: Our senior management team comprises seasoned industry professionals with more than a century of combined experience in the ownership, operation, and commercialization of data center and digital infrastructure assets. The team is supported by an in-house team of specialized data center engineers, electricians, and operations personnel with deep expertise across facility development, power systems, and day-to-day operations. This integrated operating platform, combined with management's decades-long customer relationships and a strong understanding of enterprise requirements, enables us to deliver highly reliable, customized solutions and sustain long-term customer retention.

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#### Industry Background
Data centers are specialized facilities designed to house servers, data storage systems, and networking equipment used to store, process, and transmit digital information. As enterprises increasingly rely on digital technologies to support core business operations, data centers have become critical infrastructure, providing secure, reliable, and continuously available environments for mission-critical workloads.

Colocation data centers enable organizations to outsource facility-level infrastructure while maintaining ownership and control of their IT equipment. These facilities provide essential services, including power, cooling, physical security, and access to network and cloud connectivity. By colocating infrastructure within shared facilities, customers can reduce capital expenditures, increase operational flexibility, and avoid the complexity associated with designing, building, and operating proprietary data center infrastructure.

Certain data centers are located at centralized network exchange points where multiple communications networks converge. These facilities function as interconnection hubs, enabling customers to establish direct physical connections with network service providers, cloud platforms, and other enterprises. Interconnection-rich environments facilitate efficient data exchange, support low-latency and high-availability applications, and allow customers to access multiple connectivity options within a single location.

The colocation data center business model is characterized by recurring and contractual revenue streams, typically generated through multi-year customer agreements that often include annual pricing escalators. Interconnection services generally involve recurring fees for physical cross-connects between customers, networks, and cloud platforms within a facility. These connections are typically maintained for the duration of the underlying workloads.

Together, colocation and interconnection services form a complementary operating model in which customers establish a physical presence within a facility and layer connectivity relationships on top of that footprint. Over time, the accumulation of customers, networks, and cloud providers within interconnection-rich facilities can create dense ecosystems that support strong customer retention and long-term occupancy.

#### Demand Drivers
Demand for data center capacity continues to increase as enterprises, service providers, and technology platforms expand their reliance on digital infrastructure. Industry estimates indicate that global data center demand is expected to grow at a strong pace over the next five years, with demand for power and capacity increasingly outstripping new supply in many established markets. This growth is driven by a combination of structural trends that are increasing compute intensity, power requirements, and the need for secure, interconnected infrastructure.

The adoption of AI across enterprise, consumer, and industrial applications is contributing to higher power density, cooling, and compute requirements within data centers. As these workloads are deployed alongside traditional enterprise applications, they are increasing demand for flexible colocation environments capable of supporting a range of operating profiles.

The following graphic illustrates growth in global data center colocation market demand and average contract rates:

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| | |
|:---|:---|
| **Data Center Colocation Market Demand<sup>(1)(2)</sup> <br> ($Bn)**  | **Average Contract Rates<sup>(3)</sup> <br> ($/ kW / mo.)**  |
| ![[MISSING IMAGE: bc_datacenterdemand-4c.jpg]](bc_datacenterdemand-4c.jpg)  | ![[MISSING IMAGE: lc_averagecontrate-4c.jpg]](lc_averagecontrate-4c.jpg)  |

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(1) Source: Market Share Report Series—Data Centre Colocation, Global Markets (Structure Research, August 2025)

(2) Colocation market size defined as the total revenue generated from deploying colocation footprints

(3) Source: CBRE Research, CBRE Data Center Solutions, H2 2025. Represents average asking rental rates in primary markets for 250 – 500 kW contracts

The increased demand for colocation data centers is supported by several key factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Enterprise Workload Expansion.* Enterprise data traffic and processing requirements continue to increase in complexity and volume. As a result, enterprises are increasingly outsourcing IT infrastructure and adopting hybrid IT architectures to access secure, resilient, and scalable environments operated by specialized data center providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Rise of High-Density Computing and AI.* Enterprise adoption of AI is driving increased demand for higher-density computing, particularly for inference workloads that are latency-sensitive, network-intensive, and deployed close to users and enterprise data environments. Unlike large-scale training, these workloads prioritize low latency, high availability, and dense connectivity, favoring data centers with strong interconnection ecosystems, proximity to cloud and network providers, and the ability to support elevated power and cooling requirements. As AI adoption matures, industry trends indicate a shift from training toward inference deployed in production environments, increasing demand for infrastructure that can support advanced computing alongside existing enterprise workloads. We believe our facilities are well positioned to support this evolution by enabling customers to deploy AI-enabled applications within secure, network-rich, and operationally mature environments without requiring purpose-built AI campuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Regulatory, Compliance, and Data Localization Requirements.* Increasing regulatory requirements in certain industries and jurisdictions are driving demand for third-party data center facilities that can support compliance and security, data sovereignty, and localization needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Shift Away from On-Premises Infrastructure.* Many enterprises are migrating workloads away from on-premises environments to gain greater flexibility, reduce long-term capital requirements, access newer technologies, and locate infrastructure closer to end markets and network exchange points.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Cloud Repatriation and Hybrid Architectures.* Some enterprises are reevaluating public cloud deployments and relocating certain workloads to colocation environments, where dedicated infrastructure can offer greater cost predictability, performance control, and customization. Colocation data centers provide a flexible alternative that supports hybrid and multi-cloud strategies.

#### Key Factors Influencing Industry Structure
The retail colocation data center industry operates within a capital intensive, technically complex environment as well as connectivity-dependent framework that can make entry and rapid scaling challenging for new participants.

Entry into the colocation data center sector in the major markets that we target requires access to reliable and scalable utility power, significant upfront capital requirements and ongoing reinvestment needs, specialized technical expertise and operating personnel, suitably zoned sites, and compliance with regulatory and permitting requirements.

New supply is further constrained by factors such as power availability, lengthy permitting and zoning timelines, supply chain limitations, and extended construction and commissioning cycles. These constraints are compounded by the technical complexity associated with the design, construction, and operation of data center facilities, particularly those capable of supporting higher-density or advanced computing workloads.

Customers tend to have long-term relationships with their providers due to the cost, operational risk and complexity involved in migrating critical infrastructure, as well as the presence of embedded connectivity and interconnection relationships within existing facilities. In addition, achieving scale in the colocation sector requires the ability to deliver consistent service across multiple locations while effectively managing capital deployment and long-term asset maintenance.

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Finally, interconnection-oriented data centers are often located along established fiber-optic backbones and within dense connectivity ecosystems that include network service providers, cloud platforms, and enterprise customers. These ecosystems typically develop over extended periods of time and are frequently concentrated in or near major metropolitan areas, making comparable connectivity environments difficult to replicate.

#### Growth Strategy
Our growth is driven by a repeatable, capital-efficient expansion model within our existing portfolio. Customers enter the platform with an initial deployment that converts into recurring revenue through predictable installation cycles. As workloads scale and architectures evolve, customers generally have the ability to expand power, density, and footprint within existing facilities, driving incremental revenue with materially lower capital intensity than new development. Over time, customers also have the ability to layer interconnection and additional services onto their colocation footprint, increasing revenue per customer and reinforcing long-term retention through rising switching costs. This operating model enables us to compound revenue and cash flow primarily through expansion inside our existing asset base while maintaining disciplined capital deployment and limited execution risk. As of March 31, 2026, we estimate there is up to approximately 670 MW of potential expansion capacity embedded within our existing sites by leveraging power, shell and topology upgrades, with approximately 330 MW and 340 MW of such potential expansion capacity from equipment optimization and under-roof expansion, respectively. For our expansions, we target a net cost to build of approximately $4 million to $8 million per MW and a payback period of less than five years.

Our Bookings were $64.2 million and $43.8 million for the three months ended March 31, 2026 and 2025, respectively, representing year-over-year growth of 46.7%. Our Bookings were $205.3 million, $141.8 million and $45.3 million for the years ended December 31, 2025, 2024 and 2023, respectively, representing year-over-year growth of 44.8% and 213.0%, respectively. Our growth strategy includes converting Bookings into recurring revenue through disciplined execution, efficient project delivery, and close coordination among our sales, engineering, and operations teams. Bookings provides visibility into near-term revenue growth and reduces reliance on speculative demand or market timing. In addition, since the beginning of 2023, we have installed more than 51 MW of capacity and have added over 170 logos, or new customer organizations. We believe the addition of new customer logos is an indicator of market adoption of our platform and our ability to attract new customers across industries and geographies. New customer logos generally contribute to revenue growth through the addition of new subscription contracts and provide opportunities for future expansion through cross-selling and upselling additional products and services. Because the amount of revenue generated by each customer varies depending on factors such as contract size, product mix and deployment scope, increases in customer logos are not necessarily directly correlated with revenue growth in any particular period.

Further, we are focused on expanding recurring revenue and cash flow through capital-efficient investment within our existing portfolio, disciplined customer acquisition, and selective support of evolving enterprise workloads. We prioritize growth opportunities that preserve customer diversification, enhance interconnection ecosystems, and generate attractive risk-adjusted returns without increasing development, concentration, or execution risk.

As we pursue organic growth, we expect to fund our expansion activities primarily through operating cash flows, supported by our strong balance sheet and, where appropriate, access to debt financing. Our growth strategy is designed to be largely self-funded, benefiting from a predominantly fixed cost structure and meaningful operating leverage as incremental capacity is deployed. We believe that revenue growth from under-roof expansion, backlog conversion, and customer relationship expansion will translate efficiently into cash flow, supported by centralized operations, procurement scale, and standardized systems across our portfolio.

We believe we have identified potential opportunities to grow our Adjusted EBITDA in excess of 14% on a compounded annual basis over the medium term. We believe there is an opportunity to grow Adjusted EBITDA by 3% to 5% on an annual basis during that period as a result of our pricing and leasing dynamics, including through our annual contractual escalators, leasing spreads and power pass-through pricing mechanisms, which are supported by our low levels of customer churn and high customer switching costs. We believe there is an opportunity to grow Adjusted EBITDA by 7% to 9% on an annual basis during that period as a result of under-roof growth, consisting of brownfield projects, our targeted 4x to 6x build multiple, which is calculated as a project's total net capital expenditures expected to be incurred once a contract is in place

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divided by such project's contracted annualized net operating income, long-term contracts and significant untapped space and power, which is supported by our fast booked-to-billing times and track record of under-roof expansion. We further believe there is an opportunity to grow Adjusted EBITDA by 4% or more on an annual basis during that period through strategic lease buyouts, site level mergers and acquisitions and optimization of our balance sheet. There can be no assurance that we will be successful in pursuing, or realizing the benefits of, any of the potential opportunities that we have identified in the estimated amounts, within the timeframe identified, or at all. See "*Risk Factors—Risks Related to Our Business and Operations—Financial Risks—Our estimates of market opportunity, potential expansion capacity, potential Adjusted EBITDA growth opportunities and target leverage may prove to be inaccurate.*"

#### Customer Relationship Expansion
We are focused on expanding existing customer relationships through incremental deployments, densification, and the provision of additional interconnection and additional services. Customers typically enter our platform with an initial deployment and generally have the ability to expand their deployment over time as workloads scale, architectures evolve, or additional applications are placed into production. As enterprise customer use cases continue to evolve—including increased adoption of higher-density computing and AI-enabled workloads such as inference—we believe we are well positioned to support rising power, cooling, and connectivity requirements within our existing facilities.

Our interconnection-rich environments, operational reliability, and flexible infrastructure enable customers to scale efficiently within our footprint, which we believe will allow us to increase revenue per customer while maintaining low customer acquisition costs and high retention.

#### Product and Pricing Optimization
We continue to refine our commercial strategy to enhance revenue quality and growth. This includes contractual annual pricing escalators, disciplined pricing for power-intensive deployments, and optimization of additional services such as cross-connects, remote hands, and on-site storage.

#### Under-Roof Expansion
A primary growth driver is under-roof expansion within our existing data center footprint to support additional capacity requirements. Our portfolio includes embedded capacity in the form of available power, vacant shell space, and infrastructure upgrade opportunities that can be activated through targeted investments, including additional UPS capacity, electrical topology enhancements, and increased rack density.

Under-roof expansion projects generally require lower capital investment and shorter development timelines than greenfield construction, as core building structures, utility power, and connectivity ecosystems are already in place. We expect a significant portion of near- and medium-term growth to be generated through these opportunities, in connection with contracted customer demand.

#### Disciplined Portfolio Optimization and Selective Acquisitions
We may pursue selective acquisitions or asset purchases that complement our existing footprint, enhance market density, or increase ownership of underlying real estate. Any such transactions are expected to meet strict underwriting criteria and align with our focus on enterprise colocation and interconnection.

#### Financial Policy
We seek to adhere to a conservative financial policy, which we believe is important to generating a stable and growing Adjusted EBITDA profile, maintaining a high rate of cash conversion and managing corporate liquidity.

The key pillars of our financial policy include the following:

*Generate cash flows from recurring, contractual arrangements with long-tenured, high-quality customers.* We target generating substantially all of our cash flows from recurring contractual arrangements with highly creditworthy counterparties under long-term offtake agreements. We believe this approach supports cash flow

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stability and reduces the capital intensity of our operations. For the year ended December 31, 2025, approximately 86% of our revenues were derived from enterprise colocation and interconnection services, which we consider to represent a stable, recurring base of cash flows.

In addition, we maintain a high level of customer diversification, with more than 1,700 customers across a broad range of industries. No single customer represented more than 7% of total revenues for the year ended December 31, 2025, which limits our exposure to any individual customer, service, or sector.

We also benefit from a long-standing customer base, with our top 50 customers (as measured by monthly recurring revenue) having maintained relationships with us for more than 12 years and a Net Revenue Churn of less than 8% for the year ended December 31, 2025. In addition, over the eight fiscal quarters in 2025 and 2024, we had an average quarterly Net Revenue Churn of less than 1.7%. We believe these factors reflect the durability of our customer relationships and contribute to the overall stability of our operations.

*Maintain high levels of liquidity.* As of March 31, 2026, we had total available liquidity of $357.6 million, consisting of $313.2 million of cash and cash equivalents and restricted cash, $91.0 million of undrawn and available capacity under our $800.0 million Revolving Credit Facility and our variable funding notes, less $46.6 million due to the issuance of letters of credit. Our business has limited non-discretionary capital requirements, and accordingly we intend to use available liquidity to reinvest into accretive growth initiatives designed to grow and enhance our service offerings, fund working capital requirements, and repay outstanding indebtedness.

*Focus on self-funding accretive capital deployment while maintaining a resilient leverage profile*. Over the long term, as we pursue organic growth, we target funding our pipeline of accretive growth opportunities primarily through operating cash flows and, where appropriate, through incremental debt financing, and we are targeting a long-term leverage ratio (which we calculate as (x) the the total carrying value of debt and finance leases, less cash and cash equivalents and restricted cash, divided by (y) the sum of (i) Adjusted EBITDA for our last fiscal quarter multiplied by four and (ii) contracted recurring revenue of signed customer commitments that require installation and/or deployment prior to the commencement of revenue recognition for our last month, net of associated recurring costs, multiplied by 12) of around 6.0x to 7.0x. We seek to build and maintain an inventory of growth opportunities that meet our internal return thresholds.

#### Competition
We offer a broad range of colocation, interconnection, deployment and related support services. As a result, we compete with a wide range of data center service providers and other infrastructure providers for some or all the services we offer. The end markets we target are highly competitive and continue to evolve rapidly, and we expect competition to intensify as technologies, customer requirements and market dynamics change.

We face competition from numerous (i) developers, owners and operators in the data center industry, including Equinix, DataBank, CoreSite, Digital Realty Trust, CyrusOne, Switch, TierPoint, Flexential and Cologix, some of which own or lease data centers, or may do so in the future, in markets in which our data centers are located, and/or (ii) providers of public cloud infrastructure, such as Amazon Web Services, Microsoft Azure and Google Cloud. In addition, certain customers and potential customers may elect to develop or expand their own data center facilities.

Competitors compete primarily on price, facility location, scale, reliability, reputation and perceived technical expertise and performance. We believe we are differentiated from many competitors in the retail data center industry because we offer an integrated platform that combines the scale and geographic reach of our data center portfolio with a dense interconnection ecosystem. This platform enables customers to efficiently connect with other enterprises, networks and business partners and to deploy hybrid computing architectures supported by innovative, software-defined technologies. These capabilities enhance our value proposition by increasing flexibility, scalability and ease of deployment for our customers. See "*Risk Factors—Risks Related to Our Business and Operations—Industry, Market and Customer Risks—We face significant competition and may be unable to sell vacant space, renew existing customer agreements, or contract space at favorable rates as customer agreements expire*."

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#### Seasonality
Our business is not subject to material seasonal fluctuations, and we do not experience significant variations in revenue or operating results due to seasonal factors.

#### Customers
We serve more than 1,700 customers across a broad range of industries, including financial services, health care, cloud and IT services, media and content, network service providers, semiconductors, gaming, and enterprise technology. We believe that our ecosystem serves thousands of additional entities through our customers. Our customer base is highly diversified, and no single customer represented more than 7% of our revenue for the year ended December 31, 2025. For the years ended December 31, 2025, 2024 and 2023, our top 10 customers collectively accounted for approximately 33%, 34% and 35% of total revenue, respectively. We provide each customer with access to highly customized solutions tailored to their scale, colocation and interconnection requirements.

We seek to provide a consistent customer experience and a high level of service at competitive cost, which we believe supports customer retention and contributes to low churn rates relative to industry peers. For each of the three months ended March 31, 2026 and 2025, our Net Revenue Churn was less than 2%.

#### Sales and Marketing
We market our services through a direct sales force complemented by selected partner relationships. Our offerings are targeted to global enterprises, content providers, financial institutions, cloud service providers and network and mobile service providers. Our sales professionals work closely with customers to understand their requirements and design tailored solutions to meet their operational, performance and scalability needs.

Our sales strategy is designed to maximize market coverage and customer engagement through a combination of accounts managed directly by our in-house sales team and relationships with brokers, agents and other channel partners.

#### Environmental Matters
Under certain environmental laws and regulations, a current or former owner, operator or lessee of real property may be liable for the costs of removing or remediating contamination resulting from the presence or release of regulated materials or substances, including petroleum or petroleum-derived products, radioactive materials, asbestos, lead or lead-containing materials, per- or polyfluoroalkyl substances and polychlorinated biphenyls. Such liability may be imposed regardless of whether the responsible party knew of or caused the contamination and may be joint and several. These costs and liabilities could be substantial, and joint and several liability under these laws may attach without regard to whether the owner or operator knew of, or was responsible for, the presence of the contaminants.

We may acquire or develop properties in the future with unknown environmental conditions resulting from historical or nearby operations. The presence of contamination, or failure to remediate contamination for which we are responsible, could (i) expose us to third-party claims, including for cleanup costs, bodily injury or property damage, (ii) result in governmental liens against affected properties, (iii) restrict the use of the properties or the operation of our business, and/or (iv) materially adversely affect our ability to sell, lease, develop or finance the affected properties.

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We believe there are no environmental conditions associated with our data centers that are reasonably likely to result in material liability under applicable environmental laws. However, the occurrence of new spills or releases, or the discovery of previously unidentified contamination, could result in significant additional costs.

Our properties are subject to federal, state and local environmental, health and safety laws and regulations, including those governing the storage of petroleum products, stormwater and wastewater discharges, air emissions and fire safety. In particular, our emergency generators are subject to strict air emissions requirements, which could limit their operation and potentially result in business disruptions or reputational harm if compliance issues arise. Failure to comply with applicable laws and regulations could result in fines, penalties and other liabilities. Some of our properties are subject to more stringent regulatory state and local restrictions on equipment use and noise, which may affect our ability to expand such properties and increase capacity in the future or plan new data centers in regions that impose stricter permitting obligations, and may require increased capital expenditures in order to remain in compliance with applicable permitting obligations.

Our operations also require permits, approvals and response plans related to the operation of generators and other regulated activities. These requirements may restrict operations or delay the development of new data centers. In addition, future changes in environmental laws and regulations could increase compliance costs or otherwise adversely affect our business.

#### Other Regulation
***Occupational Safety and Health***. We are subject to the Occupational Safety and Health Act in the United States and comparable health and safety laws in other jurisdictions, which govern various aspects of our operations.

***Zoning and Land Use***. The ownership and operation of our data centers subject us to federal, state and local laws and regulations relating to zoning, land use, building design and construction and other real estate-related matters.

***Data Privacy***. We are subject to laws, regulations, industry standards and contractual obligations relating to the collection, use, sharing and protection of third-party data, including personal data. These requirements include U.S. federal and state laws, the EU and U.K. General Data Protection Regulation and other international data privacy regimes.

***Climate Change Legislation***. Numerous international, federal, state and local initiatives have been proposed or implemented to address climate change. The physical effects of climate change and regulatory responses to climate-related risks could increase our operating and compliance costs and have a long-term adverse effect on our business. The scope and impact of future climate-related legislation and regulation remain uncertain. See "*Risk Factors—Risks Related to Our Business and Operations—Regulatory, Legal and Environmental Risks—Environmental problems may arise and can be costly, and we may be adversely affected by climate change and regulations related to climate change*."

***Other Laws***. We are also subject to various local, state and federal laws and administrative practices affecting our business, including those relating to employment, labor standards, equal employment opportunity, wages and licensing.

#### Human Capital
Our employees are critical to our long-term success. As of March 31, 2026, we employed 608 individuals. Of these employees, 562 were located in the United States and 46 were located outside the United States, including 18 in Canada, 27 in the United Kingdom and one in Japan. In addition, as of March 31, 2026, we utilized 164 third-party contractors in a subset of our locations to support operations in our data centers. We also engage consultants and contractors as needed to supplement our workforce. None of our employees are represented by a labor union, and we believe we maintain positive employee relations.

We seek to foster a safe, inclusive and engaging workplace that supports professional growth and development. Our board of directors provides oversight of human capital management, including corporate culture, talent acquisition and retention, employee engagement and succession planning. Management reports regularly to the board on human capital matters.

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Key human capital initiatives include employee engagement, training and development and competitive compensation and benefits. We conduct periodic employee engagement surveys through an independent third party and host regular employee town halls. We provide training on our Code of Business Conduct and Ethics, harassment prevention and job-specific skills, as well as leadership development programs. We strive to offer competitive, merit-based compensation and benefits, and our executive compensation programs are designed to align management incentives with Company performance and long-term value creation.

#### Insurance
We maintain property, liability and other insurance coverage that we believe is customary and adequate for our industry, including coverage for fire, earthquake, hurricane and flood risks, subject to commercially reasonable deductibles and limits. We also maintain directors' and officers' liability insurance, business interruption insurance, cybersecurity insurance, fiduciary coverage and workers' compensation insurance. Insurance market conditions may limit the availability or affordability of coverage in the future. Losses exceeding coverage limits or outside the scope of our insurance could materially adversely affect our business, financial condition and results of operations.

#### Intellectual Property
We rely on a combination of trade names, service marks, trademarks, copyrights and patents to protect our brand and proprietary technologies, including "Csquare" and "CSQR." While we cannot assure continued registration or ownership of all such intellectual property, we are not currently aware of any facts that would materially impair our use of these assets. As of March 31, 2026, we had nine issued patents and three pending patent applications covering various technologies, including those related to our Digital Exchange, which is our interconnection platform we use for our colocation customers. For more information regarding the risks related to our intellectual property, see "*Risk Factors—Regulatory, Legal, and Environmental Risks—If we fail to protect our proprietary intellectual property rights adequately, our competitive position could be impaired, and we may lose valuable assets, generate reduced revenue and incur costly litigation to protect our rights" and "Risk Factors—Regulatory, Legal, and Environmental Risks—We may in the future be subject to intellectual property disputes, which are costly to defend and could harm our business and operating results*."

#### Properties
Our executive offices are located in Coppell, Texas. Our data centers are enterprise-grade facilities that house customer server, storage and networking equipment in secure, managed environments. We manage space, power distribution, cooling and physical security, and provide on-site support services. Our facilities feature dense fiber connectivity, redundant power and cooling infrastructure, remote building management systems, multi-layered physical and electronic security and automatic fire suppression systems.

As of March 31, 2026, our portfolio consisted of 64 completed and operating data centers in the United States, Canada and the United Kingdom, including (i) 35 owned data centers located in markets including Boston, Chicago, Columbus, Dallas, Denver, Minneapolis, Montreal, Nashville, New Jersey, Northern Virginia, Phoenix, Raleigh, Seattle, Silicon Valley, Toronto and Tulsa and (ii) 29 leased data centers located in markets including Albuquerque, Atlanta, Boston, Chicago, Denver, London, Los Angeles, New Jersey, Northern Virginia, Phoenix, Seattle, Silicon Valley, Tampa and Toronto. Our data centers are strategically located near major business and financial centers and key connectivity hubs, and we have a diverse customer base that includes global enterprises and leading hyperscale cloud providers.

The table below presents general information with regards to our data centers as of March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Data Center**  | **Sellable <br> Capacity (sq. ft.)**  | **Capacity <br> Sold (sq. ft.)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **% of Capacity <br> Sold**  | **Owned/<br>Leased**  |
| Boston–BOS1_A  | 26162 | 7516 | 28.7% | Owned |
| Boston–BOS4_A  | 38979 | 12826 | 32.9% | Owned |
| Chicago–ORD2_A  | 110151 | 71858 | 65.2% | Owned |
| Chicago–ORD4_A  | 110066 | 82196 | 74.7% | Owned |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Data Center**  | **Sellable <br> Capacity (sq. ft.)**  | **Capacity <br> Sold (sq. ft.)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **% of Capacity <br> Sold**  | **Owned/<br>Leased**  |
| Columbus–CMH1_A  | 20469 | 17803 | 87.0% | Owned |
| Dallas–DFW1_A  | 142851 | 79487 | 55.6% | Owned |
| Dallas–DFW2_A  | 44215 | 23763 | 53.7% | Owned |
| Dallas–DFW3_A  | 61380 | 39204 | 63.9% | Owned |
| Dallas–DFW4_A  | 16000 | 16000 | 100.0% | Owned |
| Dallas–DFW5_A  | 16000 | 16000 | 100.0% | Owned |
| Denver–DEN1_A  | 41717 | 28583 | 68.5% | Owned |
| Minneapolis–MSP1_A  | 17476 | 15171 | 86.8% | Owned |
| Montreal–YUL1_A  | 9011 | 7463 | 82.8% | Owned |
| Montreal–YUL1_B  | 9053 | 9053 | 100.0% | Owned |
| Montreal–YUL2_A  | 77200 | 77200 | 100.0% | Owned |
| N. Virginia–IAD2_A  | 49427 | 27518 | 55.7% | Owned |
| N. Virginia–IAD3_A  | 26110 | 12530 | 48.0% | Owned |
| Nashville–BNA1_A  | 40000 |  | 0.0% | Owned |
| Nashville–BNA2_A  | 10000 | 10000 | 100.0% | Owned |
| Nashville–BNA2_B  | 16000 | 16000 | 100.0% | Owned |
| New Jersey–EWR2_A  | 136502 | 73378 | 53.8% | Owned |
| New Jersey–EWR5_A  | 59407 | 47886 | 80.6% | Owned |
| Phoenix–PHX3_A  | 49827 | 33501 | 67.2% | Owned |
| Raleigh–RDU1_A  | 10000 | 10000 | 100.0% | Owned |
| Raleigh–RDU1_B  | 12212 | 12212 | 100.0% | Owned |
| Seattle–SEA2_A  | 30998 | 19786 | 63.8% | Owned |
| Seattle–SEA3_A  | 37843 | 28791 | 76.1% | Owned |
| Silicon Valley–SFO1_A  | 60982 | 39592 | 64.9% | Owned |
| Silicon Valley–SFO1_B  | 38634 | 24669 | 63.9% | Owned |
| Silicon Valley–SFO2_A  | 45481 | 40897 | 89.9% | Owned |
| Silicon Valley–SFO2_B  | 56289 | 53431 | 94.9% | Owned |
| Silicon Valley–SFO4_B  | 35754 | 35754 | 100.0% | Owned |
| Silicon Valley–SFO9_A  | 33154 | 5500 | 16.6% | Owned |
| Toronto–YYZ3_A  | 38633 | 33163 | 85.8% | Owned |
| Tulsa–TUL1_A  | 16000 | 16000 | 100.0% | Owned |
| **TOTAL OWNED**  | **1543983** | **1044732** | **67.7%** |  |
| Albuquerque–ABQ1_A  | 13005 | 3140 | 24.1% | Leased |
| Atlanta–ATL1_A  | 56857 | 50641 | 89.1% | Leased |
| Atlanta–ATL1_D  | 50443 | 31036 | 61.5% | Leased |
| Boston–BOS1_B  | 24544 | 14793 | 60.3% | Leased |
| Chicago–ORD1_A  | 33032 | 16866 | 51.1% | Leased |
| Chicago–ORD1_B  | 26191 | 23853 | 91.1% | Leased |
| Denver–DEN2_A  | 27359 | 24256 | 88.7% | Leased |
| London–LHR2_A\*  | 5764 | 3077 | 53.4% | Leased |
| London–LHR2_B\*  | 7640 | 4424 | 57.9% | Leased |
| London–LHR3_A  | 39764 | 32093 | 80.7% | Leased |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Data Center**  | **Sellable <br> Capacity (sq. ft.)**  | **Capacity <br> Sold (sq. ft.)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **% of Capacity <br> Sold**  | **Owned/<br>Leased**  |
| Los Angeles–LAX3_A  | 74498 | 28546 | 38.3% | Leased |
| Los Angeles–LAX4_A\*  | 22984 | 4138 | 18.0% | Leased |
| Los Angeles–LAX5_A  | 53543 | 34998 | 65.4% | Leased |
| N. Virginia–IAD1_A  | 48031 | 22443 | 46.7% | Leased |
| N. Virginia–IAD1_B  | 37878 | 18777 | 49.6% | Leased |
| N. Virginia–IAD1_C  | 57444 | 34706 | 60.4% | Leased |
| N. Virginia–IAD4_A  | 58939 | 45844 | 77.8% | Leased |
| New Jersey–EWR2_C  | 75556 | 64238 | 85.0% | Leased |
| New Jersey–EWR3_A  | 48111 | 27875 | 57.9% | Leased |
| Phoenix–PHX1_A  | 24960 | 22628 | 90.7% | Leased |
| Phoenix–PHX1_B  | 15786 | 15575 | 98.7% | Leased |
| Phoenix–PHX2_A  | 23536 | 23536 | 100.0% | Leased |
| Seattle–SEA1_A  | 36905 | 12761 | 34.6% | Leased |
| Seattle–SEA1_B  | 39936 | 30963 | 77.5% | Leased |
| Silicon Valley–SFO3_A  | 19958 | 16533 | 82.8% | Leased |
| Silicon Valley–SFO4_A  | 21724 | 18856 | 86.8% | Leased |
| Tampa–TPA1_A  | 19409 | 8023 | 41.3% | Leased |
| Toronto–YYZ1_A  | 25597 | 18105 | 70.7% | Leased |
| Toronto–YYZ2_A  | 37382 | 29409 | 78.7% | Leased |
| **TOTAL LEASED**  | **1026776** | **682133** | **66.4%** |  |
| **TOTAL** | **2570759** | **1726865** | **67.2%** |  |

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\*

Slated for closure

We believe that our facilities are suitable to meet our current needs. We intend to expand our facilities or add new facilities as we grow, and we believe that suitable additional or alternative spaces will be available on commercially reasonable terms, if required.

#### Legal Proceedings
We are subject to commercial litigation claims and to administrative and regulatory proceedings and reviews that may be asserted or maintained from time to time. We currently believe that the ultimate outcome of such lawsuits, proceedings and reviews will not, individually or in the aggregate, have a material adverse effect on our financial position, liquidity or results of operations. For more information, see Note 14 to our audited consolidated financial statements included elsewhere in this prospectus.

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#### MANAGEMENT
The following table sets forth the name, age and position of each of our executive officers, directors and director nominees as of the date of this prospectus.

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| | | |
|:---|:---|:---|
| **Name**  | **Age**  | **Position**  |
| Spencer Mullee  | 64 | Chief Executive Officer and Director |
| Steven Cook  | 43 | Chief Financial Officer |
| Catherine Smith  | 62 | Chief Legal and Administrative Officer and Corporate Secretary  |
| Sean Charnock  | 49 | Chief Operating Officer |
| James Black  | 60 | Director Nominee |
| John Hastings  | 68 | Director |
| John Hellmann  | 56 | Director |
| Phil Kelley  | 53 | Director |
| Udhay Mathialagan  | 59 | Director |
| Caroline Petersen  | 33 | Director |
| Terri Pizzuto  | 67 | Director |
| Jack Waters  | 61 | Director |

---

The following are brief biographies describing the backgrounds of the executive officers, directors and director nominee of the Company.

***Spencer Mullee*** has served as our Chief Executive Officer since 2023 and as a member of our board of directors since 2026. Prior to the formation of Csquare, Mr. Mullee was the Chief Executive Officer of Evoque. Prior to his time at Evoque, Mr. Mullee was the President and Chief Executive Officer of Via Lago Investments, a real estate investment firm, from 2019 to 2023, and Founder of DCI Data Centers, a data center developer in Australia and the Asia Pacific market, and also served as its Chief Executive Officer, Chief Operating Officer and member of its board of directors from 2001 to 2019. Mr. Mullee holds a B.S. in Managerial Economics from the University of California, Davis. We believe that Mr. Mullee is qualified to serve as a member of our board of directors because of his historical knowledge of our business, operational expertise and leadership as our Chief Executive Officer and his extensive experience in the data center industry.

***Steven Cook*** has served as our Chief Financial Officer since 2023. Mr. Cook joined Evoque in 2021 and served as Vice President, Finance & Investor Relations from 2021 to 2023 and Chief Investment and Strategy Officer from 2025 to 2026. Mr. Cook has extensive experience in corporate strategy, capital allocation, growth implementation, and cost reduction initiatives. Prior to joining Evoque, he served in a number of roles at Wells Fargo, Rent-A-Center, and HundredX. Mr. Cook holds an MBA from the Kellogg School of Management at Northwestern University and a B.B.A. in Finance from the University of Notre Dame.

***Catherine Smith*** has served as our Chief Legal and Administrative Officer and Corporate Secretary since 2021. Ms. Smith has experience in legal and corporate governance matters across public companies and private equity backed organizations, including senior legal leadership roles at Motorola and Brightstar Corp. (now Likewize). Ms. Smith served as General Counsel of Brightstar Corp. and was a member of its Board of Directors from 2014 to 2020. She also served on the Board of Directors of Tilson Technology Management from 2020 to 2025 and was a member of its Audit and Compensation Committees. Ms. Smith holds a Juris Doctor degree from Georgetown University Law Center and a Bachelor of Arts degree in Government from the University of Virginia.

***Sean Charnock*** has served as our Chief Operating Officer since 2025. Mr. Charnock originally joined Csquare in 2024 and served as Chief Strategy Officer from 2024 to 2025. Prior to joining Csquare, Mr. Charnock served as Chief Executive Officer of Faction, an IT consulting firm, from 2018 to 2023 and as a member of its board of directors from 2018 to 2024. In addition, Mr. Charnock was previously the founder of SoftLayer Technologies, a pioneer in the cloud and IAAS sectors. His executive leadership spans multiple disciplines including data center, IAAS/SAAS, cloud and cyber security technologies, and he has been a part of multiple large scale venture and private equity backed companies including acquisitions from Siemens, IBM and

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FireEye Technologies. Mr. Charnock holds an MBA from Regis University and B.S. Degrees in Finance, Banking and Real Estate from the University of North Florida.

***James Black*** will be appointed to serve as a member of our board of directors in connection with this offering. Mr. Black is currently a vice president and large cap portfolio manager with Beutel Goodman, an investment management firm, a position he has held since 2007, and has equity research responsibilities covering Canadian companies in the telecommunications, utilities and financial sectors. Mr. Black has over 30 years of investment experience. Mr. Black is a graduate of the University of Western Ontario and is a CPA, CA and CFA charterholder. We believe Mr. Black is qualified to serve as a member of our board of directors because of his extensive knowledge of the telecommunications and utilities sectors.

***John Hastings*** has served as a member of our board of directors since 2026. Mr. Hastings is the former Chief Executive Officer of Citibank Canada, a financial services company, serving in that capacity from 2010 until his retirement in 2025. Prior to becoming Chief Executive Officer of Citibank Canada, Mr. Hastings served as Managing Director and Head of the Institutional Clients Group, overseeing Investment and Corporate Banking, Markets and Services businesses. Mr. Hastings currently serves on the board of directors, audit committee and ad hoc strategy committee of Open Text Corporation, a software company, a position he has held since 2025. Mr. Hastings also served on a number of Citibank affiliate boards and actively represented Citibank Canada in industry affairs as a member of the Canadian Bankers Association Executive Council, Chair of the Foreign Bank Committee Executive Council and member of the Business Council of Canada. Mr. Hastings holds a Bachelor's degree in Economics from Queen's University and an MBA from the University of Toronto. We believe Mr. Hastings is qualified to serve as a member of our board of directors because of his extensive financial services experience.

***John Hellmann*** has served as chairman of our board of directors since 2026. Mr. Hellmann has served as a Vice Chair in Brookfield's Infrastructure Group since 2023 and has served as Executive Chairman of Genesee & Wyoming ("G&W"), a railroad company and Brookfield portfolio company, since 2023. Prior to joining Brookfield, Mr. Hellmann served as Chief Executive Officer of G&W from 2007 to 2023 and in various other roles at G&W from 2000 to 2023 including Chairman, President and Chief Financial Officer. Mr. Hellmann has also served as a director on the board of Triton International, a leasing company, since 2023. Mr. Hellmann holds a Master of Business Administration degree from The Wharton School, a Master of Arts degree from Johns Hopkins School of Advanced International Studies and a Bachelor of Arts degree from Princeton University. We believe Mr. Hellmann is qualified to serve as a member of our board of directors because of his extensive experience as a company executive and extensive experience with infrastructure businesses.

***Phil Kelley*** has served as a member of our board of directors since 2026. Mr. Kelley brings more than 20 years of public and private company board experience across the global digital infrastructure sector. Mr. Kelley served in various capacities from 2008 to 2024 at Crown Castle, a Fortune 500 telecommunications company, most recently as Executive Vice President of Corporate Development & Strategy, where he led over $30 billion in acquisitions and helped shape the company's long-term strategy across towers, fiber and emerging digital infrastructure platforms. Mr. Kelley has served as board chair of Crown Castle Australia, on the audit committees of Crown Castle Australia and Vapor IO, on the compensation committees of Crown Castle Australia, FiberTower Corporation and Vapor IO, and on the governance committees of Crown Castle Australia and FiberTower Corporation, and has deep experience navigating M&A, economic cycles and operational turnarounds. Mr. Kelley has served as a director on the boards of Amplitel Pty Ltd and Fiberlight LLC and as an operating partner of Morrison since 2025. Mr. Kelley holds a Bachelor's degree in Economics from Harvard University. We believe Mr. Kelley is qualified to serve as a member of our board of directors because of his extensive digital infrastructure experience and his experience serving on the boards of multiple companies.

***Udhay Mathialagan*** has served as a member of our board of directors since 2026. Mr. Mathialagan has served as a Managing Partner in Brookfield's Infrastructure Group since 2018 and is Data Sector Head for Asia Pacific and the CEO of the Global Data Center group. In this role, Mr. Mathialagan is responsible for asset management of Brookfield's data center assets. Prior to joining Brookfield, Mr. Mathialagan was the Chief Executive Officer of a global telecom portfolio management software company in Singapore. Mr. Mathialagan has held leadership positions in investment management, infrastructure and growth businesses in telecommunications and technology sectors in Asia Pacific and Europe. Mr. Mathialagan holds a Master of

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Business Administration degree from Rotterdam School of Management, Erasmus University, the Netherlands. We believe Mr. Mathialagan is qualified to serve as a member of our board of directors because of his extensive experience in the data center industry.

***Caroline Petersen*** has served as a member of our board of directors since 2026. Ms. Petersen joined Brookfield in 2022 as a Vice President and has served as a Senior Vice President in Brookfield's Infrastructure Group since 2023. In her current role, Ms. Petersen focuses on infrastructure investments across North America. Prior to joining Brookfield, Ms. Petersen was a vice president at Denham Capital Management, a private equity firm, from 2020 to 2022 and previously worked in the investment banking division at Barclays. Ms. Petersen holds a Master of Real Estate degree and Bachelor of Business Administration degree from Texas A&M University. We believe Ms. Petersen is qualified to serve as a member of our board of directors because of her extensive infrastructure and financial services experience.

***Terri Pizzuto*** has served as a member of our board of directors since 2026. Ms. Pizzuto brings nearly four decades of executive financial experience, most recently serving as Executive Vice President, Chief Financial Officer and Treasurer of Hub Group, a transportation solutions company, from 2007 until her retirement in 2020. Prior to her career at Hub Group, Ms. Pizzuto spent 22 years at Arthur Andersen, LLP, including as an Audit Partner. Ms. Pizzuto holds a Bachelor of Science in Accountancy from the University of Illinois Urbana-Champaign. Ms. Pizzuto currently serves on the boards of directors and audit committees of Aebi Schmidt, an agricultural machinery company, and Triton International, a leasing company. We believe Ms. Pizzuto is qualified to serve as a member of our board of directors because of her extensive accounting experience and because of her extensive experience as a company executive.

***Jack Waters*** has served as a member of our board of directors since 2026. Mr. Waters has served as Chief Executive Officer and a member of the board of directors of Intrepid Fiber Networks, a fiber-to-the-home infrastructure owner and operator, since 2021 and served as chairperson of Digital 9 Infrastructure, an investment firm, from 2021 to 2022. Mr. Waters is also a board member of BUUK Infrastructure, a utility infrastructure company based in the United Kingdom. Mr. Waters holds a Bachelor of Science in Electrical Engineering from West Virginia University and a Master of Science in Electrical and Electronics Engineering from the Johns Hopkins Whiting School of Engineering. We believe Mr. Waters is qualified to serve as a member of our board of directors because of his extensive telecommunications experience.

#### Family Relationships
There are no family relationships among our directors and executive officers.

#### Controlled Company
We have applied to list our common stock on the NYSE. As Brookfield will continue to beneficially own more than 50% of our combined voting power upon the completion of this offering, we will be considered a "controlled company" for the purposes of that exchange's rules and corporate governance standards. As a "controlled company," we will be permitted to elect not to comply with certain corporate governance requirements, including (1) those that would otherwise require our board of directors to have a majority of independent directors, (2) those that would require that we establish a compensation committee comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities and (3) those that would require we have a nominating and corporate governance committee comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities. Upon completion of this offering, a majority of our board of directors will not consist of independent directors and, although we will have nominating and corporate governance and compensation committees with written charters addressing such committees' purposes and responsibilities, such committees will not be comprised entirely of independent directors. We intend to utilize these exemptions as long as we remain a controlled company. Accordingly, you will not have the same protections afforded to stockholders of companies that are subject to all of these corporate governance requirements. In the event that we cease to be a "controlled company" and our shares of common stock continue to be listed on the NYSE, we will be required to comply with these provisions within the applicable transition periods.

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#### Director Independence
While we are a "controlled company" we are not required to have a majority of independent directors. As allowed under the applicable rules and regulations of the SEC and the NYSE, we intend to phase in compliance with the heightened independence requirements prior to the end of the one-year transition period after we cease to be a "controlled company." Upon consummation of this offering, we expect our independent directors, as such term is defined by the applicable rules and regulations of the NYSE, will be James Black, John Hastings, Phil Kelley and Terri Pizzuto.

#### Board Composition
Upon the consummation of this offering, our board of directors will consist of nine members. We intend to avail ourselves of the "controlled company" exception under the NYSE rules, which eliminates the requirements that we have a majority of independent directors on our board of directors and that we have a compensation committee and a nominating and corporate governance committee composed entirely of independent directors. We will be required, however, to have an audit committee with one independent director during the 90-day period beginning on the date of effectiveness of the registration statement of which this prospectus is a part. After such 90-day period and until one year from the date of effectiveness of the registration statement, we will be required to have a majority of independent directors on our audit committee. Thereafter, we will be required to have an audit committee comprised entirely of independent directors.

If at any time we cease to be a "controlled company" under the NYSE, rules, our board of directors will take all action necessary to comply with the applicable NYSE rules, including appointing a majority of independent directors to our board of directors and establishing certain committees composed entirely of independent directors, subject to a permitted "phase-in" period.

Upon the consummation of this offering, our board of directors will be divided into three classes. The members of each class will serve staggered, three-year terms (other than with respect to the initial terms of the Class I and Class II directors, which will be one and two years, respectively), with only one class of directors being elected at each annual meeting of stockholders. Upon the expiration of the term of a class of directors, directors in that class will be elected for three-year terms at the annual meeting of stockholders in the year in which their term expires. Upon consummation of this offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • James Black, John Hellmann and Udhay Mathialagan will be Class I directors, whose initial terms will expire at the 2027 annual meeting of stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • John Hastings, Caroline Petersen and Jack Waters will be Class II directors, whose initial terms will expire at the 2028 annual meeting of stockholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Phil Kelley, Spencer Mullee and Terri Pizzuto will be Class III directors, whose initial terms will expire at the 2029 annual meeting of stockholders.

Any additional directorships resulting from an increase in the number of directors will be distributed among the three classes so that, as nearly as possible, each class will consist of one-third of our directors. This classification of our board of directors may have the effect of delaying or preventing changes in control. At each annual meeting, our stockholders will elect the successors to one class of our directors.

The authorized number of directors may be increased or decreased by our board of directors in accordance with our certificate of incorporation; provided, that, as long as Brookfield beneficially owns at least 20% of the voting power of our outstanding common stock, our certificate of incorporation provides that our board of directors cannot increase or decrease the total number of our authorized directors without the prior written approval of Brookfield. At any meeting of our board of directors, except as otherwise required by law, a majority of the total number of directors then in office will constitute a quorum for all purposes, except that if Brookfield beneficially owns at least 5% of the voting power of our outstanding common stock and there is at least one member of our board of directors who is a Brookfield Director, then at least one Brookfield Director must be present for there to be a quorum unless each Brookfield Director waives his or her right to be included in the quorum at such meeting.

Brookfield has the right, at any time until Brookfield no longer beneficially owns at least 5% of the voting power of our outstanding common stock, to nominate a number of directors (the "Brookfield Directors")

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comprising a percentage of our board of directors in accordance with their beneficial ownership of the voting power of our outstanding common stock (rounded up to the nearest whole number), except that if Brookfield beneficially owns more than 50% of the voting power of our outstanding common stock, they will have the right to nominate a majority of the directors.

Upon the consummation of this offering, John Hellmann, Udhay Mathialagan, Caroline Petersen and Jack Waters will be the Brookfield Directors.

#### Board Committees
Following the completion of this offering, the board committees will include an executive committee, an audit committee, a compensation committee and a nominating and corporate governance committee. So long as Brookfield beneficially owns at least 5% of the voting power of our outstanding common stock, a number of directors nominated by Brookfield that is as proportionate (rounding up to the next whole director) to the number of members of such committee as is the number of directors that Brookfield is entitled to nominate to the number of members of our board of directors will serve on each committee of our board, subject to compliance with applicable law and the rules and regulations of the NYSE.

#### Executive Committee
Following the consummation of this offering, our executive committee will consist of John Hellmann and Udhay Mathialagan. Subject to certain exceptions, the executive committee generally may exercise all of the powers of our board of directors when our board of directors is not in session. The executive committee serves under the authority of our board of directors. This committee and any of its members may continue or be changed once Brookfield no longer owns a controlling interest in us.

#### Audit Committee
Following the consummation of this offering, our audit committee will consist of James Black, as chairperson, John Hastings and Terri Pizzuto. The NYSE listing rules allow us to phase in an independent audit committee. We will be required to have an audit committee with one independent director during the 90-day period beginning on the date of effectiveness of the registration statement of which this prospectus is a part. After such 90-day period and until one year from the date of effectiveness of the registration statement, we will be required to have a majority of independent directors on our audit committee. Thereafter, we will be required to have an audit committee comprised entirely of independent directors. Our board of directors has determined that James Black qualifies as an "audit committee financial expert" as such term is defined in Item 407(d)(5) of Regulation S-K and that James Black, John Hastings and Terri Pizzuto are independent as independence is defined in Rule 10A-3 of the Exchange Act and under the NYSE listing standards. The principal duties and responsibilities of our audit committee will be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to prepare the annual audit committee report to be included in our annual proxy statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to oversee and monitor our accounting and financial reporting processes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to oversee and monitor the integrity of our financial statements and internal control system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to oversee and monitor the independence, retention, performance and compensation of our independent auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to oversee and monitor the performance, appointment and retention of our internal audit department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to discuss, oversee and monitor policies with respect to risk assessment and risk management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to oversee and monitor our compliance with legal and regulatory matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to oversee and monitor our cybersecurity, information and technology security and data privacy strategies and policies.

The audit committee will also have the authority to retain counsel and advisors to fulfill its responsibilities and duties and to form and delegate authority to subcommittees. In connection with the consummation of this offering, our board of directors will adopt a written charter for the audit committee, which will be available on our website.

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#### Compensation Committee
Following the consummation of this offering, our compensation committee will consist of Udhay Mathialagan, as chairperson, and John Hellmann. The principal duties and responsibilities of the compensation committee will be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to review, evaluate and make recommendations to the full board of directors regarding our compensation policies and programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to review and approve the compensation of our chief executive officer, other executive officers and key employees, including all material benefits, option or stock award grants and perquisites and all material employment agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to review and make recommendations to our board of directors with respect to our incentive compensation plans and equity-based compensation plans and pension plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to administer incentive compensation and equity-related plans and pension plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to review and make recommendations to our board of directors with respect to the financial and other performance targets that must be met;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to oversee our human capital management policies, including policies related to talent development; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to prepare an annual compensation committee report and take such other actions as are necessary and consistent with the governing law and our organizational documents.

The compensation committee will also have the authority to retain counsel and advisors to assist in its responsibilities and to form and delegate authority to subcommittees. We intend to avail ourselves of the "controlled company" exception under the NYSE rules which exempts us from the requirement that we have a compensation committee composed entirely of independent directors. In connection with the consummation of this offering, our board of directors will adopt a written charter for the compensation committee, which will be available on our website.

#### Nominating and Corporate Governance Committee
Following the consummation of this offering, our nominating and corporate governance committee will consist of John Hellmann, as chairperson, Phil Kelley and Caroline Petersen. The principal duties and responsibilities of the nominating and corporate governance committee will be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to identify candidates qualified to become directors of the Company, consistent with criteria approved by our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to recommend to our board of directors nominees for election as directors at the next annual meeting of stockholders or a special meeting of stockholders at which directors are to be elected, as well as to recommend directors to serve on the other committees of the board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to recommend to our board of directors candidates to fill vacancies and newly created directorships on our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to identify best practices and recommend corporate governance principles, including giving proper attention and making effective responses to stockholder concerns regarding corporate governance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to review, and propose for our board of directors to approve, the compensation of the non-executive members of our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to develop and recommend to our board of directors guidelines setting forth corporate governance principles applicable to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to oversee the evaluation of our board of directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to assist our board of directors in reviewing and overseeing the Company's strategies, goals and policies relating to sustainability.

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The nominating and corporate governance committee will also have the authority to retain counsel and advisors to assist in its responsibilities and to form and delegate authority to subcommittees. We intend to avail ourselves of the "controlled company" exception under the NYSE rules which exempts us from the requirement that we have a nominating and corporate governance committee composed entirely of independent directors. In connection with the consummation of this offering, our board of directors will adopt a written charter for the nominating and corporate governance committee, which will be available on our website.

#### Compensation Committee Interlocks and Insider Participation
None of our executive officers served as a member of our board of directors or compensation committee, or similar committee, of any other company whose executive officer(s) served as a member of our board of directors.

#### Code of Business Conduct and Ethics
Upon the consummation of this offering, our board of directors will adopt a code of business conduct and ethics that will apply to all of our directors, officers and employees and is intended to comply with the relevant listing requirements for a code of conduct as well as qualify as a "code of ethics" as defined by the rules of the SEC. The code of business conduct and ethics will contain general guidelines for conducting our business consistent with the highest standards of business ethics. We intend to disclose future amendments to certain provisions of our code of business conduct and ethics, or waivers of such provisions applicable to any principal executive officer, principal financial officer, principal accounting officer and controller, or persons performing similar functions, and our directors, on our website at https://www.csquare.com. The code of business conduct and ethics will be available on our website.

#### Board Leadership Structure and Board's Role in Risk Oversight
Our board of directors has an oversight role, as a whole and also at the committee level, in overseeing management of its risks. Our board of directors regularly reviews information regarding our credit, liquidity and operations, as well as the risks associated with each. Our board of directors also plays an active role in monitoring and overseeing cybersecurity and information technology risks, including those that arise in connection with our relationships with suppliers and service providers, and receives regular reports from management regarding such risks and our controls and procedures relating to such risks. Following the completion of this offering, the compensation committee of our board of directors will be responsible for overseeing the management of risks relating to employee compensation plans and arrangements and the audit committee of our board of directors will oversee the management of financial risks. While each committee will be responsible for evaluating certain risks and overseeing the management of such risks, the entire board of directors will be regularly informed through committee reports about such risks.

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#### EXECUTIVE COMPENSATION

#### Compensation Discussion and Analysis
This Compensation Discussion and Analysis ("CD&A") discusses the 2025 compensation for our chief executive officer, our chief financial officer and our other executive officers (collectively, our "named executive officers" or "NEOs"), who are listed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Spencer Mullee, Chief Executive Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Steven Cook, Chief Financial Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Catherine Smith, Chief Legal and Administrative Officer and Corporate Secretary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Sean Charnock, Chief Operating Officer

Consistent with SEC requirements, the information below is primarily historical and reflects our compensation practices while we were a private company. Following this offering, we expect the compensation committee of our board of directors (the "Compensation Committee") to work with the board and management to implement and maintain a compensation framework suitable for a public company, including establishing objectives and programs tailored to executive officers of a public company.

#### Executive Compensation Overview and Objectives
Our executive compensation and benefits program is designed to deliver a total compensation package that attracts, motivates, and retains the skilled leaders necessary for our continued success. We have structured executive compensation to provide meaningful equity participation, motivate our NEOs to meet or exceed goals and reward performance when objectives are achieved.

Once we become a public company following this offering, we expect to aim for total compensation that is reasonable and competitive, taking into account each executive's experience, performance, responsibilities, prior contributions and expected future impact on the success of our business, with plans intended to align with our business strategy and reflect market practices. Consistent with these principles, we expect to continue to offer total pay opportunities intended to retain and motivate executives and support the stability of our leadership team, which is critical to the success of our business.

After the offering, we expect the Compensation Committee to review our compensation program and each of its components in light of our status as a public company and make adjustments as it deems appropriate from time to time. Generally the executive compensation decisions for 2025 while a private company were made by a board of directors or its representative, with significant input from the CEO, and were not according to a policy allocating among types of compensation.

#### Components of Compensation for 2025
The compensation provided to the named executive officers in 2025 included base salary, a short-term cash incentive opportunity, equity-based awards granted in prior years in the form of profits interests and other employee benefits. Each of these elements is described in more detail below.

 *Base Salary* 

The base salary of each NEO is intended to align with the scope and complexity of their roles and their relative responsibilities. Salaries are regularly reviewed to ensure they are appropriate for the role.

The following table shows the base salaries of our NEOs at the end of 2025 along with the salaries in effect starting January 1, 2026:

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---

| | | |
|:---|:---|:---|
| **Name**  | &nbsp;&nbsp;&nbsp;&nbsp; **Annual Base <br> Salary ($) <br> (December 31, <br> 2025)**  | &nbsp;&nbsp;&nbsp;&nbsp; **Annual Base <br> Salary ($) <br> (January 1, <br> 2026)**  |
| Spencer Mullee  | $600000 | $618000 |
| Steven Cook  | $395000(1) | $395000 |
| Catherine Smith  | $357000 | $367710 |
| Sean Charnock  | $395000(1) | $395000 |

---

(1) These amounts differ from those set forth in the Summary Compensation Table for 2025 as a result of mid-year increases following a review of their roles and responsibilities.

 *Short-Term Incentive Plan (STIP)* 

Our STIP for 2025 was designed to reward the NEOs for achieving business performance results as well as individual goals over the course of the year. Target bonus opportunities for each executive were set as a percentage of base salary, reflecting the applicable executive's role. For 2025, payouts were approved at 130% of target based on a combination of achievement of financial performance measures as well as recognition of our executives' collective performance.

The following performance measures were selected for 2025: EBITDA, WALE and MRR+ BBNB. For purposes of the STIP, EBITDA is defined as earnings before interest, taxes, depreciation, and amortization, WALE is defined as weighted average lease expiration, MRR is defined as monthly recurring revenue and BBNB is booked but not billed backlog. An individual performance factor may also be applied.

The following table shows each NEO's target bonus and actual earned bonus.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name**  | **Target Bonus <br> (as % of Salary)**  | **Target <br> Bonus ($)**  | &nbsp;&nbsp;&nbsp;&nbsp; **Actual Bonus <br> (as % of Target <br> Bonus)**  | **Actual <br> Bonus ($)**  |
| Spencer Mullee  | 100% | 600000 | 130% | 780000 |
| Steven Cook  | 80% | 274215 | 130% | 356480 |
| Catherine Smith  | 100% | 357000 | 130% | 464100 |
| Sean Charnock  | 80% | 289139 | 130% | 375881 |

---

 *Equity Incentives* 

As a public company following this offering, we expect to provide equity-based incentive compensation to our NEOs because it links our long-term results achieved for our stockholders and the rewards provided to NEOs, thereby ensuring that our executives have a continuing stake in our long-term success.

In connection with our initial public offering, we expect to adopt an equity compensation plan at the Company level as described below, with future equity grants to be made under that plan. Specific grants will be determined by the compensation committee and board from time to time.

While we were a private company, our equity program reflected our ownership structure. As a result, prior to 2025, our NEOs previously received incentive units representing partnership interests in an indirect parent company, which are intended to be profits interests for federal income tax purposes, representing the right to receive future profit appreciation in the event of a change in control or other specified liquidity events for our sponsor. The incentive units are further described under "*Executive Compensation Tables—Outstanding Equity Awards at Fiscal Year-End*" below.

#### Employee Benefits
We provide a number of employee benefit plans to our employees including our NEOs. As a result, our NEOs are eligible for programs such as medical and dental plans, as well as a 401(k) retirement plan with matching contributions up to a specified limit.

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We do not generally view perquisites as a material component of our executive compensation program. In the future, we may provide additional or different perquisites or other personal benefits to our NEOs in limited circumstances, such as where we believe doing so is appropriate to assist an executive in the performance of his or her duties, to make our named executive officers more efficient and effective and for recruitment, motivation and/or retention purposes.

 *Post-Termination and Change in Control Benefits* 

We have entered into employment agreements with each of our NEOs. The terms of these agreements are described under "*Executive Compensation Tables—Narrative Relating to Summary Compensation Table and Grants of Plan-Based Awards Table*" below. The terms of these employment agreements are based on a consideration of factors including the individual's role, negotiations upon hiring and Company practice. These employment agreements include severance payments and benefits in the event of a qualifying termination of employment, as described under "*Executive Compensation Tables—Potential Payments Upon Termination or Change in Control*" below. We believe that including severance protections under the agreements with our NEOs is appropriate in return for executives' commitment to our company and the restrictive covenants described below.

#### Determination of Executive Compensation
 *Process for Determination* 

Following this offering, the Compensation Committee will generally be responsible for reviewing and approving, or recommending to our board of directors for approval, the compensation of our NEOs.

Although we did not engage in any benchmarking or use a specific peer group in determining 2025 compensation, we sometimes use market survey data to gather information regarding market practice. Our practice following this offering as a public company may be different.

 *Compensation Risk Assessment* 

We periodically review our employee compensation policies, plans and practices to determine if they create incentives or encourage behavior that is reasonably likely to have a material adverse effect on the Company. We do not believe that our compensation policies, plans and practices create incentives or encourage behavior that is reasonably likely to have a material adverse effect on us.

#### Tax and Accounting Considerations
The tax and accounting impacts are among many factors that may be considered in determining compensation. We intend to continue to compensate our executive officers in a manner consistent with the best interests of our stockholders and reserve the right to award compensation that may not be tax deductible, where the Company believes it is appropriate to do so.

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#### Executive Compensation Tables

#### Summary Compensation Table
The following table shows compensation of the named executive officers for 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Executive**  | **Year**  | **Salary <br> ($)<sup>(1)</sup>**  | **Bonus <br> ($)<sup>(2)</sup>**  | **Stock <br> Awards <br> ($)**  | **Non-Equity <br> Incentive Plan <br> Compensation <br> ($)<sup>(3)</sup>**  | **All Other <br> Compensation <br> ($)<sup>(4)</sup>**  | **Total <br> ($)**  |
| **Spencer Mullee <br> *Chief Executive Officer***  | 2025 | 600000 | 1250000 | &nbsp;&nbsp; – &nbsp;&nbsp; | 780000 | 16800 | 2646800 |
| **Steven Cook <br> *Chief Financial Officer***  | 2025 | 342769 |  | &nbsp;&nbsp; – &nbsp;&nbsp; | 356480 | 16800 | 716049 |
| ***Catherine Smith** <br> Chief Legal and Administrative Officer and Corporate Secretary*  | 2025 | 357000 |  | &nbsp;&nbsp; – &nbsp;&nbsp; | 464100 | 16800 | 837900 |
| **Sean Charnock <br> *Chief Operating Officer***  | 2025 | 361424 |  | &nbsp;&nbsp; – &nbsp;&nbsp; | 375881 | 16800 | 754105 |

---

(1) Represents the salary earned in 2025.

(2) Reflects a discretionary bonus paid to our CEO in 2025.

(3) Reflects amounts earned for 2025 performance under our STIP, as described in "*Compensation Discussion and Analysis*" above, and paid in early 2026.

(4) Reflects matching contributions under our defined contribution 401(k) retirement plan.

#### Grants of Plan-Based Awards During Fiscal Year
The following table shows grants of awards to our NEOs in 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Estimated future payouts under <br> non-equity incentive plan awards<sup>(1)</sup>**  | **Estimated future payouts under <br> non-equity incentive plan awards<sup>(1)</sup>**  | **Estimated future payouts under <br> non-equity incentive plan awards<sup>(1)</sup>**  | **All other <br> stock awards: <br> Number of <br> shares of stock <br> or unit (#)<sup>(2)</sup>**  | **Grant date <br> fair value <br> of stock <br> awards ($)**  |
| **Name**  | **Grant Date**  | **Plan**  | **Threshold ($)**  | **Target ($)**  | **Maximum ($)**  | **All other <br> stock awards: <br> Number of <br> shares of stock <br> or unit (#)<sup>(2)</sup>**  | **Grant date <br> fair value <br> of stock <br> awards ($)**  |
| Spencer Mullee  | n/a | STIP | n/a | 600000 | n/a |  |  |
| Steven Cook  | n/a | STIP | n/a | 274215 | n/a |  |  |
| Catherine Smith  | n/a | STIP | n/a | 357000 | n/a |  |  |
| Sean Charnock  | n/a | STIP | n/a | 289139 | n/a |  |  |

---

(1) Represents the target value of cash bonus awards that could have been earned by the NEOs under the STIP for performance in 2025. There was no threshold or maximum for the 2025 plan. The actual payments are set forth in the Summary Compensation Table above.

#### Narrative Relating to Summary Compensation Table and Grants of Plan-Based Awards Table
 *Employment Agreements* 

We entered into employment agreements in 2024 with each of our NEOs providing for initial base salary and annual cash bonus opportunity. For updated salary and bonus information for 2025, see the "*Compensation Discussion and Analysis*" above**.** In connection with this offering, salaries and target bonus amounts (as a percentage of salary) will be increased as follows: Mr. Mullee: $720,000 and 150%; Mr. Cook: $450,000 and 90%; Ms. Smith: $450,000 and 90%; and Mr. Charnock: $475,000 and 90%. Each employment agreement includes confidentiality provisions and post-termination non-competition and non-solicitation covenants. Each of the agreements has a three-year initial term with automatic one-year renewals unless terminated by either party. Each agreement provides for benefits in the event of an involuntary termination without cause, as described under "*Potential Payments Upon Termination or Change in Control*" below.

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 *Annual Bonus Plan* 

Our STIP provides the opportunity for the award of annual cash bonuses depending on performance. For a summary of the plan and payouts for 2025 performance, see "*Compensation Discussion and Analysis*" above. We may from time to time provide bonuses outside of our STIP program, as set forth in the Summary Compensation Table.

 *Retirement Plans and Other Benefits* 

The Company maintains a 401(k) retirement plan and other benefits for employees including health benefits. Under the 401(k) Plan, employees (including the NEOs) are eligible for matching contributions up to prescribed limits.

 *Outstanding Equity Awards at Fiscal Year-End* 

The following table shows each NEO's outstanding equity awards at December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Option Awards<sup>(1)</sup>**  | **Option Awards<sup>(1)</sup>**  | **Option Awards<sup>(1)</sup>**  | **Option Awards<sup>(1)</sup>**  |
| **Name**  | **Number of <br> Securities <br> Underlying <br> Unexercised <br> Options (#) <br> Exercisable**  | **Number of <br> Securities <br> Underlying <br> Unexercised <br> Options (#) <br> Unexercisable**  | &nbsp;&nbsp; **Option <br> Exercise <br> Price**  | &nbsp;&nbsp;&nbsp; **Option <br> Expiration <br> Date**  |
| Spencer Mullee  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1</sup>)  | N/A | N/A |
| Steven Cook  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1</sup>)  | N/A | N/A |
| Catherine Smith  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1</sup>)  | N/A | N/A |
| Sean Charnock  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1</sup>)  | N/A | N/A |

---

(1) The equity awards disclosed in this table are incentive units granted as partnership interests in an indirect parent of the Company, which are intended to be "profits interests" for federal income tax purposes. These incentive units do not require the payment of an exercise price or have an option expiration date but represent the right to receive future profit appreciation on specified liquidity events for our sponsor. The incentive units are subject to time-based vesting conditions over five years, with 40% of the award vesting on April 30, 2026, and 20% vesting annually each year thereafter. The profits interests represent a percentage participation in a parent company's profits rather than shares of the Company and so no share numbers are listed in this table.

In connection with this offering, the incentive units will be converted to shares in the Company, subject to the same vesting schedule as described above. Generally the vested shares will be subject to transfer restrictions until the earlier of (i) three years (or, for the portion that is vested at the time of this offering held by Mr. Cook, Ms. Smith and Mr. Charnock, 18 months) following the closing of this offering, (ii) Brookfield ceasing to be our majority stockholder, or (iii) termination of employment (other than a termination for cause). The NEOs will receive cash for a portion of the vested incentive units. In addition, Mr. Cook, Ms. Smith and Mr. Charnock will receive RSUs that vest annually over five years with the first vesting date in March 2027, as well as additional RSUs that vest annually over three years following grant. The number of shares and cash payment amounts will be determined by the initial public offering price. Assuming an initial public offering price at the midpoint of the estimated price range set forth on the cover page of this prospectus, the estimated amount of shares (vested and unvested), RSUs and cash to be granted would be: Mr. Mullee: shares and $ in cash; Mr. Cook: shares, RSUs and $ in cash; Ms. Smith: shares, RSUs and $ in cash; and Mr. Charnock: shares, RSUs and $ in cash. This would result in an aggregate of shares (vested and unvested) and RSUs granted to our named executive officers. Each $1.00 increase (decrease) in the initial public offering price would decrease (increase) the aggregate number of shares (vested and unvested) and RSUs that we expect to grant to our named executive officers by .

#### Option Exercises and Stock Vested
No option awards were exercised or stock awards became vested during 2025.

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#### Potential Payments Upon Termination or Change in Control
*Employment Agreements*. Under the employment agreements in effect on December 31, 2025, in the event of an involuntary termination without cause (as defined in the applicable agreement) on such date, our NEOs would have been eligible to receive the following severance benefits, subject to signing an effective release of claims:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Mr. Mullee: 12 months of salary (with a value of $600,000) and 12 months of COBRA premiums (assuming a value of approximately $2,000 per month, having an estimated value of $24,000)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Mr. Cook: 6 months of salary (with a value of $197,500) and 6 months of COBRA premiums (assuming a value of approximately $2,000 per month, having an estimated value of $12,000)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Ms. Smith: 12 months of salary (with a value of $357,000) and 12 months of COBRA premiums (assuming a value of approximately $2,000 per month, having an estimated value of $24,000)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Mr. Charnock: 6 months of salary (with a value of $197,500) and 6 months of COBRA premiums (assuming a value of approximately $2,000 per month, having an estimated value of $12,000)

In connection with this offering, we will amend the employment agreements to provide the following severance benefits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Mr. Mullee: in the event of an involuntary termination without cause or a resignation for good reason (as described below), 12 months of salary and COBRA premiums, and accelerated vesting of the shares received at the time of the initial public offering (as described under "Outstanding Equity Awards" above); if such termination occurs in connection with a change in control, the cash severance would increase to 2 times the sum of salary and target bonus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Other NEOs: in the event of an involuntary termination without cause or a resignation for good reason (as described below), 9 months (or, for Ms. Smith, 12 months) of salary and 12 months of COBRA premiums; if such termination occurs in connection with a change in control, the cash severance would increase to 1.5 times the sum of salary and target bonus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • For purposes of these agreements, "good reason" means any of the following events, in each case, without the officer's advance written consent and subject to a written notice and cure period: (i) material reduction in base or target bonus; (ii) material reduction in title, authority or duties; (iii) material change in reporting line; (iv) material breach of employment agreement or any other material agreement between the officer and the Company; or, for Mr. Mullee (for purposes of any equity awards) or Ms. Smith (for purposes of the equity awards she will receive at the time of this offering), (v) retirement after April 2028 by giving 12 months prior written notice.

*Equity Compensation*. The incentive units in our indirect parent company, which are intended to be " profits interests" for federal income tax purposes would become fully vested and eligible for payout upon a qualifying liquidity event for our sponsor. Because the payout of such awards depends on the proceeds from the liquidity event, no value of the accelerated vesting of such awards as of December 31, 2025 can be estimated at this time.

#### Post-IPO Compensation Arrangements and Policies
 *Omnibus Incentive Plan* 

Prior to the consummation of this offering, our board of directors expects to adopt, and we expect our stockholders to approve, the Omnibus Incentive Plan to become effective in connection with the pricing of this offering. The following summary of the Omnibus Incentive Plan is qualified in its entirety by reference to the Omnibus Incentive Plan that is included as an exhibit to the registration statement of which this prospectus forms a part and is ultimately adopted by our board of directors.

*Administration*. The Omnibus Incentive Plan will generally be administered by the Compensation Committee, unless otherwise determined by our board of directors. However, the Compensation Committee may delegate to a committee of one or more members of our board of directors or one or more of our officers the authority to grant awards to participants other than our senior executives who are subject to Section 16 of

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the Exchange Act. In addition, the full board of directors will administer the Omnibus Incentive Plan with respect to awards made to non-employee directors. The Compensation Committee and our board of directors, as applicable, are sometimes referred to herein as the "Administrator." The Administrator has authority to interpret the Omnibus Incentive Plan and all award agreements, and to adopt rules for the administration, interpretation and application of the Omnibus Incentive Plan, to interpret, amend or revoke any such rules and to amend the Omnibus Incentive Plan or any award agreement, subject to certain limits set forth in the Omnibus Incentive Plan.

*Eligibility*. Persons eligible to participate in the Omnibus Incentive Plan include all non-employee members of our board of directors, as well as employees and consultants of the Company and its parents and subsidiaries, as determined by the Administrator.

*Number of Shares Authorized*. The maximum number of shares of our common stock available for issuance under the Omnibus Incentive Plan will be no more than . The shares may be authorized but unissued shares, treasury shares or shares purchased in the open market.

Awards granted under the Omnibus Incentive Plan upon the assumption of, or in substitution for, outstanding equity awards previously granted by an entity in connection with a corporate transaction, such as a merger, combination, consolidation or acquisition of property or stock ("Substitute Awards") will not reduce the shares authorized for grant under the Omnibus Incentive Plan and shares subject to such Substitute Awards may not be added to the Omnibus Incentive Plan's share reserve if such awards are forfeited or expire.

*Non-Employee Director Compensation Limit*. Notwithstanding any other provision in the Omnibus Incentive Plan or in any policy of ours regarding non-employee director compensation, the maximum amount of total compensation payable to a non-employee director for director services in any fiscal year may not exceed $, calculated as the sum of (i) the grant date fair value of all awards granted under the Omnibus Incentive Plan, plus (ii) cash compensation in the form of retainers and meeting or similar fees. However, the foregoing limit will not apply in respect of any compensation payable in the year of a non-employee director's initial appointment or election to our board of directors.

*Change in Capitalization*. The Administrator has broad discretion to take action under the Omnibus Incentive Plan, as well as to make adjustments to the number and kind of shares issuable under the Omnibus Incentive Plan and the terms, conditions and exercise price (if any) of existing and future awards, to prevent the dilution or enlargement of intended benefits and facilitate necessary or desirable changes in the event of certain transactions and events affecting our common stock, such as stock dividends, stock splits, mergers, acquisitions, consolidations and other corporate transactions, as well as equity restructurings.

*Awards Available for Grant*. The Omnibus Incentive Plan provides for the grant of stock options, including incentive stock options ("ISOs") and nonqualified stock options ("NSOs"), stock appreciation rights ("SARs"), restricted stock, RSUs, PSUs, other stock-based incentive awards, dividend equivalents, and cash-based incentive awards. All awards under the Omnibus Incentive Plan will be set forth in award agreements, which will detail all terms and conditions of the awards, including any applicable vesting and payment terms, performance criteria, and post-termination exercise limitations. Awards other than cash-based incentive awards generally will be settled in shares of our common stock, but the Administrator may provide for cash settlement of any award. With limited exceptions, awards under the Omnibus Incentive Plan are generally non-transferable. A brief description of different award types follows.

*Stock Options and SARs*. Stock options provide for the purchase of shares of our common stock in the future at an exercise price set on the grant date. ISOs are subject to specified requirements under the tax code. SARs entitle their holder, upon exercise, to receive from us an amount equal to the appreciation of the shares subject to the award between the grant date and the exercise date, payable in shares, cash or a combination of shares and cash. The exercise price of all stock options and SARs granted pursuant to the Omnibus Incentive Plan will not be less than 100% of the fair market value of our common stock on the date of grant, with the exception of Substitute Awards. The exercise price of a stock option may be paid by the participant in any form permitted by the Administrator. Stock options and SARs may be exercised as determined by the Administrator, but in no event may have a term extending beyond the tenth anniversary of the date of grant. The period during which a participant may have a right to vest in and exercise an option or SAR will be set by the Administrator. The Administrator may accelerate the vesting of an option.

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*Restricted Stock*. Restricted stock is an award of nontransferable shares of our common stock that remain forfeitable unless and until specified conditions are met, and which may be subject to a purchase price. Upon the issuance of restricted stock, a participant will have all of the rights of a stockholder, including the right to vote and to receive dividends and other distributions, subject to the Administrator's discretion. The vesting period will be set by the Administrator. The Administrator may accelerate the vesting of restricted stock by removing any and all restrictions imposed on the award. Except as otherwise determined by the Administrator, in the event a participant's service is terminated during the applicable restriction period and such participant holds an award of restricted stock, then (i) if such participant paid no price for the restricted stock award, the unvested portion of such restricted stock award shall be forfeited and cancelled for no consideration on the participant's date of termination, or (ii) if such participant paid a price for the restricted stock award, then we will have the right to repurchase the unvested portion of such restricted stock award at a cash price per share equal to the price paid by the participant for such restricted stock award or such other amount as may be specified in the applicable award agreement.

*RSU Awards*. Restricted stock units ("RSUs") are contractual promises to deliver shares of our common stock in the future if specified conditions are met. A participant will have no stockholder rights unless and until the RSUs vest and shares are delivered to the participant. Delivery of the shares underlying RSUs may be deferred under the terms of the award or at the election of the participant, if the Administrator permits such a deferral. The vesting period will be set by the Administrator. Performance-based RSUs ("PSUs") may be granted. The Administrator may accelerate the vesting of RSUs. Unless otherwise provided by the Administrator, RSUs will be settled and paid in the form of fully transferable shares, but may also be settled in cash or in a combination of shares and cash.

*Other Stock or Cash-Based Awards*. Other stock or cash-based awards are awards linked to or derived from shares of our common stock or value metrics related to our shares, and may remain forfeitable unless and until specified conditions are met. Such awards will be paid in stock, cash, or a combination of stock and cash. These stock or cash-based awards may, but need not, be made in lieu of compensation to which a participant is otherwise entitled.

*Dividend Equivalents*. Dividend equivalents represent the right to receive the equivalent value of dividends paid on shares of our common stock and may be granted alone or in tandem with certain other types of awards. Generally dividend equivalents are credited as of dividend record dates during the period between the date an award is granted and the date such award vests, is exercised, is distributed or expires, as determined by the Administrator. Unless otherwise determined by the Administrator, dividend equivalents that are based on dividends paid prior to the vesting of an award will be paid out to the participant only to the extent that the award vests and in no event may any award provide for a participant's receipt of any other dividends prior to the vesting of such award.

*Vesting and Performance Criteria*. Vesting conditions determined by the Administrator may apply to each award and may include continued service, achievement of performance goals and/or such other criteria as determined by the Administrator.

*Non-U.S. Participants*. The Administrator may modify award terms, establish subplans and/or adjust other terms and conditions of awards, subject to the share limits described above, in order to facilitate grants of awards subject to the laws and/or stock exchange rules of countries outside of the United States.

*Plan Amendment and Termination*. Our board of directors may amend, suspend, or terminate the Omnibus Incentive Plan at any time; however, except in connection with certain changes in our capital structure, stockholder approval will be required for any amendment that increases the number of shares available under the Omnibus Incentive Plan, "reprices" any stock option or SAR, or cancels any stock option or SAR in exchange for cash or another award when the option or SAR price per share exceeds the fair market value of the underlying shares. No amendment, suspension, or termination of the Omnibus Incentive Plan may materially and adversely affect any rights or obligations under any outstanding award without the consent of the participant, unless the award agreement expressly provides otherwise.

*Clawback/Forfeiture*. All awards will be subject to the provisions of any claw-back policy implemented by us to the extent set forth in such claw-back policy and/or in the applicable award agreement, as well as to any claw-back required by applicable law or stock exchange listing rule.

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#### Director Compensation
*Director Compensation for 2025*. We did not have any non-employee directors who received compensation for their service on our board of directors and committees of our board of directors during 2025.

*Post-IPO Director Compensation*. We are evaluating the specific terms of our director compensation program following this offering, but we anticipate that our non-employee directors will be eligible to receive cash and/or equity compensation in connection with their services and will be reimbursed for out-of-pocket expenses in connection with their services.

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#### CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
Other than compensation arrangements for our executive officers and directors (see "*Executive Compensation*" for a discussion of compensation arrangements for our named executive officers and directors) and the transactions discussed below, there were no transactions, to which we were a party or will be a party, in which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the amounts involved exceeded or will exceed $120,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any of our directors, executive officers or holders of more than 5% of our capital stock, or any member of the immediate family of the foregoing persons, had or will have a direct or indirect material interest.

#### This Offering
Brookfield Securities LLC, an affiliate of Brookfield, is an underwriter in this offering and will receive a portion of the underwriting discounts and commissions in connection with this offering. See "*Underwriting (Conflicts of Interest)*."

As more fully discussed in "*Underwriting (Conflicts of Interest)—Conflicts of Interest*," because affiliates of Brookfield own in excess of 10% of our outstanding shares prior to the consummation of this offering and because the Brookfield Stockholder is the lender under the Promissory Note and, as a result, will receive 5% or more of the net proceeds of this offering due to the repayment of the Promissory Note by us, Brookfield Securities LLC is deemed to have a "conflict of interest" within the meaning of FINRA Rule 5121. Accordingly, this offering is being made in compliance with the applicable provisions of FINRA Rule 5121.

#### Stockholders Agreement
In connection with the completion of this offering, we intend to enter into the Stockholders Agreement with Brookfield. The Stockholders Agreement will provide that Brookfield has the right, at any time until Brookfield no longer beneficially owns at least 5% of our outstanding common stock, to nominate a number of directors comprising a percentage of the board in accordance with its beneficial ownership of our outstanding common stock (rounded up to the nearest whole number), except that if Brookfield beneficially owns more than 50% of our outstanding common stock, Brookfield has the right to nominate a majority of the directors. See "*Management—Board Composition*."

Any vacancy on our board of directors in respect of a Brookfield Director will be filled only by individuals designated by Brookfield, for so long as Brookfield beneficially owns at least 5% of our outstanding common stock.

In the event that Brookfield has nominated less than the total number of Brookfield Directors that it is entitled to nominate, Brookfield will have the right, at any time, to nominate such additional nominee(s), and our board of directors will take all necessary actions, whether by increasing the size of our board of directors or otherwise, to effect the election of such additional nominee(s) to fill any existing vacancy or newly-created directorship. To the extent any nominee to become a Brookfield Director is not elected as a director at a meeting of our stockholders, Brookfield will continue to have the right to nominate the nominee to become a Brookfield Director, and our board of directors will take all necessary actions, whether by increasing the size of our board of directors or otherwise, to effect the election of such additional nominee(s) to fill any existing vacancy or newly-created directorship.

In addition, the Stockholders Agreement will set forth certain information rights granted to Brookfield for so long as Brookfield beneficially owns at least 3% of our outstanding common stock.

The Stockholders Agreement will also provide that our certificate of incorporation shall always include a waiver of any interest or expectancy in certain corporate opportunities in favor of Brookfield and its representatives.

The Stockholders Agreement will also provide that until Brookfield no longer beneficially owns at least 20% of our issued and outstanding common stock, we will not take certain significant actions specified therein without the prior consent of Brookfield, including:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • amending, modifying or repealing (whether by merger, consolidation or otherwise) any provision of our certificate of incorporation, our bylaws or equivalent organizational documents of our subsidiaries in a manner that adversely affects Brookfield;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • issuing additional shares of our or our subsidiaries' equity securities other than any award issued pursuant to an equity compensation plan approved by the stockholders or a majority of the Brookfield Directors, or intracompany issuance among the Company and our wholly-owned subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • acquiring of equity interests or assets of any other entity, or any business, properties, assets or entities in excess of $100.0 million in any single transaction, other than ordinary course acquisitions with vendors, customers and suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • disposing of any of our or our subsidiaries' assets or equity interests in excess of $100.0 million in any single transaction, other than ordinary course dispositions with vendors, customers and suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • incurring indebtedness for borrowed money, in a single transaction or a series of related transactions, aggregating to more than $100.0 million, except for (i) borrowings under a revolving credit facility that has previously been approved or is in existence on the date of closing of this offering, (ii) borrowings under a series of variable funding notes that has previously been approved or is in existence on the date of closing of this offering, or (iii) intercompany indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • merging or consolidating with or into any other entity, or transferring (by lease, assignment, sale or otherwise) all or substantially all of the Company's and our subsidiaries' assets, taken as a whole, to another entity, or enter into or agree to undertake any other transaction that would constitute a "change of control" as defined in the Stockholders Agreement (other than, in each case, transactions among the Company and our wholly-owned subsidiaries);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • undertaking any liquidation, dissolution or winding up of the Company or any material subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • effecting any material change in the nature of the business of the Company and its subsidiaries, taken as a whole; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changing the size of our board of directors.

#### Registration Rights Agreement
In connection with the completion of this offering, we intend to enter into a registration rights agreement (the "Registration Rights Agreement") with Brookfield. Subject to several exceptions, including our right to defer a demand registration, shelf registration or underwritten offering under certain circumstances, Brookfield and certain permitted transferees may require that we register for public resale under the Securities Act all shares of common stock that they request to be registered at any time following this offering, subject to the restrictions in the lock-up agreements entered into in connection with this offering, so long as the securities being registered in each registration statement or sold in any underwritten offering are reasonably expected to produce aggregate proceeds of at least $50.0 million.

If we become eligible to register the sale of our securities on Form S-3 under the Securities Act, which will not be until at least twelve calendar months after the date of this prospectus, Brookfield and certain affiliate transferees have the right to require us to register the sale of the common stock held by them on Form S-3, subject to offering size and other restrictions. Brookfield also has the right to request marketed and non-marketed underwritten offerings using a shelf registration statement, including block trades, subject to certain restrictions.

If we propose to file certain types of registration statements under the Securities Act with respect to an offering of equity securities (including for sale by us), we will be required to use our reasonable best efforts to offer Brookfield the opportunity to register the sale of all or part of their shares on the terms and conditions set forth in the Registration Rights Agreement (customarily known as "piggyback rights").

All expenses of registration under the Registration Rights Agreement, including the legal fees of counsel chosen by stockholders participating in a registration, will be paid by us.

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The registration rights granted in the Registration Rights Agreement are subject to customary restrictions including blackout periods and, if a registration is underwritten, any limitations on the number of shares to be included in the underwritten offering as reasonably advised by the managing underwriter or underwriters. The Registration Rights Agreement also contains customary indemnification and contribution provisions and permits assignment of registration rights to permitted transferees that become party thereto, subject to the ownership thresholds and other conditions set forth therein. For so long as Brookfield and its affiliates beneficially own at least 20% of our outstanding common stock, we may not grant registration rights to any other person without Brookfield's prior written consent. The Registration Rights Agreement is governed by Delaware law.

Any sales in the public market of any common stock registrable pursuant to the Registration Rights Agreement could adversely affect prevailing market prices of our common stock. See "*Risk Factors—Risks Related to this Offering and Ownership of Our Common Stock—Future sales of our common stock in the public market, or the perception in the public market that such sales may occur, could reduce our stock price*" and "*Shares Eligible for Future Sale*."

#### Transactions with Executive Officers
On July 30, 2025, an affiliate of the Brookfield Stockholder entered into loan agreements with each of Spencer Mullee, our Chief Executive Officer, Steven Cook, our Chief Financial Officer, Catherine Smith, our Chief Legal and Administrative Officer and Corporate Secretary, and Sean Charnock, our Chief Operating Officer, each providing for loans by the affiliate of the Brookfield Stockholder to such persons in the aggregate principal amounts of $6,000,000, $600,000, $660,000 and $420,000, respectively, to be disbursed in installments upon the satisfaction of certain criteria. Each of the loans was extinguished in full and the loan agreements were terminated prior to the filing of the registration statement of which this prospectus is a part.

#### Other Transactions
 *Compass Acquisition Agreement* 

On June 4, 2025, certain subsidiaries of the Company entered into an Interest Purchase Agreement to acquire 10 data centers from entities affiliated with Compass Datacenters, LLC, an entity approximately 49% owned by Brookfield, for approximately $202.5 million. The acquisition closed on October 1, 2025. As part of the acquisition, we assumed $743.0 million of asset-backed securitized notes issued by Compass Datacenters Issuer, LLC and Compass Datacenters Canada Issuer Limited Partnership. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Debt—Asset-Backed Notes—2021 ABS Notes*."

 *Prior ABS Note Offerings* 

From time to time, Brookfield Securities LLC, an affiliate of Brookfield, has acted as a passive bookrunner in prior debt issuances by the Company's subsidiaries.

On October 17, 2024, Brookfield Securities LLC received approximately $1.3 million in connection with its role as a passive bookrunner in the issuance of its Series 2024-1 and Series 2024-2 notes.

On March 20, 2025, Brookfield Securities LLC received approximately $1.4 million in connection with its role as a passive bookrunner in the issuance of its Series 2025-1 and 2025-2 notes.

On August 21, 2025, Brookfield Securities LLC received approximately $1.2 million in connection with its role as a passive bookrunner in the issuance of its Series 2025-3 and Series 2025-4 notes.

On December 22, 2025, Brookfield Securities LLC received approximately $1.7 million in connection with its role as a passive bookrunner in the issuance of its Series 2025-5, Series 2025-6 and Series 2025-7 notes.

 *Other* 

For the three months ended March 31, 2026 and the years ended December 31, 2025, 2024 and 2023, we recognized related party revenue from transactions with affiliates of Brookfield for colocation revenues of $1.0 million, $3.4 million, $2.5 million and $0.1 million, respectively, of which Brookfield's interest was approximately 49%.

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For the years ended December 31, 2025 and 2024, we recognized related party expenses from transactions with affiliates of Brookfield for data center property leasing expenses of $3.3 million and $3.7 million, respectively, of which Brookfield's interest was approximately 49%.

#### Indemnification Agreements
We expect to enter into customary indemnification agreements with our executive officers and directors that provide them, in general, with customary indemnification in connection with their service to us or on our behalf. The indemnification agreements and our amended and restated bylaws will require us to indemnify our directors to the fullest extent not prohibited by DGCL. Subject to very limited exceptions, our amended and restated bylaws will also require us to advance expenses incurred by our directors and officers. For more information regarding these agreements, see "*Description of Capital Stock—Limitation on Liability and Indemnification*."

#### Directed Share Program
Certain individuals identified by our executive team and certain other individuals affiliated with us, including directors, officers and significant stockholders and friends and family members of such individuals, will be able to purchase shares of our common stock in the directed share program. See "*Underwriting (Conflicts of Interest)—Directed Share Program*." All purchases of common stock in the directed share program will be at the public offering price. Purchases by any related persons participating in the directed share program may individually exceed $120,000. Any shares sold under the directed share program to our directors, officers, and existing significant stockholders will be subject to the terms of a lock-up agreement.

#### Policies and Procedures for Related Party Transactions
Upon the consummation of this offering, we will adopt a written Related Party Transactions Policy (the "policy"), which will set forth our policy with respect to the review, approval, ratification and disclosure of all related party transactions by our audit committee. In accordance with the policy, our audit committee will have overall responsibility for implementation of and compliance with the policy.

For purposes of the policy, a "related party transaction" is a transaction, arrangement or relationship (or any series of similar transactions, arrangements or relationships) in which we were, are or will be a participant and the amount involved exceeded, exceeds or will exceed $120,000 and in which any related party (as defined in the policy) had, has or will have a direct or indirect material interest. A "related party transaction" does not include any employment relationship or transaction involving an executive officer and any related compensation resulting solely from that employment relationship that has been reviewed and approved by our board of directors or audit committee.

The policy will require that notice of a proposed related party transaction be provided to our legal department prior to entry into such transaction. If our legal department determines that such transaction is a related party transaction, the proposed transaction will be submitted to our audit committee for consideration. Under the policy, our audit committee may approve only those related party transactions that are in, or not inconsistent with, our best interests and the best interests of our stockholders. In the event that we become aware of a related party transaction that has not been previously reviewed, approved or ratified under the policy and that is ongoing or is completed, the transaction will be submitted to the audit committee so that it may determine whether to ratify, rescind or terminate the related party transaction.

The policy will also provide that the audit committee review certain previously approved or ratified related party transactions that are ongoing to determine whether the related party transaction remains in our best interests and the best interests of our stockholders. Additionally, we will make periodic inquiries of directors and executive officers with respect to any potential related party transaction of which they may be a party or of which they may be aware.

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#### PRINCIPAL STOCKHOLDERS
The following table sets forth the beneficial ownership of our common stock, as of , 2026 by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each person, or group of affiliated persons, who we know to beneficially own more than 5% of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each of our named executive officers for the year ended December 31, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each of our current directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all of our current directors and executive officers as a group.

The SEC has defined "beneficial ownership" of a security to mean the possession, directly or indirectly, of voting power and/or investment power over such security. A stockholder is also deemed to be, as of any date, the beneficial owner of all securities that such stockholder has the right to acquire within 60 days after that date through the exercise or vesting of any right to acquire shares of common stock. Except as otherwise indicated, all persons listed below have sole voting and investment power with respect to the shares beneficially owned by them, subject to applicable community property laws. The table below excludes any purchases that may be made through our directed share program or otherwise in this offering. Unless otherwise indicated, the address of each person or entity named in the table below is c/o Csquare, Inc., 3100 Olympus Blvd., Suite 510, Coppell, TX 75019.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Shares of Common Stock <br> Beneficially Owned <br> Before the Offering**  | **Shares of Common Stock <br> Beneficially Owned <br> Before the Offering**  | **Shares of Common Stock <br> Beneficially Owned <br> After the Offering assuming <br> underwriters' option is <br> not exercised**  | **Shares of Common Stock <br> Beneficially Owned <br> After the Offering assuming <br> underwriters' option is <br> not exercised**  | **Shares of Common Stock <br> Beneficially Owned <br> After the Offering assuming <br> underwriters' option is <br> exercised**  | **Shares of Common Stock <br> Beneficially Owned <br> After the Offering assuming <br> underwriters' option is <br> exercised**  |
| | **Number**  | **Percent**  | **Number**  | **Percent**  | **Number**  | **Percent**  |
| **5% Stockholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Brookfield<sup>(1)</sup>  |  |  |  |  |  |  |
|  **Named Executive Officers and Directors**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Spencer Mullee  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Steven Cook  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Catherine Smith  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sean Charnock  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; James Black  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; John Hastings  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; John Hellmann  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Phil Kelley  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Udhay Mathialagan  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Caroline Petersen  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Terri Pizzuto  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Jack Waters  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; All current directors and executive officers as a group (12 persons)  |  |  |  |  |  |  |

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\*

Indicates beneficial ownership of less than 1%

(1) Dawn Topco L.P. (the "Brookfield Stockholder") is the record holder of the shares of common stock beneficially owned by Brookfield Corporation. BIF III GP (Cayman) L.P. ("BIF III GP Cayman") serves as the general partner of the Brookfield Stockholder. Brookfield Corporation indirectly owns and controls BIF III GP Cayman. Each of BIF III GP Cayman and Brookfield Corporation disclaims beneficial ownership of any shares held of record by the Brookfield Stockholder, in each case except to the extent of any pecuniary interest therein. The address of the Brookfield Stockholder is 225 Liberty Street, 8th Floor, New York, NY 10281. The address of BIF III GP Cayman is PO Box 309 Ugland House Grand Cayman KY1-1104 Cayman Islands. The address of Brookfield Corporation is 181 Bay Street, Suite 100 Toronto, Ontario M5J 2T3, Canada.

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#### DESCRIPTION OF CAPITAL STOCK
 *The following is a description of the material terms of our amended and restated certificate of incorporation and amended and restated bylaws, each of which will become effective prior to the consummation of this offering, and of specific provisions of Delaware law. The following description is intended as a summary only and is qualified in its entirety by reference to our certificate of incorporation, our bylaws and the DGCL.* 

#### General
Upon the closing of this offering and the filing of our amended and restated certificate of incorporation that will become effective prior to the closing of this offering, our capital stock will consist of authorized shares, of which shares, par value $0.01 per share, will be designated as "common stock" and shares, par value $0.01 per share, will be designated as "preferred stock." As of March 31, 2026, after giving effect to our conversion to a corporation, there would have been shares of common stock outstanding and no shares of preferred stock outstanding.

#### Common Stock
*Voting Rights*. The holders of our common stock are entitled to one vote per share on all matters submitted for action by the stockholders generally.

*Dividend Rights*. Subject to any preferential rights of any then outstanding preferred stock, all shares of our common stock are entitled to share equally in any dividends our board of directors may declare from legally available sources.

*Liquidation Rights*. Upon our liquidation, dissolution or winding up, whether voluntary or involuntary, after payment in full of the amounts required to be paid to holders of any then outstanding preferred stock, all shares of our common stock are entitled to share equally in the assets available for distribution to stockholders after payment of all of our prior obligations.

*Other Matters*. Holders of our common stock have no preemptive or conversion rights, and our common stock is not subject to further calls or assessments by us. There are no redemption or sinking fund provisions applicable to our common stock. The rights, powers, preferences and privileges of holders of our common stock will be subject to those of the holders of any shares of our preferred stock that we may designate and issue in the future.

#### Preferred Stock
Pursuant to our certificate of incorporation, shares of preferred stock are issuable from time to time, in one or more series, with the designations, voting rights (full, limited or no voting rights), powers, preferences, participating, optional or other special rights (if any), and any qualifications, limitations or restrictions thereof, of each series as our board of directors from time to time may adopt by resolution (and without further stockholder approval). Each series of preferred stock will consist of an authorized number of shares as will be stated and expressed in the certificate of designations providing for the creation of the series.

#### Composition of Board of Directors; Election and Removal
In accordance with our certificate of incorporation and our bylaws, the number of directors comprising our board of directors is determined from time to time exclusively by our board of directors; provided that the number of directors shall not be less than three and shall not exceed 15; and provided further that as long as Brookfield beneficially owns at least 20% of the voting power of our outstanding common stock, our board of directors cannot increase or decrease the total number of directors without the prior written approval of Brookfield. Our certificate of incorporation will provide for a board of directors divided into three classes (each as nearly as equal as possible and with directors in each class serving staggered three-year terms), initially consisting of three directors in Class I, three directors in Class II and three directors in Class III. See "*Description of Capital Stock—Certain Corporate Anti-takeover Provisions—Classified Board of Directors*."

Under our Stockholders Agreement, Brookfield will have the right, but not the obligation, at any time until Brookfield no longer beneficially owns at least 5% of our issued and outstanding common stock, to nominate

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a number of directors comprising a percentage of our board of directors in accordance with their beneficial ownership of our outstanding common stock (rounded up to the nearest whole number), except that if Brookfield beneficially owns more than 50% of the voting power of our outstanding common stock, Brookfield will have the right to nominate a majority of the directors. We refer to the directors nominated by Brookfield based on such percentage ownership as the "Brookfield Directors." See "*Certain Relationships and Related Party Transactions—Stockholders Agreement*."

Each director is to hold office for a three-year term and until the annual meeting of stockholders for the election of the class of directors to which such director has been elected and until his or her successor is duly elected and qualified or until his or her earlier death, resignation or removal. Any vacancy on our board of directors (other than in respect of a Brookfield Director) will be filled only by the affirmative vote of a majority of the remaining directors, even if less than a quorum. Any vacancy on our board of directors in respect of a Brookfield Director will be filled only by individuals designated by Brookfield, for so long as Brookfield beneficially owns at least 5% of our issued and outstanding common stock. See "*Certain Relationships and Related Party Transactions—Stockholders Agreement*."

At any meeting of our board of directors, except as otherwise required by law, a majority of the total number of directors then in office will constitute a quorum for all purposes, except that if Brookfield beneficially owns at least 5% of our issued and outstanding common stock and there is at least one member of our board of directors who is a Brookfield Director, then at least one director that is a Brookfield Director must be present for there to be a quorum unless each Brookfield Director waives his or her right to be included in the quorum at such meeting.

#### Certain Corporate Anti-takeover Provisions
Certain provisions in our certificate of incorporation, bylaws and Stockholders Agreement summarized below may be deemed to have an anti-takeover effect and may delay, deter or prevent a tender offer or takeover attempt that a stockholder might consider to be in its best interests, including attempts that might result in a premium being paid over the market price for the shares held by stockholders.

 *Preferred Stock* 

Our certificate of incorporation contains provisions that permit our board of directors to issue, without any further vote or action by stockholders, shares of preferred stock in one or more series and, with respect to each such series, to fix the number of shares constituting the series and the designation of the series, the voting rights (if any) of the shares of the series, the powers, preference, participating, optional and other special rights, if any, and any qualifications, limitations or restrictions, of the shares of such series.

 *Classified Board of Directors* 

Our certificate of incorporation provides that our board of directors will be divided into three classes of directors, with the classes to be as nearly equal in number as possible, and with the directors in each class serving staggered three-year terms. As a result, approximately one-third of our board of directors will be elected each year. The classification of directors will have the effect of making it more difficult for stockholders to change the composition of our board of directors. Our certificate of incorporation provides that, subject to any rights of holders of preferred stock to elect additional directors under specified circumstances, the number of directors will be fixed from time to time exclusively pursuant to a resolution adopted by our board of directors, as described above in "*—Composition of Board of Directors; Election and Removal*."

 *Removal of Directors; Vacancies* 

Under the DGCL, unless otherwise provided in our certificate of incorporation, directors serving on a classified board may be removed by the stockholders only for cause. Our certificate of incorporation provides that directors may be removed with or without cause upon the affirmative vote of a majority in voting power of all outstanding shares of stock entitled to vote generally in the election of directors, voting together as a single class; provided, however, that from and after the time Brookfield ceases to beneficially own, in the aggregate, at least 50.1% of the voting power of our outstanding common stock, directors may only be removed for cause, and only by the affirmative vote of holders of at least 66<sup>2</sup>∕3% in voting power of all the

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then-outstanding shares of stock of the Company entitled to vote generally in the election of directors, voting together as a single class. For so long as Brookfield is entitled to nominate a director to our board of directors pursuant to the Stockholders Agreement, any vacancy on our board of directors in respect of a Brookfield Director shall only be filled by Brookfield. Any other vacancy on our board of directors will be filled only by the affirmative vote of a majority of the remaining directors, even if less than a quorum, as described above in "*—Composition of Board of Directors; Election and Removal*."

 *No Cumulative Voting* 

Under our certificate of incorporation, stockholders do not have the right to cumulative votes in the election of directors.

 *Special Meetings of Stockholders* 

Our certificate of incorporation provides that if less than 50.1% of the voting power of our outstanding common stock is beneficially owned by Brookfield, special meetings of the stockholders may be called only by the chairperson of our board of directors or by the secretary at the direction of a majority of the directors then in office. For so long as at least 50.1% of the voting power of our outstanding common stock is beneficially owned by Brookfield, special meetings may also be called by the secretary at the written request of the holders of a majority of the voting power of the then outstanding common stock. The business transacted at any special meeting will be limited to the proposal or proposals included in the notice of the meeting.

 *Stockholder Action by Written Consent* 

Subject to the rights of the holders of one or more series of our preferred stock then outstanding, any action required or permitted to be taken by stockholders must be effected at a duly called annual or special meeting of our stockholders; provided, that prior to the time at which Brookfield ceases to beneficially own at least 50.1% of the voting power our outstanding common stock, any action required or permitted to be taken at any annual or special meeting of our stockholders may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, is signed by or on behalf of the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and are delivered in accordance with applicable Delaware law.

 *Advance Notice Requirements for Stockholder Proposals and Director Nominations* 

Our bylaws provide that stockholders who are seeking to bring business before an annual meeting of stockholders, or to nominate candidates for election as directors at an annual meeting of stockholders, other than any nomination for a Brookfield Director, must provide timely notice thereof in writing. To be timely, a stockholder's notice generally must be delivered to and received at our principal executive offices not less than 90 days nor more than 120 days prior to the first anniversary of the preceding year's annual meeting of stockholders; provided, that in the event that the date of such meeting is advanced by more than 30 days prior to, or delayed by more than 60 days after, the anniversary of the preceding year's annual meeting of our stockholders, a stockholder's notice to be timely must be so delivered not earlier than the close of business on the 120th day prior to such meeting and not later than the close of business on the 90th day prior to such meeting or, if the first public announcement of the date of such meeting is less than 100 days prior to the date of such annual meeting, the 10th day following the day on which public announcement of the date of such meeting is first made. Our bylaws specify certain requirements as to the form and content of a stockholder's notice. These provisions may preclude stockholders from bringing matters before an annual meeting of stockholders or from making nominations for directors at an annual meeting of stockholders.

All of the foregoing provisions of our certificate of incorporation and bylaws could discourage potential acquisition proposals and could delay or prevent a change in control. These provisions are intended to enhance the likelihood of continuity and stability in the composition of our board of directors and in the policies formulated by our board of directors and to discourage certain types of transactions that may involve an actual or threatened change in control. These same provisions may delay, deter or prevent a tender offer or takeover attempt that a stockholder might consider to be in its best interest. In addition, such provisions could have the effect of discouraging others from making tender offers for our shares and, as a consequence, they

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also may inhibit fluctuations in the market price of our common stock that could result from actual or rumored takeover attempts. Such provisions also may have the effect of preventing changes in our management.

 *Delaware Takeover Statute* 

We have opted out of Section 203 of the General Corporation Law of the State of Delaware (the "DGCL"), which prohibits a publicly held Delaware corporation from engaging in a business combination transaction with an interested stockholder for a period of three years after the interested stockholder became such unless the transaction fits within an applicable exemption, such as board approval of the business combination or the transaction which resulted in such stockholder becoming an interested stockholder. However, our certificate of incorporation contains similar provisions that restrict us from engaging in any business combination with an interested stockholder for three years following the date that person becomes an interested stockholder. Such restrictions shall not apply to any business combination between Brookfield and any affiliate thereof or their direct and indirect transferees, on the one hand, and us, on the other. Therefore, Brookfield will be able to transfer control of us to a third-party by transferring their shares of our common stock (subject to certain restrictions and limitations), which would not require the approval of our board of directors or our other stockholders. In addition, such restrictions will not apply if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a stockholder becomes an interested stockholder inadvertently and (i) as soon as practicable divests itself of ownership of sufficient shares so that it ceases to be an interested stockholder and (ii) within the three-year period immediately prior to the business combination between the Company and such stockholder, would not have been an interested stockholder but for the inadvertent acquisition of ownership; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the business combination is proposed prior to the consummation or abandonment of, and subsequent to the earlier of the public announcement or the notice required under the certificate of incorporation of, a proposed transaction that (i) constitutes one of the transactions described in the proviso of this sentence, (ii) is with or by a person who either was not an interested stockholder during the previous three years or who became an interested stockholder with the approval of our board of directors and (iii) is approved or not opposed by a majority of the directors then in office (but not less than one) who were directors prior to any person becoming an interested stockholder during the previous three years or were recommended for election or elected to succeed such directors by a majority of such directors; provided that the proposed transactions are limited to (x) a merger or consolidation of the Company (except for a merger in respect of which, pursuant to Section 251(f) of the DGCL, no vote of the stockholders of the Company is required), (y) a sale, lease, exchange, mortgage, whether as part of a dissolution or otherwise, of assets of the Company or of any direct or indirect majority-owned subsidiary of the Company (other than to any wholly owned subsidiary or to the Company) having an aggregate market value equal to 50% or more of either that aggregate market value of all the assets of the Company determined on a consolidated basis or the aggregate market value of all the outstanding stock of the Company or (z) a proposed tender or exchange offer for 50% or more of the outstanding voting stock of the Company; provided further that the Company will give not less than 20 days' notice to all interested stockholders prior to the consummation of any of the transactions described in clause (x) or (y) above.

Additionally, we would be able to enter into a business combination with an interested stockholder if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • before that person became an interested stockholder, our board of directors approved the transaction in which the interested stockholder became an interested stockholder or approved the business combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • upon consummation of the transaction that resulted in the interested stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) stock held by directors who are also officers of our Company and by employee stock plans that do not provide employees with the right to determine confidentially whether shares held under the plan will be tendered in a tender or exchange offer; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • following the transaction in which that person became an interested stockholder, the business combination is approved by our board of directors and authorized at a meeting of stockholders by the affirmative vote of the holders of at least 66<sup>2</sup>∕3% of the voting power of our outstanding voting stock not owned by the interested stockholder.

In general, a "business combination" is defined to include mergers, asset sales and other transactions resulting in financial benefit to a stockholder and an "interested stockholder" is any person who, together with affiliates and associates, is the owner of 15% or more of our outstanding voting stock or is our affiliate or associate and was the owner of 15% or more of our outstanding voting stock at any time within the three-year period immediately before the date of determination. Under our certificate of incorporation, an "interested stockholder" generally does not include Brookfield and any affiliate thereof or their direct and indirect transferees.

This provision of our certificate of incorporation could prohibit or delay mergers or other takeover or change in control attempts and, accordingly, may discourage attempts to acquire us even though such a transaction may offer our stockholders the opportunity to sell their stock at a price above the prevailing market price.

 *Amendment of Our Certificate of Incorporation* 

Under Delaware law, our certificate of incorporation may be amended only with the affirmative vote of holders of at least a majority of the outstanding stock entitled to vote thereon.

Notwithstanding the foregoing, our certificate of incorporation provides that, from and after the time Brookfield ceases to beneficially own at least 50.1% of the voting power of our outstanding common stock, in addition to any vote required by applicable law, our certificate of incorporation or bylaws, the affirmative vote of holders of at least 66<sup>2</sup>∕3% of the voting power of our outstanding shares of our capital stock entitled to vote thereon, voting together as a single class, is required to alter, amend or repeal the following provisions of our certificate of incorporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the provision authorizing our board of directors to designate one or more series of preferred stock and, by resolution, to provide the rights, powers and preferences, and the qualifications, limitations and restrictions thereof, of any series of preferred stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the provisions providing for a classified board of directors and the number of the directors, establishing the term of office of directors, setting forth the quorum of any meeting of our board of directors, relating to the removal of directors, specifying the manner in which vacancies on our board of directors and newly created directorships may be filled and relating to any voting rights of preferred stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the provisions authorizing our board of directors to make, alter, amend or repeal our bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the provisions regarding the calling of special meetings and stockholder action by written consent in lieu of a meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the provisions eliminating monetary damages for breaches of fiduciary duty by a director or officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the provisions providing for indemnification and advance of expenses of our directors and officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the provisions regarding competition and corporate opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the provision specifying that, unless we consent in writing to the selection of an alternative forum, the Chancery Court of the State of Delaware will be the sole and exclusive forum for intra-corporate disputes and the federal district courts of the United States will be the exclusive forum for complaints asserting a cause of action arising under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the provisions regarding entering into business combinations with interested stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the provision requiring that, from and after the time Brookfield ceases to beneficially own at least 50.1% of the voting power of our outstanding common stock, amendments to specified provisions of our certificate of incorporation require the affirmative vote of 66<sup>2</sup>∕3% in voting power of our outstanding stock, voting as a single class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the provision requiring that, from and after the time Brookfield ceases to beneficially own at least 50.1% of the voting power of our outstanding common stock, amendments by the stockholders to our bylaws require the affirmative vote of 66<sup>2</sup>∕3% in voting power of our outstanding stock, voting as a single class.

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In addition, our certificate of incorporation provides that as long as Brookfield owns at least 5% of the voting power of our outstanding stock, then our stockholders cannot, without Brookfield's prior written consent, amend, alter or repeal, or adopt any provision inconsistent with, the section of our certificate of incorporation establishing the requirement that to the extent there is at least one Brookfield Director on our board of directors, then there must be at least one Brookfield Director present for there to be board quorum.

 *Amendment of Our Bylaws* 

Our bylaws provide that they can be amended by the vote of the holders of shares constituting a majority of the voting power or by the vote of a majority of our board of directors. However, our certificate of incorporation provides that, from and after the time Brookfield ceases to beneficially own at least 50.1% of the voting power of our outstanding common stock, in addition to any vote required under our certificate of incorporation, the affirmative vote of the holders of at least 66<sup>2</sup>∕3% of the voting power of the outstanding shares of stock entitled to vote thereon, voting as a single class, is required for the stockholders to alter, amend or repeal any provision of our bylaws or to adopt any provision inconsistent therewith.

 *Certain Matters that Require Consent of Brookfield* 

The Stockholders Agreement provides that until Brookfield no longer beneficially owns at least 20% of our issued and outstanding common stock, we will not take certain significant actions specified therein without the prior consent of Brookfield, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • amending, modifying or repealing (whether by merger, consolidation or otherwise) any provision of our certificate of incorporation, our bylaws or equivalent organizational documents of our subsidiaries in a manner that adversely affects Brookfield;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • issuing additional shares of our or our subsidiaries' equity securities other than any award issued pursuant to an equity compensation plan approved by the stockholders or a majority of the Brookfield Directors, or intracompany issuance among the Company and our wholly-owned subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any acquisition of equity interests or assets of any other entity, or any business, properties, assets or entities in excess of $100.0 million in any single transaction, other than ordinary course acquisitions with vendors, customers and suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any disposition of any of our or our subsidiaries' assets or equity interests in excess of $100.0 million in any single transaction, other than ordinary course dispositions with vendors, customers and suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the incurrence of indebtedness for borrowed money, in a single transaction or a series of related transactions, aggregating to more than $100.0 million, except for (i) borrowings under a revolving credit facility that has previously been approved or is in existence on the date of closing of this offering, (ii) borrowings under a series of variable funding notes that has previously been approved or is in existence on the date of closing of this offering, or (iii) intercompany indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • merging or consolidating with or into any other entity, or transferring (by lease, assignment, sale or otherwise) all or substantially all of the Company's and our subsidiaries' assets, taken as a whole, to another entity, or enter into or agree to undertake any other transaction that would constitute a "change of control" as defined in the Stockholders Agreement (other than, in each case, transactions among the Company and our wholly-owned subsidiaries);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • undertaking any liquidation, dissolution or winding up of the Company or any material subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • effecting any material change in the nature of the business of the Company and its subsidiaries, taken as a whole; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a change in the size of our board of directors. See "*Certain Relationships and Related Party Transactions—Stockholders Agreement*."

The provisions of the DGCL, our certificate of incorporation, our bylaws and the Stockholders Agreement could have the effect of discouraging others from attempting hostile takeovers and, as a consequence, they

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may also inhibit temporary fluctuations in the market price of our common stock that often result from actual or rumored hostile takeover attempts. These provisions may also have the effect of preventing changes in our management. It is possible that these provisions could make it more difficult to accomplish transactions that stockholders may otherwise deem to be in their best interests.

#### Corporate Opportunity
Under Delaware law, officers and directors generally have an obligation to present to the corporation they serve business opportunities which the corporation is financially able to undertake and which falls within the corporation's business line and are of practical advantage to the corporation, or in which the corporation has an actual or expectant interest. A corollary of this general rule is that when a business opportunity comes to an officer or director that is not one in which the corporation has an actual or expectant interest, the officer is generally not obligated to present it to the corporation. Certain of our officers and directors may serve as officers, directors or fiduciaries of other entities and, therefore, may have legal obligations relating to presenting available business opportunities to us and to other entities. Potential conflicts of interest may arise when our officers and directors learn of business opportunities (e.g., the opportunity to acquire an asset or portfolio of assets, to make a specific investment, to effect a sale transaction, etc.) that would be of material advantage to us and to one or more other entities of which they serve as officers, directors or other fiduciaries.

Section 122(17) of the DGCL permits a corporation to renounce, in advance, in its certificate of incorporation or by action of its board of directors, any interest or expectancy of a corporation in certain classes or categories of business opportunities. Where business opportunities are so renounced, certain of our officers and directors will not be obligated to present any such business opportunities to us. Our certificate of incorporation provides that, to the fullest extent permitted by law, no stockholder, director, officer or agent of ours who is also an officer, director, principal, partner, member, manager, employee, agent or other representative of Brookfield or its affiliates will be liable to us or our stockholders for breach of any fiduciary duty by reason of the fact that any such individual directs a corporate opportunity to Brookfield or its affiliates and representatives instead of us, or does not communicate information regarding a corporate opportunity to us that the officer, director, employee, managing director or other affiliate has directed to Brookfield.

#### Exclusive Forum Selection
Unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware lacks jurisdiction over such action or proceeding, then another court of the State of Delaware, or if no court of the State of Delaware has jurisdiction, then the United States District Court for the District of Delaware) will, to the fullest extent permitted by law, be the sole and exclusive forum for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any derivative action or proceeding brought on our behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers, employees or agents to us or our stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any action asserting a claim arising pursuant to any provision of the DGCL or of our certificate of incorporation or our bylaws or as to which the DGCL confers jurisdiction on the Court of Chancery of the State of Delaware; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any action asserting a claim related to or involving the Company or any director or officer of the Company that is governed by the internal affairs doctrine,

in each such case subject to the Court of Chancery of the State of Delaware having personal jurisdiction over the indispensable parties named as defendants.

The foregoing exclusive forum provision in our certificate of incorporation will not apply to claims arising under the Securities Act as our certificate of incorporation will provide that the federal district courts of the United States will be the exclusive forum for the resolution of any action, suit or proceedings asserting a cause of action arising under the Securities Act. Section 22 of the Securities Act would otherwise create concurrent federal and state jurisdiction over all suits brought to enforce a liability or duty created under the Securities Act. Therefore, the exclusive federal forum provision in our certificate of incorporation for claims brought under the Securities Act will limit a stockholder's right to bring a claim to enforce a liability or duty created

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under the Securities Act in state court. The exclusive forum provisions in our certificate of incorporation will not apply to claims arising under the Exchange Act. However, the enforceability of similar forum provisions in other companies' certificates of incorporation has been challenged in legal proceedings, and it is possible that a court could find these types of provisions to be unenforceable.

We recognize that the forum selection clause in our certificate of incorporation may impose additional litigation costs on stockholders in pursuing any such claims, particularly if the stockholders do not reside in or near the State of Delaware. Additionally, the forum selection clause in our certificate of incorporation may limit our stockholders' ability to bring a claim in a forum that they find favorable for disputes with us or our directors, officers or employees, which may discourage such lawsuits against us and our directors, officers and employees even though an action, if successful, might benefit our stockholders. Alternatively, if a court were to find the choice of forum provision contained in our certificate of incorporation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions. The Court of Chancery of the State of Delaware and the federal district courts of the United States may also reach different judgments or results than would other courts, including courts where a stockholder considering an action may be located or would otherwise choose to bring the action, and such judgments may be more or less favorable to us than our stockholders.

#### Limitation of Liability and Indemnification
Our certificate of incorporation limits the liability of our directors and officers to the maximum extent permitted by the DGCL. The DGCL provides that directors and officers will not be personally liable for monetary damages for breach of their fiduciary duties as directors, except liability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • for any breach of their duty of loyalty to the corporation or its stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • under Section 174 of the DGCL (governing distributions to stockholders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • for any transaction from which the director or officer derived an improper personal benefit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • of an officer in any action by or in the right of the Company

However, if the DGCL is amended to authorize corporate action further eliminating or limiting the personal liability of directors and officers, then the liability of our directors and officers will be eliminated or limited to the fullest extent permitted by the DGCL, as so amended. The modification or repeal of this provision of our certificate of incorporation will not adversely affect any right or protection of a director or officer existing at the time of such modification or repeal.

Our certificate of incorporation provides that we will, to the fullest extent from time to time permitted by law, indemnify our directors and officers against all liabilities and expenses in any suit or proceeding, arising out of their status as an officer or director or their activities in these capacities. We will also indemnify any person who, while a director or officer, at our request, is or was serving as a director, officer or employee of another corporation, partnership, joint venture, trust or other enterprise. We may, by action of our board of directors, provide indemnification to our employees and agents within the same scope and effect as the foregoing indemnification of directors and officers.

The right to be indemnified will include the right of an officer or a director to be paid expenses in advance of the final disposition of any proceeding, provided that, if required by law, we receive an undertaking to repay such amount if it will be determined that he or she is not entitled to be indemnified.

Our board of directors may take such action as it deems necessary to carry out these indemnification provisions, including adopting procedures for determining and enforcing indemnification rights and purchasing insurance policies. Our board of directors may also adopt bylaws, resolutions or contracts implementing indemnification arrangements as may be permitted by law. Neither the amendment nor the repeal of these indemnification provisions, nor any provision of our certificate of incorporation that is inconsistent with these indemnification provisions, will eliminate or reduce any rights to indemnification relating to their status or any activities prior to such amendment, repeal or adoption.

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We believe these provisions will assist in attracting and retaining qualified individuals to serve as directors.

#### Listing
We have applied to list our shares of common stock on the NYSE under the symbol "CSQR".

#### Transfer Agent and Registrar
The transfer agent and registrar for our common stock is Equiniti Trust Company, LLC.

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#### SHARES ELIGIBLE FOR FUTURE SALE
Prior to this offering, there has been no public market for our common stock. As described below, only a limited number of shares will be available for sale shortly after this offering due to contractual and legal restrictions on resale. Nevertheless, sales of a substantial number of shares of our common stock in the public market after such restrictions lapse, or the perception that those sales may occur, could adversely affect the prevailing market price of our common stock at such time and our ability to raise equity-related capital at a time and price we deem appropriate. See "*Risk Factors—Risks Related to this Offering and Ownership of Our Common Stock—Future sales of our common stock in the public market, or the perception in the public market that such sales may occur, could reduce our stock price*."

#### Sales of Restricted Shares
Upon the completion of this offering, we will have outstanding an aggregate of shares of common stock (or shares if the underwriters exercise their option to purchase additional shares in full), excluding up to unvested shares of common stock or RSUs that we expect to grant under the Omnibus Incentive Plan to certain of our employees, including our executive officers, on or about the date of this prospectus (assuming an initial public offering price at the midpoint of the estimated price range set forth on the cover page of this prospectus). Of these shares, all of the shares of common stock to be sold in this offering (or shares assuming the underwriters exercise their option to purchase additional shares in full) and up to shares of vested common stock that we expect to grant to our employees, including executive officers, on or about the date of this prospectus (assuming an initial public offering price at the midpoint of the estimated price range set forth on the cover page of this prospectus) will be freely tradable without restriction, unless the shares are held by any of our "affiliates" as such term is defined in Rule 144 under the Securities Act, and without further registration under the Securities Act. All remaining shares of common stock will be deemed "restricted securities" as such term is defined under Rule 144.

Restricted securities may be sold in the public market only if they qualify for an exemption from registration under Rule 144 under the Securities Act, which is summarized below, or any other applicable exemption under the Securities Act, or pursuant to a registration statement that is effective under the Securities Act. Immediately following the consummation of this offering, the holders of approximately shares of our common stock will be entitled to dispose of their shares following the expiration of an initial 180-day underwriter "lock-up" period, subject to the holding period, volume and other restrictions of Rule 144. Morgan Stanley & Co. LLC and TD Securities (USA) LLC are entitled to waive these lock-up provisions in their discretion prior to the expiration date of such lock-up agreements.

#### Lock-up Agreements
We, Brookfield and all of our directors and executive officers, who collectively hold substantially all of our issued and outstanding common stock, have agreed not to sell any common stock or securities convertible into or exercisable or exchangeable for shares of common stock for a period of 180 days from the date of this prospectus, subject to certain exceptions. Please see "*Underwriting (Conflicts of Interest)*" for a description of these lock-up provisions. The representatives, in their sole discretion, may at any time release all or any portion of the shares from the restrictions in such agreements, subject to applicable notice requirements.

#### Rule 144
After giving effect to this offering, we expect that shares of our outstanding common stock will be "restricted" securities under the meaning of Rule 144 under the Securities Act and may not be sold in the absence of registration under the Securities Act unless an exemption from registration is available, including the exemption provided by Rule 144.

In general, under Rule 144 under the Securities Act as currently in effect, beginning 90 days after the date of this prospectus, a person (or persons whose shares are aggregated) who is not deemed to have been an affiliate of ours at any time during the six months preceding a sale, and who has beneficially owned restricted securities within the meaning of Rule 144 for at least six months (including any period of consecutive ownership of preceding non-affiliated holders) would be entitled to sell those shares, subject only to the availability of

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current public information about us. A non-affiliated person who has beneficially owned restricted securities within the meaning of Rule 144 for at least one year would be entitled to sell those shares without regard to the provisions of Rule 144.

A person (or persons whose shares are aggregated) who is deemed to be an affiliate of ours and who has beneficially owned restricted securities within the meaning of Rule 144 for at least six months would be entitled to sell within any three-month period a number of shares that does not exceed the greater of one percent of the then outstanding shares of our common stock or the average weekly trading volume of our common stock reported by the NYSE during the four calendar weeks preceding the filing of notice of the sale; provided, in each case, that we are subject to the Exchange Act periodic reporting requirements for at least 90 days before the same and have filed all required reports during that time period. Such sales by affiliates are also subject to certain manner of sale provisions, notice requirements and the availability of current public information about us.

#### Rule 701
In general, under Rule 701 under the Securities Act, any of our employees, directors, officers, consultants or advisors who purchase shares from us in connection with a compensatory stock or option plan or other written agreement before the effective date of this offering is entitled to sell such shares 90 days after the effective date of this offering in reliance on Rule 144, without having to comply with the holding period requirement of Rule 144 and, in the case of non-affiliates, without having to comply with the public information, volume limitation or notice filing provisions of Rule 144. The SEC has indicated that Rule 701 will apply to typical stock options granted by an issuer before it becomes subject to the reporting requirements of the Exchange Act, along with the shares acquired upon exercise of such options, including exercises after the date of this prospectus.

#### Stock Issued Under Employee Plans
We intend to file a registration statement on Form S-8 under the Securities Act to register our common stock, including shares of common stock underlying RSUs, issuable under the Omnibus Incentive Plan. This registration statement on Form S-8 is expected to be filed following the effective date of the registration statement of which this prospectus is a part and will be effective upon filing. Accordingly, shares registered under such registration statement, including certain shares of vested common stock that we expect to grant to our employees, including executive officers, on or about the date of this prospectus, as described above, will be available for sale in the open market following the effective date, unless such shares are subject to vesting restrictions with us, Rule 144 restrictions applicable to our affiliates or the lock-up restrictions described above.

#### Registration Rights
Following this offering and subject to the lock-up agreements, Brookfield will be entitled to certain rights with respect to the registration of the sale of their shares of common stock under the Securities Act. For more information, see "*Certain Relationships and Related Party Transactions—Registration Rights Agreement*." After such registration, these shares of common stock will become freely tradable without restriction under the Securities Act except for shares purchased by affiliates.

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#### MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS
The following is a discussion of certain material U.S. federal income tax considerations applicable to Non-U.S. Holders (as defined below) with respect to the ownership and disposition of our common stock issued pursuant to this offering. The following discussion is based upon current provisions of the U.S. Internal Revenue Code of 1986, as amended (the "Code"), U.S. judicial decisions, administrative pronouncements of the U.S. Internal Revenue Service (the "IRS") and existing and proposed U.S. Treasury regulations, all as in effect as of the date hereof, all of which are subject to change at any time or subject to differing interpretations, possibly with retroactive effect, which may result in U.S. federal income tax consequences different from those discussed below. We have not requested, and will not request, a ruling from the IRS with respect to any of the U.S. federal income tax consequences described below, and as a result there can be no assurance that the IRS or a court will not disagree with or challenge any of the conclusions we have reached and describe herein.

This discussion only addresses consequences to Non-U.S. Holders that hold our common stock as a "capital asset" within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address all aspects of U.S. federal income taxation that may be important to a Non-U.S. Holder in light of such Non-U.S. Holder's particular circumstances or that may be applicable to Non-U.S. Holders subject to special treatment under U.S. federal income tax law (including, for example, banks and other financial institutions, regulated investment companies, real estate investment trusts, dealers in securities, traders in securities that elect mark-to-market treatment, insurance companies, tax-exempt entities, Non-U.S. Holders who acquire our common stock pursuant to the exercise of employee stock options or otherwise as compensation for their services, Non-U.S. Holders subject to special tax rules as a result of any item of income being taken into account in an applicable financial statement, Non-U.S. Holders that actually or constructively own more than five percent of our common stock, Non-U.S. Holders liable for the alternative minimum tax, controlled foreign corporations, foreign controlled foreign corporations, passive foreign investment companies, former citizens or former long-term residents of the United States, entities or arrangements classified as partnerships for U.S. federal income tax purposes and investors therein, Non-U.S. Holders that hold our common stock as part of a hedge, straddle, constructive sale or conversion transaction, "qualified foreign pension funds" as defined in Section 897(l)(2) of the Code and entities all of the interests of which are held by qualified foreign pension funds and Non-U.S. Holders that are foreign governments and other entities eligible for the benefits of Section 892 of the Code). In addition, this discussion does not address U.S. federal tax laws other than those pertaining to U.S. federal income tax (such as U.S. federal estate or gift tax or the Medicare contribution tax on certain net investment income), nor does it address any aspects of U.S. state, local or non-U.S. taxes. Non-U.S. Holders should consult their own tax advisors regarding the possible application of these taxes.

For purposes of this discussion, the term "Non-U.S. Holder" means a beneficial owner of our common stock that is, for U.S. federal income tax purposes, an individual, corporation, estate or trust, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an individual who is a citizen or resident of the United States, as determined for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a corporation, or other entity taxable as a corporation for U.S. federal income tax purposes, created or organized in the United States or under the laws of the United States, any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an estate, the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a trust if: (i) a court within the United States is able to exercise primary supervision over the administration of the trust and one or more "U.S. persons" (within the meaning of Section 7701(a)(30) of the Code) have the authority to control all substantial decisions of the trust; or (ii) it has a valid election in effect under applicable U.S. Treasury regulations to be treated as a domestic trust.

If an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds shares of our common stock, the tax treatment of a person treated as a partner of such partnership generally will depend on the status of the partner and the activities of the partnership. Partnerships and persons that, for U.S. federal income tax purposes, are treated as partners in a partnership considering an investment in shares of our common stock should consult their own tax advisors.

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THE FOLLOWING DISCUSSION IS FOR GENERAL INFORMATION PURPOSES ONLY AND IS NOT INTENDED TO BE, NOR SHOULD IT BE CONSTRUED AS, LEGAL OR TAX ADVICE TO ANY HOLDER OR PROSPECTIVE HOLDER OF OUR COMMON STOCK. PROSPECTIVE HOLDERS SHOULD CONSULT THEIR TAX ADVISORS AS TO THE PARTICULAR CONSEQUENCES TO THEM UNDER U.S. FEDERAL, STATE AND LOCAL, AND APPLICABLE NON-U.S. TAX LAWS OF THE ACQUISITION, OWNERSHIP AND DISPOSITION OF OUR COMMON STOCK.

#### Distributions
Distributions of cash or property that we pay in respect of our common stock will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Subject to the discussions below under "—*U.S. Trade or Business Income*," "—*Information Reporting and Backup Withholding*" and "—*FATCA*," you generally will be subject to U.S. federal withholding tax at a 30% rate, or at a reduced rate prescribed by an applicable income tax treaty, on any dividends received in respect of our common stock. If the amount of any distribution exceeds our current and accumulated earnings and profits, such excess first will be treated as a return of capital to the extent of your tax basis in our common stock (determined separately for each share), and thereafter will be treated as capital gain as described below under "—*Sale, Exchange or Other Taxable Disposition of Common Stock*." However, except to the extent that the applicable withholding agent elects otherwise based on a reasonable estimate that we may provide of our current and accumulated earnings and profits for the taxable year of such distribution, such withholding agent must generally withhold at the applicable rate on the entire distribution, in which case you would be entitled to a refund from the IRS for the withholding tax on the portion, if any, of the distribution that exceeded our current and accumulated earnings and profits.

In order to obtain a reduced rate of U.S. federal withholding tax under an applicable income tax treaty, you must provide a proper certification of your entitlement to benefits under the treaty (usually on an IRS Form W-8BEN or W-8BEN-E, as applicable). A Non-U.S. Holder that does not timely furnish the required documentation but that qualifies for a reduced treaty rate may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. You should consult your own tax advisor regarding your possible entitlement to benefits under an applicable income tax treaty.

#### Sale, Exchange or Other Taxable Disposition of Common Stock
Subject to the discussions below under "—*U.S. Trade or Business Income*," "—*Information Reporting and Backup Withholding*" and "—*FATCA*," you generally will not be subject to U.S. federal income or withholding tax in respect of any gain on a sale, exchange or other taxable disposition of our common stock unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the gain is effectively connected with your conduct of a U.S. trade or business, in which case, such gain will be taxed as described in "—*U.S. Trade or Business Income*" below (and, if required by an applicable income tax treaty, you maintain a permanent establishment in the U.S. to which such gain is attributable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • you are an individual who is present in the United States for 183 or more days in the taxable year of the disposition and certain other conditions are met; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our common stock constitutes a U.S. real property interest (a "USRPI") by reason of our status as a "United States real property holding corporation" (a "USRPHC") under Section 897 of the Code at any time during the shorter of the five-year period ending on the date of the disposition and your holding period for the common stock that is the subject of such disposition (the "Applicable Period"), in which case, subject to the exception set forth below, such gain will be subject to U.S. federal income tax.

Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net basis at regular U.S. federal income tax rates in the same manner as a U.S. person. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on its effectively connected earnings and profits (as adjusted for certain items), which will generally include such effectively connected gain.

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If you are described in the second bullet point above, you will be subject to U.S. federal income tax at a rate of 30% (or a reduced rate under an applicable income tax treaty) on the amount by which certain capital gains allocable to U.S. sources exceed certain capital losses allocable to U.S. sources, provided you have timely filed your U.S. federal income tax return with respect to such losses.

With respect to the third bullet point above, in general, a corporation is a USRPHC if the fair market value of its "United States real property interests" equals or exceeds 50% of the sum of the fair market value of its worldwide real property interests and its other assets used or held for use in a trade or business. We believe we are not currently a USRPHC, though the determination of whether we are or will be treated as a USRPHC is highly fact-dependent and no assurances can be provided with respect to our present or future status. In the event that we are determined to be a USRPHC, gain arising from the sale, exchange or other taxable disposition of our common stock by a Non-U.S. Holder will, nonetheless, not be subject to U.S. federal income tax if our common stock is regularly traded on an established securities market (within the meaning of applicable U.S. Treasury regulations) and you owned (directly and indirectly, taking into account certain constructive ownership rules) 5% or less of our common stock at all times during the Applicable Period. If the exceptions above do not apply, you will generally be subject to U.S. federal income tax on a net basis at regular U.S. federal income tax rates in the same manner as a U.S. person on the sale, exchange or other disposition of our common stock, and withholding taxes at a 15% rate may apply.

#### U.S. Trade or Business Income
Generally, dividend income and gain on the sale, exchange or other taxable disposition of our common stock that is effectively connected with your conduct of a U.S. trade or business (or, if you are eligible for the benefits of an applicable income tax treaty and such treaty requires that such dividends or gain is attributable to a permanent establishment (or, if you are an individual, a fixed base) that you maintain in the United States) is not subject to U.S. federal withholding tax (provided that you comply with applicable certification and disclosure requirements, including providing a properly executed IRS Form W-8ECI (or successor form)), but will instead generally be subject to U.S. federal income tax on a net basis at regular U.S. federal income tax rates in the same manner as a U.S. person. If you are a corporation, such dividends and gain may also be subject to a "branch profits tax" at a 30% rate (or at a lower rate specified by an applicable income tax treaty).

#### Information Reporting and Backup Withholding
Information returns are required to be filed with the IRS in connection with payments of dividends on our common stock. Copies of these information returns may also be made available under the provisions of a specific treaty or agreement to the tax authorities of the country in which a Non-U.S. Holder resides or is established. Under certain circumstances, the Code imposes a backup withholding obligation on certain reportable payments. Dividends paid to you will generally be exempt from backup withholding if you certify your non-U.S. status by providing a properly executed IRS Form W-8BEN, Form W-8BEN-E or Form W-8ECI, as applicable (or, in each case, a successor form) or otherwise establish an exemption and the applicable withholding agent does not have actual knowledge or reason to know that you are a U.S. person or that the conditions of such other exemption are not, in fact, satisfied.

The payment of the proceeds from the disposition of our common stock to or through the U.S. office of any broker (U.S. or non-U.S.) will be subject to information reporting and possible backup withholding unless you certify as to your non-U.S. status under penalties of perjury by providing the certification described above to the broker or otherwise establish an exemption, and the broker does not have actual knowledge or reason to know that you are a U.S. person or that the conditions of any other exemption are not, in fact, satisfied. The payment of proceeds from the disposition of our common stock to or through a non-U.S. office of a non-U.S. broker will not be subject to information reporting or backup withholding unless the non-U.S. broker has certain types of relationships with the United States (a "U.S. related financial intermediary"). In the case of the payment of proceeds from the disposition of our common stock to or through a non-U.S. office of a broker that is either a U.S. person or a U.S. related financial intermediary, the U.S. Treasury regulations require information reporting (but not backup withholding) on the payment unless the broker has documentary evidence in its files, such as the certifications described above, that the Non-U.S. Holder is not a U.S. person and the broker has no knowledge to the contrary. You should consult your tax advisor on the application of information reporting and backup withholding in light of your particular circumstances.

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Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules from a payment to you will be refunded or credited against your U.S. federal income tax liability, if any, provided that the required information is timely furnished to the IRS.

#### FATCA
Pursuant to Section 1471 through 1474 of the Code, commonly referred to as the Foreign Account Tax Compliance Act ("FATCA"), foreign financial institutions (which include most foreign hedge funds, private equity funds, mutual funds, and other investment vehicles) and certain other foreign entities that do not otherwise qualify for an exemption must comply with information reporting rules with respect to their U.S. account holders and investors or be subject to a withholding tax on U.S. source payments made to them (whether received as a beneficial owner or as an intermediary for another party).

More specifically, a 30% withholding tax may be imposed on dividends on, or (subject to the proposed U.S. Treasury regulations discussed below) gross proceeds from the sale or other disposition of, our common stock paid to a "foreign financial institution" or a "non-financial foreign entity" (each as defined in the Code), unless (i) in the case of a foreign financial institution, certain diligence and reporting obligations are undertaken, (ii) in the case of a non-financial foreign entity, the non-financial foreign entity either certifies it does not have any "substantial United States owners" (as defined in the Code) or furnishes identifying information regarding each of its direct and indirect substantial United States owners, or (iii) the foreign financial institution or non-financial foreign entity otherwise qualifies for an exemption from these rules. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules.

FATCA currently applies to payments of dividends made in respect of our common stock. Proposed U.S. Treasury regulations, the preamble to which states that they can be relied upon until final regulations are issued, exempt from FATCA gross proceeds on dispositions of stock. To avoid withholding on dividends, Non-U.S. Holders may be required to provide the applicable withholding agent with applicable tax forms or other information. Prospective Non-U.S. Holders should consult their own tax advisors regarding the effect, if any, of the FATCA provisions to them based on their particular circumstances.

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#### UNDERWRITING (CONFLICTS OF INTEREST)
Under the terms and subject to the conditions in an underwriting agreement dated the date of this prospectus, the underwriters named below, for whom Morgan Stanley & Co. LLC and TD Securities (USA) LLC are acting as representatives, have severally agreed to purchase, and we have agreed to sell to them, severally, the number of shares indicated below:

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| | |
|:---|:---|
| **Name**  | **Number of Shares**  |
| Morgan Stanley & Co. LLC  |  |
| TD Securities (USA) LLC  |  |
| Wells Fargo Securities, LLC  |  |
| BofA Securities, Inc.  |  |
| BMO Capital Markets Corp.  |  |
| Scotia Capital (USA) Inc.  |  |
| Jefferies LLC  |  |
| J.P. Morgan Securities LLC  |  |
| RBC Capital Markets, LLC  |  |
| SG Americas Securities, LLC  |  |
| Brookfield Securities LLC  |  |
| CIBC World Markets Corp.  |  |
| National Bank of Canada Financial Inc.  |  |
| PNC Capital Markets LLC  |  |
| &nbsp;&nbsp;&nbsp; Total:  |  |

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The underwriters and the representatives are collectively referred to as the "underwriters" and the "representatives," respectively. The underwriters are offering the shares of common stock subject to their acceptance of the shares from us and subject to prior sale. The underwriting agreement provides that the obligations of the several underwriters to pay for and accept delivery of the shares of common stock offered by this prospectus are subject to the approval of certain legal matters by their counsel and to certain other conditions. The underwriters are obligated to take and pay for all of the shares of common stock offered by this prospectus if any such shares are taken. However, the underwriters are not required to take or pay for the shares covered by the underwriters' over-allotment option described below.

The underwriters initially propose to offer part of the shares of common stock directly to the public at the offering price listed on the cover page of this prospectus and part to certain dealers at a price that represents a concession not in excess of $ per share under the initial public offering price. After the initial offering of the shares of common stock, the offering price and other selling terms may from time to time be varied by the representatives.

We have granted to the underwriters an option, exercisable for 30 days from the date of this prospectus, to purchase up to additional shares of common stock at the initial public offering price listed on the cover page of this prospectus, less underwriting discounts and commissions. The underwriters may exercise this option solely for the purpose of covering over-allotments, if any, made in connection with the offering of the shares of common stock offered by this prospectus. To the extent the option is exercised, each underwriter will become obligated, subject to certain conditions, to purchase about the same percentage of the additional shares of common stock as the number listed next to the underwriter's name in the preceding table bears to the total number of shares of common stock listed next to the names of all underwriters in the preceding table.

The following table shows the per share and total initial public offering price, underwriting discounts and commissions, and proceeds before expenses to us. These amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase up to an additional shares of common stock.

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| | | | |
|:---|:---|:---|:---|
| | **Per <br> Share**  | **Total**  | **Total**  |
| | **Per <br> Share**  | **No Exercise**  | **Full Exercise**  |
| Initial public offering price  |  | $&nbsp;&nbsp; | $&nbsp;&nbsp; |
| Underwriting discounts and commissions  |  | $&nbsp;&nbsp; | $&nbsp;&nbsp; |
| Proceeds, before expenses, to us  |  | $&nbsp;&nbsp; | $&nbsp;&nbsp; |

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The estimated offering expenses payable by us, exclusive of the underwriting discounts and commissions, are approximately $. We have also agreed to reimburse the underwriters for certain of their expenses in an an amount up to $. The underwriters have also agreed to reimburse us for certain expenses incurred by us with respect to this offering.

The underwriters have informed us that they do not intend sales to discretionary accounts to exceed 5% of the total number of shares of common stock offered by them. Our common stock will be listed on the New York Stock Exchange under the trading symbol "CSQR".

We and all directors and officers and the holders of all of our outstanding stock and stock options have agreed, subject to certain exceptions, that, without the prior written consent of the representatives on behalf of the underwriters, we and they will not, and will not publicly disclose an intention to, during the period ending 180 days after the date of this prospectus (the "restricted period"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly, any shares of common stock or any securities convertible into or exercisable or exchangeable for shares of common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • publicly file or confidentially submit any registration statement with the Securities and Exchange Commission relating to the offering of any shares of common stock or any securities convertible into or exercisable or exchangeable for common stock; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • enter into any swap, loan or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the common stock or any securities convertible into or exchangeable for common stock.

whether any such transaction described above is to be settled by delivery of common stock or such other securities, in cash or otherwise.

The lock-up agreement applicable to the Company is subject to certain specified exceptions, including: (i) the issuance of shares of common stock to be sold in this offering, (ii) grants of stock options, stock awards, restricted stock, restricted stock units, securities convertible into or exchangeable for shares of common stock, or other compensatory equity-based awards and the issuance of shares of common stock in connection with the exercise, vesting and/or settlement of any of the foregoing to the Company's employees, officers, directors, advisors, or consultants pursuant to the terms of an equity compensation plan in effect as of the closing of this offering and described herein; (iii) the issuance by the Company of shares of common stock upon the exercise of an option or other equity-based award or warrant or the conversion of a security outstanding as of the date hereof as described herein; (iv) the filing by the Company of any registration statement on Form S-8 relating to the offering of securities granted or to be granted pursuant to any plan in effect on the date hereof and described herein; (v) issuances by the Company of common stock or securities convertible into shares of common stock in connection with any merger, joint venture, strategic alliances, commercial or other collaborative transaction or the acquisition or licenses of the business, property, technology or other assets of another individual or entity or the assumption of an employee benefit plan in connection with a merger or acquisition, provided that the aggregate number of shares of common stock issued pursuant to this clause (v) during the restricted period shall not exceed 10% of the total number of shares of common stock issued and outstanding on the closing date of this offering, and provided further that, in the case of any issuance pursuant to this clause (v), the transferee or distributee agrees in writing to be bound by the lock-up restrictions for the remainder of the restricted period; (vi) the confidential or non-public submission or filing of any registration statement relating to any proposed offering of shares of common stock, provided that (w) no public announcement of such confidential or non-public submission or filing shall be made, (x) if any demand was made for, or any right exercised with respect to, such registration of shares of stock or securities convertible,

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exercisable or exchangeable into common stock, no public announcement of such demand or exercise of rights shall be made, (y) the Company shall provide written notice at least two business days prior to such confidential or non-public submission or filing to the representatives and (z) no such confidential or non-public submission or filing shall become a publicly-filed registration statement during the restricted period; (vii) facilitating the establishment of a trading plan on behalf of any of our shareholders, officers or directors pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of common stock, subject to certain restrictions; and (viii) bona fide gifts to charitable organizations provided that any such transfer will not involve a disposition for value.

The lock-up agreements applicable to the Brookfield Stockholder and all of our directors and executive officers are subject to specified exceptions, including: (i) common stock acquired in this offering (other than, for officers and directors of the Company, any issuer-directed shares of common stock purchased in this offering) or in open market transactions after the completion of this offering; (ii) bona fide gifts or charitable contributions; (iii) transfers as part of a distribution to limited partners, general partners, limited liability company members or stockholders of the lock-up party or holders of similar equity interests in the lock-up party or to any investment holding company controlled or managed by the lock-up party; (iv) transfers to any member of the lock-up party's immediate family or to any trust, partnership, limited liability company or other entity for the benefit of the lock-up party and/or any member of the lock-up party's immediate family; (v) transfers to a corporation, partnership, limited liability company, trust or other business entity that is an affiliate (as defined in Rule 405 of the Securities Act) of the lock-up party, or to any investment fund or other entity controlling, controlled by, managing or managed by or under common control with the lock-up party or affiliates of the lock-up party; (vi) transfers by will, other testamentary document or intestate succession upon the death of the lock-up party or for bona fide estate planning purposes; (vii) transfers by operation of law, such as pursuant to a qualified domestic order or in connection with a divorce settlement; (viii) transfers to the Company upon the undersigned's death, disability or termination of employment or other service relationship with the Company; (ix) transfers to the Company upon the "net" or "cashless" vesting, settlement or exercise of stock options or other equity awards granted pursuant to our equity incentive plans described herein; (x) transfers pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction made to all holders of our common stock that has been approved by our board of directors and involving a change of control of the Company; (xi) in the case of the Brookfield Stockholder only, transfers to any third-party pledgee in a bona fide transaction as collateral to secure obligations pursuant to lending or other arrangements between such third parties (or their affiliates or designees) and the lock-up party and/or its affiliates or any similar arrangement related to a financing arrangement for the benefit of the lock-up party and/or its affiliates, subject to certain restrictions; (xii) in the case of the Brookfield Stockholder only, transfers pursuant to a bona fide loan or pledge and as a grant or maintenance of a bona fide lien, security interest, pledge or other similar encumbrance owned by the lock-up party to a nationally or internationally recognized financial institution in connection with a loan to the lock-up party, subject to certain restrictions; (xiii) transfers to the lock-up party's employer or any affiliate of the lock-up party's employer as compensation in his or her capacity as a member of the Company's board of directors; (xiv) transfers to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under (i) through (xiii); and (xv) the establishment of a trading plan pursuant to Rule 10b5-1 of the Exchange Act, subject to certain restrictions; provided that, in the case of any transfer or distribution pursuant to (ii) through (vii), the transferee or distributee agrees in writing to be bound by the lock-up restrictions.

The representatives, in their sole discretion, may release the common stock and other securities subject to the lock-up agreements described above in whole or in part at any time.

In order to facilitate the offering of the common stock, the underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of the common stock. Specifically, the underwriters may sell more shares than they are obligated to purchase under the underwriting agreement, creating a short position. A short sale is covered if the short position is no greater than the number of shares available for purchase by the underwriters under the over-allotment option. The underwriters can close out a covered short sale by exercising the over-allotment option or purchasing shares in the open market. In determining the source of shares to close out a covered short sale, the underwriters will consider, among other things, the open market price of shares compared to the price available under the over-allotment option. The underwriters may also sell shares in excess of the over-allotment option, creating a naked short position. The underwriters must close out any naked short position by purchasing shares in the open market. A naked short position is more likely to

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be created if the underwriters are concerned that there may be downward pressure on the price of the common stock in the open market after pricing that could adversely affect investors who purchase in this offering. As an additional means of facilitating this offering, the underwriters may bid for, and purchase, shares of common stock in the open market to stabilize the price of the common stock. These activities may raise or maintain the market price of the common stock above independent market levels or prevent or retard a decline in the market price of the common stock. The underwriters are not required to engage in these activities and may end any of these activities at any time.

We and the underwriters have agreed to indemnify each other against certain liabilities, including liabilities under the Securities Act.

A prospectus in electronic format may be made available on websites maintained by one or more underwriters, or selling group members, if any, participating in this offering. The representatives may agree to allocate a number of shares of common stock to underwriters for sale to their online brokerage account holders. Internet distributions will be allocated by the representatives to underwriters that may make Internet distributions on the same basis as other allocations.

The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities. Certain of the underwriters and their respective affiliates have, from time to time, performed, and may in the future perform, various financial advisory and investment banking services for us, for which they received or will receive customary fees and expenses.

Bernstein Institutional Services LLC is serving as selling agent on behalf of SG Americas Securities, LLC in the offering described herein. Bernstein Institutional Services LLC and certain of its affiliates may provide investor feedback, research, market sounding, block monitoring, market intelligence, historical market or trading information, and origination and deal execution support to SG Americas Securities, LLC in connection with this offering and may also provide such services in the general course of business.

In addition, in the ordinary course of their various business activities, the underwriters and their respective affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers and may at any time hold long and short positions in such securities and instruments. Such investment and securities activities may involve our securities and instruments. The underwriters and their respective affiliates may also make investment recommendations or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long or short positions in such securities and instruments.

#### Conflicts of Interest
Because affiliates of TD Securities (USA) LLC, BMO Capital Markets Corp. and Scotia Capital (USA) Inc. are lenders on our Revolving Credit Facility and are holders of, or otherwise have economic interests in, our Series 2024-1 Variable Funding Notes and will receive 5% or more of the net proceeds of this offering due to the repayment of the Revolving Credit Facility and our Series 2024-1 Variable Funding Notes by us, and affiliates of Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC are lenders on our Revolving Credit Facility and will receive 5% or more of the net proceeds of this offering due to the repayment of the Revolving Credit Facility by us, each of Morgan Stanley & Co. LLC, TD Securities (USA) LLC, Wells Fargo Securities, LLC, BMO Capital Markets Corp. and Scotia Capital (USA) Inc. is deemed to have a "conflict of interest" within the meaning of FINRA Rule 5121. In addition, because affiliates of Brookfield Securities LLC own more than 10% of our outstanding equity securities in the aggregate and because the Brookfield Stockholder is the lender under the Promissory Note and, as a result, will receive 5% or more of the net proceeds of this offering due to the repayment of the Promissory Note by us, Brookfield Securities LLC is also deemed to have a "conflict of interest" within the meaning of FINRA Rule 5121. Accordingly, this offering will be conducted in compliance with FINRA Rule 5121, which requires, among other things, that a qualified independent underwriter has participated in the preparation of, and has exercised the usual standards of "due diligence" with respect to, this prospectus and the registration statement of which this prospectus forms a part. RBC Capital Markets, LLC has agreed to act as qualified independent underwriter for the offering and to undertake

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the legal responsibilities and liabilities of an underwriter under the Securities Act, specifically including those inherent in Section 11 of the Securities Act. RBC Capital Markets, LLC will not receive any additional fees for serving as a qualified independent underwriter in connection with this offering. We have agreed to indemnify RBC Capital Markets, LLC against liabilities incurred in connection with acting as qualified independent underwriter, including liabilities under the Securities Act.

Pursuant to FINRA Rule 5121, Morgan Stanley & Co. LLC, TD Securities (USA) LLC, Wells Fargo Securities, LLC, BMO Capital Markets Corp., Scotia Capital (USA) Inc. and Brookfield Securities LLC will not confirm sales of the securities to any account over which they exercise discretionary authority without the specific written approval of the account holder.

#### Pricing of the Offering
Prior to this offering, there has been no public market for our common stock. The initial public offering price was determined by negotiations between us and the representatives. Among the factors considered in determining the initial public offering price were our future prospects and those of our industry in general, our sales, earnings and certain other financial and operating information in recent periods, and the price-earnings ratios, price-sales ratios, market prices of securities, and certain financial and operating information of companies engaged in activities similar to ours.

#### Directed Share Program
At our request, the underwriters have reserved 5% of the shares of common stock to be issued by us and offered by this prospectus for sale, at the initial public offering price, to certain individuals identified by our executive team and certain other individuals affiliated with us through a directed share program. The number of shares of our common stock available for sale to the general public will be reduced to the extent these individuals purchase such reserved shares. Any reserved shares that are not so purchased will be offered by the underwriters to the general public on the same basis as the other shares offered by this prospectus. Morgan Stanley & Co. LLC will administer our directed share program. Any shares sold under the directed share program, other than to our directors, officers, and existing significant stockholders, who are subject to the lock-up restrictions described above, will not be subject to the terms of any lock-up agreement. We have agreed to indemnify Morgan Stanley & Co. LLC in connection with the directed share program, including for the failure of any participant to pay for its shares. Other than the underwriting discount described on the front cover of this prospectus, the underwriters will not be entitled to any commission with respect to shares of stock sold pursuant to the directed share program.

#### Selling Restrictions

#### Notice to prospective investors in European Economic Area
In relation to each Member State of the European Economic Area (each a "Relevant State"), no shares have been offered or will be offered pursuant to the offering to the public in that Relevant State prior to the publication of a prospectus in relation to the shares which has been approved by the competent authority in that Relevant State or, where appropriate, approved in another Relevant State and notified to the competent authority in that Relevant State, all in accordance with the Prospectus Regulation, except that the shares may be offered to the public in that Relevant State at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

to any qualified investor as defined under Article 2 of the Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the Prospectus Regulation), subject to obtaining the prior consent of the representatives for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)

in any other circumstances falling within Article 1(4) of the Prospectus Regulation,

provided that no such offer of shares shall require us or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation, supplement a prospectus pursuant to Article 23 of the Prospectus Regulation or publish an Annex IX document pursuant to Article 1(4) of the Prospectus Regulation.

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For the purposes of this provision, the expression an "offer to the public" in relation to the shares in any Relevant State means the communication in any form and by any means of sufficient information on the terms of the offer and any shares to be offered so as to enable an investor to decide to purchase any shares, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

#### Notice to prospective investors in United Kingdom
No shares have been offered or will be offered pursuant to the offering to the public in the United Kingdom except that the shares may be offered to the public in the United Kingdom at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

where the offer is conditional on the admission of the shares to trading on the London Stock Exchange plc's main market (in reliance on the exception in paragraph 6(a) of Schedule 1 of the POATR);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

to any qualified investor as defined under paragraph 15 of Schedule 1 of the POATR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)

to fewer than 150 persons (other than qualified investors as defined under paragraph 15 of Schedule 1 of the POATR), subject to obtaining the prior consent of the representatives for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)

in any other circumstances falling within Part 1 of Schedule 1 of the POATR.

For the purposes of this provision, the expression an "offer to the public" in relation to the shares in the United Kingdom means the communication to any person which presents sufficient information on: (a) the shares to be offered; and (b) the terms on which they are to be offered, to enable an investor to decide to buy or subscribe for the shares and the expressions "POATR" means the Public Offers and Admissions to Trading Regulations 2024.

#### Notice to prospective investors in Canada
The shares of our common stock may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the shares of our common stock must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts ("NI 33-105"), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

#### Notice to prospective investors in Switzerland
This prospectus does not constitute an offer to the public or a solicitation to purchase or invest in any shares of our common stock. No shares of our common stock have been offered or will be offered to the public in Switzerland, except that offers of shares of our common stock may be made to the public in Switzerland at any time under the following exemptions under the Swiss Financial Services Act ("FinSA"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

to any person which is a professional client as defined under the FinSA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

to fewer than 500 persons (other than professional clients as defined under the FinSA), subject to obtaining the prior consent of the representatives of the underwriters for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.

in any other circumstances falling within Article 36 FinSA in connection with Article 44 of the Swiss Financial Services Ordinance, provided that no such offer of shares shall require us or any investment bank to publish a prospectus pursuant to Article 35 FinSA.

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The shares of our common stock have not been and will not be listed or admitted to trading on a trading venue in Switzerland.

Neither this document nor any other offering or marketing material relating to the shares of our common stock constitutes a prospectus as such term is understood pursuant to the FinSA and neither this document nor any other offering or marketing material relating to the shares of our common stock may be publicly distributed or otherwise made publicly available in Switzerland.

#### Notice to prospective investors in Japan
The shares of our common stock have not been and will not be registered pursuant to Article 4, Paragraph 1 of the Financial Instruments and Exchange Act. Accordingly, none of the shares of our common stock nor any interest therein may be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any "resident" of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to or for the benefit of a resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Financial Instruments and Exchange Act and any other applicable laws, regulations and ministerial guidelines of Japan in effect at the relevant time.

#### Notice to prospective investors in Hong Kong
The shares of our common stock have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than (i) to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) (the "SFO") of Hong Kong and any rules made thereunder; or (ii) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong (the "CO") or which do not constitute an offer to the public within the meaning of the CO. No advertisement, invitation, or document relating to the shares of our common stock has been or may be issued or has been or may be in the possession of any person for the purposes of issue, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to shares of our common stock which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the SFO and any rules made thereunder.

#### Notice to prospective investors in Singapore
Each underwriter has acknowledged that this prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, each underwriter has represented and agreed that it has not offered or sold any shares of our common stock or caused such shares to be made the subject of an invitation for subscription or purchase and will not offer or sell any shares of our common stock or cause such shares to be made the subject of an invitation for subscription or purchase, and has not circulated or distributed, nor will it circulate or distribute, this prospectus or any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the shares of our common stock, whether directly or indirectly, to any person in Singapore other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

to an institutional investor (as defined in Section 4A of the Securities and Futures Act (Chapter 289) of Singapore, as modified or amended from time to time (the "SFA")) pursuant to Section 274 of the SFA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.

otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Where the shares of our common stock are subscribed or purchased under Section 275 of the SFA by a relevant person which is:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor, securities or securities-based derivatives contracts (each term as defined in Section 2(1) of the SFA) of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the shares pursuant to an offer made under Section 275 of the SFA except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

to an institutional investor or to a relevant person, or to any person arising from an offer referred to in Section 275(1A) or Section 276(4)(c)(ii) of the SFA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

where no consideration is or will be given for the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.

where the transfer is by operation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.

as specified in Section 276(7) of the SFA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.

as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) Regulations 2018. Singapore

*SFA Product Classification*—In connection with Section 309B of the SFA and the CMP Regulations 2018, unless otherwise specified before an offer of shares of our common stock, we have determined, and hereby notify all relevant persons (as defined in Section 309A(1) of the SFA), that the shares of common stock are "prescribed capital markets products" (as defined in the CMP Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

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#### LEGAL MATTERS
The validity of the shares of common stock offered hereby will be passed upon for us by Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, New York. Certain legal matters related to this offering will be passed upon for the underwriters by Latham & Watkins LLP, New York, New York.

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#### EXPERTS
The financial statements of Csquare, Inc. as of December 31, 2025 and 2024, and for each of the three years in the period ended December 31, 2025, included in this prospectus, have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report. Such financial statements are included in reliance upon the report of such firm given their authority as experts in accounting and auditing.

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#### WHERE YOU CAN FIND MORE INFORMATION
We have filed with the SEC a registration statement on Form S-1 with respect to the common stock being sold in this offering. This prospectus constitutes a part of that registration statement. This prospectus does not contain all the information set forth in the registration statement and the exhibits and schedules to the registration statement, because some parts have been omitted in accordance with the rules and regulations of the SEC. For further information with respect to us and our common stock being sold in this offering, you should refer to the registration statement and the exhibits and schedules filed as part of the registration statement. Statements contained in this prospectus regarding the contents of any agreement, contract or other document referred to herein are not necessarily complete; reference is made in each instance to the copy of the contract or document filed as an exhibit to the registration statement. Each statement is qualified by reference to the exhibit.

The SEC maintains an Internet site that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC. The SEC's website address is www.sec.gov.

After we have completed this offering, we will file annual, quarterly and current reports, proxy statements and other information with the SEC. We intend to make these filings available on our website (www.csquare.com) once this offering is completed. Our website and the information contained on, or that can be accessed through, our website will not be deemed to be incorporated by reference in, and are not considered part of, this prospectus. You should not rely on our website or any such information in making your decision whether to purchase shares of our common stock. You can also request copies of these documents, for a copying fee, by writing to the SEC, or you can review these documents on the SEC's website, as described above. In addition, we will provide electronic or paper copies of our filings free of charge upon request.

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#### INDEX TO FINANCIAL STATEMENTS

---

| | |
|:---|:---|
| **Audited Consolidated Financial Statements** |  |
| [Report of Independent Registered Public Accounting Firm](#tIARP)  | [F-2](#tIARP) |
| [Consolidated Balance Sheets as of December 31, 2025 and 2024](#tCBS)  | [F-4](#tCBS) |
| [Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023](#tCSOO)  | [F-5](#tCSOO) |
|  [Consolidated Statements of Comprehensive (Loss) Income for the years ended December 31, 2025, <br> 2024 and 2023](#tCSOC)  | [F-6](#tCSOC) |
|  [Consolidated Statements of Member's Equity (Deficit) for the years ended December 31, 2025, 2024 <br> and 2023](#tCSOM)  | [F-7](#tCSOM) |
| [Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023](#tCSOC1)  | [F-8](#tCSOC1) |
| [Notes to the Consolidated Financial Statements](#tNTTC)  | [F-10](#tNTTC) |

---

---

| | |
|:---|:---|
| **Unaudited Condensed Consolidated Financial Statements** |  |
| [Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025](#tCBS2)  | [F-47](#tCBS2) |
|  [Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and <br> 2025](#tCSOO2)  | [F-48](#tCSOO2) |
|  [Condensed Consolidated Statements of Comprehensive (Loss) Income for the three months ended March 31, 2026 and 2025](#tCSOC21)  | [F-49](#tCSOC21) |
|  [Condensed Consolidated Statements of Member's (Deficit) Equity for the three months ended March 31, 2026 and 2025](#tCSOM2)  | [F-50](#tCSOM2) |
|  [Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and <br> 2025](#tCSOC12)  | [F-51](#tCSOC12) |
| [Notes to the Unaudited Condensed Consolidated Financial Statements](#tNTTC2)  | [F-53](#tNTTC2) |

---

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#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Member and the Board of Directors of Csquare, Inc.

#### Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Csquare, Inc. and subsidiaries (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income (loss), member's equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

#### Critical Audit Matters
The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

#### 2025 Portfolio Acquisition- Refer to Note 3 to the financial statements
 *Critical Audit Matter Description* 

The Company completed the acquisition of the operations of ten data centers located in the United States and Canada that provide retail colocation services for a total purchase price of $202.5 million on October 1, 2025. The Company accounted for the acquisition under the acquisition method of accounting for business combinations. Accordingly, the purchase price was allocated to the assets acquired and liabilities assumed based on their respective fair values, including property and equipment of $789.2 million. Management

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estimated the fair value of property and equipment using accepted valuation techniques. The fair value determination of the property and equipment required management to make significant estimates and assumptions.

We identified the property and equipment for the 2025 Portfolio acquisition as a critical audit matter because of the significant estimates and assumptions management makes to fair value these assets. This required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists, when performing audit procedures to evaluate the reasonableness of management's assumptions.

 *How the Critical Audit Matter Was Addressed in the Audit* 

Our audit procedures related to the valuation of the property and equipment included the following, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We tested the design and implementation of management's controls over the valuation of acquired property and equipment and the review of the work of management's third-party specialists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We tested the completeness and accuracy of underlying data used in the valuation, including reconciling selected items to source records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • With the assistance of our fair value specialists, we selected a sample of property and equipment assets and evaluated management's valuation of the assets by comparing management's fair value conclusions to those determined using accepted valuation techniques in accordance with generally accepted valuation practices for similar assets.

#### Revenues—Refer to Note 4 to the financial statements
 *Critical Audit Matter Description* 

The Company's total revenues for the year ended December 31, 2025 were $987.0 million, of which a majority relates to $741.8 million of colocation revenue and $105.6 million of interconnection revenue. Colocation and interconnection revenues are recurring revenue streams that are generally billed monthly and recognized ratably over the term of the contract. Revenues are recognized when services are provided to the Company's customers, in an amount that reflects the consideration management expects to be entitled to in exchange for the services.

We identified revenues as a critical audit matter because of the significant degree of auditor effort involved and the degree of auditor judgement in evaluating the contractual terms and determining the appropriate timing of revenue recognition.

 *How the Critical Audit Matter Was Addressed in the Audit* 

Our audit procedures related to the Company's revenue transactions included the following, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We tested the design and implementation of internal controls within the relevant revenue business processes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We analyzed the population of revenue transactions to evaluate trends in the revenue data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • For a sample of revenue transactions, we performed detail transaction testing by agreeing the amounts recognized to source documents, including those that evidence existence of an arrangement, and tested the mathematical accuracy of the recorded revenue.

/s/ Deloitte & Touche LLP

Miami, Florida

March 30, 2026

We have served as the Company's auditor since 2025.

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#### CSQUARE, INC.

#### Consolidated Balance Sheets (in thousands)

---

| | | |
|:---|:---|:---|
| | **As of December 31,**  | **As of December 31,**  |
| | **2025**  | **2024**  |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | $140159 | $77935 |
| &nbsp;&nbsp;&nbsp; Restricted cash  | 263257 | 42652 |
| &nbsp;&nbsp;&nbsp; Due from related parties  | 144451 | 5532 |
| &nbsp;&nbsp;&nbsp; Accounts receivable, net of allowance for expected credit losses of $2,643 and <br> $4,366 as of December 31, 2025 and 2024, respectively  | 90708 | 112473 |
| &nbsp;&nbsp;&nbsp; Prepaid assets  | 7013 | 12296 |
| &nbsp;&nbsp;&nbsp; Other current assets  | 73307 | 32155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets  | 718895 | 283043 |
| Property and equipment, net  | 3951089 | 2766140 |
| Right-of-use assets  | 355237 | 588141 |
| Goodwill  | 541493 | 404893 |
| Intangible assets, net  | 436299 | 425329 |
| Other assets  | 91410 | 63164 |
| **Total assets**  | $6094423 | $4530710 |
| **Liabilities and member's (deficit) equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable  | $34477 | $29935 |
| &nbsp;&nbsp;&nbsp; Accrued expenses  | 128606 | 151886 |
| &nbsp;&nbsp;&nbsp; Due to related parties  |  | 3334 |
| &nbsp;&nbsp;&nbsp; Contract liabilities, current  | 96358 | 104425 |
| &nbsp;&nbsp;&nbsp; Current portion of long-term debt, net of deferred financing costs  |  | 25136 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities, current  | 41755 | 41850 |
| &nbsp;&nbsp;&nbsp; Finance lease liabilities, current  | 15020 | 19507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities  | 316216 | 376073 |
| Contract liabilities, net of current portion  | 122762 | 76949 |
| Long-term debt, net of deferred financing costs  | 4755553 | 2185747 |
| Operating lease liabilities, net of current portion  | 391577 | 560062 |
| Finance lease liabilities, net of current portion  | 428364 | 435257 |
| Deferred tax liabilities  | 165600 | 86651 |
| Other liabilities, non-current  | 41097 | 31547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | $6221169 | $3752286 |
| Commitments and contingencies (Note 14) |  |  |
| Member's (deficit) equity: |  |  |
| &nbsp;&nbsp;&nbsp; Member's interest, 484,000 common units authorized, issued and outstanding as of December 31, 2025 and December 31, 2024  | 1094620 | 1092299 |
| &nbsp;&nbsp;&nbsp; Accumulated deficit  | (1225641) | (320736) |
| &nbsp;&nbsp;&nbsp; Accumulated other comprehensive income  | 4275 | 6861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total member's (deficit) equity  | (126746) | 778424 |
| **Total liabilities and member's (deficit) equity**  | $6094423 | $4530710 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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#### CSQUARE, INC.

#### Consolidated Statements of Operations (in thousands, except per unit data)

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| &nbsp;&nbsp;&nbsp; **Revenues**  | $986980 | $907551 | $198260 |
| &nbsp;&nbsp;&nbsp; **Costs and operating expenses:**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of revenues, excluding depreciation and amortization  | 509249 | 516500 | 140058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, marketing, general and administrative  | 87724 | 102326 | 40143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization  | 271916 | 259575 | 50423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transaction and other costs  | 17710 | 69375 | 8873 |
| &nbsp;&nbsp;&nbsp; **Total costs and operating expenses**  | 886599 | 947776 | 239497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from operations**  | 100381 | (40225) | (41237) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense  | (241165) | (185614) | (46170) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Loss) gain on extinguishment of debt  | (7114) | (14934) | 9782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bargain purchase gain  |  | 544097 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income (loss), net  | 9479 | 10678 | (1039) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Loss) income before income taxes  | (138419) | 314002 | (78664) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax benefit (expense)  | 18515 | 144539 | (1032) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net (loss) income**  | $(119904) | $458541 | $(79696) |
| &nbsp;&nbsp;&nbsp; **Net (loss) income per unit:**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted  | $(0.25) | $0.95 | $(0.16) |
| **Weighted average common units outstanding:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted  | 484000 | 484000 | 484000 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Consolidated Statements of Comprehensive (Loss) Income (in thousands)

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| **Net (loss) income**  | $(119904) | $458541 | $(79696) |
| **Other comprehensive income (loss), net of tax:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation adjustment ("CTA")  | 18349 | (6903) | (1487) |
| &nbsp;&nbsp;&nbsp; Unrealized loss on cash flow hedges, net of tax effects of $1,013, ($818) and ($0)  | (21205) | (17056) | (5137) |
| &nbsp;&nbsp;&nbsp; Net income (loss) on defined benefit plans, net of tax effects of ($18), <br> ($89) and $0  | 270 | (1852) | (726) |
| &nbsp;&nbsp;&nbsp; **Total other comprehensive loss, net of tax**  | (2586) | (25811) | (7350) |
| **Comprehensive (loss) income, net of tax**  | $(122490) | $432730 | $(87046) |

---

The accompanying notes are an integral part of these consolidated financial statements.

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Consolidated Statements of Member's Equity (DEFICIT) (in thousands, except unit data)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Member's Interest**  | **Member's Interest**  | **Accumulated <br> deficit**  | **Accumulated <br> Other <br> Comprehensive <br> Income**  | **Total Member's <br> Equity (Deficit)**  | **Non-controlling <br> Interest**  | **Total <br> Equity <br> (Deficit)**  |
| | **Units**  | **Amount**  | **Accumulated <br> deficit**  | **Accumulated <br> Other <br> Comprehensive <br> Income**  | **Total Member's <br> Equity (Deficit)**  | **Non-controlling <br> Interest**  | **Total <br> Equity <br> (Deficit)**  |
| **Balance as of December 31, 2022**  | 484000000 | $953724 | $(598964) | $40022 | $394782 | $7849 | $402631 |
| &nbsp;&nbsp;&nbsp; Net loss  |  |  | (79696) |  | (79696) |  | (79696) |
| &nbsp;&nbsp;&nbsp; Contributions from member  |  | 131160 |  |  | 131160 |  | 131160 |
| &nbsp;&nbsp;&nbsp; Other comprehensive loss  |  |  |  | (7350) | (7350) |  | (7350) |
| **Balance as of December 31, 2023**  | 484000000 | 1084884 | (678660) | 32672 | 438896 | 7849 | 446745 |
| &nbsp;&nbsp;&nbsp; Net income  |  |  | 458541 |  | 458541 |  | 458541 |
| &nbsp;&nbsp;&nbsp; Contributions from member  |  | 8666 |  |  | 8666 |  | 8666 |
| &nbsp;&nbsp;&nbsp; Distribution of assets to <br> member  |  |  | (100617) |  | (100617) |  | (100617) |
| &nbsp;&nbsp;&nbsp; Purchase of non-controlling interest  |  | (1251) |  |  | (1251) | (7849) | (9100) |
| &nbsp;&nbsp;&nbsp; Other comprehensive loss  |  |  |  | (25811) | (25811) |  | (25811) |
| **Balance as of December 31, 2024**  | 484000000 | 1092299 | (320736) | 6861 | 778424 |  | 778424 |
| &nbsp;&nbsp;&nbsp; Net loss  |  |  | (119904) |  | (119904) |  | (119904) |
| &nbsp;&nbsp;&nbsp; Contributions from member  |  | 2321 |  |  | 2321 |  | 2321 |
| &nbsp;&nbsp;&nbsp; Distribution of assets to <br> member  |  |  | (785001) |  | (785001) |  | (785001) |
| &nbsp;&nbsp;&nbsp; Other comprehensive loss  |  |  |  | (2586) | (2586) |  | (2586) |
| **Balance as of December 31, 2025**  | 484000000 | $1094620 | $(1225641) | $4275 | $(126746) | $— | $(126746) |

---

The accompanying notes are an integral part of these consolidated financial statements.

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Consolidated Statements of Cash Flows (in thousands)

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| **Operating activities** |  |  |  |
| **Net (loss) income**  | $(119904) | $458541 | $(79696) |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net (loss) income to net cash provided <br> by (used in) operating activities:  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization  | 271916 | 259575 | 50423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred financing costs  | 29012 | 23939 | 3044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Gain) loss on hedge termination  | (121) | (33691) | 3172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net periodic pension and OPEB (benefit) cost  | 1953 | (1594) | (182) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss (gain) on extinguishment of debt  | 7114 | 14934 | (9782) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bargain purchase gain  |  | (544097) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax (benefit) loss  | (19748) | (145765) | 871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Gain) Loss on modification of leases  | (51) | 1648 | (20360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating activities  | (1630) | (1012) | (219) |
| &nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities:  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable  | 39343 | (23696) | 2066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid and other current assets  | (6797) | 8917 | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease right-of-use assets  | 49607 | 61730 | 11488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to related parties  | 36 | (4926) | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets  | (38387) | (114) | (8084) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities  | (46071) | 43872 | (2716) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other long-term liabilities  | 43191 | 2698 | 14235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities  | (37479) | (39991) | (22327) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by (used in) operating activities**  | 171984 | 80968 | (56261) |
| &nbsp;&nbsp;&nbsp; **Investing activities**  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchase of property and equipment  | (244832) | (188414) | (83018) |
| &nbsp;&nbsp;&nbsp; Purchase of previously leased property  | (300599) | (679000) |  |
| &nbsp;&nbsp;&nbsp; Proceeds from the disposal of property and equipment  |  | 6032 |  |
| &nbsp;&nbsp;&nbsp; Loans and deposits to related party  | (142288) |  |  |
| &nbsp;&nbsp;&nbsp; Business acquisitions, net of cash acquired  | (183800) | (495250) |  |
| &nbsp;&nbsp;&nbsp; Deposits for acquisitions  |  |  | (101147) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in investing activities**  | (871519) | (1356632) | (184165) |
| &nbsp;&nbsp;&nbsp; **Financing activities**  |  |  |  |
| &nbsp;&nbsp;&nbsp; Borrowings on long-term debt, net of discount  | 2756353 | 2831669 |  |
| &nbsp;&nbsp;&nbsp; Repayments on long-term debt  | (1463640) | (1223162) | (4313) |
| &nbsp;&nbsp;&nbsp; Borrowings on revolving credit facility  | 1039000 | 163131 | 262591 |
| &nbsp;&nbsp;&nbsp; Repayments on revolving credit facility  | (477900) | (212497) | (4841) |
| &nbsp;&nbsp;&nbsp; Repayment of finance lease liabilities  | (16132) | (12424) |  |
| &nbsp;&nbsp;&nbsp; Distributions to member  | (785001) | (100617) |  |
| &nbsp;&nbsp;&nbsp; Contributions from member  | 2321 | 8118 | 6557 |

---

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Consolidated Statements of Cash Flows (Continued) (in thousands)

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| &nbsp;&nbsp;&nbsp; Cash paid to purchase non-controlling interest  |  | (9100) |  |
| &nbsp;&nbsp;&nbsp; Payment of debt financing cost  | (66631) | (74098) |  |
| &nbsp;&nbsp;&nbsp; Debt buyback settlement  |  |  | (23703) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by financing activities**  | 988370 | 1371020 | 236291 |
| &nbsp;&nbsp;&nbsp; Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash  | (6006) | (1646) | (46) |
| **Cash, cash equivalents and restricted cash** |  |  |  |
| Net change in cash, cash equivalents and restricted cash  | 282829 | 93710 | (4181) |
| &nbsp;&nbsp;&nbsp; Balance, beginning of year  | 120587 | 26877 | 31058 |
| &nbsp;&nbsp;&nbsp; Balance, end of year  | $403416 | $120587 | $26877 |
|  **Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets**  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | $140159 | $77935 | $24491 |
| &nbsp;&nbsp;&nbsp; Restricted cash  | 263257 | 42652 | 2386 |
| **Total cash and cash equivalents and restricted cash**  | $403416 | $120587 | $26877 |
| **Supplemental disclosure of cash flow information:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Taxes paid (received)  | $2035 | $(99) | $360 |
| &nbsp;&nbsp;&nbsp; Interest paid  | $178555 | $153751 | $39690 |
|  ***Supplemental disclosure of non-cash financing activities:*** |  |  |  |
| &nbsp;&nbsp;&nbsp; Operating lease right-of-use asset acquired through lease liabilities  | $1792 | $472961 | $— |
| &nbsp;&nbsp;&nbsp; Finance lease right-of-use asset acquired through lease <br> liabilities  | $56972 | $787195 | $— |
| &nbsp;&nbsp;&nbsp; Contributions from member  | $— | $548 | $124603 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements
1. Organization and Description of Business

Csquare, Inc. (collectively with its consolidated subsidiaries referred to as "Csquare", or the "Company", or "we") was formed as a Delaware limited liability company under the name of BIF III US Aggregator (Delaware) LLC in 2018. The Company commenced operations on January 1, 2019 and is headquartered in Coppell, Texas. The Company is a wholly owned subsidiary of Dawn Topco L.P. ("Parent"), which is majority-owned by investment funds managed by Brookfield Corporation. On June 15, 2026, BIF III US Aggregator (Delaware) LLC converted its legal structure from a Delaware limited liability company, to a Delaware corporation named Csquare, Inc., pursuant to the provisions of the Delaware Limited Liability Company Act and the General Corporation Law of the State of Delaware. The financial statements presented herein reflect the LLC legal structure of the Company that existed as of December 31, 2025, prior to the name change and conversion.

The Company is a leading enterprise digital infrastructure platform, owning and operating a geographically diverse portfolio of highly engineered, carrier-neutral data centers located primarily in 21 of the largest population centers across the United States, Canada and the United Kingdom. The Company provides carrier-neutral colocation and interconnection services that provide infrastructure, including secure space, redundant power, advanced cooling systems, physical security, and interconnection capabilities, enabling customers to deploy and operate critical IT and network infrastructure. The Company's facilities support enterprise, network, cloud, and technology customers, providing long-duration, and availability-sensitive workloads.

On January 12, 2024 and October 1, 2025, the Company acquired two distinct, substantial data center portfolios, which significantly expanded the Company's data center footprint, enhanced connectivity and service capabilities, broadened its customer base, and secured key real estate assets to support future growth. Refer to Note 3—Business Combinations for further information.

2. Summary of Significant Accounting Policies

**Basis of Presentation and Consolidation**—The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") and are presented in our reporting currency, the U.S. dollar. The consolidated financial statements include the accounts of the Company and its wholly and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

**Use of Estimates**—The accompanying consolidated financial statements are presented in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates and assumptions. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to the allowance for expected credit losses, useful lives of intangible assets and property and equipment, valuation of interest rate swaps, and the accounting for impairment of goodwill and long-lived assets. The Company bases its estimates on historical experience and assumptions that management considers reasonable.

**Business Combinations**—The Company accounts for business combinations using the acquisition method of accounting, which requires the fair values of the assets acquired and the liabilities assumed to be recognized in the consolidated financial statements. Assets acquired and liabilities assumed in a business combination are recognized at their estimated fair value as of the acquisition date. Determining fair value of identifiable assets, particularly intangibles, and liabilities acquired requires management to make estimates, which are based on all available information and, in some cases, assumptions with respect to the timing and amount of future revenues and expenses associated with an asset or liability, future expected cash flows from acquired users and acquired technology from a market participant perspective, useful lives and discount rates, and the cost savings expected to be derived from acquiring an asset. These estimates are inherently uncertain. The excess purchase price over the fair value of assets acquired and liabilities assumed is recorded as goodwill. The allocation of fair values may be subject to adjustment after the initial allocation for up to a one-year period, with the

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
2. Summary of Significant Accounting Policies (Continued)

corresponding offset to goodwill. If the fair value of the net assets acquired exceeds the aggregate fair value of the consideration transferred, the excess is recognized as a bargain purchase gain in earnings on the acquisition date. Acquisition-related costs, such as legal and consulting fees, are recognized separately from the business combination and are expensed as incurred and typically included in transaction and other costs in the Consolidated Statements of Operations.

**Concentration of Credit Risk**—The Company's revenues are primarily derived from colocation and interconnection services, the market for which is highly competitive and rapidly changing. Significant changes in this industry or changes in customer buying behavior could adversely impact operating results. The Company generally has not experienced any material losses related to receivables from individual customers or groups of customers. Due to these factors, no additional credit risk beyond amounts provided for in the allowance for expected credit losses in the Company's accounts receivable is believed by management to be probable.

Financial instruments that potentially expose the Company to concentrations of credit risk consist mainly of cash and cash equivalents, restricted cash, and accounts receivable. The Company maintains its cash and cash equivalents principally in accredited financial institutions of high credit standing; however, cash deposits may exceed Federal Deposit Insurance Corporation ("FDIC") insured limits. While the Company regularly reviews its accounts and adjusts these balances as appropriate, they could be impacted if the underlying depository institutions fail or could be subject to other adverse conditions in the financial markets. To date, the Company has experienced no material loss or lack of access to its cash and cash equivalents and restricted cash; however, it can provide no assurances that access to funds will not be impacted by adverse conditions in the financial markets.

 *Significant Customers* 

The following customers accounted for 10% or more of the Company's accounts receivable, net for the year ended December 31, 2025:

---

| | |
|:---|:---|
| | **Year Ended <br> December 31, 2025**  |
| **Customer A**  | 15% |
| **Customer B**  | 13% |
| **Customer C**  | 10% |

---

As of December 31, 2024, there were no customers that accounted for more than 10% of accounts receivable, net. For the years ended December 31, 2025, 2024 and 2023, there were no customers that represented more than 10% of total revenues.

**Cash and Cash Equivalents**—Cash and cash equivalents consist of unrestricted cash balances and short term, highly liquid investments with original maturity of three months or less at the date of purchase.

**Restricted Cash**—Restricted cash represents cash under the control of a non-affiliated trustee appointed in conjunction with the issuance of asset-backed notes. These amounts are contractually restricted for specified purposes, such as principal and interest payments and capital expenditures, and are not available for general corporate use. The restrictions lapse upon final repayment of the related debt. Refer to Note 10—Debt for additional information.

**Accounts Receivable and Allowance for Expected Credit Losses**—Accounts receivable consist primarily of amounts due from customers related to services provided under contracts with customers.

Accounts receivable are recorded at the amount invoiced to customers, net of an allowance for expected credit losses, which reflects the Company's estimate of expected credit losses over the life of the receivables in accordance with Accounting Standards Codification ("ASC") 326, *Financial Instruments—Credit Losses* ("Topic 326").

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
2. Summary of Significant Accounting Policies (Continued)

The Company maintains an allowance for current expected credit losses for receivables based on a combination of factors including historical loss experience, aging of receivables, credit quality of customers, current and expected future economic conditions, and specific identification of accounts deemed uncollectible.

Accounts are written off against the allowance when collection efforts have been exhausted, and the amounts are deemed uncollectible. Recoveries of previously written-off accounts are recognized when received.

**Property and Equipment, Net**—Property and equipment is recorded at the Company's original cost or at fair value for property and equipment acquired through acquisition, net of accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful life of the respective asset. Finance leases and leasehold improvements are amortized over the shorter of (i) the useful life of the asset or (ii) the length of the expected lease term. When property and equipment is sold or otherwise disposed of, the costs and accumulated depreciation are removed from the applicable accounts and any gain or loss is recognized in income.

Estimated useful lives of property equipment are generally as follows:

---

| | |
|:---|:---|
| **Asset Class**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Estimated Useful Life (years)**  |
| Buildings and improvements  | 2–40  |
| Machinery and equipment  | 2–20  |
| Office equipment  | 2–10  |
| Furniture and fixtures  | 2–7  |
| Computers and networking equipment  | 2–5  |
| Finance leases  | Shorter of remaining lease term or estimated useful lives  |
| Leasehold improvements  | Shorter of remaining lease term or estimated useful lives  |

---

The Company's construction-in-progress is stated at its original cost. Construction-in-progress consists of costs incurred under construction contracts, including services related to project management, engineering and schematic design, design development, construction, and other construction-related fees and services. Major improvements are capitalized, while maintenance and repairs are expensed when incurred.

**Asset Retirement Obligations**—The Company has asset retirement obligations (each an "ARO") primarily associated with its obligations to retire long-lived assets from leased properties under long-term arrangements and, to a lesser extent, the removal and disposal of fuel tanks from both leased and owned properties. AROs are initially measured at fair value and recognized at the time the obligation is incurred. Upon initial recognition, a liability for the retirement obligation is recorded. The associated cost is capitalized as part of the cost basis of the related long-lived asset and amortized over the useful life of that asset. The Company has several leases that require remediation of the leased premises and/or removal of all of the Company's owned property and equipment from the leased premises at the expiration of the lease term. The Company's ARO liability associated with these activities is recorded within other liabilities, non-current and was $12.0 million and $11.5 million as of December 31, 2025 and December 31, 2024, respectively. The related cost is capitalized within property and equipment, net on the Consolidated Balance Sheets.

**Intangible Assets, Net**—The Company accounts for intangible assets in accordance with ASC 350, *Intangibles—Goodwill and Other* ("Topic 350"). Intangible assets acquired through acquisitions are recorded at fair value. At the time of initial recognition, each intangible asset is evaluated to determine whether it has a finite or indefinite useful life. Intangible assets with finite useful lives are amortized on a straight-line basis over their estimated useful lives and are presented net of accumulated amortization on the Consolidated

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#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
2. Summary of Significant Accounting Policies (Continued)

Balance Sheets. The Company periodically evaluates the remaining useful lives of these assets and liabilities for potential changes in estimated lease term or indicators of impairment.

---

| | |
|:---|:---|
| **Asset Class**  | **Weighted-average Remaining Life (years)**  |
| Patents  | 14  |
| Customer Relationships  | 11  |
| Lease in Place  | 4  |
| Developed Technology  | 1  |
| IP Address  | —  |
| Internet Domain  | Indefinite  |
| Trademarks  | Indefinite  |

---

**Goodwill**—Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired. The Company performs impairment testing for goodwill annually or more frequently if an event or change in circumstances indicates that goodwill may be impaired. Goodwill is evaluated for impairment at the reporting unit level. The Company has one reportable segment, one operating segment, and one reporting unit. The Company first assesses qualitative factors to determine if it is more likely than not that the fair value of the reporting unit is less than its carrying value. If the Company concludes the fair value is less than its carrying value, then a quantitative test is performed. The Company performs a quantitative goodwill impairment test by determining the fair value of the reporting unit and comparing it to the carrying value of the reporting unit. If the fair value of the reporting unit is greater than the reporting unit's carrying value, then the carrying value of the reporting unit is deemed to be recoverable. If the carrying value of the reporting unit is greater than the reporting unit's fair value, goodwill is impaired and written down to the reporting unit's fair value. The Company did not record any impairment charges on goodwill during the years ended December 31, 2025, 2024 and 2023.

**Impairment of Long-lived Assets**—Long-lived assets, such as property and equipment, right-of-use assets and intangible assets subject to amortization, are tested for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Some of the events and circumstances that would trigger an impairment review include, but are not limited to, a significant decrease in the market price of a long-lived asset, a significant adverse change in legal factors or business climate that could affect the value of a long-lived asset, or a continuous deterioration of the Company's financial condition. Recoverability of assets to be held and used is assessed by comparing the carrying amount of an asset to the estimated undiscounted future net cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized based on the amount by which the carrying amount of the asset exceeds the fair value of the asset. No impairment charges were recorded during the years ended December 31, 2025, 2024 and 2023.

**Derivatives**—The Company does not use derivative instruments for trading or speculative purposes. The Company enters into interest rate swap agreements for the purpose of hedging cash flow exposure to floating interest rates on certain portions of debt. All derivative instruments are recognized on the Consolidated Balance Sheets at their fair values. Changes in the fair value of a designated interest rate swap are recorded in other comprehensive income until earnings are affected by the underlying hedged item. Any ineffective portion of the gain or loss is immediately recognized in earnings. Upon settlement, realized gains and losses are recognized in interest expense in the Consolidated Statements of Operations.

The accounting for changes in the value of a derivative depends on whether the contract qualifies and has been designated for hedge accounting. In order to qualify for hedge accounting, a derivative must be considered highly effective at reducing the risk associated with the exposure being hedged and there must be documentation of the risk management objective and strategy, including identification of the hedging

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#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
2. Summary of Significant Accounting Policies (Continued)

instrument, the hedged item and the risk exposure, and the effectiveness assessment methodology. Hedge designations are reviewed on a quarterly basis to assess whether circumstances have changed that would disrupt the hedging instrument's relationship to the forecasted transactions.

Interest rate derivatives are presented on a gross basis on the Consolidated Balance Sheets—with interest rate swap assets presented in other assets, and interest rate swap liabilities presented in other liabilities, noncurrent. Net interest paid or received on interest swaps is recognized as interest expense. Unrealized gains and losses resulting from the early termination of interest rate swap agreements are deferred and amortized as adjustments to interest expense over the remaining period of the debt originally covered by the terminated swap.

The Company will discontinue hedge accounting when (1) the hedge is deemed to be ineffective and that the designation of the derivative as a hedging instrument is no longer appropriate; (2) the derivative matures, terminates or is sold; or (3) occurrence of the contracted or committed transaction is no longer probable or will not occur in the originally expected period. When hedge accounting is discontinued and the derivative remains outstanding, the Company will carry the derivative at its estimated fair value on the Consolidated Balance Sheet, recognizing changes in the fair value in current period earnings. If a cash flow hedge becomes ineffective, any deferred gains or losses remain in Accumulated other comprehensive income until the underlying hedged item is recognized. If it becomes probable that a hedged forecasted transaction will not occur, deferred gains or losses on the hedging instrument are recognized in earnings immediately.

**Foreign Currency**—The Company's foreign subsidiaries reported their earnings in their local currencies. After evaluating the relevant economic factors, the Company concluded that the operations in each of the foreign locations were relatively self-contained and integrated within their own particular country or economic environment, thus leading to the conclusion that the local currency was used as their functional currency and translated into United States Dollars ("USD"), the reporting currency. The Company's foreign subsidiaries translated foreign assets and liabilities at exchange rates in effect at the balance sheet dates. The Company's foreign subsidiaries translated revenues and expenses using average rates during the period. The resulting foreign currency translation adjustments were recorded as a separate component of accumulated other comprehensive income in the accompanying Consolidated Balance Sheets.

Foreign exchange gains or losses resulting from foreign currency transactions, including intercompany foreign currency transactions, that are anticipated to be repaid within the foreseeable future, are reported as other income (loss), net on the Company's accompanying Consolidated Statements of Operations. For the years ended December 31, 2025, 2024 and 2023, net foreign currency gains (losses) of $4.0 million, $(1.1) million, and $(0.6) million, respectively, were included in other income (loss), net.

**Debt Issuance Costs**—Debt issuance costs and fees incurred upon debt issuance are capitalized and amortized over the term of the related loans based on the effective interest method. Such amortization is included as a component of interest expense on the Consolidated Statements of Operations. Debt issuance costs related to outstanding non-revolving debt are presented as a reduction of the carrying amount of the debt obligation and debt issuance costs related to the revolving credit facility are presented as other assets.

**Leases**—The Company accounts for leases in accordance with ASC 842, *Leases* ("Topic 842"). The Company determines if an arrangement is or contains a lease at its inception. The Company enters into lease arrangements primarily for data center spaces, office spaces and equipment. The Company recognizes a right-of-use ("ROU") asset and lease liabilities on the Consolidated Balance Sheets for all leases with a term longer than 12 months, including renewals reasonably certain to be exercised.

The Company elected to apply the short-term lease measurement and recognition exemption in which ROU assets and lease liabilities are not recognized for leases with a term of 12 months or less. The Company recognizes payments for short-term leases in net income on a straight-line basis over the lease term.

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#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
2. Summary of Significant Accounting Policies (Continued)

ROU assets represent the Company's right to use an underlying asset for the lease term. Lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and lease liabilities are classified and recognized at the commencement date of a lease. Lease liabilities are measured based on the present value of fixed lease payments over the lease term. ROU assets consist of (i) the initial measurement of the lease liability, (ii) lease payments made to the lessor at or before the commencement date, less any lease incentives received, and (iii) any initial direct costs incurred by the Company. When there is a lease modification or a change in lease term triggered by a reassessment event, the Company reassesses its classification and remeasures the ROU asset and lease liability.

The favorable and unfavorable lease terms associated with leasehold interests acquired in conjunction with business acquisitions are recorded as an adjustment to right-of-use assets and property and equipment for operating and financing leases, respectively. A favorable leasehold interest is recorded when the acquired lease terms are below current market rates. Conversely, an unfavorable leasehold interest is recorded when the acquired lease terms are above current market rates. These amounts are amortized on a straight-line basis over the remaining lease term, including renewal periods that are reasonably certain to be exercised. Amortization related to favorable and unfavorable lease terms for finance leases and are included in depreciation and amortization expense in the Consolidated Statements of Operations. For operating leases, the favorable and unfavorable lease terms are recognized as a component of operating lease cost and presented within cost of revenues, excluding depreciation and amortization in the Consolidated Statements of Operations.

Lease payments may vary because of changes in facts or circumstances occurring after the commencement, including changes in inflation indices. Variable lease payments that depend on an index or a rate (such as the Consumer Price Index or a market interest rate) are included in the measurement of ROU assets and lease liabilities using the index or rate at the commencement date. Variable lease payments that do not depend on an index or a rate are excluded from the measurement of ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. Since most of the Company's leases do not provide an implicit rate, the Company uses its own incremental borrowing rate ("IBR") on a collateralized basis in determining the present value of lease payments. The Company utilizes a market-based approach to estimate the IBR. The approach requires significant judgment. Therefore, the Company utilizes different data sets to estimate IBRs via an analysis of (i) yields on our outstanding debt (ii) yields on comparable credit rating composite curves, and (iii) yields on comparable market curves.

The majority of the Company's lease arrangements include options to extend the term of the applicable lease. If the Company is reasonably certain to exercise such options, the periods covered by the options are included in the lease term. When assessing the reasonableness of exercising lease renewal options, the Company takes into account all relevant facts and circumstances that contribute to the economic benefits associated with exercising the lease renewal options, which includes the expected changes in facts and circumstances between the commencement of the lease term and the exercise date of the options. Certain leases also include options to purchase the underlying asset. If the Company is reasonably certain to exercise a purchase option, the exercise price of the purchase option is included in the measurement of the lease liability, and the lease term is assumed to extend through the date of expected exercise. Conversely, we do not include options to renew or purchase leased assets in the measurement of lease liabilities unless those options are reasonably certain of exercise.

The Company recognizes rental expenses for operating leases that contain predetermined fixed escalation clauses on a straight-line basis over the expected term of the lease. The depreciable lives of certain fixed assets and leasehold improvements are limited by the expected lease term, unless there is a purchase option reasonably certain of exercise. Amortization of assets under finance leases is generally recognized on a straight-line basis over the lease term, unless the lease contains an option to purchase the underlying asset that the Company is reasonably certain to exercise. In such cases, the amortization of the right-of-use asset is recognized over the estimated useful life of the underlying asset. The amortization under finance leases is included in depreciation and amortization. Interest related to finance lease liabilities is recognized utilizing the

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#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
2. Summary of Significant Accounting Policies (Continued)

effective interest method over the lease term and is included in interest expense in the Company's Consolidated Statements of Operations. Operating lease costs for data centers are included in cost of revenues while operating lease costs for office leases and equipment are included in selling, marketing, general and administrative in the Company's Consolidated Statements of Operations. The Company currently does not have any lease arrangements with residual value guarantees.

In arrangements where the Company is the lessor, the Company recognizes variable rental payments as revenue in the period in which the changes in facts and circumstances on which the variable lease payments are based, occur. Sublease rental income is recognized on a straight-line basis over the duration of each lease term.

**Revenue Recognition**—The Company derives its revenues primarily from recurring revenue streams, consisting of (i) enterprise colocation services, which includes the licensing of cabinet space and power; (ii) interconnection services, such as cross connects and exchange ports; and (iii) other revenues including but not limited to rental income from tenants and/or subtenants. The remainder of the Company's revenues are from non-recurring revenue streams, such as installation services and other one-time charges such as termination fees and storage fees, as well as metered power revenues.

The Company enters into revenue contracts with customers for data centers that contain both lease and non-lease components. In general, customer contracts for the use of data centers are accounted for under Topic 606. Customer contracts for the use of data center space where the Company does not retain substantive substitution rights are accounted for under Topic 842 as lease revenue. We elected to adopt the practical expedient which allows lessors to combine lease and non-lease components by asset class for our leases, and account for them as one component if they have the same timing and pattern of transfer. For the Topic 842 arrangements, the Company has determined that the lease component is the predominant component and is accordingly accounted for as an operating lease under Topic 842. Refer to Note 7—Leases for additional information.

The Company has determined that the elements of colocation services (cabinet space, power delivery, cooling, and physical security) collectively constitute a single performance obligation, while metered power and interconnection services represent distinct performance obligations. Metered power revenues are determined based on the customer's measured consumption multiplied by the prevailing utility rate.

For contracts with customers that contain multiple performance obligations, the Company identifies and allocates the transaction price to each distinct performance obligation on a relative standalone selling price basis. The Company's standalone selling prices are generally directly observable from its list prices and the contracted terms of the arrangement, which reflect the prices the Company would charge in a standalone sale, considering factors such as commitment level, contract duration, and geographic location. Variable consideration in the Company's contracts principally arises from usage-based fees, periodic adjustments to recurring fees, and credits or refunds issued in connection with service level or termination provisions. Each form of variable consideration relates to specific service periods and is recognized in revenue as the related services are delivered or as the contingent event occurs. There have been no material changes during the periods presented in the Company's judgments regarding the identification of performance obligations or the recognition of revenue.

Revenue is recognized as services are delivered, in an amount that reflects the consideration the Company expects to be entitled to in exchange for services. Revenues from recurring revenue streams are generally billed monthly and recognized ratably over the term of the contract for data center colocation customers and for interconnection services as the customer simultaneously receives and consumes the benefit of the service. Usage-based fees, including metered power consumption and interconnection bandwidth in excess of contracted commitments, are recognized as the customer consumes the related services. Non-recurring installation fees, although generally paid upfront upon installation, are typically deferred and recognized ratably over the average customer life.

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#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
2. Summary of Significant Accounting Policies (Continued)

The Company applied the practical expedient in Topic 606 and did not evaluate payment terms of one year or less for the existence of a significant financing component. Revenue is recognized net of any taxes collected from customers (e.g., sales tax and other indirect taxes), which are subsequently remitted to governmental entities. The Company generally does not offer a right of refund in its contracts, except in limited circumstances, such as termination resulting from the Company's uncured material breach or where non-recurring charges were paid for services not received.

 *Contract Balances* 

The timing of revenue recognition, billings and cash collections result in accounts receivables, contract assets and contract liabilities. A receivable is recorded at the invoice amount, net of an allowance for credit losses and is recognized in the period when we have provided services to our customers and the Company's right to consideration is unconditional.

A contract asset exists when we have transferred products or provided services to our customers but customer payment is conditioned on reasons other than the passage of time, such as upon the satisfaction of additional performance obligations. Contract assets are included in other current assets and other assets in the Consolidated Balance Sheets.

A contract liability is recognized when we have an unconditional right to a payment before we transfer the products or services to customers. Contract liabilities are included in the contract liabilities, current and contract liabilities, net of current portion in the Consolidated Balance Sheets.

 *Costs to Obtain a Contract* 

Direct and indirect incremental costs solely related to obtaining revenue contracts are capitalized as costs of obtaining a contract, when they are incremental and if they are expected to be recovered. Such costs consist primarily of commission fees and sales bonuses, as well as indirect related payroll costs. For the year ended December 31, 2025, contract costs, excluding external commission fees, were amortized over the estimated period of approximately 74 months on a straight-line basis. External commission fees were amortized on a straight-line basis over the related contract term. We elected to apply the practical expedient which allows us to expense contract costs when incurred, if the amortization period is one year or less. Total capitalized costs to obtain a contract are included in other assets on the Consolidated Balance Sheets.

**Employee Benefit Plan**—Certain of the Company's U.S. employees participate in a qualified defined benefit pension plan (the "Qualified Plan"). The assets, liabilities and expenses recognized, and disclosures made about plan actuarial and financial information are dependent on the assumptions and estimates used in calculating such amounts. The assumptions include factors such as discount rates, health care cost trend rates, inflation, expected rates of return on plan assets, retirement rates, mortality rates, turnover and other factors.

These assumptions are assessed at least annually in consultation with independent actuaries as of year-end and adjustments are made as needed. The Company evaluates prevailing market conditions, including appropriate rates of return, interest rates and medical inflation (health care cost trend) rates. The Company ensures that the significant assumptions are within reasonable range relative to market data. Discount rates are estimated using high quality corporate bond yields with a duration matching the expected benefit payments. The expected rates of return on plan assets are derived from reviews of asset allocation strategies, expected future experience for trust asset returns, risks and other factors adjusted for the Company's specific investment strategy.

The Company evaluates the funded status of the Qualified Plan using current assumptions and determines the appropriate funding level considering applicable regulatory requirements, tax deductibility, reporting considerations, cash flow requirements and other factors.

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#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
2. Summary of Significant Accounting Policies (Continued)

The Company has a defined contribution plan intended to qualify under Section 401 of the Internal Revenue Code (the "401(k) Plan"). Participants may contribute a portion of their annual compensation limited to a maximum annual amount set by the Internal Revenue Service. The Company sponsors a 401(k) defined contribution plan covering all eligible U.S. employees. Contributions to the 401(k) Plan are discretionary.

**Parent Incentive Units for Certain Key Employees**—In April 2024, Parent amended its limited partnership agreement in order to grant incentive units to key employees for the purpose of providing incentives that align the interests of grantees with the long-term growth and financial performance of the Company. The incentive units vest over a period of time specified in the corresponding grant agreements, typically over five years. Once vested, certain qualifying liquidity events, such as change in control event or public offering events, are required for any payment related to the incentive units. Additionally, employees must remain employed through the qualifying liquidity event in order to obtain a distribution on their vested interest. Vesting is accelerated in the event of a qualifying liquidity event subject to the participant's continued employment through the applicable vesting date. Any payment to a participant is dependent on a market-based condition which requires the Parent to achieve a minimum specified internal rate of return on its investment in the Company through the qualifying liquidity event.

The incentive units are accounted for under ASC 710, *Compensation—General* ("Topic 710"). Compensation cost is recognized when the obligation to make a cash payment to employees becomes probable and reasonably estimable in accordance with ASC 450, *Contingencies* ("Topic 450"). As of December 31, 2025 and 2024, no qualifying liquidity events have occurred or are probable of occurring, no incentive units have vested and no liability or compensation expense has been recognized by the Company. Furthermore, no amounts have been paid for the incentive units.

**Income Taxes**—Income tax expense includes U.S. (federal and state) and foreign income taxes. We file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions.

Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the tax rates is recognized in income in the period that includes the enactment date.

Deferred tax assets represent amounts available to reduce income taxes payable in future periods. Deferred tax assets are evaluated for future realization and reduced by a valuation allowance to the extent we believe they will not be realized. We consider many factors when assessing the likelihood of future realization of our deferred tax assets, including recent cumulative loss experience and expectations of future earnings, capital gains and investment in such jurisdiction, the carry-forward periods available to us for tax reporting purposes, and other relevant factors.

We utilize a two-step approach to recognizing and measuring uncertain income tax positions (income tax contingencies). The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not the position will be sustained on audit, including resolution of related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. We consider many factors when evaluating our tax positions and estimating our tax benefits, which may require periodic adjustments and which may not accurately forecast actual outcomes.

**Fair Value Measurements**—Fair value is intended to reflect the price that would be received for the sale of an asset or paid for the transfer of a liability in an orderly transaction between market participants at the measurement date (the exit price). We estimate fair value using available market information and valuation methods we believe to be appropriate for these purposes. The Company maximizes the use of observable

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#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
2. Summary of Significant Accounting Policies (Continued)

inputs when available and minimizes the use of unobservable inputs when determining fair value. There are three levels in the fair value hierarchy under U.S. GAAP, which are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities that an entity can access at the measurement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Level 2—Inputs that are directly or indirectly observable for the associated asset or liability, but which do not qualify as Level 1 inputs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Level 3—Unobservable inputs to measurement of the fair value of the asset or liability, which require management judgment or estimation.

In instances where inputs from multiple different levels of the fair value hierarchy are used to determine fair value, the lowest level input that is significant is used to determine the fair-value measurement in its entirety. Our assessment of the significance of a particular input to a fair-value measurement requires judgment and considers factors specific to the asset or liability.

The Company follows the accounting standard for the measurement of fair value for certain non-financial assets and liabilities. These include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Non-financial assets and non-financial liabilities initially measured at fair value in a business combination or other new basis event, but not measured at fair value in subsequent reporting periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Reporting units and non-financial assets and non-financial liabilities measured at fair value for goodwill impairment tests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Non-financial long-lived assets or asset groups measured at fair value for impairment assessments or disposal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Asset retirement obligations initially measured at fair value but not subsequently measured at fair value.

**Segment Information**—The Company's chief operating decision maker ("CODM"), the Chief Executive Officer, reviews discrete financial information presented on a consolidated basis for purposes of making operating decisions, allocation of resources, and assessing financial performance. The Company operates its business in one operating segment and, therefore, has one reportable segment.

The CODM uses consolidated net (loss) income to identify underlying trends in the performance of the business for purposes of allocating resources and evaluating financial performance. The Company's objective in making resource allocation decisions is to optimize the consolidated financial results.

**Earnings Per Unit ("EPU")**—We compute basic and diluted (loss) income per unit. Basic EPU is computed using net income and the weighted-average number of common units outstanding. Diluted EPU is computed using net income and the weighted-average number of common units outstanding plus any dilutive potential common units outstanding. For the years ended December 31, 2025, 2024 and 2023, the Company did not have any potentially dilutive common unit, and as a result, diluted EPU is the same as basic EPU.

#### Recent Accounting Pronouncements—Accounting Standards Recently Adopted
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting ("Topic 280"): Improvements to Reportable Segment Disclosure. The ASU is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and retrospective adoption required. The Company adopted this on a retrospective basis as of January 1, 2024. Refer to Note 16—Segment Reporting for disclosures required by this ASU.

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#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
2. Summary of Significant Accounting Policies (Continued)

In December 2023, the FASB issued ASU 2023-09, Income Taxes ("Topic 740"): Improvements to Income Tax Disclosures. The objective of ASU 2023-09 is to enhance disclosures related to income taxes, including specific thresholds for inclusion within the tabular disclosure of income tax rate reconciliation and specified information about income taxes paid. ASU 2023-09 is effective for public companies starting in annual periods beginning after December 15, 2024. The Company adopted ASU 2023-09 for the year ended December 31, 2025 on a prospective basis. See Note 13—Income Taxes for additional information.

#### Recent Accounting Pronouncements—Accounting Standards Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03: Disaggregation of Income Statement Expenses ("DISE"). The ASU requires additional disclosure of the nature of expenses included in the income statement. The ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. We are currently evaluating the extent of the impact of this ASU on disclosures in our consolidated financial statements.

We determined that all other recently issued accounting pronouncements that have yet to be adopted by the Company will not have a material impact on our consolidated financial statements or do not apply to our operations.

3. Business Combinations

 *2024 Portfolio Acquisition* 

On January 12, 2024, the Company acquired 100% of a data center portfolio consisting of the operations of 42 data centers in the United States, two data centers in Canada, and wholly owned international entities in the United Kingdom that provide retail colocation and interconnection services (the "2024 Portfolio Acquisition"). The acquisition expanded the Company's data center footprint, enhanced connectivity and service capabilities, broadened its customer base, and secured key real estate assets to support future growth. In connection with and upon execution of the Asset Purchase Agreement (the "Asset Purchase Agreement"), the Company deposited cash of $101.1 million with an escrow agent through December 2023. This deposit was credited against the cash payable at closing. The Company paid $603.4 million in cash, inclusive of the aforementioned deposit, pursuant to an Asset Purchase Agreement dated October 31, 2023. The data center operations in the United States and Canada are wholly owned and consolidated site level special purpose entities ("SPE").

Subsequent to the 2024 Portfolio Acquisition, the Company acquired the physical property (land and buildings) underlying eight of the data centers acquired for $0.7 billion which were previously leased facilities. The purchase price of the 2024 Portfolio Acquisition, as well as the subsequent acquisition of physical property were funded by $2.0 billion of borrowings under the 2024 Term Loan Facility and 2024 Revolving Credit Facility as discussed in Note 10—Debt.

Upon closing of the 2024 Portfolio Acquisition, the Company recorded a bargain purchase gain of $544.1 million. The bargain purchase gain resulted from negotiations with a distressed seller during its bankruptcy proceedings. The cash consideration paid was less than the fair value of the net assets acquired as a result of the sellers' expedited timeline and the Company's deep industry experience, which together enabled the Company to proceed quickly to acquire the assets at a discount to fair value.

In connection with the acquisition, the Company incurred acquisition-related costs of $46.5 million, which were included in transaction and other costs within the Consolidated Statements of Operations.

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#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
3. Business Combinations (Continued)

The table below sets forth the consideration paid, the fair value of the assets acquired and liabilities assumed, and the estimated bargain purchase gain for the acquisition (in thousands):

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| | |
|:---|:---|
| **Consideration transferred**  | $**603438** |
| *Fair value of assets acquired and liabilities assumed:* |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 7048 |
| &nbsp;&nbsp;&nbsp; Accounts receivable  | 65476 |
| &nbsp;&nbsp;&nbsp; Prepaid assets  | 40456 |
| &nbsp;&nbsp;&nbsp; Property and equipment  | 1764499 |
| &nbsp;&nbsp;&nbsp; Right-of-use assets  | 608827 |
| &nbsp;&nbsp;&nbsp; Intangible assets  | 372000 |
| &nbsp;&nbsp;&nbsp; Other assets  | 10144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | $2868450 |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities  | 77587 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities  | 467559 |
| &nbsp;&nbsp;&nbsp; Finance lease liabilities  | 782609 |
| &nbsp;&nbsp;&nbsp; Contract liabilities  | 140523 |
| &nbsp;&nbsp;&nbsp; Other liabilities  | 25564 |
| &nbsp;&nbsp;&nbsp; Deferred tax liability  | 227073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 1720915 |
| Net assets acquired  | 1147535 |
| **Bargain purchase gain**  | $**544097** |

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The table below sets forth the intangible assets acquired (in thousands):

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| | | |
|:---|:---|:---|
| | **Fair Value**  | **Estimated <br> Useful Life <br> (in years)**  |
| **Intangible assets** |  |  |
| Customer relationships  | $330000 | 14 |
| Developed technology  | $42000 | 2 |

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The fair values of the intangible assets were estimated using the multi-period excess earnings method for customer relationships and the replacement cost method for developed technology.

Revenue attributable to the 2024 Portfolio Acquisition in the post-acquisition period for the fiscal year ended December 31, 2024 was $704.3 million. Due to the integration of the business, we determined it is impractical to determine and include net loss specific to the 2024 Portfolio Acquisition in the post-acquisition period for the fiscal year ended December 31, 2024.

Additionally, we determined it is impractical to include pro forma revenue and earnings information for the 2024 Portfolio Acquisition due to a lack of access to historical financial information during the year ended December 31, 2023 and the period January 1, 2024 through January 11, 2024.

 *2025 Portfolio Acquisition* 

On October 1, 2025, the Company entered into an Interest Purchase Agreement (the "Purchase Agreement") and acquired 100% of a data center portfolio from an affiliate of Brookfield Corporation, consisting of the operations of 10 data centers located in the United States and Canada that provide retail colocation services (the "2025 Portfolio" and collectively the "2025 Portfolio Acquisition"). The acquisition provides the Company

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
3. Business Combinations (Continued)

with a strong diversity of existing and prospective colocation customers, expanded data center locations, and an experienced management team critical to ongoing operations. The Company paid a total preliminary purchase price of $202.5 million, consisting of $195.1 million in cash and $16.2 million placed in escrow, reduced by $2.4 million related to the settlement of a pre-existing relationship. The preliminary purchase price was further reduced by $6.4 million, attributable to a net working capital adjustment, which has been recorded as a receivable, as the Company had not received this amount as of December 31, 2025. To fund the acquisition, the Company drew $220.0 million on the 2024 Revolving Credit Facility, as defined in Note 10—Debt. Upon closing of the 2025 Portfolio Acquisition, the Company recorded preliminary goodwill of $134.9 million. In connection with the acquisition, the Company incurred acquisition-related costs of $6.6 million, which were included in transaction and other costs within the Consolidated Statements of Operations.

Pursuant to the Purchase Agreement, the Company funded $16.2 million into escrow related to the resolution of requests submitted by two subsidiaries of the 2025 Portfolio for a change in fiscal period with the Canada Revenue Agency and Revenue Quebec. The escrow amount of $16.2 million was included in the preliminary purchase price. Given the contingency related to an uncertain tax position, the Company recorded income tax liabilities and a related indemnification asset of $16.2 million. See Note 13—Income Taxes for more information regarding the income tax liability.

Also included in preliminary purchase price is the settlement of a pre-existing lease between a wholly owned subsidiary of the Company and a subsidiary of the 2025 Portfolio. Upon closing of the acquisition, this lease was effectively settled and was legally terminated shortly after the closing. The Company did not recognize the rent receivable previously recorded by the subsidiary of the 2025 Portfolio, and the Company's net lease liability of $2.4 million recorded on its Consolidated Balance Sheets as of the acquisition date was forgiven, which was accounted for as a $2.4 million reduction to the preliminary purchase price. The settlement of this pre-existing relationship did not result in a gain or loss, and the settlement of the outstanding lease was treated as a noncash activity within operating activities in the Consolidated Statements of Cash Flows.

The table below sets forth the preliminary purchase price, the preliminary fair value of the assets acquired and liabilities assumed, and the preliminary goodwill recognized for the acquisition (in thousands):

---

| | |
|:---|:---|
| **Preliminary Purchase Price**  | $**202478** |
| *Preliminary Fair value of assets acquired and liabilities assumed:* |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 6780 |
| &nbsp;&nbsp;&nbsp; Restricted cash  | 20754 |
| &nbsp;&nbsp;&nbsp; Accounts receivable  | 15672 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses  | 2244 |
| &nbsp;&nbsp;&nbsp; Property and equipment  | 782907 |
| &nbsp;&nbsp;&nbsp; Intangible assets  | 63700 |
| &nbsp;&nbsp;&nbsp; Other current assets  | 20379 |
| &nbsp;&nbsp;&nbsp; Total assets  | **912436** |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities  | 21492 |
| &nbsp;&nbsp;&nbsp; Contract liabilities  | 4678 |
| &nbsp;&nbsp;&nbsp; Long-term debt, net of deferred financing costs  | 720000 |
| &nbsp;&nbsp;&nbsp; Deferred tax liabilities  | 98642 |
| &nbsp;&nbsp;&nbsp; Total liabilities  | 844812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets acquired  | 67624 |
| **Preliminary Goodwill**  | $**134854** |

---

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
3. Business Combinations (Continued)

The Company recognized customer relationships as an intangible asset, to be amortized over a weighted-average useful life of 12.4 years. The fair values of the customer relationships were estimated using the with-and-without method.

The preliminary goodwill of $134.9 million arising from the transaction is primarily related to new customer contracts associated with expected capacity expansions after the acquisition and the workforce of the acquired businesses. The goodwill recognized is not deductible for tax purposes.

The results of the 2025 Portfolio Acquisition have been included in the Company's Consolidated Statements of Operations since the acquisition date. The amount of revenue and net loss of the 2025 Portfolio Acquisition included in the Company's Consolidated Statements of Operations from the acquisition date to December 31, 2025 are $21.4 million and $(10.7) million, respectively.

The following unaudited pro forma financial information represents the combined results of operations as if the acquisition had occurred on January 1, 2024 (in thousands):

---

| | | |
|:---|:---|:---|
| | **(Unaudited) <br> For the years ended December 31,**  | **(Unaudited) <br> For the years ended December 31,**  |
| | **2025**  | **2024**  |
| Revenue  | $1036497 | $971373 |
| Net (loss) income  | $(164869) | $398934 |

---

The results presented above reflect the impact of nonrecurring pro forma adjustments, including depreciation and amortization of acquired Property and equipment and intangible assets, acquisition-related transaction costs, interest expense on assumed debt, and the related income tax effects of these pro forma adjustments. The unaudited pro forma results do not include any anticipated synergies or other expected benefits of the acquisition. The unaudited pro forma financial information is provided for informational purposes only and is not indicative of future operations or results that would have been achieved had the acquisition been completed as of the beginning of fiscal 2024.

4. Revenues

 *Disaggregation of revenues* 

The following table presents the Company's revenues disaggregated by revenue stream (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **Revenues from <br> contracts with <br> customers**  | **Revenues from <br> leases<sup>(2)</sup>**  | **Total revenues**  |
| **For the year ended December 31, 2025** |  |  |  |
| &nbsp;&nbsp;&nbsp; Colocation  | $627211 | $114540 | $741751 |
| &nbsp;&nbsp;&nbsp; Interconnection  | 105484 | 127 | 105611 |
| &nbsp;&nbsp;&nbsp; Other  | 25867 | 14733 | 40600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recurring revenues  | 758562 | 129400 | 887962 |
| &nbsp;&nbsp;&nbsp; Non-recurring revenues<sup>(1)</sup>  | 30520 | 10189 | 40709 |
| &nbsp;&nbsp;&nbsp; Metered power revenues  | 39772 | 18537 | 58309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total revenues**  | $828854 | $158126 | $986980 |

---

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
4. Revenues (Continued)

---

| | | | |
|:---|:---|:---|:---|
| | **Revenues from <br> contracts with <br> customers**  | **Revenues from <br> leases<sup>(2)</sup>**  | **Total revenues**  |
| **For the year ended December 31, 2024** |  |  |  |
| &nbsp;&nbsp;&nbsp; Colocation  | $643788 | $39323 | $683111 |
| &nbsp;&nbsp;&nbsp; Interconnection  | 108188 | 3 | 108191 |
| &nbsp;&nbsp;&nbsp; Other  | 27675 | 9629 | 37304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recurring revenues  | 779651 | 48955 | 828606 |
| &nbsp;&nbsp;&nbsp; Non-recurring revenues<sup>(1)</sup>  | 31148 | 3747 | 34895 |
| &nbsp;&nbsp;&nbsp; Metered power revenues  | 36036 | 8014 | 44050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total revenues**  | $846835 | $60716 | $907551 |
| **For the year ended December 31, 2023** |  |  |  |
| &nbsp;&nbsp;&nbsp; Colocation  | $126212 | $28082 | $154294 |
| &nbsp;&nbsp;&nbsp; Interconnection  | 18966 | 32 | 18998 |
| &nbsp;&nbsp;&nbsp; Other  | 10758 | 10470 | 21228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recurring revenues  | 155936 | 38584 | 194520 |
| &nbsp;&nbsp;&nbsp; Non-recurring revenues<sup>(1)</sup>  | 1962 | 1151 | 3113 |
| &nbsp;&nbsp;&nbsp; Metered power revenues  | 49 | 578 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total revenues**  | $157947 | $40313 | $198260 |

---

(1) Our non-recurring revenues consist of installation services and other one-time charges such as termination fees and storage fees. These services are considered to be non-recurring because they are billed typically once, upon completion of the installation, professional service work performed, or based on customer consumption of power, rather than on a fixed, recurring basis.

(2) Refer to Note 7—Leases for additional disclosures related to the Company's lease arrangements under Topic 842.

 *Contract Balances* 

The following table summarizes the opening and closing balances of our accounts receivable, net; contract assets, current; contract assets, non-current; contract liabilities, current; and contract liabilities, non-current (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Accounts <br> receivable, net**  | **Contract <br> assets, <br> current**  | **Contract <br> assets, <br> non-current**  | **Contract <br> liabilities, <br> current**  | **Contract <br> liabilities, <br> non-current**  |
| Beginning balances as of January 1, 2024  | $23763 | $1456 | $676 | $6471 | $18754 |
| Closing balances as of December 31, 2024  | 112473 | 15744 | 846 | 104425 | 76949 |
| Increase (decrease)  | $88710 | $14288 | $170 | $97954 | $58195 |
| Beginning balances as of January 1, 2025  | 112473 | 15744 | 846 | 104425 | 76949 |
| Closing balances as of December 31, 2025  | 90708 | 26588 | 1557 | 96358 | 122762 |
| Increase (decrease)  | $(21765) | $10844 | $711 | $(8067) | $45813 |

---

During the year ended December 31, 2024, the change in the Company's accounts receivable, net, contract assets, and contract liabilities primarily results from revenue growth attributable to the 2024 Portfolio Acquisition as discussed in Note 3—Business Combinations. During the year ended December 31, 2025, the change in the Company's accounts receivable, net, contract assets, and contract liabilities primarily results from the timing difference between the satisfaction of our performance obligations and the customer's

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
4. Revenues (Continued)

payment. The amounts of revenue recognized during the years ended December 31, 2025, 2024 and 2023 from the opening contract liabilities balance were $94.1 million, $6.1 million, and $4.2 million, respectively. For the years ended December 31, 2025, 2024 and 2023, no impairment loss related to contract balances was recognized in the Consolidated Statements of Operations.

 *Allowance for credit losses* 

In accordance with Topic 326, the Company maintains an allowance for expected credit losses consisting of (i) a general reserve based on historical loss experience, current conditions, and reasonable and supportable forecasts, and (ii) specific reserves for customers with identified collectability concerns. The following table summarizes the activity of our allowance for expected credit losses (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,**  | **For the years ended December 31,**  | **For the years ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| Allowance for expected credit losses, beginning  | $4366 | $405 | $1764 |
| Allowance for expected credit losses assumed in 2024 Portfolio Acquisition  |  | 5583 |  |
| Provision for expected credit losses, net<sup>(1)</sup>  | (121) | 425 |  |
| Write offs, net  | (1602) | (2047) | (1359) |
| Allowance for expected credit losses, ending balance  | $2643 | $4366 | $405 |

---

(1) For the years ended December 31, 2025, and 2023, the Company recognized provisions for expected credit losses of $0.9 million and $0.8 million, respectively. These amounts were offset by recoveries of amounts previously reserved, resulting in the net provision presented above. The recoveries were primarily attributable to collections from customers previously identified as at risk.

#### Costs to Obtain a Contract
The ending balance of net capitalized contract costs as of December 31, 2025 and December 31, 2024 were $44.2 million and $35.1 million, respectively, which were included in other assets in the Consolidated Balance Sheets.

For the years ended December 31, 2025, 2024 and 2023, $11.1 million, $7.0 million and $2.6 million, respectively, of contract costs were amortized and included in selling, marketing, general and administrative in the Consolidated Statements of Operations.

#### Remaining performance obligations
Under colocation contracts, the Company provides customers with space and power through fixed duration agreements. The Company's revenue contracts typically have initial terms ranging from one to five years and automatically renew thereafter for either one-year periods or the original contract term, as specified in the underlying master service agreement. Remaining performance obligations include amounts allocated to contracts in both their initial term and subsequent renewal periods.

Amounts that will be invoiced and recognized in future periods are considered remaining performance obligations. We estimate our remaining performance obligations at a point in time. Actual amounts and timing of revenue recognition may differ from these estimates due to changes in actual deployments dates, contract modifications, renewals and/or terminations.

The remaining performance obligations do not include variable consideration related to unsatisfied performance obligations such as the usage of metered power or service fees based on actual costs incurred in the future. The remaining performance obligations below do not include revenues to be recognized in the future related to arrangements where we are considered the lessor.

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
4. Revenues (Continued)

The following table presents estimated revenue expected to be recognized in the future related to the unsatisfied portion of the performance obligation as of December 31, 2025 (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2026**  | **2027**  | **2028**  | **2029**  | **2030**  | **Thereafter**  |
| Colocation  | $579437 | $348073 | $202618 | $113763 | $42934 | $15619 |
| Interconnection  | 88451 | 44909 | 23581 | 11415 | 4220 | 2882 |
| Other revenue  | 18740 | 14762 | 10627 | 9639 | 8546 | 4940 |
| Total  | $686628 | $407744 | $236826 | $134817 | $55700 | $23441 |

---

5. Property and Equipment, Net

Property and equipment, net consisted of the following as of December 31, 2025 and 2024 (in thousands):

---

| | | |
|:---|:---|:---|
| | **As of December 31,**  | **As of December 31,**  |
| | **2025**  | **2024**  |
| Land  | $552915 | $336129 |
| Buildings and improvements  | 1725357 | 831512 |
| Finance leases  | 578004 | 633684 |
| Leasehold improvements  | 507773 | 470660 |
| Machinery and equipment  | 859706 | 648596 |
| Construction in progress  | 223551 | 152691 |
| Computer networking  | 18058 | 15560 |
| Other  | 17120 | 9092 |
| **Property and equipment, total**  | 4482484 | 3097924 |
| &nbsp;&nbsp;&nbsp; Less: accumulated depreciation  | (531395) | (331784) |
| **Property and equipment, net**  | $3951089 | $2766140 |

---

Depreciation on property and equipment was $217.1 million, $207.7 million and $34.7 million, for the years ended December 31, 2025, 2024 and 2023, respectively, and included in depreciation and amortization expense on the Consolidated Statements of Operations.

6. Goodwill and Intangible Assets, Net

As of December 31, 2025 and 2024 goodwill was $541.5 million and $404.9 million, respectively. The changes in the carrying amount of goodwill during the years ended December 31, 2025 and 2024 are as follows (in thousands):

---

| | |
|:---|:---|
| Balance as of January 1, 2024  | $404893 |
| Impact of foreign currency translation  | – |
| Balance as of December 31, 2024  | 404893 |
| 2025 Portfolio Acquisition  | 134854 |
| Impact of foreign currency translation  | 1746 |
| Balance as of December 31, 2025  | $541493 |

---

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
6. Goodwill and Intangible Assets, Net (Continued)

Intangible assets, net consisted of the following as of December 31, 2025 and 2024 (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025**  | **As of December 31, 2025**  | **As of December 31, 2025**  | **As of December 31, 2024**  | **As of December 31, 2024**  | **As of December 31, 2024**  |
| | **Gross <br> Carrying <br> Amount**  | **Accumulated <br> Amortization**  | **Total**  | **Gross <br> Carrying <br> Amount**  | **Accumulated <br> Amortization**  | **Total**  |
| Finite-lived intangibles: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Customer Relationships  | $572854 | $(154104) | $418750 | $509154 | $(116062) | $393092 |
| &nbsp;&nbsp;&nbsp; Developed Technology  | 42000 | (28000) | 14000 | 42000 | (13578) | 28422 |
| &nbsp;&nbsp;&nbsp; Lease in place  | 5696 | (2742) | 2954 | 5696 | (1931) | 3765 |
| &nbsp;&nbsp;&nbsp; IP Addresses  | 286 | (286) |  | 286 | (236) | 50 |
| &nbsp;&nbsp;&nbsp; Patents  | 450 | (29) | 421 |  |  |  |
| Total finite-lived intangibles  | 621286 | (185161) | 436125 | 557136 | (131807) | 425329 |
| Indefinite-lived intangibles: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Trademarks  | 24 |  | 24 |  |  |  |
| &nbsp;&nbsp;&nbsp; Internet Domain  | 150 |  | 150 |  |  |  |
| Total indefinite-lived intangibles  | 174 |  | 174 |  |  |  |
| **Total intangibles**  | $621460 | $(185161) | $436299 | $557136 | $(131807) | $425329 |

---

The Company recorded $63.7 million and $372.0 million of intangible assets that were acquired in conjunction with the 2025 Portfolio Acquisition and 2024 Portfolio Acquisition, respectively.

The Company recorded amortization expense on intangible assets of $54.8 million, $51.9 million, and $15.8 million for the years ended December 31, 2025, 2024 and 2023, respectively, which was included in depreciation and amortization expense on the Consolidated Statements of Operations. The Company did not record any impairment charges related to intangible assets for the years ended December 31, 2025, 2024 and 2023.

The Company estimates annual amortization expense for existing intangible assets subject to amortization as follows (in thousands):

---

| | |
|:---|:---|
| **For the years ending December 31,** |  |
| 2026  | $56372 |
| 2027  | 42373 |
| 2028  | 42373 |
| 2029  | 41979 |
| 2030  | 41695 |
| Thereafter  | 211333 |
| **Estimated future amortization expense of definite-lived intangible assets**  | $436125 |

---

7. Leases

 *Lessee Accounting* 

The Company enters into lease arrangements primarily for data center spaces, office spaces and for certain equipment. The Company determines if an arrangement is or contains a lease at inception. The Company recognizes a right-of-use asset and lease liability on the Consolidated Balance Sheets for all leases with a term

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
7. Leases (Continued)

longer than 12 months. Many of the Company's lease agreements include options to extend the lease, which are not included in the minimum lease payments unless they are reasonably certain to be exercised at lease commencement. Rental expense related to operating leases is recognized on a straight-line basis over the lease term. Operating lease right-of-use assets are presented as Right-of-use assets on the Consolidated Balance Sheets, while finance lease right-of-use assets are included within Property and equipment, net.

The Company subleases certain office space that it does not intend to occupy. The sublease arrangement expires during the year 2030 and provides for escalations of lease payments in the normal course of business.

The components of lease expenses and income for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,**  | **For the years ended December 31,**  | **For the years ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| **Operating lease cost:** |  |  |  |
| Operating lease cost  | $90591 | $106938 | $20657 |
| **Finance lease cost:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Amortization of right-of-use assets  | 41661 | 43390 |  |
| &nbsp;&nbsp;&nbsp; Interest on lease liabilities  | 39199 | 40529 |  |
| Total finance lease cost  | $80860 | $83919 | $— |
| Short-term lease cost  | 2160 | 935 | 2709 |
| Sublease income  | (2026) | (1966) |  |
| **Total lease cost**  | $171585 | $189826 | $23366 |

---

In the Company's Consolidated Statements of Operations, amortization of right-of-use assets under finance leases and interest on finance lease liabilities are included in depreciation and amortization and interest expense, respectively. Operating lease costs for data centers are included in cost of revenues, and operating lease costs for office leases are included in selling, marketing, general and administrative expenses in the Company's Consolidated Statements of Operations.

For the years ended December 31, 2025, 2024 and 2023, the Company did not record any impairment charges related to right-of-use assets.

Supplemental consolidated cash flow and other information related to leases is as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,**  | **For the years ended December 31,**  | **For the years ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp; Operating cash flows used by operating leases  | $(78463) | $(85199) | $(31496) |
| &nbsp;&nbsp;&nbsp; Operating cash flows used by finance leases  | (39199) | (40529) |  |
| &nbsp;&nbsp;&nbsp; Financing cash flows used by finance leases  | (16132) | (12424) |  |
|  Right-of-use assets obtained in exchange for new or modified lease obligations:  |  |  |  |
| &nbsp;&nbsp;&nbsp; Operating lease right-of-use assets  | $1792 | $472961 | $— |
| &nbsp;&nbsp;&nbsp; Finance lease right-of-use assets  | 56972 | 787195 |  |
| Derecognition of right-of-use assets |  |  |  |
| &nbsp;&nbsp;&nbsp; Operating leases  | $127431 | $26696 | $15690 |

---

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
7. Leases (Continued)

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,**  | **For the years ended December 31,**  | **For the years ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| &nbsp;&nbsp;&nbsp; Finance leases  | 50902 | 314505 |  |
| Derecognition of lease liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp; Operating leases  | $133340 | $26348 | $36050 |
| &nbsp;&nbsp;&nbsp; Finance leases  | 55612 | 313205 |  |
| Weighted average remaining lease term (in years) – operating leases  | 11 | 13 | 17 |
| Weighted average remaining lease term (in years) – finance leases  | 18 | 19 | N/A |
| Weighted average discount rate – operating leases  | 7.1% | 7.6% | 4.7% |
| Weighted average discount rate – finance leases  | 8.4% | 9.0% | N/A |

---

 *Derecognition of right-of-use assets and lease liabilities* 

During the year ended December 31, 2023, the Company modified and exited certain lease arrangements associated with sites it was vacating. In connection with these exits, the Company derecognized the related right-of-use assets and lease liabilities. The resulting net difference of $20.4 million between the carrying amounts was recognized as a gain on lease modification and is included in transaction and other costs in the Consolidated Statements of Operations for the year ended December 31, 2023.

Immediately following the 2024 Portfolio Acquisition, the Company acquired the underlying properties associated with certain operating and finance leases. Upon acquisition of the underlying properties, the Company derecognized the related right-of-use assets and lease liabilities. The resulting difference of $1.6 million between the carrying amounts, which primarily related to prepaid rent balances, was recognized as a loss on lease modification and is included in other income (loss), net in the Consolidated Statements of Operations for the year ended December 31, 2024.

In connection with the 2025 Portfolio Acquisition, the Company settled a pre-existing relationship related to lease arrangements under which it was the lessee, resulting in a $2.4 million decrease to the purchase price. During the year ended December 31, 2025, the Company also acquired the underlying data centers subject to certain of these leases for an aggregate purchase price of $300.6 million. Upon acquisition of the underlying properties, the Company derecognized the associated right-of-use assets and lease liabilities. The resulting difference of $10.6 million between the carrying amounts of the right-of-use assets and the corresponding lease liabilities was recorded as an adjustment to the basis of the acquired properties.

As of December 31, 2025, maturities of lease liabilities were as follows (in thousands):

---

| | | |
|:---|:---|:---|
| **For the years ending December 31,**  | **Operating Leases**  | **Finance Leases**  |
| 2026  | $68461 | $48433 |
| 2027  | 68858 | 41638 |
| 2028  | 70241 | 38362 |
| 2029  | 67948 | 39274 |
| 2030  | 54744 | 40209 |
| Thereafter  | 303291 | 752386 |
| Total lease payments  | $633543 | $960302 |
| Imputed interest  | (200211) | (516918) |
| **Total lease liabilities**  | $433332 | $443384 |

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
7. Leases (Continued)

 *Lessor Accounting* 

Our leases generally have non-cancelable initial lease terms ranging from five to ten years and may include options to extend or renew the lease for additional periods. Lease payments typically consist of fixed payments, including contractual rent escalation provisions, and, for certain leases, variable lease payments. Variable lease payments are primarily based on usage or other factors specified in the lease agreements and are billed in arrears based on actual consumption. The lease arrangements do not contain purchase options.

A summary of minimum lease payments due from our customers under operating leases of colocation space within data center environments, as well as other facilities leased under triple net arrangements are shown below. These amounts do not reflect future rental revenues from renewal or replacement of existing leases unless we are reasonably certain we will exercise the option or the lessee has the sole ability to exercise the option. Reimbursements of operating expenses and variable rent increases are excluded from the table below.

The components of operating lease income for the years ended December 31, 2025, 2024, and 2023 are as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,**  | **For the years ended December 31,**  | **For the years ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| Fixed lease revenue  | $136295 | $50047 | $38305 |
| Variable lease revenue  | 21831 | 10669 | 2008 |
| **Total operating lease revenue**  | $158126 | $60716 | $40313 |

---

Future minimum lease receipts for operating leases under Topic 842 as of December 31, 2025 are as follows (in thousands):

---

| | |
|:---|:---|
| **For the years ending December 31,** |  |
| 2026  | $167959 |
| 2027  | 193401 |
| 2028  | 188535 |
| 2029  | 184594 |
| 2030  | 158224 |
| Thereafter  | 199860 |
| **Total minimum lease receipts**  | $1092573 |

---

Property and equipment, net underlying operating lease income consisted of the following as of December 31, 2025 and 2024 (in thousands):

---

| | | |
|:---|:---|:---|
| | **As of December 31,**  | **As of December 31,**  |
| | **2025**  | **2024**  |
| Land  | $88009 | $62871 |
| Buildings and improvements  | 423798 | 241773 |
| Leasehold improvements  | 66473 | 63810 |
| Machinery and equipment  | 169427 | 60801 |
| Computer networking  | 280 | 27 |
| Other  | 75 | 75 |
| **Property and equipment, total**  | $748062 | $429357 |
| &nbsp;&nbsp;&nbsp; Less: accumulated depreciation  | (47316) | (25277) |
| **Property and equipment, net**  | $700746 | $404080 |

---

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
7. Leases (Continued)

Depreciation on property and equipment underlying operating leases was $22.0 million, $13.4 million and $2.0 million, for the years ended December 31, 2025, 2024, and 2023, respectively, and included in depreciation and amortization expense on the Consolidated Statements of Operations.

8. Other Current Assets and Accrued Expenses

The components of certain Consolidated Balance Sheets accounts are as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **As of December 31,**  | **As of December 31,**  |
| | **2025**  | **2024**  |
| Other current assets: |  |  |
| &nbsp;&nbsp;&nbsp; Contract assets, current  | $26588 | $15744 |
| &nbsp;&nbsp;&nbsp; Deferred rent  | 2460 | 9157 |
| &nbsp;&nbsp;&nbsp; Deferred commissions  | 12272 | 3414 |
| &nbsp;&nbsp;&nbsp; Indemnification asset  | 16413 |  |
| &nbsp;&nbsp;&nbsp; Other  | 15574 | 3840 |
| Total other current assets  | $73307 | $32155 |

---

---

| | | |
|:---|:---|:---|
| | **As of December 31,**  | **As of December 31,**  |
| | **2025**  | **2024**  |
| Accrued expenses: |  |  |
| &nbsp;&nbsp;&nbsp; Compensation  | $29775 | $35876 |
| &nbsp;&nbsp;&nbsp; Property and other taxes  | 41418 | 32147 |
| &nbsp;&nbsp;&nbsp; Utilities  | 23285 | 31352 |
| &nbsp;&nbsp;&nbsp; Transition service agreement liability  | 96 | 10297 |
| &nbsp;&nbsp;&nbsp; Acquisition related obligation  |  | 6070 |
| &nbsp;&nbsp;&nbsp; Interest payable  | 5290 | 5998 |
| &nbsp;&nbsp;&nbsp; Rent  | 969 | 5654 |
| &nbsp;&nbsp;&nbsp; Professional fees  | 665 | 1493 |
| &nbsp;&nbsp;&nbsp; Refund liabilities  | 11943 | 7999 |
| &nbsp;&nbsp;&nbsp; Other  | 15165 | 15000 |
| Total accrued expenses  | $128606 | $151886 |

---

9. Derivatives

The Company is party to various interest rate swap agreements designated and qualifying as cash flow hedges of the Company's forecasted variable interest cash flows. The Company partially terminated two swap agreements associated with the 2022 Mortgage Note and 2018 Term Loan Facility during the twelve months ended December 31, 2023. During the twelve months ended December 31, 2024, the two swap agreements outstanding from prior year were fully terminated, five new swap agreements were entered into, and four of the new swap agreements were partially terminated. During the twelve months ended December 31, 2025, all five swap agreements outstanding from prior year were fully terminated. As a result, the Company recorded gains (losses) from derivative instruments in interest expense of $0.1 million, $33.7 million, and $(2.2) million during the years ended December 31, 2025, 2024 and 2023, respectively. The Company expects $0.7 million to be reclassified from accumulated other comprehensive income to earnings during the subsequent twelve months ending December 31, 2026.

On January 12, 2024, the Company entered into interest rate swap agreements to hedge exposure to floating interest rates on the 2024 Term Loan Facility (as defined in Note 10—Debt). In March 2024, the Company

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
9. Derivatives (Continued)

modified its interest rate swap agreements to increase the notional amount in connection with an increase in committed debt financing. On October 17, 2024, the Company reduced the notional amount of the interest rate swaps to align with a partial paydown of the 2024 Term Loan Facility. As of December 31, 2024, the Company had $1.2 billion of notional amount in outstanding designated interest rate swaps with third parties. As of December 31, 2025, there were no outstanding designated interest rate swaps with third parties. All interest rate swaps are highly effective.

The following table presents a roll-forward of interest rate swaps recognized in accumulated other comprehensive income ("AOCI") (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,**  | **For the years ended December 31,**  | **For the years ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| Balance, beginning of period  | $16860 | $34734 | $39871 |
| Total amount recorded in AOCI  | (20071) | 15817 | (7324) |
| Amount reclassified from AOCI to income  | (121) | (33691) | 2187 |
| Balance, end of period  | $(3332) | $16860 | $34734 |

---

10. Debt

The Company's total debt obligations are as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Maturities<sup>(1)</sup>**  | **Effective <br> Interest <br> Rates<sup>(2)</sup>**  | **December 31, <br> 2025**  | **December 31, <br> 2024**  |
| 2020 Asset-Backed Secured Note 2 A-2  | October 2027  | 5.13% | $250000 | $— |
| 2021 Asset-Backed Secured Note 1 B  | May 2028  | 5.95% | 61000 |  |
| 2021 Asset-Backed Secured Note 1 C  | May 2028  | 8.39% | 41000 |  |
| 2021 Fund Revolving Credit Facility  | June 2027<sup>(3)</sup>  | —% |  | 25136 |
| 2022 Asset-Backed Secured Note 1 A-2  | April 2029  | 5.27% | 120000 |  |
| 2022 Asset-Backed Secured Note 1 B  | April 2029  | 5.96% | 51000 |  |
| 2024 Term Loan Facility  | January 2026  | —% |  | 1243640 |
| 2024 Revolving Credit Facility  | December 2026<sup>(4)</sup>  | —% | 659000 | 148000 |
| Series 2024-1 VFN  | October 2029  | —% | 75000 |  |
| 2024 Asset-Backed Secured Note 1 A-2  | October 2029  | 7.07% | 400000 | 400000 |
| 2024 Asset-Backed Secured Note 2 A-2  | October 2031  | 7.31% | 400000 | 400000 |
| 2024 Asset-Backed Secured Note 1 B  | October 2029  | 7.77% | 85000 | 85000 |
| 2025 Asset-Backed Secured Note 1 A-2  | March 2030  | 6.60% | 445000 |  |
| 2025 Asset-Backed Secured Note 2 A-2  | March 2032  | 6.88% | 440000 |  |
| 2025 Asset-Backed Secured Note 1 B  | March 2030  | 7.24% | 55000 |  |
| 2025 Asset-Backed Secured Note 3 A-2  | August 2030  | 6.46% | 395000 |  |
| 2025 Asset-Backed Secured Note 4 A-2  | August 2032  | 6.78% | 390000 |  |
| 2025 Asset-Backed Secured Note 3 B  | August 2030  | 6.90% | 30000 |  |
| 2025 Asset-Backed Secured Note 5 A-2  | December 2029  | 6.40% | 150000 |  |
| 2025 Asset-Backed Secured Note 6 A-2  | December 2030  | 6.40% | 335000 |  |
| 2025 Asset-Backed Secured Note 7 A-2  | December 2032  | 6.60% | 575000 |  |
| 2025 Asset-Backed Secured Note 6 B  | December 2030  | 7.39% | 40000 |  |

---

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
10. Debt (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Maturities<sup>(1)</sup>**  | **Effective <br> Interest <br> Rates<sup>(2)</sup>**  | **December 31, <br> 2025**  | **December 31, <br> 2024**  |
| Total Principal debt  |  |  | 4997000 | 2301776 |
| &nbsp;&nbsp;&nbsp; Less: unamortized debt issuance costs  |  |  | (241447) | (90893) |
|  Total debt, net of unamortized discount and issuance costs  |  |  | 4755553 | 2210883 |
| &nbsp;&nbsp;&nbsp; Less: debt, current portion  |  |  |  | (25136) |
| **Total long-term debt, net of current**  |  |  | $4755553 | $2185747 |

---

(1) For the asset-backed secured notes, the maturity is the anticipated repayment date.

(2) Includes amortization of debt premiums (discounts) and debt issuance costs and the impact of interest rate swap instruments.

(3) The maturity date for the drawn balance that is outstanding as of December 31, 2024 is January 2025.

(4) The 2024 Revolving Credit Facility has a maturity of December 2026, with provision for two successive terms of one year each, subject to certain conditions. The Company intends to extend the maturity for at least one year.

As of December 31, 2025, the future principal payments for the Company's debt were as follows (in thousands):

---

| | |
|:---|:---|
| **For the years ending December 31,** |  |
| 2026  | $— |
| 2027  | 909000 |
| 2028  | 102000 |
| 2029  | 881000 |
| 2030  | 1300000 |
| Thereafter  | 1805000 |
| **Total**  | $4997000 |

---

For the years ended December 31, 2025, 2024 and 2023, total interest expense for the Company's debt obligations were as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,**  | **For the years ended December 31,**  | **For the years ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| Stated interest expense<sup>(1)</sup>  | $173492 | $154450 | $40939 |
| Amortization of deferred financing costs  | 29012 | 23939 | 3044 |
| **Total**  | $202504 | $178389 | $43983 |

---

(1) Includes interest rate swap settlements in the amount of $3.5 million, $28.9 million, and $12.9 million as a reduction of stated interest expense for the years ended December 31, 2025, 2024 and 2023, respectively.

 *2018 Term Loan Facility* 

On December 31, 2018, the Company, through a wholly owned indirect subsidiary, entered into a credit agreement with a group of lenders for a $550.0 million senior secured term loan facility maturing on December 31, 2025 (the "2018 Term Loan Facility"). The 2018 Term Loan Facility also included a revolving credit facility. The Company is required to repay the 2018 Term Loan Facility at the rate of 1.00% of the original principal amount per annum with the remaining balance to be repaid in full at its maturity. The 2018 Term Loan Facility bears interest at a rate based on the London Inter-bank Offered Rate ("LIBOR") plus a margin that can vary from 3.25% to 3.75%.

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
10. Debt (Continued)

In 2021, the Company began repurchasing the 2018 Term Loan Facility directly from third party debt holders in multiple transactions cumulatively totaling $166.8 million. During the year ending December 31, 2023, the Company repurchased $33.9 million, resulting in a $9.8 million gain. No amount was repurchased in the year ending December 31, 2024.

In conjunction with the 2024 Term Loan Facility and 2024 Revolving Credit Facility, the Company extinguished its 2018 Term Loan Facility and therefore as of December 31, 2025 and 2024 there is no balance outstanding. This was treated as a debt extinguishment. In accordance with debt extinguishment accounting rules, in 2024, the Company recorded $3.1 million in debt extinguishment costs in the Consolidated Statements of Operations related to the write-off of all unamortized deferred debt issuance costs that were related to the 2018 Term Loan Facility.

 *2018 Revolving Credit Facility* 

On December 31, 2018, the Company, through a wholly owned indirect subsidiary, entered into the Revolving Facility (the "2018 Revolving Credit Facility") which allows the Company to borrow, repay and re-borrow over its term, in an agreement principal amount of up to $50.0 million. As a part of the 2018 Revolving Credit Facility there is a sub-limit restriction for the issuance of letters of credit of up to $25.0 million at any one time. Borrowings under the Revolving Facility bear interest at the option of the Company at a rate based on LIBOR plus a margin that can vary from 2.75% to 3.25% or, alternate base rate ("ABR") plus a margin that can vary from 1.75% and 2.25%. The Company is required to pay 0.50% per annum on the average daily unused portion of the 2018 Revolving Credit Facility, payable quarterly in arrears. The Company is required to pay a per annum letter of credit fee equal to the applicable spread over adjusted LIBOR. The credit agreement was amended to account for the LIBOR to Secured Overnight Financing Rate ("SOFR") transition.

In conjunction with the 2024 Term Loan Facility and 2024 Revolving Credit Facility, the Company extinguished its 2018 Revolving Credit Facility and therefore as of December 31, 2025 and 2024 there is no balance outstanding.

 *2021 Fund Revolving Credit Facility* 

Under a revolving credit agreement entered into by investment funds affiliated with Brookfield Corporation, Csquare, Inc. is jointly and severally liable, as a named borrower, for obligations under the facility (the "2021 Fund Revolving Credit Facility"), which allows the Company to borrow, repay and re-borrow over its term. Typically, the Company rolls the drawn balance on a month-by-month basis. As of December 31, 2025, total commitments under the subscription credit facility were $500.0 million.

The facility includes a letter of credit sub-limit equal to 50% of total commitments. Borrowings bear interest at SOFR plus 1.75% per annum (December 31, 2024 and 2023: SOFR plus 1.95%) and are subject to a commitment fee on the average daily unused portion of the commitments equal to 0.25% per annum when unused commitments exceed 50% of total commitments and 0.20% per annum when unused commitments are 50% or less (December 31, 2024 and 2023: 0.25%). Letters of credit bear a fee equal to the applicable margin of 1.75% per annum on the daily undrawn amount, plus a customary fronting fee.

On June 20, 2025, investment funds affiliated with Brookfield Corporation entered into an amended revolving credit facility agreement, extending the maturity of the subscription credit facility for the 2021 Fund Revolving Credit Facility from June 20, 2025 to June 17, 2027. On October 31, 2025, investment funds affiliated with Brookfield Corporation entered into another amended revolving credit facility where borrowings under the amended facility bear interest at SOFR plus 1.75% per annum and increased the total commitments to up to $500.0 million during a temporary period, reducing to $400.0 million on January 9, 2026.

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
10. Debt (Continued)

As of December 31, 2025, there was no balance outstanding by Csquare, Inc. on the 2021 Fund Revolving Credit Facility. As of December 31, 2024, the outstanding borrowings by Csquare, Inc. on the 2021 Fund Revolving Credit Facility were $25.1 million. As of December 31, 2025 and 2024, the total outstanding borrowings on the 2021 Fund Revolving Credit Facility by all of its loan parties were $12.2 million and $70.6 million, respectively.

As of December 31, 2025 and 2024, the Company was in compliance with all financial covenants and requirements related to the 2021 Revolving Credit Facility.

 *2022 Mortgage Note* 

On November 1, 2022, the Company, through a wholly owned indirect subsidiary, entered into a credit agreement under which the Company obtained a mortgage note payable (the "2022 Mortgage Note") secured by all of the data center property located at 11830 Webb Chapel Road, Dallas, Texas in addition to an assignment of rents. The 2022 Mortgage Note has a principal balance of $110.0 million and is set to mature November 1, 2025. The 2022 Mortgage Note bears interest at three-month SOFR. Monthly payments consist of interest only with principal due upon maturity.

The 2022 Mortgage Note is guaranteed by the wholly owned indirect subsidiary.

In conjunction with the 2024 Term Loan Facility and 2024 Revolving Credit Facility, the Company extinguished its 2022 Mortgage Note and therefore as of December 31, 2025 and 2024 there is no balance outstanding. This was treated as a debt extinguishment. In accordance with debt extinguishment accounting rules, the Company recorded $1.5 million in debt extinguishment costs in the Consolidated Statements of Operations related to the write-off of all unamortized deferred debt issuance costs that were related to the 2022 Mortgage Note.

 *2024 Term Loan Facility* 

On January 12, 2024, certain subsidiaries of the Company, entered into a Loan Agreement (the "2024 Term Loan Agreement") with Wells Fargo Bank, National Association ("Wells Fargo") and TD Securities (USA) LLC ("TD") (the "2024 Term Loan"). Pursuant to the 2024 Term Loan Agreement, the Company received a two-year term loan in an aggregate principal amount equal to $1,965.9 million. The 2024 Term Loan Facility bears interest at a rate based on the SOFR plus 3.75% with 25.0 basis point step up at month 13 and every 6 months thereafter until maturity of the original principal amount per annum. The 2024 Term Loan matures January 12, 2026, with provision for two successive terms of six months each, subject to certain conditions.

On March 1, 2024, the Company amended its 2024 Term Loan Agreement to increase the principal amount of loan by $33.0 million.

On October 17, 2024, in conjunction with the asset-backed securitization transaction, the Company prepaid outstanding principal of $755.2 million under the 2024 Term Loan Facility. In conjunction with the debt repayment the Company recognized a debt extinguishment charge of $10.3 million.

As of December 31, 2024, the Company's debt obligation under the 2024 Term Loan Facility was $1,243.6 million net of unamortized deferred issuance cost of $12.8 million.

On March 11, 2025, the Company prepaid outstanding principal of $646.7 million under the 2024 Term Loan Facility. In conjunction with the debt repayment the Company recognized a debt extinguishment charge of $5.3 million.

On August 21, 2025, in conjunction with the asset-backed borrowings, the Company prepaid outstanding principal of $431.3 million under the 2024 Term Loan Facility. In conjunction with the debt repayment the Company recognized a debt extinguishment charge of $1.6 million.

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
10. Debt (Continued)

On December 4, 2025, in conjunction with the asset-backed borrowings, the Company prepaid outstanding principal of $165.6 million under the 2024 Term Loan Facility. In conjunction with the debt repayment the Company recognized a debt extinguishment charge of $0.2 million. As a result, the Company has fully paid down the 2024 Term Loan Facility.

As of December 31, 2025 and 2024, the Company was in compliance with all financial covenants and requirements related to the 2024 Term Loan Facility. The 2024 Term Loan Facility requires a minimum debt yield which is tested on a quarterly basis.

 *2024 Revolving Credit Facility* 

On January 12, 2024, certain subsidiaries of the Company entered into a Revolving Credit Facility (the "2024 Revolving Credit Facility") with Wells Fargo Securities, LLC and TD. The 2024 Revolving Credit Facility provided for revolving loans in an aggregate principal amount of up to $200.0 million over a three-year term. As a part of the 2024 Revolving Facility there is a sub-limit restriction for the issuance of letters of credit of up to $50.0 million at any one time. Borrowings under the 2024 Revolving Credit Facility bear interest of SOFR plus a margin of 4.25% and the Company is required to pay 0.75% per annum on the average daily unused portion of the 2024 Revolving Credit Facility. The Company is required to pay a 4.50% per annum letter of credit fee.

On February 28, 2025, the Company amended the 2024 Revolving Credit Facility to increase total commitments from $200.0 million to $300.0 million and to reduce the applicable interest rate margin from SOFR plus 4.25% to SOFR plus 3.00%.

On December 22, 2025, the Company closed a $500.0 million upsize to the 2024 Revolving Credit Facility with a maturity of December 2026, with provision for two successive terms of one year each, subject to certain conditions. The Company intends to extend the maturity for at least one year. The upsize also included an amendment to the Company's financial covenants.

As of December 31, 2025 and 2024, the outstanding balance on the 2024 Revolving Credit Facility was $659.0 million and $148.0 million, respectively.

As of December 31, 2025 and 2024, the Company was in compliance with all financial covenants and requirements related to the 2024 Revolving Credit Facility. Following the upsize completed in December 2025, the 2024 Revolving Credit Facility requires a maximum loan to value ratio, which is tested on a quarterly basis. Management monitors compliance with these covenants on an ongoing basis.

 *Asset-Backed Notes* 

On October 17, 2024, certain subsidiaries of the Company completed an asset-backed securitization transaction totaling $885.0 million. The Company issued two series of fixed-rate notes—Series 2024-1 and Series 2024-2 (together, the "Series 2024-1/2 Notes") pursuant to an indenture (the "2024 Indenture"). Net proceeds from the issuance were used to refinance the existing term loan, pay transaction costs, and for general corporate purposes.

On March 20, 2025, certain subsidiaries of the Company completed an asset-backed securitization transaction totaling $940.0 million. The Company issued two series of fixed-rate notes—Series 2025-1 and Series 2025-2 (together, the "Series 2025-1/2 Notes") pursuant to a series supplement to the 2024 Indenture. Net proceeds from the issuance were used to repay outstanding indebtedness and for general corporate purposes.

On August 21, 2025, certain subsidiaries of the Company completed an asset-backed securitization transaction totaling $815.0 million. The Company issued two series of fixed-rate notes—Series 2025-3 and Series 2025-4 (together, the "Series 2025-3/4 Notes") pursuant to a series supplement to the 2024 Indenture. Net proceeds from the issuance were used to repay outstanding indebtedness and for general corporate purposes.

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
10. Debt (Continued)

On October 1, 2025, as a result of the 2025 Portfolio Acquisition, the Company acquired three series of fixed-rate notes—Series 2020-1/2 Notes, Series 2021-1 Notes, and Series 2022-1 Notes for a total of $743.0 million. The Series 2020-1/2 Notes, Series 2021-1 Notes and Series 2022-1 Notes are governed by an indenture (the "2020 Indenture"). See Note 3—Business Combinations for more information.

On December 4, 2025, certain subsidiaries of the Company completed an asset-backed securitization transaction totaling $1,100.0 million. The Company issued three series of fixed-rate notes—Series 2025-5, Series 2025-6 and Series 2025-7 (together, the "Series 2025-5/6/7 Notes") pursuant to a series supplement to the 2024 Indenture. Net proceeds from the issuance were used to repay outstanding indebtedness and for general corporate purposes.

On December 4, 2025, in conjunction with the Series 2025-5/6/7 Notes, the Company paid off $220.0 million of Series 2020-1/2 Notes. Therefore, for the Series 2020-1/2 Notes, only the Series 2020-2 Notes are outstanding as of December 31, 2025.

The Series 2020-2 Notes, Series 2021-1 Notes and Series 2022-1 Notes are secured by a collateral pool consisting of multi-tenant enterprise data centers, held in fee simple.

The Series 2024-1/2 Notes, Series 2025-1/2 Notes, Series 2025-3/4 Notes and Series 2025-5/6/7 Notes are secured by a separate and distinct collateral pool consisting of multi-tenant enterprise data centers, held in both fee simple and leasehold interests.

The Series 2020-2 Notes, Series 2021-1 Notes, Series 2022-1 Notes, Series 2024-1/2 Notes, Series 2025-1/2 Notes, Series 2025-3/4 Notes, and Series 2025-5/6/7 Notes are collectively referred to as the "Asset-Backed Secured Notes."

The Asset-Backed Secured Notes were issued in the following tranches (dollars in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Series**  | **Class**  | &nbsp;&nbsp;&nbsp;&nbsp; **Initial Principal <br> Amount**  | &nbsp;&nbsp;&nbsp;&nbsp; **Note Principal <br> Balance**  | **Coupon Rate**  | &nbsp;&nbsp; **Anticipated <br> Repayment Date**  |
| 2020-2  | A-2  | $250000 | $250000 | 2.50% | October 2027  |
| 2021-1  | B  | $61000 | $61000 | 3.60% | May 2028  |
| 2021-1  | C  | $41000 | $41000 | 5.60% | May 2028  |
| 2022-1  | A-2  | $120000 | $120000 | 4.60% | April 2029  |
| 2022-1  | B  | $51000 | $51000 | 5.10% | April 2029  |
| 2024-1  | A-2  | $400000 | $400000 | 5.20% | October 2029  |
| 2024-1  | B  | $85000 | $85000 | 5.60% | October 2029  |
| 2024-2  | A-2  | $400000 | $400000 | 5.40% | October 2031  |
| 2025-1  | A-2  | $445000 | $445000 | 5.50% | March 2030  |
| 2025-2  | A-2  | $440000 | $440000 | 5.70% | March 2032  |
| 2025-1  | B  | $55000 | $55000 | 5.90% | March 2030  |
| 2025-3  | A-2  | $395000 | $395000 | 5.00% | August 2030  |
| 2025-4  | A-2  | $390000 | $390000 | 5.20% | August 2032  |
| 2025-3  | B  | $30000 | $30000 | 5.40% | August 2030  |
| 2025-5  | A-2  | $150000 | $150000 | 5.30% | December 2029  |
| 2025-6  | A-2  | $335000 | $335000 | 5.30% | December 2030  |
| 2025-7  | A-2  | $575000 | $575000 | 5.80% | December 2032  |
| 2025-6  | B  | $40000 | $40000 | 5.85% | December 2030  |

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
10. Debt (Continued)

The Asset-Backed Secured Notes are classified as long-term debt, net of deferred financing costs in the Consolidated Balance Sheets.

Interest expense on the Asset-Backed Secured Notes is recognized using the effective interest method. Direct costs incurred in connection with the issuance of the Asset-Backed Secured Notes are capitalized as deferred financing costs and amortized over the expected life of the related debt using the effective interest method. As of December 31, 2025, the Company had unamortized deferred financing costs of $11.3 million, $5.7 million, $3.7 million, $67.0 million, $46.9 million, $57.7 million, and $49.2 million which are presented as a direct deduction from the carrying amount of the Series 2020-2 Notes, Series 2021-1 Notes, Series 2022-1 Notes, Series 2024-1/2 Notes, Series 2025-1/2 Notes, Series 2025-3/4 Notes, and Series 2025-5/6/7, respectively, in the Consolidated Balance Sheets. As of December 31, 2024, the Company had unamortized deferred financing costs of $78.1 million which are presented as a direct deduction from the carrying amount of the Series 2024-1/2 Notes in the Consolidated Balance Sheets.

As of December 31, 2025 and 2024, the Company was in compliance with all financial covenants and requirements related to its Asset-Backed Secured Notes. The agreements each contain requirements related to a minimum debt service coverage ratio and a maximum loan-to-value ratio, both of which are tested monthly and could increase restricted cash requirements if prescribed levels are not met. Management monitors compliance with these covenants on an ongoing basis.

 *Variable Funding Note* 

The 2024 Indenture provided for $100.0 million of asset-backed, floating rate Series 2024-1 Secured Data Center Revenue Variable Funding Note (the "Series 2024-1 VFN" or "Variable Funding Note") over a five-year term. On August 21, 2025, the Company entered into an amendment whereby the Company increased the sub-limit restriction for the issuance of letters of credit of up to $25.0 million at any one time from $15.0 million at any one time. The applicable interest rate is equal to the SOFR plus 2.45%. The Company is required to pay 0.50% per annum on the average daily unused portion of the Variable Funding Note. The Company is required to pay a 2.00% per annum letter of credit fee.

As of December 31, 2024, there were no amounts outstanding under the Series 2024-1 VFN. The Series 2024-1 VFN has a revolving note structure and is intended to be used primarily for general corporate purposes, including working capital needs for the multi-tenant data centers securing the Series 2024-1/2 Notes, Series 2025-1/2 Notes, Series 2025-3/4 Notes and Series 2025-5/6/7 Notes.

As of December 31, 2025, the outstanding balance on the Series 2024-1 VFN was $75.0 million.

As of December 31, 2025, the Company was in compliance with all financial covenants and requirements related to the Series 2024-1 VFN. The agreement also includes requirements related to a minimum debt service coverage ratio and a maximum loan-to-value ratio, both of which are tested monthly and could increase restricted cash requirements if prescribed levels are not met. Management monitors compliance with these covenants on an ongoing basis.

11. Employee Benefits

The Company assumed a qualified defined benefit plan (the "Pension Plan") covering a portion of the U.S Company's employees. Benefits accrue to eligible employees based on years of service and compensation. The Company also assumed post-employment benefit plan other than pensions (the "OPEB") for the associated employees. The plan is provided to certain domestic employees who meet specific age, participation and length of service requirements at the time of retirement.

The plans' benefit obligations, asset fair values and funded status as of December 31, 2025 were $7.0 million, $4.0 million, and $(3.0) million, respectively. The plans' benefit obligations, asset fair values and funded status

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
11. Employee Benefits (Continued)

as of December 31, 2024 were $7.1 million, $4.8 million, and $(2.2) million, respectively. The total expense/(benefit) related to these plans were $2.0 million, $(1.6) million, and $(0.2) million in the years ended December 31, 2025, 2024 and 2023, respectively. Additionally, the net periodic pension and postretirement health benefit costs for the years ended December 31, 2025, 2024 and 2023 were not material, both in aggregate and for each component individually, including service costs, interest costs, expected return on plan assets, gains and losses and amortization of prior service cost/credit.

The Company intends to terminate the Pension Plan in 2026.

12. Member's Interest

Pursuant to the BIF III US Aggregator (Delaware) LLC agreement ("LLC Agreement"), the Company is authorized to issue a single class of member's interest which are designated as common units. As of December 31, 2025, 2024 and 2023, the Company issued 484,000,000 units. The common units represent the only class of member's equity interests authorized and outstanding. The Company does not have preferred equity or multiple classes of member's interests.

Each common unit represents a unit of limited liability company interest and entitles the holder to one vote per unit, allocations of profits and losses, and distributions of available earnings, in proportion to ownership of common units, in accordance with the LLC Agreement and applicable law.

In 2023, the Company entered into a joint venture with Archer Datacenters SPE 1 LLC ("Archer Datacenters") to develop a new data center, which resulted in non-controlling interests ("NCI"). During 2024, the Company acquired all remaining NCI from Archer Datacenters for $9.1 million. As a result, no remaining NCI existed as of December 31, 2025 and 2024.

13. Income Taxes

The components of the (loss) income before income taxes for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,**  | **For the years ended December 31,**  | **For the years ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| Domestic operations  | $(140115) | $320262 | $(76968) |
| Foreign operations  | 1696 | (6260) | (1696) |
| &nbsp;&nbsp;&nbsp; Total (loss) income before taxes  | $(138419) | $314002 | $(78664) |

---

The income tax benefit (expense) from continuing operations for the years ended December 31, 2025, 2024 and 2023 consists of the following (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,**  | **For the years ended December 31,**  | **For the years ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| Federal: |  |  |  |
| &nbsp;&nbsp;&nbsp; Current  | $2141 | $547 | $— |
| &nbsp;&nbsp;&nbsp; Deferred  | 25714 | 134745 | (715) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total federal benefit (expense)  | 27855 | 135292 | (715) |
| Foreign: |  |  |  |
| &nbsp;&nbsp;&nbsp; Current  | (2730) | (924) | 115 |
| &nbsp;&nbsp;&nbsp; Deferred  | 2328 | 2352 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total foreign  | (402) | 1428 | 115 |

---

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
13. Income Taxes (Continued)

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,**  | **For the years ended December 31,**  | **For the years ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| State and local: |  |  |  |
| &nbsp;&nbsp;&nbsp; Current  | (644) | (849) | (276) |
| &nbsp;&nbsp;&nbsp; Deferred  | (8294) | 8668 | (156) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total state and local  | (8938) | 7819 | (432) |
| Total income tax benefit (expense)  | $18515 | $144539 | $(1032) |

---

The following table presents the reconciliation of the statutory federal income tax rate to the Company's effective tax rate for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| | **For the year ended December 31, 2025**  | **For the year ended December 31, 2025**  |
| | **Amounts**  | **%**  |
| U.S. federal statutory income tax rate  | $29068 | 21%  |
| State and local income taxes<sup>(1)</sup>  | (7007) | (5)%  |
| Foreign Operations  | (45) | —%  |
| Non-deductible expenditures  | (89) | —%  |
| Change in valuation allowance  | (3412) | (3)%  |
| Total income tax benefit (expense)  | $18515 | 13%  |

---

(1) State taxes in California, New Jersey and Illinois made up the majority (greater than 50%) of the tax effect in this category.

The following table presents the reconciliation of the statutory federal income tax rate to the Company's effective tax rate for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
| | **For the years ended December 31,**  | **For the years ended December 31,**  |
| | **2024**  | **2023**  |
| U.S. federal statutory income tax rate  | $(65940) | $16519 |
| State and local income taxes  | 6177 | (341) |
| Foreign Operations  | 113 | (241) |
| Non-deductible expenditures  | (1540) | (2159) |
| Bargain gain  | 114707 |  |
| Change in valuation allowance  | 91022 | (14810) |
| Total income tax benefit (expense)  | $144539 | $(1032) |
| Effective income tax rate  | (46)% | (1)% |

---

The following table presents the income taxes paid, net of refunds, disaggregated by jurisdiction for the year ended December 31, 2025:

---

| | |
|:---|:---|
| | **As of <br> December 31, <br> 2025**  |
| U.S. Federal  | $165 |
| U.S. State |  |
| &nbsp;&nbsp;&nbsp; Florida  | 215 |
| &nbsp;&nbsp;&nbsp; New Jersey  | 262 |

---

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
13. Income Taxes (Continued)

---

| | |
|:---|:---|
| | **As of <br> December 31, <br> 2025**  |
| &nbsp;&nbsp;&nbsp; Texas  | 248 |
| &nbsp;&nbsp;&nbsp; Other State Jurisdictions  | 61 |
| Foreign |  |
| &nbsp;&nbsp;&nbsp; Canada  | 1731 |
| &nbsp;&nbsp;&nbsp; Germany  | (657) |
| &nbsp;&nbsp;&nbsp; Other Foreign Jurisdictions  | 9 |
| Total income tax payments, net of refunds  | $2035 |

---

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company's deferred tax assets and liabilities as of December 31, 2025 and 2024 were as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **As of December 31,**  | **As of December 31,**  |
| **(in thousands)**  | **2025**  | **2024**  |
| Deferred tax assets: |  |  |
| Net operating loss carryforward  | $156051 | $118392 |
| Interest expense limitation carryforward  | 85509 | 73781 |
| Reserves / accrued liabilities  | 17929 | 15298 |
| Lease obligations  | 79072 | 154578 |
| Other  |  |  |
| Gross deferred tax assets  | 338561 | 362049 |
| Valuation allowance  | (71600) | (49069) |
| Total deferred tax assets, net of valuation allowance  | 266961 | 312980 |
| Deferred tax liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Goodwill and intangible assets  | (90776) | (82154) |
| Right-of-use asset  | (91226) | (192923) |
| Property and equipment  | (241316) | (111362) |
| Hedge assets / liabilities  | 345 | (4432) |
| Other  | (9588) | (8760) |
| Net deferred tax assets (liabilities), net of valuation allowance  | $(165600) | $(86651) |

---

As of December 31, 2025 and 2024, the Company had undistributed foreign earnings which the Company intends to either reinvest indefinitely or distribute in a tax-free manner. With respect to the balance of earnings the Company intends to reinvest indefinitely as of December 31, 2025, the Company does not expect to incur US federal, state, local or foreign withholding taxes on the balance of these unremitted earnings as management plans to indefinitely reinvest these earnings overseas. In the event the Company determines not to continue to assert that all or part of its undistributed foreign earnings are permanently reinvested, such a determination in the future could result in the accrual and payment of additional foreign withholding taxes and US taxes on currency transaction gains and losses, the determination of which is not practicable due to the complexities associated with the hypothetical calculation.

As of December 31, 2025, the Company has U.S. federal net operating loss ("NOL") carryforwards of $118.2 million generated in tax years 2018 through 2025, of which all will carry forward indefinitely. The

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
13. Income Taxes (Continued)

Company has state and local NOL carryforwards of $24.7 million, of which the majority has a 20 year carryforward period. Additionally, the Company has foreign NOL carryforwards of $13.1 million, of which the carryforward period varies from five years to indefinite.

We record valuation allowances against deferred income tax assets when we determine that it is more likely than not that such deferred income tax assets will not be realized based upon all the available evidence. As of December 31, 2025, the Company has recorded a valuation allowance of $34.1 million, $30.8 million and $6.7 million for US Federal, US State and Foreign, respectively for the portion of the deferred tax asset that did not meet the more-likely-than-not realization criteria.

The Company does not have any unrecorded uncertain tax positions ("UTPs") as of December 31, 2025, 2024 and 2023. While the Company currently does not have any UTPs, it is foreseeable that the calculation of the Company's tax liabilities may involve dealing with uncertainties in the application of complex tax laws and regulations in a multitude of jurisdictions across the Company's global operations. Topic 740 states that a tax benefit from an uncertain tax position may be recognized when it is more-likely-than-not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits. Upon identification of a UTP, the Company would (1) record the UTP as a liability in accordance with Topic 740 and (2) adjust these liabilities if/when management's judgment changes as a result of the evaluation of new information not previously available. Ultimate resolution of UTPs may produce a result that is materially different from an entity's estimate of the potential liability. In accordance with Topic 740, the Company would reflect these differences as increases or decreases to income tax expense in the period in which new information is available.

The Company is subject to taxation in the United States and various foreign jurisdictions. As of December 31, 2025, the Company is not currently under audit in any foreign or domestic jurisdiction.

14. Commitments and Contingencies

 *Guarantees and Indemnifications* 

In connection with the 2025 Portfolio Acquisition, the Company maintains credit support agreements in the aggregate amount of $18.6 million with certain utility providers. As of December 31, 2025, a portion of such credit support is subject to renewal in the near term, with the remainder in effect through the fourth quarter of 2026. As of December 31, 2025, no renewal or replacement agreement has been negotiated.

 *Legal Contingencies* 

From time to time the Company is involved in certain legal proceedings and claims which arise in the ordinary course of business. It is the Company's policy to accrue for amounts related to these legal matters if it is probable that a liability has been incurred and the amount is reasonably estimable. In the opinion of the management, based on consultations with counsel, the results of any of these matters individually and in the aggregate, are not expected to have a material effect on its results of operations, financial condition or cash flows. As of December 31, 2025 and December 31, 2024, the Company has not accrued any material potential loss.

15. Related Party Transactions

 *Related Party Revenues and Expenses* 

An affiliate of the Parent pays certain expenses and interest obligations on behalf of the Company. Amounts advanced are recorded as due to related party in the Consolidated Balance Sheets. There was no outstanding balance as of December 31, 2025 and the outstanding balance was approximately $3.3 million as of December 31, 2024. The payable is unsecured, non-interest bearing, and has no specific repayment terms.

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
15. Related Party Transactions (Continued)

The Company recognized related party revenue with affiliates of the Parent of $3.4 million, $2.5 million and $0.1 million, during the years ended December 31, 2025, 2024 and 2023, respectively, which are included in revenues. The revenues primarily relate to colocation revenue. As of December 31, 2025 and 2024, there were no outstanding balances due to these related party revenues.

The Company recognized related party expenses with affiliates of the Parent of $3.3 million and $3.7 million during the years ended December 31, 2025 and 2024, respectively, which are included in selling, marketing, general and administrative. The expenses primarily relate to rent expenses. The Company did not recognize any related party expenses with affiliates of the Parent during the year ended December 31, 2023. As of December 31, 2025 and 2024, there were no outstanding balances due to these related party expenses.

In 2024, the Company provided management services to an affiliate of the Parent. The Company recognized $5.8 million of other income related to these services during the year ended December 31, 2024. As of December 31, 2025 and 2024, the outstanding balance due from the affiliate for these services was approximately $2.5 million and $5.5 million, respectively.

 *Related Party Loans* 

In 2025, the Company paid certain bonuses to executives on behalf of an affiliate of the Parent in return for a loan receivable from the affiliate. As of December 31, 2025, the outstanding balance due from affiliates was approximately $8.3 million.

In 2025, the Company paid debt on behalf of an affiliate of the Parent in return for a loan receivable from the affiliate. As of December 31, 2025, the outstanding balance due from affiliates was approximately $6.4 million.

From time to time, the Company receives short-term bridge loan financing from Parent. On March 11, 2025 the Company received a $646.0 million loan from Parent, the proceeds of which were used to repay outstanding principal under the Company's 2024 Term Loan Facility in advance of the Company's Series 2025-1/2 Notes issuance. On March 20, 2025 the bridge loan from Parent was repaid utilizing the proceeds received from the Series 2025-1/2 Notes issuances.

 *Related Party Deposits* 

From time to time, the Company temporarily deposits cash with affiliates of Parent bearing interest at a market-based rate. The deposits are presented in due from related parties on the Consolidated Balance Sheets and interest income recognized in the Consolidated Statements of Operations. As of December 31, 2025, the Company had a deposit with the Parent of $127.6 million bearing interest at a rate of 3.99% per annum. The balance was initially deposited on December 23, 2025 and has a maturity date of three months.

16. Segment Reporting

The CODM evaluates the performance of the Company's segment based upon consolidated net (loss) income and considers budget-to-actual or forecast-to-actual variances to assess performance and make decisions about allocating resources. The CODM is regularly provided disaggregated expense information at a level more detailed than that presented in financial statements herein.

The following tables presents the significant revenue streams, significant segment expenses and other segment items regularly reviewed by our CODM, as well as consolidated net (loss) income (in thousands):

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
16. Segment Reporting (Continued)

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,**  | **For the years ended December 31,**  | **For the years ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| Revenues |  |  |  |
| &nbsp;&nbsp;&nbsp; Colocation  | $741751 | $683111 | $154294 |
| &nbsp;&nbsp;&nbsp; Interconnection  | 105611 | 108191 | 18998 |
| &nbsp;&nbsp;&nbsp; Other  | 40600 | 37303 | 21228 |
| &nbsp;&nbsp;&nbsp; Non-recurring  | 40709 | 34896 | 3113 |
| &nbsp;&nbsp;&nbsp; Metered power revenues  | 58309 | 44050 | 627 |
| &nbsp;&nbsp;&nbsp; Total revenues  | $986980 | $907551 | $198260 |
| Significant Segment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp; Utilities  | (197479) | (181588) | (47109) |
| &nbsp;&nbsp;&nbsp; Real estate  | (111323) | (120047) | (24978) |
| &nbsp;&nbsp;&nbsp; Personnel  | (80944) | (81284) | (37418) |
| &nbsp;&nbsp;&nbsp; Property taxes  | (32093) | (40511) | (10600) |
| &nbsp;&nbsp;&nbsp; Repairs and maintenance  | (28410) | (27449) | (11829) |
| &nbsp;&nbsp;&nbsp; Selling, marketing, general and administrative  | (87724) | (102326) | (40143) |
| &nbsp;&nbsp;&nbsp; Transaction and other costs  | (17710) | (69375) | (8873) |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | (271916) | (259575) | (50423) |
| &nbsp;&nbsp;&nbsp; Other income (loss), net  | 9479 | 10678 | (1039) |
| &nbsp;&nbsp;&nbsp; Bargain purchase gain  |  | 544097 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Loss) gain on extinguishment of debt  | (7114) | (14934) | 9782 |
| &nbsp;&nbsp;&nbsp; Interest expense  | (241165) | (185614) | (46170) |
| &nbsp;&nbsp;&nbsp; Income tax benefit (expense)  | 18515 | 144539 | (1032) |
| &nbsp;&nbsp;&nbsp; Other segment items<sup>(1)</sup>  | (59000) | (65621) | (8124) |
| **Segment net (loss) income / Consolidated net (loss) income**  | $(119904) | $458541 | $(79696) |

---

(1) Other segment items are primarily comprised cost of revenues related to data center security services, commissions paid to third-party business partners, other professional services associated with site management.

The following table provides information about disaggregated revenue by primary geographic region (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,**  | **For the years ended December 31,**  | **For the years ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| United States  | $906221 | $844277 | $189481 |
| Canada  | 36934 | 23103 |  |
| United Kingdom  | 30911 | 25986 | 2781 |
| All other countries  | 12914 | 14185 | 5998 |
| **Total revenues**  | $986980 | $907551 | $198260 |

---

The following table provides information about long-lived assets by primary geographical region (in thousands):

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
16. Segment Reporting (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31,**  | **As of December 31,**  | **As of December 31,**  | **As of December 31,**  |
| | **2025**  | **2025**  | **2024**  | **2024**  |
| | **Property and <br> equipment, net**  | **Right-of-use <br> assets**  | **Property and <br> equipment, net**  | **Right-of-use <br> assets**  |
| United States  | $3290324 | $348549 | $2667685 | $581349 |
| Canada  | 622378 | 1652 | 56868 | 1932 |
| United Kingdom  | 38387 | 5036 | 41443 | 4740 |
| All other countries  |  |  | 144 | 120 |
| **Total**  | $3951089 | $355237 | $2766140 | $588141 |

---

17. Fair Value Measurement

The Company's financial instruments include cash, cash equivalents, restricted cash, accounts receivable, derivative instruments, accounts payable and accrued liabilities. Cash, cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date.

Our financial assets measured at fair value on a recurring basis as of December 31, 2025 and 2024 were as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | | **As of December 31,**  | **As of December 31,**  |
| | | **2025**  | **2024**  |
| | **Fair value Hierarchy**  | **Fair Value**  | **Fair Value**  |
| **Financial assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Derivative – interest rate swap  | Level 2  | $— | $16860 |

---

The 2021 Fund Revolving Credit Facility, 2024 Term Loan Facility, 2024 Revolving Credit Facility, and Series 2024-1 VFN (as defined in Note 10—Debt) are considered Level 2 instruments and recorded at book value on the Company's Consolidated Balance Sheets. As they reprice frequently due to variable interest rate terms and entail no significant changes in credit risk, the fair value approximates carrying value. Refer to Note 10—Debt for additional information.

The Series 2024-1/2 Notes (as defined in Note 10—Debt), which contain a fixed rate coupon, were issued on October 17, 2024. These notes are considered Level 2 instruments. Due to the proximity of the issuance date to December 31, 2024, and the absence of significant changes in market interest rates or the Company's credit risk since issuance, the carrying amount of the Series 2024-1/2 Notes approximates their fair value at December 31, 2024. Refer to Note 10—Debt for additional information.

The Series 2020-2 Notes, Series 2021-1 Notes, and Series 2022-1 Notes (as defined in Note 10—Debt), which contain a fixed rate coupon, were assumed on October 1, 2025. These notes are considered Level 2 instruments. Due to the proximity of the date the Company acquired the Series 2020-2 Notes, Series 2021-1 Notes, and Series 2022-1 Notes to December 31, 2025, and the absence of significant changes in market interest rates or the Company's credit risk since the acquisition date, the carrying amount of the Series 2020-2 Notes, Series 2021-1 Notes, and Series 2022-1 Notes approximates their fair value at December 31, 2025. Refer to Note 10—Debt for additional information.

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[**TABLE OF CONTENTS**](#TOC3)

#### CSQUARE, INC.

#### Notes to the Consolidated Financial Statements (Continued)
17. Fair Value Measurement (Continued)

The fair value of fixed rate debt as of December 31, 2025, was as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | | **As of December 31, 2025**  | **As of December 31, 2025**  |
| | **Fair value Hierarchy**  | **Carrying Value**  | **Fair Value**  |
| **Financial liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp; 2024-1 A-2  | Level 2  | $375166 | $395225 |
| &nbsp;&nbsp;&nbsp; 2024-2 A-2  | Level 2  | 363912 | 384788 |
| &nbsp;&nbsp;&nbsp; 2024-1 B  | Level 2  | 78952 | 82078 |
| &nbsp;&nbsp;&nbsp; 2025-1 A-2  | Level 2  | 427073 | 438047 |
| &nbsp;&nbsp;&nbsp; 2025-2 A-2  | Level 2  | 413748 | 427856 |
| &nbsp;&nbsp;&nbsp; 2025-1 B  | Level 2  | 52325 | 53635 |
| &nbsp;&nbsp;&nbsp; 2025-3 A-2  | Level 2  | 371962 | 381916 |
| &nbsp;&nbsp;&nbsp; 2025-4 A-2  | Level 2  | 357094 | 366932 |
| &nbsp;&nbsp;&nbsp; 2025-3 B  | Level 2  | 28214 | 29325 |
| &nbsp;&nbsp;&nbsp; 2025-5 A-2  | Level 2  | 144298 | 147051 |
| &nbsp;&nbsp;&nbsp; 2025-6 A-2  | Level 2  | 319494 | 323968 |
| &nbsp;&nbsp;&nbsp; 2025-7 A-2  | Level 2  | 549591 | 557670 |
| &nbsp;&nbsp;&nbsp; 2025-6 B  | Level 2  | $37456 | $38593 |

---

18. Subsequent Events

The Company has evaluated subsequent events through March 30, 2026, the date the consolidated financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the consolidated financial statements.

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[**TABLE OF CONTENTS**](#TOC4)

#### CSQUARE, INC.

#### Condensed Consolidated Balance Sheets (unaudited) (in thousands)

---

| | | |
|:---|:---|:---|
| | **As of March 31, <br> 2026**  | **As of December 31, <br> 2025**  |
| **Assets** |  |  |
| Current assets: |  |  |
| Cash and cash equivalents  | $67568 | $140159 |
| Restricted cash  | 245623 | 263257 |
| Due from related parties  | 144088 | 144451 |
|  Accounts receivable, net of allowance for expected credit losses of $5,196 and $2,643 as of March 31, 2026 and December 31, 2025, respectively  | 140291 | 90708 |
| Prepaid assets  | 11737 | 7013 |
| Other current assets  | 75808 | 73307 |
| Total current assets  | 685115 | 718895 |
| Property and equipment, net  | 4005489 | 3951089 |
| Right-of-use assets  | 344707 | 355237 |
| Goodwill  | 539741 | 541493 |
| Intangible assets, net  | 421427 | 436299 |
| Other assets  | 113340 | 91410 |
| **Total assets**  | $6109819 | $6094423 |
| **Liabilities and member's deficit** |  |  |
| Current liabilities: |  |  |
| Accounts payable  | $39099 | $34477 |
| Accrued expenses  | 120983 | 128606 |
| Due to related parties  | 3167 |  |
| Contract liabilities, current  | 100866 | 96358 |
| Operating lease liabilities, current  | 42377 | 41755 |
| Finance lease liabilities, current  | 14317 | 15020 |
| Total current liabilities  | 320809 | 316216 |
| Contract liabilities, net of current portion  | 153882 | 122762 |
| Long-term debt, net of deferred financing costs  | 4841862 | 4755553 |
| Operating lease liabilities, net of current portion  | 381251 | 391577 |
| Finance lease liabilities, net of current portion  | 425261 | 428364 |
| Deferred tax liabilities  | 147649 | 165600 |
| Other liabilities, non-current  | 43114 | 41097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 6313828 | 6221169 |
| Commitments and contingencies (Note 12) |  |  |
| Member's deficit: |  |  |
| &nbsp;&nbsp;&nbsp; Member's interest, 484,000 common units authorized, issued and outstanding as of March 31, 2026 and December 31, 2025  | 1094620 | 1094620 |
| &nbsp;&nbsp;&nbsp; Accumulated deficit  | (1291594) | (1225641) |
| &nbsp;&nbsp;&nbsp; Accumulated other comprehensive (loss) income  | (7035) | 4275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total member's deficit  | (204009) | (126746) |
| **Total liabilities and member's deficit**  | $6109819 | $6094423 |

---

See accompanying notes to the unaudited condensed consolidated financial statements.

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#### CSQUARE, INC.

#### Condensed Consolidated Statements of Operations (unaudited) (in thousands, except per unit data)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
| | **2026**  | **2025**  |
| **Revenues**  | $270462 | $232759 |
| **Costs and operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; Cost of revenues, excluding depreciation and amortization  | 136454 | 123525 |
| &nbsp;&nbsp;&nbsp; Selling, marketing, general and administrative  | 25722 | 22928 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 84498 | 63733 |
| &nbsp;&nbsp;&nbsp; Transaction and other costs  | 10509 | 2827 |
| &nbsp;&nbsp;&nbsp; **Total costs and operating expenses**  | 257183 | 213013 |
| &nbsp;&nbsp;&nbsp; **Income from operations**  | 13279 | 19746 |
| &nbsp;&nbsp;&nbsp; Interest expense  | (88363) | (54553) |
| &nbsp;&nbsp;&nbsp; Loss on extinguishment of debt  |  | (5313) |
| &nbsp;&nbsp;&nbsp; Other loss, net  | (2618) | (253) |
| &nbsp;&nbsp;&nbsp; **Loss before income taxes**  | (77702) | (40373) |
| &nbsp;&nbsp;&nbsp; Income tax benefit  | 11749 | 5458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net loss**  | $(65953) | $(34915) |
| **Net loss per unit:** |  |  |
| &nbsp;&nbsp;&nbsp; Basic and diluted  | $(0.14) | $(0.07) |
| **Weighted average common units outstanding:** |  |  |
| &nbsp;&nbsp;&nbsp; Basic and diluted  | 484000 | 484000 |

---

See accompanying notes to the unaudited condensed consolidated financial statements.

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[**TABLE OF CONTENTS**](#TOC4)

#### CSQUARE, INC.

#### Condensed Consolidated Statements of Comprehensive Loss (unaudited) (in thousands)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
| | **2026**  | **2025**  |
| **Net loss**  | $(65953) | $(34915) |
| **Other comprehensive loss, net of tax:** |  |  |
| Foreign currency translation adjustment ("CTA")  | (12234) | 6094 |
| Unrealized gain (loss) on cash flow hedges, net of tax effects of $0 and $253  | 924 | (15473) |
| Net income on defined benefit plans, net of tax effects of $0 and $4  |  | 256 |
| **Total other comprehensive loss, net of tax**  | (11310) | (9123) |
| **Comprehensive loss, net of tax**  | $(77263) | $(44038) |

---

See accompanying notes to the unaudited condensed consolidated financial statements.

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[**TABLE OF CONTENTS**](#TOC4)

#### CSQUARE, INC.

#### Condensed Consolidated Statements of Member's (Deficit) Equity (unaudited) (in thousands, except unit data)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Member's Interest**  | **Member's Interest**  | **Accumulated <br> Deficit**  | **Accumulated <br> Other <br> Comprehensive <br> Income (Loss)**  | **Total <br> Member's <br> (Deficit) Equity**  |
| | **Units**  | **Amount**  | **Accumulated <br> Deficit**  | **Accumulated <br> Other <br> Comprehensive <br> Income (Loss)**  | **Total <br> Member's <br> (Deficit) Equity**  |
| **Balance as of December 31, 2025**  | 484000000 | $1094620 | $(1225641) | $4275 | $(126746) |
| Net loss  |  |  | (65953) |  | (65953) |
| Other comprehensive loss  |  |  |  | (11310) | (11310) |
| **Balance as of March 31, 2026**  | 484000000 | $1094620 | $(1291594) | $(7035) | $(204009) |
| **Balance as of December 31, 2024**  | 484000000 | 1092299 | (320736) | 6861 | 778424 |
| Net loss  |  |  | (34915) |  | (34915) |
| Contributions from member  |  | 499 |  |  | 499 |
| Other comprehensive loss  |  |  |  | (9123) | (9123) |
| **Balance as of March 31, 2025**  | 484000000 | $1092798 | $(355651) | $(2262) | $734885 |

---

See accompanying notes to the unaudited condensed consolidated financial statements.

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[**TABLE OF CONTENTS**](#TOC4)

#### CSQUARE, INC.

#### Condensed Consolidated Statements of Cash Flows (unaudited) (in thousands)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
| | **2026**  | **2025**  |
| **Operating activities** |  |  |
| **Net loss**  | $(65953) | $(34915) |
|  Adjustments to reconcile net loss to net cash (used in) provided by operating activities:  |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 84498 | 63733 |
| &nbsp;&nbsp;&nbsp; Amortization of deferred financing costs  | 11951 | 5512 |
| &nbsp;&nbsp;&nbsp; Net periodic pension and OPEB cost  |  | 98 |
| &nbsp;&nbsp;&nbsp; Loss on extinguishment of debt  |  | 5313 |
| &nbsp;&nbsp;&nbsp; Deferred income tax benefit  | (15668) | (5822) |
| &nbsp;&nbsp;&nbsp; Gain on modification of leases  |  | (51) |
| &nbsp;&nbsp;&nbsp; Unrealized loss on foreign exchange transactions  | 4206 |  |
| &nbsp;&nbsp;&nbsp; Other operating activities  | 1200 | (21) |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Accounts receivable  | (50668) | (39580) |
| &nbsp;&nbsp;&nbsp; Prepaid and other current assets  | (8187) | 1057 |
| &nbsp;&nbsp;&nbsp; Operating lease right-of-use assets  | 10419 | 13417 |
| &nbsp;&nbsp;&nbsp; Due to (from) related parties  | 3530 | (1068) |
| &nbsp;&nbsp;&nbsp; Other assets  | (17770) | (14889) |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses  | (4161) | (17211) |
| &nbsp;&nbsp;&nbsp; Other long-term liabilities  | 37885 | 37657 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities  | (9594) | (9098) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash (used in) provided by operating activities**  | (18312) | 4132 |
| **Investing activities** |  |  |
| Purchase of property and equipment  | (135900) | (37098) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in investing activities**  | (135900) | (37098) |
| **Financing activities** |  |  |
| Borrowings on long-term debt, net of discount  |  | 908204 |
| Repayments on long-term debt  |  | (646695) |
| Borrowings on revolving credit facility  | 75000 | 20000 |
| Repayments on revolving credit facility  |  | (168000) |
| Repayment of finance lease liabilities  | (3110) | (4013) |
| Contributions from member  |  | 499 |
| Payment of debt financing cost  | (443) | (20847) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by financing activities**  | 71447 | 89148 |
|  Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash  | (2099) | (2635) |
| **Cash, cash equivalents and restricted cash** |  |  |
| Net change in cash, cash equivalents and restricted cash  | (84864) | 53547 |
| Balance, beginning of period  | 403416 | 120587 |
| &nbsp;&nbsp;&nbsp; Balance, end of period  | $318552 | $174134 |

---

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[**TABLE OF CONTENTS**](#TOC4)

#### CSQUARE, INC.

#### Condensed Consolidated Statements of Cash Flows (Continued) (unaudited) (in thousands)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
| | **2026**  | **2025**  |
|  **Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets**  |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | $67568 | $93201 |
| &nbsp;&nbsp;&nbsp; Restricted cash  | 245623 | 80933 |
| &nbsp;&nbsp;&nbsp; Long term restricted cash held within Other assets  | 5361 |  |
| **Total cash and cash equivalents and restricted cash**  | $318552 | $174134 |
| **Supplemental disclosure of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp; Taxes paid  | $1875 | $205 |
| &nbsp;&nbsp;&nbsp; Interest paid  | $77753 | $49834 |

---

See accompanying notes to the unaudited condensed consolidated financial statements.

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[**TABLE OF CONTENTS**](#TOC4)

#### CSQUARE, INC.

#### NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Overview and Summary of Significant Accounting Policies

Csquare, Inc. (collectively with its consolidated subsidiaries referred to as "Csquare", or the "Company", or "we") was formed as a Delaware limited liability company under the name of BIF III US Aggregator (Delaware) LLC in 2018. The Company commenced operations on January 1, 2019 and is headquartered in Coppell, Texas. The Company is a wholly owned subsidiary of Dawn Topco L.P. ("Parent"), which is majority-owned by investment funds managed by Brookfield Corporation. On June 15, 2026, BIF III US Aggregator (Delaware) LLC converted its legal structure from a Delaware limited liability company, to a Delaware corporation named Csquare, Inc., pursuant to the provisions of the Delaware Limited Liability Company Act and the General Corporation Law of the State of Delaware. The financial statements presented herein reflect the LLC legal structure of the Company that existed as of March 31, 2026, prior to the name change and conversion.

The Company is a leading enterprise digital infrastructure platform, owning and operating a geographically diverse portfolio of highly engineered, carrier-neutral data centers located primarily in 21 of the largest population centers across the United States, Canada, and the United Kingdom. The Company provides carrier-neutral colocation and interconnection services that provide infrastructure, including secure space, redundant power, advanced cooling systems, physical security, and interconnection capabilities, enabling customers to deploy and operate critical IT and network infrastructure. The Company's facilities support enterprise, network, cloud, and technology customers, providing long-duration, and availability-sensitive workloads.

On January 12, 2024 and October 1, 2025, the Company acquired two distinct, substantial data center portfolios, which significantly expanded the Company's data center footprint, enhanced connectivity and service capabilities, broadened its customer base, and secured key real estate assets to support future growth.

**Basis of Presentation and Consolidation**—The accompanying unaudited interim condensed consolidated financial statements included have been prepared in accordance with US GAAP for interim financial reporting and as required by Regulation S-X, Rule 10-01. These interim condensed consolidated financial statements are unaudited and, in the opinion of management, reflect all normal recurring adjustments necessary to fairly present the financial position, results of operations, cash flows, and change in equity for the periods presented. Results for the periods presented are not necessarily indicative of the results that may be expected for any subsequent period. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes as of and for the year ended December 31, 2025. The December 31, 2025 Condensed Consolidated Balance Sheet was derived from the audited consolidated financial statements as of that date. Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification ("ASC") and Accounting Standards Updates ("ASU") of the Financial Accounting Standards Board ("FASB"). The Company's condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

There have been no changes to the Company's significant accounting policies described in Note 2 "Summary of Significant Accounting Policies" to the consolidated financial statements and notes as of and for the year ended December 31, 2025 included elsewhere in this registration statement, that have had a material impact on the condensed consolidated financial statements and related notes, other than those described below.

**Deferred Offering Costs**—The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs will be reclassed to member's deficit and recorded as a reduction of the proceeds from the offering. Should the planned equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the Condensed Consolidated Statements of Operations and Comprehensive Loss. The Company recorded $8.5 million of deferred offering costs as of March 31, 2026, and no deferred offering costs were recognized for the year ended December 31, 2025.

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[**TABLE OF CONTENTS**](#TOC4)

#### CSQUARE, INC.

#### NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
1. Overview and Summary of Significant Accounting Policies (Continued)

#### Recent Accounting Pronouncements—Accounting Standards Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03: Disaggregation of Income Statement Expenses ("DISE"). The ASU requires additional disclosure of the nature of expenses included in the income statement. The ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. We are currently evaluating the extent of the impact of this ASU on disclosures in our condensed consolidated financial statements.

We determined that all other recently issued accounting pronouncements that have yet to be adopted by the Company will not have a material impact on our condensed consolidated financial statements or do not apply to our operations.

2. Revenues

 *Disaggregation of revenues* 

The following table presents the Company's revenues disaggregated by revenue stream (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **Revenues from <br> contracts with <br> customers**  | **Revenues from <br> leases<sup>(2)</sup>**  | **Total revenues**  |
| **For the three months ended March 31, 2026** |  |  |  |
| &nbsp;&nbsp;&nbsp; Colocation  | $163019 | $40322 | $203341 |
| &nbsp;&nbsp;&nbsp; Interconnection  | 24912 | 41 | 24953 |
| &nbsp;&nbsp;&nbsp; Other  | 6259 | 6764 | 13023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recurring revenues  | 194190 | 47127 | 241317 |
| &nbsp;&nbsp;&nbsp; Non-recurring revenues<sup>(1)</sup>  | 3481 | 3875 | 7356 |
| &nbsp;&nbsp;&nbsp; Metered power revenues  | 13779 | 8010 | 21789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total revenues**  | $211450 | $59012 | $270462 |
| **For the three months ended March 31, 2025** |  |  |  |
| &nbsp;&nbsp;&nbsp; Colocation  | $151856 | $23389 | $175245 |
| &nbsp;&nbsp;&nbsp; Interconnection  | 26535 | 6 | 26541 |
| &nbsp;&nbsp;&nbsp; Other  | 7328 | 2285 | 9613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recurring revenues  | 185719 | 25680 | 211399 |
| &nbsp;&nbsp;&nbsp; Non-recurring revenues<sup>(1)</sup>  | 6514 | 2463 | 8977 |
| &nbsp;&nbsp;&nbsp; Metered power revenues  | 8442 | 3941 | 12383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total revenues**  | $200675 | $32084 | $232759 |

---

(1) Our non-recurring revenues consist of installation services and other one-time charges such as termination fees and storage fees. These services are considered to be non-recurring because they are billed typically once, upon completion of the installation, professional service work performed, or based on customer consumption of power, rather than on a fixed, recurring basis.

(2) Refer to Note 5—Leases for additional disclosures related to the Company's lease arrangements under Topic 842.

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[**TABLE OF CONTENTS**](#TOC4)

#### CSQUARE, INC.

#### NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
2. Revenues (Continued)

 *Contract Balances* 

The following table summarizes the opening and closing balances of our accounts receivable, net; contract assets, current; contract assets, non-current; contract liabilities, current; and contract liabilities, non-current (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Accounts <br> receivable, <br> net<sup>(1)</sup>**  | **Contract <br> assets, current**  | **Contract <br> assets, <br> non-current**  | **Contract <br> liabilities, <br> current**  | **Contract <br> liabilities, <br> non-current**  |
| Beginning balances as of January 1, 2026  | 90708 | 26588 | 1557 | 96358 | 122762 |
| Closing balances as of March 31, 2026  | 140291 | 33083 | 2369 | 100866 | 153882 |
| Increase  | $49583 | $6495 | $812 | $4508 | $31120 |

---

(1) Increase is net of a $2.6 million increase in our allowance for credit losses, driven by incremental reserves and partially offset by recoveries and write-downs of amounts previously reserved.

During the three months ended March 31, 2026, the change in the Company's accounts receivable, net, contract assets, and contract liabilities primarily results from the timing difference between the satisfaction of our performance obligations and the customer's payment. The amounts of revenue recognized during the three months ended March 31, 2026 and 2025 from the opening contract liabilities balance were $70.3 million and $70.5 million, respectively. For the three months ended March 31, 2026 and 2025, no impairment loss related to contract balances was recognized in the Condensed Consolidated Statements of Operations.

#### Remaining performance obligations
The following table presents estimated revenue expected to be recognized in the future related to the unsatisfied portion of the performance obligation as of March 31, 2026 (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Remaining <br> 2026**  | **2027**  | **2028**  | **2029**  | **2030**  | **Thereafter**  |
| Colocation  | $510070 | $427925 | $261298 | $156233 | $71473 | $65592 |
| Interconnection  | 79082 | 54810 | 29600 | 14094 | 6499 | 6144 |
| Other revenue  | 22103 | 23330 | 19730 | 11011 | 10202 | 7338 |
| Total  | $611255 | $506065 | $310628 | $181338 | $88174 | $79074 |

---

3. Property and Equipment, Net

Property and equipment, net consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands):

---

| | | |
|:---|:---|:---|
| | **As of March 31, <br> 2026**  | **As of December 31, <br> 2025**  |
| Land  | $557027 | $552915 |
| Buildings and improvements  | 1718745 | 1725357 |
| Finance leases  | 575936 | 578004 |
| Leasehold improvements  | 510715 | 507773 |
| Machinery and equipment  | 889085 | 859706 |
| Construction in progress  | 318083 | 223551 |
| Computer networking  | 18311 | 18058 |

---

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[**TABLE OF CONTENTS**](#TOC4)

#### CSQUARE, INC.

#### NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
3. Property and Equipment, Net (Continued)

---

| | | |
|:---|:---|:---|
| | **As of March 31, <br> 2026**  | **As of December 31, <br> 2025**  |
| Other  | 17011 | 17120 |
| **Property and equipment, total**  | 4604913 | 4482484 |
| Less: accumulated depreciation  | (599424) | (531395) |
| **Property and equipment, net**  | $4005489 | $3951089 |

---

Depreciation on property and equipment was $70.6 million and $50.0 million, for the three months ended March 31, 2026 and 2025, respectively, and included in depreciation and amortization expense on the Condensed Consolidated Statements of Operations.

4. Goodwill and Intangible Assets, Net

Changes in goodwill as of March 31, 2026, as compared to December 31, 2025, were attributable solely to foreign currency translation adjustments related to goodwill balances denominated in foreign currencies.

Intangible assets, net consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026**  | **As of March 31, 2026**  | **As of March 31, 2026**  | **As of December 31, 2025**  | **As of December 31, 2025**  | **As of December 31, 2025**  |
| | **Gross <br> Carrying <br> Amount**  | **Accumulated <br> Amortization**  | **Total**  | **Gross <br> Carrying <br> Amount**  | **Accumulated <br> Amortization**  | **Total**  |
| Finite-lived intangibles: |  |  |  |  |  |  |
| Customer Relationships  | $570987 | $(163403) | $407584 | $572854 | $(154104) | $418750 |
| Developed Technology  | 42000 | (31500) | 10500 | 42000 | (28000) | 14000 |
| Lease in place  | 5696 | (2942) | 2754 | 5696 | (2742) | 2954 |
| IP Addresses  | 286 | (286) |  | 286 | (286) |  |
| Patents  | 450 | (35) | 415 | 450 | (29) | 421 |
| Total finite-lived intangibles  | 619419 | (198166) | 421253 | 621286 | (185161) | 436125 |
| Indefinite-lived intangibles: |  |  |  |  |  |  |
| Trademarks  | 24 |  | 24 | 24 |  | 24 |
| Internet Domain  | 150 |  | 150 | 150 |  | 150 |
| Total indefinite-lived  | 174 |  | 174 | 174 |  | 174 |
| **Total intangibles**  | 619593 | (198166) | 421427 | $621460 | $(185161) | $436299 |

---

The Company recorded amortization expense on intangible assets of $13.9 million and $13.7 million for the three months ended March 31, 2026 and 2025, respectively, which was included in depreciation and amortization expense on the Condensed Consolidated Statements of Operations. The Company did not record any impairment charges related to intangible assets for the three months ended March 31, 2026 and 2025.

The Company estimates annual amortization expense for existing intangible assets subject to amortization as follows (in thousands):

---

| | |
|:---|:---|
| **For the years ending December 31,** |  |
| Remaining portion of 2026  | $41500.0 |
| 2027  | 42373.0 |
| 2028  | 42373.0 |

---

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[**TABLE OF CONTENTS**](#TOC4)

#### CSQUARE, INC.

#### NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
4. Goodwill and Intangible Assets, Net (Continued)

---

| | |
|:---|:---|
| 2029  | 41979 |
| 2030  | 41695 |
| Thereafter  | 211333 |
| Estimated future amortization expense of definite-lived intangible assets  | $421253 |

---

5. Leases

 *Lessee Accounting* 

The Company enters into lease arrangements primarily for data center spaces, office spaces and for certain equipment. The Company determines if an arrangement is or contains a lease at inception. The Company recognizes a right-of-use asset and lease liability on the Condensed Consolidated Balance Sheets for all leases with a term longer than 12 months. Many of the Company's lease agreements include options to extend the lease, which are not included in the minimum lease payments unless they are reasonably certain to be exercised at lease commencement. Rental expense related to operating leases is recognized on a straight-line basis over the lease term. Operating lease right-of-use assets are presented as Right-of-use assets on the Condensed Consolidated Balance Sheets, while finance lease right-of-use assets are included within Property and equipment, net.

The Company subleases certain office space that it does not intend to occupy. The sublease arrangement expires during the year 2030 and provides for escalations of lease payments in the normal course of business.

The components of lease expenses and income for the three months ended March 31, 2026 and 2025 are as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **For the three months ended March 31,**  | **For the three months ended March 31,**  |
| | **2026**  | **2025**  |
| **Operating lease cost:** |  |  |
| Operating lease cost  | $17949 | $24600 |
| **Finance lease cost:** |  |  |
| Amortization of right-of-use assets  | 8811 | 10717 |
| Interest on lease liabilities  | 9193 | 10080 |
| Total finance lease cost  | $18004 | $20797 |
| Short-term lease cost  | 357 | 583 |
| Sublease income  | (507) | (507) |
| **Total lease cost**  | $35803 | $45473 |

---

In the Company's Condensed Consolidated Statements of Operations, amortization of right-of-use assets under finance leases and interest on finance lease liabilities are included in depreciation and amortization and interest expense, respectively. Operating lease costs for data centers are included in cost of revenues, and operating lease costs for office leases are included in selling, marketing, general and administrative expenses in the Company's Condensed Consolidated Statements of Operations.

For the three months ended March 31, 2026 and 2025, the Company did not record any impairment charges related to right-of-use assets.

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[**TABLE OF CONTENTS**](#TOC4)

#### CSQUARE, INC.

#### NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
5. Leases (Continued)

Supplemental Condensed Consolidated Cash Flow and other information related to leases is as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **For the three months ended March 31,**  | **For the three months ended March 31,**  |
| | **2026**  | **2025**  |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |
| Operating cash flows used by operating leases  | $(17124) | $(20281) |
| Operating cash flows used by finance leases  | (9193) | (10080) |
| Financing cash flows used by finance leases  | (3110) | (4013) |
| Derecognition of right-of-use assets |  |  |
| Operating leases  | $— | $2974 |
| Derecognition of lease liabilities |  |  |
| Operating leases  | $— | $3025 |
| Weighted average remaining lease term (in years) – operating leases  | 9.9 | 9.0 |
| Weighted average remaining lease term (in years) – finance leases  | 17.8 | 17.6 |
| Weighted average discount rate – operating leases  | 7.1% | 7.6% |
| Weighted average discount rate – finance leases  | 8.4% | 9.0% |

---

As of March 31, 2026, maturities of lease liabilities were as follows (in thousands):

---

| | | |
|:---|:---|:---|
| **For the years ending December 31,**  | **Operating <br> Leases**  | **Finance Leases**  |
| Remaining portion of 2026  | $51326 | $36033 |
| 2027  | 68841 | 41568 |
| 2028  | 70224 | 38301 |
| 2029  | 67934 | 39212 |
| 2030  | 54736 | 40145 |
| Thereafter  | 303103 | 751280 |
| Total lease payments  | $616164 | $946539 |
| Imputed interest  | (192536) | (506961) |
| **Total lease liabilities**  | $423628 | $439578 |

---

 *Lessor Accounting* 

Our leases generally have non-cancelable initial lease terms ranging from five to ten years and may include options to extend or renew the lease for additional periods. Lease payments typically consist of fixed payments, including contractual rent escalation provisions, and, for certain leases, variable lease payments. Variable lease payments are primarily based on usage or other factors specified in the lease agreements and are billed in arrears based on actual consumption. The lease arrangements do not contain purchase options.

A summary of minimum lease payments due from our customers under operating leases of colocation space within data center environments, as well as other facilities leased under triple net arrangements are shown below. These amounts do not reflect future rental revenues from renewal or replacement of existing leases unless we are reasonably certain we will exercise the option or the lessee has the sole ability to exercise the option. Reimbursements of operating expenses and variable rent increases are excluded from the table below.

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[**TABLE OF CONTENTS**](#TOC4)

#### CSQUARE, INC.

#### NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
5. Leases (Continued)

The components of operating lease income for the three months ended March 31, 2026 and 2025 are as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **For the three months ended March 31,**  | **For the three months ended March 31,**  |
| | **2026**  | **2025**  |
| Fixed lease revenue  | $50193 | $27579 |
| Variable lease revenue  | 8819 | 4505 |
| **Total operating lease revenue**  | $59012 | $32084 |

---

Future minimum lease receipts for operating leases under Topic 842 as of March 31, 2026 are as follows (in thousands):

---

| | |
|:---|:---|
| **For the years ending December 31,** |  |
| Remaining portion of 2026  | $155033 |
| 2027  | 226468 |
| 2028  | 222940 |
| 2029  | 221008 |
| 2030  | 195987 |
| Thereafter  | 241571 |
| **Total minimum lease receipts**  | $1263007 |

---

Property and equipment, net underlying operating lease income consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands):

---

| | | |
|:---|:---|:---|
| | **As of <br> March 31, <br> 2026**  | **As of <br> December 31, <br> 2025**  |
| Land  | $88009 | $88009 |
| Buildings and improvements  | 424541 | 423798 |
| Leasehold improvements  | 66473 | 66473 |
| Machinery and equipment  | 170287 | 169427 |
| Computer networking  | 280 | 280 |
| Other  | 75 | 75 |
| **Property and equipment, total**  | $749665 | $748062 |
| &nbsp;&nbsp;&nbsp; Less: accumulated depreciation  | (59370) | (47316) |
| **Property and equipment, net**  | $690295 | $700746 |

---

Depreciation on property and equipment underlying operating lease income was $12.1 million and $3.8 million, for the three months ended March 31, 2026 and 2025, respectively, and included in depreciation and amortization expense on the Consolidated Statements of Operations.

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[**TABLE OF CONTENTS**](#TOC4)

#### CSQUARE, INC.

#### NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
6. Other Current Assets and Accrued Expenses

The components of certain Condensed Consolidated Balance Sheets accounts are as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **As of <br> March 31, <br> 2026**  | **As of <br> December 31, <br> 2025**  |
| Other current assets: |  |  |
| &nbsp;&nbsp;&nbsp; Contract assets, current  | $33083 | $26588 |
| &nbsp;&nbsp;&nbsp; Deferred rent  | 1248 | 2460 |
| &nbsp;&nbsp;&nbsp; Deferred commissions  | 13154 | 12272 |
| &nbsp;&nbsp;&nbsp; Indemnification asset  | 16130 | 16413 |
| &nbsp;&nbsp;&nbsp; Other  | 12193 | 15574 |
| Total other current assets  | $75808 | $73307 |

---

---

| | | |
|:---|:---|:---|
| | **As of <br> March 31, <br> 2026**  | **As of <br> December 31, <br> 2025**  |
| Accrued expenses: |  |  |
| &nbsp;&nbsp;&nbsp; Compensation  | $19916 | $29775 |
| &nbsp;&nbsp;&nbsp; Property and other taxes  | 44941 | 41418 |
| &nbsp;&nbsp;&nbsp; Utilities  | 22195 | 23285 |
| &nbsp;&nbsp;&nbsp; Interest payable  | 5265 | 5290 |
| &nbsp;&nbsp;&nbsp; Rent  | 961 | 969 |
| &nbsp;&nbsp;&nbsp; Professional fees  | 1300 | 665 |
| &nbsp;&nbsp;&nbsp; Refund liabilities  | 10992 | 11943 |
| &nbsp;&nbsp;&nbsp; Other  | 15413 | 15261 |
| Total accrued expenses  | $120983 | $128606 |

---

7. Derivatives

The Company is party to various interest rate swap agreements designated and qualifying as cash flow hedges of the Company's forecasted variable interest cash flows. The swaps were designed to hedge exposure to floating interest rates on the 2024 Term Loan Facility (as defined in Note 8—Debt) for the three months ended March 31, 2025 and on the 2024 Revolving Credit Facility (as defined in Note 8—Debt) for the three months ended March 31, 2026. For the three months ended March 31, 2026 the Company recorded gain from derivative instruments in interest expense of $0.2 million from swaps terminated in the year ending December 31, 2025. During the three months ended March 31, 2025, the Company partially terminated one outstanding swap agreement for Asset-Backed Secured Note 2 and recorded loss from derivative instruments in interest expense of $0.1 million. The Company expects $0.7 million to be reclassified from accumulated other comprehensive income to earnings during the twelve months subsequent to March 31, 2026.

As of December 31, 2025 there were no outstanding designated interest rate swaps with third parties. As of March 31, 2026, the Company had $659.0 million of notional amount in outstanding designated interest rate swaps with third parties. All interest rate swaps are highly effective.

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[**TABLE OF CONTENTS**](#TOC4)

#### CSQUARE, INC.

#### NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
7. Derivatives (Continued)

The following table presents a roll-forward of interest rate swaps recognized in accumulated other comprehensive income ("AOCI") (in thousands):

---

| | | |
|:---|:---|:---|
| | **For the three months ended <br> March 31,**  | **For the three months ended <br> March 31,**  |
| | **2026**  | **2025**  |
| Balance, beginning of period  | $(3332) | $16860 |
| Total amount recorded in AOCI  | 750 | (15163) |
| Amount reclassified from AOCI to income  | 174 | (57) |
| Balance, end of period  | $(2408) | $1640 |

---

8. Debt

The Company's total debt obligations are as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Maturities<sup>(1)</sup>**  | **Effective <br> Interest <br> Rates<sup>(2)</sup>**  | **March 31, 2026**  | **December 31, <br> 2025**  |
| 2020 Asset-Backed Secured Note 2 A-2  | October 2027  | 5.13% | $250000 | $250000 |
| 2021 Asset-Backed Secured Note 1 B  | May 2028  | 5.95% | 61000 | 61000 |
| 2021 Asset-Backed Secured Note 1 C  | May 2028  | 8.39% | 41000 | 41000 |
| 2022 Asset-Backed Secured Note 1 A-2  | April 2029  | 5.27% | 120000 | 120000 |
| 2022 Asset-Backed Secured Note 1 B  | April 2029  | 5.96% | 51000 | 51000 |
| 2024 Revolving Credit Facility  | December 2026<sup>(3)</sup>  | —% | 734000 | 659000 |
| Series 2024-1 VFN  | October 2029  | —% | 75000 | 75000 |
| 2024 Asset-Backed Secured Note 1 A-2  | October 2029  | 7.07% | 400000 | 400000 |
| 2024 Asset-Backed Secured Note 2 A-2  | October 2031  | 7.31% | 400000 | 400000 |
| 2024 Asset-Backed Secured Note 1 B  | October 2029  | 7.77% | 85000 | 85000 |
| 2025 Asset-Backed Secured Note 1 A-2  | March 2030  | 6.60% | 445000 | 445000 |
| 2025 Asset-Backed Secured Note 2 A-2  | March 2032  | 6.88% | 440000 | 440000 |
| 2025 Asset-Backed Secured Note 1 B  | March 2030  | 7.24% | 55000 | 55000 |
| 2025 Asset-Backed Secured Note 3 A-2  | August 2030  | 6.46% | 395000 | 395000 |
| 2025 Asset-Backed Secured Note 4 A-2  | August 2032  | 6.78% | 390000 | 390000 |
| 2025 Asset-Backed Secured Note 3 B  | August 2030  | 6.90% | 30000 | 30000 |
| 2025 Asset-Backed Secured Note 5 A-2  | December 2029  | 6.40% | 150000 | 150000 |
| 2025 Asset-Backed Secured Note 6 A-2  | December 2030  | 6.40% | 335000 | 335000 |
| 2025 Asset-Backed Secured Note 7 A-2  | December 2032  | 6.60% | 575000 | 575000 |
| 2025 Asset-Backed Secured Note 6 B  | December 2030  | 7.39% | 40000 | 40000 |
| Total Principal debt  |  |  | 5072000 | 4997000 |
| Less: unamortized debt issuance costs  |  |  | (230138) | (241447) |
|  Total debt, net of unamortized discount and issuance costs  |  |  | 4841862 | 4755553 |
| Less: debt, current portion  |  |  |  |  |
| **Total long-term debt, net of current**  |  |  | $4841862 | $4755553 |

---

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[**TABLE OF CONTENTS**](#TOC4)

#### CSQUARE, INC.

#### NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
8. Debt (Continued)

(1) For the asset-backed secured notes, the maturity is the anticipated repayment date.

(2) Includes amortization of debt premiums (discounts) and debt issuance costs and the impact of interest rate swap instruments.

(3) The 2024 Revolving Credit Facility has a maturity of December 2026, with provision for two successive terms of one year each, subject to certain conditions. The Company intends to extend the maturity for at least one year.

As of March 31, 2026, the future principal payments for the Company's debt were as follows (in thousands):

---

| | |
|:---|:---|
| **For the years ending December 31,** |  |
| Remaining portion of 2026  | $— |
| 2027  | 984000 |
| 2028  | 102000 |
| 2029  | 881000 |
| 2030  | 1300000 |
| Thereafter  | 1805000 |
| **Total**  | $5072000 |

---

For the three months ended March 31, 2026 and 2025, total interest expense for the Company's debt obligations were as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **For the three months ended <br> March 31,**  | **For the three months ended <br> March 31,**  |
| | **2026**  | **2025**  |
| Stated interest expense<sup>(1)</sup>  | $68151 | $37940 |
| Amortization of deferred financing costs  | 11951 | 5512 |
| **Total**  | $80102 | $43452 |

---

(1) Includes interest rate swap settlements in the amount of $0.2 million and $1.8 million as a reduction of stated interest expense for the three months ended March 31, 2026 and March 31, 2025, respectively.

 *2021 Fund Revolving Credit Facility* 

Under a revolving credit agreement entered into by investment funds affiliated with Brookfield Corporation, Csquare, Inc. is jointly and severally liable, as a named borrower, for obligations under the facility (the "2021 Fund Revolving Credit Facility"), which allows the Company to borrow, repay and re-borrow over its term. Typically, the Company rolls the drawn balance on a month-by-month basis. As of March 31, 2026, total commitments under the subscription credit facility were $400.0 million.

The facility includes a letter of credit sub-limit equal to 50% of total commitments. Borrowings bear interest at SOFR plus 1.75% per annum (March 31, 2025: SOFR plus 1.75%) and are subject to a commitment fee on the average daily unused portion of the commitments equal to 0.25% per annum when unused commitments exceed 50% of total commitments and 0.20% per annum when unused commitments are 50% or less (March 31, 2025: 0.25%). Letters of credit bear a fee equal to the applicable margin of 1.75% per annum on the daily undrawn amount, plus a customary fronting fee.

On June 20, 2025, investment funds affiliated with Brookfield Corporation entered into an amended revolving credit facility agreement, extending the maturity of the subscription credit facility for the 2021 Fund Revolving Credit Facility from June 20, 2025 to June 17, 2027. On October 31, 2025, investment funds affiliated with Brookfield Corporation entered into another amended revolving credit facility where borrowings under the amended facility bear interest at SOFR plus 1.75% per annum and increased the total commitments to up to $500.0 million during a temporary period, reducing to $400.0 million on January 9, 2026.

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[**TABLE OF CONTENTS**](#TOC4)

#### CSQUARE, INC.

#### NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
8. Debt (Continued)

As of March 31, 2026 and December 31, 2025, there was no balance outstanding by Csquare, Inc. on the 2021 Fund Revolving Credit Facility. As of March 31, 2026 and December 31, 2025, the total outstanding borrowings on the 2021 Fund Revolving Credit Facility by all of its loan parties were $32.4 million and $12.2 million, respectively.

 *2024 Term Loan Facility* 

On January 12, 2024, certain subsidiaries of the Company, entered into a Loan Agreement (the "2024 Term Loan Agreement") with Wells Fargo Bank, National Association ("Wells Fargo") and TD Securities (USA) LLC ("TD") (the "2024 Term Loan"). Pursuant to the 2024 Term Loan Agreement, the Company received a two-year term loan in an aggregate principal amount equal to $1,965.9 million. The 2024 Term Loan Facility bears interest at a rate based on the SOFR plus 3.75% with 25.0 basis point step up at month 13 and every 6 months thereafter until maturity of the original principal amount per annum.

On March 1, 2024, the Company amended its 2024 Term Loan Agreement to increase the principal amount of loan by $33.0 million.

On March 11, 2025, the Company prepaid outstanding principal of $646.7 million under the 2024 Term Loan Facility. In conjunction with the debt repayment the Company recognized a debt extinguishment charge of $5.3 million.

On August 21, 2025, in conjunction with the asset-backed borrowings, the Company prepaid outstanding principal of $431.3 million under the 2024 Term Loan Facility.

On December 4, 2025, in conjunction with the asset-backed borrowings, the Company prepaid outstanding principal of $165.6 million under the 2024 Term Loan Facility. As a result, the Company has fully paid down the 2024 Term Loan Facility.

 *2024 Revolving Credit Facility* 

On January 12, 2024, certain subsidiaries of the Company entered into a Revolving Credit Facility (the "2024 Revolving Credit Facility") with Wells Fargo Securities, LLC and TD. The 2024 Revolving Credit Facility provided for revolving loans in an aggregate principal amount of up to $200.0 million over a three -year term. As a part of the 2024 Revolving Credit Facility there is a sub-limit restriction for the issuance of letters of credit of up to $50.0 million at any one time. Borrowings under the 2024 Revolving Credit Facility bear interest of SOFR plus a margin of 4.25% and the Company is required to pay 0.75% per annum on the average daily unused portion of the 2024 Revolving Credit Facility. The Company is required to pay a 4.50% per annum letter of credit fee.

On February 28, 2025, the Company amended the 2024 Revolving Credit Facility to increase total commitments from $200.0 million to $300.0 million and to reduce the applicable interest rate margin from SOFR plus 4.25% to SOFR plus 3.00%.

On December 22, 2025, the Company closed a $500.0 million upsize to the 2024 Revolving Credit Facility with a maturity of December 2026, with provision for two successive terms of one year each, subject to certain conditions. The Company intends to extend the maturity for at least one year. The upsize also included an amendment to the Company's financial covenants.

As of March 31, 2026 and December 31, 2025, the outstanding balance on the 2024 Revolving Credit Facility was $734.0 million and $659.0 million, respectively.

As of March 31, 2026 and December 31, 2025, the Company was in compliance with all financial covenants and requirements related to the 2024 Revolving Credit Facility.

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[**TABLE OF CONTENTS**](#TOC4)

#### CSQUARE, INC.

#### NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
8. Debt (Continued)

 *Asset-Backed Notes* 

On October 17, 2024, certain subsidiaries of the Company completed an asset-backed securitization transaction totaling $885.0 million. The Company issued two series of fixed-rate notes—Series 2024-1 and Series 2024-2 (together, the "Series 2024-1/2 Notes") pursuant to an indenture (the "2024 Indenture").

On March 20, 2025, certain subsidiaries of the Company completed an asset-backed securitization transaction totaling $940.0 million. The Company issued two series of fixed-rate notes—Series 2025-1 and Series 2025-2 (together, the "Series 2025-1/2 Notes") pursuant to a series supplement to the 2024 Indenture.

On August 21, 2025, certain subsidiaries of the Company completed an asset-backed securitization transaction totaling $815.0 million. The Company issued two series of fixed-rate notes—Series 2025-3 and Series 2025-4 (together, the "Series 2025-3/4 Notes") pursuant to a series supplement to the 2024 Indenture.

On October 1, 2025, as a result of the 2025 Portfolio Acquisition, the Company acquired three series of fixed-rate notes—Series 2020-1/2 Notes, Series 2021-1 Notes, and Series 2022-1 Notes for a total of $743.0 million. The Series 2020-1/2 Notes, Series 2021-1 Notes, and Series 2022-1 Notes are governed by an indenture (the "2020 Indenture").

On December 4, 2025, certain subsidiaries of the Company completed an asset-backed securitization transaction totaling $1,100.0 million. The Company issued three series of fixed-rate notes—Series 2025-5, Series 2025-6 and Series 2025-7 (together, the "Series 2025-5/6/7 Notes") pursuant to a series supplement to the 2024 Indenture.

On December 4, 2025, in conjunction with the Series 2025-5/6/7 Notes, the Company paid off $220.0 million of Series 2020-1/2 Notes. Therefore for the Series 2020-1/2 Notes, only the Series 2020-2 Notes is outstanding as of March 31, 2026 and December 31, 2025.

The Series 2020-2 Notes, Series 2021-1 Notes and Series 2022-1 Notes are secured by a collateral pool consisting of multi-tenant enterprise data centers, held in fee simple.

The Series 2024-1/2 Notes, Series 2025-1/2 Notes, Series 2025-3/4 Notes and Series 2025-5/6/7 Notes are secured by a separate and distinct collateral pool consisting of multi-tenant enterprise data centers, held in both fee simple and leasehold interests.

The Series 2020-2 Notes, Series 2021-1 Notes, Series 2022-1 Notes, Series 2024-1/2 Notes, Series 2025-1/2 Notes, Series 2025-3/4 Notes, and Series 2025-5/6/7 Notes are collectively referred to as the "Asset-Backed Secured Notes."

The Asset-Backed Secured Notes were issued in the following tranches (dollars in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Series**  | **Class**  | **Initial Principal <br> Amount**  | **Note Principal <br> Balance**  | **Coupon Rate**  | **Anticipated <br> Repayment Date**  |
| 2020-2  | A-2 | $250000 | $250000 | 2.50% | October 2027  |
| 2021-1  | B | $61000 | $61000 | 3.60% | May 2028  |
| 2021-1  | C | $41000 | $41000 | 5.60% | May 2028  |
| 2022-1  | A-2 | $120000 | $120000 | 4.60% | April 2029  |
| 2022-1  | B | $51000 | $51000 | 5.10% | April 2029  |
| 2024-1  | A-2 | $400000 | $400000 | 5.20% | October 2029  |
| 2024-1  | B | $85000 | $85000 | 5.60% | October 2029  |
| 2024-2  | A-2 | $400000 | $400000 | 5.40% | October 2031  |

---

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[**TABLE OF CONTENTS**](#TOC4)

#### CSQUARE, INC.

#### NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
8. Debt (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Series**  | **Class**  | **Initial Principal <br> Amount**  | **Note Principal <br> Balance**  | **Coupon Rate**  | **Anticipated <br> Repayment Date**  |
| 2025-1  | A-2 | $445000 | $445000 | 5.50% | March 2030  |
| 2025-2  | A-2 | $440000 | $440000 | 5.70% | March 2032  |
| 2025-1  | B | $55000 | $55000 | 5.90% | March 2030  |
| 2025-3  | A-2 | $395000 | $395000 | 5.00% | August 2030  |
| 2025-4  | A-2 | $390000 | $390000 | 5.20% | August 2032  |
| 2025-3  | B | $30000 | $30000 | 5.40% | August 2030  |
| 2025-5  | A-2 | $150000 | $150000 | 5.30% | December 2029  |
| 2025-6  | A-2 | $335000 | $335000 | 5.30% | December 2030  |
| 2025-7  | A-2 | $575000 | $575000 | 5.80% | December 2032  |
| 2025-6  | B | $40000 | $40000 | 5.85% | December 2030  |

---

The Asset-Backed Secured Notes are classified as long-term debt, net of deferred financing costs in the Condensed Consolidated Balance Sheets.

Interest expense on the Asset-Backed Secured Notes is recognized using the effective interest method. Direct costs incurred in connection with the issuance of the Asset-Backed Secured Notes are capitalized as deferred financing costs and amortized over the expected life of the related debt using the effective interest method.

The unamortized deferred financing costs are presented as a direct deduction from the carrying amount of each note in the Condensed Consolidated Balance Sheets. As of March 31, 2026 and December 31, 2025, the Company had unamortized deferred financing costs for the Asset-Backed Secured Notes as follows (dollars in thousands):

---

| | | |
|:---|:---|:---|
| | **As of**  | **As of**  |
| | **March 31, <br> 2026**  | **December 31, <br> 2025**  |
| Series 2020-2 Notes  | $9814 | $11316 |
| Series 2021-1 Notes  | 5113 | 5661 |
| Series 2022-1 Notes  | 3484 | 3744 |
| Series 2024-1/2 Notes  | 63922 | 66970 |
| Series 2025-1/2 Notes  | 44935 | 46854 |
| Series 2025-3/4 Notes  | 55582 | 57730 |
| Series 2025-5/6/7 Notes  | 47328 | 49162 |

---

As of March 31, 2026 and December 31, 2025, the Company was in compliance with all financial covenants and requirements related to its Asset-Backed Secured Notes.

 *Variable Funding Note* 

The 2024 Indenture provided for $100.0 million of asset-backed, floating rate Series 2024-1 Secured Data Center Revenue Variable Funding Note (the "Series 2024-1 VFN" or "Variable Funding Note") over a five-year term. On August 21, 2025, the Company entered into an amendment whereby the Company increased the sub-limit restriction for the issuance of letters of credit of up to $25.0 million at any one time from $15.0 million at any one time. The applicable interest rate is equal to the SOFR plus 2.45%. The Company is required to pay 0.50% per annum on the average daily unused portion of the Variable Funding Note. The Company is required to pay a 2.00% per annum letter of credit fee.

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[**TABLE OF CONTENTS**](#TOC4)

#### CSQUARE, INC.

#### NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
8. Debt (Continued)

The Series 2024-1 VFN has a revolving note structure and is intended to be used primarily for general corporate purposes, including working capital needs for the multi-tenant data centers securing the Series 2024-1/2 Notes, Series 2025-1/2 Notes, Series 2025-3/4 Notes, and Series 2025-5/6/7 Notes.

As of March 31, 2026 and December 31, 2025, the outstanding balance on the Series 2024-1 VFN was $75.0 million and $75.0 million, respectively.

As of March 31, 2026 and December 31, 2025, the Company was in compliance with all of its financial covenants related to the Series 2024-1 VFN.

9. Employee Benefits

The Company assumed a qualified defined benefit plan (the "Pension Plan") covering a portion of the U.S. Company's employees. Benefits accrue to eligible employees based on years of service and compensation. The Company also assumed post-employment benefit plan other than pensions (the "OPEB") for the associated employees. The plan is provided to certain domestic employees who meet specific age, participation and length of service requirements at the time of retirement.

The Company contributions to the pension plan were $0.1 million and $1.1 million for the three months ended March 31, 2026 and 2025, respectively. The total expense related to these plans were $0.0 million and $0.1 million in the three months ended March 31, 2026 and 2025, respectively. Additionally, the net periodic pension and postretirement health benefit costs for the three months ended March 31, 2026 and 2025 were not material, both in aggregate and for each component individually, including service costs, interest costs, expected return on plan assets, gains and losses and amortization of prior service cost/credit.

As of March 31, 2026, the Pension Plan remains active. However, the Company intends to terminate the Plan by December 31, 2026.

10. Member's Interest

Pursuant to the BIF III US Aggregator (Delaware) LLC agreement ("LLC Agreement"), the Company is authorized to issue a single class of member's interest which are designated as common unit. As of March 31, 2026 and December 31, 2025, the Company issued 484,000,000 units. The common units represent the only class of member's equity interests authorized and outstanding. The Company does not have preferred equity or multiple classes of member's interests.

Each common unit represents a unit of limited liability company interest and entitles the holder to one vote per unit, allocations of profits and losses, and distributions of available earnings, in proportion to ownership of common units, in accordance with the LLC Agreement and applicable law.

11. Income Taxes

The Company accrues for income taxes during interim periods based on the estimated effective tax rate for the year. The effective tax rate is subject to change in the future due to various factors, such as the Company's operating performance and tax law changes. The Company's effective tax rate was 15.1% and 13.5% for the three months ended March 31, 2026 and 2025, respectively. The March 31, 2026 and 2025 effective tax rates differ from the statutory rate due primarily to non-deductible expenses and changes in valuation allowances.

12. Commitments and Contingencies

 *Guarantees and Indemnifications* 

The Company maintains credit support agreements in the aggregate amount of $18.6 million with certain utility providers. As of March 31, 2026 and December 31, 2025, a portion of such credit support is subject to

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[**TABLE OF CONTENTS**](#TOC4)

#### CSQUARE, INC.

#### NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
12. Commitments and Contingencies (Continued)

renewal in the near term, with the remainder in effect through the fourth quarter of 2026. As of March 31, 2026 and December 31, 2025, no renewal or replacement agreement has been negotiated.

 *Legal Contingencies* 

From time to time the Company is involved in certain legal proceedings and claims which arise in the ordinary course of business. In the opinion of the management, based on consultations with counsel, the results of any of these matters individually and in the aggregate, are not expected to have a material effect on its results of operations, financial condition or cash flows. As of March 31, 2026 and December 31, 2025, the Company has not accrued any material potential loss.

13. Related Party Transactions

 *Related Party Revenues and Expenses* 

An affiliate of the Parent pays certain expenses and interest obligations on behalf of the Company. Amounts advanced are recorded as due to related party in the Condensed Consolidated Balance Sheets. As of March 31, 2026, the outstanding balance due was approximately $3.2 million and there was no outstanding balance as of December 31, 2025.

The Company recognized related party revenue with affiliates of the Parent of $1.0 million and $0.9 million, during the three months ended March 31, 2026 and 2025, respectively, which are included in revenues in the Condensed Consolidated Statements of Operations. The revenues primarily relate to colocation revenue. As of March 31, 2026 and December 31, 2025, there were no outstanding balances due to these related party revenues.

During the three months ended March 31, 2025, the Company recognized related party expenses with affiliates of the Parent of $1.0 million, which are included in selling, marketing, general and administrative in the Condensed Consolidated Statements of Operations. The expenses primarily relate to rent expenses. As of March 31, 2026 and December 31, 2025, there were no outstanding balances due to these related party expenses.

In 2024, the Company provided management services to an affiliate of the Parent. As of March 31, 2026 and December 31, 2025, the outstanding balance due from the affiliate for these services was approximately $2.5 million and $2.5 million, respectively.

 *Related Party Loans* 

In 2025, the Company paid certain bonuses to executives on behalf of an affiliate of the Parent in return for a loan receivable from the affiliate. As of March 31, 2026 and December 31, 2025, the outstanding balance due from affiliates was approximately $8.3 million and $8.3 million, respectively. The loans earn interest at a market-based rate and interest income is recognized in the Condensed Consolidated Statements of Operations.

In 2025, the Company paid debt on behalf of an affiliate of the Parent in return for a loan receivable from the affiliate. As of March 31, 2026 and December 31, 2025, the outstanding balance due from affiliates was approximately $6.4 million and $6.4 million, respectively.

On March 11, 2025, the Company received a $646.0 million loan from Parent, the proceeds of which were used to repay outstanding principal under the Company's 2024 Term Loan Facility in advance of the Company's Series 2025-1/2 Notes issuance. On March 20, 2025, the bridge loan from Parent was repaid utilizing the proceeds received from the Series 2025-1/2 Notes issuances.

 *Related Party Deposits* 

From time to time, the Company temporarily deposits cash with affiliates of Parent bearing interest at a market-based rate. The deposits are presented in due from related parties on the Condensed Consolidated

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[**TABLE OF CONTENTS**](#TOC4)

#### CSQUARE, INC.

#### NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
13. Related Party Transactions (Continued)

Balance Sheets and interest income recognized in the Condensed Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, the Company had a deposit with the Parent of $127.6 million and $127.6 million, respectively, bearing interest at a rate of 3.99% per annum. The balance was initially deposited on December 23, 2025 and has a maturity date of three months.

14. Segment Reporting

The Company's chief operating decision maker ("CODM") evaluates the performance of the Company's segment based upon consolidated net loss and considers budget-to-actual or forecast-to-actual variances to assess performance and make decisions about allocating resources. The CODM is regularly provided disaggregated expense information at a level more detailed than that presented in financial statements herein.

The following tables present the significant revenue streams, significant segment expenses and other segment items regularly reviewed by our CODM, as well as consolidated net loss (in thousands):

---

| | | |
|:---|:---|:---|
| | **For the three months ended <br> March 31,**  | **For the three months ended <br> March 31,**  |
| | **2026**  | **2025**  |
| Revenues |  |  |
| Colocation  | $203341 | $175245 |
| Interconnection  | 24953 | 26541 |
| Other  | 13023 | 9613 |
| Non-recurring  | 7356 | 8977 |
| Metered power revenues  | 21789 | 12383 |
| Total revenues  | $270462 | $232759 |
| Significant Segment Expenses: |  |  |
| Utilities  | (54808) | (45040) |
| Real estate  | (23036) | (29954) |
| Personnel  | (22500) | (20464) |
| Property taxes  | (11656) | (8164) |
| Repairs and maintenance  | (7547) | (5813) |
| Selling, marketing, general and administrative  | (25722) | (22928) |
| Transaction and other costs  | (10509) | (2827) |
| Depreciation and amortization  | (84498) | (63733) |
| Other loss, net  | (2618) | (253) |
| Loss on extinguishment of debt  |  | (5313) |
| Interest expense  | (88363) | (54553) |
| Income tax benefit  | 11749 | 5458 |
| Other segment items<sup>(1)</sup>  | (16907) | (14090) |
| **Segment net loss / Consolidated net loss**  | $(65953) | $(34915) |

---

(1) Other segment items are primarily comprised of cost of revenues related to data center security services, commissions paid to third-party business partners, other professional services associated with site management.

------

[**TABLE OF CONTENTS**](#TOC4)

#### CSQUARE, INC.

#### NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
14. Segment Reporting (Continued)

The following table provides information about disaggregated revenue by primary geographic region (in thousands):

---

| | | |
|:---|:---|:---|
| | **For the three months ended <br> March 31,**  | **For the three months ended <br> March 31,**  |
| | **2026**  | **2025**  |
| United States  | $241087 | $217706 |
| Canada  | 22018 | 5253 |
| United Kingdom  | 5513 | 6382 |
| All other countries  | 1844 | 3418 |
| **Total revenues**  | $270462 | $232759 |

---

The following table provides information about long-lived assets by primary geographical region (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Property and equipment, net**  | **Property and equipment, net**  | **Right-of-use assets**  | **Right-of-use assets**  |
| | **As of March 31, <br> 2026**  | **As of December 31, <br> 2025**  | **As of March 31, <br> 2026**  | **As of December 31, <br> 2025**  |
| United States  | $3369136 | $3290324 | $338260 | $348549 |
| Canada  | 600172 | 622378 | 1525 | 1652 |
| United Kingdom  | 36181 | 38387 | 4922 | 5036 |
| **Total**  | $4005489 | $3951089 | $344707 | $355237 |

---

15. Fair Value Measurement

The Company's financial instruments include cash, cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities. Cash, cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date.

Our financial assets measured at fair value on a recurring basis as of March 31, 2026 and as of December 31, 2025 were as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **Fair Value <br> Hierarchy**  | **As of March 31, <br> 2026**  | **As of December 31, <br> 2025**  |
| | **Fair Value <br> Hierarchy**  | **Fair Value**  | **Fair Value**  |
| **Financial assets:** |  |  |  |
| Derivative – interest rate swap  | Level 2  | $750 | $— |

---

The 2021 Fund Revolving Credit Facility, 2024 Term Loan Facility, 2024 Revolving Credit Facility, and Series 2024-1 VFN (as defined in Note 8—Debt) are considered Level 2 instruments and recorded at book value on the Company's Condensed Consolidated Balance Sheets. As they reprice frequently due to variable interest rate terms and entail no significant changes in credit risk, the fair value approximates carrying value. Refer to Note 8—Debt for additional information.

The Series 2020-2 Notes, Series 2021-1 Notes, and Series 2022-1 Notes (as defined in Note 8—Debt), which contain a fixed rate coupon, were assumed on October 1, 2025. These notes are considered Level 2 instruments. Due to the proximity of the date the Company acquired the Series 2020-2 Notes, Series 2021-1 Notes, and Series 2022-1 Notes to December 31, 2025, and the absence of significant changes in market interest rates or the Company's credit risk since the acquisition date, the carrying amount of the Series 2020-2 Notes,

------

[**TABLE OF CONTENTS**](#TOC4)

#### CSQUARE, INC.

#### NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
15. Fair Value Measurement (Continued)

Series 2021-1 Notes, and Series 2022-1 Notes approximates their fair value at December 31, 2025. Refer to Note 8—Debt for additional information.

The fair value of fixed rate debt as of December 31, 2025, was as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **Fair Value <br> Hierarchy**  | **As of December 31, 2025**  | **As of December 31, 2025**  |
| | **Fair Value <br> Hierarchy**  | **Carrying Value**  | **Fair Value**  |
| **Financial liabilities:** |  |  |  |
| 2024-1 A-2  | Level 2  | $375166 | $395225 |
| 2024-2 A-2  | Level 2  | $363912 | $384788 |
| 2024-1 B  | Level 2  | $78952 | $82078 |
| 2025-1 A-2  | Level 2  | $427073 | $438047 |
| 2025-2 A-2  | Level 2  | $413748 | $427856 |
| 2025-1 B  | Level 2  | $52325 | $53635 |
| 2025-3 A-2  | Level 2  | $371962 | $381916 |
| 2025-4 A-2  | Level 2  | $357094 | $366932 |
| 2025-3 B  | Level 2  | $28214 | $29325 |
| 2025-5 A-2  | Level 2  | $144298 | $147051 |
| 2025-6 A-2  | Level 2  | $319494 | $323968 |
| 2025-7 A-2  | Level 2  | $549591 | $557670 |
| 2025-6 B  | Level 2  | $37456 | $38593 |

---

The fair value of fixed rate debt as of March 31, 2026, was as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **Fair Value <br> Hierarchy**  | **As of March 31, 2026**  | **As of March 31, 2026**  |
| | **Fair Value <br> Hierarchy**  | **Carrying Value**  | **Fair Value**  |
| **Financial liabilities:** |  |  |  |
| 2020-2 A-2  | Level 2  | $240186 | $239653 |
| 2021-1 B  | Level 2  | $58121 | $57798 |
| 2021-1 C  | Level 2  | $38766 | $38567 |
| 2022-1 A-2  | Level 2  | $117737 | $116909 |
| 2022-1 B  | Level 2  | $49779 | $49453 |
| 2024-1 A-2  | Level 2  | $376606 | $388641 |
| 2024-2 A-2  | Level 2  | $365174 | $381116 |
| 2024-1 B  | Level 2  | $79298 | $81494 |
| 2025-1 A-2  | Level 2  | $428002 | $435054 |
| 2025-2 A-2  | Level 2  | $414601 | $422941 |
| 2025-1 B  | Level 2  | $52462 | $53331 |
| 2025-3 A-2  | Level 2  | $373037 | $377549 |
| 2025-4 A-2  | Level 2  | $358085 | $362419 |
| 2025-3 B  | Level 2  | $28296 | $29381 |
| 2025-5 A-2  | Level 2  | $144620 | $145965 |
| 2025-6 A-2  | Level 2  | $320168 | $321791 |
| 2025-7 A-2  | Level 2  | $550321 | $549620 |
| 2025-6 B  | Level 2  | $37564 | $38440 |

---

------

[**TABLE OF CONTENTS**](#TOC4)

#### CSQUARE, INC.

#### NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
16. Subsequent Events

The Company has evaluated subsequent events through June 24, 2026, the date that the unaudited interim condensed consolidated financial statements were available to be issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited interim condensed consolidated financial statements except as noted below.

In April 2026, Parent amended its limited partnership agreement to modify certain terms of the incentive unit plan previously established in April 2024. The amendment primarily (i) granted new incentive units, and (ii) modified certain continued employment vesting conditions, allowing for vested interests to be retained by employees, in certain circumstances. All other material terms of the plan, including the requirement that certain qualifying liquidity events occur prior to any payment and the condition requiring Parent to achieve a minimum specified internal rate of return on its investment in the Company, remain unchanged. The Company is evaluating the impact of the modification on its consolidated financial statements.

On April 15, 2026, the Company drew $37.0 million on its existing 2024 Revolving Credit Facility. The borrowing bears interest in accordance with the terms of the 2024 Revolving Credit Facility and matures pursuant to the facility's contractual terms. Proceeds from the borrowing were used for general corporate purposes, including capital expenditures.

On May 14, 2026, the Company distributed $129.5 million to Parent utilizing funds from its related party deposit. Subsequently, on May 14, 2026, Parent loaned $75.0 million to the Company pursuant to an unsecured promissory note (the "Promissory Note"). The Promissory Note bears interest at a fixed rate of 3.54% per annum, payable quarterly at the end of each fiscal quarter, and permits interest that is not paid in cash when due to be paid-in-kind and added to the outstanding aggregate principal amount of the Promissory Note. The Promissory Note will mature on May 14, 2029. The proceeds from the Promissory Note were used for general corporate purposes. The Company may make voluntary prepayments under the Promissory Note, in whole or in part, upon prior written notice without any prepayment premium or penalty. The Promissory Note also provides for customary events of default.

On June 16, 2026, an affiliate of Parent extinguished in full its outstanding loans with executive officers in the amount of $8.3 million and terminated the related loan agreements, which resulted in compensation expense recognized upon extinguishment in the three months ended June 30, 2026.

------

 ***[**TABLE OF CONTENTS**](#TOC2)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares

Csquare, Inc.

Common Stock

PROSPECTUS

---

| | | |
|:---|:---|:---|
| *Morgan Stanley* | *TD Securities*  | *Wells Fargo Securities*  |
| *BofA Securities* | *BMO Capital Markets*  | *Scotiabank*  |

---

Jefferies J.P. Morgan RBC Capital Markets Societe Generale

Brookfield Capital SolutionsCIBC Capital MarketsNational Bank of Canada Capital MarketsPNC Capital Markets LLC

------***

[**TABLE OF CONTENTS**](#TOC2)

#### PART II

#### INFORMATION NOT REQUIRED IN PROSPECTUS

#### Item 13. Other Expenses of Issuance and Distribution
Set forth below is a table of the registration fee for the Securities and Exchange Commission (the "SEC") and estimates of all other expenses to be paid by the registrant in connection with the issuance and distribution of the securities described in the registration statement:

---

| | |
|:---|:---|
| SEC registration fee  | $13810 |
| Stock exchange listing fee  | \* |
| Financial Industry Regulatory Authority filing fee  | 15500 |
| Printing expenses  | \* |
| Legal fees and expenses  | \* |
| Accounting fees and expenses  | \* |
| Transfer agent and registrar fees  | \* |
| Miscellaneous  | \* |
| Total  | $\* |

---

\*

To be completed by amendment.

#### Item 14. Indemnification of Directors and Officers
Section 145 of the Delaware General Corporation Law (the "DGCL") provides that a corporation may indemnify directors and officers as well as other employees and individuals against expenses (including attorneys' fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred by such person in connection with any threatened, pending, or completed actions, suits, or proceedings in which such person is made a party by reason of such person being or having been a director, officer, employee or agent to the registrant. The DGCL provides that Section 145 is not exclusive of other rights to which those seeking indemnification may be entitled under any bylaw, agreement, vote of stockholders, or disinterested directors or otherwise. The registrant's certificate of incorporation provides for indemnification by the registrant of its directors, officers, and employees to the fullest extent permitted by the DGCL.

Section 102(b)(7) of the DGCL permits a corporation to provide in its certificate of incorporation that a director or officer of the corporation shall not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or officer, except for liability (i) for any breach of the director's or officer's duty of loyalty to the corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) for unlawful payments of dividends or unlawful stock repurchases, redemptions, or other distributions, (iv) for any transaction from which the director or officer derived an improper personal benefit, or (v) with respect to officers, any action by or in the right of the corporation. The registrant's certificate of incorporation provides for such limitation of liability.

The registrant maintains standard policies of insurance under which coverage is provided (a) to its directors and officers against loss rising from claims made by reason of breach of duty or other wrongful act and (b) to the registrant with respect to payments which may be made by the registrant to such officers and directors pursuant to the above indemnification provision or otherwise as a matter of law.

The proposed form of underwriting agreement we enter into in connection with the sale of common stock being registered will provide for indemnification of directors and officers of the registrant by the underwriters against certain liabilities.

We expect to enter into customary indemnification agreements with our executive officers and directors that provide them, in general, with customary indemnification in connection with their service to us or on our behalf.

------

[**TABLE OF CONTENTS**](#TOC2)

#### Item 15. Recent Sales of Unregistered Securities
None.

#### Item 16. Exhibits and Financial Statement Schedules
(a) #### Exhibits

---

| | |
|:---|:---|
| **Exhibit <br> Number**  | **Exhibit Description**  |
| 1.1 | [Form of Underwriting Agreement](tm264837d11_ex1-1.htm)  |
| 2.1\*\* | [Asset Purchase Agreement, dated October 31, 2023, by and among Cyxtera Technologies, Inc., certain of its subsidiaries, and Phoenix Data Center Holdings LLC](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex2-1.htm)  |
| 3.1\*\* | [Certificate of Incorporation of Csquare, Inc., as currently in effect](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex3-1.htm)  |
| 3.2\*\* | [Form of Amended and Restated Certificate of Incorporation of Csquare, Inc., to become effective prior to the completion of this offering](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex3-2.htm)  |
| 3.3\*\* | [Bylaws of Csquare, Inc., as currently in effect](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex3-3.htm)  |
| 3.4\*\* | [Form of Amended and Restated Bylaws of Csquare, Inc., to become effective prior to the completion of this offering](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex3-4.htm)  |
| 4.1\*\* | [Second Amended and Restated Indenture, dated as of May 28, 2021, among Compass Datacenters Issuer, LLC, Compass Datacenters Canada Issuer Limited Partnership, each entity of the Co-Issuers party thereto and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex4-1.htm)  |
| 4.2\*\* | [First Amendment to Second Amended and Restated Indenture, dated as of April 21, 2022, among Compass Datacenters Issuer, LLC, Compass Datacenters Canada Issuer Limited Partnership, each entity of the Co-Issuers party thereto and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex4-2.htm)  |
| 4.3\*\* | [Series 2020-2 Supplement, dated as of October 2, 2020, among Compass Datacenters Issuer, LLC, Compass Datacenters Canada Issuer Limited Partnership, each entity of the Co-Issuers party thereto and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex4-3.htm)  |
| 4.4\*\* | [Series 2021-1 Supplement, dated as of May 28, 2021, among Compass Datacenters Issuer, LLC, Compass Datacenters Canada Issuer Limited Partnership, each entity of the Co-Issuers party thereto and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex4-4.htm)  |
| 4.5\*\* | [Series 2022-1 Supplement, dated as of April 21, 2022, among Compass Datacenters Issuer, LLC, Compass Datacenters Canada Issuer Limited Partnership, each entity of the Co-Issuers party thereto and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex4-5.htm)  |
| 4.6\*\* | [Indenture, dated as of October 17, 2024, among Centersquare Issuer LLC, Centersquare Co-Issuer LLC, Centersquare MSA Holdings LLC, each of the Closing Date Real Estate Asset Entities party thereto, Centersquare Non-RE Asset Entity LLC and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex4-6.htm)  |
| 4.7\*\* | [First Amendment to Indenture, dated as of June 10, 2025, among Centersquare Issuer LLC, Centersquare Co-Issuer LLC, Centersquare MSA Holdings LLC, each of the Closing Date Real Estate Asset Entities party thereto, Centersquare Non-RE Asset Entity LLC and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex4-7.htm)  |
| 4.8\*\* | [Second Amendment to Indenture, dated as of August 21, 2025, among Centersquare Issuer LLC, Centersquare Co-Issuer LLC, Centersquare MSA Holdings LLC, each of the Closing Date Real Estate Asset Entities party thereto, Centersquare Non-RE Asset Entity LLC and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex4-8.htm)  |
| 4.9\*\* | [Series 2024-1 Supplement, dated as of October 17, 2024, among Centersquare Issuer LLC, Centersquare Co-Issuer LLC, Centersquare MSA Holdings LLC, each of the Closing Date Real Estate Asset Entities party thereto, Centersquare Non-RE Asset Entity LLC and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex4-9.htm)  |
| 4.10\*\* | [Series 2024-2 Supplement, dated as of October 17, 2024, among Centersquare Issuer LLC, Centersquare Co-Issuer LLC, Centersquare MSA Holdings LLC, each of the Closing Date Real Estate Asset Entities party thereto, Centersquare Non-RE Asset Entity LLC and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex4-10.htm)  |

---

------

[**TABLE OF CONTENTS**](#TOC2)

---

| | |
|:---|:---|
| **Exhibit <br> Number**  | **Exhibit Description**  |
| &nbsp;&nbsp; 4.11\*\* | [Series 2025-1 Supplement, dated as of March 20, 2025, among Centersquare Issuer LLC, Centersquare Co-Issuer LLC, Centersquare MSA Holdings LLC, each of the Closing Date Real Estate Asset Entities party thereto, Centersquare Non-RE Asset Entity LLC and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex4-11.htm)  |
| &nbsp;&nbsp; 4.12\*\* | [Series 2025-2 Supplement, dated as of March 20, 2025, among Centersquare Issuer LLC, Centersquare Co-Issuer LLC, Centersquare MSA Holdings LLC, each of the Closing Date Real Estate Asset Entities party thereto, Centersquare Non-RE Asset Entity LLC and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex4-12.htm)  |
| &nbsp;&nbsp; 4.13\*\* | [Series 2025-3 Supplement, dated as of August 21, 2025, among Centersquare Issuer LLC, Centersquare Co-Issuer LLC, Centersquare MSA Holdings LLC, each of the Closing Date Real Estate Asset Entities party thereto, Centersquare Non-RE Asset Entity LLC and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex4-13.htm)  |
| &nbsp;&nbsp; 4.14\*\* | [Series 2025-4 Supplement, dated as of August 21, 2025, among Centersquare Issuer LLC, Centersquare Co-Issuer LLC, Centersquare MSA Holdings LLC, each of the Closing Date Real Estate Asset Entities party thereto, Centersquare Non-RE Asset Entity LLC and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex4-14.htm)  |
| &nbsp;&nbsp; 4.15\*\* | [Series 2025-5 Supplement, dated as of December 4, 2025, among Centersquare Issuer LLC, Centersquare Co-Issuer LLC, Centersquare MSA Holdings LLC, each of the Closing Date Real Estate Asset Entities party thereto, Centersquare Non-RE Asset Entity LLC and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex4-15.htm)  |
| &nbsp;&nbsp; 4.16\*\* | [Series 2025-6 Supplement, dated as of December 4, 2025, among Centersquare Issuer LLC, Centersquare Co-Issuer LLC, Centersquare MSA Holdings LLC, each of the Closing Date Real Estate Asset Entities party thereto, Centersquare Non-RE Asset Entity LLC and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex4-16.htm)  |
| &nbsp;&nbsp; 4.17\*\* | [Series 2025-7 Supplement, dated as of December 4, 2025, among Centersquare Issuer LLC, Centersquare Co-Issuer LLC, Centersquare MSA Holdings LLC, each of the Closing Date Real Estate Asset Entities party thereto, Centersquare Non-RE Asset Entity LLC and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex4-17.htm)  |
| &nbsp;&nbsp; 5.1\* | Opinion of Paul, Weiss, Rifkind, Wharton & Garrison LLP as to the validity of the securities being offered  |
| 10.1\*\* | [Form of Stockholders' Agreement by and among Csquare, Inc. and the stockholders party thereto](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex10-1.htm)  |
| 10.2\*\* | [Form of Registration Rights Agreement by and between Csquare, Inc. and the Holders party thereto](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex10-2.htm)  |
| 10.3\*\* | [Form of Indemnification Agreement by and between Csquare, Inc. and each of its directors and executive officers](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex10-3.htm)  |
| 10.4\*† | Csquare, Inc. 2026 Omnibus Incentive Plan |
| 10.5\*† | Form of Senior Executive Option Award Agreement |
| 10.6\*† | Form of Director RSU Award Agreement |
| 10.7† | [Employment Agreement with Spencer Mullee](tm264837d11_ex10-7.htm)  |
| 10.8† | [Employment Agreement with Steven Cook](tm264837d11_ex10-8.htm)  |
| 10.9† | [Employment Agreement with Catherine Smith](tm264837d11_ex10-9.htm)  |
| 10.10† | [Employment Agreement with Sean Charnock](tm264837d11_ex10-10.htm)  |
| 10.11\*\*  | [U.S. Revolving Credit Agreement, dated as of January 12, 2024, among Phoenix Data Center Acquisitions LLC, Phoenix Data Center Intermediate LLC, the lending institutions from time to time parties thereto, the Letter of Credit Issuers from time to time parties thereto and Wells Fargo Bank, National Association, as administrative agent and collateral agent.](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex10-11.htm)  |
| 10.12\*\*  | [First Amendment to Credit Agreement, dated as of April 17, 2024, by and among Phoenix Data Center Acquisitions LLC, the Guarantors party thereto, Wells Fargo Bank, National Association, as administrative agent and the Lenders party thereto.](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex10-12.htm)  |

---

------

[**TABLE OF CONTENTS**](#TOC2)

---

| | |
|:---|:---|
| **Exhibit <br> Number**  | **Exhibit Description**  |
| 10.13\*\*  | [Second Amendment to Credit Agreement, dated as of February 28, 2025, by and among Phoenix Data Center Acquisitions LLC, the Guarantors party thereto, Wells Fargo Bank, National Association, as administrative agent and the Lenders party thereto.](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex10-13.htm)  |
| 10.14\*\*  | [Third Amendment to Credit Agreement, dated as of December 22, 2025, by and among Phoenix Data Center Acquisitions LLC, the Guarantors party thereto, Wells Fargo Bank, National Association, as administrative agent and the Lenders party thereto.](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex10-14.htm)  |
| 10.15\*\*  | [Unsecured Note, dated as of May 14, 2026, issued by BIF III US Aggregator (Delaware) LLC in favor of Dawn Topco L.P.](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex10-15.htm)  |
| 10.16 | [Fourth Amendment to Credit Agreement, dated as of May 13, 2026, by and among Phoenix Data Center Acquisitions LLC, the Guarantors party thereto, Wells Fargo Bank, National Association, as administrative agent and the Lenders party thereto.](tm264837d11_ex10-16.htm)  |
| 21.1\*\* | [Subsidiaries of the registrant](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex21-1.htm)  |
| 23.1 | [Consent of Deloitte & Touche LLP, independent registered public accounting firm](tm264837d11_ex23-1.htm)  |
| 23.2\* | Consent of Paul, Weiss, Rifkind, Wharton & Garrison LLP (included in Exhibit 5.1) |
| 24.1\*\* | [Powers of Attorney](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837-7_s1.htm#tPOAT)  |
| 99.1\*\* | [Consent of James Black to be named as a director nominee of Csquare, Inc.](https://www.sec.gov/Archives/edgar/data/2105398/000110465926074624/tm264837d8_ex99-1.htm)  |
| 107\*\* | [Filing Fee Table](https://www.sec.gov/ix?doc=/Archives/edgar/data/2105398/000110465926074624/tm264837d7_ex-filingfees.htm)  |

---

\*

To be filed by amendment.

\*\*

Previously filed.

†

Indicates management contract or compensatory plan.

(b) #### Financial Statement Schedule
See the Index to the consolidated financial statements included on page F-1 for a list of the financial statements included in this registration statement. All schedules not identified above have been omitted because they are not required, are inapplicable, or the information is included in the consolidated financial statements or notes contained in this registration statement.

#### Item 17. Undertakings
The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement, certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

------

[**TABLE OF CONTENTS**](#TOC2)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

For purposes of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

------

[**TABLE OF CONTENTS**](#TOC2)

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Coppell, Texas, on the 24th day of June, 2026.

#### CSQUARE, INC.
By:

/s/ Spencer Mullee

Name:

Spencer Mullee

Title:

Chief Executive Officer

------

[**TABLE OF CONTENTS**](#TOC2)

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature**  | **Title**  | **Date**  |
| /s/ Spencer Mullee <br>Spencer Mullee  | Chief Executive Officer and Director <br> (Principal Executive Officer)  | June 24, 2026  |
| /s/ Steven Cook <br>Steven Cook  | Chief Financial Officer <br> (Principal Financial Officer)  | June 24, 2026  |
| /s/ Andrea White <br>Andrea White  | Chief Accounting Officer <br> (Principal Accounting Officer)  | June 24, 2026  |
| \* <br>John Hastings  | Director  | June 24, 2026  |
| \* <br>John Hellmann  | Director  | June 24, 2026  |
| \* <br>Phil Kelley  | Director  | June 24, 2026  |
| \* <br>Udhay Mathialagan  | Director  | June 24, 2026  |
| \* <br>Caroline Petersen  | Director  | June 24, 2026  |
| \* <br>Terri Pizzuto  | Director  | June 24, 2026  |
| \* <br>Jack Waters  | Director  | June 24, 2026  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> \*By: <br>/s/ Spencer Mullee <br>Spencer Mullee <br> as Attorney-in-Fact  |  |  |

---

------

## Exhibit 1.1

**Exhibit 1.1**

**[ · ] Shares**

<br> **CSQUARE, INC.<br> COMMON STOCK, PAR VALUE $0.01 PER SHARE**

**UNDERWRITING AGREEMENT**

[ · ], 2026

[ · ], 2026

Morgan Stanley & Co. LLC<br> TD Securities (USA) LLC

c/o Morgan Stanley & Co. LLC<br> 1585 Broadway<br> New York, New York 10036

c/o TD Securities (USA) LLC<br> 1 Vanderbilt Avenue<br> New York, New York 10017

Ladies and Gentlemen:

Csquare, Inc., a Delaware corporation (the "**Company**"), proposes to issue and sell to the several Underwriters named in Schedule I hereto (the "**Underwriters**") [ · ] shares of its common stock, par value $0.01 per share (the "**Firm Shares**"). The Company also proposes to issue and sell to the several Underwriters not more than an additional [ · ] shares of its common stock, par value $0.01 per share (the "**Additional Shares**"), if and to the extent that Morgan Stanley & Co. LLC ("**Morgan Stanley**") and TD Securities (USA) LLC, as representatives of the offering (collectively, the "**Representatives**"), shall have determined to exercise, on behalf of the Underwriters, the right to purchase such shares of common stock granted to the Underwriters in Section 2 hereof. The Firm Shares and the Additional Shares are hereinafter collectively referred to as the "**Shares.**" The shares of common stock, par value $0.01 per share, of the Company to be outstanding after giving effect to the sales contemplated hereby are hereinafter referred to as the "**Common Stock**."

The Company hereby confirms the engagement of RBC Capital Markets, LLC ("**RBC**") as, and RBC hereby confirms its agreement with the Company to render services as, a "qualified independent underwriter" within the meaning of Rule 5121 ("**Rule 5121**") of the Financial Industry Regulatory Authority, Inc. ("**FINRA**") with respect to the offering and sale of the Shares (RBC acting in such capacity, the "**QIU**").

The Company has filed with the Securities and Exchange Commission (the "**Commission**") a registration statement on Form S-1 (File No. 333-296826), including a preliminary prospectus, relating to the Shares. The registration statement, as amended at the time it becomes effective, including the information (if any) deemed to be part of the registration statement at the time of effectiveness pursuant to Rule 430A under the Securities Act of 1933, as amended (the "**Securities Act**"), is hereinafter referred to as the "**Registration Statement**"; the prospectus in the form first used to confirm sales of Shares (or in the form first made available to the Underwriters by the Company to meet requests of purchasers pursuant to Rule 173 under the Securities Act) is hereinafter referred to as the "**Prospectus**." If the Company has filed an abbreviated registration statement to register additional shares of Common Stock pursuant to Rule 462(b) under the Securities Act (a "**Rule 462 Registration Statement**"), then any reference herein to the term "**Registration Statement**" shall be deemed to include such Rule 462 Registration Statement.

For purposes of this Agreement, "**free writing prospectus**" has the meaning set forth in Rule 405 under the Securities Act, "**preliminary prospectus**" shall mean each prospectus used prior to the effectiveness of the Registration Statement, and each prospectus that omitted information pursuant to Rule 430A under the Securities Act that was used after such effectiveness and prior to the execution and delivery of this Agreement, "**Time of Sale Prospectus**" means the preliminary prospectus contained in the Registration Statement at the time of its effectiveness together with the documents and pricing information set forth in Schedule II hereto, and "**broadly available road show**" means a "bona fide electronic road show" as defined in Rule 433(h)(5) under the Securities Act that has been made available without restriction to any person. As used herein, the terms "**Registration Statement**," "**preliminary prospectus**," "**Time of Sale Prospectus**" and "**Prospectus**" shall include the documents, if any, incorporated by reference therein as of the date hereof. The term "**Time of Sale**" means [ · ] p.m., New York City time, on [ · ], 2026.

Morgan Stanley has agreed to reserve a portion of the Shares to be purchased by it under this Agreement for sale to the Company's directors, officers, employees and business associates and other parties related to the Company (collectively, "**Participants**"), as set forth in each of the Time of Sale Prospectus and the Prospectus under the heading "Underwriting (Conflicts of Interest)" (the "**Directed Share Program**"). The Shares to be sold by Morgan Stanley and its affiliates pursuant to the Directed Share Program, at the direction of the Company, are referred to hereinafter as the "**Directed Shares**." Any Directed Shares not orally confirmed for purchase by any Participant by the end of the business day on which this Agreement is executed will be offered to the public by the Underwriters as set forth in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Representations and Warranties*. The Company represents and warrants to and agrees with each of the Underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement has become effective; no stop order suspending the effectiveness of the Registration Statement is in effect, and no proceedings for such purpose or pursuant to Section 8A under the Securities Act are pending before or, to the Company's knowledge, threatened by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) The Registration Statement, when it became effective, did not contain and, as amended or supplemented, if applicable, will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) the Registration Statement and the Prospectus comply and, as amended or supplemented, if applicable, will comply in all material respects with the Securities Act and the applicable rules and regulations of the Commission thereunder, (iii) the Time of Sale Prospectus, as of the Time of Sale, did not, and at the time of each sale of the Shares in connection with the offering when the Prospectus is not yet available to prospective purchasers and at the Closing Date (as defined in Section 4) and any Option Closing Date (as defined in Section 2), the Time of Sale Prospectus, as then amended or supplemented by the Company, if applicable, will not, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, (iv) each broadly available road show, if any, does not conflict with the Time of Sale Prospectus and, when considered together with the Time of Sale Prospectus, as of the Time of Sale, did not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading and (v) the Prospectus does not contain and, as amended or supplemented, if applicable, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, except that the representations and warranties set forth in this paragraph do not apply to statements or omissions in the Registration Statement, the Time of Sale Prospectus or the Prospectus made in reliance upon and in conformity with information relating to any Underwriter furnished to the Company in writing by, or on behalf of, such Underwriter through the Representatives expressly for use therein, it being understood and agreed that the only such information furnished by any Underwriter consists of the Underwriter Information (as defined in Section 8(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company is not an "ineligible issuer" in connection with the offering pursuant to Rules 164, 405 and 433 under the Securities Act. Any free writing prospectus that the Company is required to file pursuant to Rule 433(d) under the Securities Act has been, or will be, filed with the Commission in accordance with the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder. Each free writing prospectus that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act or that was prepared by or on behalf of or used or referred to by the Company complies or will comply in all material respects with the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder. Except for the free writing prospectuses, if any, identified in Schedule II hereto, and electronic road shows, if any, each furnished to the Representatives before first use, the Company has not prepared, used or referred to, and will not, without the Representatives' prior consent, prepare, use or refer to, any free writing prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company has been duly incorporated, is validly existing as a corporation in good standing under the laws of the jurisdiction of its incorporation, has the corporate power and authority to own or lease its property and to conduct its business as described in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not, singly or in the aggregate, have a material adverse effect on the condition, financial or otherwise, or on the earnings, business, or operations of the Company and its subsidiaries (as defined below), taken as a whole (a "**Material Adverse Effect**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each "significant subsidiary" (as such term is defined in Section 1-02 of Regulation S-X promulgated under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**")) of the Company (each, a "**subsidiary**" and, collectively, the "**subsidiaries**") has been duly incorporated, organized or formed, is validly existing as a corporation or other business entity in good standing under the laws of the jurisdiction of its incorporation, organization or formation (to the extent the concept of good standing or an equivalent concept is applicable in such jurisdiction), has the corporate or other business entity power and authority to own or lease its property and to conduct its business as described in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus and is duly qualified to transact business and is in good standing in each jurisdiction (to the extent the concept of good standing or an equivalent concept is applicable in such jurisdiction) in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not, singly or in the aggregate, have a Material Adverse Effect; and all of the issued shares of capital stock or other equity interests of each subsidiary of the Company have been duly authorized and validly issued, are fully paid and non-assessable and are owned directly or indirectly by the Company, free and clear of all liens, encumbrances, equities or claims, except for liens or encumbrances described in or expressly contemplated by the Time of Sale Prospectus and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement and the performance by the Company of its obligations hereunder have been duly authorized by all necessary corporate action, and this Agreement has been duly executed and delivered by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The authorized capital stock of the Company conforms as to legal matters in all material respects to the description thereof contained in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The shares of Common Stock outstanding prior to the issuance of the Shares have been duly authorized and are validly issued, fully paid and non-assessable, are not subject to any preemptive or similar rights and have been offered and sold in compliance with U.S. federal and applicable securities laws. Except as described in or expressly contemplated by the Registration Statement, the Time of Sale Prospectus and the Prospectus, there are no outstanding rights (including, without limitation, preemptive rights), warrants or options to acquire, or instruments convertible into or exchangeable for, any equity interest in the Company or any of its subsidiaries, or any contract, commitment, agreement, understanding or arrangement of any kind relating to the issuance of any equity interests of such entity, any such convertible or exchangeable securities or any such rights, warrants or options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Shares have been duly authorized and, when issued, delivered and paid for in accordance with the terms of this Agreement, will be validly issued, fully paid and non-assessable, and the issuance of the Shares will not be subject to any preemptive or similar rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Neither the Company nor any of its subsidiaries is currently in violation of, and the execution and delivery by the Company of, and the performance by the Company of its obligations under, this Agreement will not contravene (i) any provision of applicable law, (ii) the certificate of incorporation or by-laws (or similar organizational documents) of the Company or such subsidiary, (iii) any agreement or other instrument binding upon the Company or any of its subsidiaries that is material to the Company and its subsidiaries, taken as a whole, or (iv) any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Company or any subsidiary, and no consent, approval, authorization or order of, or qualification with, any governmental body, agency or court is required for the performance by the Company of its obligations under this Agreement, except those that have been obtained or completed, such as may be required by the rules and regulations of FINRA or such as may be required by the securities or Blue Sky laws of the various states in connection with the offer and sale of the Shares, except, in the cases of clauses (i), (iii) and (iv), as would not, singly or in the aggregate, have a Material Adverse Effect on the Company or its subsidiaries, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) There has not occurred any material adverse change, or any development involving a prospective material adverse change, in the condition, financial or otherwise, or in the earnings, business, or operations of the Company and its subsidiaries, taken as a whole, from that set forth in the Time of Sale Prospectus. Subsequent to the respective dates as of which information is given in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus, except as described in or expressly contemplated by the Registration Statement, the Time of Sale Prospectus and the Prospectus, (i) the Company and its subsidiaries, taken as a whole, have not incurred any material liability or obligation, direct or contingent, nor entered into any material transaction; (ii) the Company has not purchased any of its outstanding capital stock, nor declared, paid or otherwise made any dividend or distribution of any kind on its capital stock other than ordinary and customary dividends; and (iii) there has not been any material change in the capital stock, short-term debt or long-term debt of the Company and its subsidiaries, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) There are no legal, governmental or regulatory proceedings, actions, investigations, demands, claims, suits, arbitrations or inquiries (collectively, "**Proceedings**") pending or, to the Company's knowledge, threatened to which the Company or any of its subsidiaries is a party or to which any of the properties of the Company or any of its subsidiaries is subject other than Proceedings (i) accurately described in all material respects in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus and (ii) that would not, singly or in the aggregate, have a Material Adverse Effect, or a material adverse effect on the power or ability of the Company to perform its obligations under this Agreement or to consummate the transactions contemplated by each of the Registration Statement, the Time of Sale Prospectus and the Prospectus. There are no Proceedings that are required to be described in the Registration Statement, the Time of Sale Prospectus or the Prospectus and are not so described in all material respects; and there are no statutes, regulations, contracts or other documents that are required to be described in the Registration Statement, the Time of Sale Prospectus or the Prospectus or to be filed as exhibits to the Registration Statement that are not described in all material respects or filed as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Each preliminary prospectus filed as part of the Registration Statement as originally filed or as part of any amendment thereto, or filed pursuant to Rule 424 under the Securities Act, complied when so filed in all material respects with the Securities Act and the applicable rules and regulations of the Commission thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Company is not, and after giving effect to the offering and sale of the Shares and the application of the proceeds thereof as described in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus will not be, required to register as an "investment company" as such term is defined in the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) (i) The Company and each of its subsidiaries (A) are and have been in compliance with any and all applicable foreign, federal, state and local laws and regulations relating to pollution, human health and safety (as it relates to exposure to Hazardous Materials, as defined below), the environment (including, without limitation, indoor or outdoor air, surface water, groundwater, drinking water supply, sediment, land surface, or subsurface strata), natural resources, wildlife or ecosystems, sustainability, or climate change, including, without limitation, laws and regulations relating to the release or threatened release of, or exposure to, any chemical, substance, material or waste that is regulated or defined as hazardous, toxic or radioactive, or as a pollutant or contaminant, or words of similar meaning, in or under any law or regulation, and any petroleum or petroleum products, asbestos-containing materials, mold, or per- or polyfluoroalkyl substances, ("**Hazardous Materials**") (any such laws or regulations, "**Environmental Laws**"), (B) hold all permits, licenses, registrations, or other approvals required of them under applicable Environmental Laws to conduct their respective businesses, (C) are and have been in compliance with all terms and conditions of any such permit, license, registration or approval, and (D) have not received, are not a party to, and are not aware of any pending or threatened administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, notices of liability, investigations or proceedings relating to any Environmental Law or any permit, license, registration or other approval required thereunder; and (ii) to the knowledge of the Company, there are no events or circumstances that have formed the basis of, or would reasonably be expected to form the basis of, an order for clean-up or remediation, or an action, suit or proceeding by any private party or governmental body, against or affecting the Company or any of its subsidiaries, relating to Hazardous Materials or any Environmental Laws, except in the case of any and all of the foregoing (i) and (ii), as would not, singly or in the aggregate, have a Material Adverse Effect. Except as would not, singly or in the aggregate, have a Material Adverse Effect, neither the Company nor any of its subsidiaries has been notified that it has been named as a "potentially responsible party" under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended. Except as would not, singly or in the aggregate, have a Material Adverse Effect, to the knowledge of the Company, there have been no and are no (i) aboveground or underground storage tanks; (ii) polychlorinated biphenyls ("**PCBs**") or PCB-containing equipment; (iii) asbestos or asbestos-containing materials; (iv) lead-based paints; (v) mold or other airborne contaminants; or (vi) dry-cleaning facilities in, on, under, or about any Property owned by the Company or its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Except as permitted under Regulation M under the Exchange Act, neither the Company nor an affiliate of the Company has taken, directly or indirectly, any action designed to cause or result in, or which has constituted or which would reasonably be expected to constitute, the stabilization or manipulation of the price of any Shares of the Company, to facilitate the sale or resale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Company and its subsidiaries have implemented and maintain policies, practices, and procedures, that accord in all material respects with best industry practice, to monitor their compliance with, and their costs, obligations and liabilities under, Environmental Laws and any permits, licenses, registrations or approvals required thereunder. There are no costs or liabilities associated with Environmental Laws (including, without limitation, any capital or operating expenditures required for clean-up; closure of facilities or properties; compliance with Environmental Laws or any permit, license, registration or other approval required thereunder; constraints on operating or production activities; or any potential liabilities to third parties) which would, singly or in the aggregate, have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Except as described in or expressly contemplated by the Registration Statement, the Time of Sale Prospectus and the Prospectus or as have been complied with or validly waived, there are no contracts, agreements or understandings between the Company and any person granting such person the right to require the Company to file a registration statement under the Securities Act with respect to any securities of the Company or to require the Company to include such securities with the Shares registered pursuant to the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Neither the Company nor any of its subsidiaries, nor any director or any officer thereof, nor, to the Company's knowledge, any of its or its subsidiaries' controlled affiliates or employee thereof, or any agent or representative of the Company or of any of its subsidiaries, has taken or will take any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment, giving or receipt of money, property, gifts or anything else of value, directly or indirectly, to any person to improperly influence official action by that person for the benefit of the Company or its subsidiaries or affiliates, or to otherwise secure any improper advantage, or to any person in violation of (a) the U.S. Foreign Corrupt Practices Act of 1977, (b) the UK Bribery Act 2010, or (c) any other applicable law, regulation, order, decree or directive having the force of law and relating to bribery or corruption (collectively, the "**Anti-Corruption Laws**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The operations of the Company and each of its subsidiaries are and have been conducted at all times in material compliance with all applicable anti-money laundering laws, rules, and regulations, including the financial recordkeeping and reporting requirements contained therein, and including applicable provisions of the Bank Secrecy Act of 1970, applicable provisions of the USA PATRIOT Act of 2001, applicable provisions of the Money Laundering Control Act of 1986, and the Anti-Money Laundering Act of 2020 (collectively, the "**Anti-Money Laundering Laws**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) (i) Neither the Company nor any of its subsidiaries, nor any director or any officer thereof, nor, to the Company's knowledge, any employee, agent, controlled affiliate, or representative of the Company or any of its subsidiaries, is an individual or entity ("**Person**") that is, or is owned or controlled by one or more Persons that are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the subject or target of any sanctions administered or enforced by the United States Government (including the U.S. Department of the Treasury's Office of Foreign Assets Control and the U.S. Department of State), the United Nations Security Council, the European Union, His Majesty's Treasury, or any other relevant sanctions authority (collectively, "**Sanctions**"), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) located, organized or resident in a country or territory that is the subject of comprehensive territorial Sanctions (including, without limitation, the so-called Donetsk People's Republic, the so-called Luhansk People's Republic, or any other Covered Region of Ukraine identified pursuant to Executive Order 14065, Crimea, Cuba, Iran, and North Korea).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company and each of its subsidiaries (a) have not, since April 24, 2019, engaged in, (b) are not now engaged in, and (c) will not engage in, any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or was, or whose government is or was, the subject of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Company will not, directly or knowingly indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is, or whose government is, the subject of Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to fund or facilitate any money laundering or terrorist financing activities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any other manner that would cause or result in a violation of any Anti-Corruption Laws, Anti-Money Laundering Laws, or Sanctions by any Person (including any Person participating in the offering, whether as underwriter, advisor, investor or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) The Company and its subsidiaries have conducted and will conduct their businesses in compliance with the Anti-Corruption Laws, the Anti-Money Laundering Laws and Sanctions, and no investigation, inquiry, action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Anti-Corruption Laws, the Anti-Money Laundering Laws or Sanctions is pending or, to the knowledge of the Company, threatened. The Company and its subsidiaries and their controlled affiliates have instituted and maintained, and will continue to maintain, policies and procedures reasonably designed to promote and achieve compliance with the Anti-Corruption Laws, the Anti-Money Laundering Laws, Sanctions, and with the representations and warranties contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The Company will not, and will not permit any of its subsidiaries to, (a) be or become a "covered foreign person", as that term is defined in the regulations administered and enforced, together with any related public guidance issued, by the United States Treasury Department under U.S. Executive Order 14105 of August 9, 2023, or any similar law or regulation; as of the date of this Agreement, and as codified at 31 C.F.R. §850.101 et seq (the "**Outbound Investment Rules**"), or (b) engage, directly or indirectly, in (i) a "covered activity" or a "covered transaction", as each such term is defined in the Outbound Investment Rules, (ii) with respect to any subsidiary of the Company that is not a U.S. Person (as defined in the Outbound Investment Rules), any activity that would constitute a "covered activity" or "covered transaction," as each such term is defined in the Outbound Investment Rules, if such subsidiary were a U.S. Person, (iii) any other activity that the Company knows or reasonably should know would cause the Underwriters to be in violation of the Outbound Investment Rules or cause the Underwriters to be legally prohibited by the Outbound Investment Rules from performing under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) (i) The Company and its subsidiaries have good and marketable title in fee simple to, or leasehold interest under a lease in, the real properties owned or leased by the Company and its subsidiaries (collectively, the "**Properties**"), in each case, free and clear of all security interests, mortgages, pledges, liens, encumbrances, claims, or equities of any kind other than those that (A) are described in or expressly contemplated by the Registration Statement, the Time of Sale Prospectus or the Prospectus or (B) do not, singly or in the aggregate, materially affect the value of such Property and do not materially interfere with the use made and proposed to be made of such Property by the Company and any of its subsidiaries; (ii) except as would not, singly or in the aggregate, result in a Material Adverse Effect, (A) each of the leases under which the Company or one of its subsidiaries is a tenant relating to a Property is in full force and effect and no default or event of default has occurred under any such lease with respect to such Property and neither the Company nor any of its subsidiaries has received any notice of any event which, whether with or without the passage of time or the giving of notice, or both, would constitute a default under such lease and (B) neither the Company nor any of its subsidiaries has received any notice of any material claim of any sort that has been asserted by anyone adverse to the rights of the Company or any of its subsidiaries under any of the leases mentioned above, or affecting or questioning the rights of the Company or any of its subsidiaries to the continued possession of the leased or subleased premises under any such lease; (iii) except as disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus, no tenant under any of the leases of the Properties to which the Company or any of its subsidiaries is a party (as a landlord) (the "**Leases**") has a right of first refusal or an option to purchase any Property, which, if exercised, would reasonably be expected to have a Material Adverse Effect; (iv) the Company has no knowledge that any Property fails to comply with all applicable codes, laws and regulations (including, without limitation, building and zoning codes, laws and regulations and laws relating to access to such Property), except for such failures to comply that would not, singly or in the aggregate, result in a Material Adverse Effect; (v) except as disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus, no mortgage or deed of trust encumbering any Property is convertible into ownership interests in the Company or any of its subsidiaries; and (vi) except as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus, neither the Company nor any of its subsidiaries or, to the knowledge of the Company, any lessee under a Lease is in default under any of the Leases, and neither the Company nor any of its subsidiaries knows of any event which, whether with or without the passage of time or the giving of notice, or both, would constitute a default under any of the Leases, except in each case, for such defaults that would not, singly or in the aggregate, result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) (i) The Company and its subsidiaries own or, to the knowledge of the Company, have a valid license to all patents, inventions, copyrights (including rights in software), know how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures), domain names, trademarks, service marks, trade names, and any applications or registrations for any of the foregoing, together with the goodwill associated with any of the foregoing, and other intellectual property (collectively, "**Intellectual Property Rights**") used or held for use in or reasonably necessary to the conduct of their businesses as currently conducted and as proposed to be conducted ("**Company IP**"), (ii) the Intellectual Property Rights owned by the Company or any of its subsidiaries and, to the Company's knowledge, the Intellectual Property Rights licensed to the Company and any of its subsidiaries, are valid, subsisting and enforceable, and there is no pending or threatened (in writing) action, suit, proceeding or claim by others challenging the validity, ownership, registrability, scope or enforceability of any Company IP, and neither the Company nor any of its subsidiaries are aware of any facts which would form a reasonable basis for any such claim, (iii) neither the Company nor any of its subsidiaries has received any notice alleging any infringement, misappropriation or other violation of Intellectual Property Rights, (iv) to the Company's knowledge, no third party is infringing, misappropriating or otherwise violating, or has infringed, misappropriated or otherwise violated, any Company IP, (v) neither the Company nor any of its subsidiaries infringes, misappropriates or otherwise violates, or has infringed, misappropriated or otherwise violated, any Intellectual Property Rights of others, (vi) the Company and each of its subsidiaries are in compliance with all licenses and other agreements governing the use of Intellectual Property Rights to which the Company or any of its subsidiaries is a party, or under which any of the Company's or any of its subsidiaries' assets are bound (collectively, the "**Intellectual Property Contracts**"), and neither the Company nor any of its subsidiaries has received any written notice alleging any such noncompliance and are unaware of any facts which would form a reasonable basis for any such claim, (vii) to the Company's knowledge, all Intellectual Property Contracts are in full force and effect, (viii) all employees and contractors engaged in the development of Intellectual Property Rights on behalf of the Company or any subsidiary of the Company have executed a valid assignment agreement whereby such employees or contractors effectively assign all of their right, title and interest in and to such Intellectual Property Rights to the Company or the applicable subsidiary, and to the Company's knowledge no such agreement has been breached or violated, and (ix) the Company and its subsidiaries take, and have taken, reasonable steps necessary to maintain and protect the confidentiality of all information intended to be maintained as confidential, including any trade secrets and other material confidential Intellectual Property Rights, in each case of clauses (i)-(ix), except as would not, singly or in the aggregate, have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) (i) None of the Company nor any of its subsidiaries develop, use or have developed, distribute or have used or have distributed any software or other materials under a "free," "open source," or similar licensing model (including but not limited to the MIT License, Apache License, GNU General Public License, GNU Lesser General Public License and GNU Affero General Public License) ("**Open Source Software**") in any manner that requires or has required (A) the Company or any of its subsidiaries to permit reverse engineering of any software code or other technology owned by the Company or any of its subsidiaries or (B) any software code or other technology owned by the Company or any of its subsidiaries to be (1) disclosed, delivered, licensed, distributed or otherwise made available to any other person in source code form, (2) licensed for the purpose of making derivative works or (3) redistributed at no charge, except, in each case, as would not, singly or in the aggregate, have a Material Adverse Effect. None of the material software developed or owned by the Company or its subsidiaries is subject to any escrow obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) Except as would not, singly or in the aggregate, have a Material Adverse Effect on the Company and its subsidiaries, taken as a whole, (i) the Company and each of its subsidiaries are presently in compliance in all material respects with all Data Protection Laws (as defined below), written privacy policies, and binding contractual obligations, in each case, relating to data privacy or security with respect to the collection, use, transfer, processing, import, export, storage, disposal or disclosure by the Company or any of its subsidiaries of any information that is defined as "personal information" or "personally identifiable information" under applicable Data Protection Laws ("**Data Security Obligations,**" and such data, "**Data**"); (ii) neither the Company nor its subsidiaries have received any written notification of or written complaint alleging non-compliance with any Data Security Obligation; (iii) to the Company's knowledge, there is no investigation, inquiry, action, suit or proceeding by or before any court or governmental agency, authority or body pending or, to the Company's knowledge, threatened in writing alleging non-compliance by the Company or its subsidiaries with any Data Security Obligation; and (iv) to the Company's knowledge, the Company and its subsidiaries have not been required to notify any individual or data protection authority of any material Breach (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Except as would not, singly or in the aggregate, have a Material Adverse Effect, (i) the Company and each of its subsidiaries have taken commercially reasonable technical and organizational measures designed to protect the information technology systems and Data used by the Company's and its subsidiaries' in the operation of their businesses; (ii) without limiting the foregoing, as required by Data Security Obligations, the Company and its subsidiaries have established, maintained, implemented and complied with, commercially reasonable information technology, information security, cyber security and data protection controls, policies and procedures that are designed to protect against and prevent breach, destruction, loss, unauthorized distribution, disclosure, use, access, disablement, misappropriation or modification, or other compromise or misuse of the Company's and its subsidiaries' information technology and computer systems or Data ("**Breach**"); and (iii) there has been no such Breach, and the Company and its subsidiaries have not been notified in writing, and have no knowledge, of any ongoing threat that is reasonably expected to result in any such Breach.

"**Data Protection Laws**" means all applicable laws, rules and regulations related to data privacy, data protection or data security (including the Health Insurance Portability and Accountability Act of 1996, Regulation (EU) 2016/679 of the European Parliament and of the Council (General Data Protection Regulation) and any implementation acts related thereto and the California Consumer Privacy Act of 2018 and the California Privacy Rights Act of 2020), and the requirements set forth in regulations, binding guidelines and agreements containing consent orders published by regulatory authorities such as the Federal Trade Commission, Federal Communications Commission and applicable European Union data protection authorities, in each case of the foregoing, as amended, replaced or updated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) (i) The Company and its subsidiaries and any "Employee Benefit Plan" (as defined under the Employee Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder (collectively, "**ERISA**")) established or maintained by the Company, its subsidiaries or their "ERISA Affiliates" (as defined below) (each, a "**Plan**") is and has been operated in compliance with its terms and all applicable laws, including ERISA and the Internal Revenue Code of 1986, as amended, and the regulations and published interpretations thereunder (the "**Code**"); (ii) no "reportable event" (as defined under ERISA) has occurred or is reasonably expected to occur with respect to any Plan and no Plan, if terminated, would have any "amount of unfunded benefit liabilities" (as defined under ERISA), as the fair market value of the assets under each Plan (excluding for these purposes accrued but unpaid contributions) exceeds the present value of all benefits accrued under such Plan (determined based on those assumptions used to fund such Plan); (iii) neither the Company, its subsidiaries nor any of their ERISA Affiliates has incurred or reasonably expects to incur any liability under (x) Title IV of ERISA with respect to termination of, or withdrawal from, any Plan, (y) Sections 412 and 430, 4971, 4975 or 4980B of the Code or (z) Sections 302 and 303, 406, 4063 and 4064 of ERISA; (iv) each Plan that is intended to be qualified under Section 401(a) of the Code is so qualified, and nothing has occurred, whether by action or failure to act, that would reasonably be expected to cause the loss of such qualification; (v) there is no pending audit or investigation by the Internal Revenue Service, the U.S. Department of Labor, the Pension Benefit Guaranty Corporation or any other governmental or other regulatory entity or agency with respect to any Plan that could reasonably be expected to result in liability to the Company or any of its subsidiaries; and (vi) neither the Company nor any of its subsidiaries have any "accumulated post-retirement benefit obligations" (within the meaning of Statement of Financial Accounting Standards 106), except in each case with respect to the events or conditions set forth in (i) through (vi) hereof, as would not, singly or in the aggregate, have a Material Adverse Effect. "**ERISA Affiliate**" means, with respect to the Company or any of its subsidiaries, any member of any group of organizations described in Sections 414(b), (c), (m) or (o) of the Code of which the Company or such subsidiary is a member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) The Company and each of its subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are, in the reasonable judgment of the Company, prudent and customary in the businesses in which they are currently engaged; neither the Company nor any of its subsidiaries has been refused any insurance coverage sought or applied for; and neither the Company nor any of its subsidiaries has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not, singly or in the aggregate, have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) The Company and each of its subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state or foreign regulatory authorities necessary to conduct their respective businesses as currently conducted, except where the failure to obtain such certificates, authorizations or permits would not, singly or in the aggregate, have a Material Adverse Effect, and neither the Company nor any of its subsidiaries has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) The financial statements included in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus, together with the related schedules and notes thereto, comply as to form in all material respects with the applicable accounting requirements of the Securities Act and present fairly in all material respects the consolidated financial position of the Company and its consolidated subsidiaries as of the dates shown and its results of operations and cash flows for the periods shown, and such financial statements have been prepared in conformity with generally accepted accounting principles in the United States ("**U.S. GAAP**") applied on a consistent basis throughout the periods covered thereby except for any normal year-end adjustments in the Company's quarterly financial statements. The summary consolidated financial and operating information included in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus present fairly in all material respects the information shown therein and, except for the "non-GAAP financial measures" (as such term is defined by the rules and regulations of the Commission) presented therein, have been compiled on a basis consistent with that of the audited or unaudited, as applicable, financial statements of the Company included therein. All disclosures contained in the Registration Statement, the Time of Sale Prospectus and the Prospectus regarding "non-GAAP financial measures" (as such term is defined by the rules and regulations of the Commission) comply in all material respects with Regulation G under the Exchange Act, and Item 10 of Regulation S-K under the Securities Act, in each case to the extent applicable. The other financial information included in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus has been derived from the accounting records of the Company and its consolidated subsidiaries and presents fairly in all material respects the information shown thereby. The statistical, industry-related and market-related data included in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus are based on or derived from sources which the Company reasonably and in good faith believes are reliable and accurate and such data is consistent with the sources from which they are derived, in each case in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) Deloitte & Touche LLP, who have certified certain financial statements of the Company and its subsidiaries and delivered its report with respect to the audited consolidated financial statements and schedules filed with the Commission as part of the Registration Statement and included in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus, is an independent registered public accounting firm with respect to the Company within the meaning of the Securities Act and the applicable rules and regulations thereunder adopted by the Commission and the Public Company Accounting Oversight Board (United States).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company and each of its subsidiaries on a consolidated basis maintain a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management's general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with U.S. GAAP and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Since the end of the Company's most recent audited fiscal year, there has been (i) no material weakness in the Company's internal control over financial reporting (whether or not remediated) and (ii) no change in the Company's internal control over financial reporting that has materially and adversely affected, or is reasonably likely to materially and adversely affect, the Company's internal control over financial reporting (it being understood that this subsection shall not require the Company to comply with Section 404 of the Sarbanes-Oxley Act of 2002 as of an earlier date than it would otherwise be required to so comply under applicable law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) Except as described in or expressly contemplated by each of the Registration Statement, the Time of Sale Prospectus and the Prospectus, the Company has not sold, issued or distributed any shares of Common Stock during the six-month period preceding the date hereof, including any sales pursuant to Rule 144A under, or Regulation D or S of, the Securities Act, other than shares issued pursuant to employee benefit plans, equity incentive plans or other employee or director compensation plans or pursuant to outstanding options, rights or warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) The Registration Statement, the Prospectus, the Time of Sale Prospectus and any preliminary prospectus comply, and any amendments or supplements thereto will comply, with any applicable laws or regulations of foreign jurisdictions in which the Prospectus, the Time of Sale Prospectus or any preliminary prospectus, as amended or supplemented, if applicable, are distributed in connection with the Directed Share Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) No consent, approval, authorization or order of, or qualification with, any governmental body or agency, other than those obtained, is required in connection with the offering of the Directed Shares in any jurisdiction where the Directed Shares are being offered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) The Company has not offered, or caused Morgan Stanley or any Morgan Stanley Entity as defined in Section 9 to offer, Shares to any person pursuant to the Directed Share Program with the specific intent to unlawfully influence (i) a customer or supplier of the Company to alter the customer's or supplier's level or type of business with the Company, or (ii) a trade journalist or publication to write or publish favorable information about the Company or its products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) The Company and each of its subsidiaries have filed all U.S. federal, state, local and foreign tax returns required to be filed through the date of this Agreement or have requested extensions thereof (except where the failure to file would not, singly or in the aggregate, have a Material Adverse Effect) and have paid all taxes required to be paid thereon (except for cases in which the failure to pay would not, singly or in the aggregate, have a Material Adverse Effect, or, except as currently being contested in good faith and for which reserves required by U.S. GAAP have been created in the financial statements of the Company), and no tax deficiency has been determined adversely to the Company or any of its subsidiaries which, singly or in the aggregate, has had (nor does the Company or any of its subsidiaries have any written notice of any tax deficiency which could reasonably be expected to be determined adversely to the Company or its subsidiaries and which could reasonably be expected to have) a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) The Company (i) has not alone engaged in any Testing-the-Waters Communication with any person other than Testing-the-Waters Communications with the consent of the Representatives with entities that are reasonably believed to be qualified institutional buyers within the meaning of Rule 144A under the Securities Act or institutions that are reasonably believed to be accredited investors within the meaning of Rule 501 under the Securities Act and (ii) has not authorized anyone other than the Representatives to engage in Testing-the-Waters Communications. The Company reconfirms that the Representatives have been authorized to act on its behalf in undertaking Testing-the-Waters Communications. The Company has not distributed any Written Testing-the-Waters Communication other than those listed on Schedule III hereto. "**Testing-the-Waters Communication**" means any communication with potential investors undertaken in reliance on Rule 163B of the Securities Act. "**Written Testing-the-Waters Communication**" means any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) As of the time of each sale of the Shares in connection with the offering when the Prospectus is not yet available to prospective purchasers, none of (A) the Time of Sale Prospectus, (B) any free writing prospectus, when considered together with the Time of Sale Prospectus, and (C) any individual Testing-the-Waters Communication, when considered together with the Time of Sale Prospectus, included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to any statements or omissions made in reliance and in conformity with Underwriter Information (as defined in Section 8(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Agreements to Sell and Purchase.* The Company hereby agrees to sell to the several Underwriters, and each Underwriter, upon the basis of the representations and warranties herein contained, but subject to the terms and conditions hereinafter stated, agrees, severally and not jointly, to purchase from the Company the respective numbers of Firm Shares set forth in Schedule I hereto opposite its name at $[ · ] a share (the "**Purchase Price**").

On the basis of the representations and warranties contained in this Agreement, and subject to its terms and conditions, the Company agrees to sell to the Underwriters the Additional Shares, and the Underwriters shall have the right to purchase, severally and not jointly, up to [ · ] Additional Shares at the Purchase Price, provided, however, that the amount paid by the Underwriters for any Additional Shares shall be reduced by an amount per share equal to any dividends declared by the Company and payable on the Firm Shares but not payable on such Additional Shares. The Representatives may exercise this right on behalf of the Underwriters in whole or from time to time in part by giving written notice not later than 30 days after the date of this Agreement. Any exercise notice shall specify the number of Additional Shares to be purchased by the Underwriters and the date on which such shares are to be purchased. Each purchase date must be at least one business day after the written notice is given and may not be earlier than the closing date for the Firm Shares or later than ten business days after the date of such notice. As used herein, "business day" means a day on which the New York Stock Exchange (the "**NYSE**") is open for trading and on which banks in New York are open for business and are not permitted by law or executive order to be closed. Additional Shares may be purchased as provided in Section 4 hereof solely for the purpose of covering over-allotments made in connection with the offering of the Firm Shares. On each day, if any, that Additional Shares are to be purchased (an "**Option Closing Date**"), each Underwriter agrees, severally and not jointly, to purchase the number of Additional Shares (subject to such adjustments to eliminate fractional shares as the Representatives may determine) that bears the same proportion to the total number of Additional Shares to be purchased on such Option Closing Date as the number of Firm Shares set forth in Schedule I hereto opposite the name of such Underwriter bears to the total number of Firm Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Terms of Public Offering*. The Company is advised by the Representatives that the Underwriters propose to make a public offering of their respective portions of the Shares as soon after the Registration Statement and this Agreement have become effective as in the Representatives' judgment is advisable. The Company is further advised by the Representatives that the Shares are to be offered to the public initially at $[ · ] a share (the "**Public Offering Price**") and to certain dealers selected by the Representatives at a price that represents a concession not in excess of $[ · ] a share under the Public Offering Price, and that any Underwriter may allow, and such dealers may reallow, a concession, not in excess of $[ · ] a share, to any Underwriter or to certain other dealers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Payment and Delivery.* Payment for the Firm Shares shall be made to the Company in federal or other funds immediately available in New York City against delivery of such Firm Shares for the respective accounts of the several Underwriters at 10:00 a.m., New York City time, on [ · ], 2026, or at such other time on the same or such other date, not later than [ · ], 2026, as shall be designated in writing by the Representatives. The time and date of such payment are hereinafter referred to as the "**Closing Date**."

Payment for any Additional Shares shall be made to the Company in federal or other funds immediately available in New York City against delivery of such Additional Shares for the respective accounts of the several Underwriters at 10:00 a.m., New York City time, on the date specified in the corresponding notice described in Section 2 or at such other time on the same or on such other date, in any event not later than ten business days after the date of such notice, as shall be designated in writing by the Representatives.

The Shares shall be registered in such names and in such denominations as the Representatives shall request in writing not later than one full business day prior to the Closing Date or the applicable Option Closing Date, as the case may be. The Firm Shares and Additional Shares shall be delivered to the Representatives on the Closing Date or an Option Closing Date, as the case may be, for the respective accounts of the several Underwriters, against payment of the Purchase Price therefor, with any transfer taxes payable in connection with the transfer of the Shares to the Underwriters having been duly paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Conditions to the Underwriters' Obligations*. The obligations of the Company to sell the Shares to the Underwriters and the several obligations of the Underwriters to purchase and pay for the Shares on the Closing Date are subject to the condition that the Registration Statement shall have become effective not later than 4:30 p.m. (New York City time) on the date hereof.

The several obligations of the Underwriters are subject to the following further conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subsequent to the execution and delivery of this Agreement and prior to the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no order suspending the effectiveness of the Registration Statement shall be in effect, and no proceeding for such purpose or pursuant to Section 8A under the Securities Act shall be pending before or, to the knowledge of the Company, threatened by the Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there shall not have occurred any downgrading, nor shall any notice have been given of any intended or potential downgrading or of any review for a possible change that does not indicate the direction of the possible change, in the rating accorded any of the securities of the Company or any of its subsidiaries by any "nationally recognized statistical rating organization," as such term is defined in Section 3(a)(62) of the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there shall not have occurred any change, or any development involving a prospective change, in the condition, financial or otherwise, or in the earnings, business or operations of the Company and its subsidiaries, taken as a whole, from that set forth in the Time of Sale Prospectus that, in the Representatives' judgment, is material and adverse and that makes it, in the Representatives' judgment, impracticable to market the Shares on the terms and in the manner contemplated in the Time of Sale Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriters shall have received on the Closing Date a certificate, dated the Closing Date and signed by an executive officer of the Company, to the effect (i) set forth in Sections 5(a)(i) and 5(a)(ii) above, (ii) that the representations and warranties of the Company contained in this Agreement are true and correct as of the Closing Date and that the Company has complied with all of the agreements and satisfied all of the conditions on its part to be performed or satisfied hereunder on or before the Closing Date and (iii) that there shall not have occurred any material and adverse change, or any development involving a prospective material and adverse change, in the condition, financial or otherwise, or in the earnings, business or operations of the Company and its subsidiaries, taken as a whole, from that set forth in the Time of Sale Prospectus.

The officer signing and delivering such certificate may rely upon the best of his or her knowledge as to proceedings threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Underwriters shall have received on the date of execution and delivery of this Agreement and on the Closing Date a certificate, dated the date of execution and delivery of this Agreement and the Closing Date and signed by the Chief Financial Officer of the Company, to the effect set forth in Exhibit D hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Underwriters shall have received on the Closing Date an opinion and negative assurance letter of Paul, Weiss, Rifkind, Wharton & Garrison LLP, outside counsel for the Company, dated the Closing Date, in form and substance reasonably satisfactory to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Underwriters shall have received on the Closing Date an opinion and negative assurance letter of Latham & Watkins LLP, counsel for the Underwriters, dated the Closing Date, in form and substance reasonably satisfactory to the Representatives.

With respect to the negative assurance letters to be delivered pursuant to Sections 5(c) and 5(d) above, Paul, Weiss, Rifkind, Wharton & Garrison LLP and Latham & Watkins LLP may state that their opinions and beliefs are based upon their participation in the preparation of the Registration Statement, the Time of Sale Prospectus and the Prospectus and any amendments or supplements thereto and review and discussion of the contents thereof, but are without independent check or verification, except as specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Underwriters shall have received, on each of the date hereof and the Closing Date, a letter dated the date hereof or the Closing Date, as the case may be, in form and substance satisfactory to the Underwriters, from Deloitte & Touche LLP, independent public accountants, containing statements and information of the type ordinarily included in accountants' "comfort letters" to underwriters with respect to the financial statements and certain financial information contained in the Registration Statement, the Time of Sale Prospectus and the Prospectus; *provided* that the letter delivered on the Closing Date shall use a "cut-off date" not earlier than two business days prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The "lock-up" agreements, each substantially in the form of Exhibit A hereto, between the Representatives and certain securityholders, officers and directors of the Company relating to restrictions on sales and certain other dispositions of or activities in respect of shares of Common Stock or certain other securities, delivered to the Representatives on or before the date hereof (the "**Lock-up Agreements**"), shall be in full force and effect on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Shares shall have been approved for listing on the New York Stock Exchange, subject only to official notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The several obligations of the Underwriters to purchase Additional Shares hereunder are subject to the delivery to the Representatives on the applicable Option Closing Date of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a certificate, dated the Option Closing Date and signed by an executive officer of the Company, confirming that the certificate delivered on the Closing Date pursuant to Section 5(b) hereof remains true and correct as of such Option Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a certificate, dated the Option Closing Date and signed by the Chief Financial Officer of the Company, confirming that the certificate delivered on the Closing Date pursuant to Section 5(c) hereof remains true and correct as of such Option Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an opinion and negative assurance letter of Paul, Weiss, Rifkind, Wharton & Garrison LLP, outside counsel for the Company, dated the Option Closing Date, relating to the Additional Shares to be purchased on such Option Closing Date and otherwise to the same effect as the opinion required by Section 5(d) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an opinion and negative assurance letter of Latham & Watkins LLP, counsel for the Underwriters, dated the Option Closing Date, relating to the Additional Shares to be purchased on such Option Closing Date and otherwise to the same effect as the opinion required by Section 5(e) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a letter dated the Option Closing Date, in form and substance satisfactory to the Underwriters, from Deloitte & Touche LLP, independent public accountants, substantially in the same form and substance as the letter furnished to the Underwriters pursuant to Section 5(f) hereof; *provided* that the letter delivered on the Option Closing Date shall use a "cut-off date" not earlier than two business days prior to such Option Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) such other documents as the Representatives may reasonably request with respect to the good standing of the Company, the due authorization and issuance of the Additional Shares to be sold on such Option Closing Date and other matters related to the issuance of such Additional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *Covenants of the Company*. The Company covenants with each Underwriter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To furnish to the Representatives, without charge, four signed copies of the Registration Statement (including exhibits thereto) (which may be an electronic facsimile) and for delivery to each other Underwriter a conformed copy of the Registration Statement (without exhibits thereto) and to furnish to the Representatives in New York City, without charge, prior to 10:00 a.m. New York City time on the business day next succeeding the date of this Agreement and during the period mentioned in Section 6(f) or 6(g) below, as many copies of the Time of Sale Prospectus, the Prospectus and any supplements and amendments thereto or to the Registration Statement as the Representatives may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Before amending or supplementing the Registration Statement, the Time of Sale Prospectus or the Prospectus, to furnish to the Representatives a copy of each such proposed amendment or supplement and not to file any such proposed amendment or supplement to which the Representatives reasonably object, and to file with the Commission within the applicable period specified in Rule 424(b) under the Securities Act any prospectus required to be filed pursuant to such Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To prepare the Prospectus in a form approved by the Representatives and to file such Prospectus pursuant to Rule 424(b) under the Securities Act prior to the earlier of (i) the Closing Date and (ii) the Commission's close of business on the second business day following the execution and delivery of this Agreement, or, if applicable, such earlier time as may be required by Rule 430A(a)(3) under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To furnish to the Representatives a copy of each proposed free writing prospectus to be prepared by or on behalf of, used by, or referred to by the Company and not to use or refer to any proposed free writing prospectus to which any of the Representatives reasonably objects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not to take any action that would result in an Underwriter or the Company being required to file with the Commission pursuant to Rule 433(d) under the Securities Act a free writing prospectus prepared by or on behalf of the Underwriter that the Underwriter otherwise would not have been required to file thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the Time of Sale Prospectus is being used to solicit offers to buy the Shares at a time when the Prospectus is not yet available to prospective purchasers and any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Time of Sale Prospectus in order to make the statements therein, in the light of the circumstances, not misleading, or if any event shall occur or condition exist as a result of which the Time of Sale Prospectus conflicts with the information contained in the Registration Statement then on file, or if, in the opinion of counsel for the Underwriters, it is necessary to amend or supplement the Time of Sale Prospectus to comply with applicable law, forthwith to prepare, file with the Commission and furnish, at its own expense, to the Underwriters and to any dealer upon request, either amendments or supplements to the Time of Sale Prospectus so that the statements in the Time of Sale Prospectus as so amended or supplemented will not, in the light of the circumstances when the Time of Sale Prospectus is delivered to a prospective purchaser, be misleading or so that the Time of Sale Prospectus, as amended or supplemented, will no longer conflict with the Registration Statement, or so that the Time of Sale Prospectus, as amended or supplemented, will comply with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If, during such period after the first date of the public offering of the Shares as in the opinion of counsel for the Underwriters the Prospectus (or in lieu thereof the notice referred to in Rule 173(a) of the Securities Act) is required by law to be delivered in connection with sales by an Underwriter or dealer, any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Prospectus in order to make the statements therein, in the light of the circumstances when the Prospectus (or in lieu thereof the notice referred to in Rule 173(a) of the Securities Act) is delivered to a purchaser, not misleading, or if, in the opinion of counsel for the Underwriters, it is necessary to amend or supplement the Prospectus to comply with applicable law, forthwith to prepare, file with the Commission and furnish, at its own expense, to the Underwriters and to the dealers (whose names and addresses the Representatives will furnish to the Company) to which Shares may have been sold by the Representatives on behalf of the Underwriters and to any other dealers upon request, either amendments or supplements to the Prospectus so that the statements in the Prospectus as so amended or supplemented will not, in the light of the circumstances when the Prospectus (or in lieu thereof the notice referred to in Rule 173(a) of the Securities Act) is delivered to a purchaser, be misleading or so that the Prospectus, as amended or supplemented, will comply with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If required by applicable law, to endeavor to qualify the Shares for offer and sale under the securities or Blue Sky laws of such jurisdictions as the Representatives shall reasonably request; *provided* that in no event shall the Company be obligated to qualify to do business in any jurisdiction where it is not now so qualified or to take any action that would subject it to service of process in suits, other than those arising out of the offering or sale of the Shares, or taxation in any jurisdiction where it is not now so subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To make generally available to the Company's security holders (which may be satisfied by filing with the Commission on its Electronic Data Gathering Analysis and Retrieval System) and to the Representatives as soon as practicable an earnings statement covering a period of at least twelve months beginning with the first fiscal quarter of the Company occurring after the date of this Agreement which shall satisfy the provisions of Section 11(a) of the Securities Act and the rules and regulations of the Commission thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To comply with all applicable securities and other laws, rules and regulations in each jurisdiction in which the Directed Shares are offered in connection with the Directed Share Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Whether or not the transactions contemplated in this Agreement are consummated or this Agreement is terminated, to pay or cause to be paid all expenses incident to the performance of its obligations under this Agreement, including: (i) the fees, disbursements and expenses of the Company's counsel and the Company's accountants in connection with the registration and delivery of the Shares under the Securities Act and all other fees or expenses in connection with the preparation and filing of the Registration Statement, any preliminary prospectus, the Time of Sale Prospectus, the Prospectus, any free writing prospectus prepared by or on behalf of, used by, or referred to by the Company and amendments and supplements to any of the foregoing, including all printing costs associated therewith, and the mailing and delivering of copies thereof to the Underwriters and dealers, in the quantities hereinabove specified, (ii) all costs and expenses related to the transfer and delivery of the Shares to the Underwriters, including any stamp, transfer or other similar taxes payable thereon, (iii) the cost of printing or producing any Blue Sky or legal investment memorandum in connection with the offer and sale of the Shares under state securities laws and all expenses in connection with the qualification of the Shares for offer and sale under state securities laws as provided in Section 6(h) hereof, including filing fees and the reasonable fees and disbursements of counsel for the Underwriters in connection with such qualification and in connection with the Blue Sky or legal investment memorandum in an aggregate amount not to exceed $15,000, (iv) all filing fees and the reasonable fees and disbursements of counsel to the Underwriters incurred in connection with the review and qualification of the offering of the Shares by FINRA (including all fees and disbursements of counsel incurred on behalf of the QIU in its capacity as such) in an aggregate amount not to exceed $30,000, (v) all fees and expenses in connection with the preparation and filing of the registration statement on Form 8-A relating to the Common Stock and all costs and expenses incident to listing the Shares on the NYSE, (vi) the cost of printing certificates representing the Shares, (vii) the costs and charges of any transfer agent, registrar or depositary, (viii) the costs and expenses of the Company relating to investor presentations on any "road show" undertaken in connection with the marketing of the offering of the Shares, including, without limitation, expenses associated with the preparation or dissemination of any electronic road show, fees and expenses of any consultants engaged in connection with the road show presentations with the prior approval of the Company, travel and lodging expenses of the representatives and officers of the Company and any such consultants, and the cost of any aircraft or ground transportation chartered in connection with the road show; provided that the Company shall only be responsible for half of the cost of any aircraft chartered in connection with the roadshow (with the Underwriters being responsible for the other half of such expenses), (ix) all fees and disbursements of counsel incurred by the Underwriters in connection with the Directed Share Program and stamp duties and other similar taxes or duties, if any, incurred by the Underwriters in connection with the Directed Share Program and (x) all other costs and expenses incident to the performance of the obligations of the Company hereunder for which provision is not otherwise made in this Section. It is understood, however, that except as provided in this Section, Section 8 entitled "Indemnity and Contribution," Section 9 entitled "Directed Share Program Indemnification" and the last paragraph of Section 11 below, the Underwriters will pay all of their costs and expenses, including fees and disbursements of their counsel, stock transfer taxes payable on resale of any of the Shares by them and any advertising expenses connected with any offers they may make.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) If at any time following the distribution of any Written Testing-the-Waters Communication there occurred or occurs an event or development as a result of which such Written Testing-the-Waters Communication included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing at that subsequent time, not misleading, the Company will promptly notify the Representatives and will promptly amend or supplement, at its own expense, such Written Testing-the-Waters Communication to eliminate or correct such untrue statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Company also covenants with each Underwriter that, without the prior written consent of the Representatives on behalf of the Underwriters, it will not, and will not publicly disclose an intention to, during the period ending 180 days after the date of the Prospectus (the "**Restricted Period**"), (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock, (2) enter into any swap, loan or other arrangement (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward or any other derivative transaction or instrument, however described or defined) that transfers to another, in whole or in part, directly or indirectly, any of the economic consequences of ownership of the Common Stock, whether any such transaction described in clause 1 or 2 above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise, or (3) publicly file or confidentially submit any registration statement with the Commission relating to the offering of any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock.

The restrictions contained in the preceding paragraph shall not apply to (A) the Shares to be sold hereunder, (B) grants of stock options, stock awards, restricted stock, restricted stock units, securities convertible into or exchangeable for shares of Common Stock, or other compensatory equity-based awards and the issuance of shares of Common Stock in connection with the exercise, vesting and/or settlement of any of the foregoing to the Company's employees, officers, directors, advisors, or consultants pursuant to the terms of an equity compensation plan in effect as of the Closing Date and described in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus, (C) the issuance by the Company of shares of Common Stock upon the exercise of an option or other equity-based award or warrant or the conversion of a security outstanding on the date hereof as described in each of the Time of Sale Prospectus and Prospectus, (D) the filing of any registration statement on Form S-8 or amendment thereto relating to securities granted or to be granted pursuant to any plan in effect on the date hereof and described in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus or any assumed benefit plan pursuant to an acquisition or similar strategic transaction, (E) shares of Common Stock or any securities exercisable or exchangeable for shares of Common Stock, or the entrance into an agreement to issue shares of Common Stock, in connection with any merger, joint venture, strategic alliances, commercial or other collaborative transaction or the acquisition or licenses of the business, property, technology or other assets of another individual or entity or the assumption of an employee benefit plan in connection with a merger or acquisition, *provided* that (i) the aggregate number of shares of Common Stock or any other securities exercisable or exchangeable for shares of Common Stock that the Company may issue or agree to issue pursuant to this clause (E) shall not exceed 10% of the total outstanding share capital of the Company immediately following the issuance of the Shares and (ii) the recipients of any such shares of Common Stock and securities issued pursuant to this clause (E) during the Restricted Period shall enter into an agreement substantially in the form of Exhibit A hereto on or prior to such issuance, (F) the confidential or non-public submission or filing of any registration statement relating to any proposed offering of shares of Common Stock, *provided* that (i) no public announcement of such confidential or non-public submission or filing shall be made, (ii) if any demand was made for, or any right exercised with respect to, such registration of shares of stock or securities convertible, exercisable or exchangeable into Common Stock, no public announcement of such demand or exercise of rights shall be made, (iii) the Company shall provide written notice at least two business days prior to such confidential or non-public submission or filing to the Representatives and (iv) no such confidential or non-public submission or filing shall become a publicly-filed registration statement during the Restricted Period; (G) facilitating the establishment of a trading plan on behalf of a shareholder, officer or director of the Company pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of Common Stock, *provided* that (i) such plan does not provide for the transfer of Common Stock during the Restricted Period (except to the extent otherwise allowed pursuant to the terms of the Lock-up Agreement) and (ii) to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by the Company regarding the establishment of such plan, such announcement or filing shall include a statement to the effect that no transfer of Common Stock may be made under such plan during the Restricted Period; or (H) bona fide gifts to charitable organizations provided that any such transfer shall not involve a disposition for value.

If the Representatives, in their sole discretion, agree to release or waive the restrictions on the transfer of Shares set forth in a Lock-up Agreement for an officer or director of the Company and provide the Company with notice of the impending release or waiver at least three business days before the effective date of the release or waiver substantially in the form of Exhibit B hereto, the Company agrees to announce the impending release or waiver by a press release substantially in the form of Exhibit C hereto through a major news service at least two business days before the effective date of the release or waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Company will use its best efforts to effect and maintain the listing of the Shares on the NYSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. *Covenants of the Underwriters*. Each Underwriter, severally and not jointly, covenants with the Company not to take any action that would result in the Company being required to file with the Commission under Rule 433(d) a free writing prospectus prepared by or on behalf of such Underwriter that otherwise would not be required to be filed by the Company thereunder, but for the action of the Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. *Indemnity and Contribution.* (a) The Company agrees to indemnify and hold harmless each Underwriter, each person, if any, who controls any Underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act and each affiliate of any Underwriter within the meaning of Rule 405 under the Securities Act and their respective directors, officers and employees from and against any and all losses, claims, damages and liabilities (including, without limitation, any legal fees or other expenses reasonably incurred in connection with defending or investigating any such action or claim) that arise out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any amendment thereof, any preliminary prospectus, the Time of Sale Prospectus or any amendment or supplement thereto, any issuer free writing prospectus as defined in Rule 433(h) under the Securities Act, any Company information that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act, any road show as defined in Rule 433(h) under the Securities Act (a "**road show**"), the Prospectus or any amendment or supplement thereto, or any Testing-the-Waters Communication, or arise out of, or are based upon, any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any such untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to any Underwriter furnished to the Company in writing by such Underwriter through the Representatives expressly for use therein, it being understood and agreed that the only such information furnished by the Underwriters through the Representatives consists of the information described as such in paragraph (b) below. The Company also agrees to indemnify and hold harmless RBC and each person, if any, who controls RBC within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any and all losses, claims, damages, liabilities, and judgments incurred as a result of RBC's participation as a QIU within the meaning of Rule 5121 in connection with the offering of the Shares, except for any losses, claims, damages, liabilities, and judgments resulting from RBC's, or such controlling person's, willful misconduct, and agrees to reimburse RBC for any legal or other expenses reasonably incurred by RBC in connection with investigating or defending any such loss, claim, damage, liability, or action as such expenses are incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company, its directors, its officers who sign the Registration Statement and each person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity from the Company to such Underwriter, but only with reference to information relating to such Underwriter furnished to the Company in writing by such Underwriter through the Representatives expressly for use in the Registration Statement, any preliminary prospectus, the Time of Sale Prospectus, any issuer free writing prospectus, road show or the Prospectus or any amendment or supplement thereto, it being understood and agreed that the only such information furnished by any Underwriter consists of the following information in the Prospectus furnished on behalf of each Underwriter under the caption "Underwriting (Conflicts of Interest)": (i) information relating to the concession amount in the first sentence appearing in the third paragraph thereunder, (ii) the first sentence appearing in the seventh paragraph thereunder and (iii) the first, second and ninth sentences appearing in the twelfth paragraph thereunder (the "**Underwriter Information**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of which indemnity may be sought pursuant to Section 8(a) or 8(b), such person (the "**indemnified party**") shall promptly notify the person against whom such indemnity may be sought (the "**indemnifying party**") in writing and the indemnifying party, upon request of the indemnified party, shall retain counsel chosen by the indemnifying party and reasonably satisfactory to the indemnified party to represent the indemnified party and any others the indemnifying party may designate in such proceeding and shall pay the fees and disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified party shall have mutually agreed in writing to the retention of such counsel, (ii) the named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them or (iii) the indemnifying party has failed within a reasonable time to retain counsel reasonably satisfactory to the indemnified party. It is understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all such indemnified parties and that all such fees and expenses shall be reimbursed as they are incurred. Such firm shall be designated in writing by the Representatives, in the case of parties indemnified pursuant to Section 8(a), and by the Company, in the case of parties indemnified pursuant to Section 8(b). The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second and third sentences of this paragraph, the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request and (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement (i) includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding and (ii) does not include any statement as to or any admission of fault, wrongdoing, culpability or a failure to act by or on behalf of any indemnified party. Notwithstanding anything contained herein to the contrary, if indemnity may be sought pursuant to Section 8(a) hereof in respect of such action or proceeding, then in addition to such separate firm for the indemnified parties, the indemnifying party shall be liable for the reasonable fees and expenses of not more than one separate firm (in addition to any local counsel) for RBC in its capacity as a QIU and all persons, if any, who control RBC within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent the indemnification provided for in Section 8(a) or 8(b) is unavailable to an indemnified party or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each indemnifying party under such paragraph, in lieu of indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters (or the QIU in its capacity as such) on the other hand from the offering of the Shares or (ii) if the allocation provided by clause 8(d)(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause 8(d)(i) above but also the relative fault of the Company on the one hand and of the Underwriters (or the QIU in its capacity as such) on the other hand in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Underwriters (or the QIU in its capacity as such) on the other hand in connection with the offering of the Shares shall be deemed to be in the same respective proportions as the net proceeds from the offering of the Shares (before deducting expenses) received by the Company and the total underwriting discounts and commissions received by the Underwriters, in each case as set forth in the table on the cover of the Prospectus, bear to the aggregate Public Offering Price of the Shares. Benefits received by the QIU shall be deemed to be equal to the compensation received by the QIU for acting in such capacity. The relative fault of the Company on the one hand and the Underwriters (or the QIU in its capacity as such) on the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or by the Underwriters (or the QIU in its capacity as such) and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The QIU, in its capacity as such, shall not be responsible for any amount in excess of the compensation received by the QIU for acting in such capacity. The Underwriters' respective obligations to contribute pursuant to this Section 8 are several in proportion to the respective number of Shares they have purchased hereunder, and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company and the Underwriters agree that it would not be just or equitable if contribution pursuant to this Section 8 were determined by *pro rata* allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in Section 8(d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in Section 8(d) shall be deemed to include, subject to the limitations set forth above, any legal fees or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 8, no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the Shares underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages that such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The remedies provided for in this Section 8 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The indemnity and contribution provisions contained in this Section 8 and the representations, warranties and other statements of the Company contained in this Agreement shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Underwriter, any person controlling any Underwriter or any affiliate of any Underwriter or by or on behalf of the Company, its officers or directors or any person controlling the Company and (iii) acceptance of and payment for any of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. *Directed Share Program Indemnification.* (a) The Company agrees to indemnify and hold harmless Morgan Stanley, each person, if any, who controls Morgan Stanley within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act and each affiliate of Morgan Stanley within the meaning of Rule 405 of the Securities Act ("**Morgan Stanley Entities**") from and against any and all losses, claims, damages and liabilities (including, without limitation, any legal fees or other expenses reasonably incurred in connection with defending or investigating any such action or claim) (i) that arise out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained in any material prepared by or with the consent of the Company for distribution to Participants in connection with the Directed Share Program or arise out of, or are based upon, any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; (ii)that arise out of, or are based upon, the failure of any Participant to pay for and accept delivery of Directed Shares that the Participant agreed to purchase; or (iii)related to, arising out of, or in connection with the Directed Share Program, other than losses, claims, damages or liabilities (or expenses relating thereto) that are finally judicially determined to have resulted from the bad faith or gross negligence of Morgan Stanley Entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In case any proceeding (including any governmental investigation) shall be instituted involving any Morgan Stanley Entity in respect of which indemnity may be sought pursuant to Section 9(a), the Morgan Stanley Entity seeking indemnity, shall promptly notify the Company in writing and the Company, upon request of the Morgan Stanley Entity, shall retain counsel reasonably satisfactory to the Morgan Stanley Entity to represent the Morgan Stanley Entity and any others the Company may designate in such proceeding and shall pay the fees and disbursements of such counsel related to such proceeding. In any such proceeding, any Morgan Stanley Entity shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Morgan Stanley Entity unless (i) the Company shall have agreed to the retention of such counsel or (ii)the named parties to any such proceeding (including any impleaded parties) include both the Company and the Morgan Stanley Entity and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Company shall not, in respect of the legal expenses of the Morgan Stanley Entities in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Morgan Stanley Entities. Any such separate firm for the Morgan Stanley Entities shall be designated in writing by Morgan Stanley. The Company shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Company agrees to indemnify the Morgan Stanley Entities from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time a Morgan Stanley Entity shall have requested the Company to reimburse it for fees and expenses of counsel as contemplated by the second and third sentences of this paragraph, the Company agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 45 days after receipt by the Company of the aforesaid request and (ii) the Company shall not have reimbursed the Morgan Stanley Entity in accordance with such request prior to the date of such settlement. The Company shall not, without the prior written consent of Morgan Stanley, effect any settlement of any pending or threatened proceeding in respect of which any Morgan Stanley Entity is or could have been a party and indemnity could have been sought hereunder by such Morgan Stanley Entity, unless such settlement includes an unconditional release of the Morgan Stanley Entities from all liability on claims that are the subject matter of such proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent the indemnification provided for in Section 9(a) is unavailable to a Morgan Stanley Entity or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then the Company in lieu of indemnifying the Morgan Stanley Entity thereunder, shall contribute to the amount paid or payable by the Morgan Stanley Entity as a result of such losses, claims, damages or liabilities (i)in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Morgan Stanley Entities on the other hand from the offering of the Directed Shares or (ii)if the allocation provided by clause 9(c)(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause 9(c)(i) above but also the relative fault of the Company on the one hand and of the Morgan Stanley Entities on the other hand in connection with any statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Morgan Stanley Entities on the other hand in connection with the offering of the Directed Shares shall be deemed to be in the same respective proportions as the net proceeds from the offering of the Directed Shares (before deducting expenses) and the total underwriting discounts and commissions received by the Morgan Stanley Entities for the Directed Shares, bear to the aggregate Public Offering Price of the Directed Shares. If the loss, claim, damage or liability is caused by an untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact, the relative fault of the Company on the one hand and the Morgan Stanley Entities on the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement or the omission or alleged omission relates to information supplied by the Company or by the Morgan Stanley Entities and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company and the Morgan Stanley Entities agree that it would not be just or equitable if contribution pursuant to this Section 9 were determined by pro rata allocation (even if the Morgan Stanley Entities were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in Section 9(c). The amount paid or payable by the Morgan Stanley Entities as a result of the losses, claims, damages and liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by the Morgan Stanley Entities in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 9, no Morgan Stanley Entity shall be required to contribute any amount in excess of the amount by which the total price at which the Directed Shares distributed to the public were offered to the public exceeds the amount of any damages that such Morgan Stanley Entity has otherwise been required to pay. The remedies provided for in this Section 9 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The indemnity and contribution provisions contained in this Section 9 shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Morgan Stanley Entity or the Company, its officers or directors or any person controlling the Company and (iii) acceptance of and payment for any of the Directed Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. *Termination*. The Underwriters may terminate this Agreement by notice given by the Representatives to the Company, if after the execution and delivery of this Agreement and prior to or on the Closing Date or any Option Closing Date, as the case may be, (i) trading generally shall have been suspended or materially limited on, or by, as the case may be, any of the New York Stock Exchange or the NASDAQ Global Select Market, (ii) trading of any securities of the Company shall have been suspended on any exchange or in any over-the-counter market, (iii) a material disruption in securities settlement, payment or clearance services in the United States shall have occurred, (iv) any moratorium on commercial banking activities shall have been declared by federal or New York State authorities or (v) there shall have occurred any outbreak or escalation of hostilities, or any change in financial markets or any calamity or crisis that, in the Representatives' judgment, is material and adverse and which, singly or together with any other event specified in this clause (v), makes it, in the Representatives' judgment, impracticable or inadvisable to proceed with the offer, sale or delivery of the Shares on the terms and in the manner contemplated in the Time of Sale Prospectus or the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. *Effectiveness; Defaulting Underwriters*. This Agreement shall become effective upon the execution and delivery hereof by the parties hereto.

If, on the Closing Date or an Option Closing Date, as the case may be, any one or more of the Underwriters shall fail or refuse to purchase Shares that it has or they have agreed to purchase hereunder on such date, and the aggregate number of Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase is not more than one-tenth of the aggregate number of the Shares to be purchased on such date, the other Underwriters shall be obligated severally in the proportions that the number of Firm Shares set forth opposite their respective names in Schedule I bears to the aggregate number of Firm Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as the Representatives may specify, to purchase the Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date; *provided* that in no event shall the number of Shares that any Underwriter has agreed to purchase pursuant to this Agreement be increased pursuant to this Section 11 by an amount in excess of one-ninth of such number of Shares without the written consent of such Underwriter. If, on the Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Firm Shares and the aggregate number of Firm Shares with respect to which such default occurs is more than one-tenth of the aggregate number of Firm Shares to be purchased on such date, and arrangements satisfactory to the Representatives and the Company for the purchase of such Firm Shares are not made within 36 hours after such default, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter or the Company. In any such case either the Representatives or the Company shall have the right to postpone the Closing Date, but in no event for longer than seven days, in order that the required changes, if any, in the Registration Statement, in the Time of Sale Prospectus, in the Prospectus or in any other documents or arrangements may be effected. If, on an Option Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Additional Shares and the aggregate number of Additional Shares with respect to which such default occurs is more than one-tenth of the aggregate number of Additional Shares to be purchased on such Option Closing Date, the non-defaulting Underwriters shall have the option to (i) terminate their obligation hereunder to purchase the Additional Shares to be sold on such Option Closing Date or (ii) purchase not less than the number of Additional Shares that such non-defaulting Underwriters would have been obligated to purchase in the absence of such default. Any action taken under this paragraph shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.

If this Agreement shall be terminated by the Underwriters, or any of them, because of any failure or refusal on the part of the Company to comply with the terms or to fulfill any of the conditions of this Agreement, or if for any reason the Company shall be unable to perform its obligations under this Agreement, the Company will reimburse the Underwriters or such Underwriters as have so terminated this Agreement with respect to themselves, severally, for all out-of-pocket expenses (including the fees and disbursements of their counsel) reasonably incurred by such Underwriters in connection with this Agreement or the offering contemplated hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. *Entire Agreement*. (a) This Agreement, together with any contemporaneous written agreements and any prior written agreements (to the extent not superseded by this Agreement) that relate to the offering of the Shares, represents the entire agreement between the Company and the Underwriters with respect to the preparation of any preliminary prospectus, the Time of Sale Prospectus, the Prospectus, the conduct of the offering, and the purchase and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company acknowledges that in connection with the offering of the Shares: (i) the Underwriters have acted at arm's length, are not agents of, and owe no fiduciary duties to, the Company or any other person, (ii) the Underwriters owe the Company only those duties and obligations set forth in this Agreement, any contemporaneous written agreements and prior written agreements (to the extent not superseded by this Agreement), if any, (iii) the Underwriters may have interests that differ from those of the Company, and (iv) none of the activities of the Underwriters in connection with the transactions contemplated herein constitutes a recommendation, investment advice, or solicitation of any action by the Underwriters with respect to any entity or natural person. The Company waives to the full extent permitted by applicable law any claims it may have against the Underwriters arising from an alleged breach of fiduciary duty in connection with the offering of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. *Recognition of the U.S. Special Resolution Regimes*. (a) In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

For purposes of this Section a "**BHC Act Affiliate**" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k). "**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). "**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. "**U.S. Special Resolution Regime**" means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. *Counterparts; Electronic Signatures*. This Agreement may be signed in two or more counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. *Applicable Law*. This Agreement, and any claim, controversy or dispute relating to or arising out of this Agreement, shall be governed by and construed in accordance with the internal laws of the State of New York, without giving effect to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application of the laws of any jurisdiction other than those of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. *Headings*. The headings of the sections of this Agreement have been inserted for convenience of reference only and shall not be deemed a part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. *Notices*. All communications hereunder shall be in writing and effective only upon receipt and if to the Underwriters shall be delivered, mailed or sent to Morgan Stanley & Co. LLC at 1585 Broadway, New York, New York 10036, Attention: Equity Syndicate Desk, with a copy to the Legal and Compliance Division; TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, New York 10017, Attention: Head of Equity Capital Markets, with a copy to CIBLegal@tdsecurities.com; and if to the Company shall be delivered, mailed or sent to 3100 Olympus Blvd., Suite 510, Coppell, TX 75019, Attention: Chief Legal Officer, with a copy to Paul, Weiss, Rifkind, Wharton & Garrison LLP, 1285 Avenue of the Americas, New York, NY 10019-6064, Attention: Brian M. Janson, Esq., Email: bjanson@paulweiss.com.

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| | |
|:---|:---|
| Very truly yours,<br>Csquare, Inc. | Very truly yours,<br>Csquare, Inc. |
| By: |  |
|  | Name: |
|  | Title: |

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| | |
|:---|:---|
| Accepted as of the date hereof<br>Morgan Stanley & Co. LLC<br> TD Securities (USA) LLC | Accepted as of the date hereof<br>Morgan Stanley & Co. LLC<br> TD Securities (USA) LLC |
| Acting severally on behalf of themselves and the several Underwriters named in Schedule I hereto. | Acting severally on behalf of themselves and the several Underwriters named in Schedule I hereto. |
| By: | Morgan Stanley & Co. LLC |
| By: |  |
|  | Name: |
|  | Title: |

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| | |
|:---|:---|
| By: | TD Securities (USA) LLC |
| By: |  |
|  | Name: |
|  | Title: |

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[*Signature Page to Underwriting Agreement*]

**Schedule I**

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| | |
|:---|:---|
| **Underwriter** | **Number of Firm Shares To Be Purchased** |
| Morgan Stanley & Co. LLC |  |
| TD Securities (USA) LLC |  |
| Wells Fargo Securities, LLC |  |
| BofA Securities, Inc. |  |
| BMO Capital Markets Corp. |  |
| Scotia Capital (USA) Inc. |  |
| Jefferies LLC |  |
| J.P. Morgan Securities LLC |  |
| RBC Capital Markets, LLC |  |
| SG Americas Securities, LLC |  |
| Brookfield Securities LLC |  |
| CIBC World Markets Corp. |  |
| National Bank of Canada Financial Inc. |  |
| PNC Capital Markets LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total: |  |

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**Schedule II**

**Time of Sale Prospectus**

1. Preliminary Prospectus issued [ · ],
 2026

2. [identify all free writing prospectuses
 filed by the Company under Rule 433(d) of the Securities Act]

3. Pricing information:

Firm Shares to be sold by the Company: [ · ]<br> Additional Shares to be sold by the Company: [ · ]<br> Public Offering Price: $[ · ] per share

**SCHEDULE III**

**Testing the Waters Materials**

**Exhibit A**

**FORM OF LOCK-UP AGREEMENT**

_______________, 2026

Morgan Stanley & Co. LLC<br> TD Securities (USA) LLC

c/o Morgan Stanley & Co. LLC<br> 1585 Broadway<br> New York, New York 10036

c/o TD Securities (USA) LLC<br> 1 Vanderbilt Avenue<br> New York, New York 10017

Ladies and Gentlemen:

The undersigned understands that Morgan Stanley & Co. LLC and TD Securities (USA) LLC (collectively, the "**Representatives**") propose to enter into an Underwriting Agreement (the "**Underwriting Agreement**") with Csquare, Inc., a Delaware corporation (the "**Company**"), providing for the public offering (the "**Public Offering**") by the several Underwriters named therein, including the Representatives (the "**Underwriters**"), of shares (the "**Shares**") of the common stock, par value $0.01 per share, of the Company (the "**Common Stock**").

To induce the Underwriters that may participate in the Public Offering to continue their efforts in connection with the Public Offering, the undersigned hereby agrees that, without the prior written consent of the Representatives on behalf of the Underwriters, it will not, and will not publicly disclose an intention to, during the period commencing on the date hereof and ending immediately after the close of the Trading Day on the 180<sup>th</sup> day after the date of the final prospectus (the "**Prospectus**") relating to the Public Offering (the "**180<sup>th</sup> Day**") or, if the 180<sup>th</sup> Day is not a Trading Day, ending immediately after the close of the last Trading Day immediately preceding the 180<sup>th</sup> Day (such period of time between the date hereof and, as the case may be, the 180<sup>th</sup> Day or the last Trading Day immediately preceding the 180<sup>th</sup> Day, referred to herein as the "**Restricted Period**"), (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock owned or hereafter acquired by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition (including, without limitation, Common Stock or such other securities which may be deemed to be beneficially owned (as such term is used in Rule 13d-3 of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**")) and securities which may be issued upon exercise of a stock option or warrant by the undersigned or any other securities so owned convertible into or exercisable or exchangeable for Common Stock (collectively, the "**Restricted Securities**") or (2) enter into any hedging, swap, loan or other arrangement (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward or any other derivative transaction or instrument, however described or defined) that transfers to another, in whole or in part, any of the economic consequences of ownership of the Restricted Securities, whether any such transaction described in clause (1) or (2) above (any transaction described in clause (1) or (2) above, collectively, "**Transfers**") is to be settled by delivery of Common Stock or such other securities, in cash or otherwise. The undersigned acknowledges and agrees that the foregoing precludes the undersigned from engaging in any hedging or other transaction designed or intended, or which could reasonably be expected to lead to or result in, a sale or disposition of any Restricted Securities, even if any such sale or disposition transaction or transactions would be made or executed by or on behalf of someone other than the undersigned. For purposes of this Letter Agreement, a "**Trading Day**" is a day on which the New York Stock Exchange is open for the buying and selling of securities.

The foregoing restrictions shall not apply to Transfers of any Restricted Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) acquired in the Public Offering
 (other than, for officers and directors of the Company, any issuer-directed Shares purchased
 in the Public Offering) or in open market transactions after the completion of the Public
 Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as a bona fide gift or charitable
 contribution; *provided* that any Transfer pursuant to this clause (b) shall not
 involve a disposition for value, and any filing under Section 16(a) of the Exchange
 Act reporting a Transfer pursuant to this clause (b) shall clearly indicate in the footnotes
 thereto that such Transfer is not for value, that the shares of Common Stock subject to such
 Transfer remain subject to restrictions set forth herein and that the filing relates to the
 circumstances described in this clause (b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as part of a distribution to
 limited partners, general partners, limited liability company members or stockholders of
 the undersigned or holders of similar equity interests in the undersigned or to any investment
 holding company controlled or managed by the undersigned; *provided* that any Transfer
 pursuant to this clause (c) shall not involve a disposition for value, and any filing
 under Section 16(a) of the Exchange Act reporting a reduction in beneficial ownership
 of shares of Common Stock resulting from a Transfer pursuant to this clause (c) shall
 clearly indicate in the footnotes thereto that such Transfer is not for value, that the shares
 of Common Stock subject to such Transfer remain subject to restrictions set forth herein
 and that the filing relates to the circumstances described in this clause (c), and no other
 public filing (other than a Form 5 or those that might be required during the Restricted
 Period pursuant to Section 13 of the Exchange Act) or announcement shall be required
 or shall be made voluntarily in connection with such Transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to any member of the undersigned's
 immediate family or to any trust, partnership, limited liability company or other entity
 for the direct or indirect benefit of the undersigned and/or any member of the undersigned's
 immediate family, or if the undersigned is a trust, to a trustor or beneficiary of the trust
 or to the estate of the beneficiary of such trust (for purposes of this lock-up agreement,
 "immediate family" shall mean any relationship by blood, current or former marriage,
 domestic partnership or adoption, not more remote than first cousin);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to a corporation, partnership,
 limited liability company or other business entity that is an affiliate (as defined in Rule 405
 promulgated under the Securities Act of 1933, as amended) of the undersigned, or to any investment
 fund or other entity controlling, controlled by, managing or managed by or under common control
 with the undersigned or affiliates of the undersigned (including, for the avoidance of doubt,
 where the undersigned is a partnership, to its general partner or a successor partnership
 or fund, or any other funds managed by such partnership);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) by will, other testamentary document
 or intestate succession upon the death of the undersigned or for bona fide estate planning
 purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) by operation of law, such as
 pursuant to an order of a court or regulatory agency (for purposes of this lock-up agreement,
 a "court or regulatory agency" means any domestic or foreign, federal, state
 or local government, including any political subdivision thereof, any governmental or quasi-governmental
 authority, department, agency or official, any court or administrative body or any national
 securities exchange or similar self-regulatory body or organization, in each case of competent
 jurisdiction) or pursuant to a domestic order or in connection with a divorce settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to the Company upon the undersigned's
 death, disability or termination of employment or other service relationship with the Company; *provided* that such Restricted Security was issued to the undersigned pursuant to a
 contractual agreement with the Company or equity award granted pursuant to an employee benefit
 plan, option, warrant or other right disclosed in the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the Company pursuant to the
 vesting, settlement or exercise of restricted stock units, restricted stock, options, warrants
 or other rights to purchase Common Stock (including, in each case, by way of "net"
 or "cashless" exercise), including for the payment of exercise price and tax
 and remittance payments due as a result of the vesting, settlement or exercise of such restricted
 stock units, restricted stock, options, warrants or other rights held by the undersigned
 pursuant to an agreement or equity award granted under a stock incentive plan or other equity
 award plan, each of which is disclosed in the Prospectus; *provided* that in connection
 with any filing under Section 16(a) of the Exchange Act reporting a reduction in
 beneficial ownership of shares of Common Stock resulting from a Transfer pursuant to this
 clause (i), such filing shall indicate that such Transfer has been net share settled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to a *bona fide* third party
 tender offer, merger, consolidation or other similar transaction made to all holders of Common
 Stock that has been approved by the Company's board of directors, which results in
 any person or group of persons becoming the beneficial owners (as defined in Rules 13d-3
 and 13d-5 of the Exchange Act) of 50% of the outstanding voting securities of the Company
 (or the surviving entity); *provided that* in the event that the tender offer, merger,
 consolidation or other such transaction contemplated by this clause (j) is not completed,
 the Restricted Securities shall remain subject to the provisions of this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to any third-party pledgee in
 a *bona fide* transaction as collateral to secure obligations pursuant to lending or
 other arrangements between such third parties (or their affiliates or designees) and the
 undersigned and/or its affiliates or any similar arrangement relating to a financing arrangement
 for the benefit of the undersigned and/or its affiliates (including any Transfer upon foreclosure
 upon such Restricted Securities); *provided, however,* that (A) the undersigned
 and its affiliates shall not pledge Restricted Securities resulting in a loan to value of
 the total collateral in excess of 50%, (B) the undersigned shall provide the Representatives
 with written notice of any foreclosure upon such Restricted Securities and (C) the undersigned
 or the Company, as the case may be, shall provide the Representatives with prior written
 notice informing them of any public filing, report or announcement made by or on behalf of
 the undersigned or the Company with respect to any Transfer pursuant to this clause (k); <sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) pursuant to a *bona fide* loan or pledge and/or as a grant or maintenance of a *bona fide* lien, security interest,
 pledge or other similar encumbrance of any Restricted Securities owned by the undersigned
 to a nationally or internationally recognized financial institution in connection with a
 loan to the undersigned (including any Transfer upon foreclosure upon such Restricted Securities); *provided, however,* that (A) the undersigned and its affiliates shall not pledge
 Restricted Securities resulting in a loan to value in excess of 50%, (B) the undersigned
 shall provide the Representatives with written notice of any foreclosure upon such Restricted
 Securities and (C) the undersigned or the Company, as the case may be, shall provide
 the Representatives with prior written notice informing them of any public filing, report
 or announcement made by or on behalf of the undersigned or the Company with respect to any
 Transfer pursuant to this clause (l); <sup>2</sup>

<sup>1</sup> **NTD**: To be included in Brookfield lock-up.

<sup>2</sup> **NTD**: To be included in Brookfield lock-up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) to the undersigned's employer
 or any affiliate of the undersigned's employer ("Employer") Restricted
 Securities which the undersigned received as compensation in his or her capacity as a member
 of the Company's board of directors; *provided* that (i) such Transfer is
 pursuant to the terms of an employment arrangement of the undersigned with the Employer and
 (ii) if required, any public announcement or filing under Section 16 of the Exchange
 Act shall indicate in the footnotes thereto that that the Restricted Securities subject to
 such Transfer remain subject to restrictions set forth herein and that the filing related
 to a Transfer made pursuant to the circumstances described in this clause (m), and no other
 public announcement or filing shall be required or shall be voluntarily made during the Restricted
 Period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) to a nominee or custodian of
 a person or entity to whom a disposition or Transfer would be permissible under clauses (a) through
 (m) above;

*provided further* that in the case of any Transfer pursuant to clauses (b), (c), (d), (e), (f), (g) or (m), each transferee, donee, distributee or Employer, as applicable, shall sign and deliver a lock-up agreement substantially in the form of this agreement for the balance of the Restricted Period; and *provided further* that in the case of any Transfer pursuant to clauses (a), (d) and (e), no filing under Section 16(a) of the Exchange Act, reporting a reduction in beneficial ownership of shares of Common Stock, shall be required or shall be voluntarily made during the Restricted Period (other than a filing on Form 5).

The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent and registrar against the transfer of the undersigned's shares of Common Stock except in compliance with the foregoing restrictions.

The foregoing restrictions shall also not apply to facilitating the establishment of a trading plan on behalf of a shareholder, officer or director of the Company pursuant to Rule 10b5-1 under the Exchange Act for the Transfer of shares of Common Stock, provided that (x) such plan does not provide for the Transfer of shares of Common Stock during the Restricted Period and (y) to the extent a public announcement or disclosure, or filing under the Exchange Act, regarding the establishment of such plan is required or voluntarily made by or on behalf of the undersigned or the Company, such announcement, disclosure or filing shall include a statement to the effect that no Transfer of shares of Common Stock may be made under such plan during the Restricted Period.

If the undersigned is an officer or director of the Company, the undersigned further agrees that the foregoing restrictions shall be equally applicable to any issuer-directed Shares the undersigned may purchase in the offering.

If the undersigned is an officer or director of the Company, (i) the Representatives agree that, at least three business days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of shares of Common Stock, the Representatives will notify the Company of the impending release or waiver, and (ii) the Company has agreed in the Underwriting Agreement to announce the impending release or waiver by press release through a major news service at least two business days before the effective date of the release or waiver. Any release or waiver granted by the Representatives hereunder to any such officer or director shall only be effective two business days after the publication date of such press release. The provisions of this paragraph will not apply if (a) the release or waiver is effected solely to permit a transfer not for consideration or that is to an immediate family member as defined in FINRA Rule 5130(i)(5) and (b) the transferee has agreed in writing to be bound by the same terms described in this agreement to the extent and for the duration that such terms remain in effect at the time of the transfer.

The undersigned hereby represents and warrants that the undersigned has full power, capacity and authority to enter into this agreement. The undersigned understands that the Company and the Underwriters are relying upon this agreement in proceeding toward consummation of the Public Offering. The undersigned further understands that this agreement is irrevocable and shall be binding upon the undersigned's heirs, legal representatives, successors and assigns.

The undersigned acknowledges and agrees that the Underwriters have not provided any recommendation or investment advice nor have the Underwriters solicited any action from the undersigned with respect to the Public Offering of the Shares and the undersigned has consulted their own legal, accounting, financial, regulatory and tax advisors to the extent deemed appropriate. The undersigned further acknowledges and agrees that, although the Underwriters may provide certain Regulation Best Interest and Form CRS disclosures or other related documentation to you in connection with the Public Offering, the Underwriters are not making a recommendation to you to participate in the Public Offering or sell any Shares at the price determined in the Public Offering, and nothing set forth in such disclosures or documentation is intended to suggest that any Underwriter is making such a recommendation.

Whether or not the Public Offering actually occurs depends on a number of factors, including market conditions. Any Public Offering will only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Underwriters.

In the event that a Representative withdraws or is terminated from, or declines to participate in, the Public Offering, all references in this agreement to the Representatives shall refer to the remaining Representatives. If all Representatives withdraw, are terminated from or decline to participate in the Public Offering, all references in this agreement to the Representatives shall refer to the lead left book runner in the Public Offering ("**Replacement Entity**"), and in such event, any written consent, waiver or notice given or delivered in connection with this agreement by or to such Replacement Entity shall be deemed to be sufficient and effective for all purposes under this agreement.

The undersigned understands that, if (i) the Company files with the Securities and Exchange Commission of a notice of withdrawal of the Registration Statement on Form S-1 (which covers Shares) pursuant to Rule 477 promulgated under the Securities Act, (ii) the Representatives, on the one hand, or the Company, on the other hand, informs the other in writing, prior to the execution of the Underwriting Agreement, that they have determined not to proceed with the Public Offering, (iii) the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Shares to be sold thereunder (other than pursuant to the Underwriters' option thereunder to purchase additional Shares), or (iv) the Underwriting Agreement is not executed on or before September 30, 2026 (provided that the Company may, by written notice to the undersigned prior to such date, extend such date for a period of up to an additional three months), then, in each case, this agreement shall automatically, and without any action on the part of any other party, be of no further force and effect, and the undersigned shall be automatically released from all obligations under this agreement.

This agreement shall be governed by and construed in accordance with the laws of the State of New York.

This agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same agreement. Electronic signatures complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or other applicable law will be deemed original signatures for purposes of this agreement. Transmission by telecopy, electronic mail or other transmission method of an executed counterpart of this agreement will constitute due and sufficient delivery of such counterpart.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| [NAME OF STOCKHOLDER] | [NAME OF STOCKHOLDER] |
| By: |  |
|  | Name: |
|  | Title: |

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**Exhibit B**

**FORM OF WAIVER OF LOCK-UP**

_____________, 20__

[Name and Address of<br> Officer or Director<br> Requesting Waiver]

Dear Mr./Ms. [Name]:

This letter is being delivered to Morgan Stanley & Co. LLC and TD Securities (USA) LLC (collectively, the "**Representatives**") in connection with the offering by Csquare, Inc. (the "**Company**") of _____ shares of common stock, par value $0.01 per share (the "**Common Stock**"), of the Company and the lock-up agreement dated ____, 2026 (the "Lock-up Agreement"), executed by you in connection with such offering, and your request for a [waiver] [release] dated ____, 20__, with respect to ____ shares of Common Stock (the "**Shares**").

The Representatives hereby agree to [waive] [release] the transfer restrictions set forth in the Lock-up Agreement, but only with respect to the Shares, effective _____, 20__; provided, however, that such [waiver] [release] is conditioned on the Company announcing the impending [waiver] [release] by press release through a major news service at least two business days before effectiveness of such [waiver] [release]. This letter will serve as notice to the Company of the impending [waiver] [release].

Except as expressly [waived] [released] hereby, the Lock-up Agreement shall remain in full force and effect.

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| | |
|:---|:---|
| Very truly yours, <br>Morgan Stanley & Co. LLC<br> TD Securities (USA) LLC | Very truly yours, <br>Morgan Stanley & Co. LLC<br> TD Securities (USA) LLC |
| By: | Morgan Stanley & Co. LLC |
|  | Name: |
|  | Title: |

---

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| | |
|:---|:---|
| By: | TD Securities (USA) LLC |
|  | Name: |
|  | Title: |

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**Exhibit C**

**FORM OF PRESS RELEASE**

[Name of Company]<br> [Date]

Csquare, Inc. (the "**Company**") announced today that Morgan Stanley & Co. LLC and TD Securities (USA) LLC, the representatives of the underwriters in the Company's recent public sale of _____ shares of its common stock are [waiving][releasing] a lock-up restriction with respect to ____ shares of the Company's common stock held by [certain officers or directors] [an officer or director] of the Company. The [waiver][release] will take effect on ____, 20__ , and the shares may be sold on or after such date.

**This press release is not an offer for sale of the securities in the United States or in any other jurisdiction where such offer is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended.**

**Exhibit D**

**FORM OF CERTIFICATE OF CHIEF FINANCIAL OFFICER**

[*Omitted.*]

## Exhibit 10.7

**Exhibit 10.7**

**AMENDED & RESTATED EMPLOYMENT AGREEMENT**

THIS AMENDED & RESTATED EMPLOYMENT AGREEMENT (the "<u>Agreement</u>"), dated as of June 16, 2026, is made by and between **Csquare, Inc.** ("<u>Parent</u>"), its subsidiary Phoenix Infrastructure LLC ("<u>Company</u>"), and **Spencer Mullee** ("<u>Executive</u>").

WHEREAS, the Company employs Executive pursuant to that certain Employment Agreement, dated April 15, 2024, by and between the Company and Executive, as amended by the Employment Agreement Addendum, dated as of November 1, 2024, by and between the Company and Executive (collectively, the "<u>Prior Agreement</u>"); and

WHEREAS, the parties desire to enter into this Agreement to amend and restate the Prior Agreement effective as of the closing of the initial public offering (the date of such closing, the "<u>IPO Closing Date</u>") by the Parent pursuant to the Form S-1 Registration Statement under the Securities Act of 1933.

NOW, THEREFORE, in consideration of the above recitals incorporated herein and the mutual covenants and promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby expressly acknowledged, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1.** **Position and Duties.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Company hereby engages and employs Executive for the Period of Employment (as defined in <u>Section 2</u>) on the terms and conditions expressly set forth in this Agreement. Executive hereby accepts and agrees to such engagement and employment, on the terms and conditions expressly set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. During the Period of Employment, Executive shall serve as Chief Executive Officer of the Company and shall have the powers, authorities and duties that are commensurate with such position. Executive will also serve as Chief Executive Officer of the Parent. Executive shall report to the Board of Directors of the Parent (the "<u>Board</u>") and shall perform such duties as are reasonably requested by the Board. In addition, Executive shall be appointed as a member of the Board during the Period of Employment. Executive may be appointed to and hold such other board or officer positions with the Parent, the Company or their subsidiaries or affiliates, as determined by the Board or its designee from time to time, and if so appointed Executive agrees to serve in such capacities for no additional compensation. Executive shall perform his duties primarily at the Company's offices in Dallas, Texas and may be required to travel for business as reasonably requested by the Board from time to time; provided, further, that, notwithstanding the foregoing, Executive shall perform his duties for the Company on a full-time basis during the Period of Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. During the Period of Employment, Executive shall (i) devote substantially all of his business time, energy and skill to the performance of his duties for the Parent, the Company and their subsidiaries and affiliates (individually, a "<u>Company Group Member</u>" and collectively, the "<u>Company Group</u>"), (ii) perform such duties in a faithful, effective and efficient manner to the best of his abilities, and (iii) hold no other employment, consulting or advisory positions. Executive agrees to perform his duties and responsibilities within and subject to the Company's general employment policies and practices, and such other reasonable policies, practices and restrictions as the Company shall from time to time establish for its similarly situated executives, and shall at all times carry out such policies, practices and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Executive hereby represents to the Company that: (i) the execution and delivery of this Agreement and the performance by Executive of his duties hereunder do not and shall not constitute a breach of, conflict with, or otherwise contravene or cause a default under, the terms of any other agreement or policy to which Executive is a party or otherwise bound or any judgment, order or decree to which Executive is subject; (ii) Executive has no information (including, without limitation, confidential information and trade secrets) relating to any other person or entity that would prevent Executive under the terms of any other agreement or arrangement from entering into this Agreement or carrying out his duties hereunder, or would give rise to a violation of such other agreement or arrangement; (iii) Executive is not bound by any employment, consulting, non-competition, confidentiality, trade secret or similar agreement (other than this Agreement) with any other person or entity that would prevent Executive under the terms of any other agreement or arrangement from entering into this Agreement or carrying out his duties hereunder, or would give rise to a violation of such other agreement or arrangement; and (iv) Executive understands the Company will rely upon the accuracy and truth of the representations and warranties of Executive set forth herein and Executive consents to such reliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Period of Employment.** The "Period of Employment" shall be the period commencing on the IPO Closing Date and terminating on the third (3rd) anniversary of the IPO Closing Date, or, if earlier, upon Executive's resignation of his employment or the termination of his employment by the Company in accordance with the terms and conditions of this Agreement. The Period of Employment shall automatically be renewed and extended on the same terms and conditions contained herein for consecutive one (1) year period thereafter, unless not later than sixty (60) days prior to the end of the initial Period of Employment or any renewal period, as the case may be, either party shall give written notice to the other party of his or its election to terminate Executive's employment pursuant to this Agreement. The term "Period of Employment" shall include any such renewal period. If, during the Period of Employment (including any renewal period), Executive's employment with the Company ends as a result of non-renewal by the Company of this Agreement, such non-renewal shall be deemed a termination by the Company without Cause (as defined below). For the avoidance of doubt, Executive's employment with the Company shall be "at will."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Compensation and Reimbursement of Expenses.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Compensation**. Executive's annual base salary (the "<u>Base Salary</u>") for the Period of Employment shall be $720,000, payable in accordance with the Company's regular payroll practices in effect from time to time and subject to all applicable taxes and withholdings, but no less frequently than in monthly installments. The Base Salary may be increased by the Board in its sole discretion, and will be increased at a minimum of 5% per annum. The parties acknowledge and agree that a portion of Executive's Base Salary shall constitute consideration for Executive's compliance with the restrictions and covenants set forth in <u>Section 6</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Annual Performance Bonus**. Executive shall be eligible to receive an annual cash performance bonus in the Company's Short Term Incentive Program ("<u>STIP</u>") with a target of one hundred and fifty percent (150%) of the Base Salary (the "<u>Target Bonus Opportunity</u>") relating to each year during the Period of Employment (the "<u>Annual Bonus</u>"), subject to all applicable taxes and withholdings, and based on the achievement of individual and Company performance objectives to be established by the Board in its sole discretion. Executive must remain employed by the Company at the time the Company pays its annual bonuses with respect to any such performance year to be entitled to payment of the Annual Bonus, because part of the purpose of this discretionary bonus is to ensure continued employment until at least the bonus is paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Equity**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Incentive Units of Dawn Management Holdings L.P. granted to Executive prior to the IPO Closing Date will have been converted, effective prior to the IPO Closing Date, into shares of common stock of the Parent and are held pursuant to the terms of a separate Restricted Stock Agreement (except as otherwise expressly provided herein) (such Parent shares, the "<u>Rollover Award</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. During the Period of Employment, Executive shall participate in the Parent's Omnibus Incentive Plan (or any successor plan). The compensation committee of the Board will determine the amount, type and terms of such awards, in consultation with Executive, with the first such award to be made prior to March 31, 2027. Any such awards granted to Executive are hereinafter referred to as the "Parent Awards."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **Reimbursement of Business Expenses**. Executive may incur reasonable expenses in carrying out his duties hereunder and shall, upon receipt by the Company of proper documentation with respect thereto (setting forth the amount, business purpose and establishing payment) be reimbursed for all such reasonable business expenses incurred during the Period of Employment, subject to the Company's expense reimbursement policies and any pre-approval policies in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4.** **Employee Benefits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Company Employee Benefit Plans**. During the Period of Employment, Executive shall be provided the opportunity to participate in all standard employee benefit programs made available by the Company to the Company's senior executives, in accordance with the eligibility and participation provisions of such plans and as such plans or programs may be in effect from time to time. The Company reserves the right to amend any employee welfare or retirement benefit plan, policy, program or arrangement from time to time, or to terminate such plan, policy, program or arrangement, consistent with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Vacation and Other Leave. During the Period of Employment, Executive shall be eligible to receive 25 days of Paid Time Off annually. Paid Time Off is subject to the Company's paid time off policies and procedures. The Company shall have the right, from time to time and in its sole discretion, to modify and amend all plans and benefits provided to its employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5.** **Termination of Employment.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Termination by the Company; Termination Due to Death. Executive's employment with the Company and the Period of Employment may be terminated by the Company immediately upon notice to Executive for an involuntary termination of employment for Cause (as defined in <u>Section 5(f)</u>), without Cause or due to Executive's Disability (as defined in <u>Section 5(f)</u>). Executive's employment with the Company, and the Period of Employment, shall automatically terminate upon Executive's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Termination by Executive. Executive's employment with the Company, and the Period of Employment, may be terminated by Executive without Good Reason (as defined in <u>Section 5(f)</u>) with no less than twelve (12) months advance written notice to the Company. Executive's employment with the Company, and the Period of Employment, may be terminated by Executive for Good Reason in accordance with the notice and termination process as set forth in the definition below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Benefits upon Termination. If Executive's employment with the Company is terminated during the Period of Employment for any reason by the Company or by Executive, the Company shall have no further obligation to make or provide to Executive, and Executive shall have no further right to receive or obtain from the Company, any payments or benefits except as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Company shall pay Executive (or, in the event of his death, Executive's estate) any Accrued Obligations (as defined in <u>Section 5(f)</u>) within the thirty (30) day period following the date Executive's employment terminates (the "<u>Separation Date</u>"), or such earlier date as required under applicable law, and Executive shall receive any vested accrued benefits for which Executive remains eligible under the Company's employee welfare benefit and retirement plans, payable according to the terms of such plans. In addition, if Executive's employment is terminated due to Executive's death or Disability, the Rollover Awards will remain outstanding and continue to vest for a period of twenty-four (24) months following such termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. If, during the Period of Employment, Executive's employment with the Company ends as a result of an involuntary termination by the Company without Cause (which, for the avoidance of doubt, shall include a non-renewal of the Period of Employment by the Company) or by Executive for Good Reason (each, a "<u>Qualifying Termination</u>"), then, in addition to the amounts payable under <u>Section 5(c)(i)</u>, subject to Executive's timely execution and non-revocation of the general release described in <u>Section 5(e)</u> (the "<u>General Release</u>") and the other conditions and limitations herein, Executive shall receive (A) continued payment of his Base Salary (at the rate in effect immediately prior to the Separation Date) during the twelve (12) month period following the Separation Date (the "<u>Severance Period</u>"), payable in substantially equal installments in accordance with the Company's regular payroll schedule, (B) to the extent that Executive timely elects COBRA continuation coverage, the Company shall reimburse Executive for the costs of such COBRA premiums that are in excess of active employee rates for such coverage during the Severance Period ((A) and (B) collectively, the "<u>Severance Payment</u>"), and (C) full acceleration of any unvested portion of the Rollover Award; provided, that no installment or portion of the Severance Payment shall be payable or paid until the expiration of the applicable revocation period for the General Release. Notwithstanding the foregoing, if the Severance Payment is subject to Section 409A (as defined in <u>Section 5(f)</u>) and the timing of Executive's execution and delivery of the General Release could affect the calendar year in which any amount of the Severance Payment is made because the Separation Date occurred toward the end of a calendar year, then no portion of the Severance Payment shall be paid until the Company's first payroll payment date in the year following the year in which the Separation Date occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Notwithstanding anything to the contrary in <u>Section 5(c)(ii)</u>, if a Qualifying Termination occurs within three (3) months prior to or twenty-four (24) months following a Change of Control (as defined in <u>Section 5(f)</u> below), (A) the Separation Payment per <u>Section 5(c)(ii)(A)</u> shall be an amount equal to two times the sum of Executive's Base Salary and Target Bonus Opportunity, payable in a single lump sum within sixty (60) days following such termination of employment, and (B) all outstanding Parent Awards that are unvested as of such termination of employment will accelerate and vest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Notwithstanding Sections <u>5(c)(ii)</u> or <u>(iii)</u> above, if Executive breaches his obligations under <u>Section 6</u> of this Agreement at any time, from and after the date of such breach and not in any way in limitation of any right or remedy otherwise available to the Company, Executive will no longer be entitled to receive, and the Company will no longer be obligated to pay, any remaining unpaid portion of the Severance Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **Cooperation Upon Termination; Resignation from the Board**. Upon the Executive's termination of employment for any reason by Executive or the Company, Executive shall cooperate as reasonably requested by the Board to affect an orderly transition. Upon the effective date of Executive's termination for any reason (or upon Executive giving notice of resignation hereunder if determined by the Board), Executive shall immediately tender Executive's resignation as a member of the Board (including any committees if applicable) and will be deemed to have resigned (and authorizes the Company to take any actions to effect such resignation) as a member of the Board and any other board or similar governing body of each Company Group Member, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. **Release; Exclusive Remedy**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. This <u>Section 5(e)</u> shall apply notwithstanding anything else in this Agreement to the contrary. As a condition precedent to any Company obligation to Executive pursuant to <u>Sections 5(c)(ii)</u> and <u>(iii)</u>, Executive shall provide the Company with a valid, executed General Release in substantially the form attached hereto as <u>Exhibit A</u>, and not revoke such General Release prior to the expiration of any revocation rights afforded to Executive by applicable law. The Company shall provide Executive with the General Release prior to the Separation Date, and Executive must deliver the executed General Release to the Company within twenty-one (21) days (or, if greater, the minimum period required by applicable law) after the Separation Date, failing which Executive will forfeit all rights to any portion of the Severance Payment or other rights as set forth in <u>Sections 5(c)(ii)</u> and <u>(iii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Executive agrees that the payments and benefits contemplated by <u>Section 5(c)</u> shall constitute the exclusive and sole remedy for any termination of his employment, and Executive covenants not to assert or pursue any other remedies, at law or in equity, with respect to any termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; f. **Certain Defined Terms**. As used in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. "<u>Accrued Obligations</u>" means (A) any Base Salary that had accrued but had not been paid (including any amount for accrued and unused vacation time payable in accordance with the Company's vacation policy then in effect or applicable law) on or before the Separation Date, (B) any reimbursement due to Executive pursuant to <u>Section 3(d)</u> for expenses incurred by Executive on or before the Separation Date and (C) any other vested benefits or vested amounts due and owed to Executive under the terms of any plan, program or arrangement of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. "<u>Cause</u>" means (A) Executive's conviction of or plea of nolo contendere to a felony or a crime involving moral turpitude; (B) Executive's commission of fraud, theft, embezzlement, self-dealing, misappropriation or other malfeasance against the business of the Company or any Company Group Member; (C) Executive's conviction of or plea of nolo contendere to any serious offense that results in or would reasonably be expected to result in material financial harm, materially negative publicity or other material harm to the Company or any Company Group Member; (D) Executive's willful failure to perform the duties or responsibilities for the Company or the Company Group as defined by the Board and communicated to the Executive (other than by reason of Disability); (E) Executive's willful violation any lawful policy of the Company or willful failure reasonable directive of the Board or its designee (including, but not limited to, repeated insubordination) and in either case, if curable, fails to cure within thirty (30) calendar days after receiving notice from the Company identifying such failure; (F) Executive's commission of acts or omissions constituting gross negligence or gross misconduct in the performance of any aspect of his lawful duties or responsibilities which have or may be expected to have an adverse effect on the Company or any Company Group Member; (G) Executive's breach of any fiduciary duty owed to the Company or any Company Group Member; (H) Executive's violation of any securities laws; (I) Executive's violation or breach of any Restrictive Covenant (as defined in <u>Section 7</u>) or any material term of the Agreement, and, if curable, fails to cure such violation or breach within thirty (30) calendar days after receiving notice from the Company identifying such violation or breach; or (J) Executive's commission of any act or omission that damages or is reasonably likely to damage the financial condition or business of the Company or any Company Group Member or materially damages or is reasonably likely to materially damage the reputation, public image, goodwill, assets or prospects of the Company or any Company Group Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. "<u>Change of Control</u>" shall mean a change in the ownership or effective control of the Company, or a change in the ownership of a substantial portion of the assets of the Company, in each case, as defined in Section 280G of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>") and the treasury regulations promulgated thereunder (and with a 51% change where applicable), but for avoidance of doubt, will not be triggered solely by a sell-down by entities managed by affiliates of Brookfield Corporation below majority ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. "<u>Disability</u>" means a physical or mental impairment that renders Executive unable to perform the essential functions of his employment with the Company, even with reasonable accommodation that does not impose an undue hardship on the Company, for more than ninety (90) days, whether consecutive or not consecutive, in any consecutive twelve (12) month period, unless a longer period is required by federal or state law, in which case that longer period would apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. "<u>Good Reason</u>" means any of the following events, in each case, without Executive's advance written consent: (i) material reduction in Base Salary or Target Bonus Opportunity; (ii) material reduction in title, authority or duties; (iii) material change in reporting line; (iv) material breach of this Agreement or any other material agreement between Executive and the Company; or (v) Executive's retirement after April 2028 by giving twelve (12) months prior written notice (or a shorter notice period as mutually agreed with the Board). Executive shall provide the Company with a written notice detailing the specific circumstances alleged to constitute Good Reason within sixty (60) days after the Executive's knowledge of the first occurrence of such circumstances, and actually terminate employment within thirty (30) days following the expiration of the Company's thirty (30)-day cure period after receiving such written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. "<u>Section 409A</u>" means Section 409A of the Code and the regulations, rules and other guidance promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. **Section 409A.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. It is intended that any amounts payable under this Agreement shall be exempt from and avoid the imputation of any tax, penalty or interest under Section 409A to the fullest extent permissible under applicable law; provided that if any such amount is or becomes subject to the requirements of Section 409A, it is intended that those amounts shall comply with such requirements. This Agreement shall be construed and interpreted consistent with that intent. In furtherance of that intent, if payment or provision of any amount or benefit hereunder that is subject to Section 409A at the time specified herein would subject such amount or benefit to any additional tax under Section 409A, the payment or provision of such amount or benefit shall be postponed to the earliest commencement date on which the payment or provision of such amount or benefit could be made without incurring such additional tax. In no event, however, shall the Company be liable for any tax, interest or penalty imposed on Executive under Section 409A or any damages for failing to comply with Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. If Executive is a "specified employee" within the meaning of Treasury Regulation Section 1.409A-1(i) as of the Separation Date, Executive shall not be entitled to any payment or benefit pursuant to <u>Section 5(c)(ii)</u> or <u>(iii)</u> until the earlier of (A) the date which is six (6) months after his separation from service (within the meaning of Section 409A) for any reason other than death, or (B) the date of Executive's death; provided that this paragraph shall only apply if, and to the extent, required to avoid the imputation of any tax, penalty or interest pursuant to Section 409A. Any amounts otherwise payable to Executive upon or in the six (6) month period following Executive's separation from service that are not so paid by reason of this <u>Section 5(g)(ii)</u> shall be paid (without interest) as soon as practicable (and in any event within thirty (30) days) after the date that is six (6) months after Executive's separation from service (provided that in the event of Executive's death after such separation from service but prior to payment, then such payment shall be made as soon as practicable, and in all events within thirty (30) days, after the date of Executive's death).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Any reimbursement payment or in-kind benefit due to Executive pursuant to Section 4, to the extent that such reimbursements or in-kind benefits are taxable to him, shall be paid on or before the last day of Executive's taxable year either within or following the taxable year in which the related expense was incurred. Executive agrees to provide prompt notice to the Company of any such expenses (and any other documentation that the Company may reasonably require to substantiate such expenses) to facilitate the Company's timely reimbursement of the same. Reimbursements and in-kind benefits pursuant to Section 3 are not subject to liquidation or exchange for another benefit and the amount of such benefits that Executive receives in one taxable year shall not affect the amount of such reimbursements or benefits that Executive receives in any other taxable year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. For purposes of Section 409A, Executive's right to receive any installment payments hereunder shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., payment shall be made within thirty (30) days following the date of termination), the actual date of payment within the specified period shall be within the sole discretion of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Restrictive Covenants.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Non-Disclosure and Non-Use of Confidential Information.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Executive shall not use or disclose to any individual or natural person, partnership (including a limited liability partnership), corporation, limited liability company, association, joint stock company, trust, joint venture, unincorporated organization or governmental authority (each, a "<u>Person</u>"), either during the Period of Employment or thereafter, any Confidential Information (as defined below) of which Executive is or becomes aware, whether or not such information is developed by him, for any reason or purpose whatsoever, nor shall he make use of any of the Confidential Information for his own purposes or for the benefit of any Person except for the Company Group, except (A) to the extent that such disclosure or use is directly related to and required by Executive's performance in good faith of duties assigned to Executive by the Company or (B) to the extent required to do so by a law or legal process, including a court of competent jurisdiction. Executive shall not modify, reverse engineer, decompile, create other works from or disassemble any software programs contained in the Confidential Information of the Company unless permitted to do so in writing by the Company. Executive will, at the sole expense of the Company, take all reasonable steps to safeguard Confidential Information and to protect it against disclosure, misuse, espionage, loss and theft.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. For purposes of this Agreement, "Confidential Information" means information that is not generally known to the public (including the existence and content of this Agreement) and that is used, developed or obtained by any Company Group Member in connection with its business, including, but not limited to, information, observations and data obtained by Executive during Executive's employment with the Company concerning (A) the business or affairs of the Company Group (or any predecessor thereof) and (B) products, services, fees, costs, pricing structures, analyses, drawings, photographs and reports, computer software (including operating systems, applications and program listings), data bases, accounting and business methods, inventions, devices, new developments, methods and processes (whether patentable or unpatentable and whether or not reduced to practice), customers and clients and customer and client lists, employee personnel and performance information, information on current and prospective independent sales agents, software vendors, sponsor banks or partners, all technology and trade secrets, and all similar and related information in whatever form. Notwithstanding the foregoing, "Confidential Information" will not include any information that has been published in a form generally available to the public prior to the date Executive proposes to disclose or use such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. For the avoidance of doubt, this <u>Section 6(a)</u> does not prohibit or restrict Executive (or Executive's attorney) from responding to any inquiry about the Agreement or its underlying facts and circumstances by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), any other self-regulatory organization or governmental entity, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. Executive understands and acknowledges that he does not need the prior authorization of the Company to make any such reports or disclosures and that he is not required to notify the Company that he has made such reports or disclosures, but will do so if the law permits him to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Notwithstanding anything in this <u>Section 6(a)</u> or elsewhere in the Agreement to the contrary, Executive understands that Executive may, without informing the Company prior to any such disclosure, disclose Confidential Information (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law or (B) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Additionally, without informing the Company prior to any such disclosure, if Executive files a lawsuit against the Company for retaliation for reporting a suspected violation of law, Executive may disclose Confidential Information to his attorney and use the Confidential Information in the court proceeding or arbitration, provided that Executive files any document containing the Confidential Information under seal and does not otherwise disclose the Confidential Information, except pursuant to court order. Without prior authorization of the Company, however, the Company does not authorize Executive to disclose to any third party (including any government official or any attorney Executive may retain) any communications that are covered by the Company's attorney-client privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Intellectual Property Rights.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Executive hereby assigns, transfers and conveys to the Company all of Executive's right, title and interest in and to all Work Product (as defined below). Executive agrees that all Work Product belongs in all instances to the Company. Executive will promptly disclose such Work Product to the Company and perform all actions reasonably requested by the Company (whether during or after the Period of Employment) to establish and confirm the Company's ownership of such Work Product (including, without limitation, the execution and delivery of assignments, consents, powers of attorney and other instruments) and to provide reasonable assistance to the Company (whether during or after the Period of Employment) in connection with the prosecution of any applications for patents, trademarks, trade names, service marks or reissues thereof or in the prosecution or defense of interferences relating to any Work Product. Executive recognizes and agrees that the Work Product, to the extent copyrightable, constitutes works for hire under the copyright laws of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. For purposes of this Agreement, "Work Product" means all inventions, innovations, improvements, technical information, systems, software developments, methods, designs, analyses, drawings, reports, service marks, trademarks, trade names, trade dress, logos and all similar or related information (whether patentable or unpatentable) which relates to the actual or anticipated business, operations, research and development of existing or future products or services of the Company Group and which are conceived, developed or made by Executive (whether or not during usual business hours and whether or not alone or in conjunction with any other person) during the Period of Employment together with all patent applications, letters patent, trademark, trade name and service mark applications or registrations, copyrights and reissues thereof that may be granted for or upon any of the foregoing. Notwithstanding the foregoing, "Work Product" shall not include the patents and other assets set forth on Exhibit B hereto. Executive hereby represents and warrants that the patents and other assets owned by Executive set forth on Exhibit B are not related in any way to the Company Group, except as stated therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Non-Competition**. During the Period of Employment, and for a period of one (1) year following Executive's termination of employment for any reason, Executive will not, and will cause his affiliates not to, directly or indirectly, through or in association with any third party, in North America and any other territory in which any Company Group Member then conducts business or has taken material demonstrable steps to conduct business at the time of Executive's termination of employment (the "<u>Restricted Area</u>"), (x) engage in, sell or provide any products or services which are the same or similar to or otherwise competitive with the products and services sold or provided by the Company Group or (y) own, acquire, or control any interest, financial or otherwise, in a third party or business engaged in selling or providing the same, similar or otherwise competitive services or products which the Company Group Member is selling or providing, other than ownership of one percent (1%) or less of the equity of a publicly-traded company, or (z) provide any form of assistance to any business, entity, or individual that competes with the Company or any Company Group Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **Non-Solicitation of Customers**. During the Period of Employment and for a period of one (1) year following Executive's termination of employment for any reason, to the extent permitted by applicable law, Executive will not, and will cause his affiliates not to, directly or indirectly through or in association with any third party, (i) call on, solicit or service, engage or contract with or take any action which may interfere with, impair, subvert, disrupt or alter the relationship, contractual or otherwise, between any Company Group Member and any current or prospective customer of such Company Group Member, (ii) divert or take away the business or patronage (with respect to products or services of the kind or type developed, produced, marketed, furnished or sold by the Company Group) of any of the clients, customers or accounts, or prospective clients, customers or accounts, of the Company Group, or (iii) attempt to do either of the foregoing, either for Executive's own purposes or for any other third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. **Non-Interference with Business Relationships**. During the Period of Employment and for a period of one (1) year following Executive's termination of employment for any reason, to the extent permitted by applicable law, Executive will not, and will cause his affiliates not to, directly or indirectly through or in association with any third party, (i) engage or contract with or take any action which may interfere with, impair, subvert, disrupt or alter the relationship, contractual or otherwise, between any Company Group Member and any customer, supplier, distributor, developer, service provider, licensor or licensee, or other material business relation of such Company Group Member, or (ii) attempt to do either of the foregoing, either for Executive's own purposes or for any other third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. **Non-Solicitation of Employees**. During the Period of Employment and for a period of one (1) year following Executive's termination of employment for any reason, Executive will not and will not attempt to, and will cause his affiliates not to, directly or indirectly through or in association with any third party, solicit, induce, recruit or encourage any employees of or consultants to the Company Group, or any former employees of or former consultants to the Company Group employed or engaged by the Company within the twelve (12) month period prior to such solicitation, inducement, recruitment or encouragement, to terminate their relationship with the Company Group or take away or hire such employees or consultants, either for Executive's own purposes or for any other third party; provided, that this restriction will not apply in the case of any clerical employee of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. **Non-Disparagement**. Executive shall not, in any manner, directly or indirectly, make any oral or written statement to any Person, publication, news media or social media website that disparages or places any Company Group Member or any of their respective officers, shareholders, members or advisors, or any member of the Board, in a false or negative light; provided that nothing in this <u>Section 6(g)</u> or this Agreement is intended to or should be construed to prevent Executive from fully and truthfully responding to a subpoena or other legal process or request by a governmental or regulatory body, testifying fully and truthfully in any action, proceeding or regulatory matter, or otherwise reporting in good faith possible violations of law or regulations to any governmental agency or governmental entity or making disclosures that are protected under whistleblower or other provisions of the law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. **Outside Business Activity**. The Executive will also be expected to pre-clear with the Board any outside business activities that the Executive wishes to engage in during the Employment Period, which include any activity as an employee, independent contractor, sole proprietor, officer, director, or partner of another business organization (including non-profit business organization), regardless of whether compensation is involved, with the exception of passive investments and activities. The pre-clearance process is intended to vet and appropriately address potential conflicts and related considerations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Acknowledgment and Enforcement of Covenants.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Acknowledgment**. Executive acknowledges that he has become familiar, or will become familiar with the Company Group Members' trade secrets and with other confidential and proprietary information concerning the Company Group Members and their respective predecessors, successors, customers and suppliers, and that his services are of special, unique and extraordinary value to the Company. Executive acknowledges and agrees that the Company would not enter into this Agreement, providing for compensation and other benefits to Executive on the terms and conditions set forth herein but for Executive's agreements herein (including those set forth in <u>Section 6</u>). Furthermore, Executive acknowledges and agrees that the Company will be providing Executive with additional special knowledge after the IPO Closing Date, with such special knowledge to include additional Confidential Information and trade secrets. Executive agrees that the covenants set forth in <u>Section 6</u> (collectively, the "<u>Restrictive Covenants</u>") are reasonable and necessary to protect the Company Group's trade secrets and other Confidential Information, proprietary information, good will, stable workforce and customer relations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Representations**. Without limiting the generality of Executive's agreement with the provisions of <u>Section 7(a)</u>, Executive (i) represents that he is familiar with and has carefully considered the Restrictive Covenants, (ii) represents that he is fully aware of his obligations hereunder, (iii) agrees to the reasonableness of the length of time, scope and geographic coverage, as applicable, of the Restrictive Covenants, (iv) agrees that the Company currently conducts business throughout the Restricted Area and (i) agrees that the Restrictive Covenants will continue in effect for the applicable periods set forth above regardless of whether Executive is then entitled to receive severance pay or benefits from the Company. Executive understands that the Restrictive Covenants may limit his ability to earn a livelihood in a business similar to the business of the Company and its affiliates, but he nevertheless believes that he has received and will receive sufficient consideration and other benefits as an employee of the Company and as otherwise provided hereunder or as described in the recitals hereto to clearly justify such restrictions which, in any event (given his education, skills and ability), Executive does not believe would prevent him from otherwise earning a living. Executive agrees that the Restrictive Covenants do not confer a benefit upon the Company disproportionate to the detriment of Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Enforcement**. Executive agrees that a breach by Executive of any of the Restrictive Covenants may cause immediate and irreparable harm to the Company or another Company Group Member that would be difficult or impossible to measure, and that damages to the Company or the Company Group Member for any such injury may therefore be an inadequate remedy for any such breach. Therefore, Executive agrees that in the event of any breach or threatened breach of any provision of the Restrictive Covenants, the Company shall be entitled, in addition to and without limitation upon all other remedies the Company may have under this Agreement at law or otherwise, to seek to obtain from any court of competent jurisdiction specific performance, injunctive relief and/or other appropriate relief (without posting any bond or deposit) in order to enforce or prevent any violations of the Restrictive Covenants, or require Executive to account for and pay over to the Company all compensation, profits, moneys, accruals, increments or other benefits derived from or received as a result of any transactions constituting a breach of the Restrictive Covenants if and when final judgment of a court of competent jurisdiction is so entered against Executive. Executive further agrees that the applicable period of time any Restrictive Covenant is in effect following his termination of employment with the Company shall be extended by the same amount of time that Executive is in breach of any Restrictive Covenant. Notwithstanding anything to the contrary in <u>Section 6</u>, nothing in <u>Section 6</u> will be enforced in such a manner as to deprive Executive of any legally protected right or to otherwise violate any applicable federal, state or local law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Withholding Taxes/Authorized Deductions.** Notwithstanding anything herein to the contrary, the Company may withhold (or cause to be withheld) from any amounts otherwise due or payable under or pursuant to this Agreement such federal, state and local income, social security, employment or other taxes as may be required to be withheld pursuant to any applicable law or regulation, and make such deductions as may be applicable pursuant to the Company's policies and employee benefit plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Cooperation.** During and after the Period of Employment, Executive shall cooperate fully with any investigation or inquiry by the Company, or any governmental or regulatory agency or body concerning the Company or any other member of the Company, provided that the Company shall reimburse Executive's reasonable expenses incurred in providing such cooperation subject to Executive's delivery of written notice to the Company prior to the time such expenses are incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Governing Law.** This Agreement will be governed by and construed in accordance with the laws of the State of Texas without giving effect to any choice of law provisions or principles thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Arbitration.** Except as contemplated by <u>Section 7(c)</u> hereof, any dispute or controversy arising under or in connection with this Agreement that cannot be mutually resolved by the parties to this Agreement and their respective advisors and representatives shall be settled exclusively by arbitration in Dallas, Texas before one arbitrator of exemplary qualifications and stature, who shall be selected jointly by an individual to be designated by the Company and an individual to be selected by Executive, or if such two individuals cannot agree on the selection of the arbitrator, who shall be selected pursuant to the procedures of the Judicial Arbitration and Mediation Services (JAMS), and such arbitration shall be conducted in accordance with the employment dispute resolution rules of the Judicial Arbitration and Mediation Services then in effect. The parties agree to use their best efforts to cause (i) the two individuals set forth in the preceding sentence, or, if applicable, the Judicial Arbitration and Mediation Services, to appoint the arbitrator within thirty (30) days of the date that a party hereto notifies the other party that a dispute or controversy exists that necessitates the appointment of an arbitrator, and (ii) any arbitration hearing to be held within thirty (60) days of the date of selection of the arbitrator, and, as a condition to his or her selection, such arbitrator must consent to be available for a hearing, at such time. The decision of the arbitrator, including determination of amount of any damages suffered, will be exclusive, final and binding on both parties, their heirs, executors, administrators, successors, and assigns. Each party will bear its own expenses in the arbitration for attorney's fees, for its witnesses and other expenses of presenting its case. Other arbitration costs, including arbitrator fees, administrative fees, and fees for records or transcripts, will be borne equally by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Waiver of Jury Trial.** Each of the parties hereto hereby irrevocably waives all right to trial by jury in any action, proceeding or counterclaim arising out of or relating to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Severability.** It is the desire and intent of the parties hereto that the provisions of this Agreement be fully enforced permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision of this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, prohibited or unenforceable under applicable law, such provision, as to such jurisdiction, shall be ineffective without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Entire Agreement; Amendment.** This Agreement embodies the entire agreement of the parties hereto respecting the matters within its scope and supersedes all other prior agreements (including, without limitation, any offer letters, term sheets and correspondence relating thereto), whether written or oral, that directly or indirectly bear upon the subject matter hereof. This Agreement may not be amended, modified or changed (in whole or in part), except by written agreement executed by both of the parties hereto. Notwithstanding this <u>Section 14</u>, this Agreement shall not supersede any restrictive covenant agreements between Executive and the Company or any other Company Group Member, which shall continue in full force and effect in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Waiver.** No waiver of any of any provision of this Agreement will constitute or be deemed to constitute a waiver of any other provision of this Agreement, nor will any such waiver constitute a continuing wavier unless otherwise expressly provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Successors and Assigns.** This Agreement can be assigned by the Parent and the Company and shall be binding and inure to the benefit of the Parent, the Company and their successors and assigns. No right, obligation or duty or duty of this Agreement may be assigned by Executive without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Notices.** Any notice provided for in this Agreement must be in writing and must be either personally delivered, transmitted via telecopier or email, mailed by first class mail (postage prepaid and return receipt requested) or sent by reputable overnight courier service (charges prepaid) to the recipient at the address below indicated or at such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. Notices will be deemed to have been given hereunder and received when delivered personally, when received if transmitted via telecopier or email, five (5) days after deposit in the U.S. mail and one day after deposit with a reputable overnight courier service.

If to the Company or Parent:

Csquare, Inc.

3100 Olympus Blvd, Suite 510

Coppell, Texas 75019

Attention: Chair of the Compensation Committee

AND

Phoenix Infrastructure LLC

3100 Olympus Blvd, Suite 510

Coppell, Texas 75019

Attention: Chief Legal Officer

With a copy (which shall not constitute notice) to:

Paul, Weiss, Rifkind, Wharton & Garrison LLP<br> 1285 Avenue of the Americas<br> New York, New York 10019<br> Attention: Ravi Purohit

If to Executive, to the address most recently on file in the payroll records of the Company.

With a copy (which shall not constitute notice) to:

Jeremy L. Goldstein, Esq. <br> Sterlington PLLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Legal Counsel; Mutual Drafting.** Each party recognizes that this is a legally binding contract and acknowledges and agrees that they have had the opportunity to consult with legal counsel of their choice. Each party has cooperated in the drafting, negotiation and preparation of this Agreement. Hence, in any construction to be made of this Agreement, the same shall not be construed against either party based on that party being the drafter of such language. Executive agrees and acknowledges that he has read and understands this Agreement, is entering into it freely and voluntarily, and has been advised to seek counsel prior to entering into this Agreement and has had ample opportunity to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.** **Indemnification; D&O Coverage**. The Company or the Parent shall maintain directors' and officers' liability insurance under which Executive shall be covered on a basis that is no less favorable than the coverage provided to any director or officer of the Company, and the Company and the Parent shall indemnify and provide expense advancement to Executive to the fullest extent permitted by applicable law. This <u>Section 19</u> shall apply during the Period of Employment and survive the termination of this Agreement and Executive's employment with the Company while potential liability exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.** **Counterparts.** This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument.

[Signatures on Following Page]

IN WITNESS WHEREOF, the Parent, the Company and Executive have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| CSQUARE, INC. | CSQUARE, INC. |
| By: | /s/ Catherine Smith |
| Name: Catherine Smith | Name: Catherine Smith |
| Title: Chief Legal and Administrative Officer and Corporate Secretary | Title: Chief Legal and Administrative Officer and Corporate Secretary |
| Phoenix Infrastructure LLC | Phoenix Infrastructure LLC |
| By: | /s/ Catherine Smith |
| Name: Catherine Smith | Name: Catherine Smith |
| Title: Chief Administrative Officer, Corporate Secretary and Chief Legal Officer | Title: Chief Administrative Officer, Corporate Secretary and Chief Legal Officer |
| "EXECUTIVE" | "EXECUTIVE" |
| /s/ Spencer Mullee | /s/ Spencer Mullee |
| Spencer Mullee | Spencer Mullee |

---

**EXHIBIT A**

**FORM OF AGREEMENT AND GENERAL RELEASE**

**EXHIBIT B**

**EXCLUDED WORK PRODUCT**

## Exhibit 10.8

**Exhibit 10.8**

**AMENDED & RESTATED EMPLOYMENT AGREEMENT**

THIS AMENDED & RESTATED EMPLOYMENT AGREEMENT (the "<u>Agreement</u>"), dated as of June 16, 2026, is made by and between **Csquare, Inc.** ("<u>Parent</u>"), its subsidiary Phoenix Infrastructure LLC ("<u>Company</u>"), and **Steven Cook** ("<u>Executive</u>").

WHEREAS, the Company employs Executive pursuant to that certain Employment Agreement, dated April 1, 2024, by and between the Company and Executive, as amended on May 15, 2024 (collectively, the "<u>Prior Agreement</u>"); and

WHEREAS, the parties desire to enter into this Agreement to amend and restate the Prior Agreement effective as of the closing of the initial public offering (the date of such closing, the "<u>IPO Closing Date</u>") by the Parent pursuant to the Form S-1 Registration Statement under the Securities Act of 1933.

NOW, THEREFORE, in consideration of the above recitals incorporated herein and the mutual covenants and promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby expressly acknowledged, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Position and Duties.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Company hereby engages and employs Executive for the Period of Employment (as defined in <u>Section 2</u>) on the terms and conditions expressly set forth in this Agreement. Executive hereby accepts and agrees to such engagement and employment, on the terms and conditions expressly set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. During the Period of Employment, Executive shall serve as Chief Financial Officer of the Company and shall have the powers, authorities and duties that are commensurate with such position. Executive shall report to the Company's Chief Executive Officer (the "<u>CEO</u>") and shall perform such duties as are reasonably requested by the CEO. Executive may be appointed to and hold such other board or officer positions with the Parent, the Company or their subsidiaries or affiliates, as determined by the CEO or the Board of Directors of the Parent (the "<u>Board</u>") or its designee from time to time, and if so appointed Executive agrees to serve in such capacities for no additional compensation. Executive shall perform Executive's duties primarily at the Company's offices in Dallas, Texas and may be required to travel for business as reasonably requested by the CEO from time to time; provided, further, that, notwithstanding the foregoing, Executive shall perform Executive's duties for the Company on a full-time basis during the Period of Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. During the Period of Employment, Executive shall (i) devote substantially all of Executive's business time, energy and skill to the performance of Executive's duties for the Parent, the Company and their subsidiaries and affiliates (individually, a "<u>Company Group Member</u>" and collectively, the "<u>Company Group</u>"), (ii) perform such duties in a faithful, effective and efficient manner to the best of Executive's abilities, and (iii) hold no other employment, consulting or advisory positions. Executive agrees to perform Executive's duties and responsibilities within and subject to the Company's general employment policies and practices, and such other reasonable policies, practices and restrictions as the Company shall from time to time establish for its similarly situated executives, and shall at all times carry out such policies, practices and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Executive hereby represents to the Company that: (i) the execution and delivery of this Agreement and the performance by Executive of Executive's duties hereunder do not and shall not constitute a breach of, conflict with, or otherwise contravene or cause a default under, the terms of any other agreement or policy to which Executive is a party or otherwise bound or any judgment, order or decree to which Executive is subject; (ii) Executive has no information (including, without limitation, confidential information and trade secrets) relating to any other person or entity that would prevent Executive under the terms of any other agreement or arrangement from entering into this Agreement or carrying out Executive's duties hereunder, or would give rise to a violation of such other agreement or arrangement; (iii) Executive is not bound by any employment, consulting, non-competition, confidentiality, trade secret or similar agreement (other than this Agreement) with any other person or entity that would prevent Executive under the terms of any other agreement or arrangement from entering into this Agreement or carrying out Executive's duties hereunder, or would give rise to a violation of such other agreement or arrangement; and (iv) Executive understands the Company will rely upon the accuracy and truth of the representations and warranties of Executive set forth herein and Executive consents to such reliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Period of Employment.** The "Period of Employment" shall be the period commencing on the IPO Closing Date and terminating on the third (3rd) anniversary of the IPO Closing Date, or, if earlier, upon Executive's resignation of Executive's employment or the termination of Executive's employment by the Company in accordance with the terms and conditions of this Agreement. The Period of Employment shall automatically be renewed and extended on the same terms and conditions contained herein for consecutive one (1) year period thereafter, unless not later than sixty (60) days prior to the end of the initial Period of Employment or any renewal period, as the case may be, either party shall give written notice to the other party of Executive's or its election to terminate Executive's employment pursuant to this Agreement. The term "Period of Employment" shall include any such renewal period. If, during the Period of Employment (including any renewal period), Executive's employment with the Company ends as a result of non-renewal by the Company of this Agreement, such non-renewal shall be deemed a termination by the Company without Cause (as defined below). For the avoidance of doubt, Executive's employment with the Company shall be "at will."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Compensation and Reimbursement of Expenses.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Compensation**. Executive's annual base salary (the "<u>Base Salary</u>") for the Period of Employment shall be $450,000, payable in accordance with the Company's regular payroll practices in effect from time to time and subject to all applicable taxes and withholdings, but no less frequently than in monthly installments. The Base Salary may be increased by the Board in its sole discretion. The parties acknowledge and agree that a portion of Executive's Base Salary shall constitute consideration for Executive's compliance with the restrictions and covenants set forth in <u>Section 6</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Annual Performance Bonus**. Executive shall be eligible to receive an annual cash performance bonus in the Company's Short Term Incentive Program ("<u>STIP</u>") with a target of ninety percent (90%) of the Base Salary (the "<u>Target Bonus Opportunity</u>") relating to each year during the Period of Employment (the "<u>Annual Bonus</u>"), subject to all applicable taxes and withholdings, and based on the achievement of individual and Company performance objectives to be established by the CEO and the Board in their sole discretion. Executive must remain employed by the Company at the time the Company pays its annual bonuses with respect to any such performance year to be entitled to payment of the Annual Bonus, because part of the purpose of this discretionary bonus is to ensure continued employment until at least the bonus is paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Equity**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Incentive Units of Dawn Management Holdings L.P. granted to Executive prior to the IPO Closing Date, as well as the award granted to Executive under the Long Term Incentive Cash Bonus Plan adopted March 2026 by the Company, will have been converted, effective prior to the IPO Closing Date, into shares of common stock of the Parent and/or share-settled restricted stock units of Parent, in each case pursuant to the terms of separate grant agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. During the Period of Employment, Executive shall participate in the Parent's Omnibus Incentive Plan (or any successor plan). The compensation committee of the Board will determine the amount, type and terms of such awards, with the first such award to be made prior to March 31, 2027. Any such awards granted to Executive are hereinafter referred to as the "Parent Awards."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **Reimbursement of Business Expenses**. Executive may incur reasonable expenses in carrying out Executive's duties hereunder and shall, upon receipt by the Company of proper documentation with respect thereto (setting forth the amount, business purpose and establishing payment) be reimbursed for all such reasonable business expenses incurred during the Period of Employment, subject to the Company's expense reimbursement policies and any pre-approval policies in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Employee Benefits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Company Employee Benefit Plans**. During the Period of Employment, Executive shall be provided the opportunity to participate in all standard employee benefit programs made available by the Company to the Company's senior executives, in accordance with the eligibility and participation provisions of such plans and as such plans or programs may be in effect from time to time. The Company reserves the right to amend any employee welfare or retirement benefit plan, policy, program or arrangement from time to time, or to terminate such plan, policy, program or arrangement, consistent with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Vacation and Other Leave**. During the Period of Employment, Executive shall be eligible to paid personal leave in accordance with the Company's policies. Any vacation shall be taken at the reasonable and mutual convenience of the Company and Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Termination of Employment.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Termination by the Company; Termination Due to Death**. Executive's employment with the Company and the Period of Employment may be terminated by the Company immediately upon notice to Executive for an involuntary termination of employment for Cause (as defined in <u>Section 5(f)</u>), without Cause or due to Executive's Disability (as defined in <u>Section 5(f)</u>). Executive's employment with the Company, and the Period of Employment, shall automatically terminate upon Executive's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Termination by Executive**. Executive's employment with the Company, and the Period of Employment, may be terminated by Executive without Good Reason (as defined in <u>Section 5(f)</u>) with no less than six (6) months advance written notice to the Company. Executive's employment with the Company, and the Period of Employment, may be terminated by Executive for Good Reason in accordance with the notice and termination process as set forth in the definition below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Benefits upon Termination**. If Executive's employment with the Company is terminated during the Period of Employment for any reason by the Company or by Executive, the Company shall have no further obligation to make or provide to Executive, and Executive shall have no further right to receive or obtain from the Company, any payments or benefits except as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Company shall pay Executive (or, in the event of Executive's death, Executive's estate) any Accrued Obligations (as defined in <u>Section 5(f)</u>) within the thirty (30) day period following the date Executive's employment terminates (the "<u>Separation Date</u>"), or such earlier date as required under applicable law, and Executive shall receive any vested accrued benefits for which Executive remains eligible under the Company's employee welfare benefit and retirement plans, payable according to the terms of such plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. If, during the Period of Employment, Executive's employment with the Company ends as a result of an involuntary termination by the Company without Cause (which, for the avoidance of doubt, shall include a non-renewal of the Period of Employment by the Company) or by Executive for Good Reason (each, a "<u>Qualifying Termination</u>"), then, in addition to the amounts payable under <u>Section 5(c)(i)</u>, subject to Executive's timely execution and non-revocation of the general release described in <u>Section 5(e)</u> (the "<u>General Release</u>") and the other conditions and limitations herein, Executive shall receive (A) continued payment of Executive's Base Salary (at the rate in effect immediately prior to the Separation Date) during the nine (9) month period following the Separation Date (the "<u>Severance Period</u>"), payable in substantially equal installments in accordance with the Company's regular payroll schedule, and (B) to the extent that Executive timely elects COBRA continuation coverage, the Company shall reimburse Executive for the costs of such COBRA premiums that are in excess of active employee rates for such coverage for twelve (12) months ((A) and (B) collectively, the "<u>Severance Payment</u>"); provided, that no installment or portion of the Severance Payment shall be payable or paid until the expiration of the applicable revocation period for the General Release. Notwithstanding the foregoing, if the Severance Payment is subject to Section 409A (as defined in <u>Section 5(f)</u>) and the timing of Executive's execution and delivery of the General Release could affect the calendar year in which any amount of the Severance Payment is made because the Separation Date occurred toward the end of a calendar year, then no portion of the Severance Payment shall be paid until the Company's first payroll payment date in the year following the year in which the Separation Date occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Notwithstanding anything to the contrary in <u>Section 5(c)(ii)</u>, if a Qualifying Termination occurs within three (3) months prior to or twenty-four (24) months following a Change of Control (as defined in <u>Section 5(f)</u> below), (A) the Separation Payment per <u>Section 5(c)(ii)(A)</u> shall be an amount equal to one and one-half times the sum of Executive's Base Salary and Target Bonus Opportunity, payable in a single lump sum within sixty (60) days following such termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Notwithstanding <u>Sections 5(c)(ii)</u> or <u>(iii)</u> above, if Executive breaches Executive's obligations under <u>Section 6</u> of this Agreement at any time, from and after the date of such breach and not in any way in limitation of any right or remedy otherwise available to the Company, Executive will no longer be entitled to receive, and the Company will no longer be obligated to pay, any remaining unpaid portion of the Severance Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **Cooperation Upon Termination**. Upon the Executive's termination of employment for any reason by Executive or the Company, Executive shall cooperate as reasonably requested by the CEO and Board to affect an orderly transition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. **Release; Exclusive Remedy**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. This <u>Section 5(e)</u> shall apply notwithstanding anything else in this Agreement to the contrary. As a condition precedent to any Company obligation to Executive pursuant to <u>Sections 5(c)(ii)</u> and <u>(iii)</u>, Executive shall provide the Company with a valid, executed General Release in substantially the form attached hereto as <u>Exhibit A</u>, and not revoke such General Release prior to the expiration of any revocation rights afforded to Executive by applicable law. The Company shall provide Executive with the General Release prior to the Separation Date, and Executive must deliver the executed General Release to the Company within twenty-one (21) days (or, if greater, the minimum period required by applicable law) after the Separation Date, failing which Executive will forfeit all rights to any portion of the Severance Payment or other rights as set forth in <u>Sections 5(c)(ii)</u> and <u>(iii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Executive agrees that the payments and benefits contemplated by <u>Section 5(c)</u> shall constitute the exclusive and sole remedy for any termination of Executive's employment, and Executive covenants not to assert or pursue any other remedies, at law or in equity, with respect to any termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. **Certain Defined Terms**. As used in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. "<u>Accrued Obligations</u>" means (A) any Base Salary that had accrued but had not been paid (including any amount for accrued and unused vacation time payable in accordance with the Company's vacation policy then in effect or applicable law) on or before the Separation Date, (B) any reimbursement due to Executive pursuant to <u>Section 3(d)</u> for expenses incurred by Executive on or before the Separation Date and (C) any other vested benefits or vested amounts due and owed to Executive under the terms of any plan, program or arrangement of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. "<u>Cause</u>" means (A) Executive's conviction of or plea of nolo contendere to a felony or a crime involving moral turpitude; (B) Executive's commission of fraud, theft, embezzlement, self-dealing, misappropriation or other malfeasance against the business of the Company or any Company Group Member; (C) Executive's conviction of or plea of nolo contendere to any serious offense that results in or would reasonably be expected to result in material financial harm, materially negative publicity or other material harm to the Company or any Company Group Member; (D) Executive's willful violation any lawful policy of the Company or willful failure reasonable directive of the Board or its designee (including, but not limited to, repeated insubordination) and in either case, if curable, fails to cure within thirty (30) calendar days after receiving notice from the Company identifying such failure; (E) Executive's commission of acts or omissions constituting gross negligence or gross misconduct in the performance of any aspect of Executive's lawful duties or responsibilities which have or may be expected to have an adverse effect on the Company or any Company Group Member; (F) Executive's breach of any fiduciary duty owed to the Company or any Company Group Member; (G) Executive's violation of any securities laws; (H) Executive's violation or breach of any Restrictive Covenant (as defined in <u>Section 7</u>) or any material term of the Agreement, and, if curable, fails to cure such violation or breach within thirty (30) calendar days after receiving notice from the Company identifying such violation or breach; or (I) Executive's commission of any act or omission that damages or is reasonably likely to damage the financial condition or business of the Company or any Company Group Member or materially damages or is reasonably likely to materially damage the reputation, public image, goodwill, assets or prospects of the Company or any Company Group Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. "<u>Change of Control</u>" shall mean a change in the ownership or effective control of the Company, or a change in the ownership of a substantial portion of the assets of the Company, in each case, as defined in Section 280G of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>") and the treasury regulations promulgated thereunder (and with a fifty-one percent (51%) change where applicable), but for avoidance of doubt, will not be triggered solely by a sell-down by entities managed by affiliates of Brookfield Corporation below majority ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. "<u>Disability</u>" means a physical or mental impairment that renders Executive unable to perform the essential functions of Executive's employment with the Company, even with reasonable accommodation that does not impose an undue hardship on the Company, for more than ninety (90) days, whether consecutive or not consecutive, in any consecutive twelve (12) month period, unless a longer period is required by federal or state law, in which case that longer period would apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. "<u>Good Reason</u>" means any of the following events, in each case, without Executive's advance written consent: (i) material reduction in Base Salary or Target Bonus Opportunity; (ii) material reduction in title, authority or duties; (iii) material change in reporting line; or (iv) material breach of this Agreement or any other material agreement between Executive and the Company. Executive shall provide the Company with a written notice detailing the specific circumstances alleged to constitute Good Reason within sixty (60) days after the Executive's knowledge of the first occurrence of such circumstances, and actually terminate employment within thirty (30) days following the expiration of the Company's thirty (30)-day cure period after receiving such written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. "<u>Section 409A</u>" means Section 409A of the Code and the regulations, rules and other guidance promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. **Section 409A**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. It is intended that any amounts payable under this Agreement shall be exempt from and avoid the imputation of any tax, penalty or interest under Section 409A to the fullest extent permissible under applicable law; provided that if any such amount is or becomes subject to the requirements of Section 409A, it is intended that those amounts shall comply with such requirements. This Agreement shall be construed and interpreted consistent with that intent. In furtherance of that intent, if payment or provision of any amount or benefit hereunder that is subject to Section 409A at the time specified herein would subject such amount or benefit to any additional tax under Section 409A, the payment or provision of such amount or benefit shall be postponed to the earliest commencement date on which the payment or provision of such amount or benefit could be made without incurring such additional tax. In no event, however, shall the Company be liable for any tax, interest or penalty imposed on Executive under Section 409A or any damages for failing to comply with Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. If Executive is a "specified employee" within the meaning of Treasury Regulation Section 1.409A-1(i) as of the Separation Date, Executive shall not be entitled to any payment or benefit pursuant to Section 5(c)(ii) until the earlier of (A) the date which is six (6) months after Executive's separation from service (within the meaning of Section 409A) for any reason other than death, or (B) the date of Executive's death; provided that this paragraph shall only apply if, and to the extent, required to avoid the imputation of any tax, penalty or interest pursuant to Section 409A. Any amounts otherwise payable to Executive upon or in the six (6) month period following Executive's separation from service that are not so paid by reason of this Section 5(g)(ii) shall be paid (without interest) as soon as practicable (and in any event within thirty (30) days) after the date that is six (6) months after Executive's separation from service (provided that in the event of Executive's death after such separation from service but prior to payment, then such payment shall be made as soon as practicable, and in all events within thirty 30) days, after the date of Executive's death).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Any reimbursement payment or in-kind benefit due to Executive pursuant to <u>Section 3</u>, to the extent that such reimbursements or in-kind benefits are taxable to him, shall be paid on or before the last day of Executive's taxable year either within or following the taxable year in which the related expense was incurred. Executive agrees to provide prompt notice to the Company of any such expenses (and any other documentation that the Company may reasonably require to substantiate such expenses) to facilitate the Company's timely reimbursement of the same. Reimbursements and in-kind benefits pursuant to <u>Section 3</u> are not subject to liquidation or exchange for another benefit and the amount of such benefits that Executive receives in one taxable year shall not affect the amount of such reimbursements or benefits that Executive receives in any other taxable year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. For purposes of Section 409A, Executive's right to receive any installment payments hereunder shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., payment shall be made within thirty (30) days following the date of termination), the actual date of payment within the specified period shall be within the sole discretion of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Restrictive Covenants.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Non-Disclosure and Non-Use of Confidential Information**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Executive shall not use or disclose to any individual or natural person, partnership (including a limited liability partnership), corporation, limited liability company, association, joint stock company, trust, joint venture, unincorporated organization or governmental authority (each, a "<u>Person</u>"), either during the Period of Employment or thereafter, any Confidential Information (as defined below) of which Executive is or becomes aware, whether or not such information is developed by him, for any reason or purpose whatsoever, nor shall he make use of any of the Confidential Information for Executive's own purposes or for the benefit of any Person except for the Company Group, except (A) to the extent that such disclosure or use is directly related to and required by Executive's performance in good faith of duties assigned to Executive by the Company or (B) to the extent required to do so by a law or legal process, including a court of competent jurisdiction. Executive shall not modify, reverse engineer, decompile, create other works from or disassemble any software programs contained in the Confidential Information of the Company unless permitted to do so in writing by the Company. Executive will, at the sole expense of the Company, take all reasonable steps to safeguard Confidential Information and to protect it against disclosure, misuse, espionage, loss and theft.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. For purposes of this Agreement, "Confidential Information" means information that is not generally known to the public (including the existence and content of this Agreement) and that is used, developed or obtained by any Company Group Member in connection with its business, including, but not limited to, information, observations and data obtained by Executive during Executive's employment with the Company concerning (A) the business or affairs of the Company Group (or any predecessor thereof) and (B) products, services, fees, costs, pricing structures, analyses, drawings, photographs and reports, computer software (including operating systems, applications and program listings), data bases, accounting and business methods, inventions, devices, new developments, methods and processes (whether patentable or unpatentable and whether or not reduced to practice), customers and clients and customer and client lists, employee personnel and performance information, information on current and prospective independent sales agents, software vendors, sponsor banks or partners, all technology and trade secrets, and all similar and related information in whatever form. Notwithstanding the foregoing, "Confidential Information" will not include any information that has been published in a form generally available to the public prior to the date Executive proposes to disclose or use such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. For the avoidance of doubt, this <u>Section 6(a)</u> does not prohibit or restrict Executive (or Executive's attorney) from responding to any inquiry about the Agreement or its underlying facts and circumstances by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), any other self-regulatory organization or governmental entity, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. Executive understands and acknowledges that he does not need the prior authorization of the Company to make any such reports or disclosures and that he is not required to notify the Company that he has made such reports or disclosures, but will do so if the law permits him to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Notwithstanding anything in this <u>Section 6(a)</u> or elsewhere in the Agreement to the contrary, Executive understands that Executive may, without informing the Company prior to any such disclosure, disclose Confidential Information (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law or (B) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Additionally, without informing the Company prior to any such disclosure, if Executive files a lawsuit against the Company for retaliation for reporting a suspected violation of law, Executive may disclose Confidential Information to Executive's attorney and use the Confidential Information in the court proceeding or arbitration, provided that Executive files any document containing the Confidential Information under seal and does not otherwise disclose the Confidential Information, except pursuant to court order. Without prior authorization of the Company, however, the Company does not authorize Executive to disclose to any third party (including any government official or any attorney Executive may retain) any communications that are covered by the Company's attorney-client privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Intellectual Property Rights**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Executive hereby assigns, transfers and conveys to the Company all of Executive's right, title and interest in and to all Work Product (as defined below). Executive agrees that all Work Product belongs in all instances to the Company. Executive will promptly disclose such Work Product to the Company and perform all actions reasonably requested by the Company (whether during or after the Period of Employment) to establish and confirm the Company's ownership of such Work Product (including, without limitation, the execution and delivery of assignments, consents, powers of attorney and other instruments) and to provide reasonable assistance to the Company (whether during or after the Period of Employment) in connection with the prosecution of any applications for patents, trademarks, trade names, service marks or reissues thereof or in the prosecution or defense of interferences relating to any Work Product. Executive recognizes and agrees that the Work Product, to the extent copyrightable, constitutes works for hire under the copyright laws of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. For purposes of this Agreement, "Work Product" means all inventions, innovations, improvements, technical information, systems, software developments, methods, designs, analyses, drawings, reports, service marks, trademarks, trade names, trade dress, logos and all similar or related information (whether patentable or unpatentable) which relates to the actual or anticipated business, operations, research and development of existing or future products or services of the Company Group and which are conceived, developed or made by Executive (whether or not during usual business hours and whether or not alone or in conjunction with any other person) during the Period of Employment together with all patent applications, letters patent, trademark, trade name and service mark applications or registrations, copyrights and reissues thereof that may be granted for or upon any of the foregoing. Notwithstanding the foregoing, "Work Product" shall not include the patents and other assets set forth on Exhibit B hereto. Executive hereby represents and warrants that the patents and other assets owned by Executive set forth on Exhibit B are not related in any way to the Company Group, except as stated therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Non-Competition**. During the Period of Employment, and for a period of six (6) months following Executive's termination of employment for any reason, Executive will not, and will cause Executive's affiliates not to, directly or indirectly, through or in association with any third party, in North America and any other territory in which any Company Group Member then conducts business or has taken material demonstrable steps to conduct business at the time of Executive's termination of employment (the "<u>Restricted Area</u>"), (x) engage in, sell or provide any products or services which are the same or similar to or otherwise competitive with the products and services sold or provided by the Company Group or (y) own, acquire, or control any interest, financial or otherwise, in a third party or business engaged in selling or providing the same, similar or otherwise competitive services or products which the Company Group Member is selling or providing, other than ownership of one percent (1%) or less of the equity of a publicly-traded company, or (z) provide any form of assistance to any business, entity, or individual that competes with the Company or any Company Group Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **Non-Solicitation of Customers**. During the Period of Employment and for a period of six (6) months following Executive's termination of employment for any reason, to the extent permitted by applicable law, Executive will not, and will cause Executive's affiliates not to, directly or indirectly through or in association with any third party, (i) call on, solicit or service, engage or contract with or take any action which may interfere with, impair, subvert, disrupt or alter the relationship, contractual or otherwise, between any Company Group Member and any current or prospective customer of such Company Group Member, (ii) divert or take away the business or patronage (with respect to products or services of the kind or type developed, produced, marketed, furnished or sold by the Company Group) of any of the clients, customers or accounts, or prospective clients, customers or accounts, of the Company Group, or (iii) attempt to do either of the foregoing, either for Executive's own purposes or for any other third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. **Non-Interference with Business Relationships**. During the Period of Employment and for a period of six (6) months following Executive's termination of employment for any reason, to the extent permitted by applicable law, Executive will not, and will cause Executive's affiliates not to, directly or indirectly through or in association with any third party, (i) engage or contract with or take any action which may interfere with, impair, subvert, disrupt or alter the relationship, contractual or otherwise, between any Company Group Member and any customer, supplier, distributor, developer, service provider, licensor or licensee, or other material business relation of such Company Group Member, or (ii) attempt to do either of the foregoing, either for Executive's own purposes or for any other third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. **Non-Solicitation of Employees**. During the Period of Employment and for a period of one (1) year following Executive's termination of employment for any reason, Executive will not and will not attempt to, and will cause Executive's affiliates not to, directly or indirectly through or in association with any third party, solicit, induce, recruit or encourage any employees of or consultants to the Company Group, or any former employees of or former consultants to the Company Group employed or engaged by the Company within the twelve (12) month period prior to such solicitation, inducement, recruitment or encouragement, to terminate their relationship with the Company Group or take away or hire such employees or consultants, either for Executive's own purposes or for any other third party; provided, that this restriction will not apply in the case of any clerical employee of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. **Non-Disparagement**. Executive shall not, in any manner, directly or indirectly, make any oral or written statement to any Person, publication, news media or social media website that disparages or places any Company Group Member or any of their respective officers, shareholders, members or advisors, or any member of the Board, in a false or negative light; provided that nothing in this <u>Section 6(g)</u> or this Agreement is intended to or should be construed to prevent Executive from fully and truthfully responding to a subpoena or other legal process or request by a governmental or regulatory body, testifying fully and truthfully in any action, proceeding or regulatory matter, or otherwise reporting in good faith possible violations of law or regulations to any governmental agency or governmental entity or making disclosures that are protected under whistleblower or other provisions of the law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. **Outside Business Activity**. The Executive will also be expected to pre-clear any outside business activities that the Executive wishes to engage in during the Employment Period, which include any activity as an employee, independent contractor, sole proprietor, officer, director, or partner of another business organization (including non-profit business organization), regardless of whether compensation is involved, with the exception of passive investments and activities. The pre-clearance process is intended to vet and appropriately address potential conflicts and related considerations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Acknowledgment and Enforcement of Covenants.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Acknowledgment**. Executive acknowledges that he has become familiar, or will become familiar with the Company Group Members' trade secrets and with other confidential and proprietary information concerning the Company Group Members and their respective predecessors, successors, customers and suppliers, and that Executive's services are of special, unique and extraordinary value to the Company. Executive acknowledges and agrees that the Company would not enter into this Agreement, providing for compensation and other benefits to Executive on the terms and conditions set forth herein but for Executive's agreements herein (including those set forth in <u>Section 6</u>). Furthermore, Executive acknowledges and agrees that the Company will be providing Executive with additional special knowledge after the IPO Closing Date, with such special knowledge to include additional Confidential Information and trade secrets. Executive agrees that the covenants set forth in <u>Section 6</u> (collectively, the "<u>Restrictive Covenants</u>") are reasonable and necessary to protect the Company Group's trade secrets and other Confidential Information, proprietary information, good will, stable workforce and customer relations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Representations**. Without limiting the generality of Executive's agreement with the provisions of <u>Section 7(a)</u>, Executive (i) represents that he is familiar with and has carefully considered the Restrictive Covenants, (ii) represents that he is fully aware of Executive's obligations hereunder, (iii) agrees to the reasonableness of the length of time, scope and geographic coverage, as applicable, of the Restrictive Covenants, (iv) agrees that the Company currently conducts business throughout the Restricted Area and (i) agrees that the Restrictive Covenants will continue in effect for the applicable periods set forth above regardless of whether Executive is then entitled to receive severance pay or benefits from the Company. Executive understands that the Restrictive Covenants may limit Executive's ability to earn a livelihood in a business similar to the business of the Company and its affiliates, but he nevertheless believes that he has received and will receive sufficient consideration and other benefits as an employee of the Company and as otherwise provided hereunder or as described in the recitals hereto to clearly justify such restrictions which, in any event (given Executive's education, skills and ability), Executive does not believe would prevent him from otherwise earning a living. Executive agrees that the Restrictive Covenants do not confer a benefit upon the Company disproportionate to the detriment of Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Enforcement**. Executive agrees that a breach by Executive of any of the Restrictive Covenants may cause immediate and irreparable harm to the Company or another Company Group Member that would be difficult or impossible to measure, and that damages to the Company or the Company Group Member for any such injury may therefore be an inadequate remedy for any such breach. Therefore, Executive agrees that in the event of any breach or threatened breach of any provision of the Restrictive Covenants, the Company shall be entitled, in addition to and without limitation upon all other remedies the Company may have under this Agreement at law or otherwise, to seek to obtain from any court of competent jurisdiction specific performance, injunctive relief and/or other appropriate relief (without posting any bond or deposit) in order to enforce or prevent any violations of the Restrictive Covenants, or require Executive to account for and pay over to the Company all compensation, profits, moneys, accruals, increments or other benefits derived from or received as a result of any transactions constituting a breach of the Restrictive Covenants if and when final judgment of a court of competent jurisdiction is so entered against Executive. Executive further agrees that the applicable period of time any Restrictive Covenant is in effect following Executive's termination of employment with the Company shall be extended by the same amount of time that Executive is in breach of any Restrictive Covenant. Notwithstanding anything to the contrary in <u>Section 6</u>, nothing in <u>Section 6</u> will be enforced in such a manner as to deprive Executive of any legally protected right or to otherwise violate any applicable federal, state or local law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Withholding Taxes/Authorized Deductions.** Notwithstanding anything herein to the contrary, the Company may withhold (or cause to be withheld) from any amounts otherwise due or payable under or pursuant to this Agreement such federal, state and local income, social security, employment or other taxes as may be required to be withheld pursuant to any applicable law or regulation, and make such deductions as may be applicable pursuant to the Company's policies and employee benefit plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Cooperation.** During and after the Period of Employment, Executive shall cooperate fully with any investigation or inquiry by the Company, or any governmental or regulatory agency or body concerning the Company or any other member of the Company, provided that the Company shall reimburse Executive's reasonable expenses incurred in providing such cooperation subject to Executive's delivery of written notice to the Company prior to the time such expenses are incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Governing Law.** This Agreement will be governed by and construed in accordance with the laws of the State of Texas without giving effect to any choice of law provisions or principles thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Arbitration.** Except as contemplated by <u>Section 7(c)</u> hereof, any dispute or controversy arising under or in connection with this Agreement that cannot be mutually resolved by the parties to this Agreement and their respective advisors and representatives shall be settled exclusively by arbitration in Dallas, Texas before one arbitrator of exemplary qualifications and stature, who shall be selected jointly by an individual to be designated by the Company and an individual to be selected by Executive, or if such two individuals cannot agree on the selection of the arbitrator, who shall be selected pursuant to the procedures of the Judicial Arbitration and Mediation Services (JAMS), and such arbitration shall be conducted in accordance with the employment dispute resolution rules of the Judicial Arbitration and Mediation Services then in effect. The parties agree to use their best efforts to cause (i) the two individuals set forth in the preceding sentence, or, if applicable, the Judicial Arbitration and Mediation Services, to appoint the arbitrator within thirty (30) days of the date that a party hereto notifies the other party that a dispute or controversy exists that necessitates the appointment of an arbitrator, and (ii) any arbitration hearing to be held within thirty (60) days of the date of selection of the arbitrator, and, as a condition to Executive's selection, such arbitrator must consent to be available for a hearing, at such time. The decision of the arbitrator, including determination of amount of any damages suffered, will be exclusive, final and binding on both parties, their heirs, executors, administrators, successors, and assigns. Each party will bear its own expenses in the arbitration for attorney's fees, for its witnesses and other expenses of presenting its case. Other arbitration costs, including arbitrator fees, administrative fees, and fees for records or transcripts, will be borne equally by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Waiver of Jury Trial.** Each of the parties hereto hereby irrevocably waives all right to trial by jury in any action, proceeding or counterclaim arising out of or relating to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Severability.** It is the desire and intent of the parties hereto that the provisions of this Agreement be fully enforced permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision of this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, prohibited or unenforceable under applicable law, such provision, as to such jurisdiction, shall be ineffective without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Entire Agreement; Amendment.** This Agreement embodies the entire agreement of the parties hereto respecting the matters within its scope and supersedes all other prior agreements (including, without limitation, any offer letters, term sheets and correspondence relating thereto), whether written or oral, that directly or indirectly bear upon the subject matter hereof. This Agreement may not be amended, modified or changed (in whole or in part), except by written agreement executed by both of the parties hereto. Notwithstanding this <u>Section 14</u>, this Agreement shall not supersede any restrictive covenant agreements between Executive and the Company or any other Company Group Member, which shall continue in full force and effect in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Waiver.** No waiver of any of any provision of this Agreement will constitute or be deemed to constitute a waiver of any other provision of this Agreement, nor will any such waiver constitute a continuing wavier unless otherwise expressly provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Successors and Assigns.** This Agreement can be assigned by the Parent or the Company and shall be binding and inure to the benefit of the Parent, the Company and their successors and assigns. No right, obligation or duty or duty of this Agreement may be assigned by Executive without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Notices.** Any notice provided for in this Agreement must be in writing and must be either personally delivered, transmitted via telecopier or email, mailed by first class mail (postage prepaid and return receipt requested) or sent by reputable overnight courier service (charges prepaid) to the recipient at the address below indicated or at such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. Notices will be deemed to have been given hereunder and received when delivered personally, when received if transmitted via telecopier or email, five (5) days after deposit in the U.S. mail and one day after deposit with a reputable overnight courier service.

If to the Company:

3100 Olympus Blvd, Suite 510

Coppell, Texas 75019

Attention: Chief Legal Officer

With a copy (which shall not constitute notice) to:

Phoenix Infrastructure LLC

3100 Olympus Blvd, Suite 510

Coppell, Texas 75019

Attention: Chief Executive Officer

If to Executive, to the address most recently on file in the payroll records of the Company.

With a copy (which shall not constitute notice) to:

Jeremy L. Goldstein, Esq. <br> Sterlington PLLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Legal Counsel; Mutual Drafting.** Each party recognizes that this is a legally binding contract and acknowledges and agrees that they have had the opportunity to consult with legal counsel of their choice. Each party has cooperated in the drafting, negotiation and preparation of this Agreement. Hence, in any construction to be made of this Agreement, the same shall not be construed against either party based on that party being the drafter of such language. Executive agrees and acknowledges that he has read and understands this Agreement, is entering into it freely and voluntarily, and has been advised to seek counsel prior to entering into this Agreement and has had ample opportunity to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.** **Indemnification; D&O Coverage**. The Company or the Parent shall maintain directors' and officers' liability insurance under which Executive shall be covered on a basis that is no less favorable than the coverage provided to any director or officer of the Company, and the Company and the Parent shall indemnify and provide expense advancement to Executive to the fullest extent permitted by applicable law. This <u>Section 19</u> shall apply during the Period of Employment and survive the termination of this Agreement and Executive's employment with the Company while potential liability exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.** **Counterparts.** This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument.

[Signatures on Following Page]

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| "COMPANY" | "COMPANY" |
| CSQUARE, INC. | CSQUARE, INC. |
| By: | /s/ Spencer Mullee |
| Name: Spencer Mullee | Name: Spencer Mullee |
| Title: Chief Executive Officer | Title: Chief Executive Officer |
| PHOENIX INFRASTRUCTURE LLC | PHOENIX INFRASTRUCTURE LLC |
| By: | /s/ Spencer Mullee |
| Name: Spencer Mullee | Name: Spencer Mullee |
| Title: Chief Executive Officer | Title: Chief Executive Officer |
| "EXECUTIVE" | "EXECUTIVE" |
| /s/ Steven Cook | /s/ Steven Cook |
| Steven Cook | Steven Cook |

---

**EXHIBIT A**

**FORM OF AGREEMENT AND GENERAL RELEASE**

**EXHIBIT B**

**EXCLUDED WORK PRODUCT**

## Exhibit 10.9

**Exhibit 10.9**

**AMENDED & RESTATED EMPLOYMENT AGREEMENT**

THIS AMENDED & RESTATED EMPLOYMENT AGREEMENT (the "<u>Agreement</u>"), dated as of June 16, 2026, is made by and between **Csquare, Inc.** ("<u>Parent</u>"), its subsidiary Phoenix Infrastructure LLC ("<u>Company</u>"), and **Catherine Smith** ("<u>Executive</u>").

WHEREAS, the Company employs Executive pursuant to that certain Employment Agreement, dated April 1, 2024, by and between the Company and Executive, as amended on May 15, 2024 (collectively, the "<u>Prior Agreement</u>"); and

WHEREAS, the parties desire to enter into this Agreement to amend and restate the Prior Agreement effective as of the closing of the initial public offering (the date of such closing, the "<u>IPO Closing Date</u>") by the Parent pursuant to the Form S-1 Registration Statement under the Securities Act of 1933.

NOW, THEREFORE, in consideration of the above recitals incorporated herein and the mutual covenants and promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby expressly acknowledged, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Position and Duties.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Company hereby engages and employs Executive for the Period of Employment (as defined in <u>Section 2</u>) on the terms and conditions expressly set forth in this Agreement. Executive hereby accepts and agrees to such engagement and employment, on the terms and conditions expressly set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. During the Period of Employment, Executive shall serve as Chief Administrative Officer, Corporate Secretary and Chief Legal Officer of the Company and shall have the powers, authorities and duties that are commensurate with such position. Executive shall report to the Company's Chief Executive Officer (the "<u>CEO</u>") and shall perform such duties as are reasonably requested by the CEO. Executive may be appointed to and hold such other board or officer positions with the Parent, the Company or their subsidiaries or affiliates, as determined by the CEO or the Board of Directors of the Parent (the "<u>Board</u>") or its designee from time to time, and if so appointed Executive agrees to serve in such capacities for no additional compensation. Executive shall perform Executive's duties primarily at the Company's offices in Dallas, Texas and may be required to travel for business as reasonably requested by the CEO from time to time; provided, further, that, notwithstanding the foregoing, Executive shall perform Executive's duties for the Company on a full-time basis during the Period of Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. During the Period of Employment, Executive shall (i) devote substantially all of Executive's business time, energy and skill to the performance of Executive's duties for the Parent, the Company and their subsidiaries and affiliates (individually, a "<u>Company Group Member</u>" and collectively, the "<u>Company Group</u>"), (ii) perform such duties in a faithful, effective and efficient manner to the best of Executive's abilities, and (iii) hold no other employment, consulting or advisory positions. Executive agrees to perform Executive's duties and responsibilities within and subject to the Company's general employment policies and practices, and such other reasonable policies, practices and restrictions as the Company shall from time to time establish for its similarly situated executives, and shall at all times carry out such policies, practices and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Executive hereby represents to the Company that: (i) the execution and delivery of this Agreement and the performance by Executive of Executive's duties hereunder do not and shall not constitute a breach of, conflict with, or otherwise contravene or cause a default under, the terms of any other agreement or policy to which Executive is a party or otherwise bound or any judgment, order or decree to which Executive is subject; (ii) Executive has no information (including, without limitation, confidential information and trade secrets) relating to any other person or entity that would prevent Executive under the terms of any other agreement or arrangement from entering into this Agreement or carrying out Executive's duties hereunder, or would give rise to a violation of such other agreement or arrangement; (iii) Executive is not bound by any employment, consulting, non-competition, confidentiality, trade secret or similar agreement (other than this Agreement) with any other person or entity that would prevent Executive under the terms of any other agreement or arrangement from entering into this Agreement or carrying out Executive's duties hereunder, or would give rise to a violation of such other agreement or arrangement; and (iv) Executive understands the Company will rely upon the accuracy and truth of the representations and warranties of Executive set forth herein and Executive consents to such reliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Period of Employment.** The "Period of Employment" shall be the period commencing on the IPO Closing Date and terminating on the third (3rd) anniversary of the IPO Closing Date, or, if earlier, upon Executive's resignation of Executive's employment or the termination of Executive's employment by the Company in accordance with the terms and conditions of this Agreement. The Period of Employment shall automatically be renewed and extended on the same terms and conditions contained herein for consecutive one (1) year period thereafter, unless not later than sixty (60) days prior to the end of the initial Period of Employment or any renewal period, as the case may be, either party shall give written notice to the other party of Executive's or its election to terminate Executive's employment pursuant to this Agreement. The term "Period of Employment" shall include any such renewal period. If, during the Period of Employment (including any renewal period), Executive's employment with the Company ends as a result of non-renewal by the Company of this Agreement, such non-renewal shall be deemed a termination by the Company without Cause (as defined below). For the avoidance of doubt, Executive's employment with the Company shall be "at will."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Compensation and Reimbursement of Expenses.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Compensation**. Executive's annual base salary (the "<u>Base Salary</u>") for the Period of Employment shall be $450,000, payable in accordance with the Company's regular payroll practices in effect from time to time and subject to all applicable taxes and withholdings, but no less frequently than in monthly installments. The Base Salary may be increased by the Board in its sole discretion. The parties acknowledge and agree that a portion of Executive's Base Salary shall constitute consideration for Executive's compliance with the restrictions and covenants set forth in <u>Section 6</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Annual Performance Bonus**. Executive shall be eligible to receive an annual cash performance bonus in the Company's Short Term Incentive Program ("<u>STIP</u>") with a target of ninety percent (90%) of the Base Salary (the "<u>Target Bonus Opportunity</u>") relating to each year during the Period of Employment (the "<u>Annual Bonus</u>"), subject to all applicable taxes and withholdings, and based on the achievement of individual and Company performance objectives to be established by the CEO and the Board in their sole discretion. Executive must remain employed by the Company at the time the Company pays its annual bonuses with respect to any such performance year to be entitled to payment of the Annual Bonus, because part of the purpose of this discretionary bonus is to ensure continued employment until at least the bonus is paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Equity**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Incentive Units of Dawn Management Holdings L.P. granted to Executive prior to the IPO Closing Date, as well as the award granted to Executive under the Long Term Incentive Cash Bonus Plan adopted March 2026 by the Company, will have been converted, effective prior to the IPO Closing Date, into shares of common stock of the Parent and/or share-settled restricted stock units of Parent, in each case pursuant to the terms of separate grant agreements (except as otherwise expressly provided herein) (such Parent shares and restricted stock units, collectively, the "<u>Rollover Award</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. During the Period of Employment, Executive shall participate in the Parent's Omnibus Incentive Plan (or any successor plan). The compensation committee of the Board will determine the amount, type and terms of such awards, with the first such award to be made prior to March 31, 2027. Any such awards granted to Executive are hereinafter referred to as the "Parent Awards."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **Reimbursement of Business Expenses**. Executive may incur reasonable expenses in carrying out Executive's duties hereunder and shall, upon receipt by the Company of proper documentation with respect thereto (setting forth the amount, business purpose and establishing payment) be reimbursed for all such reasonable business expenses incurred during the Period of Employment, subject to the Company's expense reimbursement policies and any pre-approval policies in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Employee Benefits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Company Employee Benefit Plans**. During the Period of Employment, Executive shall be provided the opportunity to participate in all standard employee benefit programs made available by the Company to the Company's senior executives, in accordance with the eligibility and participation provisions of such plans and as such plans or programs may be in effect from time to time. The Company reserves the right to amend any employee welfare or retirement benefit plan, policy, program or arrangement from time to time, or to terminate such plan, policy, program or arrangement, consistent with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Vacation and Other Leave**. During the Period of Employment, Executive shall be eligible to paid personal leave in accordance with the Company's policies. Any vacation shall be taken at the reasonable and mutual convenience of the Company and Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Termination of Employment.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Termination by the Company; Termination Due to Death**. Executive's employment with the Company and the Period of Employment may be terminated by the Company immediately upon notice to Executive for an involuntary termination of employment for Cause (as defined in <u>Section 5(f)</u>), without Cause or due to Executive's Disability (as defined in <u>Section 5(f)</u>). Executive's employment with the Company, and the Period of Employment, shall automatically terminate upon Executive's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Termination by Executive**. Executive's employment with the Company, and the Period of Employment, may be terminated by Executive without Good Reason (as defined in <u>Section 5(f)</u>) with no less than six (6) months advance written notice to the Company. Executive's employment with the Company, and the Period of Employment, may be terminated by Executive for Good Reason in accordance with the notice and termination process as set forth in the definition below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Benefits upon Termination**. If Executive's employment with the Company is terminated during the Period of Employment for any reason by the Company or by Executive, the Company shall have no further obligation to make or provide to Executive, and Executive shall have no further right to receive or obtain from the Company, any payments or benefits except as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Company shall pay Executive (or, in the event of Executive's death, Executive's estate) any Accrued Obligations (as defined in <u>Section 5(f)</u>) within the thirty (30) day period following the date Executive's employment terminates (the "<u>Separation Date</u>"), or such earlier date as required under applicable law, and Executive shall receive any vested accrued benefits for which Executive remains eligible under the Company's employee welfare benefit and retirement plans, payable according to the terms of such plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. If, during the Period of Employment, Executive's employment with the Company ends as a result of an involuntary termination by the Company without Cause (which, for the avoidance of doubt, shall include a non-renewal of the Period of Employment by the Company) or by Executive for Good Reason (each, a "<u>Qualifying Termination</u>"), then, in addition to the amounts payable under <u>Section 5(c)(i)</u>, subject to Executive's timely execution and non-revocation of the general release described in <u>Section 5(e)</u> (the "<u>General Release</u>") and the other conditions and limitations herein, Executive shall receive (A) continued payment of Executive's Base Salary (at the rate in effect immediately prior to the Separation Date) during the twelve (12) month period following the Separation Date (the "<u>Severance Period</u>"), payable in substantially equal installments in accordance with the Company's regular payroll schedule, and (B) to the extent that Executive timely elects COBRA continuation coverage, the Company shall reimburse Executive for the costs of such COBRA premiums that are in excess of active employee rates for such coverage for twelve (12) months ((A) and (B) collectively, the "<u>Severance Payment</u>"); provided, that no installment or portion of the Severance Payment shall be payable or paid until the expiration of the applicable revocation period for the General Release; provided further that if Executive resigns pursuant to clause (v) of the definition of Good Reason below, Executive shall receive full acceleration of any unvested portion of the Rollover Award. Notwithstanding the foregoing, if the Severance Payment is subject to Section 409A (as defined in <u>Section 5(f)</u>) and the timing of Executive's execution and delivery of the General Release could affect the calendar year in which any amount of the Severance Payment is made because the Separation Date occurred toward the end of a calendar year, then no portion of the Severance Payment shall be paid until the Company's first payroll payment date in the year following the year in which the Separation Date occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Notwithstanding anything to the contrary in <u>Section 5(c)(ii)</u>, if a Qualifying Termination occurs within three (3) months prior to or twenty-four (24) months following a Change of Control (as defined in <u>Section 5(f)</u> below), (A) the Separation Payment per <u>Section 5(c)(ii)(A)</u> shall be an amount equal to one and one-half times the sum of Executive's Base Salary and Target Bonus Opportunity, payable in a single lump sum within sixty (60) days following such termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Notwithstanding <u>Sections 5(c)(ii)</u> or <u>(iii)</u> above, if Executive breaches Executive's obligations under <u>Section 6</u> of this Agreement at any time, from and after the date of such breach and not in any way in limitation of any right or remedy otherwise available to the Company, Executive will no longer be entitled to receive, and the Company will no longer be obligated to pay, any remaining unpaid portion of the Severance Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **Cooperation Upon Termination**. Upon the Executive's termination of employment for any reason by Executive or the Company, Executive shall cooperate as reasonably requested by the CEO and Board to affect an orderly transition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. **Release; Exclusive Remedy**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. This <u>Section 5(e)</u> shall apply notwithstanding anything else in this Agreement to the contrary. As a condition precedent to any Company obligation to Executive pursuant to <u>Sections 5(c)(ii)</u> and <u>(iii)</u>, Executive shall provide the Company with a valid, executed General Release in substantially the form attached hereto as <u>Exhibit A</u>, and not revoke such General Release prior to the expiration of any revocation rights afforded to Executive by applicable law. The Company shall provide Executive with the General Release prior to the Separation Date, and Executive must deliver the executed General Release to the Company within twenty-one (21) days (or, if greater, the minimum period required by applicable law) after the Separation Date, failing which Executive will forfeit all rights to any portion of the Severance Payment or other rights as set forth in <u>Sections 5(c)(ii)</u> and <u>(iii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Executive agrees that the payments and benefits contemplated by <u>Section 5(c)</u> shall constitute the exclusive and sole remedy for any termination of Executive's employment, and Executive covenants not to assert or pursue any other remedies, at law or in equity, with respect to any termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. **Certain Defined Terms**. As used in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. "<u>Accrued Obligations</u>" means (A) any Base Salary that had accrued but had not been paid (including any amount for accrued and unused vacation time payable in accordance with the Company's vacation policy then in effect or applicable law) on or before the Separation Date, (B) any reimbursement due to Executive pursuant to <u>Section 3(d)</u> for expenses incurred by Executive on or before the Separation Date and (C) any other vested benefits or vested amounts due and owed to Executive under the terms of any plan, program or arrangement of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. "<u>Cause</u>" means (A) Executive's conviction of or plea of nolo contendere to a felony or a crime involving moral turpitude; (B) Executive's commission of fraud, theft, embezzlement, self-dealing, misappropriation or other malfeasance against the business of the Company or any Company Group Member; (C) Executive's conviction of or plea of nolo contendere to any serious offense that results in or would reasonably be expected to result in material financial harm, materially negative publicity or other material harm to the Company or any Company Group Member; (D) Executive's willful violation any lawful policy of the Company or willful failure reasonable directive of the Board or its designee (including, but not limited to, repeated insubordination) and in either case, if curable, fails to cure within thirty (30) calendar days after receiving notice from the Company identifying such failure; (E) Executive's commission of acts or omissions constituting gross negligence or gross misconduct in the performance of any aspect of Executive's lawful duties or responsibilities which have or may be expected to have an adverse effect on the Company or any Company Group Member; (F) Executive's breach of any fiduciary duty owed to the Company or any Company Group Member; (G) Executive's violation of any securities laws; (H) Executive's violation or breach of any Restrictive Covenant (as defined in <u>Section 7</u>) or any material term of the Agreement, and, if curable, fails to cure such violation or breach within thirty (30) calendar days after receiving notice from the Company identifying such violation or breach; or (I) Executive's commission of any act or omission that damages or is reasonably likely to damage the financial condition or business of the Company or any Company Group Member or materially damages or is reasonably likely to materially damage the reputation, public image, goodwill, assets or prospects of the Company or any Company Group Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. "<u>Change of Control</u>" shall mean a change in the ownership or effective control of the Company, or a change in the ownership of a substantial portion of the assets of the Company, in each case, as defined in Section 280G of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>") and the treasury regulations promulgated thereunder (and with a fifty-one percent (51%) change where applicable), but for avoidance of doubt, will not be triggered solely by a sell-down by entities managed by affiliates of Brookfield Corporation below majority ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. "<u>Disability</u>" means a physical or mental impairment that renders Executive unable to perform the essential functions of Executive's employment with the Company, even with reasonable accommodation that does not impose an undue hardship on the Company, for more than ninety (90) days, whether consecutive or not consecutive, in any consecutive twelve (12) month period, unless a longer period is required by federal or state law, in which case that longer period would apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. "<u>Good Reason</u>" means any of the following events, in each case, without Executive's advance written consent: (i) material reduction in Base Salary or Target Bonus Opportunity; (ii) material reduction in title, authority or duties; (iii) material change in reporting line; (iv) material breach of this Agreement or any other material agreement between Executive and the Company; or (v) Executive's retirement after April 2028 by giving twelve (12) months prior written notice (or a shorter notice period as mutually agreed with the Board). Executive shall provide the Company with a written notice detailing the specific circumstances alleged to constitute Good Reason within sixty (60) days after the Executive's knowledge of the first occurrence of such circumstances, and actually terminate employment within thirty (30) days following the expiration of the Company's thirty (30)-day cure period after receiving such written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. "<u>Section 409A</u>" means Section 409A of the Code and the regulations, rules and other guidance promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. **Section 409A**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. It is intended that any amounts payable under this Agreement shall be exempt from and avoid the imputation of any tax, penalty or interest under Section 409A to the fullest extent permissible under applicable law; provided that if any such amount is or becomes subject to the requirements of Section 409A, it is intended that those amounts shall comply with such requirements. This Agreement shall be construed and interpreted consistent with that intent. In furtherance of that intent, if payment or provision of any amount or benefit hereunder that is subject to Section 409A at the time specified herein would subject such amount or benefit to any additional tax under Section 409A, the payment or provision of such amount or benefit shall be postponed to the earliest commencement date on which the payment or provision of such amount or benefit could be made without incurring such additional tax. In no event, however, shall the Company be liable for any tax, interest or penalty imposed on Executive under Section 409A or any damages for failing to comply with Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. If Executive is a "specified employee" within the meaning of Treasury Regulation Section 1.409A-1(i) as of the Separation Date, Executive shall not be entitled to any payment or benefit pursuant to Section 5(c)(ii) until the earlier of (A) the date which is six (6) months after Executive's separation from service (within the meaning of Section 409A) for any reason other than death, or (B) the date of Executive's death; provided that this paragraph shall only apply if, and to the extent, required to avoid the imputation of any tax, penalty or interest pursuant to Section 409A. Any amounts otherwise payable to Executive upon or in the six (6) month period following Executive's separation from service that are not so paid by reason of this Section 5(g)(ii) shall be paid (without interest) as soon as practicable (and in any event within thirty (30) days) after the date that is six (6) months after Executive's separation from service (provided that in the event of Executive's death after such separation from service but prior to payment, then such payment shall be made as soon as practicable, and in all events within thirty 30) days, after the date of Executive's death).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Any reimbursement payment or in-kind benefit due to Executive pursuant to <u>Section 3</u>, to the extent that such reimbursements or in-kind benefits are taxable to him, shall be paid on or before the last day of Executive's taxable year either within or following the taxable year in which the related expense was incurred. Executive agrees to provide prompt notice to the Company of any such expenses (and any other documentation that the Company may reasonably require to substantiate such expenses) to facilitate the Company's timely reimbursement of the same. Reimbursements and in-kind benefits pursuant to <u>Section 3</u> are not subject to liquidation or exchange for another benefit and the amount of such benefits that Executive receives in one taxable year shall not affect the amount of such reimbursements or benefits that Executive receives in any other taxable year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. For purposes of Section 409A, Executive's right to receive any installment payments hereunder shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., payment shall be made within thirty (30) days following the date of termination), the actual date of payment within the specified period shall be within the sole discretion of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Restrictive Covenants.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Non-Disclosure and Non-Use of Confidential Information**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Executive shall not use or disclose to any individual or natural person, partnership (including a limited liability partnership), corporation, limited liability company, association, joint stock company, trust, joint venture, unincorporated organization or governmental authority (each, a "<u>Person</u>"), either during the Period of Employment or thereafter, any Confidential Information (as defined below) of which Executive is or becomes aware, whether or not such information is developed by him, for any reason or purpose whatsoever, nor shall he make use of any of the Confidential Information for Executive's own purposes or for the benefit of any Person except for the Company Group, except (A) to the extent that such disclosure or use is directly related to and required by Executive's performance in good faith of duties assigned to Executive by the Company or (B) to the extent required to do so by a law or legal process, including a court of competent jurisdiction. Executive shall not modify, reverse engineer, decompile, create other works from or disassemble any software programs contained in the Confidential Information of the Company unless permitted to do so in writing by the Company. Executive will, at the sole expense of the Company, take all reasonable steps to safeguard Confidential Information and to protect it against disclosure, misuse, espionage, loss and theft.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. For purposes of this Agreement, "Confidential Information" means information that is not generally known to the public (including the existence and content of this Agreement) and that is used, developed or obtained by any Company Group Member in connection with its business, including, but not limited to, information, observations and data obtained by Executive during Executive's employment with the Company concerning (A) the business or affairs of the Company Group (or any predecessor thereof) and (B) products, services, fees, costs, pricing structures, analyses, drawings, photographs and reports, computer software (including operating systems, applications and program listings), data bases, accounting and business methods, inventions, devices, new developments, methods and processes (whether patentable or unpatentable and whether or not reduced to practice), customers and clients and customer and client lists, employee personnel and performance information, information on current and prospective independent sales agents, software vendors, sponsor banks or partners, all technology and trade secrets, and all similar and related information in whatever form. Notwithstanding the foregoing, "Confidential Information" will not include any information that has been published in a form generally available to the public prior to the date Executive proposes to disclose or use such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. For the avoidance of doubt, this <u>Section 6(a)</u> does not prohibit or restrict Executive (or Executive's attorney) from responding to any inquiry about the Agreement or its underlying facts and circumstances by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), any other self-regulatory organization or governmental entity, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. Executive understands and acknowledges that he does not need the prior authorization of the Company to make any such reports or disclosures and that he is not required to notify the Company that he has made such reports or disclosures, but will do so if the law permits him to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Notwithstanding anything in this <u>Section 6(a)</u> or elsewhere in the Agreement to the contrary, Executive understands that Executive may, without informing the Company prior to any such disclosure, disclose Confidential Information (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law or (B) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Additionally, without informing the Company prior to any such disclosure, if Executive files a lawsuit against the Company for retaliation for reporting a suspected violation of law, Executive may disclose Confidential Information to Executive's attorney and use the Confidential Information in the court proceeding or arbitration, provided that Executive files any document containing the Confidential Information under seal and does not otherwise disclose the Confidential Information, except pursuant to court order. Without prior authorization of the Company, however, the Company does not authorize Executive to disclose to any third party (including any government official or any attorney Executive may retain) any communications that are covered by the Company's attorney-client privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Intellectual Property Rights**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Executive hereby assigns, transfers and conveys to the Company all of Executive's right, title and interest in and to all Work Product (as defined below). Executive agrees that all Work Product belongs in all instances to the Company. Executive will promptly disclose such Work Product to the Company and perform all actions reasonably requested by the Company (whether during or after the Period of Employment) to establish and confirm the Company's ownership of such Work Product (including, without limitation, the execution and delivery of assignments, consents, powers of attorney and other instruments) and to provide reasonable assistance to the Company (whether during or after the Period of Employment) in connection with the prosecution of any applications for patents, trademarks, trade names, service marks or reissues thereof or in the prosecution or defense of interferences relating to any Work Product. Executive recognizes and agrees that the Work Product, to the extent copyrightable, constitutes works for hire under the copyright laws of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. For purposes of this Agreement, "Work Product" means all inventions, innovations, improvements, technical information, systems, software developments, methods, designs, analyses, drawings, reports, service marks, trademarks, trade names, trade dress, logos and all similar or related information (whether patentable or unpatentable) which relates to the actual or anticipated business, operations, research and development of existing or future products or services of the Company Group and which are conceived, developed or made by Executive (whether or not during usual business hours and whether or not alone or in conjunction with any other person) during the Period of Employment together with all patent applications, letters patent, trademark, trade name and service mark applications or registrations, copyrights and reissues thereof that may be granted for or upon any of the foregoing. Notwithstanding the foregoing, "Work Product" shall not include the patents and other assets set forth on Exhibit B hereto. Executive hereby represents and warrants that the patents and other assets owned by Executive set forth on Exhibit B are not related in any way to the Company Group, except as stated therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Non-Competition**. During the Period of Employment, and for a period of six (6) months following Executive's termination of employment for any reason, Executive will not, and will cause Executive's affiliates not to, directly or indirectly, through or in association with any third party, in North America and any other territory in which any Company Group Member then conducts business or has taken material demonstrable steps to conduct business at the time of Executive's termination of employment (the "<u>Restricted Area</u>"), (x) engage in, sell or provide any products or services which are the same or similar to or otherwise competitive with the products and services sold or provided by the Company Group or (y) own, acquire, or control any interest, financial or otherwise, in a third party or business engaged in selling or providing the same, similar or otherwise competitive services or products which the Company Group Member is selling or providing, other than ownership of one percent (1%) or less of the equity of a publicly-traded company, or (z) provide any form of assistance to any business, entity, or individual that competes with the Company or any Company Group Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **Non-Solicitation of Customers**. During the Period of Employment and for a period of six (6) months following Executive's termination of employment for any reason, to the extent permitted by applicable law, Executive will not, and will cause Executive's affiliates not to, directly or indirectly through or in association with any third party, (i) call on, solicit or service, engage or contract with or take any action which may interfere with, impair, subvert, disrupt or alter the relationship, contractual or otherwise, between any Company Group Member and any current or prospective customer of such Company Group Member, (ii) divert or take away the business or patronage (with respect to products or services of the kind or type developed, produced, marketed, furnished or sold by the Company Group) of any of the clients, customers or accounts, or prospective clients, customers or accounts, of the Company Group, or (iii) attempt to do either of the foregoing, either for Executive's own purposes or for any other third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. **Non-Interference with Business Relationships**. During the Period of Employment and for a period of six (6) months following Executive's termination of employment for any reason, to the extent permitted by applicable law, Executive will not, and will cause Executive's affiliates not to, directly or indirectly through or in association with any third party, (i) engage or contract with or take any action which may interfere with, impair, subvert, disrupt or alter the relationship, contractual or otherwise, between any Company Group Member and any customer, supplier, distributor, developer, service provider, licensor or licensee, or other material business relation of such Company Group Member, or (ii) attempt to do either of the foregoing, either for Executive's own purposes or for any other third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. **Non-Solicitation of Employees**. During the Period of Employment and for a period of one (1) year following Executive's termination of employment for any reason, Executive will not and will not attempt to, and will cause Executive's affiliates not to, directly or indirectly through or in association with any third party, solicit, induce, recruit or encourage any employees of or consultants to the Company Group, or any former employees of or former consultants to the Company Group employed or engaged by the Company within the twelve (12) month period prior to such solicitation, inducement, recruitment or encouragement, to terminate their relationship with the Company Group or take away or hire such employees or consultants, either for Executive's own purposes or for any other third party; provided, that this restriction will not apply in the case of any clerical employee of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. **Non-Disparagement**. Executive shall not, in any manner, directly or indirectly, make any oral or written statement to any Person, publication, news media or social media website that disparages or places any Company Group Member or any of their respective officers, shareholders, members or advisors, or any member of the Board, in a false or negative light; provided that nothing in this <u>Section 6(g)</u> or this Agreement is intended to or should be construed to prevent Executive from fully and truthfully responding to a subpoena or other legal process or request by a governmental or regulatory body, testifying fully and truthfully in any action, proceeding or regulatory matter, or otherwise reporting in good faith possible violations of law or regulations to any governmental agency or governmental entity or making disclosures that are protected under whistleblower or other provisions of the law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. **Outside Business Activity**. The Executive will also be expected to pre-clear any additional outside business activities that the Executive wishes to engage in during the Employment Period, which include any activity as an employee, independent contractor, sole proprietor, officer, director, or partner of another business organization (including non-profit business organization), regardless of whether compensation is involved, with the exception of passive investments and activities. The pre-clearance process is intended to vet and appropriately address potential conflicts and related considerations. Notwithstanding anything to the contrary in this Agreement, the Company acknowledges that Executive currently serves on the Georgetown University Law Center Board of Visitors and as a trustee on the board of Executive's local church, and Executive may continue such service and associated activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Acknowledgment and Enforcement of Covenants.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Acknowledgment**. Executive acknowledges that he has become familiar, or will become familiar with the Company Group Members' trade secrets and with other confidential and proprietary information concerning the Company Group Members and their respective predecessors, successors, customers and suppliers, and that Executive's services are of special, unique and extraordinary value to the Company. Executive acknowledges and agrees that the Company would not enter into this Agreement, providing for compensation and other benefits to Executive on the terms and conditions set forth herein but for Executive's agreements herein (including those set forth in <u>Section 6</u>). Furthermore, Executive acknowledges and agrees that the Company will be providing Executive with additional special knowledge after the IPO Closing Date, with such special knowledge to include additional Confidential Information and trade secrets. Executive agrees that the covenants set forth in <u>Section 6</u> (collectively, the "<u>Restrictive Covenants</u>") are reasonable and necessary to protect the Company Group's trade secrets and other Confidential Information, proprietary information, good will, stable workforce and customer relations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Representations**. Without limiting the generality of Executive's agreement with the provisions of <u>Section 7(a)</u>, Executive (i) represents that he is familiar with and has carefully considered the Restrictive Covenants, (ii) represents that he is fully aware of Executive's obligations hereunder, (iii) agrees to the reasonableness of the length of time, scope and geographic coverage, as applicable, of the Restrictive Covenants, (iv) agrees that the Company currently conducts business throughout the Restricted Area and (i) agrees that the Restrictive Covenants will continue in effect for the applicable periods set forth above regardless of whether Executive is then entitled to receive severance pay or benefits from the Company. Executive understands that the Restrictive Covenants may limit Executive's ability to earn a livelihood in a business similar to the business of the Company and its affiliates, but he nevertheless believes that he has received and will receive sufficient consideration and other benefits as an employee of the Company and as otherwise provided hereunder or as described in the recitals hereto to clearly justify such restrictions which, in any event (given Executive's education, skills and ability), Executive does not believe would prevent him from otherwise earning a living. Executive agrees that the Restrictive Covenants do not confer a benefit upon the Company disproportionate to the detriment of Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Enforcement**. Executive agrees that a breach by Executive of any of the Restrictive Covenants may cause immediate and irreparable harm to the Company or another Company Group Member that would be difficult or impossible to measure, and that damages to the Company or the Company Group Member for any such injury may therefore be an inadequate remedy for any such breach. Therefore, Executive agrees that in the event of any breach or threatened breach of any provision of the Restrictive Covenants, the Company shall be entitled, in addition to and without limitation upon all other remedies the Company may have under this Agreement at law or otherwise, to seek to obtain from any court of competent jurisdiction specific performance, injunctive relief and/or other appropriate relief (without posting any bond or deposit) in order to enforce or prevent any violations of the Restrictive Covenants, or require Executive to account for and pay over to the Company all compensation, profits, moneys, accruals, increments or other benefits derived from or received as a result of any transactions constituting a breach of the Restrictive Covenants if and when final judgment of a court of competent jurisdiction is so entered against Executive. Executive further agrees that the applicable period of time any Restrictive Covenant is in effect following Executive's termination of employment with the Company shall be extended by the same amount of time that Executive is in breach of any Restrictive Covenant. Notwithstanding anything to the contrary in <u>Section 6</u>, nothing in <u>Section 6</u> will be enforced in such a manner as to deprive Executive of any legally protected right or to otherwise violate any applicable federal, state or local law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Withholding Taxes/Authorized Deductions.** Notwithstanding anything herein to the contrary, the Company may withhold (or cause to be withheld) from any amounts otherwise due or payable under or pursuant to this Agreement such federal, state and local income, social security, employment or other taxes as may be required to be withheld pursuant to any applicable law or regulation, and make such deductions as may be applicable pursuant to the Company's policies and employee benefit plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Cooperation.** During and after the Period of Employment, Executive shall cooperate fully with any investigation or inquiry by the Company, or any governmental or regulatory agency or body concerning the Company or any other member of the Company, provided that the Company shall reimburse Executive's reasonable expenses incurred in providing such cooperation subject to Executive's delivery of written notice to the Company prior to the time such expenses are incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Governing Law.** This Agreement will be governed by and construed in accordance with the laws of the State of Texas without giving effect to any choice of law provisions or principles thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Arbitration.** Except as contemplated by <u>Section 7(c)</u> hereof, any dispute or controversy arising under or in connection with this Agreement that cannot be mutually resolved by the parties to this Agreement and their respective advisors and representatives shall be settled exclusively by arbitration in Miami, Florida before one arbitrator of exemplary qualifications and stature, who shall be selected jointly by an individual to be designated by the Company and an individual to be selected by Executive, or if such two individuals cannot agree on the selection of the arbitrator, who shall be selected pursuant to the procedures of the Judicial Arbitration and Mediation Services (JAMS), and such arbitration shall be conducted in accordance with the employment dispute resolution rules of the Judicial Arbitration and Mediation Services then in effect. The parties agree to use their best efforts to cause (i) the two individuals set forth in the preceding sentence, or, if applicable, the Judicial Arbitration and Mediation Services, to appoint the arbitrator within thirty (30) days of the date that a party hereto notifies the other party that a dispute or controversy exists that necessitates the appointment of an arbitrator, and (ii) any arbitration hearing to be held within thirty (60) days of the date of selection of the arbitrator, and, as a condition to Executive's selection, such arbitrator must consent to be available for a hearing, at such time. The decision of the arbitrator, including determination of amount of any damages suffered, will be exclusive, final and binding on both parties, their heirs, executors, administrators, successors, and assigns. Each party will bear its own expenses in the arbitration for attorney's fees, for its witnesses and other expenses of presenting its case. Other arbitration costs, including arbitrator fees, administrative fees, and fees for records or transcripts, will be borne equally by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Waiver of Jury Trial.** Each of the parties hereto hereby irrevocably waives all right to trial by jury in any action, proceeding or counterclaim arising out of or relating to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Severability.** It is the desire and intent of the parties hereto that the provisions of this Agreement be fully enforced permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision of this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, prohibited or unenforceable under applicable law, such provision, as to such jurisdiction, shall be ineffective without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Entire Agreement; Amendment.** This Agreement embodies the entire agreement of the parties hereto respecting the matters within its scope and supersedes all other prior agreements (including, without limitation, any offer letters, term sheets and correspondence relating thereto), whether written or oral, that directly or indirectly bear upon the subject matter hereof. This Agreement may not be amended, modified or changed (in whole or in part), except by written agreement executed by both of the parties hereto. Notwithstanding this <u>Section 14</u>, this Agreement shall not supersede any restrictive covenant agreements between Executive and the Company or any other Company Group Member, which shall continue in full force and effect in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Waiver.** No waiver of any of any provision of this Agreement will constitute or be deemed to constitute a waiver of any other provision of this Agreement, nor will any such waiver constitute a continuing wavier unless otherwise expressly provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Successors and Assigns.** This Agreement can be assigned by the Parent or the Company and shall be binding and inure to the benefit of the Parent, the Company and their successors and assigns. No right, obligation or duty or duty of this Agreement may be assigned by Executive without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Notices.** Any notice provided for in this Agreement must be in writing and must be either personally delivered, transmitted via telecopier or email, mailed by first class mail (postage prepaid and return receipt requested) or sent by reputable overnight courier service (charges prepaid) to the recipient at the address below indicated or at such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. Notices will be deemed to have been given hereunder and received when delivered personally, when received if transmitted via telecopier or email, five (5) days after deposit in the U.S. mail and one day after deposit with a reputable overnight courier service.

If to the Company:

3100 Olympus Blvd, Suite 510

Coppell, Texas 75019

Attention: Chief Human Resources Officer

With a copy (which shall not constitute notice) to:

Phoenix Infrastructure LLC

3100 Olympus Blvd, Suite 510

Coppell, Texas 75019

Attention: Chief Executive Officer

If to Executive, to the address most recently on file in the payroll records of the Company.

With a copy (which shall not constitute notice) to:

Jeremy L. Goldstein, Esq. <br> Sterlington PLLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Legal Counsel; Mutual Drafting.** Each party recognizes that this is a legally binding contract and acknowledges and agrees that they have had the opportunity to consult with legal counsel of their choice. Each party has cooperated in the drafting, negotiation and preparation of this Agreement. Hence, in any construction to be made of this Agreement, the same shall not be construed against either party based on that party being the drafter of such language. Executive agrees and acknowledges that he has read and understands this Agreement, is entering into it freely and voluntarily, and has been advised to seek counsel prior to entering into this Agreement and has had ample opportunity to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.** **Indemnification; D&O Coverage**. The Company or the Parent shall maintain directors' and officers' liability insurance under which Executive shall be covered on a basis that is no less favorable than the coverage provided to any director or officer of the Company, and the Company and the Parent shall indemnify and provide expense advancement to Executive to the fullest extent permitted by applicable law. This <u>Section 19</u> shall apply during the Period of Employment and survive the termination of this Agreement and Executive's employment with the Company while potential liability exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.** **Counterparts.** This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument.

[Signatures on Following Page]

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| "COMPANY" | "COMPANY" |
| CSQUARE, INC. | CSQUARE, INC. |
| By: | /s/ Spencer Mullee |
| Name: Spencer Mullee | Name: Spencer Mullee |
| Title: Chief Executive Officer | Title: Chief Executive Officer |
| PHOENIX INFRASTRUCTURE LLC | PHOENIX INFRASTRUCTURE LLC |
| By: | /s/ Spencer Mullee |
| Name: Spencer Mullee | Name: Spencer Mullee |
| Title: Chief Executive Officer | Title: Chief Executive Officer |
| "EXECUTIVE" | "EXECUTIVE" |
| /s/ Catherine Smith | /s/ Catherine Smith |
| Catherine Smith | Catherine Smith |

---

**EXHIBIT A**

**FORM OF AGREEMENT AND GENERAL RELEASE**

**EXHIBIT B**

**EXCLUDED WORK PRODUCT**

## Exhibit 10.10

**Exhibit 10.10**

**AMENDED & RESTATED EMPLOYMENT AGREEMENT**

THIS AMENDED & RESTATED EMPLOYMENT AGREEMENT (the "<u>Agreement</u>"), dated as of June 16, 2026, is made by and between **Csquare, Inc.** ("<u>Parent</u>"), its subsidiary Phoenix Infrastructure LLC ("<u>Company</u>"), and **Sean Charnock** ("<u>Executive</u>").

WHEREAS, the Company employs Executive pursuant to that certain Employment Agreement, dated May 8, 2024, by and between the Company and Executive, as amended on May 8, 2024 (the "<u>Prior Agreement</u>"); and

WHEREAS, the parties desire to enter into this Agreement to amend and restate the Prior Agreement effective as of the closing of the initial public offering (the date of such closing, the "<u>IPO Closing Date</u>") by the Parent pursuant to the Form S-1 Registration Statement under the Securities Act of 1933.

NOW, THEREFORE, in consideration of the above recitals incorporated herein and the mutual covenants and promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby expressly acknowledged, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Position and Duties.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Company hereby engages and employs Executive for the Period of Employment (as defined in <u>Section 2</u>) on the terms and conditions expressly set forth in this Agreement. Executive hereby accepts and agrees to such engagement and employment, on the terms and conditions expressly set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. During the Period of Employment, Executive shall serve as Chief Operating Officer of the Company and shall have the powers, authorities and duties that are commensurate with such position. Executive shall report to the Company's Chief Executive Officer (the "<u>CEO</u>") and shall perform such duties as are reasonably requested by the CEO. Executive may be appointed to and hold such other board or officer positions with the Parent, the Company or their subsidiaries or affiliates, as determined by the CEO or the Board of Directors of the Parent (the "<u>Board</u>") or its designee from time to time, and if so appointed Executive agrees to serve in such capacities for no additional compensation. Executive shall perform Executive's duties primarily at the Company's offices in Dallas, Texas and may be required to travel for business as reasonably requested by the CEO from time to time; provided, further, that, notwithstanding the foregoing, Executive shall perform Executive's duties for the Company on a full-time basis during the Period of Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. During the Period of Employment, Executive shall (i) devote substantially all of Executive's business time, energy and skill to the performance of Executive's duties for the Parent, the Company and their subsidiaries and affiliates (individually, a "<u>Company Group Member</u>" and collectively, the "<u>Company Group</u>"), (ii) perform such duties in a faithful, effective and efficient manner to the best of Executive's abilities, and (iii) hold no other employment, consulting or advisory positions. Executive agrees to perform Executive's duties and responsibilities within and subject to the Company's general employment policies and practices, and such other reasonable policies, practices and restrictions as the Company shall from time to time establish for its similarly situated executives, and shall at all times carry out such policies, practices and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Executive hereby represents to the Company that: (i) the execution and delivery of this Agreement and the performance by Executive of Executive's duties hereunder do not and shall not constitute a breach of, conflict with, or otherwise contravene or cause a default under, the terms of any other agreement or policy to which Executive is a party or otherwise bound or any judgment, order or decree to which Executive is subject; (ii) Executive has no information (including, without limitation, confidential information and trade secrets) relating to any other person or entity that would prevent Executive under the terms of any other agreement or arrangement from entering into this Agreement or carrying out Executive's duties hereunder, or would give rise to a violation of such other agreement or arrangement; (iii) Executive is not bound by any employment, consulting, non-competition, confidentiality, trade secret or similar agreement (other than this Agreement) with any other person or entity that would prevent Executive under the terms of any other agreement or arrangement from entering into this Agreement or carrying out Executive's duties hereunder, or would give rise to a violation of such other agreement or arrangement; and (iv) Executive understands the Company will rely upon the accuracy and truth of the representations and warranties of Executive set forth herein and Executive consents to such reliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Period of Employment.** The "Period of Employment" shall be the period commencing on the IPO Closing Date and terminating on the third (3rd) anniversary of the IPO Closing Date, or, if earlier, upon Executive's resignation of Executive's employment or the termination of Executive's employment by the Company in accordance with the terms and conditions of this Agreement. The Period of Employment shall automatically be renewed and extended on the same terms and conditions contained herein for consecutive one (1) year period thereafter, unless not later than sixty (60) days prior to the end of the initial Period of Employment or any renewal period, as the case may be, either party shall give written notice to the other party of Executive's or its election to terminate Executive's employment pursuant to this Agreement. The term "Period of Employment" shall include any such renewal period. If, during the Period of Employment (including any renewal period), Executive's employment with the Company ends as a result of non-renewal by the Company of this Agreement, such non-renewal shall be deemed a termination by the Company without Cause (as defined below). For the avoidance of doubt, Executive's employment with the Company shall be "at will."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Compensation and Reimbursement of Expenses.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Compensation**. Executive's annual base salary (the "<u>Base Salary</u>") for the Period of Employment shall be $475,000, payable in accordance with the Company's regular payroll practices in effect from time to time and subject to all applicable taxes and withholdings, but no less frequently than in monthly installments. The Base Salary may be increased by the Board in its sole discretion. The parties acknowledge and agree that a portion of Executive's Base Salary shall constitute consideration for Executive's compliance with the restrictions and covenants set forth in <u>Section 6</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Annual Performance Bonus**. Executive shall be eligible to receive an annual cash performance bonus in the Company's Short Term Incentive Program ("<u>STIP</u>") with a target of ninety percent (90%) of the Base Salary (the "<u>Target Bonus Opportunity</u>") relating to each year during the Period of Employment (the "<u>Annual Bonus</u>"), subject to all applicable taxes and withholdings, and based on the achievement of individual and Company performance objectives to be established by the CEO and the Board in their sole discretion. Executive must remain employed by the Company at the time the Company pays its annual bonuses with respect to any such performance year to be entitled to payment of the Annual Bonus, because part of the purpose of this discretionary bonus is to ensure continued employment until at least the bonus is paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Equity**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Incentive Units of Dawn Management Holdings L.P. granted to Executive prior to the IPO Closing Date, as well as the award granted to Executive under the Long Term Incentive Cash Bonus Plan adopted March 2026 by the Company, will have been converted, effective prior to the IPO Closing Date, into shares of common stock of the Parent and/or share-settled restricted stock units of Parent, in each case pursuant to the terms of separate grant agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. During the Period of Employment, Executive shall participate in the Parent's Omnibus Incentive Plan (or any successor plan). The compensation committee of the Board will determine the amount, type and terms of such awards, with the first such award to be made prior to March 31, 2027. Any such awards granted to Executive are hereinafter referred to as the "Parent Awards."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **Reimbursement of Business Expenses**. Executive may incur reasonable expenses in carrying out Executive's duties hereunder and shall, upon receipt by the Company of proper documentation with respect thereto (setting forth the amount, business purpose and establishing payment) be reimbursed for all such reasonable business expenses incurred during the Period of Employment, subject to the Company's expense reimbursement policies and any pre-approval policies in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4.** **Employee Benefits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Company Employee Benefit Plans**. During the Period of Employment, Executive shall be provided the opportunity to participate in all standard employee benefit programs made available by the Company to the Company's senior executives, in accordance with the eligibility and participation provisions of such plans and as such plans or programs may be in effect from time to time. The Company reserves the right to amend any employee welfare or retirement benefit plan, policy, program or arrangement from time to time, or to terminate such plan, policy, program or arrangement, consistent with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Vacation and Other Leave**. During the Period of Employment, Executive shall be eligible to paid personal leave in accordance with the Company's policies. Any vacation shall be taken at the reasonable and mutual convenience of the Company and Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5.** **Termination of Employment.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Termination by the Company; Termination Due to Death**. Executive's employment with the Company and the Period of Employment may be terminated by the Company immediately upon notice to Executive for an involuntary termination of employment for Cause (as defined in <u>Section 5(f)</u>), without Cause or due to Executive's Disability (as defined in <u>Section 5(f)</u>). Executive's employment with the Company, and the Period of Employment, shall automatically terminate upon Executive's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Termination by Executive**. Executive's employment with the Company, and the Period of Employment, may be terminated by Executive without Good Reason (as defined in <u>Section 5(f)</u>) with no less than six (6) months advance written notice to the Company. Executive's employment with the Company, and the Period of Employment, may be terminated by Executive for Good Reason in accordance with the notice and termination process as set forth in the definition below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Benefits upon Termination**. If Executive's employment with the Company is terminated during the Period of Employment for any reason by the Company or by Executive, the Company shall have no further obligation to make or provide to Executive, and Executive shall have no further right to receive or obtain from the Company, any payments or benefits except as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Company shall pay Executive (or, in the event of Executive's death, Executive's estate) any Accrued Obligations (as defined in <u>Section 5(f)</u>) within the thirty (30) day period following the date Executive's employment terminates (the "<u>Separation Date</u>"), or such earlier date as required under applicable law, and Executive shall receive any vested accrued benefits for which Executive remains eligible under the Company's employee welfare benefit and retirement plans, payable according to the terms of such plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. If, during the Period of Employment, Executive's employment with the Company ends as a result of an involuntary termination by the Company without Cause (which, for the avoidance of doubt, shall include a non-renewal of the Period of Employment by the Company) or by Executive for Good Reason (each, a "<u>Qualifying Termination</u>"), then, in addition to the amounts payable under <u>Section 5(c)(i)</u>, subject to Executive's timely execution and non-revocation of the general release described in <u>Section 5(e)</u> (the "<u>General Release</u>") and the other conditions and limitations herein, Executive shall receive (A) continued payment of Executive's Base Salary (at the rate in effect immediately prior to the Separation Date) during the nine (9) month period following the Separation Date (the "<u>Severance Period</u>"), payable in substantially equal installments in accordance with the Company's regular payroll schedule, and (B) to the extent that Executive timely elects COBRA continuation coverage, the Company shall reimburse Executive for the costs of such COBRA premiums that are in excess of active employee rates for such coverage for twelve (12) months ((A) and (B) collectively, the "<u>Severance Payment</u>"); provided, that no installment or portion of the Severance Payment shall be payable or paid until the expiration of the applicable revocation period for the General Release. Notwithstanding the foregoing, if the Severance Payment is subject to Section 409A (as defined in <u>Section 5(f)</u>) and the timing of Executive's execution and delivery of the General Release could affect the calendar year in which any amount of the Severance Payment is made because the Separation Date occurred toward the end of a calendar year, then no portion of the Severance Payment shall be paid until the Company's first payroll payment date in the year following the year in which the Separation Date occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Notwithstanding anything to the contrary in <u>Section 5(c)(ii)</u>, if a Qualifying Termination occurs within three (3) months prior to or twenty-four (24) months following a Change of Control (as defined in <u>Section 5(f)</u> below), (A) the Separation Payment per <u>Section 5(c)(ii)(A)</u> shall be an amount equal to one and one-half times the sum of Executive's Base Salary and Target Bonus Opportunity, payable in a single lump sum within sixty (60) days following such termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Notwithstanding <u>Sections 5(c)(ii)</u> or <u>(iii)</u> above, if Executive breaches Executive's obligations under <u>Section 6</u> of this Agreement at any time, from and after the date of such breach and not in any way in limitation of any right or remedy otherwise available to the Company, Executive will no longer be entitled to receive, and the Company will no longer be obligated to pay, any remaining unpaid portion of the Severance Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **Cooperation Upon Termination**. Upon the Executive's termination of employment for any reason by Executive or the Company, Executive shall cooperate as reasonably requested by the CEO and Board to affect an orderly transition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. **Release; Exclusive Remedy**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. This <u>Section 5(e)</u> shall apply notwithstanding anything else in this Agreement to the contrary. As a condition precedent to any Company obligation to Executive pursuant to <u>Sections 5(c)(ii)</u> and <u>(iii)</u>, Executive shall provide the Company with a valid, executed General Release in substantially the form attached hereto as <u>Exhibit A</u>, and not revoke such General Release prior to the expiration of any revocation rights afforded to Executive by applicable law. The Company shall provide Executive with the General Release prior to the Separation Date, and Executive must deliver the executed General Release to the Company within twenty-one (21) days (or, if greater, the minimum period required by applicable law) after the Separation Date, failing which Executive will forfeit all rights to any portion of the Severance Payment or other rights as set forth in <u>Sections 5(c)(ii)</u> and <u>(iii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Executive agrees that the payments and benefits contemplated by <u>Section 5(c)</u> shall constitute the exclusive and sole remedy for any termination of Executive's employment, and Executive covenants not to assert or pursue any other remedies, at law or in equity, with respect to any termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. **Certain Defined Terms**. As used in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. "<u>Accrued Obligations</u>" means (A) any Base Salary that had accrued but had not been paid (including any amount for accrued and unused vacation time payable in accordance with the Company's vacation policy then in effect or applicable law) on or before the Separation Date, (B) any reimbursement due to Executive pursuant to <u>Section 3(d)</u> for expenses incurred by Executive on or before the Separation Date and (C) any other vested benefits or vested amounts due and owed to Executive under the terms of any plan, program or arrangement of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. "<u>Cause</u>" means (A) Executive's conviction of or plea of nolo contendere to a felony or a crime involving moral turpitude; (B) Executive's commission of fraud, theft, embezzlement, self-dealing, misappropriation or other malfeasance against the business of the Company or any Company Group Member; (C) Executive's conviction of or plea of nolo contendere to any serious offense that results in or would reasonably be expected to result in material financial harm, materially negative publicity or other material harm to the Company or any Company Group Member; (D) Executive's willful violation any lawful policy of the Company or willful failure reasonable directive of the Board or its designee (including, but not limited to, repeated insubordination) and in either case, if curable, fails to cure within thirty (30) calendar days after receiving notice from the Company identifying such failure; (E) Executive's commission of acts or omissions constituting gross negligence or gross misconduct in the performance of any aspect of Executive's lawful duties or responsibilities which have or may be expected to have an adverse effect on the Company or any Company Group Member; (F) Executive's breach of any fiduciary duty owed to the Company or any Company Group Member; (G) Executive's violation of any securities laws; (H) Executive's violation or breach of any Restrictive Covenant (as defined in <u>Section 7</u>) or any material term of the Agreement, and, if curable, fails to cure such violation or breach within thirty (30) calendar days after receiving notice from the Company identifying such violation or breach; or (I) Executive's commission of any act or omission that damages or is reasonably likely to damage the financial condition or business of the Company or any Company Group Member or materially damages or is reasonably likely to materially damage the reputation, public image, goodwill, assets or prospects of the Company or any Company Group Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. "<u>Change of Control</u>" shall mean a change in the ownership or effective control of the Company, or a change in the ownership of a substantial portion of the assets of the Company, in each case, as defined in Section 280G of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>") and the treasury regulations promulgated thereunder (and with a fifty-one percent (51%) change where applicable), but for avoidance of doubt, will not be triggered solely by a sell-down by entities managed by affiliates of Brookfield Corporation below majority ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. "<u>Disability</u>" means a physical or mental impairment that renders Executive unable to perform the essential functions of Executive's employment with the Company, even with reasonable accommodation that does not impose an undue hardship on the Company, for more than ninety (90) days, whether consecutive or not consecutive, in any consecutive twelve (12) month period, unless a longer period is required by federal or state law, in which case that longer period would apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. "<u>Good Reason</u>" means any of the following events, in each case, without Executive's advance written consent: (i) material reduction in Base Salary or Target Bonus Opportunity; (ii) material reduction in title, authority or duties; (iii) material change in reporting line; or (iv) material breach of this Agreement or any other material agreement between Executive and the Company. Executive shall provide the Company with a written notice detailing the specific circumstances alleged to constitute Good Reason within sixty (60) days after the Executive's knowledge of the first occurrence of such circumstances, and actually terminate employment within thirty (30) days following the expiration of the Company's thirty (30)-day cure period after receiving such written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. "<u>Section 409A</u>" means Section 409A of the Code and the regulations, rules and other guidance promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. **Section 409A**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. It is intended that any amounts payable under this Agreement shall be exempt from and avoid the imputation of any tax, penalty or interest under Section 409A to the fullest extent permissible under applicable law; provided that if any such amount is or becomes subject to the requirements of Section 409A, it is intended that those amounts shall comply with such requirements. This Agreement shall be construed and interpreted consistent with that intent. In furtherance of that intent, if payment or provision of any amount or benefit hereunder that is subject to Section 409A at the time specified herein would subject such amount or benefit to any additional tax under Section 409A, the payment or provision of such amount or benefit shall be postponed to the earliest commencement date on which the payment or provision of such amount or benefit could be made without incurring such additional tax. In no event, however, shall the Company be liable for any tax, interest or penalty imposed on Executive under Section 409A or any damages for failing to comply with Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. If Executive is a "specified employee" within the meaning of Treasury Regulation Section 1.409A-1(i) as of the Separation Date, Executive shall not be entitled to any payment or benefit pursuant to Section 5(c)(ii) until the earlier of (A) the date which is six (6) months after Executive's separation from service (within the meaning of Section 409A) for any reason other than death, or (B) the date of Executive's death; provided that this paragraph shall only apply if, and to the extent, required to avoid the imputation of any tax, penalty or interest pursuant to Section 409A. Any amounts otherwise payable to Executive upon or in the six (6) month period following Executive's separation from service that are not so paid by reason of this Section 5(g)(ii) shall be paid (without interest) as soon as practicable (and in any event within thirty (30) days) after the date that is six (6) months after Executive's separation from service (provided that in the event of Executive's death after such separation from service but prior to payment, then such payment shall be made as soon as practicable, and in all events within thirty 30) days, after the date of Executive's death).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Any reimbursement payment or in-kind benefit due to Executive pursuant to <u>Section 3</u>, to the extent that such reimbursements or in-kind benefits are taxable to him, shall be paid on or before the last day of Executive's taxable year either within or following the taxable year in which the related expense was incurred. Executive agrees to provide prompt notice to the Company of any such expenses (and any other documentation that the Company may reasonably require to substantiate such expenses) to facilitate the Company's timely reimbursement of the same. Reimbursements and in-kind benefits pursuant to <u>Section 3</u> are not subject to liquidation or exchange for another benefit and the amount of such benefits that Executive receives in one taxable year shall not affect the amount of such reimbursements or benefits that Executive receives in any other taxable year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. For purposes of Section 409A, Executive's right to receive any installment payments hereunder shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., payment shall be made within thirty (30) days following the date of termination), the actual date of payment within the specified period shall be within the sole discretion of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **6.** **Restrictive Covenants.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Non-Disclosure and Non-Use of Confidential Information**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Executive shall not use or disclose to any individual or natural person, partnership (including a limited liability partnership), corporation, limited liability company, association, joint stock company, trust, joint venture, unincorporated organization or governmental authority (each, a "<u>Person</u>"), either during the Period of Employment or thereafter, any Confidential Information (as defined below) of which Executive is or becomes aware, whether or not such information is developed by him, for any reason or purpose whatsoever, nor shall he make use of any of the Confidential Information for Executive's own purposes or for the benefit of any Person except for the Company Group, except (A) to the extent that such disclosure or use is directly related to and required by Executive's performance in good faith of duties assigned to Executive by the Company or (B) to the extent required to do so by a law or legal process, including a court of competent jurisdiction. Executive shall not modify, reverse engineer, decompile, create other works from or disassemble any software programs contained in the Confidential Information of the Company unless permitted to do so in writing by the Company. Executive will, at the sole expense of the Company, take all reasonable steps to safeguard Confidential Information and to protect it against disclosure, misuse, espionage, loss and theft.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. For purposes of this Agreement, "Confidential Information" means information that is not generally known to the public (including the existence and content of this Agreement) and that is used, developed or obtained by any Company Group Member in connection with its business, including, but not limited to, information, observations and data obtained by Executive during Executive's employment with the Company concerning (A) the business or affairs of the Company Group (or any predecessor thereof) and (B) products, services, fees, costs, pricing structures, analyses, drawings, photographs and reports, computer software (including operating systems, applications and program listings), data bases, accounting and business methods, inventions, devices, new developments, methods and processes (whether patentable or unpatentable and whether or not reduced to practice), customers and clients and customer and client lists, employee personnel and performance information, information on current and prospective independent sales agents, software vendors, sponsor banks or partners, all technology and trade secrets, and all similar and related information in whatever form. Notwithstanding the foregoing, "Confidential Information" will not include any information that has been published in a form generally available to the public prior to the date Executive proposes to disclose or use such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. For the avoidance of doubt, this <u>Section 6(a)</u> does not prohibit or restrict Executive (or Executive's attorney) from responding to any inquiry about the Agreement or its underlying facts and circumstances by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), any other self-regulatory organization or governmental entity, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. Executive understands and acknowledges that he does not need the prior authorization of the Company to make any such reports or disclosures and that he is not required to notify the Company that he has made such reports or disclosures, but will do so if the law permits him to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Notwithstanding anything in this <u>Section 6(a)</u> or elsewhere in the Agreement to the contrary, Executive understands that Executive may, without informing the Company prior to any such disclosure, disclose Confidential Information (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law or (B) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Additionally, without informing the Company prior to any such disclosure, if Executive files a lawsuit against the Company for retaliation for reporting a suspected violation of law, Executive may disclose Confidential Information to Executive's attorney and use the Confidential Information in the court proceeding or arbitration, provided that Executive files any document containing the Confidential Information under seal and does not otherwise disclose the Confidential Information, except pursuant to court order. Without prior authorization of the Company, however, the Company does not authorize Executive to disclose to any third party (including any government official or any attorney Executive may retain) any communications that are covered by the Company's attorney-client privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Intellectual Property Rights**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Executive hereby assigns, transfers and conveys to the Company all of Executive's right, title and interest in and to all Work Product (as defined below). Executive agrees that all Work Product belongs in all instances to the Company. Executive will promptly disclose such Work Product to the Company and perform all actions reasonably requested by the Company (whether during or after the Period of Employment) to establish and confirm the Company's ownership of such Work Product (including, without limitation, the execution and delivery of assignments, consents, powers of attorney and other instruments) and to provide reasonable assistance to the Company (whether during or after the Period of Employment) in connection with the prosecution of any applications for patents, trademarks, trade names, service marks or reissues thereof or in the prosecution or defense of interferences relating to any Work Product. Executive recognizes and agrees that the Work Product, to the extent copyrightable, constitutes works for hire under the copyright laws of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. For purposes of this Agreement, "Work Product" means all inventions, innovations, improvements, technical information, systems, software developments, methods, designs, analyses, drawings, reports, service marks, trademarks, trade names, trade dress, logos and all similar or related information (whether patentable or unpatentable) which relates to the actual or anticipated business, operations, research and development of existing or future products or services of the Company Group and which are conceived, developed or made by Executive (whether or not during usual business hours and whether or not alone or in conjunction with any other person) during the Period of Employment together with all patent applications, letters patent, trademark, trade name and service mark applications or registrations, copyrights and reissues thereof that may be granted for or upon any of the foregoing. Notwithstanding the foregoing, "Work Product" shall not include the patents and other assets set forth on Exhibit B hereto. Executive hereby represents and warrants that the patents and other assets owned by Executive set forth on Exhibit B are not related in any way to the Company Group, except as stated therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Non-Competition**. During the Period of Employment, and for a period of six (6) months following Executive's termination of employment for any reason, Executive will not, and will cause Executive's affiliates not to, directly or indirectly, through or in association with any third party, in North America and any other territory in which any Company Group Member then conducts business or has taken material demonstrable steps to conduct business at the time of Executive's termination of employment (the "<u>Restricted Area</u>"), (x) engage in, sell or provide any products or services which are the same or similar to or otherwise competitive with the products and services sold or provided by the Company Group or (y) own, acquire, or control any interest, financial or otherwise, in a third party or business engaged in selling or providing the same, similar or otherwise competitive services or products which the Company Group Member is selling or providing, other than ownership of one percent (1%) or less of the equity of a publicly-traded company, or (z) provide any form of assistance to any business, entity, or individual that competes with the Company or any Company Group Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **Non-Solicitation of Customers**. During the Period of Employment and for a period of six (6) months following Executive's termination of employment for any reason, to the extent permitted by applicable law, Executive will not, and will cause Executive's affiliates not to, directly or indirectly through or in association with any third party, (i) call on, solicit or service, engage or contract with or take any action which may interfere with, impair, subvert, disrupt or alter the relationship, contractual or otherwise, between any Company Group Member and any current or prospective customer of such Company Group Member, (ii) divert or take away the business or patronage (with respect to products or services of the kind or type developed, produced, marketed, furnished or sold by the Company Group) of any of the clients, customers or accounts, or prospective clients, customers or accounts, of the Company Group, or (iii) attempt to do either of the foregoing, either for Executive's own purposes or for any other third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. **Non-Interference with Business Relationships**. During the Period of Employment and for a period of six (6) months following Executive's termination of employment for any reason, to the extent permitted by applicable law, Executive will not, and will cause Executive's affiliates not to, directly or indirectly through or in association with any third party, (i) engage or contract with or take any action which may interfere with, impair, subvert, disrupt or alter the relationship, contractual or otherwise, between any Company Group Member and any customer, supplier, distributor, developer, service provider, licensor or licensee, or other material business relation of such Company Group Member, or (ii) attempt to do either of the foregoing, either for Executive's own purposes or for any other third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. **Non-Solicitation of Employees**. During the Period of Employment and for a period of one (1) year following Executive's termination of employment for any reason, Executive will not and will not attempt to, and will cause Executive's affiliates not to, directly or indirectly through or in association with any third party, solicit, induce, recruit or encourage any employees of or consultants to the Company Group, or any former employees of or former consultants to the Company Group employed or engaged by the Company within the twelve (12) month period prior to such solicitation, inducement, recruitment or encouragement, to terminate their relationship with the Company Group or take away or hire such employees or consultants, either for Executive's own purposes or for any other third party; provided, that this restriction will not apply in the case of any clerical employee of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. **Non-Disparagement**. Executive shall not, in any manner, directly or indirectly, make any oral or written statement to any Person, publication, news media or social media website that disparages or places any Company Group Member or any of their respective officers, shareholders, members or advisors, or any member of the Board, in a false or negative light; provided that nothing in this <u>Section 6(g)</u> or this Agreement is intended to or should be construed to prevent Executive from fully and truthfully responding to a subpoena or other legal process or request by a governmental or regulatory body, testifying fully and truthfully in any action, proceeding or regulatory matter, or otherwise reporting in good faith possible violations of law or regulations to any governmental agency or governmental entity or making disclosures that are protected under whistleblower or other provisions of the law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. **Outside Business Activity**. The Executive will also be expected to pre-clear any outside business activities that the Executive wishes to engage in during the Employment Period, which include any activity as an employee, independent contractor, sole proprietor, officer, director, or partner of another business organization (including non-profit business organization), regardless of whether compensation is involved, with the exception of passive investments and activities. The pre-clearance process is intended to vet and appropriately address potential conflicts and related considerations. Notwithstanding anything to the contrary in this Agreement, the Company acknowledges that Executive currently serves on the board of Acium, and Executive may continue such service and associated activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Acknowledgment and Enforcement of Covenants.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Acknowledgment**. Executive acknowledges that he has become familiar, or will become familiar with the Company Group Members' trade secrets and with other confidential and proprietary information concerning the Company Group Members and their respective predecessors, successors, customers and suppliers, and that Executive's services are of special, unique and extraordinary value to the Company. Executive acknowledges and agrees that the Company would not enter into this Agreement, providing for compensation and other benefits to Executive on the terms and conditions set forth herein but for Executive's agreements herein (including those set forth in <u>Section 6</u>). Furthermore, Executive acknowledges and agrees that the Company will be providing Executive with additional special knowledge after the IPO Closing Date, with such special knowledge to include additional Confidential Information and trade secrets. Executive agrees that the covenants set forth in <u>Section 6</u> (collectively, the "<u>Restrictive Covenants</u>") are reasonable and necessary to protect the Company Group's trade secrets and other Confidential Information, proprietary information, good will, stable workforce and customer relations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Representations**. Without limiting the generality of Executive's agreement with the provisions of <u>Section 7(a)</u>, Executive (i) represents that he is familiar with and has carefully considered the Restrictive Covenants, (ii) represents that he is fully aware of Executive's obligations hereunder, (iii) agrees to the reasonableness of the length of time, scope and geographic coverage, as applicable, of the Restrictive Covenants, (iv) agrees that the Company currently conducts business throughout the Restricted Area and (i) agrees that the Restrictive Covenants will continue in effect for the applicable periods set forth above regardless of whether Executive is then entitled to receive severance pay or benefits from the Company. Executive understands that the Restrictive Covenants may limit Executive's ability to earn a livelihood in a business similar to the business of the Company and its affiliates, but he nevertheless believes that he has received and will receive sufficient consideration and other benefits as an employee of the Company and as otherwise provided hereunder or as described in the recitals hereto to clearly justify such restrictions which, in any event (given Executive's education, skills and ability), Executive does not believe would prevent him from otherwise earning a living. Executive agrees that the Restrictive Covenants do not confer a benefit upon the Company disproportionate to the detriment of Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Enforcement**. Executive agrees that a breach by Executive of any of the Restrictive Covenants may cause immediate and irreparable harm to the Company or another Company Group Member that would be difficult or impossible to measure, and that damages to the Company or the Company Group Member for any such injury may therefore be an inadequate remedy for any such breach. Therefore, Executive agrees that in the event of any breach or threatened breach of any provision of the Restrictive Covenants, the Company shall be entitled, in addition to and without limitation upon all other remedies the Company may have under this Agreement at law or otherwise, to seek to obtain from any court of competent jurisdiction specific performance, injunctive relief and/or other appropriate relief (without posting any bond or deposit) in order to enforce or prevent any violations of the Restrictive Covenants, or require Executive to account for and pay over to the Company all compensation, profits, moneys, accruals, increments or other benefits derived from or received as a result of any transactions constituting a breach of the Restrictive Covenants if and when final judgment of a court of competent jurisdiction is so entered against Executive. Executive further agrees that the applicable period of time any Restrictive Covenant is in effect following Executive's termination of employment with the Company shall be extended by the same amount of time that Executive is in breach of any Restrictive Covenant. Notwithstanding anything to the contrary in <u>Section 6</u>, nothing in <u>Section 6</u> will be enforced in such a manner as to deprive Executive of any legally protected right or to otherwise violate any applicable federal, state or local law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Withholding Taxes/Authorized Deductions.** Notwithstanding anything herein to the contrary, the Company may withhold (or cause to be withheld) from any amounts otherwise due or payable under or pursuant to this Agreement such federal, state and local income, social security, employment or other taxes as may be required to be withheld pursuant to any applicable law or regulation, and make such deductions as may be applicable pursuant to the Company's policies and employee benefit plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Cooperation.** During and after the Period of Employment, Executive shall cooperate fully with any investigation or inquiry by the Company, or any governmental or regulatory agency or body concerning the Company or any other member of the Company, provided that the Company shall reimburse Executive's reasonable expenses incurred in providing such cooperation subject to Executive's delivery of written notice to the Company prior to the time such expenses are incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Governing Law.** This Agreement will be governed by and construed in accordance with the laws of the State of Texas without giving effect to any choice of law provisions or principles thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Arbitration.** Except as contemplated by <u>Section 7(c)</u> hereof, any dispute or controversy arising under or in connection with this Agreement that cannot be mutually resolved by the parties to this Agreement and their respective advisors and representatives shall be settled exclusively by arbitration in Dallas, Texas before one arbitrator of exemplary qualifications and stature, who shall be selected jointly by an individual to be designated by the Company and an individual to be selected by Executive, or if such two individuals cannot agree on the selection of the arbitrator, who shall be selected pursuant to the procedures of the Judicial Arbitration and Mediation Services (JAMS), and such arbitration shall be conducted in accordance with the employment dispute resolution rules of the Judicial Arbitration and Mediation Services then in effect. The parties agree to use their best efforts to cause (i) the two individuals set forth in the preceding sentence, or, if applicable, the Judicial Arbitration and Mediation Services, to appoint the arbitrator within thirty (30) days of the date that a party hereto notifies the other party that a dispute or controversy exists that necessitates the appointment of an arbitrator, and (ii) any arbitration hearing to be held within thirty (60) days of the date of selection of the arbitrator, and, as a condition to Executive's selection, such arbitrator must consent to be available for a hearing, at such time. The decision of the arbitrator, including determination of amount of any damages suffered, will be exclusive, final and binding on both parties, their heirs, executors, administrators, successors, and assigns. Each party will bear its own expenses in the arbitration for attorney's fees, for its witnesses and other expenses of presenting its case. Other arbitration costs, including arbitrator fees, administrative fees, and fees for records or transcripts, will be borne equally by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Waiver of Jury Trial.** Each of the parties hereto hereby irrevocably waives all right to trial by jury in any action, proceeding or counterclaim arising out of or relating to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Severability.** It is the desire and intent of the parties hereto that the provisions of this Agreement be fully enforced permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision of this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, prohibited or unenforceable under applicable law, such provision, as to such jurisdiction, shall be ineffective without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Entire Agreement; Amendment.** This Agreement embodies the entire agreement of the parties hereto respecting the matters within its scope and supersedes all other prior agreements (including, without limitation, any offer letters, term sheets and correspondence relating thereto), whether written or oral, that directly or indirectly bear upon the subject matter hereof. This Agreement may not be amended, modified or changed (in whole or in part), except by written agreement executed by both of the parties hereto. Notwithstanding this <u>Section 14</u>, this Agreement shall not supersede any restrictive covenant agreements between Executive and the Company or any other Company Group Member, which shall continue in full force and effect in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Waiver.** No waiver of any of any provision of this Agreement will constitute or be deemed to constitute a waiver of any other provision of this Agreement, nor will any such waiver constitute a continuing wavier unless otherwise expressly provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Successors and Assigns.** This Agreement can be assigned by the Parent or the Company and shall be binding and inure to the benefit of the Parent, the Company and their successors and assigns. No right, obligation or duty or duty of this Agreement may be assigned by Executive without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Notices.** Any notice provided for in this Agreement must be in writing and must be either personally delivered, transmitted via telecopier or email, mailed by first class mail (postage prepaid and return receipt requested) or sent by reputable overnight courier service (charges prepaid) to the recipient at the address below indicated or at such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. Notices will be deemed to have been given hereunder and received when delivered personally, when received if transmitted via telecopier or email, five (5) days after deposit in the U.S. mail and one day after deposit with a reputable overnight courier service.

If to the Company:

3100 Olympus Blvd, Suite 510

Coppell, Texas 75019

Attention: Chief Legal Officer

With a copy (which shall not constitute notice) to:

Phoenix Infrastructure LLC

3100 Olympus Blvd, Suite 510

Coppell, Texas 75019

Attention: Chief Executive Officer

If to Executive, to the address most recently on file in the payroll records of the Company.

With a copy (which shall not constitute notice) to:

Jeremy L. Goldstein, Esq. <br> Sterlington PLLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Legal Counsel; Mutual Drafting.** Each party recognizes that this is a legally binding contract and acknowledges and agrees that they have had the opportunity to consult with legal counsel of their choice. Each party has cooperated in the drafting, negotiation and preparation of this Agreement. Hence, in any construction to be made of this Agreement, the same shall not be construed against either party based on that party being the drafter of such language. Executive agrees and acknowledges that he has read and understands this Agreement, is entering into it freely and voluntarily, and has been advised to seek counsel prior to entering into this Agreement and has had ample opportunity to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.** **Indemnification; D&O Coverage**. The Company or the Parent shall maintain directors' and officers' liability insurance under which Executive shall be covered on a basis that is no less favorable than the coverage provided to any director or officer of the Company, and the Company and the Parent shall indemnify and provide expense advancement to Executive to the fullest extent permitted by applicable law. This <u>Section 19</u> shall apply during the Period of Employment and survive the termination of this Agreement and Executive's employment with the Company while potential liability exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.** **Counterparts.** This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument.

[Signatures on Following Page]

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| "COMPANY" | "COMPANY" |
| CSQUARE, INC. | CSQUARE, INC. |
| By: | /s/ Spencer Mullee |
| Name: Spencer Mullee | Name: Spencer Mullee |
| Title: Chief Executive Officer | Title: Chief Executive Officer |
| PHOENIX INFRASTRUCTURE LLC | PHOENIX INFRASTRUCTURE LLC |
| By: | /s/ Spencer Mullee |
| Name: Spencer Mullee | Name: Spencer Mullee |
| Title: Chief Executive Officer | Title: Chief Executive Officer |
| "EXECUTIVE" | "EXECUTIVE" |
| /s/ Sean Charnock | /s/ Sean Charnock |
| Sean Charnock | Sean Charnock |

---

**EXHIBIT A**

**FORM OF AGREEMENT AND GENERAL RELEASE**

**EXHIBIT B**

**EXCLUDED WORK PRODUCT**

## Exhibit 10.16

**Exhibit 10.16**

***Execution Version***

**<u>FOURTH AMENDMENT TO CREDIT AGREEMENT</u>**

This FOURTH AMENDMENT TO CREDIT AGREEMENT (this "<u>Fourth Amendment</u>"), dated as of May 13, 2026, is made by and among Phoenix Data Center Acquisitions LLC, a Delaware limited liability company (the "<u>Parent Borrower</u>"), Wells Fargo Bank, National Association, as Administrative Agent (in such capacity, the "<u>Administrative Agent</u>"), and the Lenders party hereto. Unless otherwise indicated, all capitalized terms used herein and not otherwise defined herein shall have the respective meanings provided to such terms in the Credit Agreement referred to below.

<u>W I T N E S S E T H</u>:

WHEREAS, Phoenix Data Center Intermediate LLC, a Delaware limited liability company ("<u>Holdings</u>"), Parent Borrower, the guarantors from time to time party thereto, the Administrative Agent and the lenders from time to time party thereto (collectively, the "<u>Lenders</u>" and individually, a "<u>Lender</u>") have entered into that certain U.S. Revolving Credit Agreement, dated as of January 12, 2024, as amended by that certain First Amendment to Credit Agreement, dated as of April 17, 2024, that certain Second Amendment to Credit Agreement, dated as of February 28, 2025, and that certain Third Amendment to Credit Agreement, dated as of December 22, 2025 (and as further amended, restated, supplemented and/or otherwise modified from time to time prior to the Fourth Amendment Effective Date referred to below, the "<u>Credit Agreement</u>");

WHEREAS, the Borrowers and the Lenders desire to amend the terms of the Credit Agreement with respect to the addition of an Additional Borrower and to make certain other amendments thereto; and

WHEREAS, the Administrative Agent, the Lenders and the Parent Borrower have agreed to amend the Credit Agreement as set forth in Annex I hereto.

NOW, THEREFORE, in consideration of the premises and the agreements contained herein, the parties hereto agree as follows:

SECTION 1. <u>Amendments</u>. Subject to the terms and conditions set forth herein and the occurrence of the Fourth Amendment Effective Date, the Credit Agreement is 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: <u>double-underlined text</u>) as set forth in the pages of the Credit Agreement attached as <u>Annex I</u> hereto.

SECTION 2. <u>Conditions of Effectiveness of this Fourth Amendment</u>. This Fourth Amendment shall become effective on the date on which the Administrative Agent shall have received an executed counterpart of this Fourth Amendment by the Parent Borrower, which executed counterpart shall be an original or pdf copy or facsimile or delivered by other electronic method (such date, the "<u>Fourth Amendment Effective Date</u>").

SECTION 3. <u>Credit Document</u>. This Fourth Amendment shall constitute a "Credit Document" for all purposes of the Credit Agreement and the other Credit Documents.

SECTION 4. <u>Representations and Warranties</u>. To induce the Administrative Agent and the Lenders to enter into this Fourth Amendment, the Parent Borrower makes the following representations and warranties to the Administrative Agent and the Lenders, as of the Fourth Amendment Effective Date, immediately after giving effect to this Fourth Amendment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither the execution, delivery or performance by the Parent Borrower of this Fourth Amendment nor compliance with the terms and provisions hereof will (i) contravene any applicable provision of any material law, statute, rule, regulation, order, writ, injunction or decree of any court or governmental instrumentality, other than any such contravention that would not reasonably be expected to result in a Material Adverse Effect, (ii) result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien upon any of the property or assets of the Parent Borrower (other than Liens created under the Credit Documents or Permitted Liens) pursuant to any Contractual Requirement other than any such breach, default or Lien that would not reasonably be expected to result in a Material Adverse Effect or (iii) violate any provision of the certificate of incorporation, by-laws, articles or other organizational documents of the Parent Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parent Borrower has the corporate or other organizational power and authority to execute, deliver and carry out the terms and provisions of this Fourth Amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fourth Amendment constitutes the legal, valid, and binding obligation of the Parent Borrower enforceable in accordance with its terms (provided that, with respect to the creation and perfection of security interests with respect to Indebtedness, Capital Stock and Stock Equivalents of Foreign Subsidiaries, only to the extent enforceability of such obligation with respect to which Capital Stock and Stock Equivalents of Foreign Subsidiaries is governed by the Uniform Commercial Code), except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors' rights generally and subject to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no Event of Default shall have occurred and be continuing.

SECTION 5. <u>Reference to and Effect on the Credit Agreement and the Credit Documents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On and after the Fourth Amendment Effective Date, each reference in the Credit Agreement to "this Agreement," "hereunder," "hereof" or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement, as amended by this Fourth Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Credit Agreement and each of the other Credit Documents, as specifically amended by this Fourth Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. Without limiting the generality of the foregoing, each Credit Party hereby ratifies and confirms in all respects that (i) each of the Credit Agreement, the Collateral Documents and each other Credit Document to which each Credit Party is a party is the legal, valid and binding obligation of such Credit Party, enforceable against such Credit Party in accordance with its terms, (ii) all of the obligations of the Credit Parties under the Credit Agreement, the Collateral Documents and each other Credit Document (in each case, after giving effect to this Fourth Amendment) to which such Credit Party is a party, (A) constitute "Obligations" and are entitled to all the benefits of the Guarantee set forth in the Credit Agreement, and each such Guarantee is, and continues to be in full force and effect and is hereby reaffirmed in all respects, and (B) are reaffirmed and remain in full force and effect on a continuous basis, in each case as amended by this Fourth Amendment, and (iii) each Credit Party's prior grant and the validity of security interests pursuant to the Collateral Documents are reaffirmed and remain in full force and effect and all security interests are continuing in full force and effect to secure all of the Obligations as amended by this Fourth Amendment and are hereby ratified and confirmed in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as expressly set forth herein, the execution of this Fourth Amendment shall not, (i) operate as a waiver of or otherwise affect any right, power or remedy of the Administrative Agent, the Letter of Credit Issuers or the Lenders, (ii) constitute a waiver of, alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provisions of the Credit Agreement or any other Credit Documents, or (iii) serve to effect a novation of the Obligations.

SECTION 6. <u>Governing Law</u>. THIS FOURTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. The provisions of Sections 1.2, 13.5, 13.12, 13.15 and 13.16 of the Credit Agreement shall apply to this Fourth Amendment, *mutatis mutandis*.

SECTION 7. <u>Counterparts</u>. This Fourth Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this Fourth Amendment and/or any document to be signed in connection with this Fourth Amendment 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, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signature and Records Act, or any other similar state laws based on the Uniform Electronic Transaction Act. "<u>Electronic Signatures</u>" 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 8. <u>Severability</u>. Wherever possible, each provision of this Fourth Amendment shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Fourth Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Fourth Amendment.

SECTION 9. <u>Section Titles</u>. The Section titles contained in this Fourth Amendment are and shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreement between the parties hereto.

SECTION 10. <u>Entire Agreement</u>. This Fourth Amendment, the Credit Agreement and the other Credit Documents constitute the entire agreement among the parties with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties or any of them with respect to the subject matter hereof.

[*Signature Pages to follow*]

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

---

| | |
|:---|:---|
| **PHOENIX DATA CENTER ACQUISITIONS LLC,** | **PHOENIX DATA CENTER ACQUISITIONS LLC,** |
| as Parent Borrower | as Parent Borrower |
| By | /s/ Catherine Smith |
|  | Name: Catherine Smith |
|  | Title: Corporate Secretary |

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Signature Page to Fourth Amendment to Credit Agreement

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| | | |
|:---|:---|:---|
| **<u>ADMINISTRATIVE AGENT</u>:** | **<u>ADMINISTRATIVE AGENT</u>:** | **<u>ADMINISTRATIVE AGENT</u>:** |
| **WELLS FARGO BANK, NATIONAL ASSOCIATION,** | **WELLS FARGO BANK, NATIONAL ASSOCIATION,** | **WELLS FARGO BANK, NATIONAL ASSOCIATION,** |
| as Administrative Agent | as Administrative Agent | as Administrative Agent |
| By: | /s/ Clayton Saunders | /s/ Clayton Saunders |
|  | Name: | Clayton Saunders |
|  | Title: | Vice President |

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Signature Page to Fourth Amendment to Credit Agreement

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| | | |
|:---|:---|:---|
| **<u>LENDERS</u>:** | **<u>LENDERS</u>:** | **<u>LENDERS</u>:** |
| **WELLS FARGO BANK, NATIONAL ASSOCIATION,** | **WELLS FARGO BANK, NATIONAL ASSOCIATION,** | **WELLS FARGO BANK, NATIONAL ASSOCIATION,** |
| as a Lender | as a Lender | as a Lender |
| By: | /s/ Clayton Saunders | /s/ Clayton Saunders |
|  | Name: | Clayton Saunders |
|  | Title: | Vice President |

---

Signature Page to Fourth Amendment to Credit Agreement

---

| | | |
|:---|:---|:---|
| **THE BANK OF NOVA SCOTIA,** | **THE BANK OF NOVA SCOTIA,** | **THE BANK OF NOVA SCOTIA,** |
| as a Lender | as a Lender | as a Lender |
| By: | /s/ Robert Palmer | /s/ Robert Palmer |
|  | Name: | Robert Palmer |
|  | Title: | Director |
| By: | /s/ Tu-Anh Nguyen | /s/ Tu-Anh Nguyen |
|  | Name: | Tu-Anh Nguyen |
|  | Title: | Associate |

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Signature Page to Fourth Amendment to Credit Agreement

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| | | |
|:---|:---|:---|
| **THE TORONTO-DOMINION BANK, NEW YORK BRANCH,** | **THE TORONTO-DOMINION BANK, NEW YORK BRANCH,** | **THE TORONTO-DOMINION BANK, NEW YORK BRANCH,** |
| as a Lender | as a Lender | as a Lender |
| By: | /s/ Timothy Brogan | /s/ Timothy Brogan |
|  | Name: | Timothy Brogan |
|  | Title: | Authorized Signatory |

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Signature Page to Fourth Amendment to Credit Agreement

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| | | |
|:---|:---|:---|
| **BANK OF MONTREAL,** | **BANK OF MONTREAL,** | **BANK OF MONTREAL,** |
| as a Lender | as a Lender | as a Lender |
| By: | /s/ Rebecca Liu Chabanon | /s/ Rebecca Liu Chabanon |
|  | Name: | Rebecca Liu Chabanon |
|  | Title: | Director |

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Signature Page to Fourth Amendment to Credit Agreement

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| | | |
|:---|:---|:---|
| **MORGAN STANLEY SENIOR FUNDING, INC.,** | **MORGAN STANLEY SENIOR FUNDING, INC.,** | **MORGAN STANLEY SENIOR FUNDING, INC.,** |
| as a Lender | as a Lender | as a Lender |
| By: | /s/ Atu Koffie-Lart | /s/ Atu Koffie-Lart |
|  | Name: | Atu Koffie-Lart |
|  | Title: | Vice President |

---

Signature Page To Fourth Amendment To Credit Agreement

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| | | |
|:---|:---|:---|
| **PNC BANK, NATIONAL ASSOCIATION,** | **PNC BANK, NATIONAL ASSOCIATION,** | **PNC BANK, NATIONAL ASSOCIATION,** |
| as a Lender | as a Lender | as a Lender |
| By: | /s/ Amy Tallia | /s/ Amy Tallia |
|  | Name: | Amy Tallia |
|  | Title: | SVP |

---

Signature Page to Fourth Amendment to Credit Agreement

<u>ANNEX I</u>

Amended Credit Agreement

See attached.

***ANNEX I***

***Composite copy reflecting amendments made pursuant to***

***First Amendment to Credit Agreement, dated April 17, 2024,***

***Second Amendment to Credit Agreement, dated February 28, 2025 and<u>,</u>***

***Third Amendment to Credit Agreement, dated December 22, 2025 <u>and</u>***

<u>***Fourth Amendment to Credit Agreement, dated May 13, 2026***</u>

 ****

U.S. REVOLVING CREDIT AGREEMENT

dated as of January 12, 2024

as amended as of April 17, 2024

as further amended February 28, 2025

as further amended as of December 22, 2025

<u>as further amended as of May 13, 2026</u> 

among

PHOENIX DATA CENTER ACQUISITIONS LLC

as the Parent Borrower,

PHOENIX DATA CENTER INTERMEDIATE LLC

as Holdings,

The Several Lenders and Letter of Credit Issuers

from Time to Time Parties Hereto,

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as the Administrative Agent

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as the Collateral Agent,

WELLS FARGO SECURITIES, LLC

TD SECURITIES (USA) LLC

as Joint Bookrunners and Lead Arrangers,

and

BMO CAPITAL MARKETS CORP.

THE BANK OF NOVA SCOTIA

as Joint Lead Arrangers

**<u>**TABLE OF CONTENTS**</u>**

**<u>Page</u>**

---

| | | |
|:---|:---|:---|
| Section 1. | Definitions | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | Defined Terms | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | Other Interpretive Provisions | 72.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | Accounting Terms | 73.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 | Rounding | 73.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 | References to Agreements, Laws, Etc. | 73.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 | Exchange Rates; Currency Equivalents | 73.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 | Rates | 74.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 | Times of Day | 74.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 | Timing of Payment or Performance | 74.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | Certifications | 74.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | Compliance with Certain Sections | 74.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | Pro Forma and Other Calculations | 75.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | Form Intercreditor Agreements | 77.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | [Reserved] | 77.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | Divisions | 77.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | Designation of Borrowers | 78.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | Borrower Agent | 78.0 |
| Section 2. | Amount and Terms of Credit | 79.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | Commitments | 79.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | Loans and Borrowings | 79.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | Notice of Borrowing | 80.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | Disbursement of Funds | 80.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | Repayment of Loans; Evidence of Debt | 81.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 | Conversions and Continuations | 82.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 | Pro Rata Borrowings | 83.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 | Interest | 83.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 | Interest Periods | 84.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | Increased Costs, Illegality, Etc. | 85.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | [Reserved] | 87.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | Change of Lending Office | 87.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | Notice of Certain Costs | 87.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | Extension of Revolving Credit Commitments | 87.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | [Reserved] | 90.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | Defaulting Lenders | 90.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | Alternate Rate of Interest | 92.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | Benchmark Replacement Setting | 92.0 |
| Section 3. | Letters of Credit | 94.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | Letters of Credit | 94.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | Letter of Credit Requests | 96.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 | Letter of Credit Participations | 97.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | Agreement to Repay Letter of Credit Drawings | 99.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 | Increased Costs | 100.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 | New or Successor Letter of Credit Issuer | 101.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 | Role of Letter of Credit Issuer | 102.0 |

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-i-

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 | Cash Collateral | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 | Applicability of ISP and UCP | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | Conflict with Issuer Documents | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 | Letter of Credit Issued for Subsidiaries | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 | Provisions Related to Extended Revolving Credit Commitments | 104 |
| Section 4. | Fees | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | Fees | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 | Voluntary Reduction of Revolving Credit Commitments | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | Mandatory Termination | 106 |
| Section 5. | Payments | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 | Voluntary Prepayments | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 | Mandatory Prepayments | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 | Method and Place of Payment | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 | Net Payments | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 | Computations of Interest and Fees | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 | Limit on Rate of Interest | 113 |
| Section 6. | Conditions Precedent to Initial Borrowing | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | Credit Documents | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 | Collateral | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 | Legal Opinions | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 | [Reserved.] | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 | Closing Certificates | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 | Authorization of Proceedings of the Parent Borrower and the Guarantors; Corporate Documents | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 | Fees | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 | Solvency Certificate | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 | Financial Statements | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 | Refinancing | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 | Notice of Revolving Credit Loan Borrowing; Letter of Credit Request | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 | Representations and Warranties | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 | Acquisition | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 | Patriot Act | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15 | No Company Material Adverse Effect | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16 | Evoque Transaction | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17 | Bankruptcy | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18 | Quality of Earnings Report | 117 |
| Section 7. | Conditions Precedent to All Credit Events after the Closing Date | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 | No Event of Default; Representations and Warranties | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 | LTV | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 | Notice of Borrowing | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 | Drawstop Event Period | 118 |
| Section 8. | Representations and Warranties | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 | Corporate Status | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 | Corporate Power and Authority | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 | No Violation | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 | Litigation | 119 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 | Margin Regulations | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 | Governmental Approvals | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 | Investment Company Act | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 | True and Complete Disclosure | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 | Financial Condition; Financial Statements | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 | Compliance with Laws | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 | Tax Matters | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12 | Compliance with ERISA | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13 | Subsidiaries | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14 | Intellectual Property | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15 | Environmental Laws | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16 | Properties | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.17 | Closing Date Solvency | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.18 | Use of Proceeds | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.19 | Sanctions | 122 |
| Section 9. | Affirmative Covenants | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 | Information Covenants | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 | Books, Records, and Inspections | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 | Maintenance of Insurance | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 | Payment of Taxes | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 | Preservation of Existence; Consolidated Corporate Franchises | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 | Compliance with Statutes, Regulations, Etc. | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 | ERISA | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 | Maintenance of Tangible Properties | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 | Transactions with Affiliates | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 | End of Fiscal Years | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11 | Additional Guarantors and Grantors | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12 | Pledge of Additional Stock and Evidence of Indebtedness | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13 | Use of Proceeds | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.14 | Further Assurances | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.15 | [reserved.] | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.16 | Lines of Business | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.17 | Financial Covenants under Other Indebtedness | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.18 | Post-Closing Actions | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.19 | Foreign First-Tier Finance Holdings Subsidiaries | 132 |
| Section 10. | Negative Covenants | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 | Limitation on Indebtedness | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 | Limitation on Fundamental Changes | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 | Limitation on Sale of Assets | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 | Limitation on Restricted Payments | 138 |
| Section 11. | Events of Default | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 | Payments | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 | Representations, Etc. | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 | Covenants | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 | Default Under Other Agreements | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 | Bankruptcy, Etc. | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 | ERISA | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 | Guarantee | 147 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 | Security Documents | 147.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 | Judgments | 147.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10 | Change of Control | 147.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 | Remedies Upon Event of Default | 147.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 | Application of Proceeds | 148.0 |
| Section 12. | The Agents | 149.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 | Appointment | 149.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 | Delegation of Duties | 149.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 | Exculpatory Provisions | 150.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 | Reliance by Agents | 150.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 | Notice of Default | 150.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 | Non-Reliance on Administrative Agent, Collateral Agent, and Other Lenders | 151.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 | Indemnification | 151.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 | Agents in Their Individual Capacities | 152.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9 | Successor Agents | 152.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10 | Withholding Tax | 154.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11 | Agents Under Security Documents and Guarantee | 154.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12 | Right to Realize on Collateral and Enforce Guarantee | 155.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13 | Intercreditor Agreements Govern | 156.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.14 | Acknowledgements of Lenders | 156.0 |
| Section 13. | Miscellaneous | 158.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 | Amendments, Waivers, and Releases | 158.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 | Notices | 162.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 | No Waiver; Cumulative Remedies | 163.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 | Survival of Representations and Warranties | 164.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 | Payment of Expenses; Indemnification | 164.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 | Successors and Assigns; Participations and Assignments | 165.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 | Replacements of Lenders Under Certain Circumstances | 170.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8 | Adjustments; Set-off | 171.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9 | Counterparts | 172.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10 | Severability | 172.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11 | Integration | 172.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12 | GOVERNING LAW | 172.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13 | Submission to Jurisdiction; Waivers | 173.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.14 | Acknowledgments | 173.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.15 | WAIVERS OF JURY TRIAL | 174.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.16 | Confidentiality | 175.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.17 | Direct Website Communications | 176.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.18 | USA PATRIOT Act | 177.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.19 | [Reserved] | 177.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.20 | Payments Set Aside | 177.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.21 | No Fiduciary Duty | 178.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.22 | Nature of Borrower Obligations | 178.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.23 | Acknowledgment and Consent to Bail-In of Affected Financial Institutions | 179.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.24 | Acknowledgment Regarding Any Supported QFCs | 180.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.25 | Certain ERISA Matters | 180.0 |

---

-iv-

<u>SCHEDULES</u>

---

| | |
|:---|:---|
| Schedule 1.1(a) | Commitments of Lenders |
| Schedule 1.1(c) | Closing Date Liens |
| Schedule 1.1(d) | Closing Date First Tier Property Values |
| Schedule 8.13 | Subsidiaries |
| Schedule 9.18 | Post-Closing Actions |
| Schedule 10.1 | Closing Date Indebtedness |
| Schedule 13.2 | Notice Addresses |

---

<u>EXHIBITS</u>

---

| | |
|:---|:---|
| Exhibit A | Form of Closing Certificate |
| Exhibit B | Form of Guarantee |
| Exhibit C | Form of Pledge Agreement |
| Exhibit D | Form of Credit Party Closing Certificate |
| Exhibit E | Form of Assignment and Acceptance |
| Exhibit F | Form of Promissory Note |
| Exhibit G-1 | Form of First Lien Intercreditor Agreement |
| Exhibit G-2 | Form of Second Lien Intercreditor Agreement |
| Exhibit H-1 | Form of Non-Bank Tax Certificate |
|  | (For Non-U.S. Lenders That Are Not Partnerships |
|  | For U.S. Federal Income Tax Purposes) |
| Exhibit H-2 | Form of Non-Bank Tax Certificate |
|  | (For Non-U.S. Lenders That Are Partnerships |
|  | For U.S. Federal Income Tax Purposes) |
| Exhibit H-3 | Form of Non-Bank Tax Certificate |
|  | (For Non-U.S. Participants That Are Not Partnerships |
|  | For U.S. Federal Income Tax Purposes) |
| Exhibit H-4 | Form of Non-Bank Tax Certificate |
|  | (For Foreign Participants That Are Partnerships |
|  | For U.S. Federal Income Tax Purposes) |
| Exhibit I | Form of Notice of Borrowing or Continuation or Conversion |
| Exhibit J | Form of Solvency Certificate |
| Exhibit K | Form of Compliance Certificate |

---

-v-

**<u>U.S. REVOLVING CREDIT AGREEMENT</u>**

U.S. REVOLVING CREDIT AGREEMENT, dated as of January 12, 2024, among PHOENIX DATA CENTER ACQUISITIONS LLC, a Delaware limited liability corporation (as the "**Parent Borrower**"), PHOENIX DATA CENTER INTERMEDIATE LLC, a Delaware limited liability corporation (as "**Holdings**"), the lending institutions from time to time parties hereto (each a "**Lender**" and, collectively, the "**Lenders**"), the Letter of Credit Issuers from time to time parties hereto, WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Administrative Agent, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Collateral Agent (such terms and each other capitalized term used but not defined in this preamble having the meaning provided in <u>Section 1</u>).

WHEREAS, the Purchaser will acquire certain assets of the Company as set forth in the Acquisition Agreement (the "**Plan Acquisition**") pursuant to, in accordance with and under and in connection with that certain (a) Asset Purchase Agreement, dated as of October 31, 2023, by and among Phoenix Data Center Holdings LLC, a Delaware limited liability company (the "**Purchaser**"), Cyxtera Technologies, Inc., a Delaware corporation (the "**Company**") and certain subsidiaries of the Company (together with all exhibits, annexes, schedules and disclosure letters thereto, collectively, as modified, amended, supplemented or waived, the "**Acquisition Agreement**"); (b) the *Fourth Amended Joint Chapter 11 Plan of Cyxtera Technologies, Inc. and Its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code* (the "**Chapter 11 Plan**") filed in the chapter 11 cases (the "**Chapter 11 Cases**") of Cyxtera Technologies, Inc. and certain of its subsidiaries commenced in the United States Bankruptcy Court for the District of New Jersey (the "**Bankruptcy Court**") in the chapter 11 cases captioned *In re Cyxtera Technologies Inc. et al.*, Ch. 11 Case No. 23-14853 (JKS) (Bankr. D. N.J. July 5, 2023); and (c) the *Revised Findings of Fact, Conclusions of Law, and Order Confirming the Fourth Amended Joint Plan of Reorganization of Cyxtera Technologies, Inc. and it Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code* entered on November 17, 2023 Docket No. 718 (the "**Confirmation Order**") by the Bankruptcy Court confirming the Chapter 11 Plan;

WHEREAS, the Purchaser intends to, directly or indirectly, acquire certain properties owned by third party landlords, in each case, as set forth in the applicable Purchase and Sale Agreement (each, a "**Third Party Acquisition Agreement**", each acquisition, a "**Third Party Acquisition**" and the assets acquired in connection therewith, "**Third Party Acquired Assets**");

WHEREAS, the Purchaser intends to, directly or indirectly, acquire certain properties owned by third party landlords, in each case, as set forth in the applicable Purchase and Sale Agreement (each, an "**Additional Property Acquisition Agreement**" (and collectively, together with each Third Party Acquisition Agreement, the "**Property Acquisition Agreements**") and each acquisition, an "**Additional Property Acquisition**" (and collectively, together with each Third Party Acquisition, the "**Property Acquisitions**"));

WHEREAS, in furtherance of an internal reorganization of certain Subsidiaries of the Sponsor, the Sponsor intends to transfer certain properties and other assets of certain Subsidiaries of Sponsor to certain other Subsidiaries of the Sponsor (collectively, the "<u>Transferred Subsidiaries</u>"), and, immediately following the consummation of such transactions, transfer all of the issued and outstanding membership interests of each Transferred Subsidiary to Phoenix Data Center Parent LLC, in each case, in accordance with and as set forth in that certain Contribution and Transfer Agreement, dated as of the date hereof, by and among Dawn US Holdings, LLC, a Delaware limited liability company, Evoque Dallas Data Centers LLC, a Delaware limited liability company, the SPE Companies named therein, Phoenix Infrastructure LLC, a Delaware limited liability company, and Phoenix Data Center Parent, LLC, a Delaware limited liability company (together with all exhibits, annexes and schedules thereto, collectively, as modified, amended, supplemented or waived, the "**Evoque Transaction Agreement**" and such transfers, the "**Evoque Transaction**", and together with the Plan Acquisition, each Third Party Acquisition and each Additional Property Acquisition other related transactions contemplated in the Acquisition Agreement to occur on the date of or substantially contemporaneously with the foregoing, the "**Acquisitions**")

WHEREAS, in connection with the Acquisitions, the Parent Borrower has requested that the Lenders extend credit in the form of Revolving Credit Loans (exclusive of Letter of Credit usage) in an aggregate principal amount at any time not exceeding the sum of the Revolving Credit Commitments hereunder less the sum of the Lenders' aggregate Letter of Credit Exposure at such time, made available to the Parent Borrower (i) on the Closing Date, together with the proceeds of other First Tier Facilities established on the Closing Date and cash on hand of the Parent Borrower, (A) to finance the Transactions and for general corporate purposes in an amount equal to the amount necessary to fund (1) the Reserves Shortfall (less any Letters of Credit issued on the Closing Date to backstop any Reserves Shortfall) and (2) the Proceeds Shortfall and (B) in any amount needed to fund upfront fees or original issue discount in respect of any Credit Facilities (and any other First Tier Facilities established on the Closing Date) imposed under the Fee Letter, working capital adjustments and reimbursements for Capital Expenditures pursuant to the Acquisition Agreement and/or the refinancing of any Indebtedness incurred for working capital purposes and purchase price adjustments made pursuant to the Acquisition Agreement and/or the Property Acquisition Agreement, and (ii) at any time and from time to time after the Closing Date, for working capital and general corporate purposes (including to finance any other transactions not prohibited by the Credit Documents).

WHEREAS, the Parent Borrower has requested that any Letter of Credit Issuer issues Letters of Credit (i) on the Closing Date in order to (A) backstop any Reserves Shortfall (less any Revolving Loans drawn on the Closing Date to fund such Reserves Shortfall) and (B) backstop or replace letters of credit outstanding on the Closing Date under any facilities no longer available as of the Closing Date to the Parent Borrower, the Company or any of their respective Affiliates (and such existing letters of credit may be deemed Letters of Credit outstanding under the Revolving Credit Facility), and (ii) thereafter at any time and from time to time prior to the L/C Facility Maturity Date, in an aggregate Stated Amount at any time outstanding not in excess of $50,000,000; and

WHEREAS, the Lenders and Letter of Credit Issuers are willing to make available to the Borrower such revolving credit and letter of credit facilities upon the terms and subject to the conditions set forth herein;

NOW, THEREFORE, in consideration of the premises and the covenants and agreements contained herein, the parties hereto hereby agree as follows:

Section 1. <u>Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Defined Terms</u>. As used herein, the following terms shall have the meanings specified in this Section 1.1 unless the context otherwise requires (it being understood that defined terms in this Agreement shall include in the singular number the plural and in the plural the singular):

"**30-Day SOFR Average**" has the meaning specified in the definition of "SOFR Average".

"**ABR**" shall mean, for any day, a rate per annum equal to the highest of (a) the "U.S. Prime Rate" in effect on such day as quoted in the Wall Street Journal (the "**Prime Rate**"), (b) the NYFRB Rate in effect on such day plus 0.50% and (c) Term SOFR for a one-month interest period in effect on such day plus 1.00%; *provided* that, for the avoidance of doubt, Term SOFR for any day shall be Term SOFR for a one-month interest period on the day that is two (2) Business Days prior to such day, as such rate is published by the Term SOFR Administrator. Any change in the ABR due to a change in the Prime Rate, the NYFRB Rate or Term SOFR shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or Term SOFR, respectively.

"**ABR Loan**" shall mean each Loan bearing interest based on the ABR.

"**Acquired Assets**" shall mean the Acquired Assets (as defined in the Acquisition Agreement).

"**Acquired EBITDA**" shall mean, with respect to any Acquired Entity or Business for any period, the amount for such period of Consolidated EBITDA of such Acquired Entity or Business (determined using such definitions as if references to the Parent Borrower and the Subsidiaries therein were to such Acquired Entity or Business and its Subsidiaries), all as determined on a consolidated basis for such Acquired Entity or Business in accordance with GAAP.

"**Acquired Entity or Business**" shall have the meaning provided in the definition of the term "Consolidated EBITDA".

"**Acquired Indebtedness**" shall mean, with respect to any specified Person, (i) Indebtedness of any other Person existing at the time such other Person is merged, consolidated, or amalgamated with or into or became a Subsidiary of such specified Person, including Indebtedness incurred in connection with, or in contemplation of, such other Person merging, consolidating, or amalgamating with or into or becoming a Subsidiary of such specified Person, and (ii) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person.

"**Acquisition**" shall have the meaning provided in the recitals to this Agreement. "**Acquisition Agreement**" shall have the meaning provided in the recitals to this Agreement.

"**Additional Borrower**" shall mean any Subsidiary that is added as a Borrower pursuant to Section 1.16.

"**Adjusted Term CORRA**" shall mean for purposes of any calculation, the rate per annum equal to (a) Term CORRA for such calculation plus (b) the Term CORRA Adjustment; provided that if Adjusted Term CORRA as so determined shall ever be less than the Floor, then Adjusted Term CORRA shall be deemed to be the Floor.

"**Adjusted Term CORRA Borrowing**" shall mean a Borrowing comprised of Loans bearing interest at a rate determined by reference to Adjusted Term CORRA.

"**Adjusted Total Revolving Credit Commitment**" shall mean, at any time, the Total Revolving Credit Commitment less the aggregate Revolving Credit Commitments of all Defaulting Lenders.

"**Administrative Agent**" shall mean Wells Fargo Bank, National Association, as the administrative agent for the Lenders under this Agreement and the other Credit Documents, or any successor administrative agent pursuant to Section 12.9.

"**Administrative Agent's Office**" shall mean the Administrative Agent's address and, as appropriate, account as set forth on Schedule 13.2 or such other address or account as the Administrative Agent may from time to time notify the Parent Borrower and the Lenders.

"**Administrative Questionnaire**" shall have the meaning provided in <u>Section 13.6(b)(ii)(D)</u>.

"**Affected Financial Institution**" shall mean (a) any EEA Financial Institution or (b) any UK Financial Institution

"**Affiliate**" shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with such Person. A Person shall be deemed to control another Person if such Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such other Person, whether through the ownership of voting securities, by contract or otherwise.

" **Affiliated Institutional Lender**" shall mean any Affiliate of the Sponsor that is either a bona fide debt fund or such Affiliate extends credit or buys loans in the ordinary course of business.

"**Affiliated Lender**" shall mean a Lender that is the Sponsor or any Affiliate thereof (other than the Borrower, any other Subsidiary of the Borrower, or any Affiliated Institutional Lender).

"**Agent Party**" and "**Agent Parties**" shall have the meaning provided in <u>Section 13.17(b)</u>.

"**Agents**" shall mean the Administrative Agent, the Collateral Agent and each Joint Lead Arranger.

"**Agreement**" shall mean this Credit Agreement.

"**Alternative Currency**" means each of (a) Canadian Dollars and (b) such other currency as requested by Borrowers and consented to by Agent and each applicable Lender.

"**Alternative Currency Equivalent**" means, subject to <u>Section 1.6</u>, for any amount, at the time of determination thereof, with respect to any amount expressed in Dollars, the equivalent of such amount thereof in the applicable Alternative Currency as determined by the Administrative Agent in its sole discretion by reference to the most recent Spot Rate (as determined as of the most recent Revaluation Date) for the purchase of such Alternative Currency with Dollars.

"**AML Laws**" shall mean (a) the USA Patriot Act of 2001 (Pub. L. No. 107-56), (b) the U.S. Money Laundering Control Act of 1986, as amended, (c) the Bank Secrecy Act, 31 U.S.C. sections 5301 et seq., (d) Laundering of Monetary Instruments, 18 U.S.C. section 1956, (e) Engaging in Monetary Transactions in Property Derived from Specified Unlawful Activity, 18 U.S.C. section 1957, (f) the Financial Recordkeeping and Reporting of Currency and Foreign Transactions Regulations (Title 31 Part 103 of the US Code of Federal Regulations), or (g) any other applicable money laundering or financial recordkeeping Laws.

"**Anticorruption Laws**" shall mean the U.S. Foreign Corrupt Practices Act, as amended, and any other applicable anti-bribery or anticorruption laws or regulations.

"**Applicable Margin**" shall mean a percentage per annum equal to (a) for SOFR Loans and CORRA Loans that are Revolving Credit Loans, 3.00% and (b) for ABR Loans that are Revolving Credit Loans, 2.00%.

Notwithstanding the foregoing, the Applicable Margin in respect of any Class of Extended Revolving Credit Commitments or Revolving Credit Loans made pursuant to any Extended Revolving Credit Commitments shall be the applicable percentages per annum set forth in the relevant Extension Amendment.

"**Appraisal**" shall mean a written statement setting forth an opinion of the market value of the Property that (i) has been independently and impartially prepared in accordance with the requirements of FIRREA and USPAP, by an independent third-party appraiser directly engaged by Administrative Agent holding an MAI designation, who is state licensed or state certified if required under the laws of the State, who meets the requirements of FIRREA and USPAP and who otherwise is reasonably satisfactory to Administrative Agent, (ii) complies with all applicable federal and state laws and regulations dealing with appraisals or valuations of real property, including the minimum appraisal standards for national banks promulgated by the Comptroller of the Currency pursuant to Title XI of the FIRREA, (iii) has been prepared on as "as-is" basis, and (iv) has been prepared not more than twelve (12) months prior to the relevant date.

"**Approved Fund**" shall mean any Fund that is administered or managed by (i) a Lender, (ii) an Affiliate of a Lender, or (iii) an entity or an Affiliate of an entity that administers, advises or manages a Lender.

"**Asset Sale**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sale, conveyance, transfer, or other disposition, whether in a single transaction or a series of related transactions, of property or assets (including by way of a Sale Leaseback) (each a "**disposition**") of the Parent Borrower or any Credit Party, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the issuance or sale of
 Equity Interests of any Subsidiary of the Parent Borrower or other Credit Party (other than preferred stock of any such Subsidiary
 issued in compliance with <u>Section 10.1</u>), whether in a single transaction or a series of related transactions, in each case,
 other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any disposition of Cash Equivalents or Investment Grade Securities or obsolete, worn out, damaged or surplus property or property (including leasehold property interests) that is no longer economically practical in its business or commercially desirable to maintain or no longer used or useful equipment in the ordinary course of business or any disposition of inventory, immaterial assets, or goods (or other assets) in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the disposition of all
 or substantially all of the assets of, or the conversion of any equity interests in, the Parent Borrower or any Subsidiary in a manner permitted pursuant to <u>Section 10.2</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the incurrence of any Permitted
 Liens or the making of any Restricted Payment that is permitted to be made, and is made, pursuant to <u>Section 10.4</u> or of any
 Investment not otherwise prohibited hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any sale or disposition of assets (whether tangible or intangible) or issuance or sale of Equity Interests of any Subsidiary in any transaction or series of related transactions with an aggregate Fair Market Value of less than (A) the greater of $73,300,000 and 1.25% of Consolidated Total Assets (as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) at the time of such disposition) individually or (B) the greater of $146,600,000 and 2.5% of Consolidated Total Assets (as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) at the time of such disposition) in the aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any disposition of property or assets or issuance of securities by (1) any Credit Party to the Parent Borrower or (2) by the Parent Borrower or any other Credit Party to another Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to the extent allowable under Section 1031 of the Code, or any comparable or successor provision, any exchange of like property (excluding any boot thereon) for use in a Similar Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) foreclosures, condemnation, casualty or any similar action on assets (including dispositions in connection therewith);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) disposition of Securitization Assets, or participations therein, in connection with any Permitted Securitization Financing, including dispositions (including by capital contribution) of assets to Securitization Entities in connection with any Permitted Securitization Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any financing transaction with respect to property built or acquired by the Parent Borrower or any Credit Party after the Closing Date, including Sale Leasebacks and asset securitizations permitted by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) (1) any surrender or waiver of contractual rights or the settlement, release, or surrender of contractual rights or other litigation claims, (2) the termination or collapse of cost sharing agreements with the Parent Borrower or any Credit Party and the settlement of any crossing payments in connection therewith, or (3) the settlement, discount, write off, forgiveness, or cancellation of any Indebtedness owing by any present or former consultants, directors, officers, or employees of the Parent Borrower (or any direct or indirect parent company of the Parent Borrower) or any Credit Party or any of their successors or assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the disposition or discount of inventory, accounts receivable, or notes receivable in the ordinary course of business or the conversion of accounts receivable to notes receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the non-exclusive licensing, cross-licensing or sub-licensing of Intellectual Property or other general intangibles (whether pursuant to franchise agreements or otherwise) in the ordinary course of business or in connection with a Permitted Securitization Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the unwinding of any Hedging Obligations or obligations in respect of Cash Management Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) sales, transfers, and other dispositions of (i) Investments in joint ventures to the extent required by, or made pursuant to, customary buy/sell arrangements between the joint venture parties set forth in joint venture arrangements and similar binding arrangements and (ii) property or assets, if the acquisition of such property or assets was financed with Excluded Contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the lapse or abandonment of Intellectual Property rights in the ordinary course of business, which in the reasonable business judgment of the Parent Borrower are not material to the conduct of the business of the Parent Borrower and the Credit Parties taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) the issuance of directors' qualifying shares and shares issued to foreign nationals as required by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) dispositions of property to the extent that (1) such property is exchanged for credit against the purchase price of similar replacement property that is purchased within 450 days thereof, (2) the proceeds of such Asset Sale are promptly applied to the purchase price of such replacement property (which replacement property is actually purchased within 450 days thereof) or (3) such dispositions are necessary or advisable (as determined by the Parent Borrower in good faith) in order to obtain or increase the likelihood of obtaining the approval of any Governmental Authority to consummate or avoid the prohibition or other restriction on the consummation of any permitted acquisition of any Person, business or assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) lease, assignments, subleases, licenses, or sublicenses, in each case in the ordinary course of business and which do not materially interfere with the business of the Parent Borrower and the Credit Parties, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) dispositions of non-core assets acquired in connection with any Permitted Acquisition or Investment permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) sales, transfers and other dispositions of accounts receivable (including write-offs, discounts and compromises) in connection with the compromise, settlement or collection thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) any swap of assets in exchange for services or other assets in the ordinary course of business of comparable or greater Fair Market Value or usefulness to the business of the Parent Borrower and the other Credit Parties, as a whole, as determined in good faith by the Parent Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) any sale, lease, sub-lease or other disposition of property or services in the ordinary course of business pursuant to the terms of any Lease or service agreement.

"**Assignment and Acceptance**" shall mean an assignment and acceptance substantially in the form of <u>Exhibit E</u>, or such other form as may be approved by the Administrative Agent and the Parent Borrower.

"**Authorized Officer**" shall mean, with respect to any Person, any individual holding the position of chairman of the board (if an officer), the Chief Executive Officer, President, the Chief Financial Officer, the Treasurer, the Controller, the Vice President-Finance, a Senior Vice President, a Director, a Manager, the Secretary, the Assistant Secretary or any other senior officer or agent with express authority to act on behalf of such Person designated as such by the board of directors or other managing authority of such Person.

"**Auto-Extension Letter of Credit**" shall have the meaning provided in <u>Section 3.2(d)</u>.

"**Automatic Continuation**" shall have the meaning provided in <u>Section 2.6(b)</u>.

" **Available Commitment**" shall mean an amount equal to the excess, if any, of (i) the amount of the Total Revolving Credit Commitment over (ii) the sum of the aggregate principal amount of, without duplication, (a) all Revolving Credit Loans then outstanding and (b) the aggregate Letters of Credit Outstanding at such time.

"**Available Restricted Debt Payments Amount**" shall mean, at any time, (a) the amount of Restricted Debt Payments that may be made at the time of determination pursuant to <u>Section 10.4(b)(15)(a)</u> minus (b) the amount of the Available Restricted Debt Payments Amount utilized by the Parent Borrower to make Restricted Payments pursuant to <u>Section 10.4(b)(10)</u>.

"**Available Restricted Payments Amount**" shall mean, at any time, (a) the amount of Restricted Payments that may be made at the time of determination pursuant to <u>Section 10.4(b)(10)</u> minus (b) the amount of the Available Restricted Payments Amount utilized by the Parent Borrower to make Restricted Debt Payments pursuant to <u>Section 10.4(b)(15)(b)</u>.

"**Available Tenor**" shall mean, as of any date of determination and with respect to the then-current Benchmark, as applicable, (a) if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an Interest Period pursuant to this Agreement or (b) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof), as applicable, that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark, in each case, 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 (d) of <u>Section 2.18</u>; provided, that if the then-current Benchmark is based upon SOFR Average, such Benchmark shall be deemed to not have any Available Tenors.

"**Bail-In Action**" shall mean 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**" shall mean (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, regulation rule 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).

"**Bankruptcy Code**" shall have the meaning provided in <u>Section 11.5</u>.

"**Bankruptcy Court**" shall have the meaning provided in the recitals to this Agreement.

"**Benchmark**" shall mean, initially, with respect to any (a) Obligations, interest fees, commissions or other amounts denominated in, or calculated with respect to, Dollars, the Term SOFR Reference Rate or SOFR Average; provided that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate, SOFR Average or the then-current Benchmark for Dollars, then "Benchmark" shall mean the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (a) of Section 2.18 and (b) Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, Canadian Dollars, the Term CORRA Reference Rate; provided that if a Benchmark Transition Event has occurred with respect to the Term CORRA Reference Rate or then-current Benchmark for Canadian Dollars, then "Benchmark" means, with respect to such Obligations, interest, fees, commissions or other amounts, the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (a) of Section 2.18.

"**Benchmark Replacement**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) with respect to any Benchmark Transition Event with respect to a Benchmark applicable to Dollar-denominated Loans: the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Daily SOFR; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of: (i) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower giving due consideration to (A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities and (ii) the related Benchmark Replacement Adjustment; provided that, in the case of clause (ii) above, such adjustment shall not be in the form of an increase to the Applicable Margin.

If the Benchmark Replacement as determined pursuant to clause (a) or (b) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Credit Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) with respect to any Benchmark Transition Event with respect to a Benchmark applicable to Canadia Dollar-denominated Loans: the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Daily Simple CORRA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of: (i) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower giving due consideration to (A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities and (ii) the related Benchmark Replacement Adjustment; <u>provided</u> that, in the case of clause (ii) above, such adjustment shall not be in the form of an increase to the Applicable Margin.

If the Benchmark Replacement as determined pursuant to clause (a) or (b) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Credit Documents.

"**Benchmark Replacement Adjustment**" shall mean, with respect to any replacement of the then-current Benchmark with an 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 Borrower giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) 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 such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities.

"**Benchmark Replacement Date**" shall mean the earliest to occur of the following events with respect to such then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of clause (a) or (b) of the definition of "Benchmark Transition Event", the later of (i) the date of the public statement or publication of information referenced therein and (ii) 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of clause (c) 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 or on behalf of the administrator of such Benchmark (or such component thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative; <u>provided</u>, that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

For the avoidance of doubt, the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein solely to the extent such event applies to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

"**Benchmark Transition Event**" shall mean the occurrence of one or more of the following events with respect to then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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, 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), 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative.

For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark solely to the extent that 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).

"**Benchmark Unavailability Period**" shall mean the period (if any) (a) beginning at the time that a Benchmark Replacement Date 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 <u>Section 2.18</u> and (b) 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 <u>Section 2.18</u>.

"**Beneficial Ownership Regulation**" shall mean 31 C.F.R. § 1010.230.

"**Benefit Plan**" shall mean 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".

"**Benefited Lender**" shall have the meaning provided in <u>Section 13.8(a)</u>.

"**BHC Act Affiliate**" shall have the meaning provided in <u>Section 13.24(b)</u>.

"**Board**" shall mean the Board of Governors of the Federal Reserve System of the United States (or any successor).

"**Bona-Fide Lending Affiliate**" any Affiliate of any Named Competitor that is regularly engaged in the business of commercial real estate lending, including Affiliates of such entities whose investment guidelines permit investments in debt securities.

"**Borrower**" shall mean the Parent Borrower and, if applicable, any Additional Borrowers. As the context requires, the term "Borrower" herein shall refer collectively to the Borrowers collectively or to the applicable Borrower as of such time.

"**Borrower Agent**" shall have the meaning provided in <u>Section 1.17(a)</u>.

"**Borrower Materials**" shall have the meaning provided in <u>Section 13.17(b)</u>.

" **Borrowing**" shall mean Loans of the same Class and Type made, converted, or continued on the same date and, in the case of Term SOFR Borrowings as to which a single Interest Period is in effect.

"**Business Day**" shall mean, for any borrowing, interest, fees or other amounts denominated in, or calculated with respect to (a) Dollars any day excluding Saturday, Sunday, and any other 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, and (b) Canadian Dollars, any day excluding Saturday, Sunday or a day on which banks are closed for general business in Toronto, Ontario.

"**Canadian Dollars**" shall mean the lawful currency of Canada.

"**Capital Expenditures**" shall mean, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities and including in all events all amounts expended or capitalized under Capital Leases) by the Parent Borrower and its Subsidiaries during such period that, in conformity with GAAP, are or are required to be included as additions during such period to property, plant, or equipment reflected in the consolidated balance sheet of the Parent Borrower and its Subsidiaries (including Capitalized Software Expenditures, website development costs, website content development costs, customer acquisition costs and incentive payments, conversion costs, and contract acquisition costs).

" **Capital Lease**" shall mean, as applied to any Person, any lease of any property (whether real, personal, or mixed) by that Person as lessee that, in conformity with GAAP, is, or is required to be, accounted for as a capital lease on the balance sheet of that Person, subject to <u>Section 1.12</u>.

"**Capital Stock**" shall mean (i) in the case of a corporation, corporate stock, (ii) in the case of an association or business entity, any and all shares, interests, participations, rights, or other equivalents (however designated) of corporate stock, (iii) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited), and (iv) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person (it being understood and agreed, for the avoidance of doubt, that "cash-settled phantom appreciation programs" in connection with employee benefits that do not require a dividend or distribution shall not constitute Capital Stock).

"**Capitalized Lease Obligation**" shall mean, at the time any determination thereof is to be made, the amount of the liability in respect of a Capital Lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared in accordance with GAAP, subject to <u>Section 1.12</u>.

"**Capitalized Software Expenditures**" shall mean, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities) by the Parent Borrower and its Subsidiaries during such period in respect of purchased software or internally developed software and software enhancements that, in conformity with GAAP, are or are required to be reflected as capitalized costs on the consolidated balance sheet of the Parent Borrower and its Subsidiaries.

"**Cash Collateralize**" shall mean to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or more of the Letter of Credit Issuers or the Lenders, as collateral for L/C Obligations or obligations of the Lenders to fund participations in respect of L/C Obligations, cash or deposit account balances or, if the Administrative Agent and the Letter of Credit Issuers shall agree in their sole discretion, other credit support. "**Cash Collateral**" shall have a correlative meaning and shall include the proceeds of such cash collateral and other credit support.

"**Cash Equivalents**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dollars,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (a) Euros, Pounds Sterling, Japanese Yen, Swiss Francs, Canadian Dollars, New Zealand Dollars or any national currency of any Participating Member State in the European Union or (b) local currencies held from time
to time in the ordinary course of business,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) securities issued or directly and fully and unconditionally guaranteed or insured by the United States government or any country that is a member state of the European Union or any agency or instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation of such government with maturities of 24 months or less from the date of acquisition,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) certificates of deposit, time deposits, and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers' acceptances with maturities not exceeding one year, and overnight bank deposits, in each case with any commercial bank having capital and surplus of not less than $100,000,000,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) repurchase
 obligations for underlying securities of the types described in <u>clauses (iii)</u>, <u>(iv)</u>, and <u>(ix)</u> entered into with
 any financial institution meeting the qualifications specified in <u>clause (iv)</u> above,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) commercial paper rated at least P-2 by Moody's or at least A-2 by S&P and in each case maturing within 24 months after the date of creation thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) marketable short-term money market and similar securities having a rating of at least P-2 or A-2 from either Moody's or S&P, respectively (or, if at any time neither Moody's nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized ratings agency) and in each case maturing within 24 months after the date of creation or acquisition thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) readily marketable direct obligations issued by any state, commonwealth, or territory of the United States or any political subdivision or taxing authority thereof having one of the two highest rating categories obtainable from either Moody's or S&P with maturities of 24 months or less from the date of acquisition,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Indebtedness or preferred stock issued by Persons with a rating of "A" or higher from S&P or "A2" or higher from Moody's with maturities of 24 months or less from the date of acquisition,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) solely with respect to any Foreign Subsidiary: (a) obligations of the national government of the country in which such Foreign Subsidiary maintains its chief executive office and principal place of business provided such country is a member of the Organization for Economic Cooperation and Development, in each case maturing within one year after the date of investment therein, (b) certificates of deposit of, bankers acceptances of, or time deposits with, any commercial bank which is organized and existing under the laws of the country in which such Foreign Subsidiary maintains its chief executive office and principal place of business provided such country is a member of the Organization for Economic Cooperation and Development, and whose short-term commercial paper rating from S&P is at least "A-2" or the equivalent thereof or from Moody's is at least "P-2" or the equivalent thereof (any such bank being an "**Approved Foreign Bank** "), and in each case with maturities of not more than 24 months from the date of acquisition, and (c) the equivalent of demand
deposit accounts which are maintained with an Approved Foreign Bank, in each case, customarily used by corporations for cash
management purposes in any jurisdiction outside the United States to the extent reasonably required in connection with any business
conducted by such Foreign Subsidiary organized in such jurisdiction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) in the
 case of investments by any Foreign Subsidiary or investments made in a country outside the United States, Cash Equivalents shall
 also include investments of the type and maturity described in <u>clauses (i)</u> through <u>(ix)</u> above of foreign obligors,
 which investments have ratings, described in such clauses or equivalent ratings from comparable foreign rating agencies, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) investment
 funds investing 90% of their assets in securities of the types described in <u>clauses (i)</u> through <u>(ix)</u> above.

Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than those set forth in <u>clauses (i)</u> and <u>(ii)</u> above; <u>provided</u> that such amounts are converted into any currency listed in <u>clauses (i)</u> and <u>(ii)</u> as promptly as practicable and in any event within ten Business Days following the receipt of such amounts.

For the avoidance of doubt, any items identified as Cash Equivalents under this definition will be deemed to be Cash Equivalents for all purposes under the Credit Documents regardless of the treatment of such items under GAAP.

"**Cash Management Agreement**" shall mean any agreement or arrangement to provide Cash Management Services.

"**Cash Management Services**" shall mean any one or more of the following types of services or facilities: (i) commercial credit cards, merchant card services, purchase or debit cards, including non-card e-payables services, or electronic funds transfer services, (ii) treasury management services (including controlled disbursement, cash pooling, overdraft automatic clearing house fund transfer services, return items, and interstate depository network services), (iii) any other demand deposit or operating account relationships or other cash management services, including pursuant to any Cash Management Agreements and (iv) and other services related, ancillary or complementary to the foregoing.

"**CFC**" shall mean a "controlled foreign corporation" within the meaning of Section 957 of the Code.

" **Change in Law**" shall mean (i) the adoption of any law, treaty, order, policy, rule, or regulation after the Closing Date, (ii) any change in any law, treaty, order, policy, rule, or regulation or in the interpretation or application thereof by any Governmental Authority after the Closing Date or (iii) compliance by any Lender with any guideline, request, directive, or order issued or made after the Closing Date by any central bank or other governmental or quasi-governmental authority (whether or not having the force of law), including, for avoidance of doubt, any such adoption, change or compliance in respect of (a) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines, or directives thereunder or issued in connection therewith and (b) all requests, rules, guidelines, requirements, or 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 pursuant to Basel III in each case, after the Closing Date.

"**Change of Control**" shall mean and be deemed to have occurred if (i) at any time prior to an IPO, the Permitted Holders shall at any time not own, in the aggregate, directly or indirectly, beneficially and of record, at least 50% of the voting power of the outstanding Voting Stock of the Parent Borrower or (ii) at any time on and after an IPO, any Person, entity, or "group" (within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended), other than the Permitted Holders, shall at any time have acquired direct or indirect beneficial ownership of a percentage of the voting power of the outstanding Voting Stock of the Parent Borrower that exceeds 35% thereof, unless the Permitted Holders have, at such time, the right or the ability by voting power, contract, or otherwise to elect or designate for election at least a majority of the board of directors of the Parent Borrower. For the purpose of <u>clauses (i)</u> and <u>(ii)</u>, at any time when a majority of the outstanding Voting Stock of the Parent Borrower is directly or indirectly owned by a Parent Entity or, if applicable, a Parent Entity acts as the manager, managing member or general partner of the Parent Borrower, references in this definition to "the Parent Borrower" shall be deemed to refer to the ultimate Parent Entity that directly or indirectly owns such Voting Stock or acts as (or, if applicable, is a Parent Entity that directly or indirectly owns a majority of the outstanding Voting Stock of) such manager, managing member or general partner. For purposes of this definition, (x) "beneficial ownership" shall be as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act, (y) the phrase Person or "group" is within the meaning of Section 13(d) or 14(d) of the Exchange Act, but excluding any employee benefit plan of such Person or "group" and its subsidiaries and any Person acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan, and (z) if any Person or "group" includes one or more Permitted Holders, the issued and outstanding Equity Interests of the Parent Borrower or the IPO Entity, as applicable, directly or indirectly owned by the Permitted Holders that are part of such Person or "group" shall not be treated as being owned by such Person or "group" for purposes of determining whether <u>clause (ii)</u> of this definition is triggered.

"**Chapter 11 Cases**" shall have the meaning set forth in the recitals to this Agreement.

"**Chapter 11 Plan**" shall have the meaning set forth in the recitals to this Agreement.

"**Class**" (i) when used in reference to any Loan or Borrowing, shall refer to whether such Loan, or the Loans comprising such Borrowing, are Revolving Credit Loans or Extended Revolving Credit Loans (of the same Extension Series), and (ii) when used in reference to any Commitment, refers to whether such Commitment is a Revolving Credit Commitment or an Extended Revolving Credit Commitment (of the same Extension Series).

"**Closing Date**" shall mean January 12, 2024.

"**Closing Date Refinancing**" shall mean the repayment, redemption, defeasance, discharge, refinancing, replacement or termination of each of the Existing Evoque Debt Facilities (or the giving of irrevocable notice with respect thereto to the applicable holders or agent in respect thereof) (and the guarantees and collateral pledged thereunder will be released), other than (x) contingent obligations not then due and payable and that by their terms survive the termination of the Existing Evoque Debt Facilities and (y) certain existing letters of credit outstanding under the Existing Seller Credit Agreement that on the Closing Date will be grandfathered into, or backstopped by, a new debt facility or cash collateralized in a manner satisfactory to the issuing banks thereof under the applicable Existing Evoque Debt Facility.

"**Code**" shall mean the Internal Revenue Code of 1986, as amended from time to time.

"**Collateral**" shall mean all property pledged or mortgaged or purported to be pledged or mortgaged pursuant to the Security Documents, excluding in all events Excluded Property.

"**Collateral Agent**" shall mean Wells Fargo Bank, National Association as collateral agent under the Security Documents, or any successor collateral agent pursuant to <u>Section 12.9</u>.

"**Commitment Fee**" shall have the meaning provided in <u>Section 4.1(a)</u>.

"**Commitment Fee Rate**" shall mean (i) at any time 50% or less of the Commitments are drawn, 0.50% per annum , or (ii) at any time more than 50% of the Commitments are drawn, 0.375% per annum.

"**Commitment Letter**" shall mean that certain Commitment Letter, dated as of October 31, 2023, among each of the Joint Bookrunners and Lead Arrangers and their applicable Affiliates and the Parent Borrower, as amended, restated, amended and restated, supplemented or otherwise modified pursuant to any joinder agreements thereto.

"**Commitments**" shall mean, with respect to each Lender (to the extent applicable), such Lender's Revolving Credit Commitment or Extended Revolving Credit Commitment.

" **Commodity Exchange Act**" shall mean the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

"**Communications**" shall have the meaning provided in <u>Section 13.17</u>.

"**Company**" shall have the meaning provided in the recitals to this Agreement.

"**Company Financial Statements**" shall mean the consolidated financial statements of the Company included or incorporated by reference in the "Filed SEC Documents" (as defined the Acquisition Agreement).

"**Company Material Adverse Effect**" shall have the meaning provided to the term "Material Adverse Effect" in the Acquisition Agreement.

"**Company Representations**" shall mean the representations and warranties made by (x) the Company with respect to the Company, the Acquired Assets, and with respect to the Company and its subsidiaries and their respective businesses in the Acquisition Agreement and (y) each third-party landlord with respect to the Third Party Acquired Assets in each Third Party Acquisition Agreement, in each case of clause (x) and (y), as are material to the interests of the Lenders and do not relate to a Property that could be subject to a Permitted Deferral, but only to the extent, (1) with respect to the representations in clause (x) that the Parent Borrower (or one of its Affiliates) has the right (taking into account any applicable cure provisions) to terminate its obligations under the Acquisition Agreement pursuant to Section 8.1(e) of the Acquisition Agreement (or otherwise decline to consummate the Acquisition pursuant to Section 7.2(a) of the Acquisition Agreement without any liability) as a result of a breach of any such representations and warranties in the Acquisition Agreement and (2) with respect to the representations in clause (y), only to the extent that the Parent Borrower (or one of its Affiliates) has the right (taking into account any applicable cure provisions) to terminate its obligations under the applicable Third Party Acquisition Agreement (or otherwise decline to consummate such Third Party Acquisition without any liability) as a result of a breach of any such representations and warranties in such Third Party Acquisition Agreement (assuming such representations were required to be brought down to a "Material Adverse Effect" (as defined in the Acquisition Agreement) standard).

"**Competitor**" shall mean any Named Competitor or any Affiliate of any such Person, including, without limitation, Bona-Fide Lending Affiliates.

"**Confidential Information**" shall have the meaning provided in <u>Section 13.16</u>.

"**Confirmation Order**" shall have the meaning provided in the recitals to this Agreement.

"**Conforming Changes**" shall mean, with respect to either the use or administration of Term SOFR, SOFR Average or Adjusted Term CORRA or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "ABR", the definition of "Business Day", the definition of "Determination Date", the definition of "Interest Period" or any similar or analogous definition (or the addition of a concept of "interest period"), timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods and other technical, administrative or operational matters) that the Administrative Agent decides (in consultation with the Borrower) may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides (in consultation with the Borrower) 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 any such rate exists, in such other manner of administration as the Administrative Agent decides (in consultation with the Borrower) is reasonably necessary in connection with the administration of this Agreement and the other Credit Documents).

"**Connection Income Taxes**" means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

"**Consolidated EBITDA**" shall mean, with respect to a Person for any Test Period, Consolidated Net Income for such period, plus, without duplication and to the extent already deducted (and not added back) in arriving at such Consolidated Net Income, the sum of the following amounts for such period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) (a) total interest expense and, to the extent not reflected in such total interest expense, any losses on hedging obligations or other derivative instruments entered into for the purpose of hedging interest rate risk, net of interest income and gains on such hedging obligations or such derivative instruments, and bank and letter of credit fees and costs of surety bonds in connection with financing activities, together with items excluded from the definition of "Consolidated Interest Expense" pursuant to clauses (a) through (k) thereof; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provision for taxes based on income, profits, revenue or capital gains, including federal, foreign and state income, franchise, excise, value added and similar taxes and foreign withholding taxes paid or accrued during such period (including in respect of repatriated funds) including penalties and interest related to such taxes or arising from any tax examinations; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) depreciation and amortization (including amortization of Capitalized Software Expenditures, internal labor costs and deferred financing fees or costs); plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) other non-cash charges (other than any accrual in respect of bonuses) (provided, in each case, that if any non-cash charges represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period); plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the amount of any non-controlling interest consisting of income attributable to non-controlling interests of third parties in any non-wholly-owned Subsidiary deducted (and not added back in such period to Consolidated Net Income) excluding cash distributions in respect thereof; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (A) the amount of management, monitoring, consulting and advisory fees, indemnities and related expenses paid or accrued in such period to (or on behalf of) the Sponsor (including any termination fees payable in connection with the early termination of management and monitoring agreements) to the extent otherwise permitted under Section 9.9(k) of the Credit Agreement and (B) the amount of payments made to option holders of the Borrower or any of its direct or indirect parent companies in connection with, or as a result of, any distribution being made to shareholders of such person or its direct or indirect parent companies, which payments are being made to compensate such option holders as though they were shareholders at the time of, and entitled to share in, such distribution, in each case to the extent permitted in the Credit Documents; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) losses or discounts on sales of receivables and related assets in connection with any Permitted Securitization Financing; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) cash receipts (or any netting arrangements resulting in reduced cash expenditures) not included in the calculation of Consolidated Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of Consolidated EBITDA pursuant to paragraph (3) below for any previous period and not added back; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any costs or expenses incurred by the Borrower or any Subsidiary pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement, any severance agreement or any stock subscription or shareholder agreement, to the extent that such costs or expenses are non-cash or otherwise funded with cash proceeds contributed to the capital of the Borrower or Net Cash Proceeds of an issuance of Equity Interests of the Borrower (other than Disqualified Equity Interests or relating to Equity Interests constituting a Cure Amount); plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any net pension or other post-employment benefit costs representing amortization of unrecognized prior service costs, actuarial losses, including amortization of such amounts arising in prior periods, amortization of the unrecognized net obligation (and loss or cost) existing at the date of initial application of FASB Accounting Standards Codification 715, and any other items of a similar nature; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) without duplication, the amount of "run rate" cost savings, operating expense reductions and synergies related to the Transactions or any other Specified Transaction, any restructuring, cost saving initiative or other initiative projected by the Borrower in good faith to be realized as a result of actions that have been taken or initiated or are expected to be taken (in the good faith determination of the Borrower), including any cost savings, expenses and charges (including restructuring and integration charges) in connection with, or incurred by or on behalf of, any joint venture of the Borrower or any of the Subsidiaries (whether accounted for on the financial statements of any such joint venture or the Borrower) (i) with respect to the Transactions, on or prior to the date that is 24 months after the Closing Date (including actions initiated prior to the Closing Date) and (ii) with respect to any other Specified Transaction, any restructuring, cost saving initiative or other initiative, within 24 months after such Specified Transaction, restructuring, cost saving initiative or other initiative (which cost savings shall be added to Consolidated EBITDA until fully realized and calculated on a Pro Forma Basis as though such cost savings had been realized on the first day of the relevant period), net of the amount of actual benefits realized from such actions; provided that (A) such cost savings are reasonably identifiable and factually supportable, (B) no cost savings, operating expense reductions or synergies shall be added pursuant to this clause (2) to the extent duplicative of any expenses or charges relating to such cost savings, operating expense reductions or synergies that are included in clause (1) above (it being understood and agreed that "run rate" shall mean the full recurring benefit that is associated with any action taken) and (C) the share of any such cost savings, expenses and charges with respect to a joint venture that are to be allocated to the Borrower or any of the Subsidiaries shall not exceed the total amount thereof for any such joint venture multiplied by the percentage of income of such venture expected to be included in Consolidated EBITDA for the relevant Test Period; minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) without duplication and to the extent included in arriving at such Consolidated Net Income, the sum of the following amounts for such period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) non-cash gains (excluding any non-cash gain to the extent it represents the reversal of an accrual or reserve for a potential cash item that reduced Consolidated Net Income or Consolidated EBITDA in any prior period), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the amount of any non-controlling interest consisting of loss attributable to non-controlling interests of third parties in any non-wholly-owned subsidiary added (and not deducted in such period from Consolidated Net Income),

in each case, as determined on a consolidated basis for the Borrower and the Subsidiaries in accordance with GAAP; *provided* that,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) there shall be included in determining Consolidated EBITDA for any period, without duplication, the Acquired EBITDA of any Person, property, business or asset acquired by the Borrower or any Subsidiary during such period whether such acquisition occurred before or after the Closing Date to the extent not subsequently sold, transferred or otherwise disposed of (but not including the Acquired EBITDA of any related Person, property, business or assets to the extent not so acquired) (each such Person, property, business or asset acquired, including pursuant to the Transactions or pursuant to a transaction consummated prior to the Closing Date, and not subsequently so disposed of, an "<u>Acquired Entity or Business</u>"), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) there shall be (A) excluded in determining Consolidated EBITDA for any period the Disposed EBITDA of any Person, property, business or asset sold, transferred or otherwise disposed of, closed or classified as discontinued operations by the Borrower or any Subsidiary during such period (but if such operations are classified as discontinued due to the fact that they are subject to an agreement to dispose of such operations, only when and to the extent such operations are actually disposed of) (each such Person, property, business or asset so sold, transferred or otherwise disposed of, closed or classified, a "<u>Sold Entity or Business</u>"), in each case based on the Disposed EBITDA of such Sold Entity or Business for such period (including the portion thereof occurring prior to such sale, transfer, disposition, closure, classification or conversion) determined on a historical Pro Forma Basis and (B) included in determining Consolidated EBITDA for any period in which a Sold Entity or Business is disposed, an adjustment equal to the Pro Forma Disposal Adjustment with respect to such Sold Entity or Business (including the portion thereof occurring prior to such disposal) as specified in the Pro Forma Disposal Adjustment certificate delivered to the Administrative Agent (for further delivery to the Lenders).

"**Consolidated Interest Expense**" shall mean the sum of (a) cash interest expense (including that attributable to Capitalized Lease Obligations), net of cash interest income of such Person and its Subsidiaries with respect to all outstanding Indebtedness of such Person and its Subsidiaries, including all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers' acceptance financing and net costs under hedging agreements <u>plus</u> (b) non-cash interest expense resulting solely from the amortization of original issue discount from the issuance of Indebtedness of such Person and its Subsidiaries (excluding Indebtedness borrowed hereunder and under the US Balance Sheet Loan Facility in connection with the Transactions) at less than par, plus (c) pay-in-kind interest expense of the Borrower and its Subsidiaries, but excluding, for the avoidance of doubt, (a) amortization of deferred financing costs, debt issuance costs, commissions, fees and expenses and any other amounts of non-cash interest other than referred to in clause (b) above, (b) non-cash interest expense attributable to the movement of the mark-to-market valuation of obligations under Hedging Obligations or other derivative instruments pursuant to FASB Accounting Standards Codification Topic 815—*Derivatives and Hedging*, (c) any one-time cash costs associated with breakage in respect of hedging agreements for interest rates, (d) commissions, discounts, yield, make-whole premium and other Securitization Fees (including any interest expense) incurred in connection with any Permitted Securitization Financing, (e) any "additional interest" owing pursuant to a registration rights agreement with respect to any securities, (f) any payments with respect to make-whole premiums or other breakage costs of any Indebtedness, including, without limitation, any Indebtedness issued in connection with the Transactions, (g) penalties and interest relating to taxes, (h) accretion or accrual of discounted liabilities not constituting Indebtedness, (i) interest expense attributable to a direct or indirect parent entity resulting from push-down accounting, (j) any expense resulting from the discounting of Indebtedness in connection with the application of recapitalization or purchase accounting, and (k) any interest expense attributable to the exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential), with respect thereto and with respect to the Transactions, any Permitted Acquisition or similar Investment permitted hereunder, all as calculated on a consolidated basis in accordance with GAAP. For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by such Person to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP.

"**Consolidated Net Income**" means, with respect to a Person for any Test Period, for any period, (a) the net income (loss) of the Borrower and its Subsidiaries for such Test Period determined on a consolidated basis in accordance with GAAP, excluding (and excluding the effect of) (b) without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) extraordinary, non-recurring or unusual gains or losses (less all fees and expenses relating thereto) or expenses (including any unusual or non-recurring operating expenses directly attributable to the implementation of cost savings initiatives and any accruals or reserves in respect of any extraordinary, non-recurring or unusual items), severance, relocation costs, integration and facilities' opening costs and other business optimization expenses (including related to new product introductions and other strategic or cost savings initiatives), restructuring charges, accruals or reserves (including restructuring and integration costs related to acquisitions and adjustments to existing reserves), whether or not classified as restructuring expense on the consolidated financial statements, signing costs, retention or completion bonuses, other executive recruiting and retention costs, transition costs, costs related to closure/consolidation of facilities and curtailments or modifications to pension and post-retirement employee benefit plans (including any settlement of pension liabilities and charges resulting from changes in estimates, valuations and judgments),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the cumulative effect of a change in accounting principles during such period to the extent included in Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Transaction Expenses,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the net income for such period of any Person that is a Subsidiary of the Borrower and any Person that is not a Subsidiary or that is accounted for by the equity method of accounting; provided that Consolidated Net Income shall be increased by the amount of dividends or distributions or other payments that are actually paid in cash or Permitted Investments (or, if not paid in cash or Permitted Investments, but later converted into cash or Permitted Investments, upon such conversion) by such Person to the Borrower or a Subsidiary thereof during such period, but excluding any such dividends or distributions in any Person that is not a Subsidiary or that is accounted for by the equity method of accounting,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any fees and expenses (including any transaction or retention bonus or similar payment) incurred during such period, or any amortization thereof for such period, in connection with any acquisition, Investment, asset disposition, issuance or repayment of debt, issuance of equity securities, refinancing transaction or amendment or other modification of any debt instrument (in each case, including any such transaction consummated prior to the Closing Date and any such transaction undertaken but not completed), and any charges or non-recurring merger costs incurred during such period as a result of any such transaction, in each case whether or not successful (including, for the avoidance of doubt, the effects of expensing all transaction-related expenses in accordance with FASB Accounting Standards Codification 805 and gains or losses associated with FASB Accounting Standards Codification 460),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any income (loss) for such period attributable to the early extinguishment of Indebtedness, hedging agreements or other derivative instruments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) accruals and reserves that are established or adjusted as a result of the Transactions in accordance with GAAP (including any adjustment of estimated payouts on existing earn-outs) or changes as a result of the adoption or modification of accounting policies during such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) all non-cash expenses and costs that result from the issuance of stock-based awards, partnership interest-based awards and similar incentive based compensation awards or arrangements (collectively, "<u>Non-Cash Compensation Expenses</u>"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any income (loss) attributable to deferred compensation plans or trusts,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any income (loss) from investments recorded using the equity method of accounting (but including any cash dividends or distributions actually received by the Borrower or any Subsidiary in respect of such investment),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any gain (loss) on asset sales, disposals or abandonments (other than asset sales, disposals or abandonments in the ordinary course of business) or income (loss) from discontinued operations (but if such operations are classified as discontinued due to the fact that they are subject to an agreement to dispose of such operations, only when and to the extent such operations are actually disposed of), in each case, together with any related provisions for taxes on any such gain (or the tax effect of any such loss);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any non-cash gain (loss) attributable to the mark-to-market movement in the valuation of hedging obligations or other derivative instruments pursuant to FASB Accounting Standards Codification 815 Derivatives and Hedging or mark to market movement of other financial instruments pursuant to FASB Accounting Standards Codification 825 Financial Instruments; provided that any cash payments or receipts relating to transactions realized in a given period shall be taken into account in such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) any non-cash gain (loss) related to currency remeasurements of Indebtedness (including the net loss or gain resulting from hedging agreements for currency exchange risk and revaluations of intercompany balances),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any non-cash expenses, accruals or reserves related to adjustments to historical tax exposures (provided, in each case, that the cash payment in respect thereof in such future period shall be subtracted from Consolidated Net Income for the period in which such cash payment was made), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) any impairment charge or asset write-off or write-down (including related to intangible assets (including goodwill), long-lived assets, and investments in debt and equity securities).

There shall be excluded from Consolidated Net Income for any period the effects from applying acquisition method accounting, including applying acquisition method accounting to inventory, property and equipment, loans and leases, software and other intangible assets and deferred revenue (including deferred costs related thereto and deferred rent) required or permitted by GAAP and related authoritative pronouncements (including the effects of such adjustments pushed down to the Borrower and its Subsidiaries), as a result of the Transactions, any acquisition consummated prior to the Closing Date and any Permitted Acquisitions or other Investment or the amortization or write-off of any amounts thereof.

In addition, to the extent not already included in Consolidated Net Income, Consolidated Net Income shall include the amount of proceeds received or, so long as such Person has made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer or indemnifying party and only to the extent that such amount is in fact reimbursed within 365 days of the date of the insurable or indemnifiable event (net of any amount so added back in any prior period to the extent not so reimbursed within the applicable 365-day period), due from business interruption insurance or reimbursement of expenses and charges that are covered by indemnification and other reimbursement provisions in connection with any acquisition or other similar Investment or any disposition of any asset permitted hereunder.

"**Consolidated Property Values**" shall mean, on any date of determination, the sum of (i) the aggregate Property Values as of such date and (ii) the aggregate Dollar amount attributed to "Land", "Construction in progress, including land under development" and "Land held for future development" with respect to any Property for which a "Property Value" has not been determined in accordance with the definition thereof, in each case under this clause (ii) as reflected in the most recently delivered Company Financial Statements or Section 9.1 Financials, as applicable.

"**Consolidated Total Assets**" shall mean, as of any date of determination, the amount that would, in conformity with GAAP, be set forth opposite the caption "total assets" (or any like caption) on the most recent consolidated balance sheet of the Parent Borrower and its Subsidiaries at such date.

"**Consolidated Total Net Debt**" shall mean, on any date of determination, (i) the aggregate principal balance of outstanding Indebtedness for borrowed money of the Parent Borrower and its Subsidiaries on such date (measured excluding any guarantee of such Indebtedness incurred by the Parent Borrower or any of its Subsidiaries) minus (ii) cash and Cash Equivalents of the Parent Borrower and its Subsidiaries on such date.

"**Contingent Obligations**" shall mean, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends, or other payment obligations that do not constitute Indebtedness ("**primary obligations**") of any other Person (the "**primary obligor**") in any manner, whether directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (a) for the purchase or payment of any such primary obligation or (b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, or (iii) to purchase property, securities, or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof.

"**Contract Consideration**" shall have the meaning provided in the definition of Excess Cash Flow.

"**Contractual Requirement**" shall have the meaning provided in <u>Section 8.3</u>.

"**CORRA**" shall mean a rate equal to the Canadian Overnight Repo Rate Average, as administered and published by the CORRA Administrator.

"**CORRA Determination Date**" shall have the meaning specified in the definition of "Daily Simple CORRA."

"**CORRA Rate Date**" shall have the meaning specified in the definition of "Daily Simple CORRA."

"**CORRA Administrator**" shall mean the Bank of Canada (or any successor administrator of the Term CORRA Reference Rate).

" **CORRA Loan**" shall mean a Loan that bears interest at a rate determined by reference to Adjusted Term CORRA.

"**Covered Entity**" shall have the meaning provided in <u>Section 13.24(b)</u>.

"**Covered Party**" shall have the meaning provided in <u>Section 13.24(a)</u>.

"**Credit Documents**" shall mean this Agreement, each Joinder Agreement, each Extension Amendment, the Guarantees, the Security Documents, and any promissory notes issued by the Borrower pursuant hereto.

"**Credit Event**" shall mean and include the making (but not the conversion or continuation) of a Loan and the issuance of a Letter of Credit.

"**Credit Facilities**" shall mean, collectively, each category of Commitments and each extension of credit hereunder.

"**Credit Facility**" shall mean a category of Commitments and extensions of credit thereunder.

"**Credit Party**" shall mean the Parent Borrower and the Guarantors.

"**Cured Default**" shall have the meaning assigned to such term in <u>Section 1.2(j)</u>.

"**Daily Simple CORRA**": For any day (a "<u>CORRA Rate Date</u>"), a rate per annum equal to the greater of (a) the sum of (x) CORRA for the day (such day, a "<u>CORRA Determination Date</u>") that is five (5) Business Days prior to (i) if such CORRA Rate Day is a Business Day, such CORRA Rate Day or (II) if such CORRA Rate Date is not a Business Day, the Business Day immediately preceding such CORRA Rate Day, in each case, as such CORRA is published by the CORRA Administrator on the CORRA Administrator's Website, plus (y) the Daily Simple CORRA Adjustment and (b) the Floor. If by 5:00 p.m. Toronto time on the first (1st) Business Day immediately following any CORRA Determination Date, CORRA in respect of such CORRA Determination Date has not been published on the CORRA Administrator's Website and a Benchmark Replacement Date with respect to Daily Simple CORRA has not occurred, then CORRA for such CORRA Determination Date will be CORRA as published in respect of the first preceding Business Day for which such CORRA was published on the CORRA Administrator's Website; provided further that CORRA as determined pursuant to this proviso shall be utilized for purposes of calculation of Daily Simple CORRA for no more than three (3) consecutive CORRA Rate Days; provided that in no event shall Daily Simple CORRA determined pursuant to this sentence be less than the Floor. Any change in Daily Simple CORRA due to a change in CORRA shall be effective from and including the effective date of such change in CORRA without notice to Borrower.

"**Daily Simple CORRA Adjustment**" shall mean a percentage equal to 0.32138 (32.138 basis points) per annum.

"**Daily Simple CORRA Borrowing**" shall mean a Borrowing comprised of Loans bearing interest at a rate determined by reference to Daily Simple CORRA.

"**Daily Simple CORRA Loan**" shall mean any Loan at such time as interest thereon accrues at a rate of interest based upon Daily Simple CORRA.

"**Daily SOFR**" shall mean, with respect to any Interest Period, the Daily SOFR Reference Rate on the day (such day, the "**Determination Date**") that is two (2) Business Days prior to the first day of such Interest Period, as such rate is published by the Daily SOFR Administrator; <u>provided</u>, however, that if as of 5:00 p.m. (New York City time) on any Determination Date the Daily SOFR Reference Rate has not been published by the Daily SOFR Administrator and a Benchmark Replacement Date with respect to the Daily SOFR Reference Rate has not occurred, then Daily SOFR will be the Daily SOFR Reference Rate published by the Daily SOFR Administrator on the Business Day first preceding such Determination Date so long as such Business Day is not more than three (3) Business Days prior to such Determination Date; <u>provided</u>, <u>further</u>, that if Daily SOFR determined as provided above shall ever be less than the Floor, then Daily SOFR shall be deemed to be the Floor.

"**Daily SOFR Administrator**" shall mean the NYFRB (or a successor administrator of the Daily SOFR Reference Rate selected by Administrative Agent in its reasonable discretion).

"**Daily SOFR Borrowing**" shall mean a Borrowing comprised of Loans bearing interest at a rate determined by reference to Daily SOFR.

"**Daily SOFR Loan**" shall mean any Loan at such time as interest thereon accrues at a rate of interest based upon Daily SOFR.

"**Data Security Breach**" shall mean any unauthorized or unlawful unauthorized access to, acquisition of, disclosure, use, loss, alteration, destruction, or compromise of data or information, including Personal Information, in the possession or control of any of the Parent Borrower or the other Credit Parties.

"**Debt Service**" shall mean, for any Person in any period, the *sum* of all (a) cash interest, fees, rent (pursuant to any Capitalized Lease Obligations) and principal paid or payable during such period (including any mandatory prepayments) in respect of all Indebtedness of such Person *less* any net payments received by such Person during such period pursuant to Hedge Agreements in respect of interest rates, (b) any net payments paid by such during such period pursuant to Hedge Agreements in respect of interest rates and (c) any premium, make-whole or penalty payments, in each case, in respect of Indebtedness of the Parent Borrower and paid in cash during such period.

"**Default**" shall mean any event, act, or condition that with notice or lapse of time, or both, would constitute an Event of Default.

"**Default Rate**" shall have the meaning provided in <u>Section 2.8(c)</u>.

"**Default Right**" shall have the meaning provided in <u>Section 13.24(b)</u>.

"**Defaulting Lender**" shall mean any Lender whose acts or failure to act, whether directly or indirectly, cause it to meet any part of the definition of Lender Default.

"**Derivative Counterparty**" shall have the meaning provided in <u>Section 13.16</u>.

"**Designated Non-Cash Consideration**" shall mean the Fair Market Value of non-cash consideration received by the Parent Borrower or a Credit Party in connection with an Asset Sale that is so designated as Designated Non-Cash Consideration pursuant to a certificate of an Authorized Officer of the Parent Borrower, setting forth the basis of such valuation, executed by either a senior vice president or the principal financial officer of the Parent Borrower, less the amount of cash or Cash Equivalents received in connection with a subsequent sale of or collection on or other disposition of such Designated Non-Cash Consideration. A particular item of Designated Non-Cash Consideration will no longer be considered to be outstanding when and to the extent it has been paid, redeemed or otherwise retired or sold or otherwise disposed of in compliance with <u>Section 10.3</u>.

"**Designated Preferred Stock**" shall mean preferred stock of the Parent Borrower or any direct or indirect parent company of the Parent Borrower (in each case other than Disqualified Stock) that is issued for cash (other than to a Subsidiary or an employee stock ownership plan or trust established by the Parent Borrower or any of its Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to an officer's certificate executed by the principal financial officer of the Parent Borrower or the parent company thereof, as the case may be, on the issuance date thereof, the cash proceeds of which are not applied to satisfy the condition set forth in clause (i) of <u>Section 10.4(a)</u>.

"**Determination Date**" has the meaning specified in the definition of "Term SOFR".

"**Disinterested Directors**" shall mean, with respect to any transaction with an Affiliate, one or more members of the board of directors of the Parent Borrower, or one or more members of the board of directors of a Parent Entity, having no material direct or indirect financial interest in or with respect to such transaction. A member of any such board of directors shall not be deemed to have such a financial interest by reason of such member's holding Capital Stock of the Parent Borrower or any Parent Entity or any options, warrants or other rights in respect of such Capital Stock or by reason of such member receiving any compensation from the Parent Borrower or any Parent Entity, as applicable, on whose board of directors such member serves in respect of such member's role as director.

"**Disposed EBITDA**" shall mean, with respect to any Sold Entity or Business for any period, the amount for such period of Consolidated EBITDA of such Sold Entity or Business (determined as if references to the Parent Borrower and the Subsidiaries in the definition of Consolidated EBITDA were references to such Sold Entity or Business and its respective Subsidiaries), all as determined on a consolidated basis for such Sold Entity or Business, as the case may be.

"**disposition**" shall have the meaning assigned such term in <u>clause (a)</u> of the definition of Asset Sale.

"**Disqualified Lenders**" shall mean such Persons that are not Eligible Assignees.

"**Disqualified Stock**" shall mean, with respect to any Person, any Capital Stock of such Person which, by its terms, or by the terms of any security into which it is convertible or for which it is puttable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable (other than solely for Qualified Stock), other than as a result of a change of control, asset sale, condemnation event or similar event, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than solely for Qualified Stock), other than as a result of a change of control, asset sale, condemnation event or similar event, in whole or in part, in each case, prior to the Revolving Credit Maturity Date; <u>provided</u> that if such Capital Stock is issued to any plan for the benefit of employees of the Parent Borrower or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Parent Borrower or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such employee's termination, death, or disability.

"**Distressed Person**" shall have the meaning provided such term in the definition of "Lender-Related Distress Event."

"**Distributable ECF**" shall mean, for any fiscal quarter of the Borrowers, an amount equal to the positive difference, if any, of the Excess Cash Flow for such fiscal quarter *minus* the amount of the mandatory prepayment required to be made with respect to such fiscal quarter pursuant to <u>Section 5.2(a)</u>.

" **Distributed Cash**" shall mean, with respect to any fiscal quarter period of the Parent Borrower, cash and Cash Equivalents actually distributed to the Parent Borrower for such period.

"**Division**" shall have the meaning assigned to such term in <u>Section 1.15</u>.

"**Dollar Equivalent**" means, subject to <u>Section 1.6</u>, for any amount, at the time of determination thereof, (a) if such amount is expressed in Dollars, such amount and (b) if such amount is expressed in an Alternative Currency, the equivalent of such amount in Dollars as determined by the Administrative Agent at such time in its sole discretion by reference to the most recent Spot Rate for such Alternative Currency (as determined as of the most recent Revaluation Date) for the purchase of Dollars with such Alternative Currency.

"**Dollars**" and "**$**" shall mean dollars in lawful currency of the United States.

"**Domestic Subsidiary**" shall mean each Subsidiary of the Parent Borrower that is organized under the laws of the United States, any state thereof, or the District of Columbia.

"**Drawstop Event**" shall mean the date on which an Event of Default shall have occurred.

"**Drawstop Event Period**" shall mean the period beginning on the date of a Drawstop Event, and ending on the date that the Event of Default in relation to such Drawstop Event shall no longer be continuing and the Parent Borrower certifies in writing to the Administrative Agent that such Event of Default is no longer continuing and provides reasonable supporting evidence of the same.

<u>"**EDC**" shall mean Export Development Canada.</u>

"**EEA Financial Institution**" shall mean (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 clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

"**EEA Member Country**" shall mean any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

" **EEA Resolution Authority**" shall mean 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.

"**Environmental Claims**" shall mean any and all actions, suits, orders, decrees, demand letters, claims, notices of noncompliance or potential responsibility or violation, or proceedings pursuant to any Environmental Law or any permit issued, or any approval given, under any such Environmental Law (hereinafter, "**Claims**"), including, without limitation, (i) any and all Claims by Governmental Authorities for enforcement, investigation, cleanup, removal, response, remedial, or other actions or damages pursuant to any Environmental Law and (ii) any and all Claims by any third party seeking damages, contribution, indemnification, cost recovery, compensation, or injunctive relief relating to the presence, Release or threatened Release of Hazardous Materials or arising from alleged injury or threat of injury to health or safety (to the extent relating to human exposure to Hazardous Materials) or the environment (including, without limitation, ambient air, indoor air, surface water, groundwater, soil, land surface and subsurface strata, and natural resources such as wetlands, flora and fauna).

"**Eligibility Requirements**" shall mean, with respect to any Person, that such Person (i) has total commercial real estate loans (in name or under management or advisement) in excess of $500,000,000 (including unpledged, uncalled (or recallable) irrevocable capital commitments that are unconditionally available to be called by such Person as cash capital contributions to such Person subject only to customary conditions such as minimum advance notice), (ii) is regularly engaged in the business of making or owning (or, in the case of a pension advisory firm, asset manager, registered investment advisor or manager or similar fiduciary, regularly engaged in managing investments in) commercial real estate loans (including "B" notes and mezzanine loans to direct or indirect owners of commercial properties, which loans are secured by pledges of direct or indirect ownership interests in the owners of such commercial properties) and (iii) is not a Competitor.

"**Eligible Assignee**" shall mean (1) if an Event of Default has occurred and is continuing, any Person (other than a natural person) and (2) so long as no Event of Default has occurred and is continuing, any Person (other than a natural person) that (a) meets the Eligibility Requirements and is organized under the laws of the United States or any other country that is a member of the Organization for Economic Cooperation and Development (the "OECD") or a political subdivision of any such country (provided such person is acting through a branch or agency located in the country in which it is organized or another country which is also a member of the OECD) or (b) is Controlled by, under common Control with or Controlling any Person set forth in the immediate preceding clause (2)(a); provided, that, with respect to clauses (1) and (2), such Person has never been indicted or convicted of, or pled guilty or no contest to, an offense under the USA PATRIOT Act and is not a Sanctioned Person.

"**Environmental Law**" shall mean any applicable federal, state, foreign, or local statute, law, rule, regulation, ordinance, code, and rule of common law now or hereafter in effect and in each case as amended, and any binding judicial or administrative interpretation thereof, including any binding judicial or administrative order, consent decree, or judgment, relating to pollution or protection of the environment, (including, without limitation, ambient air, indoor air, surface water, groundwater, soil, land surface and subsurface strata and natural resources such as flora, fauna, or wetlands), or protection of human health or safety (to the extent relating to human exposure to Hazardous Materials) and including those relating to the generation, storage, treatment, transport, Release, or threat of Release of Hazardous Materials.

"**Environmental Liability**" shall mean any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, or penalties), resulting from or based upon (a) a violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) the exposure of any Person to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment (including, without limitation, ambient air, indoor air, surface water, groundwater, soil, land surface and subsurface strata, and natural resources such as wetlands, flora and fauna) or (e) any contract, agreement or other consensual arrangement the extent to which liability is assumed or imposed with respect to any of the foregoing.

"**Equity Contribution**" shall mean the direct or indirect equity contribution(s) of the Investors to the Parent Borrower made in connection with the Transactions.

"**Equity Interest**" shall mean Capital Stock and all warrants, options, or other rights to acquire Capital Stock, but excluding any debt security that is convertible into, or exchangeable for, Capital Stock.

"**ERISA**" shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time.

" **ERISA Affiliate**" shall mean any trade or business (whether or not incorporated) that, together with any Credit Party, is treated as a single employer under Section 414 (b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).

"**ERISA Event**" shall mean (i) the failure of any Pension Plan to comply with any provisions of ERISA and/or the Code (and applicable regulations under either) or with the terms of such Pension Plan; (ii) the existence with respect to any Pension Plan of a non-exempt Prohibited Transaction which could reasonably be expected to result in liability to a Credit Party; (iii) any Reportable Event with respect to a Pension Plan; (iv) the failure of any Credit Party or ERISA Affiliate to make by its due date a required installment under Section 430(j) of the Code with respect to any Pension Plan or any failure by any Pension Plan to satisfy the minimum funding standards (within the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such Pension Plan, whether or not waived; (v) a determination that any Pension Plan is in "at risk" status (within the meaning of Section 430 of the Code or Section 303 of ERISA); (vi) 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 Pension Plan; (vii) the termination of, or the appointment of a trustee to administer, any Pension Plan under Section 4042 of ERISA or the incurrence by any Credit Party or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Pension Plan (other than for PBGC premiums due but not delinquent under Section 4007 of ERISA), including but not limited to the imposition of any Lien in favor of the PBGC or any Pension Plan; (viii) the receipt by any Credit Party or any of its ERISA Affiliates from the PBGC or a plan administrator of any notice to terminate any Pension Plan under Section 4041 or 4042 of ERISA; (ix) the failure by any Credit Party or any of its ERISA Affiliates to make any required contribution to a Multiemployer Plan; (x) the incurrence by any Credit Party or any of its ERISA Affiliates of any liability with respect to the withdrawal from any Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a "substantial employer" (within the meaning of Section 4001(a)(2) of ERISA), or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA, or the complete or partial withdrawal (within the meaning of Section 4203 or 4205 of ERISA) from any Multiemployer Plan; (xi) the receipt by any Credit Party or any of its ERISA Affiliates of any notice concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, Insolvent, or terminated (within the meaning of Section 4041A of ERISA); or (xii) the failure by any Credit Party or any of its ERISA Affiliates to pay when due (after expiration of any applicable grace period) any installment payment with respect to Withdrawal Liability under Section 4201 of ERISA.

"**Erroneous Payment**" shall have the meaning provided in <u>Section 12.14(a)</u>.

"**Erroneous Payment Deficiency Assignment**" shall have the meaning provided in <u>Section 12.14(c)</u>.

"**Erroneous Payment Impacted Class**" shall have the meaning provided in <u>Section 12.14(c)</u>.

"**Erroneous Payment Return Deficiency**" shall have the meaning provided in Section 12.14(c).

"**EU Bail-In Legislation Schedule**" shall mean the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

"**Event of Default**" shall have the meaning provided in <u>Section 11</u>.

"**Evoque Transaction**" shall have the meaning provided in the recitals to this Agreement.

"**Evoque Transaction Agreement**" shall have the meaning provided in the recitals to this Agreement.

"**Excess Cash Flow**" shall mean, for any applicable fiscal quarter of the Parent Borrower to occur after the Closing Date, an amount equal to the excess of (a) the Distributed Cash for such period, *less* (b) the sum, without duplication, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 amount of Capital Expenditures or acquisitions of Intellectual Property accrued or made in
 cash by the Parent Borrower during such period (directly or on behalf of any of its Subsidiaries),
 except to the extent that such Capital Expenditures or acquisitions were financed with the
 proceeds of long-term Indebtedness of the
 Parent Borrower (unless
 such Indebtedness has been repaid other than with the proceeds of long-term indebtedness)
 other than intercompany loans,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 aggregate amount of all Debt Service of the Parent Borrower (including payments in respect of Capitalized Lease Obligations) made during such period
 or to be made during the upcoming four (4) fiscal quarter period, except to the extent financed
 with the proceeds of other long-term Indebtedness of the
 Parent Borrower ,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) payments
 in cash by the Parent Borrower (directly or on behalf of
 any of its Subsidiaries) during such period in respect of any purchase price holdbacks,
 earn-out obligations, and long-term liabilities of the Parent
 Borrower and such Subsidiaries other than Indebtedness,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 aggregate amount of cash consideration paid by the Parent
 Borrower (directly or on behalf of any of its Subsidiaries) in connection with Investments
 (including acquisitions) made during such period or made pursuant to <u>Section 10.4</u> to the extent that such Investments were not financed with the proceeds received
 from (1) the issuance or incurrence of long-term Indebtedness or (2) the issuance of Capital
 Stock, in each case, of the Parent Borrower,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 amount of Permitted Tax Distributions made by the Borrower during such period, and other
 dividends or Restricted Payments to the extent such dividends and Restricted Payments were
 financing overhead costs incurred by any Parent Entity as a result of its ownership of the
 Parent Borrower and its Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 aggregate amount of expenditures actually made by the
 Parent Borrower (directly
 or on behalf of any of its Subsidiaries) in cash during such period (including expenditures
 for the payment of financing fees) to the extent that such expenditures are not expensed
 during such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) without
duplication of amounts deducted from Excess Cash Flow in other periods, (1) the aggregate consideration required to be paid in cash by the Parent Borrower (directly or on behalf of any of its Subsidiaries) pursuant to binding contracts,
commitments, letters of intent or purchase orders (the "**Contract Consideration**") entered into prior to or during such
period and (2) any planned cash expenditures by the Parent Borrower (directly or on behalf of
any of its Subsidiaries) (the "**Planned Expenditures** "), in the case of each of <u>clauses (1)</u> and <u>(2)</u>, relating to Permitted Acquisitions (or Investments similar
to those made for Permitted Acquisitions), Capital Expenditures, or acquisitions of Intellectual Property or other assets to be consummated
or made during the period of four consecutive fiscal quarters of the Parent Borrower , following
the end of such period (except to the extent financed with any of the proceeds received from (A) the issuance or incurrence of long-term
Indebtedness or (B) the issuance of Equity Interests, in each case, of the Parent Borrower); <u>provided</u> that to the extent that the aggregate amount of cash actually utilized to finance such Permitted Acquisitions (or Investments similar
to those made for Permitted Acquisitions), Capital Expenditures, or acquisitions of Intellectual Property or other assets during such
following period of four consecutive fiscal quarters is <u>less</u> than the Contract
Consideration and Planned Expenditures, the amount of such shortfall shall be added to the calculation of Excess Cash Flow, at the end
of such period of four consecutive fiscal quarters,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the
amount of taxes (including penalties and interest) paid in cash or tax reserves set aside or payable (without duplication) in such period,
and any amounts otherwise paid pursuant to clauses (A) through (C) of <u>Section 10.4(b)(13)</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) cash
 expenditures in respect of Hedge Agreements during such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any
 amounts used (or placed in reserve) to satisfy ordinary course company expenses of any of
 the Parent Borrower and its Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the
 aggregate amount of cash expenditures of the Parent Borrower not otherwise described in this
 clause (b) made during such period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any
amounts described in the foregoing clauses (i), (iii) through (ix) and (xi) which are (A) paid prior to the date any amount in respect
of mandatory prepayment hereunder becomes due hereunder or (B) which are committed to be paid, as of the end of such period or prior
to the date any amount in respect of mandatory prepayment hereunder becomes due hereunder, prior to the earlier of the end of the next
successive fiscal quarter of the Parent Borrower (it being understood that, to the extent such commitment payments are not actually made
as committed in such subsequent period, such amount shall be added back in calculating Excess Cash Flow as of the next time of determination).

For the avoidance of doubt, for purposes of making the mandatory prepayment set forth in <u>Section 5.2(a)</u>, Distributable ECF from any prior fiscal quarter of the Parent Borrower will not be considered "Excess Cash Flow" hereunder when Excess Cash Flow is determined for any subsequent fiscal quarter.

"**Excluded Affiliates**" shall mean (a) Affiliates of the Joint Lead Arrangers that are engaged as principals primarily in private equity, mezzanine financing or venture capital and (b) employees of the Joint Lead Arrangers engaged directly or indirectly in the sale of the Company as representatives of the Company (other than, in each case, such Persons engaged by the Parent Borrower or its Affiliates as part of the Transactions and a limited number of senior employees who are required, in accordance with industry regulations or such Joint Lead Arrangers' (or its Affiliate's) internal policies and procedures, to act in a supervisory capacity and such Joint Lead Arranger's internal legal, compliance, risk management, credit or investment committee members).

"**Excluded Contribution**" shall mean net cash proceeds, the Fair Market Value of marketable securities, or the Fair Market Value of Qualified Proceeds received by the Parent Borrower from (i) contributions to its common equity capital, and (ii) the sale (other than to a Subsidiary of the Parent Borrower or to any management equity plan or stock option plan or any other management or employee benefit plan or agreement of the Parent Borrower) of Capital Stock (other than Disqualified Stock and Designated Preferred Stock) of the Parent Borrower, in each case designated as Excluded Contributions pursuant to an officer's certificate, delivered to the Administrative Agent, executed by either a senior vice president or the principal financial officer of the Parent Borrower within 180 days after the date such capital contributions are made or the date such Equity Interests are sold, as the case may be, which are not applied to satisfy the condition set forth in clause (i) of <u>Section 10.4(a)</u>; <u>provided</u> that any non-cash assets shall qualify only if acquired by a parent of the Parent Borrower in an arm's-length transaction within the six months prior to such contribution.

"**Excluded Property**" shall have the meaning set forth in the Pledge Agreement.

"**Excluded Stock and Stock Equivalents**" shall mean (i) any Capital Stock or Stock Equivalents with respect to which, in the reasonable judgment of the Borrower (in consultation with the Administrative Agent), the cost or other consequences of pledging such Capital Stock or Stock Equivalents in favor of the Secured Parties under the Security Documents shall be excessive in view of the practical benefits to be obtained by the Lenders therefrom, (ii) solely in the case of any pledge of Capital Stock or Stock Equivalents of any Foreign Subsidiary or any CFC or FSHCO, any Capital Stock or Stock Equivalents of in excess of 65% of the total outstanding voting Capital Stock or Stock Equivalents of such Subsidiary, (iii) any Capital Stock or Stock Equivalents to the extent the pledge thereof would violate any applicable Requirements of Law (including any legally effective requirement to obtain the consent of any Governmental Authority unless such consent has been obtained) (it being understood that any Capital Stock or Stock Equivalents described in this clause (iii) will be automatically released from the Collateral and the Collateral Agent and Administrative Agent will take all actions necessary, consistent with this Agreement and the Security Documents, to release any Liens held in the Collateral that is the subject of such Requirement of Law), (iv) any Capital Stock or Stock Equivalents to the extent (A) that a pledge thereof to secure the Obligations is prohibited by any applicable Contractual Requirement (including any legally effective requirement to obtain the consent of any third party, unless such consent has been obtained) entered into at any time in good faith for a bona fide business purpose (and not for the primary purpose of obtaining a release of Collateral) and for so long as such Contractual Requirement or replacement or renewal thereof is in effect, (B) any Contractual Requirement (including any legally effective requirement to obtain the consent of any third party, unless such consent has been obtained) entered into at any time in good faith for a bona fide business purpose (and not for the primary purpose of obtaining a release of Collateral) prohibits such a pledge without the consent of any other party; <u>provided</u> that this <u>clause (II)</u> shall not apply if (x) such other party is a Credit Party or Wholly-Owned Subsidiary or (y) consent has been obtained to consummate such pledge (it being understood that the foregoing shall not be deemed to obligate the Borrower or any Subsidiary to obtain any such consent) and for so long as such Contractual Requirement or replacement or renewal thereof is in effect, or (C) a pledge thereof to secure the Obligations would give any other party (other than a Credit Party or Wholly-Owned Subsidiary) to any contract, agreement, instrument, or indenture governing such Capital Stock or Stock Equivalents the right to terminate its obligations thereunder (it being understood that any Capital Stock or Stock Equivalents described in this clause (iv) will be automatically released from the Collateral and the Collateral Agent and Administrative Agent will take all actions necessary, consistent with this Agreement and the Security Documents, to release any Liens held in the Collateral that is the subject of such Contractual Requirement), (v) any Capital Stock or Stock Equivalents of any Subsidiary to the extent that the pledge of such Capital Stock or Stock Equivalents would result in materially adverse tax consequences to the Parent Borrower or any Subsidiary or any Parent Entity, as reasonably determined by the Parent Borrower in consultation with the Administrative Agent, (vi) any Capital Stock or Stock Equivalents that are margin stock, (vii) any Capital Stock and Stock Equivalents of any Subsidiary that is not a Material Subsidiary, a captive insurance Subsidiary, an SPV or any special purpose entity, (viii) any Capital Stock and Stock Equivalents of any entity that is not a Subsidiary, (ix) Capital Stock and Stock Equivalents of any Person other than Wholly-Owned Subsidiaries which own Real Estate assets in Land or that own unencumbered Real Estate assets, in each case located in the United States, (x) any Capital Stock and Stock Equivalents of a Subsidiary that is owned directly or indirectly by a CFC, (xi) any Capital Stock or Stock Equivalents of a borrower under a First Tier Facility and (xii) any Capital Stock or Stock Equivalents to the extent a pledge thereof to secure the Obligations is prohibited by a Permitted Securitization Financing, including without limitation any Equity Interests of any Securitization Entity; <u>provided</u> that, notwithstanding the above, except as otherwise mutually agreed between the Administrative Agent and the Parent Borrower, any Capital Stock or Stock Equivalents of any Initial Guarantor pledged or required to be pledged as of the Closing Date shall not constitute Excluded Stock and Stock Equivalents.

"**Excluded Subsidiary**" shall mean (i) each Subsidiary, in each case, for so long as any such Subsidiary does not (on (x) a consolidated basis with its Subsidiaries, if determined on the Closing Date by reference to the Company Financial Statements or (y) a consolidated basis with its Subsidiaries, if determined after the Closing Date by reference to the financial statements delivered to the Administrative Agent pursuant to <u>Section 9.1(a)</u> and <u>(b))</u> constitute a Material Subsidiary, (ii) each Subsidiary that is not a Wholly-Owned Subsidiary on any date such Subsidiary would otherwise be required to become a Guarantor pursuant to the requirements of <u>Section 9.11</u> (for so long as such Subsidiary remains a non-Wholly-Owned Subsidiary), (iii) any First Tier Facility Borrower, (iv) any FSHCO, (v) any Subsidiary of a Subsidiary that is a CFC, (vi) any Foreign Subsidiary (including a CFC), (vii) each Subsidiary that is prohibited by any applicable Contractual Requirement (including any legally effective requirement to obtain the consent of any third party, unless such consent has been obtained) entered into at any time in good faith for a bona fide business purpose (and not for the primary purpose of obtaining a release of any Guarantor) or Requirements of Law (including any legally effective requirement to obtain the consent of any Governmental Authority, unless such consent has been obtained), it being understood that any such Subsidiary described in this clause (vii) will be automatically released from its Guarantees (and the Collateral Agent and Administrative Agent will take all actions necessary, consistent with this Agreement and the Security Documents, to evidence such release) or from guaranteeing or granting Liens to secure the Obligations (and for so long as such restriction or any replacement or renewal thereof is in effect), (viii) each Subsidiary with respect to which, as reasonably determined by the Parent Borrower, the consequence of providing a Guarantee of the Obligations would adversely affect the ability of the Parent Borrower and its Subsidiaries to satisfy applicable Requirements of Law, (ix) each Subsidiary with respect to which, as reasonably determined by the Borrower in consultation with the Administrative Agent, providing such a Guarantee would result in material adverse tax consequences to the Borrower, any of its Subsidiaries or any Parent Entity, (x) any other Subsidiary with respect to which, in the reasonable judgment of the Parent Borrower and the Administrative Agent, as agreed in writing, the cost or other consequences of providing a Guarantee of the Obligations shall be excessive in view of the practical benefits to be obtained by the Lenders therefrom, (xi) any Securitization Entity, (xii) each other Subsidiary acquired pursuant to a Permitted Acquisition or other Investment permitted hereunder and financed with assumed secured Indebtedness permitted hereunder, and each Subsidiary acquired in such Permitted Acquisition or other Investment permitted hereunder that guarantees such Indebtedness, in each case to the extent that, and for so long as, the documentation relating to such Indebtedness to which such Subsidiary is a party prohibits such Subsidiary from guaranteeing the Obligations and such prohibition was not created in contemplation of such Permitted Acquisition or other Investment permitted hereunder, (xiii) each SPV (including any captive insurance Subsidiary or not-for-profit Subsidiary), (xiv) any Subsidiary that is prohibited from providing a Guarantee pursuant to any asset backed securities documentation, any mezzanine financing documentation or any refinancings thereof, (xv) any captive insurance company, and (xvi) any not-for-profit Subsidiary; notwithstanding anything herein to the contrary, at the Parent Borrower's sole election, the Parent Borrower may elect to (i) add any Subsidiary that is otherwise an Excluded Subsidiary as a Credit Party hereunder and/or (ii) take any other actions reasonably required to accomplish the foregoing, including any such action not otherwise required hereunder or any other Credit Document; <u>provided</u> that, notwithstanding the above, except as otherwise mutually agreed between the Administrative Agent and the Parent Borrower, no Initial Guarantors shall constitute an Excluded Subsidiary.

"**Excluded Swap Obligation**" shall mean, with respect to any Swap Obligor, (a) any Swap Obligation if, and to the extent that, all or a portion of the Obligations of such Swap Obligor of, or the grant by such Swap Obligor of a security interest to secure, such Swap Obligation (or any Obligations thereof) is or becomes illegal or unlawful 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) or (b) any other Swap Obligation designated as an "Excluded Swap Obligation" of such Swap Obligor as specified in any agreement between the relevant Swap Obligors and counterparty applicable to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Obligation or security interest is or becomes illegal or unlawful.

"**Excluded Taxes**" shall mean, 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 Credit Document, (i) Taxes imposed on or measured by its overall net income, net profits, or branch profits (however denominated, and including (for the avoidance of doubt) any backup withholding in respect thereof under Section 3406 of the Code or any similar provision of state, local, or foreign law), and franchise (and similar) Taxes imposed on it (in lieu of net income Taxes), in each case, (x) imposed by a jurisdiction (including any political subdivision thereof) as a result of such recipient being organized in, having its principal office in, or in the case of any Lender, having its applicable lending office in, such jurisdiction, or (y) that are Other Connection Taxes, (ii) with respect to any Revolving Loan, any U.S. federal withholding Tax imposed on any payment by or on account of any obligation of any Credit Party hereunder or under any Credit Document that is required to be imposed on amounts payable to or for the account of a Lender (or other recipient) pursuant to laws in force at the time such Lender acquires an interest in any Credit Document (or designates a new lending office), other than in the case of a Lender that is an assignee pursuant to a request by the Borrower under <u>Section 13.7</u> (or that designates a new lending office pursuant to a request by the Borrower), except to the extent that such Lender (or its assignor, if any) was entitled, immediately prior to the designation of a new lending office (or assignment), to receive additional amounts from the Credit Parties with respect to such withholding Tax pursuant to <u>Section 5.4</u>, (iii) any Taxes attributable to such recipient's failure or inability to comply with <u>Section 5.4(e)</u> or (iv) any Tax imposed under FATCA.

"**Existing Debt Facilities**" shall mean each of the following: (a) that certain Credit Agreement, dated as of December 31, 2018, by and among, inter alios, Infra Colodata Holdings LLC, as holdings, Dawn Acquisitions LLC, as borrower, the lenders from time to time party thereto and Barclays Bank PLC, as administrative agent, as amended by that certain First Amendment to Credit Agreement, dated as of April 28, 2023 (as further amended, restated, supplemented or otherwise modified); and (b) that certain Credit Agreement, dated as of November 1, 2022, among Evoque Dallas Data Centers LLC, as borrower, the lenders from time to time party thereto and Toronto Dominion (Texas) LLC, as administrative agent and collateral agent (as amended, restated, supplemented or otherwise modified).

"**Existing Revolving Credit Class**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Existing Revolving Credit Commitment**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Existing Revolving Credit Loans**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Extended Revolving Credit Commitments**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Extended Revolving Credit Loans**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Extended Revolving Loan Maturity Date**" shall mean the date on which any tranche of Extended Revolving Credit Loans matures.

"**Extending Lender**" shall have the meaning provided in <u>Section 2.14(g)(ii)</u>.

"**Extension Amendment**" shall have the meaning provided in <u>Section 2.14(g)(iii)</u>.

"**Extension Date**" shall have the meaning provided in <u>Section 2.14(g)(iv)</u>.

"**Extension Election**" shall have the meaning provided in <u>Section 2.14(g)(ii)</u>.

"**Extension Request**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Extension Series**" shall mean all Extended Revolving Credit Commitments that are established pursuant to the same Extension Amendment (or any subsequent Extension Amendment to the extent such Extension Amendment expressly provides that the Extended Revolving Credit Commitments provided for therein are intended to be a part of any previously established Extension Series) and that provide for the same interest margins, extension fees, and amortization schedule.

"**Extraordinary Expense**" shall mean an operating expense or capital expense that is not consistent with the budget for the applicable period delivered pursuant to <u>Section 5.1(c)</u> hereof.

"**Fair Market Value**" shall mean with respect to any asset or group of assets on any date of determination, the value of the consideration obtainable in a sale of such asset at such date of determination assuming a sale by a willing seller to a willing purchaser dealing at arm's length and arranged in an orderly manner over a reasonable period of time having regard to the nature and characteristics of such asset, as determined in good faith by the Borrower.

"**FATCA**" shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code as of the date of this Agreement (or any amended or successor version described above), and any intergovernmental agreements (or related legislation or official administrative rules or practices) implementing the foregoing.

"**Federal Funds Effective Rate**" shall mean, 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 website from time to time, and published on the next succeeding Business Day by the NYFRB as the federal funds effective date, <u>provided</u> that, if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of calculating such rate.

"**Fee Letter**" shall mean that certain Fee Letter, dated as of December 22, 2025, among each of the Joint Lead Arrangers and the Parent Borrower, as amended, restated, amended and restated, supplemented or otherwise modified pursuant to any joinder agreements thereto.

"**Fees**" shall mean all amounts payable pursuant to, or referred to in, <u>Section 4.1(a)</u>.

"**Financial Incurrence Tests**" shall have the meaning provided in <u>Section 1.12(a)</u>.

" **First Lien Intercreditor Agreement**" shall mean an intercreditor agreement substantially in the form of <u>Exhibit G-1</u> (with such changes to such form as may be reasonably acceptable to the Administrative Agent and the Parent Borrower) among the Administrative Agent, the Collateral Agent, and the representatives for purposes thereof for holders of one or more classes of First Lien Obligations.

"**First Lien Obligations**" shall mean the Obligations and obligations in respect of Indebtedness secured by Liens on the Collateral that rank on an equal priority basis (but without regard to the control of remedies) with Liens on the Collateral securing the Obligations.

"**First Tier Facility**" shall mean any of (i) the US Balance Sheet Loan Facility, (ii) any other facility establishing Non-Recourse Indebtedness of the Parent Borrower or any of its Subsidiaries or (iii) any Indebtedness which refinances any of the foregoing.

"**First Tier Facility Agreement**" shall mean any of (i) the US Balance Sheet Loan Agreement or (ii) any of the other "Credit Documents", "Loan Documents", "Financing Documents" or terms of like import as defined in any of the foregoing, in each case as last in effect.

"**First Tier Facility Borrower**" shall mean, as of any time of determination, any direct or indirect Subsidiary of the Parent Borrower which is a borrower, "credit party", "loan party" or similar obligor under any First Tier Facility.

"**Fixed Amounts**" shall have the meaning provided in <u>Section 1.12(a)</u>.

"**Floor**" shall mean a rate of interest equal to 0.00%.

"**Foreign Currency**" shall mean any currency other than Dollars.

"**Foreign Plan**" shall mean each "employee benefit plan" (within the meaning of Section 3(3) of ERISA, whether or not subject to ERISA) that is not subject to U.S. law and is maintained or contributed to by any Credit Party or any of its Subsidiaries.

"**Foreign Plan Event**" shall mean, with respect to any Foreign Plan, (i) the failure by a Credit Party or any of its Subsidiaries to make or, if applicable, accrue in accordance with normal accounting practices, any employer or employee contributions required by applicable law or by the terms of such Foreign Plan; (ii) the failure by a Credit Party or any of its Subsidiaries to register or loss of good standing (if applicable) with applicable regulatory authorities of any such Foreign Plan required to be registered; or (iii) the failure of any Foreign Plan to comply with any provisions of applicable law or regulations or with the terms of such Foreign Plan.

"**Foreign Subsidiary**" shall mean each Subsidiary of the Parent Borrower that is not a Domestic Subsidiary.

"**Forward-Looking Information**" shall have the meaning provided in <u>Section 8.8(a)</u>.

"**Fronting Exposure**" shall mean, at any time there is a Defaulting Lender, with respect to each Letter of Credit Issuer, such Defaulting Lender's Revolving Credit Commitment Percentage of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender's participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.

"**Fronting Fee**" shall have the meaning provided in <u>Section 4.1(d)</u>.

"**FSHCO**" shall mean any direct or indirect Domestic Subsidiary of the Borrower, substantially all of the assets of which consist of the Capital Stock and/or Indebtedness of one or more (a) Foreign Subsidiaries that are CFCs, (b) other direct or indirect Domestic Subsidiaries of the Borrower that are direct or indirect Subsidiaries of a CFC or (c) other direct or indirect Domestic Subsidiaries of the Borrower that are FSHCOs.

"**Fund**" shall mean any Person (other than a natural Person) that is engaged or advises funds or other investment vehicles that are engaged in making, purchasing, holding, or investing in commercial loans and similar extensions of credit in the ordinary course.

"**GAAP**" shall mean generally accepted accounting principles in the United States, as in effect from time to time; <u>provided</u>, <u>however</u>, that if the Parent Borrower notifies the Administrative Agent that the Parent Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Closing Date in GAAP or in the application thereof on the operation of such provision, 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. Furthermore, at any time after the Closing Date, the Parent Borrower may elect to apply International Financial Reporting Standards ("**IFRS**") accounting principles in lieu of GAAP and, upon any such election, references herein to GAAP and GAAP concepts shall thereafter be construed to refer to IFRS and corresponding IFRS concepts (except as otherwise provided in this Agreement); <u>provided</u> any such election, once made, shall be irrevocable; <u>provided</u>, <u>further</u>, that any calculation or determination in this Agreement that requires the application of GAAP for periods that include fiscal quarters ended prior to the Parent Borrower's election to apply IFRS shall remain as previously calculated or determined in accordance with GAAP. Notwithstanding any other provision contained herein, the amount of any Indebtedness under GAAP with respect to Capitalized Lease Obligations shall be determined in accordance with the definition of Capitalized Lease Obligations.

"**Governmental Authority**" shall mean any nation, sovereign, or government, any state, province, territory, or other political subdivision thereof, and any entity or authority exercising executive, legislative, judicial, taxing, regulatory, or administrative functions of or pertaining to government, including a central bank or stock exchange (including any supranational body exercising such powers or functions, such as the European Union or the European Central Bank).

"**Granting Lender**" shall have the meaning provided in <u>Section 13.6(g)</u>.

"**Gross Income from Operations**" shall mean, as of any date of determination, the sum of the following: (a) total annualized base rent and recurring revenues in place as of such date of determination, based on executed leases, including, without limitation, (i) booked but not billed Leases ("*BBnB Leases*") with lease commencement dates within twelve (12) months following such date of determination or with free rent periods (provided that free rent shall not be included to the extent it exceeds one month of free rent per year of such Lease's initial term) currently in effect (in each case, as if base rent and recurring revenues were currently being paid under such Leases) and (ii) any contractual rent increases within the twelve (12) months following such date of determination, (b) tenant reimbursements (to the extent provided for pursuant to the applicable Lease) (i) during the twelve (12)-month period immediately preceding such date of determination or (ii) for Leases executed in such twelve (12)-month period, the annualized amount thereof, and (c) percentage and overage rent, ancillary income (e.g., parking, tenant services and signage) and any fee, collection or payment received with respect to such executed Leases, in each case pursuant to this clause (c), (i) during the twelve (12)-month period immediately preceding such date of determination or (ii) for Leases executed in such twelve (12)-month period, the annualized amount thereof (without duplication of any amounts set forth in clauses (a) and (b) above), but excluding (solely for purposes of calculating Net Operating Income) one-time extraordinary income or non-recurring income , and in each case with respect to clauses (a), (b) and (c), excluding amounts paid or payable under any such Lease with respect to which the tenant thereunder (x) is in base rent monetary default in excess of two (2) months, (y) is the subject of a Bankruptcy Action and which tenant has not assumed its Lease or (z) has given written notice that it will vacate within six (6) months of such date of determination, except to the extent a new Lease is signed for such premises.

"**Guarantee**" shall mean (i) the Guarantee made by each Guarantor in favor of the Collateral Agent for the benefit of the Secured Parties, substantially in the form of <u>Exhibit B</u>, and (ii) any other guarantee of the Obligations made by a Credit Party in form and substance reasonably acceptable to the Administrative Agent.

"**guarantee obligations**" shall mean, as to any Person, any obligation of such Person guaranteeing or intended to guarantee any Indebtedness of any primary obligor in any manner, whether directly or indirectly, including any obligation of such Person, whether or not contingent, (i) to purchase any such Indebtedness or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (a) for the purchase or payment of any such Indebtedness or (b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, securities, or services primarily for the purpose of assuring the owner of any such Indebtedness of the ability of the primary obligor to make payment of such Indebtedness, or (iv) otherwise to assure or hold harmless the owner of such Indebtedness against loss in respect thereof; <u>provided</u>, <u>however</u>, that the term guarantee obligations shall not include endorsements of instruments for deposit or collection in the ordinary course of business or customary and reasonable indemnity obligations or product warranties in effect on the Closing Date or entered into in connection with any acquisition or disposition of assets permitted under this Agreement (other than such obligations with respect to Indebtedness). The amount of any guarantee obligation shall be deemed to be an amount equal to the stated or determinable amount of the Indebtedness in respect of which such guarantee obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as determined by such Person in good faith.

"**Guarantors**" shall mean (a) the Initial Guarantors and (b) each Subsidiary of the Parent Borrower that becomes a party to the Guarantee after the Closing Date pursuant to <u>Section 9.11</u> or otherwise; <u>provided</u> that, for the avoidance of doubt, in no event shall any Excluded Subsidiary be required to be a Guarantor.

"**Hazardous Materials**" shall mean (i) any petroleum or petroleum products, radioactive materials, friable asbestos, polychlorinated biphenyls, per- and polyfluoroalkyl substances, and radon gas; (ii) any chemicals, materials, or substances defined as or included in the definition of "hazardous substances," "hazardous waste," "hazardous materials," "extremely hazardous waste," "restricted hazardous waste," "toxic substances," "toxic pollutants," "contaminants," or "pollutants," or words of similar import, under any Environmental Law; and (iii) any other chemical, material, or substance, which is prohibited, limited, or regulated due to its dangerous or deleterious properties or characteristics, by any Environmental Law.

"**Hedge Agreements**" shall mean (i) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (ii) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any "International Foreign Exchange Master Agreement", or any other master agreement (any such master agreement, together with any related schedules, a "**Master Agreement**"), including any such obligations or liabilities under any Master Agreement.

"**Hedging Obligations**" shall mean, with respect to any Person, the obligations of such Person under any Hedge Agreements.

"**Holdings**" shall have the meaning provided in the preamble to this Agreement.

"**IFRS**" shall have the meaning given to such term in the definition of GAAP.

"**Impacted Loans**" shall have the meaning provided in <u>Section 0(a)</u>.

"**incur**" and "**incurrence**" shall have the meaning provided in <u>Section 10.1</u>.

"**Incurrence Based Amounts**" shall have the meaning provided in <u>Section 1.12(a)</u>.

"**Indebtedness**" shall mean, with respect to any Person, (i) any indebtedness (including principal and premium) of such Person, whether or not contingent (a) in respect of borrowed money, (b) evidenced by bonds, notes, debentures, or similar instruments or letters of credit or bankers' acceptances (or, without double counting, reimbursement agreements in respect thereof), (c) representing the balance deferred and unpaid of the purchase price of any property (including Capitalized Lease Obligations), or (d) representing any Hedging Obligations, if and to the extent that any of the foregoing Indebtedness (other than letters of credit and Hedging Obligations) would appear as a net liability upon a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; <u>provided</u> that Indebtedness of any direct or indirect parent company appearing upon the balance sheet of the Parent Borrower solely by reason of push down accounting under GAAP shall be excluded, (ii) to the extent not otherwise included, any obligation by such Person to be liable for, or to pay, as obligor, guarantor or otherwise, on the obligations of the type referred to in <u>clause (i)</u> of another Person (whether or not such items would appear upon the balance sheet of such obligor or guarantor), other than by endorsement of negotiable instruments for collection in the ordinary course of business, and (iii) to the extent not otherwise included, the obligations of the type referred to in <u>clause (i)</u> of another Person secured by a Lien on any asset owned by such Person, whether or not such Indebtedness is assumed by such Person; <u>provided</u> that notwithstanding the foregoing, Indebtedness shall be deemed not to include (1) Contingent Obligations incurred in the ordinary course of business, (2) obligations under or in respect of Permitted Securitization Financings (including obligations under or in respect of any Permitted Securitization Guarantees), (3) prepaid or deferred revenue arising in the ordinary course of business, (4) purchase price holdbacks arising in the ordinary course of business in respect of a portion of the purchase price of an asset to satisfy warrants or other unperformed obligations of the seller of such asset, (5) any balance that constitutes a trade payable or similar obligation to a trade creditor, accrued in the ordinary course of business, (6) any earn-out obligation until such obligation, within 60 days of becoming due and payable, has not been paid and such obligation is reflected as a liability on the balance sheet of such Person in accordance with GAAP, (7) any obligations attributable to the exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential) with respect thereto, (8) accrued expenses and royalties, (9) asset retirement obligations and obligations in respect of workers' compensation (including pensions and retiree medical care) that are not overdue by more than 60 days or (10) leases that would not be classified as Capitalized Lease Obligations. The amount of Indebtedness of any Person for purposes of <u>clause (iii)</u> above shall (unless such Indebtedness has been assumed by such Person) be deemed to be equal to the lesser of (x) the aggregate unpaid amount of such Indebtedness and (y) the Fair Market Value of the property encumbered thereby as determined by such Person in good faith.

For all purposes hereof, the Indebtedness of the Parent Borrower and the other Credit Parties, shall exclude all intercompany Indebtedness having a term not exceeding 365 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business consistent with past practice.

"**Indemnified Liabilities**" shall have the meaning provided in <u>Section 13.5</u>.

"**Indemnified Persons**" shall have the meaning provided in <u>Section 13.5</u>.

"**Indemnified Taxes**" shall mean all Taxes imposed on or with respect to any payment by or on account of any obligation of any Credit Party hereunder or under any other Credit Document, other than Excluded Taxes or Other Taxes.

"**Initial Commitment Party**" shall have the meaning assigned to such term in the Commitment Letter.

"**Initial Default**" shall have the meaning assigned to such term in <u>Section 1.2(j)</u>.

"**Initial Guarantors**" shall mean (a) each of Holdings, Phoenix Infrastructure LLC, DCCO Tukwila Domestic REIT, LLC and Phoenix Data Center Parent LLC and (b) each Wholly-Owned Subsidiary of the Parent Borrower existing as of the Closing Date which owns Collateral (other than any Excluded Subsidiary).

"**Insolvent**" shall mean, with respect to any Multiemployer Plan, the condition that such Multiemployer Plan is "insolvent" within the meaning of Section 4245 of ERISA.

"**Intellectual Property**" shall mean intellectual property, including all (i) (a) patents, inventions, processes, developments, technology, and know-how; (b) copyrights (including copyrights in software) and works of authorship in any media, including graphics, advertising materials, labels, package designs, and photographs; (c) trademarks, service marks, trade names, brand names, corporate names, Internet domain names, logos, trade dress, and other source indicators, and the goodwill of any business symbolized thereby; and (d) trade secrets, confidential, proprietary, or non-public information and (ii) all registrations, issuances, applications, renewals, extensions, substitutions, continuations, continuations-in-part, divisionals, re-issues, re-examinations, or similar legal protections related to the foregoing.

"**Interest Period**" shall mean, with respect to any Loan, the interest period applicable thereto, as determined pursuant to <u>Section 2.9</u>.

"**Investment**" shall mean, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans (including guarantees), advances, or capital contributions (excluding accounts receivable, trade credit, advances to customers, commission, travel, and similar advances to officers and employees, in each case made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests, or other securities issued by any other Person and investments that are required by GAAP to be classified on the consolidated balance sheet (excluding the footnotes) of the Parent Borrower in the same manner as the other investments included in this definition to the extent such transactions involve the transfer of cash or other property; <u>provided</u> that Investments shall not include, in the case of the Parent Borrower and the other Credit Parties, intercompany loans (including guarantees), advances, or Indebtedness having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business.

The amount of any Investment outstanding at any time shall be the original cost of such Investment, reduced by any dividend, distribution, interest payment, return of capital, repayment, or other amount received by the Parent Borrower or another Credit Party in respect of such Investment (<u>provided</u> that, with respect to amounts received other than in the form of Cash Equivalents, such amount shall be equal to the Fair Market Value of such consideration).

"**Investment Grade Rating**" shall mean a rating equal to or higher than Baa3 (or the equivalent) by Moody's and BBB- (or the equivalent) by S&P, or an equivalent rating by any other rating agency.

"**Investment Grade Securities**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) securities
 issued or directly and fully guaranteed or insured by the United States government or any
 agency or instrumentality thereof (other than Cash Equivalents),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) debt
 securities or debt instruments with an Investment Grade Rating, but excluding any debt securities
 or instruments constituting loans or advances among the Parent
 Borrower and its Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) investments
 in any fund that invest at least 90% in investments of the type described in <u>clauses (i)</u> and <u>(ii)</u> which fund may
 also hold immaterial amounts of cash pending investment or distribution, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) corresponding
 instruments in countries other than the United States customarily utilized for high-quality
 investments.

"**Investors**" shall mean the Sponsor and certain of the Sponsor's Affiliates.

"**IPO**" shall mean the initial underwritten public offering (other than a public offering pursuant to a registration statement on Form S-8) of common Equity Interests in the Parent Borrower or a parent entity of the Parent Borrower.

"**IPO Entity**" shall mean, at any time at and after an IPO, the Parent Borrower or a parent entity of the Borrower, as the case may be, the Equity Interests in which were issued or otherwise sold pursuant to the IPO.

"**IPO Listco**" shall mean a wholly-owned subsidiary of the Parent Borrower formed in contemplation of an IPO to become the IPO Entity. The Parent Borrower shall, promptly following its formation, notify the Administrative Agent of the formation of any IPO Listco.

"**IPO Reorganization Transactions**" shall mean, collectively, the transactions taken in connection with and reasonably related to consummating an IPO, including, without limitation, (a) formation and ownership of IPO Shell Companies, (b) entry into, and performance of, a reorganization or similar agreement among any of the Parent Borrower, its Subsidiaries and/or IPO Shell Companies implementing IPO Reorganization Transactions and other reorganization transactions in connection with an IPO, (c) entry into, and performance of, customary documentation (and amendments to existing documentation) governing the relations between and among the Parent Borrower, the IPO Entity and their respective Subsidiaries, (d) entry into, and performance of, customary underwriting agreements in connection with an IPO and any future follow-on underwritten public offerings of common Equity Interests in the IPO Entity, including the provision by IPO Entity and the Parent Borrower of customary representations, warranties, covenants and indemnification to the underwriters thereunder, (e) the merger of one or more IPO Subsidiaries with one or more direct or indirect holders of Equity Interests in the Parent Borrower with the surviving entity in any such merger holding Equity Interests in the Parent Borrower and the merger of such entities with any IPO Shell Company or IPO Subsidiary, (f) the issuance of Equity Interests of IPO Shell Companies to holders of Equity Interests of the Parent Borrower in connection with any IPO Reorganization Transactions, (g) the contribution, directly or indirectly, of Equity Interests of the Parent Borrower and its Subsidiaries to the IPO Entity or any IPO Shell Company or the acquisition by the IPO Entity or such IPO Shell Company thereof, (h) the entry into an exchange agreement, pursuant to which holders of Equity Interests of the Parent Borrower will be permitted to exchange such interests for certain economic/voting Equity Interests in IPO Listco, (i) the entry into, and performance of, any tax receivables agreements by any IPO Shell Company or IPO Subsidiary and (j) any other transactions and documentation related to the foregoing or necessary or appropriate in view of the board of directors of the Parent Borrower in connection with an IPO , in each case of <u>clauses (a)</u> through <u>(i)</u>, so long as after giving Pro Forma Effect to such agreement and the transactions contemplated thereby, the security interests of the Lenders in the Collateral and the Guarantees of the Obligations, taken as a whole, would not be materially impaired.

"**IPO Shell Company**" shall mean each of IPO Listco and IPO Subsidiary.

"**IPO Subsidiary**" shall mean a wholly-owned subsidiary of IPO Listco formed in contemplation of, and to facilitate, IPO Reorganization Transactions and an IPO. The Parent Borrower shall, promptly following its formation, notify the Administrative Agent of the formation of an IPO Subsidiary.

"**ISDA CDS Definitions**" shall have the meaning provided in <u>Section 13.1</u>.

" **ISP**" shall mean, with respect to any Letter of Credit, the "International Standby Practices 1998" as International Chamber of Commerce Publication No. 590 (or such later version thereof as may be in effect at the time of issuance).

"**Issuer Documents**" shall mean, with respect to any Letter of Credit, the Letter of Credit Request and any other document, agreement, and instrument entered into by any Letter of Credit Issuer and the Borrower (or any other Credit Party) or in favor of any Letter of Credit Issuer and relating to such Letter of Credit.

"**Joinder Agreement**" shall mean an agreement substantially in the form of <u>Exhibit A</u>.

"**Joint Lead Arrangers**" shall mean each of Wells Fargo Bank, National Association and TD Securities (USA) LLC, in each case, in their respective capacities as joint bookrunners and lead arrangers, and BMO Capital Markets Corp. and The Bank of Nova Scotia, in each case, in their respective capacities as joint lead arrangers.

"**Junior Debt**" shall mean any Indebtedness (other than any permitted intercompany Indebtedness owing between and among the Parent Borrower or any other Credit Party) that is Subordinated Indebtedness.

"**KYC Rules**" shall have the meaning provided in <u>Section 6.14</u>.

"**Land**" shall mean any undeveloped land parcel, whether owned or ground-leased.

"**L/C Borrowing**" shall mean an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Borrowing.

"**L/C Facility Maturity Date**" shall mean the date that is three Business Days prior to the Revolving Credit Maturity Date; <u>provided</u> that the L/C Facility Maturity Date may be extended beyond such date with the consent of the applicable Letter of Credit Issuer.

"**L/C Obligations**" shall mean, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit *plus* the aggregate of all Unpaid Drawings, including all L/C Borrowings. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of any rule of law or standard practices to which any Letter of Credit is subject (such as Rules 3.13 and 3.14 of the International Standby Practices (ISP98) and Article 29 of the UCP) or any express term of the Letter of Credit, such Letter of Credit shall be deemed to be "outstanding" in the amount so remaining available to be drawn. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time.

"**L/C Participant**" shall have the meaning provided in <u>Section 3.3(a)</u>.

"**L/C Participation**" shall have the meaning provided in <u>Section 3.3(a)</u>.

"**L/C Sublimit**" shall mean up to $50,000,000 in the aggregate amount of Letters of Credit that may be issued under the Revolving Credit Facility.

"**LCT Election**" shall have the meaning provided in <u>Section 1.12(b)</u>.

"**LCT Test Date**" shall have the meaning provided in <u>Section 1.12(b)</u>.

"**Lease**" shall mean any lease, master service agreement, co-location agreement, hosting services agreement or other similar agreement (including booked-but-not-billed leases), as amended or supplemented, and each guarantee of the performance and observance of the covenants, conditions and agreements to be performed and observed by the other party thereto with respect to such any such agreement.

"**Lender**" shall have the meaning provided in the preamble to this Agreement.

"**Lender Default**" shall mean (i) the refusal or failure of any Lender to make available its portion of any incurrence of Loans, which refusal or failure is not cured within one Business Day after the date of such refusal or failure, unless such Lender notifies the Administrative Agent in writing that such refusal or failure is the result of such Lender's good faith determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in writing) has not been satisfied, (ii) the failure of any Lender to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within one Business Day of the date when due, unless the subject of a good faith dispute, (iii) a Lender has notified, in writing, the Borrower or the Administrative Agent that it does not intend to comply with its funding obligations under this Agreement or has made a public statement to that effect with respect to its funding obligations under this Agreement, or a Lender has publicly announced that it does not intend to comply with its funding obligations under other loan agreements, credit agreements or similar facilities generally, (iv) a Lender has failed to confirm in a manner reasonably satisfactory to the Administrative Agent that it will comply with its funding obligations under this Agreement or (v) a Distressed Person has admitted in writing that it is insolvent or such Distressed Person becomes subject to a Lender-Related Distress Event.

"**Lender-Related Distress Event**" shall mean, with respect to any Lender or any other Person that directly or indirectly controls such Lender (each, a "**Distressed Person**") a voluntary or involuntary case with respect to such Distressed Person under any debt relief law, 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 or 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; <u>provided</u> that a Lender-Related Distress Event shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any equity interests in any Lender or any Person that directly or indirectly controls such Lender by a governmental authority or an instrumentality thereof.

" **Letter of Credit**" and "**Letters of Credit**" shall mean each standby letter of credit issued pursuant to <u>Section 3.1(a)</u>.

"**Letter of Credit Commitments**" shall mean (a) initially, with respect to the Letter of Credit Issuers specifically identified in clause (a) of the definition of "Letter of Credit Issuers", as of the Closing Date, with respect to (i) Wells Fargo Bank, National Association, in its capacity as Letter of Credit Issuer, 25% of the L/C Sublimit, (ii) The Toronto-Dominion Bank, New York Branch, in its capacity as Letter of Credit Issuer, 25% of the L/C Sublimit, (iii) Bank of Montreal, in its capacity as Letter of Credit Issuer, 25% of the L/C Sublimit and (iv) The Bank of Nova Scotia, in its capacity as Letter of Credit Issuer, 25% of the L/C Sublimit, and (b) after the addition of any other Letter of Credit Issuer as referenced in the definition of "Letter of Credit Issuers", the percentage agreed to between such additional Letter of Credit Issuer and the Parent Borrower (with the Letter of Credit Commitments of each pre-existing Letter of Credit Issuer as elected by the Parent Borrower in consultation with each such pre-existing Letter of Credit Issuer); <u>provided</u>, that upon the request of the Parent Borrower, any Letter of Credit Issuer may agree, in its sole discretion, to increase its Letter of Credit Commitments under this definition, subject to the aggregate Letter of Credit Commitments not exceeding the L/C Sublimit.

"**Letter of Credit Sublimit Expiration Date**" shall mean the day that is three Business Days prior to the scheduled Maturity Date then in effect for the Revolving Credit Facility.

"**Letter of Credit Exposure**" shall mean, with respect to any Lender, at any time, the sum of (i) the amount of the principal amount of any Unpaid Drawings in respect of which such Lender has made (or is required to have made) payments to the Letter of Credit Issuers pursuant to <u>Section 3.4(a)</u> at such time and (ii) such Lender's Revolving Credit Commitment Percentage of the Letters of Credit Outstanding at such time (excluding the portion thereof consisting of Unpaid Drawings in respect of which the Lenders have made (or are required to have made) payments to the Letter of Credit Issuers pursuant to <u>Section 3.4(a)</u>).

"**Letter of Credit Fee**" shall have the meaning provided in <u>Section 4.1(b)</u>.

"**Letter of Credit Issuers**" shall mean (a) each of Wells Fargo Bank, National Association, The Toronto-Dominion Bank, New York Branch, Bank of Montreal and Bank of Nova Scotia and (b) any other Lender that becomes a Letter of Credit Issuer in accordance with <u>Section 3.6</u>, in each case, in its capacity as an issuer of Letters of Credit hereunder, or any replacement or successor issuer of Letters of Credit hereunder. In the event that there is more than one Letter of Credit Issuer at any time, references herein and in the other Credit Documents to the Letter of Credit Issuer shall be deemed to refer to the Letter of Credit Issuer in respect of the applicable Letter of Credit or to all Letter of Credit Issuers, as the context requires.

"**Letter of Credit Request**" shall mean a notice executed and delivered by the Borrower pursuant to <u>Section 3.2</u>, and in a form which is acceptable to the Letter of Credit Issuers in their reasonable discretion.

"**Letters of Credit Outstanding**" shall mean, at any time the sum of, without duplication, (i) the aggregate Stated Amount of all outstanding Letters of Credit and (ii) the aggregate amount of the principal amount of all Unpaid Drawings.

"**Lien**" shall mean with respect to any asset, any mortgage, lien, pledge, hypothecation, charge, security interest, preference, priority, or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in, and any filing of, or agreement to, give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; <u>provided</u> that in no event shall an operating lease or a non-exclusive license, sub-license or cross-license of Intellectual Property be deemed to constitute a Lien.

"**Lien Release**" shall mean the release of liens encumbering the Acquired Assets and the obligations of any Existing Loan Party (as defined below), pursuant to (a) the Confirmation Order, (b) the Chapter 11 Plan, (c) that certain U.K. Deed of Release, dated as of January 12, 2024, by and among Cyxtera UK TRS Limited, Cyxtera Technology UK Limited and Cyxtera Data Centers, Inc. and (d) any other document releasing liens in respect of the Acquired Assets, including liens providing grants of security to the secured parties party to each of (i) that certain First Lien Credit Agreement dated as of May 1, 2017 (as may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "**Existing Seller Credit Agreement**"), among Cyxtera DC Holdings, Inc., Cyxtera DC Parent Holdings, Inc., Cyxtera Communications, LLC, Cyxtera Data Centers, Inc. (collectively, the "**2017 Loan Parties**"), the first lien lenders from time to time party thereto, and Citibank, N.A., as administrative agent and collateral agent, (ii) the Bridge Facility dated as of May 4, 2023, among the 2017 Loan Parties, Cyxtera Canada TRS ULC, Cyxtera Canada, LLC, Cyxtera Communications Canada, ULC, Cyxtera Digital Services, LLC, Cyxtera Technology UK Limited, and Cyxtera UK TRS Limited (collectively with the 2017 Loan Parties, the "**Existing Loan Parties**"), the lenders from time to time party thereto, and Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent for such lenders and (iii) the Debtor-in-Possession Financing Credit Agreement dated as of June 7, 2023 by and among the Existing Loan Parties, the lenders from time to time party thereto and Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent for such lenders (the "**DIP Facility**").

"**Limited Condition Transaction**" shall mean (a) the consummation of any acquisition, investment, merger or other similar transactions that the Parent Borrower or any other Credit Party is contractually committed to consummate and whose consummation is not conditioned on the availability of, or on obtaining, third party financing, (b) any prepayment, repurchase or redemption of Indebtedness requiring irrevocable notice in advance of such prepayment, repurchase or redemption, and/or (c) any Restricted Payment in connection with an acquisition or investment of the type described in clause (a) of this definition requiring declaration in advance thereof.

"**Loan**" shall mean any Revolving Loan or any other loan made by any Lender pursuant to this Agreement.

"**LTV**" shall mean, on any date of determination, the ratio (expressed as a percentage) of (a) Consolidated Total Net Debt to (b) Consolidated Property Values.

"**Majority Lead Arrangers**" shall have the meaning provided in <u>Section 6.13</u>.

"**Mandatory Prepayment Event**" shall have the meaning provided in <u>Section 5.2(b)</u>.

"**Master Agreement**" shall have the meaning provided in the definition of the term "Hedge Agreement."

"**Material Adverse Effect**" shall mean a circumstance or condition affecting the business, assets, operations, properties, or financial condition of the Parent Borrower and its Subsidiaries, taken as a whole, that would, individually or in the aggregate, materially adversely affect (i) the ability of the Parent Borrower and the other Credit Parties, taken as a whole, to perform their payment obligations under this Agreement or any of the other Credit Documents or (ii) the rights and remedies of the Administrative Agent and the Lenders under the Credit Documents.

"**Material Defects**" shall mean (a) any material physical or legal defects (including any material matters disclosed by current engineering, seismic, title and zoning reports) or other material shortfalls in the due diligence of lenders to the First Tier Facilities such that the Properties would (other than in respect of the EU Balance Sheet Loan Facility) not otherwise meet the customary standards for a balance sheet loan secured by (and mezzanine syndication of) a large portfolio of properties similar in size and character to the Properties, (b) any material damage or destruction with respect to the improvements located on the Properties whether or not covered by insurance and/or any material condemnation proceedings that are pending or threatened against the Properties, (c) any material uninsured liability or lack of required license or permit in respect of any of the Properties or (d) in the case of the EU Balance Sheet Loan Facility, any legal limitations that exist in respect of any relevant borrower thereunder that materially limits the ability of such borrower to secure its portion of the EU Balance Sheet Loan Facility (excluding any customarily accepted limitations).

"**Material Indebtedness**" shall have the meaning provided in <u>Section 11.4</u>.

"**Material Lease**" shall mean any Lease, which, either individually or when taken together with any other Lease(s) (including for the avoidance of doubt, any service orders) among the Properties with the same tenant or such tenant's Affiliates, provides the tenant (collectively with its Affiliates) thereunder with access to no less than five (5) or more megawatts of electrical utility power. Notwithstanding the foregoing in no event shall any Facilities Lease (as defined in US Balance Sheet Loan Agreement) constitute a Material Lease.

"**Material Lease Defects**" shall mean any legal defects that would cause any of the Properties to be acquired on the Closing Date constituting leasehold estates not to meet Market Lease Financeability Standards (as defined in the US Balance Sheet Loan Agreement).

"**Material Subsidiary**" shall mean, at any date of determination, each Subsidiary of the Parent Borrower (i) whose total assets at the last day of the Test Period ending on the last day of the most recent fiscal period for which Section 9.1 Financials have been delivered were equal to or greater than 5.0% of the Consolidated Total Assets of the Parent Borrower and its Subsidiaries at such date or (ii) whose revenues during such Test Period were equal to or greater than 5.0% of the consolidated revenues of the Parent Borrower and its Subsidiaries for such period, in each case determined in accordance with GAAP; <u>provided</u> that if, at any time and from time to time after the Closing Date, Subsidiaries that are not Material Subsidiaries (other than Subsidiaries that are Excluded Subsidiaries by virtue of any of <u>clauses (ii)</u> through <u>(xvi)</u> of the definition of "Excluded Subsidiary") have, in the aggregate, (a) total assets at the last day of such Test Period equal to or greater than 10.0% of the Consolidated Total Assets of the Parent Borrower and its Subsidiaries at such date or (b) revenues during such Test Period equal to or greater than 10.0% of the consolidated revenues of the Parent Borrower and its Subsidiaries for such period, in each case determined in accordance with GAAP, then Borrower shall, on the date on which financial statements for such quarter are delivered pursuant to this Agreement, designate in writing to the Administrative Agent one or more of such Subsidiaries as Material Subsidiaries for each fiscal period until this proviso is no longer applicable.

"**Maturity Date**" shall mean the Revolving Credit Maturity Date, or the Extended Revolving Loan Maturity Date, as applicable.

"**Merger Sub**" shall have the meaning provided in the recitals to this Agreement.

"**Minimum Borrowing Amount**" shall mean (i) with respect to a Borrowing of SOFR Loans, $1,000,000 (or, if less, the entire remaining applicable Commitments at the time of such Borrowing), (ii) with respect to a Borrowing of ABR Loans, $1,000,000 (or, if less, the entire remaining applicable Commitments at the time of such Borrowing) and (iii) with respect to the Borrowing of CORRA Loans, $1,000,000 (or, if less, the entire remaining applicable Commitments at the time of such Borrowing).

"**Minimum Collateral Amount**" shall mean, at any time, (i) with respect to Cash Collateral consisting of cash or Cash Equivalents or deposit account balances provided to reduce or eliminate Fronting Exposure during the existence of a Defaulting Lender, an amount equal to 101% of the Fronting Exposure of the Letter of Credit Issuers with respect to Letters of Credit issued and outstanding at such time and (ii) with respect to Cash Collateral consisting of cash or Cash Equivalents or deposit account balances provided in accordance with the provisions of <u>Section 3.8(a)(1)</u> or <u>(a)(2)</u> an amount equal to 101% of the outstanding amount of all L/C Obligations.

"**Moody's**" shall mean Moody's Investors Service, Inc. or any successor by merger or consolidation to its business.

"**Multiemployer Plan**" shall mean a "multiemployer plan" as defined in Section 4001(a)(3) of ERISA to which any Credit Party or ERISA Affiliate makes or is obligated to make contributions, or during the five preceding calendar years, has made or been obligated to make contributions and to which any Credit Party has any outstanding liability.

"**Named Competitor**" shall mean the entities set forth in Annex III of the Commitment Letter (as supplemented, if applicable, from time to time after the date of the Commitment Letter with entities reasonably acceptable to the Administrative Agent).

"**NAV**" shall mean, on any date of determination, (a) Consolidated Property Values minus (b) Consolidated Total Net Debt.

"**Net Cash Proceeds**" shall mean, with respect to any Asset Sale, (i) the gross cash proceeds (including payments from time to time in respect of installment obligations, if applicable, but only as and when received) received by or on behalf of the Parent Borrower or any other Credit Party in respect of such event, as the case may be, less (ii) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount, if any, of all taxes or Permitted Tax Distributions (including in connection with any repatriation of funds) paid or reasonably estimated to be payable by the Parent Borrower or any other Credit Party in connection with such event,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount of any reasonable reserves established in accordance with GAAP against any liabilities (other than any taxes deducted pursuant to <u>clause (a)</u> above) (1) associated with the assets that are the subject of such event and (2) retained by the Parent Borrower or any other Credit Party; <u>provided</u> that the amount of any subsequent reduction of such reserve (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Cash Proceeds of such an event occurring on the date of such reduction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the amount of any Indebtedness (other than the Loans) secured by a Lien on the assets that are the subject of such event to the extent that the instrument creating or evidencing such Indebtedness requires that such Indebtedness be repaid upon consummation of such event,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the amount of any proceeds therefrom that the Parent Borrower or any other Credit Party has reinvested in the business of the Parent Borrower or any of the other Credit Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the case of any Asset Sale, any funded escrow established pursuant to the documents evidencing any such sale or disposition to secure any indemnification obligations or adjustments to the purchase price associated with any such sale or disposition; <u>provided</u> that the amount of any subsequent reduction of such escrow (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Cash Proceeds of such Asset Sale occurring on the date of such reduction solely to the extent that the Parent Borrower and/or any other Credit Party receives cash in an amount equal to the amount of such reduction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all fees and out-of-pocket expenses paid by the Parent Borrower or another Credit Party in connection with any of the foregoing (for the avoidance of doubt, including, (1) in the case of the issuance of Indebtedness, any fees, underwriting discounts, premiums, and other costs and expenses incurred in connection with such issuance and (2) attorney's fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, underwriting discounts and commissions, other customary expenses, and brokerage, consultant, accountant, and other customary fees), in each case, only to the extent not already deducted in arriving at the amount referred to in <u>clause (i)</u> above.

"**Net Operating Income**" or "**NOI**" shall mean, as of any date of determination, an amount equal to (x) Gross Income from Operations minus (y) Operating Expenses.

"**Non-Bank Tax Certificate**" shall have the meaning provided in <u>Section 5.4(e)(ii)(B)(3)</u>.

"**Non-Consenting Lender**" shall have the meaning provided in <u>Section 13.7(b)</u>.

"**Non-Defaulting Lender**" shall mean and include each Lender other than a Defaulting Lender.

"**Non-Extension Notice Date**" shall have the meaning provided in <u>Section 3.2(d)</u>.

"**Non-Recourse Indebtedness**" shall mean, with respect to any Person or group of Persons, Indebtedness for borrowed money (or guarantees of obligations in respect thereof) of which recourse for payment is contractually limited to specific assets of such Person or group of Persons (and/or the Equity Interests in such Person or group of Persons) encumbered by a Lien securing such Indebtedness (and for the avoidance of doubt, including customary exceptions for fraud, misapplication of funds, misrepresentation, waste, environmental indemnities, prohibited transfers, violation of "special purpose entity" covenants, bankruptcy, insolvency, receivership or other similar events and other similar exceptions to recourse liability); <u>provided</u> that in the event any such recourse claim is made with respect thereto, the portion of such Indebtedness in an amount equal to the amount of such recourse claim shall no longer constitute "Non-Recourse Indebtedness" for the period that such portion is subject to such recourse claim.

"**Non-U.S. Lender**" shall mean any Lender that is not a "United States person" as defined by Section 7701(a)(30) of the Code.

"**Notice of Borrowing**" shall have the meaning provided in <u>Section 2.3(a)</u>.

"**Notice of Conversion or Continuation**" shall have the meaning provided in <u>Section 2.6(a)</u>.

"**NYFRB**" shall mean the Federal Reserve Bank of New York.

"**NYFRB Rate**" shall mean, 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; <u>provided</u> that, if any of the aforesaid rates shall be less than zero, such rate shall be deemed to be zero for the purposes of calculating such rate.

"**Obligations**" shall mean all advances to, and debts, liabilities, obligations, covenants, and duties of, any Credit Party arising under any Credit Document or otherwise with respect to any Revolving Credit Commitment, Letter of Credit or Loan or under any Secured Cash Management Agreement or Secured Hedge Agreement (other than with respect to any Credit Party's obligations that constitute Excluded Swap Obligations solely with respect to such Credit Party, as the case may be), in each case whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Credit Party or any Affiliate thereof of any proceeding under any bankruptcy or insolvency law naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. Without limiting the generality of the foregoing, the Obligations of the Credit Parties under the Credit Documents (and any of their Subsidiaries to the extent they have obligations under the Credit Documents) include the obligation (including guarantee obligations) to pay principal, interest, charges, expenses, fees, attorney costs, indemnities, and other amounts payable by any Credit Party under any Credit Document.

"**Operating Expenses**" shall mean all ordinary costs and expenses with respect to the operation, management, maintenance, repair and use of the applicable properties, insurance premiums and real property Taxes for the twelve (12)-month period immediately preceding the date of determination (excluding any Extraordinary Expenses, non-cash items, non-recurring expenses, debt service on the US Balance Sheet Loan Facility, loan placement fees and other amounts due and payable on the US Balance Sheet Loan Facility, tenant improvements costs, leasing commissions, Capital Expenditures (including build-out costs and other development costs) or capital reserves, deposits in any reserves (including in any reserve accounts under the US Balance Sheet Loan Agreement), expenses which are subject to reimbursement by (a) any tenant pursuant to the terms of such tenant's Lease (provided that the applicable tenant is not in default under its Lease beyond all applicable notice and cure periods), (b) insurance policy (unless the applicable insurance policy does not cover the applicable claim or the applicable insurer has denied coverage of the applicable claim) or (c) third party pursuant to the terms of a written agreement (provided that such third party is not in default under such written agreement beyond all applicable notice and cure periods), and income taxes and other taxes in the nature of income taxes); provided that the same shall be adjusted (i) for any changes in Taxes, insurance premiums known as of the time of determination and (ii) to reflect an assumed base property management fee equal to the greater of (x) 3.0% of (a) base rent due under the Leases and (y) the actual property management fee payable pursuant to the Management Agreement (as defined in the US Balance Sheet Loan Agreement) and, in the event any sub-management fee is not paid directly by Manager from its management fees, any incremental amounts paid to any sub-manager under any sub-management agreement.

"**Original Revolving Credit Commitments**" shall mean all Revolving Credit Commitments, Existing Revolving Credit Commitments and Extended Revolving Credit Commitments.

"**Other Connection Taxes**" means, with respect to the Administrative Agent, any Lender or any Letter of Credit Issuer, Taxes imposed as a result of a present or former connection between such Person and the jurisdiction imposing such Tax (other than connections arising from such Person having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Credit Document, or sold or assigned an interest in any Loan or Credit Document).

"**Other Taxes**" shall mean all present or future stamp, registration, court or documentary Taxes or any other excise, property, intangible, mortgage recording, filing or similar Taxes arising from any payment made hereunder or under any other Credit Document or from the execution, delivery, performance, enforcement or registration of, or otherwise with respect to, this Agreement or any other Credit Document; <u>provided</u> that such term shall not include (i) any Taxes that result from an assignment ("**Assignment Taxes**"), to the extent such Assignment Taxes are imposed as a result of a connection between the Lender and the taxing jurisdiction (other than a connection arising solely from any Credit Documents or any transactions contemplated thereunder), except to the extent that any such action described in this proviso is requested or required by the Borrower or (ii) any Excluded Taxes.

"**Overnight Bank Funding Rate**" shall mean, for any date, 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 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 published such composite rate).

"**Overnight Rate**" shall mean, for any day, with respect to any amount denominated in (a) Dollars, the greater of (i) the Federal Funds Effective Rate and (ii) an overnight rate determined by the Administrative Agent or the Letter of Credit Issuers, as the case may be, in accordance with banking industry rules on interbank compensation or (b) Canadian Dollars, the greater of (i) CORRA, and (ii) an overnight rate determined by the Administrative Agent or the Letter of Credit Issuers, as the case may be, in accordance with banking industry rules on interbank compensation.

"**Parent Borrower**" shall have the meaning provided in the preamble to this Agreement.

"**Parent Entity**" shall mean any Person that is a direct or indirect parent company (which may be organized as, among other things, a partnership) of the Parent Borrower; <u>provided</u> that for purposes of <u>clauses (i)</u>, <u>(</u><u>ii</u><u>)</u>, <u>(iii)</u> and <u>(iv)</u> of the definition of Change of Control, references to the Parent Borrower shall be deemed to refer to any such Parent Entity.

"**Participant**" shall have the meaning provided in <u>Section 13.6(c)(i)</u>.

"**Participant Register**" shall have the meaning provided in <u>Section 13.6(c)(ii)</u>.

"**Participating Member State**" shall mean any member state of the European Union that adopts or has adopted the Euro as its lawful currency in accordance with legislation of the European Union relating to economic and monetary union.

"**Patriot Act**" shall have the meaning provided in <u>Section 13.18</u>.

"**Payment Notice**" shall have the meaning provided in <u>Section 12.14(b)</u>.

"**PBGC**" shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

"**Pension Plan**" shall mean any "employee pension benefit plan" (as defined in Section 3(2) of ERISA, but excluding any Multiemployer Plan) that is subject to Title IV of ERISA, Section 302 of ERISA or Section 412 of the Code, sponsored or maintained by any Credit Party or any of their respective ERISA Affiliates, or to which any Credit Party or any of their respective ERISA Affiliates contributes or had any obligation to contribute if liability to a Credit Party remains.

**"Periodic Term CORRA Determination Date"** has the meaning specified in the definition of "Term CORRA".

"**Permitted Acquisition**" shall mean (a) any transactions or Investments otherwise made in connection with the Transactions and (b) any Investment by any Credit Party in a Person that is engaged in a Similar Business, if as a result of such Investment such Person, in one transaction or a series of related transactions, is merged, consolidated, or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Parent Borrower or another Credit Party, and, in each case, any Investment held by such Person; <u>provided</u> that such Investment was not acquired by such Person in contemplation of such acquisition, merger, consolidation, or transfer.

"**Permitted Asset Swap**" shall mean the concurrent purchase and sale or exchange of Related Business Assets or a combination of Related Business Assets and cash or Cash Equivalents between the Parent Borrower or another Credit Party and another Person; <u>provided</u> that any cash or Cash Equivalents received must be applied in accordance with <u>Section 10.3</u>.

"**Permitted Deferral**" shall mean the deferral of the mortgage of any Third Party Acquired Asset that (x) individually, does not generate more than 5% of Net Operating Income, (y) in the aggregate with any other Third Party Acquired Asset that is the subject of a Permitted Deferral, does not generate more than 15% of Net Operating Income, and (z) in the aggregate with any other Third Party Acquired Asset that is a fee estate and is the subject of a Permitted Deferral, does not generate more than 10% of Net Operating Income (in each case of (x), (y) and (z), calculating Net Operating Income by taking all Acquired Assets as the "applicable properties" for purposes of the calculation of "Gross Income from Operations" and "Operating Expenses").

"**Permitted Holders**" shall mean each of (i) the Investors and their respective Affiliates (other than any portfolio company of an Investor), (ii) [reserved], (iii) any limited or general partners of, or other investors in, any Investor or any Affiliate thereof, (iv) and any group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) of which any of the foregoing are members; <u>provided</u> that, in the case of such group and without giving effect to the existence of such group or any other group, such Investors, their respective Affiliates (other than any portfolio company of an Investor) and members of management, collectively, have beneficial ownership of more than 50% of the total voting power of the Voting Stock of the Parent Borrower or any other direct or indirect Parent Entity, (v) any direct or indirect Parent Entity, for so long as more than 50% of the total voting power of the Voting Stock of such direct or indirect Parent Entity is beneficially owned, directly or indirectly, by one or more of the Persons described in the foregoing clauses (i) through (iv) and (vi) any entity (other than a Parent Entity) through which a Parent Entity described in <u>clause (v)</u> directly or indirectly holds Equity Interests of the Parent Borrower and has no other material operations other than those incidental thereto.

"**Permitted Liens**" shall mean, with respect to any Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) pledges
 or deposits by such Person under workmen's compensation laws, unemployment insurance
 laws, or similar legislation, or good faith deposits in connection with bids, tenders, contracts
 (other than for the payment of Indebtedness), or leases to which such Person is a party,
 or deposits to secure public or statutory obligations of such Person or deposits of cash
 or U.S. government bonds to secure surety, stay or appeal bonds to which such Person is a
 party, or deposits as security for the payment of rent or deposits made to secure obligations
 arising from contractual or warranty refunds, in each case, incurred in the ordinary course
 of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Liens
 imposed by law, such as landlords', carriers', warehousemen's, materialmen's,
 repairmen's, and mechanics' Liens, in each case, (x) for sums not yet overdue
 for a period of more than 60 days or, if more than 60 days overdue, are unfiled and no other
 action has been taken to enforce such Lien or that are being contested in good faith
 by appropriate proceedings or other Liens arising out of judgments or awards against such
 Person with respect to which such Person shall then be proceeding with an appeal or other
 proceedings for review if adequate reserves with respect thereto are maintained on the books
 of such Person in accordance with GAAP, or (y) so long as such Liens do not individually
 or in the aggregate have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Liens
 for Taxes or other governmental charges, in each case (x) not yet overdue for a period of
 more than 60 days or which are being contested in good faith by appropriate proceedings diligently
 conducted, if adequate reserves with respect thereto are maintained on the books of such
 Person in accordance with GAAP or are not required to be paid pursuant to <u>Section 9.4</u>, or for property Taxes on property of the
 Parent Borrower or
 one of its Subsidiaries has determined to abandon if the sole recourse for such Tax or other
 charge is to such property or (y) so long as such Liens do not individually or in the aggregate
 have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Liens
 in favor of issuers of performance, surety, bid, indemnity, warranty, release, appeal, or
 similar bonds or with respect to other regulatory requirements (including those to secure
 health, safety and environmental obligations of the Parent Borrower or any Credit Party)
 or letters of credit or bankers' acceptances issued, and completion guarantees provided
 for, in each case pursuant to the request of and for the account of such Person in the ordinary
 course of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) minor
 survey exceptions, minor encumbrances, ground leases, easements, or reservations of, or rights
 of others for, licenses, rights-of-way, servitudes, sewers, electric lines, drains, telegraph
 and telephone and cable television lines, gas and oil pipelines, and other similar purposes,
 or zoning, building codes, or other restrictions (including, without limitation, minor defects
 or irregularities in title and similar encumbrances) as to the use of real properties or
 Liens incidental to the conduct of the business of such Person or to the ownership of its
 properties which were not incurred in connection with Indebtedness and which do not, in the
 aggregate, materially adversely affect the value of said properties or materially impair
 their use in the operation of the business of such Person, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Liens
 securing Indebtedness to the extent not prohibited to be incurred under this Agreement (so
 long as such Liens are subject to (i) in the case of Liens securing Indebtedness on a pari
 passu basis with the First Lien Obligations, a First Lien Intercreditor Agreement; and (ii)
 in the case of Liens securing Indebtedness on a junior basis to the First Lien Obligations,
 a Second Lien Intercreditor Agreement); <u>provided</u> that without any further consent of the Lenders, the Administrative Agent and the
 Collateral Agent shall be authorized to execute and deliver on behalf of the Secured Parties
 any First Lien Intercreditor Agreement and any Second Lien Intercreditor Agreement contemplated
 by this <u>clause (f)</u>; <u>provided</u>, <u>further</u>, that in the case of clause
 (d) of <u>Section 10.1</u>, such Lien may
 not extend to any property, equipment or similar assets (or assets affixed or appurtenant
 thereto) other than the property, equipment or similar assets being financed or refinanced
 under clause (d) of <u>Section 10.1</u>, replacements
 of such property, equipment or assets, and additions and accessions and in the case of multiple
 financings of equipment or similar assets provided by any lender, other equipment or similar
 assets financed by such lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) subject
 to <u>Section 9.14</u>, Liens existing on
 the Closing Date; <u>provided</u> that any
 Lien securing Indebtedness or other obligations in excess of (a) $5,000,000 individually or (b) $50,000,000 in the aggregate (when taken together with
 all other Liens securing obligations outstanding in reliance on this <u>clause (b)</u> that are not listed on <u>Schedule 1.1(c)</u>) shall only be permitted if set forth on <u>Schedule 1.1(c)</u>, and, in each case, any modifications, replacements, renewals, refinancings,
 or extensions thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Liens
 on property or shares of stock of a Person at the time such Person becomes a Subsidiary; <u>provided</u> such Liens are not created
 or incurred in connection with, or in contemplation of, such other Person becoming a Subsidiary; <u>provided</u>, <u>further</u>, <u>however</u>, that such Liens may not extend
 to any other property owned by the
 Parent Borrower or
 any other Credit Party (other than, with respect to such Person, any replacements of such
 property or assets and additions and accessions thereto, after-acquired property subject
 to a Lien securing Indebtedness and other obligations incurred prior to such time and which
 Indebtedness and other obligations are permitted hereunder that require, pursuant to their
 terms at such time, a pledge of after-acquired property of such Person, and the proceeds
 and the products thereof and customary security deposits in respect thereof and in the case
 of multiple financings of equipment or similar assets provided by any lender, other equipment
 or similar assets financed by such lender, it being understood that such requirement shall
 not be permitted to apply to any property to which such requirement would not have applied
 but for such acquisition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Liens
 on property at the time the Parent Borrower or any
 other Credit Party acquired the property, including any acquisition by means of a merger
 or consolidation with or into the Parent Borrower or any Credit Party; <u>provided</u> that
 such Liens are not created or incurred in connection with, or in contemplation of, such acquisition,
 merger, consolidation, or designation; <u>provided</u>, <u>further</u>, <u>however</u>,
 that such Liens may not extend to any other property owned by the
 Parent Borrower or any other Credit Party (other than, with respect to such property,
 any replacements of such property or assets and additions and accessions thereto, after-acquired
 property subject to a Lien securing Indebtedness and other obligations incurred prior to
 such time and which Indebtedness and other obligations are permitted hereunder that require,
 pursuant to their terms at such time, a pledge of after-acquired property, and the proceeds
 and the products thereof and customary security deposits in respect thereof and in the case
 of multiple financings of equipment or similar assets provided by any lender, other equipment
 or similar assets financed by such lender, it being understood that such requirement shall
 not be permitted to apply to any property to which such requirement would not have applied
 but for such acquisition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Liens
 on specific items of inventory or other goods and proceeds of any Person securing such Person's
 obligations in respect of bankers' acceptances issued or created for the account of
 such Person to facilitate the purchase, shipment, or storage of such inventory or other goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) leases,
 subleases, licenses, or sublicenses (including of Intellectual Property if granted on a non-exclusive
 basis) granted to others in the ordinary course of business, or if granted to any Securitization
 Entity in connection with or in contemplation of a Permitted Securitization Financing (including
 precautionary Liens granted in respect of Securitization Assets transferred to Securitization
 Entities in connection with one or more Permitted Securitization Financings);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Liens
 arising from Uniform Commercial Code financing statement filings regarding operating leases
 or consignments entered into by the
 Parent Borrower or
 any other Credit Party in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Liens
 in favor of any Borrower or any other Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Liens
 on equipment or similar assets of the Parent Borrower or any other Credit Party granted in the ordinary course of business to the
 Parent Borrower or such Credit Party's client at which such equipment or similar
 asset is located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Liens
 on Securitization Assets incurred in connection with a Permitted Securitization Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Liens
 to secure any refinancing, refunding, extension, renewal, or replacement (or successive refinancing,
 refunding, extensions, renewals, or replacements) as a whole, or in part, of any Indebtedness
 secured by any Lien referred to in <u>clauses (f)</u>, <u>(g)</u>, <u>(h</u>)
 and <u>(i)</u> of this definition of Permitted
 Liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) deposits
 made or other security provided to secure liabilities to insurance carriers under insurance
 or self-insurance arrangements in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Liens
 securing judgments and attachments for the payment of money not constituting an Event of
 Default under <u>Section 11.5</u> or <u>Section 11.9</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Liens
 in favor of customs and revenue authorities arising as a matter of law to secure payment
 of customs duties in connection with the importation of goods in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Liens
 (a) of a collection bank arising under Section 4-210 of the Uniform Commercial Code or any
 comparable or successor provision on items in the course of collection, (b) attaching to
 cash pooling accounts, commodity trading accounts or other commodity brokerage accounts incurred
 in the ordinary course of business, and (c) in favor of banking or other financial institutions
 or other electronic payment service providers arising as a matter of law (or customary business
 provisions) encumbering deposits (including the right of set-off) and which are within the
 general parameters customary in the banking or finance industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Liens
 deemed to exist in connection with Investments in repurchase agreements permitted under <u>Section 10.1</u>; <u>provided</u> that such Liens
 do not extend to any assets other than those that are the subject of such repurchase agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Liens
 encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching
 to commodity trading accounts or other brokerage accounts incurred in the ordinary course
 of business and not for speculative purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Liens
 that are contractual rights of set-off (a) relating to the establishment of depository relations
 with banks not given in connection with the issuance of Indebtedness, (b) relating to pooled
 deposits or sweep accounts of the Parent Borrower or
 any of the other Credit Parties to permit satisfaction of overdraft or similar obligations
 incurred in the ordinary course of business of the Parent
 Borrower and the other Credit Parties, or (c) relating to purchase orders and other
 agreements entered into by the Parent Borrower or
 any of the other Credit Parties in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Liens
 (a) solely on any cash earnest money deposits made by the
 Parent Borrower or any of the other Credit Parties in connection with any letter of
 intent or purchase agreement permitted under this Agreement or (b) consisting of an agreement
 to dispose of any property pursuant to a disposition permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) rights
 reserved or vested in any Person by the terms of any lease, license, franchise, grant, or
 permit held by the Parent Borrower or any of the other
 Credit Parties or by a statutory provision, to terminate any such lease, license, franchise,
 grant, or permit, or to require annual or periodic payments as a condition to the continuance
 thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) restrictive
 covenants affecting the use to which real property may be put; <u>provided</u> that the covenants are complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) security
 given to a public utility or any municipality or governmental authority when required by
 such utility or authority in connection with the operations of that Person in the ordinary
 course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) zoning
 by-laws and other land use restrictions, including, without limitation, site plan agreements,
 development agreements, and contract zoning agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Liens
 arising out of conditional sale, title retention, consignment, or similar arrangements for
 sale of goods entered into by the Parent Borrower or any other Credit Party in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Liens
 arising under the Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) Liens
 on goods purchased in the ordinary course of business, the purchase price of which is financed
 by a commercial letter of credit issued for the account of the Parent Borrower or any other
 Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) (a)
 Liens on Equity Interests in, or assets of, joint ventures; <u>provided</u> that any such Lien is in favor of a creditor of such joint venture and such creditor is not
 an Affiliate of any partner to such joint venture and (b) purchase options, call, and similar
 rights of, and restrictions for the benefit of, a third party with respect to Equity Interests
 held by the Parent Borrower or any other Credit Party
 in joint ventures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) Liens
 on cash and Cash Equivalents that are earmarked to be used to satisfy or discharge Indebtedness; <u>provided</u> (a) such cash and/or Cash
 Equivalents are deposited into an account from which payment is to be made, directly or indirectly,
 to the Person or Persons holding the Indebtedness that is to be satisfied or discharged,
 (b) such Liens extend solely to the account in which such cash and/or Cash Equivalents are
 deposited and are solely in favor of the Person or Persons holding the Indebtedness (or any
 agent or trustee for such Person or Persons) that is to be satisfied or discharged, and (c)
 the satisfaction or discharge of such Indebtedness is expressly permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) with
 respect to any Foreign Subsidiary, Liens and privileges arising mandatorily by any Requirements
 of Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to
 the extent pursuant to a Requirements of Law, Liens on cash or Investments securing Hedge
 Agreements in the ordinary course of business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) without
 duplication of any of the foregoing, any Liens not
 on Collateral permitted to be incurred pursuant to any First Tier Facility Agreement .

For purposes of this definition, the term "Indebtedness" shall be deemed to include interest on, and fees, expenses and other obligations payable with respect to, such Indebtedness.

"**Permitted Sale Leaseback**" shall mean any Sale Leaseback consummated by the Parent Borrower or any other Credit Party after the Closing Date; <u>provided</u> that any such Sale Leaseback is consummated for fair value as determined at the time of consummation in good faith by (i) the Parent Borrower or such Credit Party or (ii) in the case of any Sale Leaseback (or series of related Sale Leasebacks) the aggregate proceeds of which exceed the greater of (a) $293,300,000 and (b) 5.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) at the time of the incurrence of such Sale Leaseback, the board of directors (or analogous governing body) of the Parent Borrower or such Credit Party (which such determination may take into account any retained interest or other Investment of the Parent Borrower or such Credit Party in connection with, and any other material economic terms of, such Sale Leaseback).

"**Permitted Securitization Documents**" shall mean all documents and agreements evidencing, relating to, contemplated by or otherwise governing a Permitted Securitization Financing, including any hedge or swap agreement, management agreement, back-up management agreement, Servicing Arrangement, other servicing agreement or Permitted Securitization Guarantee entered into in connection therewith.

"**Permitted Securitization Financing**" shall mean (A) one or more transactions pursuant to which (i) Securitization Assets or interests therein are or have been sold, contributed or otherwise transferred to, whether directly or indirectly (including by way of the transfer of the Equity Interests of Securitization Entities or an entity that is not a Credit Party holding solely Securitization Assets), or financed by, one or more Securitization Entities and (ii) such Securitization Entities finance (or refinance) such Securitization Assets or interests therein, whether for the purpose of acquiring such Securitization Assets, providing financing in respect thereof or otherwise, by selling, otherwise transferring or borrowing against Securitization Assets (including bridge, conduit and warehouse financings and "whole-business" securitizations, whether "royalty-only" or securitizing "company-owned store", "distribution or other profit margin" or other assets, in each case, which financings may or may not be syndicated or rated) or (B) one or more transactions pursuant to which Receivables Assets or interests therein are or have been sold or otherwise transferred by the Borrower, a Subsidiary or a Securitization Entity in the form of receivables purchase/sale, factoring agreements or other similar transactions customary with respect to Securitization Assets, in each of the cases set forth in clauses (A) and (B) above, pursuant to Permitted Securitization Documents and <u>provided</u>, that recourse to the Borrower or any Subsidiary (other than the Securitization Entities) in connection with such transactions shall be limited to the extent customary (as determined by the Borrower in good faith) for similar transactions in the applicable jurisdictions (including, to the extent applicable, in a manner consistent with the delivery of a "true sale"/"absolute transfer" and/or "substantive non-consolidation" opinion with respect to any transfer by the Borrower or any Subsidiary (other than a Securitization Entity)); and <u>provided</u>, <u>further</u>, that solely in the case of clause (A) above (x) the related Securitization Entities comply with the limitations on the sale and distribution of their equity interests as set forth herein and (y) any intercompany royalty charged to the Borrower or any of its restricted subsidiaries for the use of the related intellectual property is on market terms (as determined in good faith by the Borrower).

"**Permitted Securitization Guarantee**" shall mean a performance guaranty or other customary Guarantee or indemnification, contribution or other contractual obligations or undertakings provided by the Borrower, a Subsidiary or an Affiliate thereof in connection with a Permitted Securitization Financing; <u>provided</u> that the foregoing shall not materially impair the status of any Securitization Entity as such including the delivery of customary "true sale"/"absolute transfer" and/or "substantive non-consolidation" opinions in respect thereof.

"**Person**" shall mean any individual, partnership, joint venture, firm, corporation, limited liability company, association, trust, or other enterprise or any Governmental Authority.

"**Personal Information**" shall mean (i) all information identifying, or that alone or in combination with other information allows for the identification of, an individual; and (ii) all information that is defined as "personal data" or "personal information" under applicable Requirements of Law.

"**Platform**" shall have the meaning provided in <u>Section 13.17(a)</u>.

"**Pledge Agreement**" shall mean the Pledge Agreement, entered into by the Credit Parties party thereto and the Collateral Agent for the benefit of the Secured Parties, substantially in the form of <u>Exhibit C</u>.

"**Prepayment Cap**" shall have the meaning provided in <u>Section 5.2(b)</u>.

"**primary obligor**" shall have the meaning provided such term in the definition of Contingent Obligations.

"**Prime Rate**" shall mean the "U.S. Prime Rate" in effect on any such day as quoted in The Wall Street Journal.

"**Pro Forma Basis,**" "**Pro Forma Compliance,**" and "**Pro Forma Effect**" shall mean, with respect to compliance with any test, financial ratio, payment or covenant hereunder required by the terms of this Agreement to be made on a Pro Forma Basis or after giving Pro Forma Effect thereto, that all Pro Forma Events and the following transactions in connection therewith that have been made during the applicable period of measurement or subsequent to such period and prior to or simultaneously with the event for which the calculation is made shall be deemed to have occurred as of the first day of the applicable period of measurement in such test, financial ratio or covenant: (a) income statement items (whether positive or negative) attributable to the property or Person subject to such Pro Forma Event, (1) in the case of a sale, transfer, or other disposition of all or substantially all Capital Stock in any Subsidiary of the Parent Borrower or any division, product line, or facility used for operations of the Parent Borrower or any of its Subsidiaries, shall be excluded, and (2) in the case of a Permitted Acquisition or Investment described in the definition of Specified Transaction, shall be included, (b) any retirement of Indebtedness, (c) any incurrence or assumption of Indebtedness by the Parent Borrower or any of the other Credit Parties in connection therewith (it being agreed that if such Indebtedness has a floating or formula rate, such Indebtedness shall have an implied rate of interest for the applicable period for purposes of this definition determined by utilizing the rate that is or would be in effect with respect to such Indebtedness as at the relevant date of determination) and (d) in connection with any investment or disposition made in connection with a Permitted Securitization Financing (including by way of the transfer of the Equity Interests of the entity holding such Securitization Assets), pro forma effect shall be given to (A) any Securitization Fees as if such Securitization Fees have been received by the Borrower or a Subsidiary over the applicable period in an amount determined in good faith by an Authorized Officer of the Borrower and (B) any repayment of Consolidated Total Net Debt that occurs substantially contemporaneously with such transaction (whether from the proceeds of such Permitted Securitization Financing or from other available amounts).

"**Pro Forma Event**" shall mean any asset sales, mergers or other business combinations, acquisitions, Investments, dispositions or divestitures, operating improvements and expense reductions, restructurings, cost saving initiatives and other similar initiatives and Specified Transaction.

"**Proceeds Shortfall**" shall mean, without duplication of any Reserves Shortfall, any other deficiencies in the amount of proceeds available on the Closing Date from the First Tier Facilities for the Transactions, when compared to the aggregate amount of the commitments of the Joint Lead Arrangers under the Commitment Letter, as a result of LTV sizing, collateral appraisal shortfalls, setting aside of loan reserves or otherwise under the First Tier Facilities.

"**Processing**" shall mean any operation or set of operations performed upon Personal Information, whether or not by automated means, such as collection, recording, organization, structuring, storage, adaptation or alteration, retrieval, consultation, use, disclosure by transmission, dissemination or otherwise making available, combination, restriction, erasure or destruction.

"**Prohibited Transaction**" shall have the meaning assigned to such term in Section 406 of ERISA and Section 4975(c) of the Code.

"**Projections**" shall have the meaning provided in <u>Section 9.1(c)</u>.

"**Property**" shall mean any rights, title and interest of the Parent Borrower or its applicable Subsidiary in and to the following: (a) any real property interests, estates, lands, privileges, servitudes, tenements and rights of any nature, whether owned, leased, sub-leased, licensed or otherwise obtained by or granted to the Parent Borrower or such Subsidiary; (b) any buildings, structures, additions, enlargements, extensions, modifications, repairs, replacements and improvements erected or located on or appurtenant to the real property described in the foregoing clause (a), and all alterations thereto or replacements thereof; (c) any fixtures, attachments, appliances, goods, equipment, machinery, materials and other articles attached to, located on or installed in the real property described in the foregoing clause (a) or to any property described in the foregoing clause (b), or used at or in connection with any of the foregoing and any parts or components which may from time to time be incorporated or installed in or attached thereto; (d) any other real, tangible or intangible personal property owned by such Subsidiary and located within or about or otherwise placed upon the real property described in the foregoing clause (a), together with any accessories, replacements and substitutions thereto or therefor; (e) any associated electrical or other utility connections; and/or (f) any associated onsite, appurtenant or supporting infrastructure, in each case of the foregoing clauses (a) through (f), as may be improved, replaced, substituted, enlarged, modified, changed or expanded from time to time.

"**Property Values**" shall mean, on any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For any Property that constitutes "Property" (as defined in the applicable First Tier Facility Agreement) as of the Closing Date, the value attributable to such Property set forth on Schedule 1.1(d) (inclusive of any "portfolio premium" attributable thereto); *provided* that if the Borrower elects to obtain a new Appraisal with respect to such Property pursuant to clause (c) below, then the Property Value of such Property shall be its newly appraised value pursuant to clause (c) below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For any Property that the Parent Borrower or its Subsidiaries acquire after the Closing Date, (i) if an Appraisal of such Property has been delivered in connection with such acquisition, the appraised value set forth in such Appraisal, and otherwise, the book value thereof (as recorded on the Parent Borrower's or applicable Subsidiary's financial statements); provided that if the Borrower elects to obtain a new Appraisal with respect to such Property pursuant to clause (c) below, then the Property Value of such Property shall be its newly appraised value pursuant to clause (c) below; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event the Parent Borrower or its Subsidiaries have (i) made capital expenditures or other investments to improve any Property in an aggregate amount of at least $25,000,000 in the immediately preceding twelve (12) month period, (ii) entered into a new Lease with respect to any Property that would constitute a Material Lease, or (iii) completed a new Appraisal in the context of adding or updating a Property's inclusion in an asset-backed securitization of assets of the Parent Borrower and its Subsidiaries, then the Parent Borrower may elect to cause a new Appraisal to be performed in respect of such Property or use the Appraisal obtained in connection with such asset-backed securitization, in which case the "Property Value" in respect of such Property from and after the date of such new Appraisal shall be the appraised value therefor set forth in such new Appraisal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For any Property owned by the Parent Borrower or its Subsidiaries and that is (i) not subject to any other financing arrangement (other than an asset-backed securitization of assets of the Parent Borrower and its Subsidiaries) and (ii) is not included under the First Tier Facility Agreement, if an Appraisal of such Property has been delivered to the Revolving Credit Facility Administrative Agent, the appraised value set forth in such Appraisal; provided that if the Borrower elects to obtain a new FIRREA-compliant appraisal with respect to such property pursuant to clause (c) above, then the Property Value of such property shall be its newly appraised value pursuant to clause (c) above.

For the avoidance of doubt, to the extent the Property Value of any Property has been determined pursuant to the foregoing clauses (a), (b) or (c), the value of any capital invested into such Property shall be excluded from subclause (ii) of the definition of "Consolidated Property Values".

"**PTE**" shall mean 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**" shall have the meaning provided in <u>Section 13.24(b)</u>.

"**QFC Credit Support**" shall have the meaning provided in <u>Section 13.24</u>.

"**Qualified Proceeds**" shall mean assets that are used or useful in, or Capital Stock of any Person engaged in, a Similar Business.

"**Qualified Stock**" of any Person shall mean Capital Stock of such Person other than Disqualified Stock of such Person.

"**Quarterly Prepayment Amount**" shall have the meaning provided in <u>Section 5.2(b)</u>.

"**Real Estate**" shall have the meaning provided in <u>Section 9.1(f)</u>.

"**Receivables Assets**" shall mean accounts receivable (including any bills of exchange) and related assets and property from time to time originated, acquired or otherwise owned by the Parent Borrower or any Subsidiary. "**Refunding Capital Stock**" shall have the meaning provided in <u>Section 10.4(b)(2)</u>.

"**Register**" shall have the meaning provided in <u>Section 13.6(b)(iv)</u>.

"**Regulated Bank**" shall mean (a) any swap dealer registered with the U.S. Commodity Futures Trading Commission or security-based swap dealer registered with the U.S. Securities and Exchange Commission, as applicable; or (b) any commercial bank that is (i) a U.S. depository institution the deposits of which are insured by the Federal Deposit Insurance Corporation, (ii) a corporation organized under section 25A of the U.S. Federal Reserve Act of 1913, (iii) a branch, agency or commercial lending company of a foreign bank operating pursuant to approval by and under the supervision of the Board under 12 C.F.R. part 211, (iv) a non-U.S. branch of a foreign bank managed and controlled by a U.S. branch referred to in clause (iii), or (v) any other U.S. or non-U.S. depository institution or any branch, agency or similar office thereof supervised by a bank regulatory authority in any jurisdiction.

"**Regulation T**" shall mean Regulation T of the Board as from time to time in effect and any successor to all or a portion thereof establishing margin requirements.

"**Regulation U**" shall mean Regulation U of the Board as from time to time in effect and any successor to all or a portion thereof establishing margin requirements.

"**Regulation X**" shall mean Regulation X of the Board as from time to time in effect and any successor to all or a portion thereof establishing margin requirements.

"**Reimbursement Date**" shall have the meaning provided in <u>Section 3.4(a)</u>.

"**Reimbursement Obligations**" shall mean the Borrower's obligations to reimburse Unpaid Drawings pursuant to <u>Section 3.4(a)</u>.

"**REIT**" shall mean a domestic trust or corporation that qualifies as a real estate investment trust under the provisions of § 856, et seq. of the Code or any successor provisions.

" **Related Business Assets**" shall mean assets (other than cash or Cash Equivalents) used or useful in a Similar Business; <u>provided</u> that any assets received by the Parent Borrower or another Credit Party in exchange for assets transferred by the Parent Borrower or a Credit Party shall not be deemed to be Related Business Assets if they consist of securities of a Person, unless upon receipt of the securities of such Person, such Person would become a Credit Party.

"**Related Fund**" shall mean, with respect to any Lender that is a Fund, any other Fund that is advised or managed by (a) such Lender, (b) an Affiliate of such Lender or (c) an entity or an Affiliate of such entity that administers, advises or manages such Lender.

"**Related Parties**" shall mean, with respect to any specified Person, such Person's Affiliates and the directors, officers, employees, agents, and members of such Person and any Person that possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of such Person, whether through the ability to exercise voting power, by contract or otherwise.

"**Release**" shall mean any release, spill, emission, discharge, disposal, escaping, leaking, pumping, pouring, dumping, emptying, injection, or leaching of Hazardous Materials into or through the environment. "**Released**" shall have a correlative meaning.

"**Relevant Governmental Body**" shall mean, with respect to a Benchmark Replacement in respect of Loans denominated in Dollars, the Federal Reserve Board and/or the NYFRB, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto.

"**Removal Effective Date**" shall have the meaning provided in <u>Section 12.9(b)</u>.

"**Replaced Revolving Facility**" shall have the meaning provided in <u>Section 13.1</u>.

"**Replacement Revolving Facility**" shall have the meaning provided in <u>Section 13.1</u>.

"**Replacement Sponsor Guarantor**" shall mean any Affiliate of the Sponsors with a minimum net worth (at the time it provides a Sponsor Guaranty) that is not less than $2,000,000,000; provided that (a) in the event Sponsor Guaranties are provided by more than one Sponsor Guarantor and/or Replacement Sponsor Guarantor, "minimum net worth" as used in this definition shall be calculated on an aggregate basis for all persons providing such Sponsor Guaranties and (b) in the case Sponsor Guaranties are provided by several Sponsor Guarantors and/or Replacement Sponsor Guarantors on a several and not joint basis, the minimum net worth of each Replacement Sponsor Guarantor shall not be less than the product of (i) $2,000,000,000 *multiplied by* (ii) the percentage of the aggregate amount of Sponsor Guaranties guaranteed by such Replacement Sponsor Guarantor.

"**Reportable Event**" shall mean any "reportable event", as defined in Section 4043(c) of ERISA or the regulations issued thereunder, with respect to a Pension Plan (other than a Pension Plan maintained by an ERISA Affiliate that is considered an ERISA Affiliate only pursuant to subsection (m) or (o) of Section 414 of the Code), other than those events as to which notice is waived pursuant to PBGC Reg. § 4043.

"**Representative**" shall mean, with respect to any series of Indebtedness not prohibited by this Agreement to be secured by the Collateral on a <u>pari passu</u> or junior basis with the Obligations, the trustee, the administrative agent, the collateral agent, security agent or similar agent under the indenture or agreement pursuant to which such Indebtedness is issued, incurred or otherwise obtained, as the case may be, and each of their successors in such capacities.

"**Required Lenders**" shall mean, at any date, (a) Non-Defaulting Lenders having or holding a majority of the Adjusted Total Revolving Credit Commitment at such date, at such date or (b) if the Total Revolving Credit Commitment has been terminated or for the purposes of acceleration pursuant to Section 11, Non-Defaulting Lenders having or holding a majority of the outstanding principal amount of the Loans and Letter of Credit Exposure (excluding the Loans and Letter of Credit Exposure of Defaulting Lenders) in the aggregate at such date.

"**Required Revolving Credit Lenders**" shall mean, at any date, Non-Defaulting Lenders holding a majority of the Adjusted Total Revolving Credit Commitment at such date (or, if the Total Revolving Credit Commitment has been terminated at such time, a majority of the Revolving Credit Exposure (excluding Revolving Credit Exposure of Defaulting Lenders) at such time).

"**Requirements of Law**" shall mean, as to any Person, the certificate of incorporation and by-laws or other organizational or governing documents of such Person, and any law, treaty, rule, or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or assets or to which such Person or any of its property or assets is subject.

"**Reserves Shortfall**" shall mean the amount as may be reasonably required by the Majority Lead Arrangers to be established in special reserves as may be reasonably required to remedy or compensate for any Material Defects with respect to the Properties as of the Closing Date in such a manner that there is no material adverse impact on the securitization or syndication of the First Tier Facilities. As of the Closing Date, the Reserves Shortfall is deemed to be $0.

"**Resignation Effective Date**" shall have the meaning provided in <u>Section 12.9(a)</u>.

"**Resolution Authority**" shall mean an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"**Restricted Debt Payments**" shall have the meaning provided in <u>Section 10.4(a)(3)</u>.

"**Restricted Payment**" shall have the meaning provided in <u>Section 10.4(a)</u>.

"**Restricted Person**" and "**Restricted Persons**" shall have the meaning provided in <u>Section 13.16</u>.

"**Retired Capital Stock**" shall have the meaning provided in <u>Section 10.4(b)(2)</u>.

"**Revaluation Date**" means, subject to <u>Section 1.6</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with
 respect to any Loan denominated in an Alternative Currency, each of the following: (i) the
 date of the borrowing of such Loan (including any borrowing or deemed borrowing in respect
 of any unreimbursed portion of any payment by the applicable Letter of Credit Issuer under
 any Letter of Credit denominated in an Alternative Currency) but only as to the amounts so
 borrowed on such date, (ii) each date of a continuation of such Loan pursuant to the terms
 of this Agreement, but only as to the amounts so continued on such date, and (iii) such additional
 dates as the Administrative Agent shall determine, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 respect to any Letter of Credit denominated in an Alternative Currency, each of the following:
 (i) each date of issuance of such Letter of Credit, but only as to the stated amount of the
 Letter of Credit so issued on such date and (ii) such additional dates as the Administrative
 Agent shall determine.

"**Revolving Credit Commitment**" shall mean, as to each Revolving Credit Lender, its obligation to make Revolving Credit Loans to the Borrower pursuant to <u>Section 2.1</u>, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth, and opposite such Lender's name on <u>Schedule 1.1(a)</u> under the caption Revolving Credit Commitment or in the Assignment and Acceptance under which such Lender becomes a party hereto pursuant to Section 13.6, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including <u>Section 2.14</u>). The aggregate Revolving Credit Commitments of all Revolving Credit Lenders is $800,000,000 on the Third Amendment Effective Date.

"**Revolving Credit Commitment Percentage**" shall mean at any time, for each Lender, the percentage obtained by dividing (i) such Lender's Revolving Credit Commitment at such time by (ii) the amount of the Total Revolving Credit Commitment at such time; <u>provided</u> that at any time when the Total Revolving Credit Commitment shall have been terminated, each Lender's Revolving Credit Commitment Percentage shall be the percentage obtained by dividing (a) such Lender's Revolving Credit Exposure at such time by (b) the Revolving Credit Exposure of all Lenders at such time.

"**Revolving Credit Exposure**" shall mean, with respect to any Lender at any time, the sum of (i) the aggregate principal amount of Revolving Credit Loans of such Lender then outstanding and (ii) such Lender's Letter of Credit Exposure at such time.

"**Revolving Credit Facility**" shall mean, at any time, the aggregate amount of the Revolving Credit Lenders' Revolving Credit Commitments at such time.

"**Revolving Credit Lender**" shall mean, at any time, any Lender that has a Revolving Credit Commitment or Extended Revolving Credit Commitment at such time.

"**Revolving Credit Loan**" shall have the meaning provided in <u>Section 2.1</u>.

"**Revolving Credit Maturity Date**" shall mean the date that is the first anniversary of the Third Amendment Effective Date, or, if such date is not a Business Day, the immediately preceding Business Day.

"**Revolving Credit Termination Date**" shall mean the date on which the Revolving Credit Commitments shall have terminated, no Revolving Credit Loans shall be outstanding and the Letters of Credit Outstanding shall have been reduced to zero or Cash Collateralized.

"**Revolving Loan**" shall mean, collectively or individually as the context may require, any (i) Revolving Credit Loan and (ii) Extended Revolving Credit Loan, in each case made pursuant to and in accordance with the terms and conditions of this Agreement.

"**S&P**" shall mean Standard & Poor's Ratings Services or any successor by merger or consolidation to its business.

"**Sale Leaseback**" shall mean any arrangement with any Person providing for the leasing by the Parent Borrower or any other Credit Party of any real or tangible personal property, which property has been or is to be sold or transferred by the Parent Borrower or such Credit Party to such Person in contemplation of such leasing.

"**Sanctioned Person**" shall mean any Person with whom or which dealings are restricted or prohibited under any Sanctions, including as a result of that Person (a) being named on the List of Specially Designated Nationals and Blocked Persons maintained by the U.S. Department of the Treasury's Office of Foreign Assets Control, or any other list of Persons subject to Sanctions, (b) being located, organized, or resident in a Sanctioned Territory, or owned or controlled by the government of, a Sanctioned Territory or the Government of Venezuela, or (c) having any relationship of ownership or control with, a Person described in (a) or (b).

"**Sanctioned Territory**" shall mean any country or territory with which dealings are broadly and comprehensively prohibited by any country- or territory-wide Sanctions, including, as of the date hereof, Cuba, Iran, North Korea, Syria, and the Crimea, Donetsk, Kherson, Luhansk, and Zaporizhzhia regions of Ukraine.

"**Sanctions**" shall mean any law, regulation, or other act with force of law of the United States, Canada, the European Union or any of its members states, or United Nations Security Council resolutions imposing trade and economic sanctions including embargoes, the freezing or blocking of assets of targeted Persons, or other similar restrictions on exports, imports, investment, payments or other transactions, including any laws threatening to impose such trade and economic sanctions on any person for engaging in targeted behavior.

"**SEC**" shall mean the Securities and Exchange Commission or any successor thereto.

"**Second Lien Intercreditor Agreement**" shall mean an intercreditor agreement substantially in the form of <u>Exhibit G-2</u> (with such changes to such form as may be reasonably acceptable to the Administrative Agent and the Parent Borrower) among the Administrative Agent, the Collateral Agent (as representative for the First Lien Obligations), the second lien collateral agent, the representatives for purposes thereof for holders of one or more classes of second lien Indebtedness, the Borrower and each of the Guarantors.

"**Section 2.14 Additional Amendment**" shall have the meaning provided in <u>Section 2.14(g)(iii)</u>.

"**Section 9.1 Financials**" shall mean the financial statements delivered, or required to be delivered, pursuant to <u>Section 9.1(a)</u> or <u>(b)</u> together with the accompanying officer's certificate delivered, or required to be delivered, pursuant to <u>Section 9.1(d)</u>.

"**Secured Cash Management Agreement**" shall mean any Cash Management Agreement that is entered into by and between the Parent Borrower or any of the other Credit Parties and any counterparty thereto, which is specified in writing by the Borrower to the Administrative Agent as constituting a Secured Cash Management Agreement hereunder.

"**Secured Cash Management Obligations**" shall mean Obligations under Secured Cash Management Agreements.

"**Secured Hedge Agreement**" shall mean any Hedge Agreement that is entered into by and between the Parent Borrower or any Credit Party and any counterparty thereto (i) that is a Lender or an Affiliate of a Lender as of the Closing Date with respect to any Hedge Agreement entered into prior to the Closing Date (including if such Hedge Agreement was terminated prior to the Closing Date), or (ii) which is specified in writing by the Borrower to the Administrative Agent as constituting a Secured Hedge Agreement hereunder. For purposes of the preceding sentence, the Borrower may deliver one notice designating all Hedge Agreements entered into pursuant to a specified Master Agreement as "Secured Hedge Agreements".

"**Secured Hedge Obligations**" shall mean Obligations under Secured Hedge Agreements.

"**Secured Parties**" shall mean the Administrative Agent, the Collateral Agent, each Letter of Credit Issuer and each Lender, in each case with respect to the Credit Facilities, each secured counterparty with respect to any Secured Hedge Agreement or Secured Cash Management Agreement, and each sub-agent pursuant to <u>Section 12</u> appointed by the Administrative Agent with respect to matters relating to the Credit Facilities or the Collateral Agent with respect to matters relating to any Security Document.

"**Securitization Assets**" shall mean any of the following assets (or interests therein) from time to time originated, acquired or otherwise owned by or intended to be transferred to (as the context requires in respect of a Permitted Securitization Financing) the Securitization Entities or in which any Securitization Entity has any rights or interests, in each case, without regard to where such assets or interests are located: (a) Receivables Assets, (b) franchise fees, royalties and other similar payments made related to the use of trade names and other Intellectual Property, business support, training and other services, (c) revenues related to distribution and merchandising of the products of, or otherwise related to the services provided by, the Securitization Entities, (d) rents, real estate Taxes and other non-royalty amounts due from franchisees, (e) Intellectual Property rights relating to the generation of any of the types of assets listed in this definition, (f) parcels of or interests in real property, together with all easements, hereditaments and appurtenances thereto, all improvements and appurtenant fixtures and equipment, incidental to the ownership, lease or operation thereof, (g) any Equity Interest of any (i) Securitization Entity, (ii) Subsidiary of a Securitization Entity or (iii) Subsidiary (other than a Credit Party) that holds solely Securitization Assets (other than Equity Interests described separately under this clause (g)) designated as such by the Borrower for the purpose of effecting the transfer of such Securitization Assets by way of transferring such Equity Interests in connection with a Permitted Securitization Financing, and, in each case, any rights under any limited liability company agreement, trust agreement, shareholders' agreement, limited partnership agreement, by-laws, operating agreement, organizational, constituent or formation documents or any other agreement entered into in furtherance of the organization of such entity, (h) any equipment, contractual rights, website domains and associated property and rights necessary for a Securitization Entity to operate in accordance with its stated purposes; (i) any rights and obligations associated with gift card or similar programs, and (j) other assets and property (or proceeds of such assets or property) to the extent customarily included in any securitization of assets described in the preceding clauses (a) through (i) or for which credit may be given in securitization transactions of the relevant type including in respect of bridge, conduit and warehouse financings and "whole-business" securitizations in the applicable jurisdictions (as determined by the Borrower in good faith).

"**Securitization Entity**" shall mean any direct or indirect Subsidiary of the Borrower established or designated by the Borrower as such in connection with a Permitted Securitization Financing (including by way of the transfer of the Equity Interests of the entity holding such Securitization Assets) for the purpose of (i) holding, transferring, borrowing against, servicing, providing financing for or providing a security interest in respect of Securitization Assets or interests therein, (ii) holding Equity Interests in any Securitization Entity or (iii) guaranteeing the obligations of a Securitization Entity, and which in each case is organized in a manner (as determined by the Borrower in good faith) intended to reduce the likelihood that it would be substantively consolidated with the Borrower or any of its Subsidiaries or other subsidiaries (other than any other Securitization Entity) in the event the Borrower or any such Subsidiary or other subsidiary becomes subject to a proceeding under the Bankruptcy Code (or other insolvency law) and (c) any subsidiary of a Securitization Entity; <u>provided</u> that, notwithstanding above, no Initial Guarantor shall be a Securitization Entity.

"**Securitization Fees**" shall mean, without duplication, (x) distributions or payments made directly or by means of discounts with respect to any Securitization Asset or participation interest issued or sold in connection with, and other fees, expenses and charges (including commissions, yield, interest expense and fees and expenses of legal counsel) paid in connection with, any Permitted Securitization Financing and (y) any fees paid to the Borrower or a Subsidiary of the Borrower including, without limitation, any "management fees" (including without limitation "excess" management fees) or any similar fees paid to a Subsidiary or other subsidiary of the Borrower for acting as manager or servicer under any Permitted Securitization Financing.

"**Security Documents**" shall mean, collectively, the Pledge Agreement, any First Lien Intercreditor Agreement, any Second Lien Intercreditor Agreement and each other security agreement or other instrument or document executed and delivered pursuant to <u>Sections 9.11</u>, <u>9.12,</u> or <u>9.14</u> or pursuant to any other such Security Documents to secure the Obligations or to govern the lien priorities of the holders of Liens on the Collateral.

"**Servicing Arrangement**" shall mean each agreement or other arrangement under which the Borrower, a Subsidiary, a Securitization Entity or an Affiliate thereof is engaged to service or manage Securitization Assets (or proceeds thereof) in connection with a Permitted Securitization Financing, which servicing or management activities may include collection services in respect of Receivables Assets, the servicing or management of Securitization Assets and the sale, purchase or other transfer thereof, and the administration of bank accounts.

"**Significant Subsidiary**" shall mean, at any date of determination, (a) any Subsidiary of the Parent Borrower whose gross revenues (when combined with the gross revenues of such Subsidiary's Subsidiaries after eliminating intercompany obligations) for the Test Period most recently ended on or prior to such date were equal to or greater than 10% of the consolidated gross revenues of the Parent Borrower and its Subsidiaries for such period, determined in accordance with GAAP or (b) each other Subsidiary of the Parent Borrower that, when such Subsidiary's total gross revenues (when combined with the total gross revenues of such Subsidiary's Subsidiaries after eliminating intercompany obligations) are aggregated with each other Subsidiary (when combined with the total gross revenues of such Subsidiary's Subsidiaries after eliminating intercompany obligations) that is the subject of an Event of Default described in <u>Section 11.5</u> would constitute a "Significant Subsidiary" under <u>clause (a)</u> above.

"**Similar Business**" shall mean any business conducted or proposed to be conducted by the Parent Borrower and the Credit Parties on the Closing Date or any business that is similar, reasonably related, synergistic, incidental, or ancillary thereto.

"**SOFR**" shall mean a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

"**SOFR Administrator**" shall mean the NYFRB (or a successor administrator of the secured overnight financing rate).

"**SOFR Administrator's Website**" means the website of the Federal Reserve Bank of New York, 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 Average**" means, for any Interest Period, the rate of interest per annum determined by the Administrative Agent as the compounded average of SOFR over a rolling calendar day period of thirty (30) days (" <u>30-Day SOFR Average</u>") for the day (such day, the "<u>SOFR Average Determination Date</u>") that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period; provided, however, that (x) if as of 5:00 p.m. on any SOFR Average Determination Date, such 30-Day SOFR Average has not been published on the SOFR Administrator's Website and a Benchmark Replacement Date with respect to SOFR Average has not occurred, then SOFR Average will be the 30-Day SOFR Average as published on the SOFR Administrator's Website for the first preceding U.S. Government Securities Business Day for which such 30-Day SOFR Average was published on the SOFR Administrator's Website so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such SOFR Average Determination Date and (y) if SOFR Average determined as provided above (including pursuant to clause (x) of this proviso) would be less than the Floor, then SOFR Average shall be deemed to be the Floor.

"**SOFR Average Determination Date**" has the meaning specified in the definition of "SOFR Average".

"**SOFR Average Loan**" shall mean any Loans bearing interest at a rate determined by reference to SOFR Average.

"**SOFR Loans**" shall mean any Loans bearing interest at a rate determined by reference to Term SOFR or SOFR Average.

"**Sold Entity or Business**" shall have the meaning provided in the definition of the term "Consolidated EBITDA".

"**Solvent**" shall mean, after giving effect to the consummation of the Transactions, (i) the sum of the liabilities (including contingent liabilities) of the Parent Borrower and its Subsidiaries, on a consolidated basis, does not exceed the present fair saleable value of the present assets of the Parent Borrower and its Subsidiaries, on a consolidated basis; (ii) the fair value of the property of the Parent Borrower and its Subsidiaries, on a consolidated basis, is greater than the total amount of liabilities (including contingent liabilities) of the Parent Borrower and its Subsidiaries, on a consolidated basis; (iii) the capital of the Parent Borrower and its Subsidiaries, on a consolidated basis, is not unreasonably small in relation to their business as contemplated on the date hereof; and (iv) the Parent Borrower and its Subsidiaries, on a consolidated basis, have not incurred and do not intend to incur, or believe that they will incur, debts including current obligations beyond their ability to pay such debts as they become due (whether at maturity or otherwise).

"**Specified Existing Revolving Credit Commitment**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Specified Representations**" shall mean the representations and warranties with respect to the Borrower set forth in <u>Sections 8.1(i)</u>, <u>8.2</u> (as related to the entry into and performance of the Credit Documents, the incurrence of the Loans and the provision of the Guarantees, and the granting of the security interests in the Collateral), 8.3<u>(iii)</u>, <u>8.5</u>, <u>8.7</u>, 8.10(b)-(d) (with respect to the use of proceeds of the borrowings under this Agreement on the Closing Date), <u>8.17</u>, 8.18, 8.19(c) and in Section 4(d) of the Pledge Agreement.

"**Specified Transaction**" shall mean, with respect to any period, (i) any Investment (including a Permitted Acquisition), (ii) any asset sale or other disposition, (iii) incurrence or repayment of Indebtedness, (iv) any Restricted Payment, (v) any Subsidiary designation, (vi) any mandatory prepayment pursuant to <u>Section 5.2(a)</u> or <u>Section 5.2(b)</u>, or (vii) any other event or action that, in each case, by the terms of this Agreement requires Pro Forma Compliance with a test or covenant hereunder or requires such test or covenant to be calculated on a Pro Forma Basis or give Pro Forma Effect to any such transaction or event.

"**Sponsor**" collectively, (i) Brookfield Infrastructure Partners L.P., Brookfield Infrastructure Corporation, Brookfield Corporation, or Brookfield Asset Management Ltd, (ii) any investment funds, partnerships and other co-investment vehicles Controlled, directly or indirectly, by any of the persons in clause (i) and (iii) any entity Controlled, directly or indirectly, by any of the persons in clause (i), as approved by the Administrative Agent (such approval not to be unreasonably withheld, conditioned or delayed).

"**Sponsor Guarantor**" shall mean the Sponsors, <u>provided</u> that such person has a minimum net worth (at the time it provides a Sponsor Guaranty) that is not less than $2,000,000,000; <u>provided</u>, <u>further</u>, that (a) in the event Sponsor Guaranties are provided by more than one Sponsor Guarantor and/or Replacement Sponsor Guarantor, "minimum net worth" as used in this definition shall be calculated on an aggregate basis for all persons providing such Sponsor Guaranties and (b) in the case Sponsor Guaranties are provided by several Sponsor Guarantors and/or Replacement Sponsor Guarantors on a several and not joint basis, the minimum net worth of each Sponsor Guarantor shall not be less than the product of (i) $2,000,000,000 *multiplied by* (ii) the percentage of the aggregate amount of Sponsor Guaranties guaranteed by such Sponsor Guarantor.

"**Sponsor Guaranty**" shall have the meaning provided in <u>Section 5.2(c)</u>.

"**Spot Rate**" means, subject to <u>Section 1.6</u>, for a currency, the rate provided (either by publication or otherwise provided or made available to the Administrative Agent) by Thomson Reuters Corp. (or equivalent service chosen by the Administrative Agent in its reasonable discretion) as the spot rate for the purchase of such currency with another currency at a time selected by the Administrative Agent in accordance with the procedures generally used by the Administrative Agent for syndicated credit facilities in which it acts as administrative agent.

"**SPV**" shall have the meaning provided in <u>Section 13.6(g)</u>.

"**Stated Amount**" of any Letter of Credit shall mean the maximum amount from time to time available to be drawn thereunder during the remaining life thereof, determined without regard to whether any conditions to drawing could then be met.

"**Stock Equivalents**" shall mean all securities convertible into or exchangeable for Capital Stock and all warrants, options, or other rights to purchase or subscribe for any Capital Stock, whether or not presently convertible, exchangeable, or exercisable.

"**Subordinated Indebtedness**" shall mean Indebtedness of the Borrower or any other Guarantor that is by its express terms subordinated in right of payment to the obligations of the Borrower or such Guarantor, as applicable, under this Agreement or the Guarantee, as applicable.

"**Subsidiary**" of any Person shall mean and include (i) any corporation more than 50% of whose Capital Stock of any class or classes having by the terms thereof ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time Capital Stock of any class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time owned by such Person directly or indirectly through Subsidiaries, or (ii) any limited liability company, partnership, association, joint venture, or other entity of which such Person directly or indirectly through Subsidiaries has more than a 50% equity interest at the time. Unless otherwise expressly provided, all references herein to a Subsidiary shall mean a Subsidiary of the Parent Borrower.

"**Successor Borrower**" shall have the meaning provided in <u>Section 10.2(a)</u>.

"**Supported QFC**" shall have the meaning provided in <u>Section 13.24</u>.

"**Swap Obligation**" shall mean, with respect to any Swap Obligor, any obligation to pay or perform under any agreement, contract, or transaction that constitutes a "swap" within the meaning of section 1(a)(47) of the Commodity Exchange Act.

"**Swap Obligor**" shall mean the Parent Borrower (if applicable) and the Credit Parties.

"**Taxes**" shall mean any and all present or future taxes, duties, levies, imposts, assessments, deductions, withholdings (including backup withholding), fees, or other similar charges imposed by any Governmental Authority and any interest, fines, penalties, or additions to tax with respect to the foregoing.

"**Term CORRA**" shall mean, for any calculation with respect to a CORRA Loan, the Term CORRA Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the "<u>Periodic Term CORRA Determination Date</u>") that is two (2) Business Days prior to the first day of such Interest Period, as such rate is published by the Term CORRA Administrator; <u>provided</u>, <u>however</u>, that if as of 5:00 p.m. Toronto time on any Periodic Term CORRA Determination Date the Term CORRA Reference Rate for the applicable tenor has not been published by the Term CORRA Administrator and a Benchmark Replacement Date with respect to the Term CORRA Reference Rate has not occurred, then Term CORRA will be the Term CORRA Reference Rate for such tenor as published by the Term CORRA Administrator on the first preceding Business Day for which such Term CORRA Reference Rate for such tenor was published by the Term CORRA Administrator so long as such first preceding Business Day is not more than three (3) Business Days prior to such Periodic Term CORRA Determination Date.

"**Term CORRA Adjustment**" means a percentage equal to (i) 0.29547% per annum for a one month Interest Period or (ii) 0.32138% per annum for a three month Interest Period.

"**Term CORRA Reference Rate**" means the forward-looking term rate based on CORRA.

"**Term SOFR**" shall mean, with respect to any interest period, the Term SOFR Reference Rate for a tenor comparable to the applicable interest period on the day (such day, the "**Determination Date**") that is two (2) Business Days prior to the first day of such interest period, as such rate is published by the Term SOFR Administrator; <u>provided</u>, however, that if as of 5:00 p.m. (New York City time) on any Determination Date the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor published by the Term SOFR Administrator on the Business Day first preceding such Determination Date so long as such Business Day is not more than three (3) Business Days prior to such Determination Date; <u>provided</u>, <u>further</u>, that if Term SOFR determined as provided above shall ever be less than the Floor, then Term SOFR shall be deemed to be the Floor.

"**Term SOFR Administrator**" shall mean CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion).

"**Term SOFR Borrowing**" shall mean a Borrowing comprised of Loans bearing interest at a rate determined by reference to Term SOFR (other than pursuant to clause (c) of the definition of "ABR").

"**Term SOFR Reference Rate**" shall mean, for any day and time, with respect to any Term SOFR Borrowing for any interest period, the rate per annum determined by the Administrative Agent as the forward-looking term rate based on SOFR; <u>provided</u> that, if the Term SOFR Reference Rate as so determined would be less than the Floor, such rate shall be deemed to be the Floor for the purposes of calculating such rate.

"**Test Period**" shall mean, for any determination under this Agreement, the four consecutive fiscal quarters of the Parent Borrower most recently ended on or prior to such date of determination and for which Section 9.1 Financials shall have been delivered (or were required to be delivered) to the Administrative Agent (or, before the first delivery of Section 9.1 Financials, the most recent period of four fiscal quarters at the end of which financial statements are available).

"**Third Amendment**" shall mean that certain Third Amendment to Credit Agreement, dated as of December 22, 2025 by and among the Parent Borrower, the Guarantors party thereto. the Administrative Agent and the lenders party thereto.

"**Third Amendment Effective Date**" shall mean December 22, 2025.

"**Total Credit Exposure**" shall mean the Total Revolving Credit Commitment at such date (or, if the Total Revolving Credit Commitment shall have terminated on such date, the aggregate Revolving Credit Exposure of all Lenders at such date).

"**Total Revolving Credit Commitment**" shall mean the sum of the Revolving Credit Commitments of all the Lenders.

"**Transaction Expenses**" shall mean any fees, premiums and expenses incurred or paid by the Parent Borrower or any of its respective Affiliates in connection with the Transactions, this Agreement, and the other Credit Documents, and the transactions contemplated hereby and thereby.

"**Transactions**" shall mean, collectively, the transactions contemplated by this Agreement, the transactions contemplated by each of the First Tier Facilities, the Acquisition, the Equity Contribution, the Closing Date Refinancing and the consummation of any other transactions in connection with the foregoing (including the payment of the fees and expenses incurred in connection with any of the foregoing (including the Transaction Expenses)).

"**Transferee**" shall have the meaning provided in <u>Section 13.6(e)</u>.

"**TRS**" shall mean a taxable REIT subsidiary.

"**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 Term SOFR, SOFR Average or the ABR.

"**UCP**" shall mean, with respect to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce ("ICC") Publication No. 600 (or such later version thereof as may be in effect at the time of issuance).

"**UK Financial Institution**" shall mean 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 falling within 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**" shall mean the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"**Unadjusted Benchmark Replacement**" shall mean the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"**Uniform Commercial Code**" shall mean the Uniform Commercial Code as in effect from time and time in the State of New York or, when the laws of any other jurisdiction govern the perfection or enforcement of any Lien, the Uniform Commercial Code of such jurisdiction.

"**Unpaid Drawing**" shall have the meaning provided in <u>Section 3.4(a)</u>.

"**U.S.**" and "**United States**" shall mean the United States of America.

"**US Balance Sheet Loan Agreement**" shall mean that certain Loan Agreement, dated as of the date hereof, by and among the borrowers listed on Schedule I thereto, Wells Fargo Bank, National Association, as administrative agent, and the lenders from time to time party thereto, providing for a "Loan Amount" (as defined therein) as of the Closing Date of up to $2,300,000,000.

"**US Balance Sheet Loan Facility**" shall mean that certain balance sheet loan facility established pursuant to the US Balance Sheet Loan Agreement and each of the "Loan Documents" as defined thereunder.

"**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. Lender**" shall have the meaning provided in <u>Section 5.4(e)(ii)(A)</u>.

"**U.S. Special Resolution Regimes**" shall have the meaning provided in <u>Section 13.24</u>.

"**Voting Stock**" shall mean, with respect to any Person as of any date, the Capital Stock of such Person that is at the time entitled to vote in the election of the board of directors of such Person.

"**Wholly-Owned Subsidiary**" of any Person shall mean a Subsidiary of such Person, 100% of the outstanding Capital Stock or other ownership interests of which (other than directors' qualifying shares) shall at the time be owned by such Person or by one or more Wholly-Owned Subsidiaries of such Person.

"**Withdrawal Liability**" shall mean 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.

"**Withholding Agent**" shall mean any Credit Party, the Administrative Agent and any other applicable withholding agent.

"**Write-Down and Conversion Powers**" shall mean, (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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Other Interpretive Provisions</u>. With reference to this Agreement and each other Credit Document, unless otherwise specified herein or in such other Credit Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The words "herein", "hereto", "hereof", and "hereunder" and words of similar import when used in any Credit Document shall refer to such Credit Document as a whole and not to any particular provision thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Section, Exhibit, and Schedule references are to the Credit Document in which such reference appears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The term "including" is by way of example and not limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The term "documents" includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the computation of periods of time from a specified date to a later specified date, the word "from" means "from and including"; the words "to" and "until" each mean "to but excluding"; and the word "through" means "to and including".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Section headings herein and in the other Credit Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Credit Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All references to "knowledge" or "awareness" of any Credit Party or any Subsidiary thereof means the actual knowledge of an Authorized Officer of such Credit Party or such Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) With respect to any Default or Event of Default, the words "exists," "is continuing" or similar expressions with respect thereto shall mean that such Default or Event of Default has occurred and has not yet been cured or waived. If any Default or Event of Default has occurred hereunder (any such Default or Event of Default, an "**Initial Default**") and is subsequently cured or waived (a "**Cured Default**"), any other Default or Event of Default that resulted from (i) the making or deemed making of any representation or warranty by any Credit Party or (ii) the taking of any action or failure to satisfy any condition precedent to the taking of any action by any Credit Party or any Subsidiary of any Credit Party, in each case which subsequent Default, Event of Default or failure would not have arisen had the Cured Default not been continuing at the time of such representation, warranty, action or failure to satisfy such condition precedent to the taking of any action, shall be deemed to automatically be cured or satisfied, as applicable, upon, and simultaneously with, the cure of the Cured Default, so long as at the time of such representation, warranty, action or failure to satisfy any condition precedent to the taking of any action, no Authorized Officer of the Parent Borrower had knowledge of any such Initial Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 Accounting Terms. Except as expressly provided herein, all accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP, applied in a consistent manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 <u>Rounding</u>. Any financial ratios required to be maintained by the Parent Borrower pursuant to this Agreement (or required to be satisfied in order for a specific action to be permitted under this Agreement) shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 <u>References to Agreements, Laws, Etc</u>. Unless otherwise expressly provided herein, (a) references to organizational documents, agreements (including the Credit Documents), and other Contractual Requirements shall be deemed to include all subsequent amendments, restatements, amendment and restatements, extensions, supplements, modifications, replacements, refinancings, renewals, or increases, but only to the extent that such amendments, restatements, amendment and restatements, extensions, supplements, modifications, replacements, refinancings, renewals, or increases are permitted by any Credit Document; and (b) references to any Requirements of Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing, or interpreting such Requirements of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 <u>Exchange Rates; Currency Equivalents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The
 Administrative Agent shall determine the Dollar Equivalent amount of each extension of credit
 denominated in Alternative Currencies. Such Dollar Equivalent shall become effective as of
 such Revaluation Date and shall be the Dollar Equivalent of such amounts until the next Revaluation
 Date to occur. Except for purposes of financial statements delivered by the Borrower hereunder
 or calculating financial covenants hereunder or except as otherwise provided herein, the
 applicable amount of any Currency (other than Dollars) for purposes of the Loan Documents
 shall be such Dollar Equivalent amount as so determined by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Wherever
 in this Agreement in connection with a borrowing, conversion, continuation or prepayment
 of Loan or the issuance, amendment or extension of a Letter of Credit, an amount, such as
 a required minimum or multiple amount, is expressed in Dollars, but such borrowing, Loan
 or Letter of Credit is denominated in an Alternative Currency, such amount shall be the relevant
 Alternative Currency Equivalent of such Dollar amount (rounded to the nearest unit of such
 Alternative Currency, with 0.5 of a unit being rounded upward), as determined by the Administrative
 Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Notwithstanding
 the foregoing provisions of this <u>Section 1.6</u> or any other provision of this Agreement, each Letter of Credit Issuer may compute the Dollar
 Equivalent of the maximum amount of each applicable Letter of Credit issued by such Letter
 of Credit Issuer by reference to exchange rates determined using any reasonable method customarily
 employed by such Letter of Credit Issuer for such purpose.

Notwithstanding the foregoing, for purposes of any determination under <u>Section 9</u>, <u>Section 10</u> or <u>Section 11</u>, or any determination under any other provision of this Agreement expressly requiring the use of a current exchange rate, all amounts incurred, outstanding, or proposed to be incurred or outstanding in currencies other than Dollars shall be translated into Dollars at the Spot Rate; provided, however, that for purposes of determining compliance with <u>Section 10</u> with respect to the amount of any Indebtedness, Lien, Asset Sale, or Restricted Payment in a currency other than Dollars, no Default or Event of Default shall be deemed to have occurred solely as a result of changes in rates of exchange occurring after the time such Indebtedness or Lien is incurred or after such Asset Sale or Restricted Payment is made; <u>provided</u> that, for the avoidance of doubt, the foregoing provisions of this <u>Section 1.6</u> shall otherwise apply to such Sections, including with respect to determining whether any Indebtedness, Lien, or Investment may be incurred or Asset Sale or Restricted Payment made at any time under such Sections. For purposes of any determination of Consolidated Total Assets, amounts in currencies other than Dollars shall be translated into Dollars at the currency exchange rates used in preparing the most recently delivered Section 9.1 Financials. For purposes of any determination of Consolidated Property Values, amounts in currencies other than Dollars shall be translated into Dollars at the currency exchange rates used in calculating the LTV in the certificate most recently delivered pursuant to <u>Section 9.1(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 <u>Rates</u>. The Administrative Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability with respect to the administration, submission, or any other matter related to the rates in the definitions of Term SOFR, SOFR Average, Term CORRA Reference Rate, Adjusted Term CORRA, Term CORRA or with respect to any comparable or successor rates thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 <u>Times of Day</u>. Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 <u>Timing of Payment or Performance</u>. Except as otherwise provided herein, when the payment of any obligation or the performance of any covenant, duty, or obligation is stated to be due or performance required on (or before) a day which is not a Business Day, the date of such payment (other than as described in the definition of Interest Period) or performance shall extend to the immediately succeeding Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 <u>Certifications</u>. All certifications to be made hereunder by an officer or representative of a Credit Party shall be made by such a Person in his or her capacity solely as an officer or a representative of such Credit Party, on such Credit Party's behalf and not in such Person's individual capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 <u>Compliance with Certain Sections</u>. In the event that any Lien, Investment, Indebtedness (whether at the time of incurrence or upon application of all or a portion of the proceeds thereof), disposition, Restricted Payment, Affiliate transaction, Contractual Requirement, or prepayment of Indebtedness meets the criteria of one or more than one of the categories of transactions then permitted pursuant to any clause or subsection of <u>Section 9.9</u> or any clause or subsection of <u>Sections 10.1</u>, <u>10.2</u>, <u>10.3</u> or <u>10.4</u>, then such transaction (or portion thereof) at any time shall be allocated to one or more of such clauses or subsections within the relevant sections as determined by the Parent Borrower in its sole discretion at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 <u>Pro Forma and Other Calculations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary herein, (i) if any incurrence-based financial ratios or tests ("**Financial Incurrence Tests**") would be satisfied in any subsequent fiscal quarter following the utilization of either (x) fixed baskets, exceptions or thresholds (including any related builder or grower component) that do not require compliance with a financial ratio or test ()"**Fixed Amounts**") or (y) baskets, exceptions and thresholds that require compliance with a financial ratio or test (any such amounts, "**Incurrence Based Amounts**"), then the reclassification of actions or transactions (or portions thereof), including the reclassification of utilization of any Fixed Amounts as incurred under any available Incurrence Based Amounts, shall be deemed to have automatically occurred even if not elected by the Parent Borrower (unless the Parent Borrower otherwise notifies the Administrative Agent) and (ii) in calculating any Incurrence Based Amounts (including any Financial Incurrence Tests), any (x) amounts incurred under the Revolving Credit Facility (or any other revolving facility), (y) Indebtedness concurrently incurred to fund original issue discount and/or upfront fees and (z) amounts incurred, or transactions entered into or consummated, in reliance on a Fixed Amount in a concurrent transaction, a single transaction or a series of related transactions with the amount incurred, or transaction entered into or consummated, under the applicable Incurrence Based Amount, in each case of the foregoing clauses (x), (y) and (z), shall not be given effect in calculating the applicable Incurrence Based Amount (but giving Pro Forma Effect to all applicable and related transactions (including the use of proceeds of all Indebtedness to be incurred and any repayments, repurchases and redemptions of Indebtedness) and all other pro forma adjustments).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Whenever Pro Forma Effect is to be given to a transaction, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Borrower (and may include, for the avoidance of doubt and without duplication, cost savings, operating expense reductions, operating enhancements, revenue enhancements and synergies resulting from such Pro Forma Event which is being given Pro Forma Effect that have been or are expected to be realized). If any Indebtedness bears a floating rate of interest and is being given Pro Forma Effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account for such entire period, any Hedging Obligation applicable to such Indebtedness with a remaining term of 12 months or longer, and in the case of any Hedging Obligation applicable to such Indebtedness with a remaining term of less than 12 months, taking into account such Hedging Obligation to the extent of its remaining term). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Borrower to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a Pro Forma Basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period (or, if lower, the greater of (i) maximum commitments under such revolving credit facilities as of the date of determination and (ii) the aggregate principal amount of loans outstanding under such a revolving credit facilities on such date). Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Borrower may designate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding anything to the contrary herein, for purposes of determining compliance with any test or covenant contained in this Agreement with respect to any period during which any Pro Forma Event occurs, applicable financial ratio shall each be calculated with respect to such period and such Pro Forma Event on a Pro Forma Basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with any action being taken solely in connection with a Limited Condition Transaction, for purposes of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) determining compliance with any provision of this Agreement which requires the calculation of a financial ratio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) determining the accuracy of representations and warranties in <u>Section 8</u> and/or whether a Default or Event of Default shall have occurred and be continuing under <u>Section 11</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) testing availability under baskets set forth in this Agreement (including baskets measured as a percentage of Consolidated Total Assets or such other accounting metric);

in each case, at the option of the Borrower (the Borrower's election to exercise such option in connection with any Limited Condition Transaction, an "**LCT Election**"), the date of determination of whether any such action is permitted hereunder, shall be deemed to be the date (i) the definitive agreements for such Limited Condition Transaction are entered into (or, in respect of any transaction described in clause (b) of the definition of a Limited Condition Transaction, delivery of irrevocable notice or similar event) or (ii) in connection with an acquisition to which the City Code on Takeovers (or an analogous law) applies, the date on which a "Rule 2.7 announcement" of a firm intention to make an offer in respect of a target company is made in compliance with the City Code on Takeovers (or a corresponding announcement under such analogous law) (the "**LCT Test Date**"), and if, after giving Pro Forma Effect to the Limited Condition Transaction and the other transactions to be entered into in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) as if they had occurred at the beginning of the most recent Test Period ending prior to the LCT Test Date, the Parent Borrower could have taken such action on the relevant LCT Test Date in compliance with such ratio or basket, such ratio or basket shall be deemed to have been complied with. For the avoidance of doubt, if the Parent Borrower has made an LCT Election and any of the ratios or baskets for which compliance was determined or tested as of the LCT Test Date are exceeded as a result of fluctuations in any such ratio or basket, including due to fluctuations in Consolidated Total Assets of the Parent Borrower or the Person subject to such Limited Condition Transaction, at or prior to the consummation of the relevant transaction or action, such baskets or ratios will not be deemed to have been exceeded as a result of such fluctuations. If the Borrower has made an LCT Election for any Limited Condition Transaction, then in connection with any subsequent calculation of any ratio or basket availability with respect to the incurrence of Indebtedness or Liens, or the making of Restricted Payments, mergers, the conveyance, lease or other transfer of all or substantially all of the assets of the Parent Borrower, or the prepayment, redemption, purchase, defeasance or other satisfaction of Indebtedness on or following the relevant LCT Test Date and prior to the earlier of (i) the date on which such Limited Condition Transaction is consummated or (ii) the date that the definitive agreement for such Limited Condition Transaction is terminated or expires (or, if applicable, the irrevocable notice or similar event is terminated or expires) without consummation of such Limited Condition Transaction, any such ratio or basket shall be calculated on a Pro Forma Basis assuming such Limited Condition Transaction and other transactions in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) have been consummated until such time as the applicable Limited Condition Transaction has actually closed or the definitive agreement with respect thereto has been terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary in this <u>Section 1.12</u> or in any classification under GAAP of any Person, business, assets or operations in respect of which a definitive agreement for the disposition thereof has been entered into as discontinued operations, no Pro Forma Effect shall be given to any discontinued operations (and the earnings or value attributable to any such Person, business, assets or operations shall not be excluded for any purposes hereunder) until such disposition shall have been consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any determination of Consolidated Total Assets shall be made by reference to the last day of the fiscal quarter to which the Section 9.1 Financials pertain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Except as otherwise specifically provided herein, all computations of Consolidated Total Assets, LTV and other financial ratios and financial calculations (and all definitions (including accounting terms) used in determining any of the foregoing) shall be calculated, in each case, with respect to the Parent Borrower and its Subsidiaries on a consolidated basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) At the option of the Parent Borrower, all leases of any Person that are or would be characterized as operating leases in accordance with GAAP before giving effect to FASB Accounting Standards Update ASU 2016-02 (assuming for purposes hereof that they were in existence prior to implementation of FASB Accounting Standards Update ASU 2016-02) shall continue to be accounted for as operating leases (and not as Capital Leases) for purposes of this Agreement (whether or not such operating lease obligations were in effect on such date) regardless of FASB Accounting Standards Update ASU 2016-02 that would otherwise require (on a prospective or retroactive basis or otherwise) such leases to be recharacterized as Capital Leases; <u>provided</u>, however, that, any obligations relating to a lease that was accounted for by the Parent Borrower and/or its Subsidiaries as an operating lease as of the Closing Date and any similar lease entered into after giving effect to FASB Accounting Standards Update ASU 2016-02 shall be accounted for as an operating lease and not a Capitalized Lease Obligation for purposes of determining whether such lease constitutes Indebtedness for all purposes under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 <u>Form Intercreditor Agreements</u>. Notwithstanding anything to the contrary herein, (x) any First Lien Intercreditor Agreement (meeting the requirements of the definition herein) and/or Second Lien Intercreditor Agreement (meeting the requirements of the definition herein), as applicable, shall be deemed to be reasonable and acceptable to the Administrative Agent and the Lenders, and the Administrative Agent and the Lenders shall be deemed to have consented to the use of each such intercreditor agreement (and to the Administrative Agent's execution thereof) in connection with any Indebtedness permitted to be incurred, issued and/or assumed by the Parent Borrower or any other Credit Party pursuant to <u>Section 10.1</u> and (y) any First Lien Intercreditor Agreement and/or Second Lien Intercreditor Agreement, as applicable, the forms of joinder attached thereto, and any intercreditor agreements and forms of joinder substantially in the form of the First Lien Intercreditor Agreement and/or Second Lien Intercreditor Agreement, as applicable, or, as applicable, the forms of joinder attached thereto, in each case without any material changes therefrom, shall be deemed to be reasonable and acceptable to the Administrative Agent, the Collateral Agent and the Lenders, and (i) no acknowledgment or countersignature by the Administrative Agent, the Collateral Agent or the Lenders shall be required to comply with any requirement that an intercreditor agreement be entered into (or joined) in connection with any Indebtedness secured by the Collateral that is not prohibited from being incurred, issued and/or assumed by the Parent Borrower or any other Credit Party under <u>Section 10.1</u>, so long as a Representative authorized by the requisite holders of such Indebtedness executes such intercreditor agreement or joinder in substantially such form without any material changes therefrom and (ii) the Lenders shall be deemed to have consented to the use of any of the foregoing (and the Administrative Agent and/or the Collateral Agent shall be deemed to be authorized and directed to execute all of the foregoing) in connection with any Indebtedness secured by the Collateral that is not prohibited from being incurred, issued and/or assumed by the Borrower or any of its Subsidiaries under <u>Section 10.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 <u>Divisions</u>. Any reference herein to a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company or other Person, or an allocation of assets to a series of a limited liability company or other Person (or the unwinding of such a division or allocation) (any such transaction, a "**Division**"), as if it were a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any Division of a limited liability company or other Person shall constitute a separate Person hereunder (and each Division of any limited liability company or other Person that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 <u>Designation of Borrowers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower Agent may from time to time designate one or more Additional Borrowers for purposes of this Agreement by delivering to the Administrative Agent: (i) written notice (including via email) of its election to become an Additional Borrower duly executed on behalf of such Subsidiary and the applicable Borrower less than fifteen (15) days prior to the proposed effectiveness of such election (or such later date as may be agreed by the Administrative Agent), (ii) all documentation and other information with respect to such Subsidiary as may be reasonably requested by the Administrative Agent or, in the case of any Additional Borrower under any Revolving Credit Facility, any Revolving Credit Lender at least five (5) Business Days prior to the date of such effectiveness (or such later date as may be agreed by the Parent Borrower) that is required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including without limitation the Patriot Act and the Beneficial Ownership Regulation, no later than two (2) Business Days prior to the date of such effectiveness (or such later date as may be agreed by the Administrative Agent); (iii) [reserved], (iv) a certificate of an Authorized Officer of the Borrower Agent stating that, as of the date the Additional Borrower joins this Agreement as such, no Default or Event of Default has occurred and is continuing; (v) promissory notes in respect of such Additional Borrower in favor of any Lender requesting such promissory notes, in form and substance consistent with the form of promissory notes set forth in <u>Exhibit F</u> (modified to reflect such Additional Borrower); and (vi) a customary joinder agreement in form and substance reasonably satisfactory to the Administrative Agent whereby the Additional Borrower becomes party hereto as a Borrower and appoints the Parent Borrower as "Borrower Agent" hereunder and under the other Credit Documents<u>; provided that, so long as EDC or any of its Affiliates are Lenders, if any proposed Additional Borrower (A) is not organized in Canada or the United States of America, or (B) is organized or headquartered in any of the states of Arizona, California, Massachusetts, Maryland, North Dakota, South Dakota, Ohio, or Vermont, the designation of such Additional Borrower shall require the prior written consent of all Lenders (such consent not to be unreasonably withheld or delayed)</u>. The Obligations of the Parent Borrower and each Additional Borrower shall be joint and several in nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After such deliveries, the appointment of the Additional Borrower shall be effective upon the effectiveness of an amendment to this Agreement and any applicable Credit Document necessary (in the reasonable judgment of the Administrative Agent) to give effect to the appointment of such Additional Borrower (in form and substance reasonably acceptable to the Administrative Agent, including amendments to disambiguate certain uses of the word "Borrower" and related terms hereunder)<u>; provided that, so long as EDC or any its Affiliates are Lenders, each such amendment shall require the prior written consent of each Lender to the extent required by Section 1.16(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 <u>Borrower Agent</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Borrower hereby designates the Parent Borrower as its representative and agent (the "**Borrower Agent**") for all purposes under the Credit Documents, including requests for Loans and Letters of Credit, designation of interest rates, delivery or receipt of communications, receipt and payment of Obligations, requests for waivers, amendments or other accommodations, actions under the Credit Documents (including in respect of compliance with covenants) and all other dealings with the Administrative Agent, any Letter of Credit Issuer or any Lender. The Parent Borrower hereby accepts such appointment. The Administrative Agent, the Letter of Credit Issuers and the Lenders shall be entitled to rely upon, and shall be fully protected in relying upon, any notice or communication delivered by the Parent Borrower on behalf of any Borrower. The Administrative Agent and the Lenders may give any notice to or communication with a Borrower or other Credit Party hereunder to the Parent Borrower on behalf of such Borrower or other Credit Party.

Section 2. Amount and Terms of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Commitments</u>. Subject to and upon the terms and conditions herein set forth, each Revolving Credit Lender severally agrees to make Revolving Credit Loans denominated in Dollars or in Canadian Dollars to the Borrower (on a joint and several basis) from its applicable lending office (each, a "**Revolving Credit Loan**") (a) on the Closing Date, in an aggregate principal amount equal to the amount necessary to fund (i) (x) the Reserves Shortfall and (y) the Proceeds Shortfall, *plus* (ii) any amount needed to fund (x) upfront fees or original issue discount in respect of any Credit Facilities imposed under the Fee Letter, (y) working capital adjustments pursuant to the Acquisition Agreement and/or the refinancing of any Indebtedness incurred for working capital or capital expenditure purposes and (z) purchase price adjustments and prorations made pursuant to the Acquisition Agreement and/or the Property Acquisition Agreements, which for the avoidance of doubt may not exceed the amount of such Revolving Credit Lender's Revolving Credit Commitment, and (b) from and after the Closing Date, in an aggregate principal amount not to exceed at any time outstanding the amount of such Revolving Credit Lender's Revolving Credit Commitment, for any working capital or general corporate purposes; <u>provided</u> that any of the foregoing such Revolving Credit Loans (A) shall be made on the Closing Date (with respect to Revolving Credit Loans described in clause (a) of this <u>Section 2.01</u>) and at any time and from time to time on and after the Closing Date (with respect to Revolving Credit Loans described in clause (b) of this <u>Section 2.01</u>) and prior to the Revolving Credit Maturity Date, (B) may, at the option of the Borrower be incurred and maintained as, and/or converted into, ABR Loans, SOFR Loans or CORRA Loans that are Revolving Credit Loans; <u>provided</u> that all Revolving Credit Loans made by each of the Lenders pursuant to the same Borrowing shall, unless otherwise specifically provided herein, consist entirely of Revolving Credit Loans of the same Type, (C) may be repaid (without premium or penalty) and reborrowed in accordance with the provisions hereof, (D) shall not, for any Lender at any time, after giving effect thereto and to the application of the proceeds thereof, result in such Revolving Credit Lender's Revolving Credit Exposure in respect of any Class of Revolving Loans at such time exceeding such Revolving Credit Lender's Revolving Credit Commitment in respect of such Class of Revolving Loan at such time and (E) shall not, after giving effect thereto and to the application of the proceeds thereof, result at any time in the aggregate amount of the Revolving Credit Lenders' Revolving Credit Exposures at such time exceeding the Total Revolving Credit Commitment then in effect or the aggregate amount of the Revolving Credit Lenders' Revolving Credit Exposures of any Class of Revolving Loans at such time exceeding the aggregate Revolving Credit Commitment with respect to such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Loans and Borrowings.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Type of Loans</u>.
 Subject to Section 2.17, each Borrowing shall be comprised entirely of SOFR Loans or ABR
 Loans, each denominated in Dollars, or CORRA Loans, denominated in Canadian Dollars. Each
 Lender at its option may make any 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 the Borrower to repay such Loan in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Minimum Amount of Each Borrowing; Maximum Number of Borrowings</u>.
 The aggregate principal amount of each Borrowing of Revolving Credit Loans shall be in a minimum amount of at least the Minimum Borrowing
 Amount for such Type of Loans and in a multiple of $100,000 in excess thereof (except that (i) Revolving Credit Loans to reimburse
 such Letter of Credit Issuer with respect to any Unpaid Drawing shall be made in the amounts required by Section 3.3 or Section 3.4,
 as applicable and (ii) a Borrowing of Revolving Credit Loans may be in an aggregate amount that is equal to the entire unused
 balance of the Revolving Credit Commitments). More than one Borrowing may be incurred on any date; provided that at no time shall there
 be outstanding more than fifteen (15) Borrowings of SOFR Loans or CORRA Loans, that are Revolving Credit Loans and six (6) Borrowings
 of SOFR Loans or CORRA Loans for each additional Class of Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Notice of Borrowing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever the Borrower desires to incur Revolving Credit Loans (other than borrowings to repay Unpaid Drawings), then the Borrower shall give the Administrative Agent at the Administrative Agent's Office, (i) prior to 1:00 p.m. (New York City Time) at least three Business Days' prior written notice of each Borrowing of CORRA Loans that are Revolving Credit Loans and (ii) prior to 1:00 p.m. (New York City Time) at least three Business Days' prior written notice of each Borrowing of SOFR Loans that are Revolving Credit Loans (or, in the case of a Borrowing of Revolving Credit Loans to be made on the Closing Date, one Business Day's notice; <u>provided</u> that the Borrower shall give the Administrative Agent such notice prior to 2:00 p.m. (New York City time) on such date) and (iii) prior to 11:00 a.m. (New York City time) on the day of such Borrowing prior written notice of each Borrowing of Revolving Credit Loans that are ABR Loans. Each such notice (a "**Notice of Borrowing**", substantially in the form of <u>Exhibit I</u>), except as otherwise expressly provided in <u>Section 2.10</u>, shall specify (A) the aggregate principal amount of the Revolving Credit Loans to be made pursuant to such Borrowing, (B) the currency of the Revolving Credit Loans to be borrowed, (C) the date of Borrowing (which shall be a Business Day) and (D) whether the respective Borrowing shall consist of ABR Loans, SOFR Loans or CORRA Loans, that are Revolving Credit Loans and, if SOFR Loans or CORRA Loans, that are Revolving Credit Loans, the Interest Period to be initially applicable thereto. If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be for ABR Loans. If no Interest Period is specified with respect to any requested SOFR Loans or CORRA Loans, then the Borrower shall be deemed to have selected an Interest Period of one month's duration. The Administrative Agent shall promptly give each Revolving Credit Lender written notice of each proposed Borrowing of Revolving Credit Loans, of such Lender's Revolving Credit Commitment Percentage thereof, of the identity of the Borrower, and of the other matters covered by the related Notice of Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Borrowings to reimburse Unpaid Drawings shall be made upon the notice specified in <u>Section 3.4(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without in any way limiting the obligation of the Parent Borrower to confirm in writing any notice it shall give hereunder by telephone (which obligation is absolute), the Administrative Agent may act prior to receipt of written confirmation without liability upon the basis of such telephonic notice believed by the Administrative Agent in good faith to be from an Authorized Officer of the Parent Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Disbursement of Funds</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No later than 2:00 p.m. (New York City time) on the date specified in each Notice of Borrowing, each Lender shall make available its pro rata portion, if any, of each Borrowing requested to be made on such date in the manner provided below; <u>provided</u> that on the Closing Date, such funds may be made available at such earlier time as may be agreed among the Lenders, the Borrower, and the Administrative Agent for the purpose of consummating the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender shall make available all amounts it is to fund to the Borrower under any Borrowing for its applicable Commitments, and in immediately available funds, to the Administrative Agent at the Administrative Agent's Office and the Administrative Agent will make available to the Borrower, by depositing to an account designated by the Parent Borrower to the Administrative Agent the aggregate of the amounts so made available in Dollars. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Borrowing that such Lender does not intend to make available to the Administrative Agent its portion of the Borrowing or Borrowings to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on such date of Borrowing, and the Administrative Agent, in reliance upon such assumption, may (in its sole discretion and without any obligation to do so) make available to the Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such Lender and the Administrative Agent has made available such amount to the Borrower, the Administrative Agent shall be entitled to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor the Administrative Agent shall promptly notify the Parent Borrower and the Borrower shall immediately pay such corresponding amount to the Administrative Agent in Dollars. The Administrative Agent shall also be entitled to recover from such Lender or the Borrower interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to (i) if paid by such Lender, the Overnight Rate or (ii) if paid by the Borrower, the then-applicable rate of interest or fees, calculated in accordance with <u>Section 2.8</u>, for the respective Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in this <u>Section 2.4</u> shall be deemed to relieve any Lender from its obligation to fulfill its commitments hereunder or to prejudice any rights that the Borrower may have against any Lender as a result of any default by such Lender hereunder (it being understood, however, that no Lender shall be responsible for the failure of any other Lender to fulfill its commitments hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Repayment of Loans; Evidence of Debt</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall repay to the Administrative Agent for the benefit of the Revolving Credit Lenders, on the Revolving Credit Maturity Date, the then outstanding Revolving Credit Loans in the currency in which such Revolving Credit Loans are denominated. The Borrower shall repay to the Administrative Agent for the benefit of the Revolving Credit Lenders, on each Extended Revolving Loan Maturity Date, the then outstanding amount of Extended Revolving Credit Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the Indebtedness of the Borrower to the appropriate lending office of such Lender resulting from each Loan made by such lending office of such Lender from time to time, including the amounts of principal and interest payable and paid to such lending office of such Lender from time to time under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent shall maintain the Register pursuant to <u>Section 13.6(b)</u>, and a subaccount for each Lender, in which Register and subaccounts (taken together) shall be recorded (i) the amount of each Loan made hereunder, whether such Loan is a Revolving Credit Loan or Extended Revolving Credit Loan, the Type of each Loan made, the name of the Borrower and the Interest Period, if any, applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder from the Borrower and each Lender's share thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The entries made in the Register and accounts and subaccounts maintained pursuant to <u>clauses (c)</u> and <u>(d)</u> of this <u>Section 2.5</u> shall, to the extent permitted by applicable law, be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded; <u>provided</u>, <u>however</u>, that, in the event of any inconsistency between the Register and any such account or subaccount, the Register shall govern; <u>provided</u>, <u>further</u>, that the failure of any Lender or the Administrative Agent to maintain such account, such Register or subaccount, as applicable, or any error therein, shall not in any manner affect the obligation of the Borrower to repay (with applicable interest) the Loans made to the Borrower by such Lender in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Borrower hereby agrees that, upon request of any Lender at any time and from time to time after the Borrower has made an initial borrowing hereunder, the Borrower shall provide to such Lender, at the Borrower's own expense, a promissory note, substantially in the form of <u>Exhibit F</u>, as applicable, evidencing the Revolving Loans owing to such Lender. Thereafter, unless otherwise agreed to by the applicable Lender, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to <u>Section 13.6</u>) be represented by one or more promissory notes in such form payable to the payee named therein or its registered assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Conversions and Continuations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the penultimate sentence of this <u>clause (a)</u>, (x) the Borrower shall have the option on any Business Day to convert all or a portion equal to at least $5,000,000 of the outstanding principal amount of Revolving Credit Loans of one Type into a Borrowing or Borrowings of another Type, (y) the Borrower shall have the option on any Business Day to continue the outstanding principal amount of any SOFR Loans as SOFR Loans for an additional Interest Period and (z) the Borrower shall have the option on any Business Day to continue the outstanding principal amount of any CORRA Loans as CORRA Loans for an additional Interest Period; <u>provided</u> that (i) no partial conversion of SOFR Loans or CORRA Loans shall reduce the outstanding principal amount of such SOFR Loans or CORRA Loans made pursuant to a single Borrowing to less than the Minimum Borrowing Amount, (ii) ABR Loans may not be converted into SOFR Loans if an Event of Default is in existence on the date of the conversion and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such conversion, (iii) [reserved], (iv) CORRA Loans may not be continued as CORRA Loans for an additional Interest Period if an Event of Default is in existence on the date of the proposed continuation and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such continuation, (v) SOFR Loans may not be continued as SOFR Loans for an additional Interest Period if an Event of Default is in existence on the date of the proposed continuation and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such continuation, (vi) Loans denominated in Dollars shall not be converted into Loans denominated in a Foreign Currency or vice versa and (vii) Borrowings resulting from conversions pursuant to this <u>Section 2.6</u> shall be limited in number as provided in <u>Section 2.2</u>. Each such conversion or continuation shall be effected by the Borrower by giving the Administrative Agent prior written notice at the Administrative Agent's Office prior to 1:00 p.m. (New York City time) at least (i) three Business Days prior, in the case of a continuation of or conversion to SOFR Loans or CORRA Loans (other than in the case of a notice delivered on the Closing Date, which shall be deemed to be effective on the Closing Date), or (ii) 1:00 p.m. (New York City time) on the proposed day of a conversion into ABR Loans (each, a "**Notice of Conversion or Continuation**" substantially in the form of <u>Exhibit I</u>) specifying the Loans to be so converted or continued, the Type of Loans to be converted or continued into and, if such Loans are to be converted into or continued as SOFR Loans, the Interest Period to be initially applicable thereto. If no Interest Period is specified in any such notice with respect to any conversion to or continuation as a SOFR Loan or as a CORRA Loan, the Borrower shall be deemed to have selected an Interest Period of one month's duration. The Administrative Agent shall give each applicable Lender notice as promptly as practicable of any such proposed conversion or continuation affecting any of its Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Event of Default is in existence at the time of any proposed continuation of any SOFR Loans and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such continuation, such SOFR Loans shall be automatically converted on the last day of the current Interest Period into ABR Loans. If upon the expiration of any Interest Period in respect of SOFR Loans or CORRA Loans, the Borrower has failed to deliver a timely Notice of Conversion or Continuation, the Borrower shall be deemed to have elected to continue such Borrowing of SOFR Loans as SOFR Loans and such Borrowing of CORRA Loans as CORRA Loans with an Interest Period equal in duration to the immediately preceding Interest Period, effective as of the expiration date of such current Interest Period (an "<u>**Automatic Continuation**</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with the use or administration of Term SOFR or SOFR Average or Adjusted Term CORRA, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Credit Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Credit Document (other than as provided in the definition of Conforming Changes). The Administrative Agent will promptly notify the Borrower and the Lenders of the effectiveness of any Conforming Changes in connection with the use or administration of Term SOFR or SOFR Average or Adjusted Term CORRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Pro Rata Borrowings</u>. Each Borrowing of Revolving Credit Loans under this Agreement shall be made by the Lenders *pro rata* on the basis of their then-applicable Revolving Credit Commitment Percentages. It is understood that (a) no Lender shall be responsible for any default by any other Lender in its obligation to make Loans hereunder and that each Lender severally but not jointly shall be obligated to make the Loans provided to be made by it hereunder, regardless of the failure of any other Lender to fulfill its commitments hereunder and (b) other than as expressly provided herein with respect to a Defaulting Lender, failure by a Lender to perform any of its obligations under any of the Credit Documents shall not release any Person from performance of its obligation, under any Credit Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The unpaid principal amount of each ABR Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin for ABR Loans *plus* the ABR, in each case, in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The unpaid principal amount of each Term SOFR Loan shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin for SOFR Loans *plus* Term SOFR for the applicable Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The unpaid principal amount of each SOFR Average Loan shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin for SOFR Loans *plus* SOFR Average over the applicable Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The unpaid principal amount of each Adjusted Term CORRA Loan shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin for CORRA Loans *plus* Adjusted Term CORRA for the applicable Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For the purposes of the Interest Act (Canada), (a) whenever a rate of interest or fee rate hereunder is calculated on the basis of a year (the "deemed year") that contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest or fee rate shall be expressed as a yearly rate by multiplying such rate of interest or fee rate by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year, (b) the principle of deemed reinvestment of interest shall not apply to any interest calculation hereunder and (c) the rates of interest stipulated herein are intended to be nominal rates and not effective rates or yields. This <u>Section 2.8(e)</u> shall apply solely with respect to CORRA Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If an Event of Default pursuant to <u>Section 11.1</u> or <u>11.5</u> has occurred and is continuing (but after giving effect to any grace period set forth therein), if all or a portion of (i) the principal amount of any Loan or (ii) any interest payable thereon or any other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum (the "**Default Rate**") that is (x) in the case of overdue principal, the rate that would otherwise be applicable thereto *plus* 2.00% or (y) in the case of any other overdue amount, including overdue interest, to the extent permitted by applicable law, the rate described in <u>Section 2.8(a)</u> for the applicable Class *plus* 2.00% from the date of such non-payment to the date on which such amount is paid in full (after as well as before judgment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Interest on each Loan shall accrue from and including the date of any Borrowing to but excluding the date of any repayment thereof and shall be payable in Dollars or Canadian Dollars, as applicable; <u>provided</u> that any Loan that is repaid on the same date on which it is made shall bear interest for one day. Except as provided below, interest shall be payable (i) in respect of each ABR Loan, quarterly in arrears on the last Business Day of each fiscal quarter of the Parent Borrower, (ii) in respect of each SOFR Loan and each CORRA Loan, on the last day of each Interest Period applicable thereto and, in the case of an Interest Period in excess of three months, on each date occurring at three-month intervals after the first day of such Interest Period, and (iii) in respect of each Loan, (A) upon any prepayment in respect thereof, (B) at maturity (whether by acceleration or otherwise), and (C) after such maturity, on demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) All computations of interest hereunder shall be made in accordance with <u>Section 5.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Administrative Agent, upon determining the interest rate for any Borrowing of SOFR Loans or CORRA Loans, shall promptly notify the Parent Borrower and the relevant Lenders thereof. Each such determination shall, absent clearly demonstrable error, be final and conclusive and binding on all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Interest Periods</u>. At the time the Parent Borrower gives a Notice of Borrowing or Notice of Conversion or Continuation or at the time of any Automatic Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of SOFR Loans or CORRA Loans in accordance with <u>Section 2.6(a)</u> or <u>2.6(b)</u>, the Parent Borrower shall give (or shall be deemed to have given in the case of any Automatic Continuation) the Administrative Agent written notice of the Interest Period applicable to such Borrowing, which Interest Period shall, at the option of the Parent Borrower, be a one, three or (except with respect to any Loan bearing interest based on Adjusted Term CORRA) (or if available to all the Lenders making such SOFR Loans, a six month, twelve month or shorter period).

Notwithstanding anything to the contrary contained above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the initial Interest Period for any Borrowing of SOFR Loans and CORRA Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of Loans of a different type) and each Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding Interest Period expires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if any Interest Period relating to a Borrowing of SOFR Loans and CORRA Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such Interest Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; <u>provided</u> that if any Interest Period in respect of a SOFR Loan or a CORRA Loan would otherwise expire on a day that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the immediately preceding Business Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Parent Borrower shall not be entitled to elect any Interest Period in respect of any SOFR Loan or CORRA Loan if such Interest Period would extend beyond the Maturity Date of such Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Increased Costs, Illegality, Etc</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section 2.18</u>, in the event that (x) in the case of clause (i) below, the Administrative Agent and (y) in the case of clauses (ii) and (iii) below, the Required Revolving Credit Lenders shall have reasonably determined (which determination shall, absent clearly demonstrable error, be final and conclusive and binding upon all parties hereto):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on any date for determining Term SOFR, SOFR Average or Adjusted Term CORRA for any Interest Period that (x) deposits in the principal amounts and currencies of the Loans comprising such Borrowing of SOFR Loans or CORRA Loans are not generally available in the relevant market or (y) by reason of any changes arising on or after the Closing Date affecting the applicable market, adequate and fair means do not exist for ascertaining the interest rate on the basis provided for in the definition of "Term SOFR", "SOFR Average" or "Adjusted Term CORRA", as applicable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at any time following the Closing Date, (x) that such Lenders shall incur or suffer any increased costs or reductions attributable to Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (ii) through (iv) of Excluded Taxes, (C) Connection Income Taxes and (D) Other Taxes) because of any Change in Law or (y) that any Change in Law shall impose, modify or deem applicable any reserve, special deposit or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances or loans by, or any other acquisition of funds by any Lender for any SOFR Loan or any CORRA Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at any time, that the making or continuance of any SOFR Loan or CORRA Loan has become unlawful by compliance by such Lenders in good faith with any law, governmental rule, regulation, guideline or order (or would conflict with any such governmental rule, regulation, guideline or order not having the force of law even though the failure to comply therewith would not be unlawful);

(such Loans, "**Impacted Loans**"), then, and in any such event, such Required Revolving Credit Lenders (or the Administrative Agent, in the case of <u>clause (i)</u> above) shall within a reasonable time thereafter give notice (in writing) to the Borrower and to the Administrative Agent of such determination (which notice the Administrative Agent shall promptly transmit to each of the other Lenders). Thereafter (x) in the case of <u>clause (i)</u> above, SOFR Loans and CORRA Loans shall no longer be available until such time as the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice by the Administrative Agent no longer exist (which notice the Administrative Agent agrees to give at such time when such circumstances no longer exist), and any Notice of Borrowing or Notice of Conversion or Continuation given by the Borrower with respect to SOFR Loans or CORRA Loans that have not yet been incurred shall be deemed rescinded by the Borrower, (y) in the case of <u>clause (ii)</u> above, the Borrower shall pay to such Lenders, promptly after receipt of written demand therefor such additional amounts (in the form of an increased rate of, or a different method of calculating, interest or otherwise as such Required Revolving Credit Lenders in their reasonable discretion shall determine) as shall be required to compensate such Lenders for such actual increased costs or reductions in amounts receivable hereunder (it being agreed that a written notice as to the additional amounts owed to such Lenders, showing in reasonable detail the basis for the calculation thereof, submitted to the Borrower by such Lenders shall, absent clearly demonstrable error, be final and conclusive and binding upon all parties hereto), and (z) in the case of <u>subclause (iii)</u> above, the Borrower shall take one of the actions specified in <u>subclause (x)</u> or <u>(y)</u>, as applicable, of <u>Section 2.10(b)</u> promptly and, in any event, within the time period required by law.

Notwithstanding the foregoing, if the Administrative Agent has made the determination described in <u>Section 2.10(a)(i)(x)</u>, the Administrative Agent, in consultation with the Borrower and the affected Lenders, may establish an alternative interest rate for the Impacted Loans, in which case, such alternative rate of interest shall apply with respect to the Impacted Loans until (1) the Administrative Agent revokes the notice delivered with respect to the Impacted Loans under <u>clause (x)</u> of the first sentence of the immediately preceding paragraph, (2) the Administrative Agent or the affected Lenders notify the Administrative Agent and the Borrower that such alternative interest rate does not adequately and fairly reflect the cost to such Lenders of funding the Impacted Loans, or (3) any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for such Lender or its applicable lending office to make, maintain or fund Loans whose interest is determined by reference to such alternative rate of interest or to determine or charge interest rates based upon such rate or any Governmental Authority has imposed material restrictions on the authority of such Lender to do any of the foregoing and provides the Administrative Agent and the Borrower written notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time that any SOFR Loan or CORRA Loan is affected by the circumstances described in <u>Section 2.10(a)(ii)</u> or <u>(iii)</u>, the Borrower may (and in the case of a Loan affected pursuant to <u>Section 2.10(a)(iii)</u> shall) either (x) if a Notice of Borrowing or Notice of Conversion or Continuation with respect to the affected Loan has been submitted pursuant to <u>Section 2.3</u> or <u>Section 2.6</u> but the affected Loan has not been funded or continued, cancel such requested Borrowing by giving the Administrative Agent written notice thereof on the same date that the Borrower was notified by Lenders pursuant to <u>Section 2.10(a)(ii)</u> or <u>(iii)</u> or (y) if the affected Loan is then outstanding, upon at least three Business Days' notice to the Administrative Agent, require the affected Lender to convert each such Loan into an ABR Loan; <u>provided</u> that if more than one Lender is affected at any time, then all affected Lenders must be treated in the same manner pursuant to this <u>Section 2.10(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, after the Closing Date, any Change in Law relating to capital adequacy or liquidity of any Lender or compliance by any Lender or its parent with any Change in Law relating to capital adequacy or liquidity occurring after the Closing Date, has or would have the effect of reducing the actual rate of return on such Lender's or its parent's or its Affiliate's capital or assets as a consequence of such Lender's commitments or obligations hereunder to a level below that which such Lender or its parent or its Affiliate could have achieved but for such Change in Law (taking into consideration such Lender's or its parent's policies with respect to capital adequacy or liquidity), then from time to time, promptly after written demand by such Lender (with a copy to the Administrative Agent), the Borrower shall pay to such Lender such actual additional amount or amounts as will compensate such Lender or its parent for such actual reduction, it being understood and agreed, however, that a Lender shall not be entitled to such compensation as a result of such Lender's compliance with, or pursuant to any request or directive to comply with, any law, rule or regulation as in effect on the Closing Date or to the extent such Lender is not imposing such charges on, or requesting such compensation from, borrowers (similarly situated to the Parent Borrower hereunder) under comparable syndicated credit facilities similar to the Credit Facilities. Each Lender, upon determining in good faith that any additional amounts will be payable pursuant to this <u>Section 2.10(c)</u>, will give prompt written notice thereof to the Borrower, which notice shall set forth in reasonable detail the basis of the calculation of such additional amounts, although the failure to give any such notice shall not, subject to <u>Section 2.13</u>, release or diminish the Borrower's obligations to pay additional amounts pursuant to this <u>Section 2.10(c)</u> promptly following receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 <u>Change of Lending Office</u>. Each Lender agrees that, upon the occurrence of any event giving rise to the operation of <u>Sections 2.10(a)(ii)</u>, <u>2.10(a)(iii)</u>, <u>2.10(b)</u>, <u>3.5</u> or <u>5.4</u> with respect to such Lender, it will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to designate another lending office for any Loans affected by such event; provided that such designation is made on such terms that such Lender and its lending office suffer no unreimbursed cost or other material economic, legal or regulatory disadvantage, with the object of avoiding the consequence of the event giving rise to the operation of any such Section. Nothing in this <u>Section 2.12</u> shall affect or postpone any of the obligations of the Borrower or the right of any Lender provided in <u>Sections 2.10</u>, <u>3.5</u> or <u>5.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 <u>Notice of Certain Costs</u>. Notwithstanding anything in this Agreement to the contrary, to the extent any notice required by <u>Sections 2.10</u> or <u>3.5</u> is given by any Lender more than 120 days after such Lender has knowledge (or should have had knowledge) of the occurrence of the event giving rise to the additional cost, reduction in amounts, loss, or other additional amounts described in such Sections, such Lender shall not be entitled to compensation under <u>Sections 2.10</u> or <u>3.5</u>, as the case may be, for any such amounts incurred or accruing prior to the 121st day prior to the giving of such notice to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 <u>Extension of Revolving Credit Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Joinder Agreement may, without the consent of any other Lenders, effect technical and corresponding amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provision of this <u>Section 2.14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (i) Solely in accordance with <u>Section 2.14(g)(iv)</u> below, Parent Borrower may at any time request that all or a portion of the Revolving Credit Commitments of any Class existing at the time of such request (each, an "**Existing Revolving Credit Commitment**" and any related revolving credit loans thereunder, "**Existing Revolving Credit Loans**"; each Existing Revolving Credit Commitment and related Existing Revolving Credit Loans together being referred to as an "**Existing Revolving Credit Class**") be converted to extend the termination date thereof and the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of Loans related to such Existing Revolving Credit Commitments (any such request, an "**Extension Request**", any such Existing Revolving Credit Commitments which have been so extended, "**Extended Revolving Credit Commitments**" and any related Loans, "**Extended Revolving Credit Loans**") and to provide for other terms consistent with this <u>Section 2.14(g)(i)</u>. In order to establish any Extended Revolving Credit Commitments, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders of the applicable Class of Existing Revolving Credit Commitments which such request shall be offered equally to all such Lenders); *provided* that the scheduled final maturity date shall be extended as set forth in <u>Section 2.14(g)(v)</u> and the Borrower shall have made payments to each such Extending Lender as set forth in <u>Section 2.14(g)(v)(B)</u>. Notwithstanding anything to the contrary in this <u>Section 2.14</u> or otherwise, (1) the borrowing and repayment (other than in connection with a permanent repayment and termination of commitments) of Loans with respect to any Original Revolving Credit Commitments shall be made on a pro rata basis with all other Original Revolving Credit Commitments and (2) no Extended Revolving Credit Commitments may be optionally permanently prepaid and terminated prior to the date on which the applicable Existing Revolving Credit Commitments from which they were converted (the "**Specified Existing Revolving Credit Commitments**") is permanently repaid in full and terminated, except in accordance with the last sentence of <u>Section 5.1</u>. Parent Borrower may deliver up to three (3) Extension Requests. The extension pursuant to the first two (2) Extension Requests shall be at the sole discretion of Parent Borrower. The extension pursuant to the third Extension Request shall be at the sole discretion of the Lenders, and no Lender shall have any obligation to agree to have any of its Revolving Credit Loans or Revolving Credit Commitments of any Existing Revolving Credit Class converted into Extended Revolving Credit Loans or Extended Revolving Credit Commitments pursuant to the third Extension Request. Any Extended Revolving Credit Commitments of any Extension Series shall constitute a separate Class of revolving credit commitments from the Specified Existing Revolving Credit Commitments and from any other Existing Revolving Credit Commitments (together with any other Extended Revolving Credit Commitments so established on such date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Lender (an "Extending Lender") wishing to have all or a portion of its Revolving Credit Commitments or Extended Revolving Credit Commitment of the Existing Revolving Credit Class or Existing Revolving Credit Classes subject to such Extension Request converted into Extended Revolving Credit Commitments shall notify the Administrative Agent (an "Extension Election") on or prior to the date specified in such Extension Request of the amount of its Revolving Credit Commitments or Extended Revolving Credit Commitment of the Existing Revolving Credit Class or Existing Revolving Credit Classes subject to such Extension Request that it has elected to convert into Extended Revolving Credit Commitments, as applicable. In the event that the aggregate amount of Revolving Credit Commitments or Extended Revolving Credit Commitment of the Existing Revolving Credit Class or Existing Revolving Credit Classes subject to Extension Elections exceeds the amount of Extended Revolving Credit Commitments requested pursuant to the Extension Request, Revolving Credit Commitments or Extended Revolving Credit Commitments of the Existing Revolving Credit Class or Existing Revolving Credit Classes subject to Extension Elections shall be converted to Extended Revolving Credit Commitments on a pro rata basis based on the amount of Revolving Credit Commitments or Extended Revolving Credit Commitment included in each such Extension Election. Notwithstanding the conversion of any Original Revolving Credit Commitment into an Extended Revolving Credit Commitment, such Extended Revolving Credit Commitment shall be treated identically to all other Original Revolving Credit Commitments for purposes of the obligations of a Revolving Credit Lender in respect of Letters of Credit under Section 3, except that the applicable Extension Amendment may provide that the L/C Facility Maturity Date may be extended and the related obligations to issue Letters of Credit may be continued so long as the Letter of Credit Issuers, as applicable, have consented to such extensions in their sole discretion (it being understood that no consent of any other Lender shall be required in connection with any such extension).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Extended Revolving Credit Commitments shall be established pursuant to an amendment (an "**Extension Amendment**") to this Agreement executed by the Credit Parties, the Administrative Agent and the Extending Lenders. No Extension Amendment shall provide for any tranche of Extended Revolving Credit Commitments in an aggregate principal amount that is less than $5,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding anything to the contrary contained in this Agreement, (A) on any date on which any Existing Revolving Credit Class is converted to extend the related scheduled maturity date(s) in accordance with <u>clause (i)</u> above (an "**Extension Date**"), in the case of the Specified Existing Revolving Credit Commitments of each Extending Lender, the aggregate principal amount of such Specified Existing Revolving Credit Commitments shall be deemed reduced by an amount equal to the aggregate principal amount of Extended Revolving Credit Commitments so converted by such Lender on such date, and such Extended Revolving Credit Commitments shall be established as a separate Class of revolving credit commitments from the Specified Existing Revolving Credit Commitments and from any other Existing Revolving Credit Commitments (together with any other Extended Revolving Credit Commitments so established on such date) and (B) if, on any Extension Date, any Loans of any Extending Lender are outstanding under the applicable Specified Existing Revolving Credit Commitments, such Loans (and any related participations) shall be deemed to be allocated as Extended Revolving Credit Loans (and related participations) and Existing Revolving Credit Loans (and related participations) in the same proportion as such Extending Lender's Specified Existing Revolving Credit Commitments to Extended Revolving Credit Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The occurrence of any extension of Original Revolving Credit Commitments to extend the scheduled maturity date of such Original Revolving Credit Commitments shall be to the date that is the one (1) year anniversary of the then-current Maturity Date, and the effectiveness of any Extension Election by any Extending Lender in respect of such extension, shall be subject to the satisfaction of the following conditions as of the applicable Extension Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) no Event of Default shall have occurred and be continuing as of such Extension Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Borrower shall have made, upon or promptly following such date, to each such Extending Lender, a fee equal to 0.25% of the aggregate amount of such Lender's Original Revolving Credit Commitments which is extended as of such Extension Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Administrative Agent and the Lenders hereby consent to the consummation of the transactions contemplated by this <u>Section 2.14</u> (including, for the avoidance of doubt, payment of any interest, fees, or premium in respect of any Extended Revolving Credit Commitments on such terms as may be set forth in the relevant Extension Amendment) and hereby waive the requirements of any provision of this Agreement (including, without limitation, any pro rata payment or amendment section) or any other Credit Document that may otherwise prohibit or restrict any such extension or any other transaction contemplated by this <u>Section 2.14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 <u>Defaulting Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Adjustments</u>. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Requirements of Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Waivers and Amendments</u>. Such Defaulting Lender's right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Required Lenders and <u>Section 13.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Defaulting Lender Waterfall</u>. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to <u>Section 11</u> or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to <u>Section 13.8</u> shall be applied at such time or times as may be determined by the Administrative Agent as follows: *first*, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; *second*, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to such Letter of Credit Issuer hereunder; *third*, to Cash Collateralize such Letter of Credit Issuer's Fronting Exposure with respect to such Defaulting Lender in accordance with <u>Section 3.8</u>; *fourth*, as the Parent Borrower may request (so long as no Default exists), 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; *fifth*, if so determined by the Administrative Agent and the Parent Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender's potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize such Letter of Credit Issuer's future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with <u>Section 3.8</u>; *sixth*, to the payment of any amounts owing to the Borrower, the Lenders or the Letter of Credit Issuers as a result of any judgment of a court of competent jurisdiction obtained by the Borrower, any Lender or any Letter of Credit Issuer against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; and *seventh*, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; <u>provided</u> that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in <u>Section 7</u> were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Obligations owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, and L/C Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in L/C Obligations are held by the Lenders pro rata in accordance with the Commitments hereunder without giving effect to <u>Section 2.16(a)(iv)</u>. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this <u>Section 2.16(a)(ii)</u> shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Certain Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) No Defaulting Lender shall be entitled to receive any fee payable under <u>Section 4</u> for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which that Lender is a Defaulting Lender only to the extent allocable to its applicable percentage of the Stated Amount of Letters of Credit for which it has provided Cash Collateral pursuant to <u>Section 3.8</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) With respect to any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to clause (A) or (B) above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender's participation in L/C Obligations that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to such Letter of Credit Issuer the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such Letter of Credit's Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Reallocation of Applicable Percentages to Reduce Fronting Exposure</u>. All or any part of such Defaulting Lender's participation in L/C Obligations shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Revolving Credit Commitment Percentages (calculated without regard to such Defaulting Lender's Commitment) but only to the extent that such reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender's Commitment. Subject to <u>Section 13.23,</u> no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender's increased exposure following such reallocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Defaulting Lender Cure</u>. If the Parent Borrower, the Administrative Agent and the Letter of Credit Issuers agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Revolving Credit Loans and funded and unfunded participations in Letters of Credit to be held on a pro rata basis by the Lenders in accordance with their Revolving Credit Commitment Percentages (without giving effect to <u>Section 2.16(a)(iv)</u>), whereupon such Lender will cease to be a Defaulting Lender; <u>provided</u> that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Parent Borrower while that Lender was a Defaulting Lender; and <u>provided</u>, <u>further</u>, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 <u>Alternate Rate of Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section 2.18</u>, if prior to the commencement of any Interest Period for a Term SOFR Borrowing, SOFR Average Borrowing or Adjusted Term CORRA Borrowing, the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining Term SOFR, SOFR Average or Adjusted Term CORRA, as applicable, for such Interest Period, then 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), such Loan shall be converted by the Administrative Agent to, and shall constitute, an ABR Loan denominated in dollars on such day or, at the Borrower's election prior to such day, be prepaid by the Borrower on such day (it being understood and agreed that if the Borrower does not so prepay such Loan on such day by 12:00 p.m. (New York City time) the Administrative Agent is authorized to effect such conversion of such Loan into an ABR Loan), and, upon the Borrower's receipt of notice from the Administrative Agent that the circumstances giving rise to the aforementioned notice no longer exist, such ABR Loan shall then be converted by the Administrative Agent to, and shall constitute, a SOFR Loan or CORRA Loan (as applicable) on the day of such notice being given to the Borrower by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 Benchmark Replacement Setting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Benchmark Replacement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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 any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (a) 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) 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 and the Parent Borrower 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 Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No Hedge Agreement shall be deemed to be a "Credit Document" for purposes of this <u>Section 2.18</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Conforming Changes</u>. In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent will have the right, subject to the consent of the Borrower, to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Credit Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Credit Document (other than as provided in the definition of Conforming Changes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notices; Standards for Decisions and Determinations</u>. The Administrative Agent will promptly (and in any event within five (5) Business Days) notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, (ii) the implementation of any Benchmark Replacement and (iii) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. The Administrative Agent will promptly notify the Borrower of the removal or reinstatement of any tenor of a Benchmark pursuant to <u>Section 2.18(d)</u>. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, the Borrower or any Lender (or group of Lenders) pursuant to this <u>Section 2.18</u>, 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 <u>Section 2.18</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Unavailability of Tenor of Benchmark</u>. 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 Term SOFR) 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 administrator of such Benchmark or the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not or will not be representative, then the Administrative Agent may modify the definition of "Interest Period" (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable, non-representative, non-compliant or non-aligned 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 not or will not be representative, then the Administrative Agent may modify the definition of "Interest Period" (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Benchmark Unavailability Period</u>. Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Loans determined in the applicable Benchmark to be made, converted or continued during any Benchmark Unavailability Period and, failing that, (i) the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to ABR Loans and (ii) any outstanding affected Loans will be deemed to have been converted into ABR Loans at the end of the applicable Interest Period. During a Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of ABR based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of ABR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding anything herein or in any other Credit Document to the contrary, the Administrative Agent and the Parent Borrower shall cooperate in good faith and use commercially reasonable efforts to satisfy any applicable requirements under proposed or final U.S. Treasury Regulations or other Internal Revenue Service guidance such that the use of an alternative rate of interest pursuant to this <u>Section 2.17</u> shall not result in a deemed exchange of any Indebtedness hereunder under Section 1001 of the Code.

Section 3. <u>Letters of Credit</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Letters of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to and upon the terms and conditions herein set forth, at any time and from time to time after the Closing Date and prior to the L/C Facility Maturity Date, each Letter of Credit Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this <u>Section 3</u>, to issue from time to time from the Closing Date through the L/C Facility Maturity Date for the account of the Parent Borrower (or, so long as the Parent Borrower is the primary obligor and a signatory to the Letter of Credit Request or remains the primary obligor for any reimbursement obligations pursuant to <u>Section 3.4</u> hereof, for the account of any Subsidiary) standby letters of credit (the "**Letters of Credit**" and each, a "**Letter of Credit**"), which Letters of Credit shall not exceed any Letter of Credit Issuer's Letter of Credit Commitment unless consented to by such Letter of Credit Issuer and in the aggregate shall not exceed the L/C Sublimit, in such form as may be approved by each Letter of Credit Issuer in its reasonable discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, (i) no Letter of Credit shall be issued the Stated Amount of which, when added to the Letters of Credit Outstanding at such time, would exceed the L/C Sublimit then in effect (or with respect to any Letter of Credit Issuer, exceed such Letter of Credit Issuer's Letter of Credit Commitment; <u>provided</u> that if the Parent Borrower determines that, in connection with any actual or anticipated L/C Borrowing, less than the full amount of the L/C Sublimit would be available to the Parent Borrower as a result of the application of this clause (i), then the Letter of Credit Commitments of each Letter of Credit Issuer shall be reallocated as elected by the Borrower in consultation with each Letter of Credit Issuer and with the consent of any such Letter of Credit Issuer which has its Letter of Credit Commitment increased as a result of such reallocation (and the Parent Borrower and the Letter of Credit Issuers agree to take such actions as among themselves to accommodate any such reallocation)); (ii) no Letter of Credit shall be issued the Stated Amount of which would cause the aggregate amount of the Lenders' Revolving Credit Exposures at the time of the issuance thereof to exceed the Total Revolving Credit Commitment then in effect; (iii) each Letter of Credit shall have an expiration date occurring no earlier than one year after the date of issuance thereof (except as set forth in <u>Section 3.2(d)</u>), <u>provided</u> that in no event shall such expiration date occur later than the L/C Facility Maturity Date, in each case, unless otherwise agreed upon by the Administrative Agent, such Letter of Credit Issuer and, unless such Letter of Credit has been Cash Collateralized or backstopped (in the case of a backstop only, on terms reasonably satisfactory to such Letter of Credit Issuer), the Revolving Credit Lenders; (iv) the Letter of Credit shall be denominated in Dollars; (v) no Letter of Credit shall be issued if it would be illegal under any applicable law for the beneficiary of the Letter of Credit to have a Letter of Credit issued in its favor; and (vi) no Letter of Credit shall be issued by any Letter of Credit Issuer after it has received a written notice from any Credit Party or the Administrative Agent or the Required Revolving Credit Lenders stating that a Default or Event of Default has occurred and is continuing until such time as such Letter of Credit Issuer shall have received a written notice of (x) rescission of such notice from the party or parties originally delivering such notice or (y) the waiver of such Default or Event of Default in accordance with the provisions of <u>Section 13.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon at least two Business Days' prior written notice to the Administrative Agent and each Letter of Credit Issuer (which notice the Administrative Agent shall promptly transmit to each of the Lenders), the Parent Borrower shall have the right, on any day, permanently to terminate or reduce the Letter of Credit Commitments in whole or in part; <u>provided</u> that, after giving effect to such termination or reduction, the Letters of Credit Outstanding shall not exceed the L/C Sublimit (or with respect to any Letter of Credit Issuer, the Letters of Credit outstanding with respect to Letters of Credit issued by such Letter of Credit Issuer shall not exceed such Letter of Credit Issuer's Letter of Credit Commitment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Letter of Credit Issuer shall be under any obligation to issue any Letter of Credit if:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the issuance of such Letter of Credit would violate one or more policies of such Letter of Credit Issuer applicable to letters of credit generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) except as otherwise agreed by any Letter of Credit Issuer, such Letter of Credit is in an initial Stated Amount less than $10,000; <u>provided</u> that any Letter of Credit Issuer shall only be required to issue standby Letters of Credit denominated in Dollars unless it otherwise agrees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such Letter of Credit is denominated in a currency other than Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such Letter of Credit contains any provisions for automatic reinstatement of the Stated Amount after any drawing thereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a default of any Revolving Credit Lender's obligations to fund under <u>Section 3.3</u> exists or any Revolving Credit Lender is at such time a Defaulting Lender hereunder, unless, in each case, the Parent Borrower have entered into arrangements reasonably satisfactory to such Letter of Credit Issuer to eliminate such Letter of Credit Issuer's risk with respect to such Revolving Credit Lender or such risk has been reallocated in accordance with <u>Section 2.16</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Letter of Credit Issuer shall increase the Stated Amount of any Letter of Credit if such Letter of Credit Issuer would not be permitted at such time to issue such Letter of Credit in its amended form under the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No Letter of Credit Issuer shall be under any obligation to issue an amendment to any Letter of Credit if such Letter of Credit Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any Letter of Credit Issuer shall act on behalf of the Revolving Credit Lenders with respect to any Letters of Credit issued by it and the documents associated therewith and such Letter of Credit Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent in <u>Section 12</u> with respect to any acts taken or omissions suffered by any Letter of Credit Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term "Administrative Agent" as used in Section 12 included any Letter of Credit Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect to any Letter of Credit Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Letter of Credit Requests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever the Parent Borrower desires that a Letter of Credit be issued or amended, the Parent Borrower shall give the Administrative Agent and the Letter of Credit Issuers a Letter of Credit Request by no later than 1:00 p.m. (New York City time) at least three (3) Business Days (or such other period as may be agreed upon by the Parent Borrower, the Administrative Agent and each Letter of Credit Issuer) prior to the proposed date of issuance or amendment. Each Letter of Credit Request shall be executed by the Parent Borrower. Such Letter of Credit Request may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the applicable Letter of Credit Issuer, by personal delivery or by any other means acceptable to the applicable Letter of Credit Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of a request for the issuance of a Letter of Credit, such Letter of Credit Request shall specify in form and detail reasonably satisfactory to the Letter of Credit Issuers: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the identity of the applicant; and (C) such other matters as the applicable Letter of Credit Issuer may reasonably require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Request shall specify in form and detail reasonably satisfactory to the applicable Letter of Credit Issuer (I) the Letter of Credit to be amended; (II) the proposed date of issuance (which shall be a Business Day); (III) the nature of the proposed amendment; and (IV) such other matters as the applicable Letter of Credit Issuer may reasonably require. Additionally, the Parent Borrower shall furnish to such Letter of Credit Issuer and the Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as such Letter of Credit Issuer or the Administrative Agent may reasonably require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless the Letter of Credit Issuers have received written notice from any Revolving Credit Lender, the Administrative Agent or any Credit Party, at least one Business Day prior to the requested date of issuance or amendment of the Letter of Credit, that one or more applicable conditions contained in <u>Sections 6</u> (solely with respect to any Letter of Credit issued on the Closing Date) and <u>7</u> shall not then be satisfied to the extent required thereby, then, subject to the terms and conditions hereof, the applicable Letter of Credit Issuer shall, on the requested date, issue a Letter of Credit for the account of the Parent Borrower (or, so long as the Parent Borrower is the primary obligor, for the account of a Subsidiary) or issue the applicable amendment, as the case may be, in each case in accordance with each such Letter of Credit Issuer's usual and customary business practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Parent Borrower so requests in any Letter of Credit Request, the applicable Letter of Credit Issuer shall agree to issue a Letter of Credit that has automatic extension provisions (each, an "**Auto-Extension Letter of Credit**"); <u>provided</u> that any such Auto-Extension Letter of Credit must permit such Letter of Credit Issuer to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof and the Parent Borrower not later than a day (the "**Non-Extension Notice Date**") in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by such Letter of Credit Issuer, the Parent Borrower shall not be required to make a specific request to such Letter of Credit Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the Letter of Credit Issuers to permit the extension of such Letter of Credit at any time to an expiry date not later than the L/C Facility Maturity Date, unless otherwise agreed upon by the Administrative Agent and such Letter of Credit Issuer; <u>provided</u>, <u>however</u>, that no Letter of Credit Issuer shall permit any such extension if (A) such Letter of Credit Issuer has reasonably determined that it would not be permitted, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of <u>clause (b)</u> of <u>Section 3.1</u> or otherwise), or (B) it has received written notice on or before the day that is seven Business Days before the Non-Extension Notice Date from the Administrative Agent, any Lender or the Parent Borrower that one or more of the applicable conditions specified in <u>Sections 6</u> and <u>7</u> are not then satisfied, and in each such case directing such Letter of Credit Issuer not to permit such extension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the applicable Letter of Credit Issuer will also deliver to the Parent Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment. On the first Business Day of each month, each Letter of Credit Issuer shall provide the Administrative Agent a list of all Letters of Credit issued by it that are outstanding at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The making of each Letter of Credit Request shall be deemed to be a representation and warranty by the Parent Borrower that the Letter of Credit may be issued in accordance with, and will not violate the requirements of, <u>Section 3.1(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Letter of Credit Participations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Immediately upon the issuance by any Letter of Credit Issuer of any Letter of Credit, such Letter of Credit Issuer shall be deemed to have sold and transferred to each Revolving Credit Lender (each such Revolving Credit Lender, in its capacity under this <u>Section 3.3</u>, an "**L/C Participant**"), and each such L/C Participant shall be deemed irrevocably and unconditionally to have purchased and received from such Letter of Credit Issuer, without recourse or warranty, an undivided interest and participation (each an "**L/C Participation**"), to the extent of such L/C Participant's Revolving Credit Commitment Percentage in each Letter of Credit, each substitute therefor, each drawing made thereunder and the obligations of the Parent Borrower under this Agreement with respect thereto, and any security therefor or guaranty pertaining thereto; <u>provided</u> that the Letter of Credit Fees will be paid directly to the Administrative Agent for the ratable account of the L/C Participants as provided in <u>Section 4.1(b)</u> and the L/C Participants shall have no right to receive any portion of any Fronting Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In determining whether to pay under any Letter of Credit, the relevant Letter of Credit Issuer shall have no obligation relative to the L/C Participants other than to confirm that any documents required to be delivered under such Letter of Credit have been delivered and that they appear to comply on their face with the requirements of such Letter of Credit. Any action taken or omitted to be taken by the relevant Letter of Credit Issuer under or in connection with any Letter of Credit issued by it, if taken or omitted in the absence of gross negligence or willful misconduct as determined in the final non-appealable judgment of a court of competent jurisdiction, shall not create for the Letter of Credit Issuers any resulting liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that any Letter of Credit Issuer makes any payment under any Letter of Credit issued by it and the Parent Borrower shall not have repaid such amount in full to the respective Letter of Credit Issuer through the Administrative Agent pursuant to <u>Section 3.4(a)</u>, the Administrative Agent shall promptly notify each L/C Participant of such failure, and each L/C Participant shall promptly and unconditionally pay to the Administrative Agent for the account of such Letter of Credit Issuer, the amount of such L/C Participant's Revolving Credit Commitment Percentage of such unreimbursed payment in Dollars and in immediately available funds. If and to the extent such L/C Participant shall not have so made its Revolving Credit Commitment Percentage of the amount of such payment available to the Administrative Agent for the account of such Letter of Credit Issuer, such L/C Participant agrees to pay to the Administrative Agent for the account of such Letter of Credit Issuer, forthwith on demand, such amount, together with interest thereon for each day from such date until the date such amount is paid to the Administrative Agent for the account of such Letter of Credit Issuer at a rate per annum equal to the Overnight Rate from time to time then in effect, plus any administrative, processing or similar fees that are reasonably and customarily charged by such Letter of Credit Issuer in connection with the foregoing. The failure of any L/C Participant to make available to the Administrative Agent for the account of any Letter of Credit Issuer its Revolving Credit Commitment Percentage of any payment under any Letter of Credit shall not relieve any other L/C Participant of its obligation hereunder to make available to the Administrative Agent for the account of such Letter of Credit Issuer its Revolving Credit Commitment Percentage of any payment under such Letter of Credit on the date required, as specified above, but no L/C Participant shall be responsible for the failure of any other L/C Participant to make available to the Administrative Agent such other L/C Participant's Revolving Credit Commitment Percentage of any such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whenever the Administrative Agent receives a payment in respect of an unpaid Reimbursement Obligation as to which the Administrative Agent has received for the account of any Letter of Credit Issuer any payments from the L/C Participants pursuant to <u>clause (c)</u> above, the Administrative Agent shall promptly pay to each L/C Participant that has paid its Revolving Credit Commitment Percentage of such Reimbursement Obligation, in Dollars and in immediately available funds, an amount equal to such L/C Participant's share (based upon the proportionate aggregate amount originally funded by such L/C Participant to the aggregate amount funded by all L/C Participants) of the amount so paid in respect of such Reimbursement Obligation and interest thereon accruing after the purchase of the respective L/C Participations at the Overnight Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The obligations of the L/C Participants to make payments to the Administrative Agent for the account of each Letter of Credit Issuer with respect to Letters of Credit shall be irrevocable and not subject to counterclaim, set-off or other defense or any other qualification or exception whatsoever and shall be made in accordance with the terms and conditions of this Agreement under all circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If any payment received by the Administrative Agent for the account of any Letter of Credit Issuer pursuant to <u>Section 3.3(c)</u> is required to be returned, each Lender shall pay to the Administrative Agent for the account of such Letter of Credit Issuer its Revolving Credit Commitment Percentage thereof on demand of the Administrative Agent, *plus* interest thereon from the date of such demand to the date such amount is returned by such Lender, at a rate per annum equal to the applicable Overnight Rate from time to time in effect. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Agreement to Repay Letter of Credit Drawings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent Borrower hereby agrees to reimburse the Letter of Credit Issuers, by making payment with respect to any drawing under any Letter of Credit in the same currency in which such drawing was made. Any such reimbursement shall be made by the Parent Borrower to the Administrative Agent in immediately available funds for any payment or disbursement made by any Letter of Credit Issuer under any Letter of Credit (each such amount so paid until reimbursed, an "**Unpaid Drawing**") no later than the date that is one Business Day after the date on which the Parent Borrower receives written notice of such payment or disbursement (the "**Reimbursement Date**"), with interest on the amount so paid or disbursed by such Letter of Credit Issuer, to the extent not reimbursed prior to 5:00 p.m. (New York City time) on the Reimbursement Date, from the Reimbursement Date to the date such Letter of Credit Issuer is reimbursed therefor at a rate per annum that shall at all times be (i) with respect to a Letter of Credit denominated in Dollars, the Applicable Margin for ABR Loans that are Revolving Credit Loans *plus* the ABR as in effect from time to time and (ii) [reserved], <u>provided</u> that, notwithstanding anything contained in this Agreement to the contrary, (i) unless the Parent Borrower shall have notified the Administrative Agent and the relevant Letter of Credit Issuer prior to 12:00 noon (New York City time) on the Reimbursement Date that the Parent Borrower intends to reimburse the relevant Letter of Credit Issuer for the amount of such drawing with funds other than the proceeds of Loans, the Parent Borrower shall be deemed to have given a Notice of Borrowing requesting that, with respect to Letters of Credit, the Revolving Credit Lenders make Revolving Credit Loans (which shall be denominated in Dollars and which shall be ABR Loans) on the Reimbursement Date in the amount of such drawing and (ii) the Administrative Agent shall promptly notify each L/C Participant of such drawing and the amount of its Revolving Credit Loan to be made in respect thereof, and each L/C Participant shall be irrevocably obligated to make a Revolving Credit Loan to the Parent Borrower in Dollars in the manner deemed to have been requested in the amount of its Revolving Credit Commitment Percentage of the applicable Unpaid Drawing by 2:00 p.m. (New York City time) on such Reimbursement Date by making the amount of such Revolving Credit Loan available to the Administrative Agent. Such Revolving Credit Loans shall be made without regard to the Minimum Borrowing Amount. The Administrative Agent shall use the proceeds of such Revolving Credit Loans solely for purpose of reimbursing any Letter of Credit Issuer for the related Unpaid Drawing. In the event that the Parent Borrower fails to Cash Collateralize any Letter of Credit that is outstanding on the L/C Facility Maturity Date, the full amount of the Letters of Credit Outstanding in respect of such Letter of Credit shall be deemed to be an Unpaid Drawing subject to the provisions of this <u>Section 3.4</u> except that such Letter of Credit Issuer shall hold the proceeds received from the L/C Participants as contemplated above as cash collateral for such Letter of Credit to reimburse any Unpaid Drawing under such Letter of Credit and shall use such proceeds first, to reimburse itself for any Unpaid Drawings made in respect of such Letter of Credit following the L/C Facility Maturity Date, second, to the extent such Letter of Credit expires undrawn, or is returned for cancellation while any such cash collateral remains, to the repayment of obligations in respect of any Revolving Credit Loans that have not been paid at such time and third, to the Parent Borrower or as otherwise directed by a court of competent jurisdiction. Nothing in this <u>Section 3.4(a)</u> shall affect the Parent Borrower's obligation to repay all outstanding Revolving Credit Loans when due in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The obligation of the Parent Borrower to reimburse the Letter of Credit Issuers for each drawing under each Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any lack of validity or enforceability of this Agreement or any of the other Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the existence of any claim, set-off, defense or other right that the Parent Borrower may have at any time against a beneficiary named in a Letter of Credit, any transferee of any Letter of Credit (or any Person for whom any such transferee may be acting), the Administrative Agent, any Letter of Credit Issuer, any Lender or other Person, whether in connection with this Agreement, any Letter of Credit, the transactions contemplated herein or any unrelated transactions (including any underlying transaction between the Parent Borrower and the beneficiary named in any such Letter of Credit);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) waiver by any Letter of Credit Issuer of any requirement that exists for such Letter of Credit Issuer's protection and not the protection of the Parent Borrower (or Subsidiary) or any waiver by such Letter of Credit Issuer which does not in fact materially prejudice the Parent Borrower (or Subsidiary);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any payment made by any Letter of Credit Issuer in respect of an otherwise complying item presented after the date specified as the expiration date of, or the date by which documents must be received under, such Letter of Credit if presentation after such date is authorized by the UCC, the ISP or the UCP, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any payment by any Letter of Credit Issuer under such Letter of Credit against presentation of documents that does not strictly comply with the terms of such Letter of Credit; or any payment made by any Letter of Credit Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under the Bankruptcy Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) honor of a demand for payment presented electronically even if such Letter of Credit requires that demand be in the form of a draft;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any adverse change in any relevant exchange rates or in the relevant currency markets generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Parent Borrower (or Subsidiary) (other than the defense of payment or performance).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Parent Borrower shall not be obligated to reimburse any Letter of Credit Issuer for any wrongful payment made by any Letter of Credit Issuer under the Letter of Credit issued by it as a result of acts or omissions constituting willful misconduct or gross negligence on the part of any Letter of Credit Issuer as determined in the final non-appealable judgment of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Increased Costs</u>. If after the Closing Date, the adoption of any applicable law, treaty, rule, or regulation, or any change therein, or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or actual compliance by any Letter of Credit Issuer or any L/C Participant with any request or directive made or adopted after the Closing Date (whether or not having the force of law), by any such authority, central bank or comparable agency shall either (x) impose, modify or make applicable any reserve, deposit, capital adequacy or similar requirement against letters of credit issued by any Letter of Credit Issuer, or any L/C Participant's L/C Participation therein, or (y) impose on any Letter of Credit Issuer or any L/C Participant any other conditions or costs affecting its obligations under this Agreement in respect of Letters of Credit or L/C Participations therein or any Letter of Credit or such L/C Participant's L/C Participation therein, and the result of any of the foregoing is to increase the actual cost to such Letter of Credit Issuer or such L/C Participant of issuing, maintaining or participating in any Letter of Credit, or to reduce the actual amount of any sum received or receivable by such Letter of Credit Issuer or such L/C Participant hereunder (including any increased costs or reductions attributable to Taxes, other than (A) Indemnified Taxes, (B) Taxes described in clauses (ii) through (iv) of Excluded Taxes, (C) Connection Income Taxes and (D) Other Taxes) in respect of Letters of Credit or L/C Participations therein, then, promptly after receipt of written demand to the Parent Borrower by such Letter of Credit Issuer or such L/C Participant, as the case may be (a copy of which notice shall be sent by such Letter of Credit Issuer or such L/C Participant to the Administrative Agent (with respect to a Letter of Credit issued on account of the Parent Borrower (or Subsidiary))), the Parent Borrower shall pay to such Letter of Credit Issuer or such L/C Participant such actual additional amount or amounts as will compensate such Letter of Credit Issuer or such L/C Participant for such increased cost or reduction, it being understood and agreed, however, that no Letter of Credit Issuer or L/C Participant shall be entitled to such compensation as a result of such Person's compliance with, or pursuant to any request or directive to comply with, any such law, rule or regulation as in effect on the Closing Date. A certificate submitted to the Parent Borrower by the relevant Letter of Credit Issuer or an L/C Participant, as the case may be (a copy of which certificate shall be sent by such Letter of Credit Issuer or such L/C Participant to the Administrative Agent), setting forth in reasonable detail the basis for the determination of such actual additional amount or amounts necessary to compensate such Letter of Credit Issuer or such L/C Participant as aforesaid shall be conclusive and binding on the Parent Borrower absent clearly demonstrable error. The obligations of the Parent Borrower under this <u>Section 3.5</u> shall survive the payment in full of the Obligations and the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6New or Successor Letter of Credit Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Letter of Credit Issuer may resign as a Letter of Credit Issuer upon 60 days' prior written notice to the Administrative Agent, the Lenders and the Parent Borrower. The Parent Borrower may replace any Letter of Credit Issuer for any reason upon written notice to the Administrative Agent and such Letter of Credit Issuer. The Parent Borrower may add Letter of Credit Issuers at any time upon notice to the Administrative Agent. If a Letter of Credit Issuer shall resign or be replaced, or if the Parent Borrower shall decide to add a new Letter of Credit Issuer under this Agreement, then the Parent Borrower may appoint from among the Lenders a successor issuer of Letters of Credit or a new Letter of Credit Issuer, as the case may be, or, with the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed), another successor or new issuer of Letters of Credit, whereupon such successor issuer accepting such appointment shall succeed to the rights, powers and duties of the replaced or resigning Letter of Credit Issuer under this Agreement and the other Credit Documents, or such new issuer of Letters of Credit accepting such appointment shall be granted the rights, powers and duties of the Letter of Credit Issuers hereunder, and the term Letter of Credit Issuers shall mean such successor or such new issuer of Letters of Credit effective upon such appointment. At the time such resignation or replacement shall become effective, the Parent Borrower shall pay to the resigning or replaced Letter of Credit Issuer all accrued and unpaid fees applicable to the Letters of Credit pursuant to <u>Sections 4.1(b)</u> and <u>4.1(d)</u>. The acceptance of any appointment as a Letter of Credit Issuer hereunder whether as a successor issuer or new issuer of Letters of Credit in accordance with this Agreement, shall be evidenced by an agreement entered into by such new or successor issuer of Letters of Credit, in a form reasonably satisfactory to the Parent Borrower and the Administrative Agent and, from and after the effective date of such agreement, such new or successor issuer of Letters of Credit shall become a Letter of Credit Issuer hereunder. After the resignation or replacement of a Letter of Credit Issuer hereunder, the resigning or replaced Letter of Credit Issuer shall remain a party hereto and shall continue to have all the rights and obligations of the Letter of Credit Issuers under this Agreement and the other Credit Documents with respect to Letters of Credit issued by it prior to such resignation or replacement, but shall not be required to issue additional Letters of Credit. In connection with any resignation or replacement pursuant to this <u>clause (a)</u> (but, in case of any such resignation, only to the extent that a successor issuer of Letters of Credit shall have been appointed), either (i) the Parent Borrower, the resigning or replaced Letter of Credit Issuer and the successor issuer of Letters of Credit shall arrange to have any outstanding Letters of Credit issued by the resigning or replaced Letter of Credit Issuer replaced with Letters of Credit issued by the successor issuer of Letters of Credit or (ii) the Parent Borrower shall cause the successor issuer of Letters of Credit, if such successor issuer is reasonably satisfactory to the replaced or resigning Letter of Credit Issuer, to issue "back-stop" Letters of Credit naming the resigning or replaced Letter of Credit Issuer as beneficiary for each outstanding Letter of Credit issued by the resigning or replaced Letter of Credit Issuer, which new Letters of Credit shall be denominated in the same currency as, and shall have an amount equal to, the Letters of Credit being back-stopped and the sole requirement for drawing on such new Letters of Credit shall be presentation of a statement either that there has been a drawing on the corresponding back-stopped Letters of Credit or that the back-stopping Letter of Credit will expire within thirty (30) days or less and back-stopped Letters of Credit are still outstanding. After any resigning or replaced Letter of Credit Issuer's resignation or replacement as Letter of Credit Issuer, the provisions of this Agreement relating to the Letter of Credit Issuers shall inure to its benefit as to any actions taken or omitted to be taken by it (A) while it was a Letter of Credit Issuer under this Agreement or (B) at any time with respect to Letters of Credit issued by such Letter of Credit Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent there are, at the time of any resignation or replacement as set forth in <u>clause (a)</u> above, any outstanding Letters of Credit, nothing herein shall be deemed to impact or impair any rights and obligations of any of the parties hereto with respect to such outstanding Letters of Credit (including, without limitation, any obligations related to the payment of Fees or the reimbursement or funding of amounts drawn), except that the Parent Borrower, the resigning or replaced Letter of Credit Issuer and the successor issuer of Letters of Credit shall have the obligations regarding outstanding Letters of Credit described in <u>clause (a)</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 <u>Role of Letter of Credit Issuer</u>. Each Lender and the Parent Borrower agree that, in paying any drawing under a Letter of Credit, no Letter of Credit Issuer shall have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the Letter of Credit Issuers, the Administrative Agent, any of their respective Affiliates nor any correspondent, participant or assignee of any Letter of Credit Issuer shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Required Revolving Credit Lenders; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct as determined in the final non-appealable judgment of a court of competent jurisdiction; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document. The Parent Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided that this assumption is not intended to, and shall not, preclude the Parent Borrower's pursuit of such rights and remedies as they may have against the beneficiary or transferee at law or under any other agreement. None of the Letter of Credit Issuers, the Administrative Agent, any of their respective Affiliates nor any correspondent, participant or assignee of the Letter of Credit Issuers shall be liable or responsible for any of the matters described in <u>Section 3.3(b)</u>; provided that anything in such Section to the contrary notwithstanding, the Parent Borrower may have a claim against a Letter of Credit Issuer, and a Letter of Credit Issuer may be liable to the Parent Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Parent Borrower which the Parent Borrower prove were caused by such Letter of Credit Issuer's willful misconduct or gross negligence or such Letter of Credit Issuer's willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of documents strictly complying with the terms and conditions of a Letter of Credit in each case as determined in the final non-appealable judgment of a court of competent jurisdiction. In furtherance and not in limitation of the foregoing, any Letter of Credit Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and no Letter of Credit Issuer shall be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.

Any Letter of Credit Issuer may send a Letter of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication ("SWIFT") message or overnight courier, or any other commercially reasonable means of communicating with a beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <u>Cash Collateral</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Certain Credit Support Events</u>. Upon the written request of the Administrative Agent or any Letter of Credit Issuer, if (1) as of the L/C Facility Maturity Date, any L/C Obligation for any reason remains outstanding or (2) the Parent Borrower shall be required to provide Cash Collateral pursuant to <u>Section 11.12</u>, the Parent Borrower shall immediately (in the case of <u>clause (2)</u> above) or within one Business Day (in all other cases) following any written request by the Administrative Agent or any Letter of Credit Issuer, provide Cash Collateral in an amount not less than the applicable Minimum Collateral Amount (determined in the case of Cash Collateral provided pursuant to <u>clause (3)</u> above, after giving effect to <u>Section 2.16(a)(iv)</u> and any Cash Collateral provided by the Defaulting Lender).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Grant of Security Interest</u>. The Parent Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grant to (and subject to the control of) the Administrative Agent, for the benefit of the Administrative Agent, any Letter of Credit Issuer and the Revolving Credit Lenders, and agree to maintain, a first priority security interest in all such cash, deposit accounts and all balances therein as described in <u>Section 3.8(a)</u>, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be applied pursuant to <u>Section 3.8(c)</u>. If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent or any Letter of Credit Issuer as herein provided, other than Permitted Liens, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount (including, without limitation, as a result of exchange rate fluctuations), the Parent Borrower will, promptly upon written demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency. Cash Collateral shall be maintained in blocked, interest bearing deposit accounts with the Administrative Agent. The Parent Borrower shall pay on demand therefor from time to time all customary account opening, activity and other administrative fees and charges in connection with the maintenance and disbursement of Cash Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Application</u>. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this <u>Section 3.8</u> or <u>Sections 2.16</u>, <u>5.2</u>, or <u>11.12</u> in respect of Letters of Credit shall be held and applied to the satisfaction of the specific L/C Obligations, obligations to fund participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or to secure other obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following compliance with <u>Section 13.6(b)(ii)</u>) or there is no longer existing an Event of Default) or (ii) the determination by the Administrative Agent and any Letter of Credit Issuer that there exists excess Cash Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 <u>Applicability of ISP and UCP</u>. Unless otherwise expressly agreed by any Letter of Credit Issuer and the Parent Borrower when a Letter of Credit is issued, (i) the rules of the ISP shall be stated therein to apply to each standby Letter of Credit. Notwithstanding the foregoing, no Letter of Credit Issuer shall be responsible to the Parent Borrower for, and no Letter of Credit Issuer's rights and remedies against the Parent Borrower shall be impaired by, any action or inaction of any Letter of Credit Issuer required or permitted under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the applicable law or any order of a jurisdiction where such Letter of Credit Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade (BAFT), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <u>Conflict with Issuer Documents</u>. In the event of any conflict between the terms hereof and the terms of any Issuer Document, the terms hereof shall control and any grant of security interest in any Issuer Documents shall be void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 <u>Letter of Credit Issued for Subsidiaries</u>. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary, the Parent Borrower shall be obligated to reimburse the Letter of Credit Issuers hereunder for any and all drawings under such Letter of Credit. The Parent Borrower hereby acknowledges that the issuance of Letters of Credit for the account of any Subsidiaries inures to the benefit of the Parent Borrower and that the Parent Borrower's business derives substantial benefits from the businesses of such Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 <u>Provisions Related to Extended Revolving Credit Commitments</u>. If the Letter of Credit Sublimit Expiration Date in respect of any tranche of Revolving Credit Commitments occurs prior to the expiry date of any Letter of Credit, then (i) if consented to by the Letter of Credit Issuer which issued such Letter of Credit, if one or more other tranches of Revolving Credit Commitments in respect of which the Letter of Credit Sublimit Expiration Date shall not have so occurred are then in effect, such Letters of Credit for which consent has been obtained shall automatically be deemed to have been issued (including for purposes of the obligations of the Revolving Credit Lenders to purchase participations therein and to make Revolving Credit Loans and payments in respect thereof pursuant to <u>Sections 3.3</u> and <u>3.4</u>) under (and ratably participated in by Lenders pursuant to) the Revolving Credit Commitments in respect of such non-terminating tranches up to an aggregate amount not to exceed the aggregate amount of the unutilized Revolving Credit Commitments thereunder at such time (it being understood that no partial amount of any Letter of Credit may be so reallocated) and (ii) to the extent not reallocated pursuant to immediately preceding clause (i), the Parent Borrower shall Cash Collateralize any such Letter of Credit in accordance with Section 3.8. Upon the maturity date of any tranche of Revolving Credit Commitments, the sublimit for Letters of Credit may be reduced as agreed between the Letter of Credit Issuers and the Parent Borrower, without the consent of any other Person.

Section 4. <u>Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without duplication, the Parent Borrower agrees to pay to the Administrative Agent in Dollars, for the account of each Revolving Credit Lender (in each case pro rata according to the respective Revolving Credit Commitments of all such Lenders), a commitment fee (the "Commitment Fee") for each day from the Closing Date to the Revolving Credit Termination Date. Each Commitment Fee shall be payable (x) quarterly in arrears on the last Business Day of each fiscal quarter of the Parent Borrower (for the quarterly period (or portion thereof) ended on such day for which no payment has been received) and (y) on the Revolving Credit Termination Date (for the period ended on such date for which no payment has been received pursuant to clause (x) above), and shall be computed for each day during such period at a rate per annum equal to the Commitment Fee Rate in effect on such day on the Available Commitment in effect on such day. .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without duplication, the Parent Borrower agrees to pay to the Administrative Agent in Dollars for the account of the Revolving Credit Lenders pro rata on the basis of their respective Letter of Credit Exposures, a fee in respect of each Letter of Credit issued on the Parent Borrower's or any of its Subsidiaries' behalf (the "**Letter of Credit Fee**"), for the period from the date of issuance of such Letter of Credit to the termination date of such Letter of Credit equal to a rate of (i) 3.00% per annum for the period from the date of issuance of such Letter of Credit to the termination date of such Letter of Credit, computed on the average daily Stated Amount of such Letter of Credit less (ii) the Fronting Fee set forth in <u>clause (d)</u> below. Except as provided below, such Letter of Credit Fees shall be due and payable (x) quarterly in arrears on the last Business Day of each fiscal quarter of the Parent Borrower and (y) on the date upon which the Total Revolving Credit Commitment terminates and the Letters of Credit Outstanding shall have been reduced to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without duplication, the Parent Borrower agrees to pay to the Administrative Agent in Dollars, for its own account, administrative agent fees as have been previously agreed in writing or as may be agreed in writing from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without duplication, the Borrower agrees to pay to each Letter of Credit Issuer a fee in Dollars in respect of each Letter of Credit issued by it to the Borrower (the "**Fronting Fee**") for the period from the date of issuance of such Letter of Credit to the termination date of such Letter of Credit, computed at the rate for each day equal to 0.25% per annum on the average daily Stated Amount of such Letter of Credit (or at such other rate per annum as agreed in writing between the Parent Borrower and any Letter of Credit Issuer). Such Fronting Fees shall be due and payable (x) quarterly in arrears on the last Business Day of each fiscal quarter of the Parent Borrower and (y) on the date upon which the Total Revolving Credit Commitment terminates and the Letters of Credit Outstanding shall have been reduced to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Without duplication, the Borrower agrees to pay directly to the Letter of Credit Issuers in Dollars upon each issuance of, drawing under, and/or amendment of, a Letter of Credit issued by any Letter of Credit Issuer such amount as shall at the time of such issuance of, drawing under, and/or amendment be the processing charge that such Letter of Credit Issuer is customarily charging for issuances of, drawings under or amendments of, letters of credit issued by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding the foregoing, no Borrower shall be obligated to pay any amounts to any Defaulting Lender pursuant to this <u>Section 4.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Voluntary Reduction of Revolving Credit Commitments</u>. Upon at least two Business Days' prior written notice to the Administrative Agent at the Administrative Agent's Office (which notice the Administrative Agent shall promptly transmit to each of the Lenders), the Parent Borrower shall have the right, without premium or penalty, on any day, permanently to terminate or reduce the Revolving Credit Commitments of any Class in whole or in part; <u>provided</u> that (a) any such reduction shall apply proportionately and permanently to reduce the Revolving Credit Commitment of each of the Lenders of any applicable Class, except that (i) notwithstanding the foregoing, in connection with the establishment on any date of any Extended Revolving Credit Commitments pursuant to <u>Section 2.14(g)</u>, the Revolving Credit Commitments of any one or more Lenders providing any such Extended Revolving Credit Commitments on such date shall be reduced in an amount equal to the amount of Revolving Credit Commitments so extended on such date (<u>provided</u> that (x) after giving effect to any such reduction and to the repayment of any Revolving Credit Loans made on such date, the Revolving Credit Exposure of any such Lender does not exceed the Revolving Credit Commitment thereof and (y) for the avoidance of doubt, any such repayment of Revolving Credit Loans contemplated by the preceding clause shall be made in compliance with the requirements of <u>Section 5.3(a)</u> with respect to the ratable allocation of payments hereunder, with such allocation being determined after giving effect to any conversion pursuant to <u>Section 2.14(g)</u> of Revolving Credit Commitments and Revolving Credit Loans into Extended Revolving Credit Commitments and Extended Revolving Credit Loans pursuant to <u>Section 2.14(g)</u> prior to any reduction being made to the Revolving Credit Commitment of any other Lender) and (ii) the Parent Borrower may at its election permanently reduce the Revolving Credit Commitment of a Defaulting Lender to $0 without affecting the Revolving Credit Commitments of any other Lender, (b) any partial reduction pursuant to this <u>Section 4.2</u> (other than any reduction pursuant to the foregoing clause (a)(ii)) shall be in the amount of at least $5,000,000, and (c) after giving effect to such termination or reduction and to any prepayments of the Loans made on the date thereof in accordance with this Agreement, the aggregate amount of the Lenders' Revolving Credit Exposures shall not exceed the Total Revolving Credit Commitment and the aggregate amount of the Lenders' Revolving Credit Exposures in respect of any Class shall not exceed the aggregate Revolving Credit Commitment of such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Mandatory Termination</u>. The Revolving Credit Commitment shall terminate at 5:00 p.m. (New York City time) on the Revolving Credit Maturity Date.

Section 5. <u>Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Voluntary Prepayments</u>. The Borrower shall have the right to prepay Loans, without premium or penalty, in whole or in part from time to time on the following terms and conditions: (1) the Parent Borrower shall give the Administrative Agent at the Administrative Agent's Office written notice of its intent to make such prepayment, the amount of such prepayment and (in the case of SOFR Loans) the specific Borrowing(s) pursuant to which made, which notice shall be given by the Parent Borrower no later than 12:00 noon (New York City time) (i) in the case of SOFR Loans, three Business Days prior to, (ii) in the case of ABR Loans, one Business Day prior to, and (iii) in the case of CORRA Loans, three Business Days prior to, the date of such prepayment and shall promptly be transmitted by the Administrative Agent to each of the Lenders; and (2) each partial prepayment of (i) any Borrowing of SOFR Loans shall be in a minimum amount of $5,000,000 and in multiples of $1,000,000 in excess thereof, (ii) any ABR Loans shall be in a minimum amount of $1,000,000 and in multiples of $100,000 in excess thereof and (iii) any CORRA Loans shall be in a minimum amount of $1,000,000 and in multiples of $100,000, <u>provided</u> that no partial prepayment of SOFR Loans or CORRA Loans made pursuant to a single Borrowing shall reduce the outstanding SOFR Loans or CORRA Loans made pursuant to such Borrowing to an amount less than the applicable Minimum Borrowing Amount for such Loans. At the Parent Borrower's election in connection with any prepayment pursuant to this <u>Section 5.1</u>, such prepayment shall not be applied to any Revolving Credit Loan of a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Mandatory Prepayments</u>. The Borrower shall be required to prepay the Revolving Credit Loans as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Excess Cash Flow Prepayment</u>. Not later than ten Business Days after the date on which financial statements are required to be delivered pursuant to <u>Section 9.1(a)</u> or <u>Section 9.1(b)</u>, as applicable, starting with the first full fiscal quarter of the Parent Borrower ending after the Closing Date, the Parent Borrower shall prepay (or cause to be prepaid), in accordance with <u>clause (d)</u> below, outstanding Revolving Credit Loans in an aggregate principal amount equal to the lesser of (i) as of the day of the prepayment required pursuant to this clause (a) and after giving Pro Forma Effect to such prepayment, an amount that would cause the LTV not to exceed 75% and (ii) (A) the amount of Excess Cash Flow for such fiscal quarter *minus* (B) at the election of the Parent Borrower, the principal amount of Revolving Credit Loans voluntarily prepaid pursuant to <u>Section 5.1</u> during such fiscal quarter or after such fiscal quarter and prior to the date of the prepayment required pursuant to this clause (a); <u>provided</u> that, to the extent the Parent Borrower is required to prepay the amount described in clause (ii) of this <u>Section 5.2(a)</u>, the Parent Borrower may elect (in its sole discretion) to have any voluntary prepayments described in sub-clause (B) thereof (to the extent such voluntary prepayments have not already been applied to reduce any prepayments due pursuant to this <u>Section 5.2(a)</u>) carried over to subsequent periods for which a prepayment is required pursuant to this <u>Section 5.2(a)</u>, to reduce any payments which may be due from time to time to the extent the Parent Borrower is required to prepay the amount described in clause (ii) of this <u>Section 5.2(a)</u> (<u>provided</u> that such carried forward amounts have not been applied to reduce any prepayments due pursuant to this <u>Section 5.2(a)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Lease Defect Revolving Obligations</u>. On or prior to the date that is three (3) months after the Closing Date, in an amount equal to the total amount of Lease Defect Revolving Obligations (if any) outstanding at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Sponsor Guaranty</u>. In lieu of making a prepayment of Revolving Credit Loans as set forth in <u>Section 5.2(a)</u>, the Parent Borrower may instead cause one or more Sponsor Guarantors to provide and maintain a guaranty, or amend any existing guaranty, in form and substance reasonably satisfactory to the Administrative Agent, of the Parent Borrower's obligations under <u>Section 5.2(a)</u> in favor of the Administrative Agent for the benefit of the Lenders (any such guaranty, a "**Sponsor Guaranty**") in an amount equal to such obligation, in which case the Mandatory Prepayment Event shall cease to exist. The Parent Borrower shall have the right at any time, without the consent of the Administrative Agent or any Lender, to replace any Sponsor Guarantor with one or more Replacement Sponsor Guarantors who may provide Sponsor Guaranties in replacement of the Sponsor Guaranty provided by the replaced Sponsor Guarantor on a several, and not joint, basis. In addition, in the event (1) any Sponsor Guaranty is outstanding, and the Parent Borrower elects to make voluntary prepayments of the outstanding obligations such that the aggregate prepayments are in excess of the mandatory prepayments required by <u>Section 5.2(a)</u> for the applicable quarter, the Parent Borrower shall be permitted to reduce (or cause to be reduced) the amount guaranteed by such Sponsor Guaranty to such lesser Prepayment Cap and (2) any Sponsor Guaranty is outstanding at any time that the LTV is determined to no longer exceed 75%, the Parent Borrower shall be permitted to reduce (or cause to be reduced) the amount guaranteed by such Sponsor Guaranty to $0 or otherwise to terminate (or cause to be terminated) such Sponsor Guaranty, in the event of each of the foregoing clauses (1) or (2), without the consent of the Administrative Agent or any Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Repayment of Excess Revolving Credit Exposure</u>. If on any date the aggregate amount of the Lenders' Revolving Credit Exposures in respect of any Class of Revolving Loans for any reason exceeds 100% of the Revolving Credit Commitment of such Class then in effect, the Borrower shall forthwith repay on such date Revolving Loans of such Class in an amount equal to such excess. If after giving effect to the prepayment of all outstanding Revolving Loans of such Class, the Revolving Credit Exposures of such Class exceed the Revolving Credit Commitment of such Class then in effect, the Parent Borrower shall Cash Collateralize the Letters of Credit Outstanding in relation to such Class to the extent of such excess.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Application to Revolving Credit Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to each prepayment of Revolving Credit Loans pursuant to <u>Section 5.2(a)</u> or <u>Section 5.2(b)</u>, each such prepayment shall be applied pro rata among the Revolving Credit Loans then outstanding in accordance with each Lender's Revolving Credit Commitment Percentage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) With respect to each other prepayment of Revolving Credit Loans, the Parent Borrower may designate (i) the Types of Loans that are to be prepaid and the specific Borrowing(s) pursuant to which made and (ii) the Revolving Loans to be prepaid, <u>provided</u> that (y) each prepayment of any Loans made pursuant to a Borrowing shall be applied pro rata among such Loans. In the absence of a designation by the Parent Borrower as described in the preceding sentence, the Administrative Agent shall, subject to the above, make such designation in its reasonable discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding anything in this <u>Section 5.2(e)</u> to the contrary, no prepayment of Revolving Loans pursuant to <u>Section 5.1</u> shall be applied to the Revolving Loans of any Defaulting Lender unless otherwise agreed in writing by the Parent Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Method and Place of Payment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise specifically provided herein, all payments under this Agreement shall be made by the Borrower, without set-off, counterclaim or deduction of any kind, to the Administrative Agent for the ratable account of the Lenders entitled thereto or the Letter of Credit Issuers entitled thereto, as the case may be, not later than 12:00 noon (New York City time), in each case, on the date when due and shall be made in immediately available funds at the Administrative Agent's Office or at such other office as the Administrative Agent shall specify for such purpose by notice to the Parent Borrower, it being understood that written or facsimile notice by the Parent Borrower to the Administrative Agent to make a payment from the funds in the Borrower's account at the Administrative Agent's Office shall constitute the making of such payment to the extent of such funds held in such account. All repayments or prepayments of any Loans (whether of principal, interest or otherwise) hereunder and all other payments under each Credit Document shall, unless otherwise specified in such Credit Document, be made in Dollars. The Administrative Agent will thereafter cause to be distributed on the same day (if payment was actually received by the Administrative Agent prior to 12:00 noon (New York City time) or, otherwise, on the next Business Day in the Administrative Agent's sole discretion) like funds relating to the payment of principal or interest or Fees ratably to the Lenders entitled thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any payments under this Agreement that are made later than 12:00 noon (New York City time) may be deemed to have been made on the next succeeding Business Day in the Administrative Agent's sole discretion for purposes of calculating interest thereon. Except as otherwise provided herein, whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest shall be payable during such extension at the applicable rate in effect immediately prior to such extension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Net Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any and all payments by or on account of any obligation of any Credit Party hereunder or under any other Credit Document shall to the extent permitted by applicable laws be made free and clear of and without reduction or withholding for any Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If any Credit Party, the Administrative Agent or any other applicable Withholding Agent shall be required by applicable law to withhold or deduct any Taxes from any payment, then (A) such Withholding Agent shall withhold or make such deductions as are reasonably determined by such Withholding Agent to be required by applicable law, (B) such Withholding Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority, 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 or deductions have been made (including withholding or deductions applicable to additional sums payable under this <u>Section 5.4</u>) each Lender (or, in the case of a payment 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 deductions been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payment of Other Taxes by the Parent Borrower</u>. The Credit Parties shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law or timely reimburse the Administrative Agent or any Lender for the payment of any Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Indemnifications</u>. The Credit Parties shall indemnify the Administrative Agent and each Lender, and shall make payment in respect thereof within 15 days after receipt of written demand therefor, for the full amount of Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this <u>Section 5.4</u>) 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. A certificate as to the amount of any such payment or liability (along with a written statement setting forth in reasonable detail the basis and calculation of such amounts) delivered to the Parent Borrower by a Lender, or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Evidence of Payments</u>. After any payment of Taxes by any Credit Party or the Administrative Agent to a Governmental Authority as provided in this <u>Section 5.4</u>, the Parent Borrower shall deliver to the Administrative Agent or the Administrative Agent shall deliver to the Parent Borrower, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by laws to report such payment or other evidence of such payment reasonably satisfactory to the Parent Borrower or the Administrative Agent, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Status of Lenders and Tax Documentation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Lender shall deliver to the Parent Borrower and to the Administrative Agent, at such time or times reasonably requested by the Parent Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by applicable laws or by the taxing authorities of any jurisdiction and such other reasonably requested information as will permit the Parent Borrower or the Administrative Agent, as the case may be, to determine (A) whether or not any payments made hereunder or under any other Credit Document are subject to Taxes, (B) if applicable, the required rate of withholding or deduction, and (C) 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 any Credit Party pursuant to any Credit Document or otherwise to establish such Lender's status for withholding tax purposes in the applicable jurisdiction. Any documentation and information required to be delivered by a Lender pursuant to this <u>Section 5.4(e)</u> (including any specific documentation set forth in subsection (ii) below) shall be delivered by such Lender (i) on or prior to the Closing Date (or on or prior to the date it becomes a party to this Agreement), (ii) on or before any date on which such documentation expires or becomes obsolete or invalid, (iii) after the occurrence of any change in the Lender's circumstances requiring a change in the most recent documentation previously delivered by it to the Parent Borrower and the Administrative Agent, and (iv) from time to time thereafter if reasonably requested by the Parent Borrower or the Administrative Agent, and each such Lender shall promptly notify in writing the Parent Borrower and the Administrative Agent if such Lender is no longer legally eligible to provide any documentation previously provided. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in paragraphs (e)(ii)(A), (ii)(B)(1), (ii)(B)(2), (ii)(B)(3), (ii)(B)(4), (ii)(C) of this Section) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Without limiting the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any Lender that is a "United States person" within the meaning of Section 7701(a)(30) of the Code (a "**U.S. Lender**") shall deliver to the Parent Borrower and the Administrative Agent two executed copies of Internal Revenue Service Form W-9 or such other documentation or information prescribed by applicable laws or reasonably requested by the Parent Borrower or the Administrative Agent as will enable the Parent Borrower 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) each Non-U.S. 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 Credit Document shall deliver to the Parent Borrower and the Administrative Agent two of whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) executed copies of Internal Revenue Service Form W-8BEN or Form W-8BEN-E (or any applicable successor form) claiming eligibility for benefits of an income tax treaty to which the United States is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) executed copies of Internal Revenue Service Form W-8ECI (or any successor form thereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) in the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) or Section 871(h) of the Code, (x) a certificate, substantially in the form of <u>Exhibit H-1</u>, <u>H-2</u>, <u>H-3</u> or <u>H-4</u>, as applicable, (a "**Non-Bank Tax Certificate**"), to the effect that such Non-U.S. 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 Parent Borrower 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 payments under any Credit Document are effectively connected with such Non-U.S. Lender's conduct of a United States trade or business and (y) executed copies of Internal Revenue Service Form W-8BEN or Form W-8BEN-E (or any applicable successor form);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) 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 participation), Internal Revenue Service 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 Non-Bank Tax Certificate of such beneficial owner(s); <u>provided</u> that, if the Non-U.S. Lender is a partnership and not a participating Lender, the Non-Bank Tax Certificate(s) may be provided by the Non-U.S. Lender on behalf of the direct or indirect partner(s); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) executed copies of 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 laws to permit the Parent Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) if a payment made to a Lender under any Credit 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 Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Parent Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Parent Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Parent Borrower or the Administrative Agent as may be necessary for the Parent Borrower and the Administrative Agent to comply with their obligations under FATCA, to determine whether such Lender has complied with such Lender's obligations under FATCA or to determine the amount, if any, to deduct and withhold from such payment. Solely for purposes of this <u>clause (C)</u>, "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Administrative Agent is a "United States person" (as defined in Section 7701(a)(30) of the Code), it shall provide the Parent Borrower with two duly completed original copies of Internal Revenue Service Form W-9. If the Administrative Agent is not a "United States person" (as defined in Section 7701(a)(30) of the Code), it shall provide an applicable Form W-8 (together with required accompanying documentation) with respect to payments to be received by it on behalf of the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding anything to the contrary in this <u>Section 5.4</u>, no Lender or the Administrative Agent shall be required to deliver any documentation that it is not legally eligible to deliver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Treatment of Certain Refunds</u>. If the Administrative Agent or any Lender determines, in its sole reasonable discretion exercised in good faith, 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 <u>Section 5.4</u>, the Administrative Agent or such Lender (as applicable) shall promptly pay to the Parent Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Credit Parties under this <u>Section 5.4</u> with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses (including any 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); <u>provided</u> that the Parent Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to the Parent Borrower (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 refund to such Governmental Authority. In such event, the Administrative Agent or such Lender, as the case may be, shall, at the Parent Borrower's request, provide the Parent Borrower with a copy of any notice of assessment or other evidence of the requirement to repay such refund received from the relevant taxing authority (<u>provided</u> that the Administrative Agent or such Lender may delete any information therein that it deems confidential). Notwithstanding anything to the contrary in this <u>paragraph (f)</u>, in no event will the Administrative Agent or any Lender be required to pay any amount to an indemnifying party pursuant to this <u>paragraph (f)</u> the payment of which would place the Administrative Agent or any Lender in a less favorable net after-Tax position than the Administrative Agent or any Lender would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. 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 any Credit Party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For the avoidance of doubt, for purposes of this <u>Section 5.4</u>, the term "Lender" includes any Letter of Credit Issuer and the term "applicable law" includes FATCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each party's obligations under this <u>Section 5.4</u> shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under the Credit Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Computations of Interest and Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Interest on SOFR Loans and CORRA Loans shall be calculated on the basis of a 360-day year for the actual days elapsed. Interest on ABR Loans calculated based on clauses (b) or (c) of the definition of "ABR" shall be calculated on the basis of a 360-day year for the actual days elapsed and calculated based on clause (a) of the definition of "ABR" shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed. All computations of interest for loans denominated in any other Foreign Currency where the practice in the relevant foreign market is to compute interest on the basis of a year of 365 or 366 days, as the case may be, shall, in each case, be computed on the basis of a year of 365 or 366 days, as the case may be, in each case for the actual number of days elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Fees shall each be calculated on the basis of a 360-day year for the actual days elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 Limit on Rate of Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Payment Shall Exceed Lawful Rate</u>. Notwithstanding any other term of this Agreement, the Parent Borrower shall not be obliged to pay any interest or other amounts under or in connection with this Agreement or otherwise in respect of the Obligations in excess of the amount or rate permitted under or consistent with any applicable law, rule or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payment at Highest Lawful Rate</u>. If the Parent Borrower is not obliged to make a payment that it would otherwise be required to make, as a result of <u>Section 5.6(a)</u>, the Parent Borrower shall make such payment to the maximum extent permitted by or consistent with applicable laws, rules, and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Adjustment if Any Payment Exceeds Lawful Rate</u>. If any provision of this Agreement or any of the other Credit Documents would obligate the Parent Borrower to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate that would be prohibited by any applicable law, rule or regulation, then notwithstanding such provision, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by law, such adjustment to be effected, to the extent necessary, by reducing the amount or rate of interest required to be paid by the Parent Borrower to the affected Lender under <u>Section 2.8</u>; <u>provided</u> that to the extent lawful, the interest or other amounts that would have been payable but were not payable as a result of the operation of this Section shall be cumulated and the interest payable to such Lender in respect of other Loans or periods shall be increased (but not above the maximum rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.

Notwithstanding the foregoing, and after giving effect to all adjustments contemplated thereby, if any Lender shall have received from the Parent Borrower an amount in excess of the maximum permitted by any applicable law, rule or regulation, then the Parent Borrower shall be entitled, by notice in writing to the Administrative Agent, to obtain reimbursement from that Lender in an amount equal to such excess, and pending such reimbursement, such amount shall be deemed to be an amount payable by that Lender to the Parent Borrower.

Section 6. <u>Conditions Precedent to Initial Borrowing</u>.

Any Borrowing of Revolving Credit Loans or issuance of Letters of Credit, in each case on the Closing Date, under this Agreement is subject to the satisfaction of the following conditions precedent, except as otherwise agreed between the Parent Borrower and the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Credit Documents</u>.

The Administrative Agent (or its counsel) shall have received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this Agreement, executed and delivered by a duly Authorized Officer of the Parent Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Guarantee, executed and delivered by a duly Authorized Officer of the Guarantors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Pledge Agreement, executed and delivered by a duly Authorized Officer of the Parent Borrower and each Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Collateral</u>. Except for any items referred to on <u>Schedule 9.18</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all outstanding equity interests constituting Collateral in whatever form that is directly owned by or on behalf of any Credit Party and required to be pledged pursuant to the Security Documents shall have been pledged pursuant thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the extent received from the Company, the Collateral Agent shall have received the certificates (if any) representing equity interests constituting Collateral, in each case, to the extent required to be delivered under the Security Documents and pledged under the Security Documents to the extent certificated, accompanied by instruments of transfer and undated stock powers endorsed in blank; and

<u>provided</u> that to the extent any security interest in any Collateral is not or cannot be provided and/or perfected on the Closing Date (other than the pledge and perfection of the security interests (i) in the "certificated securities" (within the meaning of 8-102(a)(4) of the Uniform Commercial Code), if any, representing any Collateral and (ii) in other assets with respect to which a lien may be perfected by the filing of a financing statement under or in connection with the Uniform Commercial Code) after the Parent Borrower's use of commercially reasonable efforts to do so or without undue burden or expense, then the provision and/or perfection of a security interest in such Collateral shall not constitute a condition precedent to any Credit Event on the Closing Date but instead shall be required to be delivered and/or perfected after the Closing Date (but, in any event, not later than 90 days after the Closing Date or such longer period as may be agreed by the Administrative Agent in its reasonable discretion and the Parent Borrower acting reasonably, without any requirement for Lender consent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Legal Opinions</u>. The Administrative Agent (or its counsel) shall have received the executed legal opinion, in customary form, of Paul, Weiss, Rifkind, Wharton & Garrison LLP, counsel to the Credit Parties. The Parent Borrower hereby instruct and agree to instruct the other Credit Parties to have such counsel deliver such legal opinions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>[Reserved.]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Closing Certificates</u>. The Administrative Agent (or its counsel) shall have received (x) a certificate of each of the Parent Borrower and each other Guarantor, dated the Closing Date, substantially in the form of <u>Exhibit D</u>, with appropriate insertions, executed by any Authorized Officer and the Secretary or any Assistant Secretary of the Parent Borrower and each other Guarantor, as applicable and (y) a certificate executed by an Authorized Officer of the Parent Borrower certifying as to the accuracy in all material respects of the Specified Representations, substantially in the form of <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>Authorization of Proceedings of the Parent Borrower and the Guarantors; Corporate Documents</u>. The Administrative Agent shall have received (i) a copy of the resolutions of the general partner, board of directors, member(s), trustee(s) or other governing bodies, as applicable, of the Parent Borrower and the Guarantors (or a duly authorized committee thereof) authorizing (a) the execution, delivery, and performance of the Credit Documents (and any agreements relating thereto) to which it is a party and (b) in the case of the Parent Borrower, the extensions of credit contemplated hereunder, (ii) the certificate of incorporation and by-laws, certificate of formation and operating agreement or other comparable organizational documents, as applicable, of the Parent Borrower and the Guarantors and (iii) signature and incumbency certificates (or other comparable documents evidencing the same) of the Authorized Officers of the Parent Borrower and the Guarantors executing the respective Credit Documents to which they are a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <u>Fees</u>. All fees required to be paid on the Closing Date (including pursuant to the Fee Letter) and reasonable out-of-pocket expenses required to be paid on the Closing Date pursuant to the Commitment Letter, to the extent invoiced at least three (3) Business Days prior to the Closing Date (except as otherwise reasonably agreed by the Parent Borrower) shall, upon the initial Credit Event on the Closing Date hereunder, have been, or will be substantially simultaneously, paid (which amounts may, at the option of the Parent Borrower, be offset against the proceeds of any of the Revolving Credit Facility or any First Tier Facility).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 <u>Solvency Certificate</u>. The Joint Lead Arrangers shall have received a certificate, dated as of the Closing Date and substantially in the form of <u>Exhibit J</u>, from the Chief Executive Officer, the President, the Chief Financial Officer, the Treasurer, the Vice President-Finance, a Director, a Manager, or any other senior financial officer of the Parent Borrower (or of the Parent Borrower's general partner) to the effect that after giving effect to the Transactions, the Parent Borrower on a consolidated basis with its Subsidiaries is Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 <u>Financial Statements</u>. The Joint Lead Arrangers shall have received the Company Financial Statements that have been filed on or prior to the date of the Commitment Letter (which such receipt has been acknowledged by the Joint Lead Arrangers under the Commitment Letter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 <u>Refinancing</u>. Prior to or substantially simultaneously with the initial Credit Event on the Closing Date hereunder, the Closing Date Refinancing shall be consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 <u>Notice of Revolving Credit Loan Borrowing; Letter of Credit Request</u>. (a) The Administrative Agent (or its counsel) shall have received (a) a Notice of Borrowing with respect to any Revolving Credit Loans to be borrowed on the Closing Date meeting the requirements of <u>Section 2.3</u> and (b) the Administrative Agent and each applicable Letter of Credit Issuer shall have received a Letter of Credit Request with respect to any Letters of Credit to be issued on the Closing Date meeting the requirements of <u>Section 3.2(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 <u>Representations and Warranties</u>. On the Closing Date, (a) the Company Representations shall be true and correct to the extent required by the definition thereof and (b) the Specified Representations shall be true and correct in all material respects (except in the case of any Specified Representation that is expressly related to a given date or period, in which case such representation and warranty shall be true and correct in all material respects as of the respective date for the respective period, as the case may be); <u>provided</u> that to the extent any of the Specified Representations are qualified or subject to "material adverse effect", "material adverse change" or similar term or qualification, the definition thereof shall be the definition of Company Material Adverse Effect for purposes of any such representations and warranties made or deemed made on, or as of, the Closing Date (or any date prior thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 <u>Acquisition</u>. Prior to, or substantially concurrently with the initial Credit Event on the Closing Date hereunder, the Plan Acquisition and each Third Party Acquisition with respect to a Third Party Acquired Asset that is not subject to a Permitted Deferral and the Evoque Transaction shall have been consummated in all material respects in accordance with the terms of the Acquisition Agreement, the applicable Third Party Acquisition Agreements and the Evoque Transaction Agreement, as applicable, without giving effect to any modifications, amendments or express waivers by the Parent Borrower (or its Affiliates) thereto that are materially adverse to the Lenders without the consent of the Lenders having (or whose Affiliates have) a majority in aggregate principal amount of the Revolving Credit Commitments as of the Closing Date (the "**Majority Lead Arrangers**"; *provided* that, as of the relevant date of determination (i) the Revolving Credit Facility Administrative Agent, as applicable, shall be included in the determination of Majority Lead Arrangers and (ii) if the aggregate commitments of an Initial Commitment Party and its affiliates have not been reduced below 20% of the aggregate commitments in respect of the Credit Facilities, such Initial Commitment Party shall be included in the determination of Majority Lead Arrangers) (in each case, not to be unreasonably withheld, conditioned or delayed), it being understood and agreed that (a) any change to the definition of "Material Adverse Effect" (as defined in the Acquisition Agreement) shall be deemed materially adverse to the Lenders, (b) any modification or amendment to, or waiver of, the condition to closing set forth in Section 8.1.2 (or equivalent) of each Third Party Acquisition Agreement shall be deemed materially adverse to the Lenders (in the case of a Third Party Acquisition Agreement, solely with respect to such Third Party Acquisition) and (c) any modification, amendment or express waiver or consents by the Parent Borrower (or its Affiliates) that results in an increase or reduction in the purchase price in respect of the Acquisition shall be deemed to not be materially adverse to the Lenders so long as (i) any increase in such purchase price is funded with amounts permitted to be drawn on the Closing Date under the Revolving Credit Facility or by an increase in the Equity Contribution and (ii) any reduction shall be allocated to reduce each of the Revolving Credit Facility and the First Tier Facilities on a pro rata basis (or, at the election of the Parent Borrower, to reduce the Revolving Credit Facility and the First Tier Facilities on a non-pro rata basis as determined by the Parent Borrower in its sole discretion); <u>provided</u> that the Majority Lead Arrangers shall be deemed to have consented to such amendment, waiver or consent unless they shall object thereto within five (5) Business Days (as defined in the Acquisition Agreement) after notice of such proposed amendment, waiver or consent is delivered to the Majority Lead Arrangers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 <u>Patriot Act</u>. The Administrative Agent and the Joint Lead Arrangers shall have received, to the extent requested of the Parent Borrower at least ten (10) Business Days prior to the Closing Date, all documentation and information about the Credit Parties (a)(i) required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act and regulations pertaining to beneficial ownership of legal entity customers (such rules and regulations, the "**KYC Rules**"), at least three (3) Business Days prior to the Closing Date and (ii)(A) set forth on the list of KYC Rules delivered to the Parent Borrower on or prior to October 31, 2023 or (B) in connection with the appointment of any Additional Commitment Party (as defined in the Commitment Letter), delivered to the Parent Borrower by such Additional Commitment Party on or prior to the date that such Additional Commitment Party became party to the Commitment Letter and (b) all other documentation and other information about the Credit Parties that is (i) requested in writing at least fifteen (15) Business Days prior to the Closing Date by the Administrative Agent or the Joint Lead Arrangers and (ii) (A) required by regulatory authorities under the KYC Rules as a result of a change to the KYC Rules occurring after October 31, 2023, (B) required as a result of the occurrence of any change in the Administrative Agent's or any Joint Lead Arranger's, as applicable, circumstances, which change results in additional information being required under the KYC Rules, (C) after the Administrative Agent's or Joint Lead Arrangers' review of any information delivered pursuant to this <u>Section 6.14</u>, reasonably determined to be required under the KYC Rules or (D) readily available and customarily delivered by portfolio company affiliates of the Sponsor in the United States in connection with bank financings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15 <u>No Company Material Adverse Effect</u>. Since the date of the Acquisition Agreement, no Company Material Adverse Effect shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16 <u>Evoque Transaction</u>. Prior to, or substantially concurrently with the initial Credit Event on the Closing Date hereunder, the Evoque Transaction shall have been consummated in accordance with the terms of the Evoque Transaction Agreement, and the Borrower shall have delivered a certificate, dated as of the Closing Date and substantially in the form of <u>Exhibit A</u>, executed by an Authorized Officer of the Parent Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17 <u>Bankruptcy</u>. Prior to or substantially concurrently with the initial Credit Event on the Closing Date hereunder, the Effective Date (as defined in the Chapter 11 Plan) of the Chapter 11 Plan shall have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18 <u>Quality of Earnings Report</u>. Prior to, or substantially concurrently with the initial Credit Event on the Closing Date hereunder, the Lead Arrangers shall have received a quality of earnings report in respect of the NOI of the Properties, which quality of earnings report shall be for the most recently completed quarter for the date that is ninety (90) days before the Closing Date.

For purposes of determining compliance with the conditions specified in <u>Section 6</u> on the Closing Date, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

Section 7. <u>Conditions Precedent to All Credit Events after the Closing Date</u>.

After the Closing Date, and subject to, in the case of <u>Section 7.1</u> below, the terms of <u>Section 1.12(c)</u>, to the extent the proceeds of any Loan are being used to finance a Limited Condition Transaction, the agreement of each Lender to make any Loan requested to be made by it on any date (excluding Revolving Credit Loans required to be made by the Revolving Credit Lenders in respect of Unpaid Drawings pursuant to <u>Sections 3.3</u> and <u>3.4</u>) and the obligation of each Letter of Credit Issuer to issue (but, for the avoidance of doubt, excluding any auto-renewal or evergreen extensions thereof) Letters of Credit on any date is subject to the satisfaction (or waiver) of the following conditions precedent contained in <u>Sections 7.1</u> and <u>7.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>No Event of Default; Representations and Warranties</u>. Subject to <u>Section 1.12(c)</u>, at the time of each Credit Event and also after giving effect thereto (other than any Credit Event on the Closing Date or pursuant to any Loan made pursuant to <u>Section 2.14</u> (which shall be subject to the applicable terms of <u>Section 2.14</u>)) (a) no Event of Default shall have occurred and be continuing and (b) all representations and warranties made by any Credit Party contained herein or in the other Credit Documents shall be true and correct in all material respects (provided that any such representations and warranties which are qualified by materiality, material adverse effect or similar language shall be true and correct in all respects) with the same effect as though such representations and warranties had been made on and as of the date of such Credit Event (except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects (provided that any such representations and warranties which are qualified by materiality, material adverse effect or similar language shall be true and correct in all respects) as of such earlier date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>LTV.</u> Immediately after giving effect to the applicable Credit Event, the Parent Borrower shall be in compliance on a Pro Forma Basis with a LTV that does not exceed 75%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 Notice of Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the making of each Revolving Credit Loan (other than any Revolving Credit Loan made pursuant to <u>Section 3.4(a)</u>), the Administrative Agent shall have received a Notice of Borrowing meeting the requirements of <u>Section 2.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to the issuance of each Letter of Credit, the Administrative Agent and such Letter of Credit Issuer shall have received a Letter of Credit Request meeting the requirements of <u>Section 3.2(a).</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Drawstop Event Period</u>. Subject to <u>Section 1.12(c)</u>, at the time of each Credit Event (other than any Credit Event on the Closing Date or pursuant to any Loan made pursuant to <u>Section 2.14</u> (which shall be subject to the applicable terms of <u>Section 2.14</u>)), no Drawstop Event Period shall have occurred and be continuing.

The acceptance of the benefits of each Credit Event shall constitute a representation and warranty by each Credit Party to each of the Lenders that all the applicable conditions specified in <u>Section 7</u> above have been satisfied as of that time.

Section 8. <u>Representations and Warranties</u>.

In order to induce the Lenders to enter into this Agreement and to make the Loans and issue or participate in Letters of Credit as provided for herein, the Parent Borrower makes the following representations and warranties to the Lenders, all of which shall survive the execution and delivery of this Agreement, the making of the Loans and the issuance of the Letters of Credit (it being understood that the following representations and warranties shall be deemed made with respect to any Foreign Subsidiary only to the extent relevant under applicable law); <u>provided</u> that on the Closing Date, the representations and warranties shall be limited to Specified Representations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Corporate Status</u>. Each Credit Party (i) is a duly organized and validly existing corporation, limited liability company or other entity in good standing (if applicable) under the laws of the jurisdiction of its organization and has the corporate, limited liability company or other organizational power and authority to own its property and assets and to transact the business in which it is engaged and (ii) has duly qualified and is authorized to do business and is in good standing (if applicable) in all jurisdictions where it is required to be so qualified, except where the failure to be so qualified would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Corporate Power and Authority</u>. Each Credit Party has the corporate or other organizational power and authority to execute, deliver and carry out the terms and provisions of the Credit Documents to which it is a party and has taken all necessary corporate or other organizational action to authorize the execution, delivery and performance of the Credit Documents to which it is a party. Each Credit Party has duly executed and delivered each Credit Document to which it is a party and each such Credit Document constitutes the legal, valid, and binding obligation of such Credit Party enforceable in accordance with its terms (provided that, with respect to the creation and perfection of security interests with respect to Indebtedness, Capital Stock and Stock Equivalents of Foreign Subsidiaries, only to the extent enforceability of such obligation with respect to which Capital Stock and Stock Equivalents of Foreign Subsidiaries is governed by the Uniform Commercial Code), except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors' rights generally and subject to general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>No Violation</u>. Neither the execution, delivery or performance by any Credit Party of the Credit Documents to which it is a party nor compliance with the terms and provisions thereof nor the consummation of the Transactions and the other transactions contemplated hereby or thereby will (i) contravene any applicable provision of any material law, statute, rule, regulation, order, writ, injunction or decree of any court or governmental instrumentality, other than any such contravention that would not reasonably be expected to result in a Material Adverse Effect, (ii) result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien upon any of the property or assets of such Credit Party (other than Liens created under the Credit Documents or Permitted Liens) pursuant to, the terms of any material indenture, loan agreement, lease agreement, mortgage, deed of trust, agreement or other material instrument to which such Credit Party is a party or by which it or any of its property or assets is bound (any such term, covenant, condition or provision, a "**Contractual Requirement**") other than any such breach, default or Lien that would not reasonably be expected to result in a Material Adverse Effect or (iii) violate any provision of the certificate of incorporation, by-laws, articles or other organizational documents of such Credit Party (after giving effect to the Transactions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <u>Litigation</u>. There are no actions, suits or proceedings pending or, to the knowledge of the Parent Borrower, threatened in writing against the any Credit Party that would reasonably be expected to be determined adversely and, if so, to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 <u>Margin Regulations</u>. Neither the making of any Loan hereunder nor the use of the proceeds thereof will violate the provisions of Regulation T, U or X of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 <u>Governmental Approvals</u>. The execution, delivery and performance of each Credit Document does not require any consent or approval of, registration or filing with, or other action by, any Governmental Authority, except for (i) such as have been obtained or made and are in full force and effect, (ii) filings, consents, approvals, registrations and recordings in respect of the Liens created pursuant to the Security Documents (and to release existing Liens), and (iii) such licenses, approvals, authorizations, registrations, filings or consents the failure of which to obtain or make would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 <u>Investment Company Act</u>. None of the Parent Borrower or any other Credit Party is required to be registered as an "investment company" under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 <u>True and Complete Disclosure</u>. None of the written factual information and written data (taken as a whole) heretofore furnished by or on behalf of the Parent Borrower, any of the other Credit Parties or any of their respective authorized representatives (at the Parent Borrower's direction) to the Administrative Agent, any Joint Lead Arranger, and/or any Lender on or before the Closing Date (and with respect to any such factual information and data so furnished with respect the Company and its Subsidiaries as of the Closing Date, to the Parent Borrower's knowledge) (including all such written information and data contained in any information memoranda and the Credit Documents) for purposes of or in connection with this Agreement or any transaction contemplated herein contained any untrue statement of any material fact or omitted to state any material fact necessary to make the statements contained therein not materially misleading at such time in light of the circumstances under which such statements were made (after giving effect to all supplements and updates thereto from time to time), it being understood and agreed that for the purposes of this <u>Section 8.8(a)</u>, such factual information and data shall not include pro forma financial information, projections, budgets, estimates (including financial estimates, forecasts, and other forward-looking information) or other forward looking information or information of a general economic or industry specific nature (collectively, "**Forward-Looking Information**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 <u>Financial Condition; Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company Financial Statements, in each case present fairly in all material respects the consolidated financial position of the Company at the respective dates of said information, statements and results of operations for the respective periods covered thereby. The Company Financial Statements have been prepared in accordance with GAAP consistently applied except to the extent provided in the notes to said financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since the Closing Date, there has been no Material Adverse Effect that has occurred and is continuing.

Each Lender and the Administrative Agent hereby acknowledges and agrees that the Parent Borrower and its Subsidiaries may be required to restate historical financial statements as the result of the implementation of changes in GAAP or IFRS, or the respective interpretation thereof, and that such restatements will not result in a Default or an Event of Default under the Credit Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 <u>Compliance with Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Credit Party and Subsidiary of a Credit Party is in compliance with all Requirements of Law applicable to it or its property, including without limitation all applicable laws, binding industry standards, or contractual obligations that relate to privacy, data protection or data transfer issues, or the Processing of Personal Information, data breach disclosure and notification, or marketing (collectively, "**Privacy Laws**"), except where the failure to be so in compliance with Privacy Laws would not reasonably be expected to result in a Material Adverse Effect. To the knowledge of the Parent Borrower, neither the Parent Borrower nor the other Credit Parties have experienced a material Data Security Breach that has not been remedied in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither any Borrower, any Credit Party, nor any Subsidiary of any Credit Party or any Borrower has violated, conspired to violate, or aided and abetted the violation of the Anticorruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither any Borrower, any Credit Party, any Subsidiary of any Credit Party or any Borrower, or any direct shareholder of Sponsor, Borrower is (i) a Sanctioned Person, or (ii) located, organized or resident in a Sanctioned Country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the past three years, there have been no formal or informal proceedings, allegations, investigations, or inquiries pending, or, to the knowledge of the Parent Borrower, threatened against any Borrower, any Credit Party or any Subsidiary of a Credit Party or a Borrower concerning material violations of any Sanctions, Anticorruption Laws or AML Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Credit Parties have and have implemented policies and controls reasonably designed to ensure compliance with the Anticorruption Laws, Sanctions and AML Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 <u>Tax Matters</u>. Except as would not reasonably be expected to have a Material Adverse Effect, (a) the Parent Borrower and each of the other Credit Parties has filed all Tax returns required to be filed by it and has timely paid all Taxes payable by it (including in its capacity as withholding agent) that have become due, other than those being contested in good faith and by proper proceedings if it has maintained adequate reserves (in the good faith judgment of management of the Parent Borrower or such Credit Party, as applicable) with respect thereto in accordance with GAAP and (b) the Parent Borrower and each of the other Credit Parties has paid, or has provided adequate reserves (in the good faith judgment of management of the Parent Borrower or such Credit Party, as applicable) in accordance with GAAP for the payment of all Taxes not yet due and payable. There is no current or proposed Tax assessment, deficiency or other claim against the Parent Borrower or any other Credit Party that would reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12 <u>Compliance with ERISA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as would not reasonably be expected to have a Material Adverse Effect, no ERISA Event has occurred or is reasonably expected to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as would not reasonably be expected to have a Material Adverse Effect, no Foreign Plan Event has occurred or is reasonably expected to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13 <u>Subsidiaries</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Schedule 8.13</u> lists each Subsidiary of the Parent Borrower (and the direct and indirect ownership interest of the Parent Borrower therein, and whether such Subsidiary is a Foreign First-Tier Finance Holdings Subsidiary), in each case, existing on the Third Amendment Effective Date after giving effect to the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each first-tier Subsidiary of the Parent Borrower that is organized under the laws of any jurisdiction other than the United States, any state thereof or the District of Columbia that owns a Borrower (as defined in the US Balance Sheet Loan Agreement) (a "**Foreign First-Tier Finance Holdings Subsidiary**") is (i) a holding company, with no operations beyond the ownership of the equity interests of its subsidiaries and (ii) has not incurred any Indebtedness or granted any Liens to any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14 <u>Intellectual Property</u>. Each of the Parent Borrower and the other Credit Parties (or, in connection with a Permitted Securitization Financing, a Securitization Entity) owns or has the right to use all Intellectual Property that is used in or otherwise necessary for the operation of their respective businesses in the United States as currently conducted, except where the failure to own or have a right to use such Intellectual Property would not reasonably be expected to have a Material Adverse Effect. The current operation of their respective businesses by each of the Parent Borrower and the other Credit Parties does not infringe upon, misappropriate or violate the Intellectual Property of any third party, except as would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15 <u>Environmental Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as would not reasonably be expected to have a Material Adverse Effect: (i) each of the Parent Borrower and the other Credit Parties and their respective operations and the operations of any tenants and subtenants of the Credit Parties are in compliance with all applicable Environmental Laws; (ii) none of the Parent Borrower or any other Credit Party has received written notice of any Environmental Claim; (iii) none of the Parent Borrower or any other Credit Party is conducting any investigation, removal, remedial or other corrective action pursuant to any Environmental Law at any location; (iv) none of the Parent Borrower or any other Credit Party has received written notice alleging it is subject to any Environmental Liability; and (v) to the knowledge of the Parent Borrower, no underground or above ground storage tank or related piping, or any impoundment or other disposal area containing Hazardous Materials is located at, on or under any Real Estate currently owned or operated by the Parent Borrower or any of the Credit Parties so as would reasonably be expected to give rise to an Environmental Liability or Environmental Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the Parent Borrower or any of the other Credit Parties has treated, stored, transported, Released or arranged for disposal or transport for disposal or treatment of Hazardous Materials at, on, under or from any currently or, to the knowledge of the Parent Borrower, formerly owned or operated property of the Parent Borrower or any of the Credit Parties, nor, to the knowledge of the Parent Borrower, has there been any other Release of Hazardous Materials by any other Person at, on, under or from any such properties, in each case in a manner that would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16 <u>Properties</u>. Each of the Parent Borrower and the other Credit Parties has good and valid record title to, valid leasehold interests in, or rights to use, all tangible properties that are necessary for the operation of their respective businesses as currently conducted and as proposed to be conducted, free and clear of all Liens (other than any Liens permitted by this Agreement) and except where the failure to have such title, interest or rights would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.17 <u>Closing Date Solvency</u>. On the Closing Date (after giving effect to the Transactions) immediately following the making of the Loans and after giving effect to the application of the proceeds of such Loans, the Parent Borrower on a consolidated basis with its Subsidiaries will be Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.18 <u>Use of Proceeds</u>. On the Closing Date, the use of proceeds of the Loans will not violate any Anticorruption Laws, AML Laws or Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.19 <u>Sanctions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither any Borrower, any Credit Party, any Subsidiary of any Credit Party or any Borrower, nor to the knowledge of the Parent Borrower, the respective directors or officers of any Borrower or Credit Party is a Sanctioned Person, and no Sanctioned Person owns any direct or indirect equity interest in any Borrower or any Credit Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the funds or other assets of any Borrower, or any Credit Party constitute property of, or are beneficially owned, directly or indirectly, by any Sanctioned Person unless such ownership interest has been blocked in accordance with applicable Requirements of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) None of any Borrower or any Credit Party, nor any of their respective subsidiaries will, directly or indirectly, transfer or use in any way the proceeds of the Loans to fund any activities or business of, with, in, or relating to any Sanctioned Person or Sanctioned Territory or in any other manner in violation of Sanctions, AML Laws or Anticorruption Laws.

Section 9. <u>Affirmative Covenants</u>.

The Parent Borrower hereby covenants and agrees that on the Closing Date and thereafter, until the Revolving Credit Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Information Covenants</u>. The Parent Borrower will furnish to the Administrative Agent (which shall promptly make such information available to the Lenders in accordance with its customary practice):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Annual Financial Statements</u>. On or before the date that is (i) 150 days after the end of the fiscal year of the Parent Borrower ending December 31, 2024 and (ii) 120 days after the end of each fiscal year of the Parent Borrower of the Parent Borrower thereafter, the consolidated balance sheets of the Parent Borrower and its Subsidiaries as at the end of such fiscal year, and the related consolidated income statements and cash flows for such fiscal year, and, commencing with the financial statements for the fiscal year ended December 31, 2025, setting forth comparative consolidated figures for the preceding fiscal years, all in reasonable detail and prepared in accordance with GAAP (it being agreed that such annual financial statements may be a set of stub financials covering the period commencing on the Closing Date through December 31, 2024), and, in each case, certified by an independent certified public accountants of recognized national standing whose opinion shall not be qualified (<u>provided</u> that, for the avoidance of doubt, an explanatory or emphasis of matter paragraph does not constitute a qualification) as to the scope of audit or as to the status of the Parent Borrower or any of the Credit Parties as a going concern (other than any qualification, that is expressly solely with respect to, or resulting solely from, (i) an upcoming maturity date under any Indebtedness, (ii) any actual or potential inability to satisfy a financial maintenance covenant at such time or on a future date or in a future period or (iii) solely with respect to the scope of audit, any change in accounting principles or practices reflecting changes in GAAP or IFRS that are required or approved by the Borrower's independent registered public accountants).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Quarterly Financial Statements</u>. Commencing with the fiscal quarter ending March 31, 2024 (it being agreed that such quarterly financial statements in respect of the fiscal quarter ending March 31, 2024 may be a set of stub financials covering the period commencing on the Closing Date through the end of such fiscal quarter), (i) on or before the date that is 60 days after the end of the first three fiscal quarters of each fiscal year of the Parent Borrower (or, for the fiscal quarters ending March 31, 2024, June 30, 2024 and September 30, 2024, 90 days after the end of such fiscal quarter of the Parent Borrower) and (ii) solely for the fiscal quarter of the Parent Borrower ending December 31, 2024, on or before the date that is 120 days after December 31, 2024, the unaudited consolidated balance sheets of the Parent Borrower and its Subsidiaries as at the end of such quarterly period and the related consolidated income statements for such quarterly accounting period and for the elapsed portion of the fiscal year ended with the last day of such quarterly period, and the related consolidated statement of cash flows for the elapsed portion of the fiscal year ended with the last day of the applicable quarterly period, and commencing with the quarter ending March 31, 2025, setting forth comparative consolidated figures for the related periods in the prior fiscal year or, in the case of such consolidated balance sheet, for the last day of the related period in the prior fiscal year, all of which shall be certified by an Authorized Officer of the Parent Borrower as fairly presenting in all material respects the financial condition, results of operations and cash flows of the Parent Borrower and its Subsidiaries in accordance with GAAP (except as noted therein), subject to changes resulting from normal year-end adjustments and the absence of footnotes, as required by GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Budgets</u>. Prior to an IPO, within 120 days after the commencement of each fiscal year of the Parent Borrower (or 150 days after the commencement of the fiscal year ending December 31, 2024) a consolidated budget of the Parent Borrower in reasonable detail on a quarterly basis for such fiscal year as customarily prepared by management of the Parent Borrower for its internal use, setting forth the principal assumptions upon which such budget is based; *provided* that delivery of a budget to the Administrative Agent satisfying the requirements of Section 5.1.11(d) of the US Balance Sheet Loan Facility shall be deemed to satisfy the requirements of this Section 9.1(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Officer's Certificates</u>. Not later than five days after the delivery of the financial statements provided for in <u>Sections 9.1(a)</u> and <u>(b)</u>, commencing with the financial statements in respect of the fiscal quarter ending March 31, 2024, a certificate of an Authorized Officer of the Parent Borrower substantially in the form of <u>Exhibit K</u> (i) setting forth a calculation of Consolidated EBITDA for the relevant period with a separate line item and brief description for each add-back and clause in the definition of Consolidated EBITDA and (ii)(a) to the effect that no Default or Event of Default exists or, (b) if any Default or Event of Default does exist, specifying the nature and extent thereof, as the case may be (in each case, which certificate shall set forth the LTV as of the end of the applicable period covered by such financial statements to the extent necessary for purposes of determining the amount of Excess Cash Flow required to be prepaid under Section 5.2(a)). At the time of the delivery of the financial statements provided for in <u>Section 9.1(a)</u>, a certificate of an Authorized Officer of the Parent Borrower setting forth changes to the legal name, jurisdiction of formation, type of entity and organizational number (or equivalent) to the Person organized in a jurisdiction where an organizational identification number is required to be included in a Uniform Commercial Code financing statement, in each case for each Credit Party or confirming that there has been no change in such information since the Closing Date or the date of the most recent certificate delivered pursuant to this <u>clause (d)</u>, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Notice of Default or Litigation</u>. Promptly after an Authorized Officer of the Parent Borrower or any of the other Credit Parties obtains knowledge thereof, notice of (i) the occurrence of any event that constitutes a Default or Event of Default, which notice shall specify the nature thereof, the period of existence thereof and what action the Parent Borrower or such Credit Party proposes to take with respect thereto and (ii) any litigation or governmental proceeding pending against the Parent Borrower or any of the other Credit Parties that would reasonably be expected to be determined adversely and, if so determined, to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Environmental Matters</u>. Promptly after an Authorized Officer of the Parent Borrower or any of the other Credit Parties obtains knowledge of any one or more of the following environmental matters, unless such environmental matters would not reasonably be expected to result in a Material Adverse Effect, notice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any pending or threatened Environmental Claim against any Credit Party or any Real
Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Environmental Liability of any Credit Party with respect to, arising from or relating to the use, ownership or operation of the Real Estate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the conduct of any investigation, or any removal, remedial or other corrective action in response to the actual or alleged presence or Release or threatened Release or exposure of any Person to of any Hazardous Material on, at, under or from any Real Estate.

All such notices shall describe in reasonable detail the nature of the claim, liability, investigation or removal, remedial or other corrective action in response thereto. The term "**Real Estate**" shall mean land, buildings, facilities and improvements owned or leased by any Credit Party.

Notwithstanding the foregoing, the obligations in <u>clauses (a)</u> and <u>(b)</u> of this <u>Section 9.1</u> may be satisfied with respect to financial information of the Parent Borrower and its Subsidiaries by furnishing (A) the applicable financial statements of any direct or indirect parent of the Parent Borrower or (B) the Parent Borrower's (or any direct or indirect parent thereof), as applicable, Form 10-K or 10-Q, as applicable, filed with the SEC; <u>provided</u> that, with respect to each of subclauses (A) and (B) of this paragraph, to the extent such information relates to a parent of the Parent Borrower, such information is accompanied by consolidating or other information that explains in reasonable detail the differences between the information relating to such parent, on the one hand, and the information relating to the Parent Borrower and its Subsidiaries on a standalone basis, on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Other Information</u>. Such other existing information (financial or otherwise) concerning the Parent Borrower and the Credit Parties as the Administrative Agent on its own behalf or on behalf of any Lender (acting through the Administrative Agent) may reasonably request in writing from time to time (but no more frequently than once per calendar year); <u>provided</u> that none of the Borrower nor any Subsidiary will be required to disclose or permit the inspection or discussion of any document, information or other matter (i) that constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their respective contractors) is prohibited by law, or any binding agreement (iii) that is subject to attorney-client or similar privilege or constitutes attorney work product, (iv) that is otherwise subject to Section 13.16 or the limitations set forth in Section 9.2 or (v) that requires the Parent Borrower or any Credit Party to incur costs in connection with the preparation by a third party of any new report or assessment.

Documents required to be delivered pursuant to <u>clauses (a)</u> and <u>(b)</u> of this <u>Section 9.1</u> may be delivered electronically and if so delivered, shall be deemed to have been delivered on the earliest date on which (i) the Parent Borrower posts such documents, or provides a link thereto on the Parent Borrower's website on the Internet; (ii) such documents are posted on the Parent Borrower's behalf on IntraLinks/IntraAgency or another website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent), or (iii) if applicable, such financial statements and/or other documents are posted on the SEC's website on the internet at www.sec.gov; <u>provided</u> that (A) the Parent Borrower shall, at the request of the Administrative Agent, continue to deliver copies (which delivery may be by electronic transmission) of such documents to the Administrative Agent and (B) the Parent Borrower shall notify (which notification may be by facsimile or electronic transmission) the Administrative Agent of the posting of any such documents on any website described in this paragraph. Each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such documents from the Administrative Agent and maintaining its copies of such documents.

Notwithstanding the foregoing, the obligations in <u>clause (a)</u> of this <u>Section 9.1</u> with respect to the fiscal year ending December 31, 2022 shall be deemed satisfied with respect to financial information of the Parent Borrower and its Subsidiaries by furnishing (A) the financial statements of the Parent Borrower and its Subsidiaries for the period commencing on January 1, 2022 and ending March 25, 2022 (predecessor) and (B) the financial statements of the Parent Borrower and its Subsidiaries for the period commencing on March 25, 2022 and ending December 31, 2022 (successor).

Each Credit Party hereby acknowledges and agrees that, unless the Parent Borrower notifies the Administrative Agent in advance, all financial statements and certificates furnished pursuant to <u>Sections 9.1(a)</u>, <u>(b)</u> and <u>(d)</u> above are hereby deemed to be suitable for distribution, and to be made available, to all Lenders and may be treated by the Administrative Agent and the Lenders as not containing any material nonpublic information; <u>provided</u> that any failure by the Parent Borrower to so notify the Administrative Agent shall not constitute a Default or Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Books, Records, and Inspections</u>. The Parent Borrower will, and will cause each other Credit Party to, permit officers and designated representatives of the Administrative Agent or the Required Lenders to visit and visually inspect any of the properties or assets of the Parent Borrower and any such Credit Party in whomsoever's possession to the extent that it is within such party's control to permit such inspection (and shall use commercially reasonable efforts to cause such inspection to be permitted to the extent that it is not within such party's control to permit such inspection), and to examine the books and records of the Parent Borrower and any such Credit Party and discuss the affairs, finances and accounts of the Parent Borrower and of any such Credit Party with, and be advised as to the same by, its and their officers and independent accountants, all at such reasonable times and intervals and to such reasonable extent as the Administrative Agent or the Required Lenders may desire (and subject, in the case of any such meetings or advice from such independent accountants, to such accountants' customary policies and procedures); <u>provided</u> that, excluding any such visits and inspections during the continuation of an Event of Default, (a) only the Administrative Agent on behalf of the Required Lenders may exercise rights of the Administrative Agent and the Lenders under this <u>Section 9.2</u>, (b) the Administrative Agent shall not exercise such rights more than one time in any calendar year, which visit will be at the Parent Borrower's expense and (c) notwithstanding anything to the contrary in this <u>Section 9.2</u>, none of the Parent Borrower or any of its Subsidiaries will be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter that (i) constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by law or any agreement binding on a third-party or (iii) is subject to attorney-client or similar privilege or constitutes attorney work product; <u>provided</u>, <u>further</u>, that, except with respect to subclause (ii) above, when an Event of Default exists, the Administrative Agent (or any of its respective representatives or independent contractors) or any representative of the Required Lenders may do any of the foregoing at the expense of the Parent Borrower at any time during normal business hours and upon reasonable advance notice. The Administrative Agent and the Required Lenders shall give the Parent Borrower the opportunity to participate in any discussions with the Parent Borrower's independent public accountants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Maintenance of Insurance</u>. The Parent Borrower will, and will cause each Credit Party to, at all times maintain in full force and effect, pursuant to self-insurance arrangements or with insurance companies that the Parent Borrower believes (in the good faith judgment of the management of the Parent Borrower) are financially sound and responsible at the time the relevant coverage is placed or renewed, insurance in at least such amounts (after giving effect to any self-insurance which the Parent Borrower believes (in the good faith judgment of management of the Parent Borrower) is reasonable and prudent in light of the size and nature of its business and the availability of insurance on a cost-effective basis) and against at least such risks (and with such risk retentions) as the Parent Borrower believes (in the good faith judgment of management of the Parent Borrower) is reasonable and prudent in light of the size and nature of its business and the availability of insurance on a cost-effective basis; and will furnish to the Administrative Agent, promptly following written request from the Administrative Agent, information presented in reasonable detail as to the insurance so carried (provided that, for so long as no Event of Default has occurred and is continuing, the Administrative Agent shall be entitled to make such request only once in any calendar year). Each such policy of insurance shall (i) name the Collateral Agent, on behalf of the Secured Parties as an additional insured thereunder as its interests may appear and (ii) in the case of each casualty insurance policy, contain a loss payable clause or endorsement that names the Collateral Agent, on behalf of the Secured Parties as the loss payee thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Payment of Taxes</u>. The Parent Borrower will pay and discharge or cause to be paid and discharged, and will cause each of the other Credit Parties to pay and discharge, all Taxes imposed upon it (including in its capacity as a withholding agent) or upon its income or profits, or upon any properties belonging to it, prior to the date on which material penalties attach thereto, and all lawful claims in respect of any Taxes imposed, assessed or levied that, if unpaid, would reasonably be expected to become a material Lien (other than a Permitted Lien) upon any properties of the Parent Borrower or any of such Credit Parties; <u>provided</u> that neither the Parent Borrower nor any of the other Credit Parties shall be required to pay or discharge any such Tax that is being contested in good faith and by proper proceedings if it has maintained adequate reserves (in the good faith judgment of management of the Parent Borrower) with respect thereto in accordance with GAAP or the failure to pay or discharge would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>Preservation of Existence; Consolidated Corporate Franchises</u>. The Parent Borrower will, and will cause each Credit Party to, take all actions necessary (a) to preserve and keep in full force and effect its existence, organizational rights and authority and (b) to maintain its rights, privileges (including its good standing (if applicable)), permits, licenses and franchises necessary in the normal conduct of its business, in each case, except to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect; <u>provided</u>, <u>however</u>, that the Parent Borrower and the other Credit Parties may consummate any transaction which is permitted by <u>Sections 10.2</u>, <u>10.3</u> or <u>10.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 <u>Compliance with Statutes, Regulations, Etc</u>. The Parent Borrower will, and will cause any other Borrower, each other Credit Party, and each Subsidiary of any Borrower or Credit Party to, (a) comply with all applicable laws, rules, regulations, and orders applicable to it or its property, including all governmental approvals or authorizations required to conduct its business, and to maintain all such governmental approvals or authorizations in full force and effect, (b) comply with, and use commercially reasonable efforts to ensure compliance by all tenants and subtenants, if any, with, all applicable Environmental Laws, and obtain and comply with and maintain, and use commercially reasonable efforts to ensure that all tenants and subtenants obtain and comply with and maintain, any and all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws, (c) conduct and complete all investigations, studies, sampling and testing, and all remedial, removal, and other actions regarding Hazardous Materials required under Environmental Laws and promptly comply with all lawful orders and directives of all Governmental Authorities with jurisdiction regarding Environmental Laws, other than such orders and directives which are being timely contested in good faith by proper proceedings, (d) not violate, conspire to violate or aid and abet the violation of any Anticorruption Laws, Sanctions or AML Laws and (e) maintain and implement policies reasonably designed to ensure that no Credit Party violations any Anticorruption Laws, Sanctions or AML Laws, except in each case of (a), (b), and (c) of this <u>Section 9.6</u>, where the failure to do so would not reasonably be expected to result in a Material Adverse Effect.

No payment made pursuant to this Agreement by any Borrower, or any Credit Party shall be derived directly or knowingly indirectly from a Sanctioned Person or from activities in violation of any Anticorruption Laws, Sanctions or AML Laws, or otherwise cause any Lender to violate any Anticorruption Law, Sanctions or AML Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 <u>ERISA</u>. (a) As soon as practicable following any request by the Administrative Agent, the Parent Borrower will furnish to the Administrative Agent copies of any documents described in Sections 101(k) or 101(l) of ERISA that any Credit Party or any of its Subsidiaries may reasonably request with respect to any Multiemployer Plan to which a Credit Party or any of its Subsidiaries is obligated to contribute; <u>provided</u> that if the Credit Parties or any of their Subsidiaries have not requested such documents or notices from the administrator or sponsor of the applicable Multiemployer Plan, then, upon reasonable request of the Administrative Agent, the Credit Parties shall promptly make a request for such documents or notices from such administrator or sponsor and the Parent Borrower shall provide copies of such documents and notices to the Administrative Agent promptly after receipt thereof; provided, further, that the rights granted to the Administrative Agent in this <u>Section 9.7(a)</u> shall be exercised not more than once with respect to the same Multiemployer Plan during any applicable plan year, and (b) the Parent Borrower will notify the Administrative Agent promptly following the occurrence of any ERISA Event or Foreign Plan Event that, alone or together with any other ERISA Events or Foreign Plan Events that have occurred, would reasonably be expected to result in liability of any Credit Party that would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 <u>Maintenance of Tangible Properties</u>. The Parent Borrower will, and will cause each of the other Credit Parties to, keep and maintain all tangible property material to the conduct of its business in good working order and condition, ordinary wear and tear, casualty, and condemnation excepted, except to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 <u>Transactions with Affiliates</u>. The Parent Borrower will conduct, and cause each of the other Credit Parties to conduct, all transactions with any of its Affiliates (other than the Parent Borrower and the other Credit Parties) involving aggregate payments or consideration in excess of $100,000,000 for the most recently ended Test Period (calculated on a Pro Forma Basis) at the time of such Affiliate transaction, for any individual transaction or series of related transactions, on terms that are at least substantially as favorable to the Parent Borrower or such Credit Party as it would obtain in a comparable arm's-length transaction with a Person that is not an Affiliate, as determined by the board of directors of the Parent Borrower or such Credit Party in good faith; <u>provided</u> that the foregoing restrictions shall not apply to (a) the payment of fees to the Sponsor for management, consulting and financial services rendered to the Parent Borrower and its Subsidiaries and customary investment banking fees paid to the Sponsor for services rendered to the Parent Borrower and its Subsidiaries in connection with divestitures, acquisitions, financings and other transactions which payments are approved by a majority of the board of directors of the Parent Borrower in good faith, (b) transactions permitted by <u>Section 10.1(c)(ii)</u> or <u>Section 10.4</u>, (c) consummation of the Transactions and the payment of the Transaction Expenses, (d) the issuance of Capital Stock or Stock Equivalents of the Parent Borrower (or any direct or indirect parent thereof) or any of its Subsidiaries not otherwise prohibited by the Credit Documents, (e) any transaction between or among the Parent Borrower and/or one or more of its Subsidiaries or joint venture (regardless of the form of legal entity) in which the Parent Borrower or any of its Subsidiaries has invested (and which Subsidiary or joint venture would not be an Affiliate of the Parent Borrower but for the Parent Borrower's or a Subsidiary's ownership of Capital Stock or Stock Equivalents in such joint venture or Subsidiary) to the extent permitted or not restricted by this Agreement, (f) (i) any collective bargaining agreements, employment agreements or arrangements, severance agreements or compensatory (including profit sharing) arrangements entered into by the Parent Borrower or any of its Subsidiaries with their respective current or former officers, directors, members of management, managers, employees, consultants or independent contractors or those of any Parent Entity, (ii) any subscription agreement or similar agreement pertaining to the repurchase of Capital Stock or Stock Equivalents pursuant to put/call rights or similar rights with current or former officers, directors, members of management, managers, employees, consultants or independent contractors and (iii) transactions pursuant to any employee compensation arrangement, benefit plan, stock option plan or arrangement, any health, disability or similar insurance plan which covers current or former officers, directors, members of management, employees, consultants or independent contractors; (g) payments by the Parent Borrower (and any direct or indirect parent thereof) and any of its Subsidiaries pursuant to the tax sharing agreements among the Parent Borrower (and any such parent) and such Subsidiaries that are permitted under <u>Section 10.4(b)(13)</u>; <u>provided</u> that in each case the amount of such payments in any fiscal year does not exceed the aggregate amount that the Parent Borrower and such Subsidiaries would have been required to pay in respect of such foreign, federal, state and/or local taxes for such fiscal year had the Parent Borrower and such Subsidiaries paid such taxes separately from any such direct or indirect parent company of the Parent Borrower, (h) the payment of customary fees and reasonable out of pocket costs to, and indemnities provided on behalf of, directors, managers, consultants, officers or employees of the Parent Borrower (or any direct or indirect parent thereof) and any of its Subsidiaries in the ordinary course of business to the extent attributable to the ownership, management or operation of the Parent Borrower or such Subsidiaries, including payroll, travel, business entertainment and similar advances to any of the foregoing Persons made in the ordinary course of business (i) transactions undertaken pursuant to membership in a purchasing consortium, (j) transactions pursuant to any agreement or arrangement as in effect as of the Closing Date, or any amendment, modification, supplement or replacement thereto (so long as any such amendment, modification, supplement or replacement is not disadvantageous in any material respect to the Lenders when taken as a whole as compared to the applicable agreement as in effect on the Closing Date as determined by the Parent Borrower in good faith), (k) customary payments by the Parent Borrower (or any direct or indirect parent) and any Subsidiaries to the Sponsor made for any financial advisory, consulting, financing, underwriting or placement services or in respect of other investment banking activities (including in connection with acquisitions or divestitures), (l) Affiliate repurchases of the Loans, Commitments or any other debt security to the extent permitted hereunder and the holding of such Loans, Commitments or other debt security and the payments and other transactions contemplated herein in respect thereof, (m) transactions with any Securitization Entity (including in connection with Permitted Securitization Financings) materially consistent, taken as a whole, with transactions taken customary for a Permitted Securitization Financing (including the payment of fees to, or obligation to reimburse, any Securitization Entity in respect of letters of credit issued to the account of such Securitization Entity for the benefit of the Borrower and its Subsidiaries), or any other customary transactions effected as part of a Permitted Securitization Financing, (n) undertaking or consummating any IPO Reorganization Transactions, (o) transactions under the Credit Documents or any First Tier Facility Agreements, (p) any reorganization or restructuring transactions related to the collapsing, requalification or qualification of the Parent Borrower or any Subsidiary as a REIT (including (i) the termination, creation or modification of a TRS structure, (ii) the liquidation of any REIT and the taking of any steps reasonably necessary thereto (as determined by the Parent Borrower or applicable Subsidiary), and (iii) redemption of any preferred shareholders and conversion of the REIT into a Delaware limited liability company), (q) any other Affiliate transactions permitted under the terms of any First Tier Facility Agreement (including (i) operating leases, (ii) any property management agreement to which the Parent Borrower or any of its Subsidiaries is party, and (iii) the right to cause any Properties to be transferred from a First Tier Facility Borrower to a newly formed, wholly owned Subsidiary of a First Tier Facility Borrower, which, in each case, is not prohibited by any such First Tier Facility Agreement), (r) the entry into and performance of any Lease or service agreement in the ordinary course of business, or the assignment, novation, subcontracting or transfer (whether in whole or in part) of any such Lease or service agreement to any Affiliate and (s) any other ordinary course non-material transactions entered into between the Borrower or any of its Subsidiaries with its Affiliates in accordance with past practices, including, without limitation, in connection with the use of Land or the development, ownership, lease, maintenance or operation of any of the Properties. For purposes of this <u>Section 9.9</u>, any transaction shall be deemed to have satisfied the requirements set forth in this <u>Section 9.9</u> if (x) such transaction is approved by a majority of the Disinterested Directors or (y) a fairness opinion is provided by a nationally recognized appraisal or investment banking firm with respect to such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 <u>End of Fiscal Years</u>. The Parent Borrower will, for financial reporting purposes, cause each of its, and each of the Credit Parties', fiscal years to end on dates consistent with past practice; provided, however, that the Parent Borrower may, upon written notice to the Administrative Agent change the financial reporting convention specified above to (x) align the dates of such fiscal year and for any Subsidiary whose fiscal years end on dates different from those of the Parent Borrower or (y) any other financial reporting convention (including a change of fiscal year) reasonably acceptable (such consent not to be unreasonably withheld or delayed) to the Administrative Agent, in which case the Parent Borrower and the Administrative Agent will, and are hereby authorized by the Lenders to, make any adjustments to this Agreement that are necessary in order to reflect such change in financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11 <u>Additional Guarantors and Grantors</u>. Subject to <u>Section 9.14(b)</u> and any applicable limitations set forth in the Security Documents, the Parent Borrower will cause (a) each direct or indirect Wholly-Owned Subsidiary of the Parent Borrower which owns Collateral (other than any Excluded Subsidiary) that is formed or otherwise purchased or acquired after the Closing Date (including pursuant to a Permitted Acquisition), within 60 days from the later of (i) date of such formation, acquisition or cessation, as applicable and (ii) the date of delivery of the Section 9.1 Financials evidencing the obligation to provide a Guarantee pursuant to this <u>Section 9.11</u> (or such longer period as the Administrative Agent may agree in its reasonable discretion), and (b) at the Parent Borrower's sole option, any other Domestic Subsidiary reasonably acceptable to the Administrative Agent, in each case, to execute a supplement to each of the Guarantee and the Pledge Agreement in order to become a Guarantor under the Guarantee and a grantor under such Security Documents or, to the extent reasonably requested by the Collateral Agent, enter into a new Security Document substantially consistent with the analogous existing Security Documents and otherwise in form and substance reasonably satisfactory to the Collateral Agent and take all other action reasonably requested by the Collateral Agent to grant a perfected security interest in its relevant assets to substantially the same extent as created and perfected by the Credit Parties on the Closing Date. For the avoidance of doubt, no Credit Party that is a Domestic Subsidiary shall be required to take any action outside the United States to perfect any security interest in the Collateral (including the execution of any agreement, document or other instrument governed by the law of any jurisdiction other than the United States, any state thereof or the District of Columbia). In addition to the foregoing, if any other Domestic Subsidiary of the Parent Borrower that is a Wholly-Owned Subsidiary and is a Material Subsidiary becomes a guarantor or other obligor with respect to bonds, notices, debentures or similar debt instruments issued by the Parent Borrower, the Parent Borrower shall cause such Subsidiary to guarantee the obligations of the Parent Borrower hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12 <u>Pledge of Additional Stock and Evidence of Indebtedness</u>. Subject to <u>Section 6.2</u> and <u>Section 9.14(b)</u> and any applicable limitations set forth in the Security Documents and other than (x) when in the reasonable determination of the Administrative Agent and the Parent Borrower (as agreed to in writing), the cost or other consequences of doing so would be excessive in view of the benefits to be obtained by the Lenders therefrom or (y) to the extent doing so would result in material adverse tax consequences as reasonably determined by the Parent Borrower in consultation with the Administrative Agent, the Parent Borrower and each other Credit Party will cause (a) all certificates representing Capital Stock and Stock Equivalents which constitute Collateral that are held directly by any Credit Party and (b) any promissory notes executed after the Closing Date evidencing Indebtedness in excess of the greater of (a) $73,300,000 and (b) 1.25% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) at the time such promissory note is delivered to the Parent Borrower or any other Credit Party that is owing to the Parent Borrower or such other Credit Party, in each case to be delivered to the Collateral Agent as security for the Obligations accompanied by undated instruments of transfer executed in blank pursuant to the terms of the Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13 <u>Use of Proceeds</u>. The Parent Borrower and the Credit Parties will use the proceeds of the Revolving Credit Loans and use the Letters of Credit (a) on the Closing Date, together with the proceeds of other First Tier Facilities established on the Closing Date and cash on hand of the Parent Borrower, solely (i) to finance the Transactions in an amount equal to the amount necessary to fund (A) the Reserves Shortfall and (B) without duplication of the Reserves Shortfall, the Proceeds Shortfall (any Revolving Credit Loans borrowed pursuant to this clause (a)(i) arising as a direct result of the establishment of special reserves for Material Lease Defects, "**Lease Defect Revolving Obligations**"), (ii) to fund (A) upfront fees or original issue discount in respect of any Credit Facilities (and any other First Tier Facilities established on the Closing Date) imposed under the Fee Letter, (B) working capital adjustments and reimbursements for Capital Expenditures pursuant to the Acquisition Agreement and/or the refinancing of any Indebtedness incurred for working capital or Capital Expenditure purposes and (C) purchase price adjustments made pursuant to the Acquisition Agreement and/or the Property Acquisition Agreements and (iii) to issue Letters of Credit which may be used for all purposes not otherwise prohibited under this Agreement including without limitation (x) to replace, backstop or otherwise support or replace Letters of Credit in favor of third parties existing on the Closing Date and (y) to backstop any Reserves Shortfall existing on the Closing Date after giving effect to the Transactions, and (b) at any time and from time to time after the Closing Date, for Capital Expenditures, working capital and any general corporate purpose (including to finance any other transactions not prohibited by the Credit Documents. Neither any Borrower, nor any Credit Party will directly or indirectly, use the proceeds of the Revolving Credit Loans and use the Letters of Credit in in connection with any Sanctioned Person or in a manner that would otherwise cause a violation of any Anticorruption Laws, Sanctions or AML Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.14Further Assurances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to any applicable limitations set forth in the Security Documents and other than (x) when in the reasonable determination of the Administrative Agent and the Parent Borrower (as agreed to in writing), the cost or other consequences of doing so would be excessive in view of the benefits to be obtained by the Lenders therefrom or (y) to the extent doing so would result in material adverse tax consequences as reasonably determined by the Parent Borrower in consultation with the Administrative Agent, if any assets (other than Excluded Property) of any Credit Party are acquired after the Closing Date, which assets are required to be pledged as Collateral under the Security Documents (other than Capital Stock and Stock Equivalents and assets constituting Collateral under the Security Documents that become subject to the Lien of the applicable Security Document upon acquisition thereof), the Parent Borrower will notify the Collateral Agent, and, if requested by the Collateral Agent, the Parent Borrower will cause such assets to be subjected to a Lien securing the Obligations and will take, and cause the other applicable Credit Parties to take, such actions as shall be necessary or reasonably requested by the Collateral Agent, as soon as commercially reasonable but in no event later than ninety (90) days after such acquisition, unless extended by the Administrative Agent in its sole discretion, to grant and perfect such Liens consistent with the applicable requirements of the Security Documents, including actions described in <u>clause (a)</u> of this <u>Section 9.14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.15 <u>[reserved.]</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.16 <u>Lines of Business</u>. The Parent Borrower and the other Credit Parties, taken as a whole, will not fundamentally and substantively alter the character of their business, taken as a whole, from the business conducted by the Parent Borrower and the other Credit Parties, taken as a whole, on the Closing Date and other business activities which are extensions thereof or otherwise incidental, synergistic, reasonably related, or ancillary to any of the foregoing (and non-core incidental businesses acquired to the extent permitted or not prohibited hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.17 <u>Financial Covenants under Other Indebtedness</u>. To the extent the Parent Borrower, under the terms of any facility of the Parent Borrower consisting of Indebtedness described in clause (a) of the definition thereof which would constitute Material Indebtedness, is obligated to comply with any financial maintenance covenant thereunder, such financial covenant shall also apply to the Revolving Credit Facility (a) to the extent the Revolving Credit Facility does not require the Parent Borrower's compliance with any financial maintenance covenant or (b) if, subsequent to the Closing Date, any financial maintenance covenant is then-applicable to the Revolving Credit Facility by operation of this <u>Section 9.17</u>, solely to the extent such new financial maintenance covenant is more restrictive than the then-applicable financial maintenance covenant under the Revolving Credit Facility, and the Parent Borrower shall, with the Administrative Agent, shall amend the Credit Documents such that the Revolving Credit Lenders benefit from such more restrictive financial covenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.18 <u>Post-Closing Actions</u>. The Parent Borrower agrees that it will, or will cause its relevant Subsidiaries to, complete each of the actions described on <u>Schedule 9.18</u> as soon as commercially reasonable and by no later than the date set forth in <u>Schedule 9.18</u> with respect to such action or such later date as the Administrative Agent may reasonably agree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.19 <u>Foreign First-Tier Finance Holdings Subsidiaries</u>. The Parent Borrower agrees that each Foreign First-Tier Finance Holdings Subsidiary, whether now existing or formed after the Closing Date, shall (i) be a holding company, with no material assets or operations beyond the ownership of the equity interests of its subsidiaries and (ii) shall not incur any Indebtedness or grant any Liens to any other Person.

Section 10. <u>Negative Covenants</u>.

The Parent Borrower hereby covenants and agrees that on the Closing Date (immediately after the consummation of the Acquisition) and thereafter, until the Revolving Credit Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>Limitation on Indebtedness</u>. The Parent Borrower will not, and will not permit any other Credit Party to create, incur, issue, assume, guarantee or otherwise become liable, contingently or otherwise (collectively, "**incur**" and collectively, an "**incurrence**") with respect to any Indebtedness (including Acquired Indebtedness) in an aggregate principal amount at any time in excess of ten percent (10%) of NAV, and the Parent Borrower will not issue any shares of Disqualified Stock and will not permit any other Credit Party to issue any shares of Disqualified Stock; <u>provided</u> that the Parent Borrower may incur Indebtedness (including Acquired Indebtedness incurred in connection with, or in contemplation of, a Permitted Acquisition) or issue shares of Disqualified Stock, and any Credit Party may incur Indebtedness (including Acquired Indebtedness incurred in connection with, or in contemplation of, a Permitted Acquisition), issue shares of Disqualified Stock and issue shares of preferred stock that is, in each case, secured by a Lien on the Collateral that is *pari passu* with the Lien securing the Obligations, secured by a Lien on the Collateral that is junior to the Lien securing the Obligations, or that is unsecured to the extent that the LTV after giving effect to the incurrence of such Indebtedness and the use of proceeds thereof, on a Pro Forma Basis would not exceed 75%.

The foregoing limitations will not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Indebtedness arising under the Credit Documents or otherwise permitted pursuant to <u>Section 2.14</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-Recourse Indebtedness, as long as such Non-Recourse Indebtedness is not Indebtedness for borrowed money or a guarantee of Indebtedness for borrowed money, arising or permitted under any First Tier Facility (including any hedging or swap obligations entered into in connection with any First Tier Facility, to the extent constituting Non-Recourse Indebtedness of the Credit Parties (provided that such Non-Recourse Indebtedness is not Indebtedness for borrowed money or a guarantee of Indebtedness for borrowed money));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) Indebtedness (including any unused commitment) outstanding on the Closing Date listed on <u>Schedule 10.1</u> (or, to the extent not listed on such Schedule, where the principal amount of such Indebtedness is less than $50,000,000 in the aggregate) and (ii) intercompany Indebtedness (including any unused commitment) outstanding on the Closing Date listed on <u>Schedule 10.1</u> or owed by a Credit Party to another Credit Party or any Subsidiary thereof; <u>provided</u> that any such Indebtedness owed by a Credit Party to a Subsidiary that is not a Credit Party shall be subordinated in right of payment to the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Indebtedness (including Capitalized Lease Obligations), Disqualified Stock and preferred stock incurred by the Parent Borrower or any other Credit Party, to finance the purchase, lease, construction, installation, maintenance, replacement or improvement of property (real or personal) or equipment that is used or useful in a Similar Business, whether through the direct purchase of assets or the Capital Stock of any Person owning such assets and Indebtedness arising from the conversion of the obligations of the Parent Borrower or any other Credit Party under or pursuant to any "synthetic lease" transactions to on-balance sheet Indebtedness of the Parent Borrower or such Credit Party, in an aggregate principal amount which, when aggregated with the principal amount of all other Indebtedness, Disqualified Stock and preferred stock then outstanding and incurred pursuant to this <u>clause (d)</u> and all Indebtedness incurred to refinance any other Indebtedness, Disqualified Stock and preferred stock incurred pursuant to this <u>clause (d)</u>, does not exceed the greater of (x) $249,300,000 and (y) 4.25% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials, calculated on a Pro Forma Basis at the time of incurrence; <u>provided</u> that Capitalized Lease Obligations incurred by the Parent Borrower or any Credit Party pursuant to this <u>clause (d)</u> in connection with a Permitted Sale Leaseback shall not be subject to the foregoing limitation so long as the proceeds of such Permitted Sale Leaseback are used by the Parent Borrower or such Credit Party to permanently repay other Indebtedness secured by a Lien on the assets subject to such Permitted Sale Leaseback (excluding any Lien ranking junior to the Lien securing the Obligations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Indebtedness incurred by the Parent Borrower or any other Credit Party (including letter of credit obligations consistent with past practice constituting reimbursement obligations with respect to letters of credit issued in the ordinary course of business), in respect of workers' compensation claims, deferred compensation, performance or surety bonds, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement or indemnification type obligations regarding workers' compensation claims, performance or surety bonds, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Indebtedness arising from agreements of the Parent Borrower or any other Credit Party providing for indemnification, adjustment of purchase price, earnout or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets or a Subsidiary or other Person, other than guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or a Subsidiary for the purpose of financing such acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) shares of preferred stock of a Credit Party issued to the Parent Borrower or another Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Hedging Obligations (excluding Hedging Obligations entered into for speculative purposes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (i) obligations in respect of customs, self-insurance, performance, bid, appeal, and surety bonds and completion guarantees and similar obligations provided by the Parent Borrower or any other Credit Party or (ii) obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case, in the ordinary course of business or consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business and (ii) customer deposits and advance payments received in the ordinary course of business from customers for goods purchased in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (i) Indebtedness of the Parent Borrower or any other Credit Party supported by a letter of credit, in a principal amount not in excess of the amount of such letter of credit so long as such letter of credit is otherwise permitted to be incurred pursuant to this <u>Section 10.1</u> or (ii) obligations in respect of letters of support, guarantees or similar obligations issued, made or incurred for the benefit of any Credit Party to the extent required by law or in connection with any statutory filing or the delivery of audit opinions performed in jurisdictions other than within the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Indebtedness of the Parent Borrower or any of the other Credit Parties consisting of the financing of insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) (1) Indebtedness of the Parent Borrower or any of the other Credit Parties undertaken in connection with cash management and related activities with respect to any Subsidiary or joint venture in the ordinary course of business, including with respect to financial accommodations of the type described in the definition of Cash Management Services and (2) Indebtedness owed on a short-term basis of no longer than 30 days to banks and other financial institutions incurred in the ordinary course of business of the Parent Borrower and such Credit Parties with such banks or financial institutions that arises in connection with ordinary banking arrangements to manage cash balances of the Parent Borrower and the other Credit Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Indebtedness consisting of Indebtedness issued by the Parent Borrower or any of the other Credit Parties to future, current or former officers, directors, managers and employees thereof, their respective estates, spouses or former spouses, in each case to finance the purchase or redemption of Equity Interests of the Parent Borrower or any direct or indirect parent company of the Parent Borrower to the extent described in <u>clause (4)</u> of <u>Section 10.4(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Indebtedness in respect of taxes, assessments, governmental charges or levies to the extent that payment therefor shall not at the time be required to be made in accordance with <u>Section 9.4</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Indebtedness in respect of judgments and attachments for the payment of money not constituting an Event of Default under <u>Section 11.5</u> or <u>Section 11.9</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) unsecured Indebtedness that represents accrued (or deferred) and unpaid management fees to the Sponsor; <u>provided</u>, that the payment of such management fees in respect of such Indebtedness is not otherwise prohibited under <u>Section 10.4</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) (i) guarantees incurred in the ordinary course of business in respect of obligations to suppliers, customers, franchisees, lessors, licensees, sub-licensees and distribution partners and (ii) Indebtedness incurred by the Parent Borrower or any other Credit Party as a result of Leases or services agreements entered into by such Credit Party or any Subsidiary thereof in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) [reserved]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) to the extent constituting Indebtedness, the payment of fees to, or obligation to reimburse, any Securitization Entity in respect of letters of credit issued to the account of such Securitization Entity for the benefit of the Borrower and its Subsidiaries in the ordinary course and for customary business purposes.

For purposes of determining compliance with this <u>Section 10.1</u>: (i) in the event that an item of Indebtedness, Disqualified Stock or preferred stock (or any portion thereof) meets the criteria of more than one of the categories of permitted Indebtedness, Disqualified Stock or preferred stock described in <u>clauses (a)</u> through <u>(r)</u> above or is entitled to be incurred pursuant to the first paragraph of this <u>Section 10.1</u>, the Parent Borrower, in its sole discretion, will classify and may reclassify such item of Indebtedness, Disqualified Stock or preferred stock (or any portion thereof) and will only be required to include the amount and type of such Indebtedness, Disqualified Stock or preferred stock in one of the above clauses or paragraphs; and (ii) at the time of incurrence, the Parent Borrower will be entitled to divide and classify an item of Indebtedness in more than one of the types of Indebtedness described in this <u>Section 10.1</u>.

Accrual of interest or dividends, the accretion of accreted value, the accretion or amortization of original issue discount and the payment of interest or dividends in the form of additional Indebtedness, Disqualified Stock or preferred stock will not be deemed to be an incurrence of Indebtedness, Disqualified Stock or preferred stock for purposes of this covenant. Any Indebtedness incurred to refinance Indebtedness permitted pursuant to this <u>Section 10.1</u> shall be deemed to include additional Indebtedness, Disqualified Stock or preferred stock incurred to pay premiums (including reasonable tender premiums), defeasance costs, fees, and expenses in connection with such refinancing.

For purposes of determining compliance with any Dollar-denominated restriction on the incurrence of Indebtedness, the principal amount of Indebtedness denominated in another currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case of revolving credit debt; <u>provided</u> that if such Indebtedness is incurred to refinance other Indebtedness denominated in another currency, and such refinancing would cause the applicable Dollar- denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed (i) the principal amount of such Indebtedness being refinanced plus (ii) the aggregate amount of fees, underwriting discounts, premiums, and other costs and expenses and accrued and unpaid interest incurred in connection with such refinancing.

The principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Indebtedness is denominated that is in effect on the date of such refinancing.

This Agreement will not treat (1) unsecured Indebtedness as subordinated or junior to secured Indebtedness merely because it is unsecured or (2) senior Indebtedness as subordinated or junior to any other senior Indebtedness merely because it has a junior priority with respect to the same collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <u>Limitation on Fundamental Changes</u>. The Parent Borrower will not, and will not permit any other Credit Party to, enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer or otherwise dispose of, all or substantially all its business units, assets or other properties, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) so long as no Event of Default has occurred and is continuing or would result therefrom, any Person may be merged, amalgamated or consolidated with or into the Parent Borrower; <u>provided</u> that (A) the Parent Borrower shall be the continuing or surviving Person or (B) if the Person formed by or surviving any such merger, amalgamation or consolidation is not a Borrower (such other Person, the "**Successor Borrower**"), (1) the Successor Borrower shall be an entity organized or existing under the laws of the United States, any state thereof, the District of Columbia or any territory thereof, (2) the Successor Borrower shall expressly assume all the obligations of the Parent Borrower under this Agreement and the other Credit Documents pursuant to a supplement hereto or thereto or in a form otherwise reasonably satisfactory to the Administrative Agent, (3) each Guarantor, unless it is the other party to such merger, amalgamation or consolidation, shall have, by a supplement to the Guarantee, confirmed that its guarantee thereunder shall apply to any Successor Borrower's obligations under this Agreement, (4) each other Credit Party pledgor, unless it is the other party to such merger, amalgamation or consolidation, shall have, by a supplement to any applicable Security Document, affirmed that its obligations thereunder shall apply to its Guarantee as reaffirmed pursuant to <u>clause (3)</u>, and (5) the Successor Borrower shall have delivered to the Administrative Agent (x) an officer's certificate stating that such merger, amalgamation, or consolidation and such supplements preserve the enforceability of the Guarantee and the perfection and priority of the Liens under the applicable Security Documents and (y) if requested by the Administrative Agent, an opinion of counsel to the effect that such merger, amalgamation, or consolidation does not violate this Agreement or any other Credit Document and that the provisions set forth in the preceding <u>clauses (3)</u> and <u>(4)</u> preserve the enforceability of the Guarantee and the perfection of the Liens created under the applicable Security Documents (it being understood that if the foregoing are satisfied, the Successor Borrower will succeed to, and be substituted for, the Parent Borrower under this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) so long as no Event of Default has occurred and is continuing or would result therefrom, any Person (in each case, other than the Parent Borrower) may be merged, amalgamated or consolidated with or into any one or more Credit Parties (other than the Parent Borrower); <u>provided</u> that (i) in the case of any merger, amalgamation or consolidation involving one or more such Credit Parties, a Credit Party shall be the continuing or surviving Person, (ii) in the case of any merger, amalgamation or consolidation involving one or more Guarantors, a Guarantor shall be the continuing or surviving Person or the Person formed by or surviving any such merger, amalgamation or consolidation and if the surviving Person is not already a Guarantor, such Person shall execute a supplement to the Guarantee and the relevant Security Documents in form and substance reasonably satisfactory to the Administrative Agent in order to become a Guarantor and pledgor, as applicable, thereunder for the benefit of the Secured Parties, and, (iii) the Parent Borrower shall have delivered to the Administrative Agent an officer's certificate stating that such merger, amalgamation or consolidation and any such supplements to any Security Document preserve the enforceability of the Guarantees and the perfection and priority of the Liens under the applicable Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Transactions may be consummated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Credit Party (other than the Parent Borrower) may convey, sell, lease, assign, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation or dissolution or otherwise) to, or may be merged, amalgamated or consolidated with, any other Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Credit Party may liquidate or dissolve if the Parent Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Parent Borrower and its Subsidiaries and is not materially disadvantageous to the interests of the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Parent Borrower and any of the Credit Parties may consummate a merger, dissolution, liquidation, consolidation, investment or conveyance, sale, lease, assignment or disposition, the purpose of which is to effect an Asset Sale (which for the purposes of this <u>Section 10.2(f)</u> will include any disposition below the dollar threshold set forth in clause (b)(iv) of the definition of "Asset Sale"), other disposition or an Investment permitted or not prohibited hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) undertaking or consummating any IPO Reorganization Transactions or such other transactions related to the restructuring of any Person as reasonably determined by the Parent Borrower and the other Credit Parties to be necessary to allow such Person or any direct or indirect owner thereof to satisfy stock exchange or quotation system listing or trading requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Parent Borrower or any other Credit Party may convey, sell, lease, assign, transfer or otherwise dispose of any or all of its assets or any Equity Interests or other beneficial interests in a Subsidiary of the Parent Borrower or other Credit Party (in each case, upon voluntary liquidation or dissolution or otherwise and including by way of merger or consolidation), or enter into any other transaction otherwise prohibited by this <u>Section 10.2</u>, in each case, to the extent such transaction is permitted pursuant to any First Tier Facility Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (i) any transactions described in clause (q) of <u>Section 9.9</u> or (ii) any other conversion by the Parent Borrower or any Credit Party to a REIT, in each case, shall be permitted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any Credit Party may convert to a limited liability company under the laws of its applicable state of jurisdiction or the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <u>Limitation on Sale of Assets</u>. The Parent Borrower will not, and will not permit any other Credit Party to, consummate an Asset Sale, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Asset Sale (of assets that are not Collateral) is permitted pursuant to the terms of any First Tier Facility Agreement or relates to any deposit of cash payable to or belonging to any Securitization Entity required by, and in accordance with, any Permitted Securitization Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) the Parent Borrower or such Credit Party, as the case may be, receives consideration at the time of such Asset Sale at least equal to the Fair Market Value (as determined at the time of contractually agreeing to such Asset Sale) of the assets sold or otherwise disposed of; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) except in the case of a Permitted Asset Swap, if the property or assets sold or otherwise disposed of have a Fair Market Value in excess of the greater of (a) $88,000,000 and (b) 1.5% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials, calculated on a Pro Forma Basis at the time of such disposition, at least 75% of the consideration for such Asset Sale, together with all other Asset Sales since the Closing Date (on a cumulative basis) received by the Parent Borrower or such Credit Party, as the case may be, is in the form of cash or Cash Equivalents; <u>provided</u> that the amount of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any liabilities (as reflected on the Parent Borrower's most recent consolidated balance sheet or in the footnotes thereto, or if incurred or accrued subsequent to the date of such balance sheet, such liabilities that would have been reflected on the Parent Borrower's consolidated balance sheet or in the footnotes thereto if such incurrence or accrual had taken place on or prior to the date of such consolidated balance sheet, as determined in good faith by the Parent Borrower) of the Parent Borrower, other than liabilities that are by their terms subordinated to the Loans, that are assumed by the transferee of any such assets (or are otherwise extinguished in connection with the transactions relating to such Asset Sale) and for which the Parent Borrower and all such Credit Parties have been released by all applicable creditors in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any securities, notes or other obligations or assets received by the Parent Borrower or such Credit Party from such transferee that are converted by the Parent Borrower or such Credit Party into cash or Cash Equivalents, or by their terms are required to be satisfied for cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received), in each case, within 180 days following the closing of such Asset Sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Indebtedness, other than liabilities that are by their terms subordinated to the Loans, that are of any Credit Party that is no longer a Credit Party as a result of such Asset Sale, to the extent that the Parent Borrower and all other Credit Parties have been validly released from any guarantee of payment of such Indebtedness in connection with such Asset Sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) consideration consisting of Indebtedness of the Parent Borrower (other than Subordinated Indebtedness) received after the Closing Date from Persons who are not the Parent Borrower or any Credit Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) any Designated Non-Cash Consideration received by the Parent Borrower or such Credit Party in such Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Non-Cash Consideration received pursuant to this <u>clause (E)</u> that is at that time outstanding, not to exceed the greater of $352,000,000 or 6.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials, calculated on a Pro Forma Basis at the time of the receipt of such Designated Non-Cash Consideration, with the Fair Market Value of each item of Designated Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value,

shall be deemed to be cash for purposes of this <u>clause (ii)</u> of this provision and for no other purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no Event of Default under Section 11.1 or Section 11.5 has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After the Parent Borrower's or any Credit Party's receipt of the Net Cash Proceeds of any Asset Sale, the Parent Borrower or the applicable Credit Party may apply such Net Cash Proceeds in any manner not prohibited by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <u>Limitation on Restricted Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent Borrower will not, directly or indirectly (including, for the avoidance of doubt, through any Subsidiary):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) declare or pay any dividend or make any payment or distribution on account of the Parent Borrower's Equity Interests, including any dividend or distribution payable in connection with any merger or consolidation, other than dividends or distributions by the Parent Borrower payable in Equity Interests (other than Disqualified Stock) of the Parent Borrower or in options, warrants or other rights to purchase such Equity Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) purchase, redeem, defease or otherwise acquire or retire for value any Equity Interests of the Parent Borrower or any direct or indirect parent company of the Parent Borrower, including in connection with any merger or consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) make, or permit any of the other Credit Parties to make, any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value, in each case, prior to any scheduled repayment, sinking fund payment or maturity, any Junior Debt of the Parent Borrower or any Credit Party (such payments "**Restricted Debt Payments**"), other than (A) Indebtedness permitted under <u>clause (c)(ii)</u> of <u>Section 10.1</u> or (B) the purchase, repurchase or other acquisition of Junior Debt purchased in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of purchase, repurchase or acquisition; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) make, or permit any of the other Credit Parties to make, any loans to any direct or indirect parent company of the Parent Borrower;

(all such payments and other actions set forth in <u>clauses (1)</u> through <u>(4)</u> above (other than any exception thereto) being collectively referred to as "**Restricted Payments**"), unless, at the time of such Restricted Payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to any Restricted Payments, the Borrower shall have paid (A) any amount due and payable under <u>Section 5.2(a)</u> and (B) all installments of any Quarterly Prepayment Amount due and payable as of last Business Day of the most recently completed fiscal quarter of the Borrower in accordance with <u>Section 5.2(b</u>), or shall have provided a Sponsor Guaranty satisfying the requirements of <u>Section 5.2(b)</u> in respect of such Quarterly Prepayment Amounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no Default or Event of Default described in <u>Section 11.1</u> or <u>11.5</u> shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The foregoing provisions of <u>Section 10.4(a)</u> will not prohibit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the date of declaration thereof or the giving of such irrevocable notice, as applicable, if at the date of declaration or the giving of such notice such payment would have complied with the provisions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (a) the redemption, repurchase, retirement or other acquisition of any Equity Interests ("**Retired Capital Stock**") or Junior Debt of the Parent Borrower, or any Equity Interests of any direct or indirect parent company of the Parent Borrower, in exchange for, or out of the proceeds of the substantially concurrent sale or issuance (other than to a Credit Party) of, Equity Interests of the Parent Borrower or any direct or indirect Parent Entity or management investment vehicle to the extent contributed to the Parent Borrower (in each case, other than any Disqualified Stock) ("**Refunding Capital Stock**") and (b) if immediately prior to the retirement of Retired Capital Stock, the declaration and payment of dividends thereon was permitted under <u>clause (6)</u> of this <u>Section 10.4(b)</u>, the declaration and payment of dividends on the Refunding Capital Stock (other than Refunding Capital Stock the proceeds of which were used to redeem, repurchase, retire or otherwise acquire any Equity Interests of any direct or indirect Parent Entity) in an aggregate amount per year no greater than the aggregate amount of dividends per annum that was declarable and payable on such Retired Capital Stock immediately prior to such retirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the prepayment, redemption, defeasance, repurchase or other acquisition or retirement for value of Junior Debt of the Parent Borrower or another Credit Party made by exchange for, or out of the proceeds of the substantially concurrent sale of, new Indebtedness of the Parent Borrower or such Credit Party, as the case may be, which is incurred in compliance with <u>Section 10.1</u> so long as: (A) the principal amount (or accreted value, if applicable) of such new Indebtedness does not exceed the principal amount of (or accreted value, if applicable), plus any accrued and unpaid interest on the Junior Debt being so redeemed, defeased, repurchased, exchanged, acquired or retired for value, plus the amount of any premium (including reasonable tender premiums), defeasance costs and any reasonable fees and expenses incurred in connection with the issuance of such new Indebtedness, (B) if such Junior Debt is subordinated to the Obligations, such new Indebtedness is subordinated to the Obligations or the applicable Guarantee at least to the same extent as such Junior Debt so purchased, exchanged, redeemed, defeased, repurchased, acquired or retired for value, (C) such new Indebtedness has a final scheduled maturity date equal to or later than the final scheduled maturity date of the Junior Debt being so redeemed, defeased, repurchased, exchanged, acquired or retired, (D) if such Junior Debt so purchased, exchanged, redeemed, repurchased, acquired or retired for value is (i) unsecured then such new Indebtedness shall be unsecured or (ii) secured by a Lien ranking junior to the Liens securing the Obligations then such new Indebtedness shall be unsecured or secured by a Lien ranking junior to the Liens securing the Obligations, and (E) such new Indebtedness has a weighted average life to maturity equal to or greater than the remaining weighted average life to maturity of the Junior Debt being so redeemed, defeased, repurchased, exchanged, acquired or retired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a Restricted Payment to pay for the repurchase, retirement or other acquisition or retirement for value of Equity Interests (other than Disqualified Stock) of the Parent Borrower or any direct or indirect Parent Entity or management investment vehicle held by any future, present or former employee, director, manager or consultant of the Parent Borrower, any of its Subsidiaries or any direct or indirect Parent Entity or management investment vehicle, or their estates, descendants, family, spouse or former spouse pursuant to any management equity plan or stock option or phantom equity plan or any other management or employee benefit plan or agreement, or any stock subscription or shareholder agreement (including, for the avoidance of doubt, any principal and interest payable on any notes issued by the Parent Borrower or any direct or indirect Parent Entity or management investment vehicle in connection with such repurchase, retirement or other acquisition), including any Equity Interests rolled over by management of the Parent Borrower or any direct or indirect Parent Entity or management investment vehicle in connection with the Transactions; <u>provided</u> that, except with respect to non-discretionary purchases, the aggregate Restricted Payments made under this <u>clause (4)</u> subsequent to the Closing Date do not exceed in any calendar year the greater of (a) $58,700,000 and (b) 1.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials, calculated on a Pro Forma Basis (which subsequent to the consummation of an IPO shall increase to the greater of (a) $117,000,000 and (b) 2.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials, calculated on a Pro Forma Basis) (with unused amounts in any calendar year being carried over to succeeding calendar years); <u>provided</u>, <u>further</u>, that such amount in any calendar year may be increased by an amount not to exceed: (A) the cash proceeds from the sale of Equity Interests (other than Disqualified Stock) of the Parent Borrower and, to the extent contributed to the Parent Borrower, the cash proceeds from the sale of Equity Interests of any direct or indirect Parent Entity or management investment vehicle, in each case to any future, present or former employees, directors, managers or consultants of the Parent Borrower, any of its Subsidiaries or any direct or indirect Parent Entity or management investment vehicle that occurs after the Closing Date, to the extent the cash proceeds from the sale of such Equity Interests have not otherwise been applied to the payment of Restricted Payments by virtue of <u>Section 10.4(a)</u>, plus (B) the cash proceeds of key man life insurance policies received by the Parent Borrower and the Credit Parties after the Closing Date, plus (C) the amount of any cash bonuses otherwise payable to employees, officers, directors, managers, consultants or independent contractors of the Parent Borrower or any other Credit Parties or any direct or indirect parent of the Parent Borrower that are foregone in return for the receipt of Equity Interests, less (D) the amount of any Restricted Payments previously made pursuant to <u>clauses (A)</u> and <u>(B)</u> of this <u>clause (4)</u>; and <u>provided</u>, <u>further</u>, that cancellation of Indebtedness owing to the Parent Borrower or any other Credit Party from any future, present or former employees, directors, managers or consultants of the Parent Borrower, any direct or indirect Parent Entity or management investment vehicle or any Credit Party, or their estates, descendants, family, spouse or former spouse in connection with a repurchase of Equity Interests of the Parent Borrower or any direct or indirect Parent Entity or management investment vehicle will not be deemed to constitute a Restricted Payment for purposes of this <u>Section 10.4</u> or any other provision of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the declaration and payment of dividends to holders of any class or series of Disqualified Stock of the Parent Borrower or any other Credit Party or any class or series of preferred stock of any Credit Party, in each case, issued in accordance with <u>Section 10.1</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) (A) the declaration and payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) issued by the Parent Borrower after the Closing Date; (B) the declaration and payment of dividends to any direct or indirect parent company of the Parent Borrower, the proceeds of which will be used to fund the payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) of such parent company issued after the Closing Date; <u>provided</u> that the amount of dividends paid pursuant to this <u>clause (B)</u> shall not exceed the aggregate amount of cash actually contributed to the Parent Borrower from the sale of such Designated Preferred Stock; or (C) the declaration and payment of dividends on Refunding Capital Stock in excess of the dividends declarable and payable thereon pursuant to <u>clause (2)</u> of this <u>Section 10.4(b)</u>; <u>provided</u> that, in the case of each of (A), (B), and (C) of this <u>clause (6)</u>, for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date of issuance of such Designated Preferred Stock or the declaration of such dividends on Refunding Capital Stock, after giving effect to such issuance or declaration on a pro forma basis, the LTV would not exceed 75%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) (i) payments made or expected to be made by the Parent Borrower or any other Credit Party in respect of withholding or similar taxes payable upon exercise of Equity Interests by any future, present or former employee, director, manager, or consultant and repurchases of Equity Interests deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants and (ii) payments or other adjustments to outstanding Equity Interests in accordance with any management equity plan, stock option plan or any other similar employee benefit plan, agreement or arrangement in connection with any Restricted Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) the declaration and payment of dividends on the Parent Borrower's common stock (or the payment of dividends to any direct or indirect parent company of the Parent Borrower to fund a payment of dividends on such company's common stock), following consummation of an IPO, not to exceed the sum (a) of up to 6.00% per annum of the net cash proceeds received by or contributed to the Parent Borrower in or from such IPO, other than public offerings with respect to the Parent Borrower's common stock registered on Form S-8 and other than any public sale constituting an Excluded Contribution and (b) up to 7.00% of the market capitalization of the Parent Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Restricted Payments in an amount that does not exceed the amount of Excluded Contributions made since the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) other Restricted Payments in an aggregate amount taken together with all other Restricted Payments made pursuant to this clause not to exceed the Available Restricted Debt Payments Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) distributions or payments of Securitization Fees, sales, contributions and other payments of Securitization Assets and purchases of Securitization Assets pursuant to a purchase obligation or any Restricted Payments made in respect of any consideration, payment, dividend, distribution or other transfer in connection with a Permitted Securitization Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) any Restricted Payment made in connection with the Transactions (including to holders of Equity Interests of the Parent Borrower (immediately prior to giving effect to the Acquisition) in connection with, or as a result of, the exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential) with respect thereto), in each case, with respect to the Transactions and the fees and expenses related thereto or used to fund amounts owed to Affiliates (including dividends to any direct or indirect parent company of the Parent Borrower to permit payment by such parent of such amount), to the extent permitted by <u>Section 9.9</u> (other than <u>clause (b)</u> thereof), and Restricted Payments in respect of working capital adjustments or purchase price adjustments pursuant to the Acquisition Agreement, any Property Acquisition, any Permitted Acquisition or other Investment and to satisfy indemnity and other similar obligations under the Acquisition Agreement, any Property Acquisition, any Permitted Acquisitions or other Investments and Restricted Payments made to holders of Equity Interests of the Parent Borrower to reimburse such holders for any deposits funded prior to the Closing Date in respect of the Acquisition Agreement or any Property Acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) the declaration and payment of dividends to or the making of loans to, (A) any direct or indirect Parent Entity in amounts required for such Parent Entity to pay franchise and excise Taxes, and other fees and expenses, required to maintain its organizational existence and privilege of doing business, (B) the equity holders of a Parent Entity in an aggregate amount necessary for any such equity holder (or its direct or indirect equity holders) to pay U.S. federal, state or local income Tax liabilities (including estimated Taxes) in respect of income, receipts, gain, loss, deduction and credit of any Borrower or a Subsidiary of any Borrower, calculated by assuming that the items of income, gain, loss, deduction and credit of any Borrower or and of any such Subsidiary were the only such items entering into the computation of Tax liability, and applying the highest marginal effective rate of federal, state and local income Tax to which any of the Parent Borrower's direct or indirect owners are subject, but taking into consideration (i) the character and nature of such income (i.e., whether such income is subject to income Tax at capital gains rates, ordinary income rates or any special rates), (ii) any losses previously allocated to each such equity holder from and after the date hereof that are available to reduce such income Tax liability, and (iii) deductions arising from Tax basis adjustments under Section 734 of the Code or Section 743 of the Code and the Treasury Regulations thereunder, (C) without duplication of the forgoing clauses (A) and (B) of this sub-clause (13), a Parent Entity if such Parent Entity is a REIT and the Borrower's or any Subsidiary's income is includable in the income of such Parent Entity for U.S. federal income tax purposes, in an amount not to exceed the minimum amount reasonably estimated to be required for such Parent Entity to (x) continue to maintain its status as a REIT and (y) avoid any entity-level income or excise tax, including tax under Section 4981 of the Code, assuming that such Parent Entity has no income other than the income of the Parent Borrower or such Subsidiaries (provided, however, there shall not be any implied requirement that the Parent Borrower, any Subsidiary or such Parent Entity utilize the dividend deferral options in Section 857(b)(9) or Section 858(a) of the Code), (such distributions collectively in (A), (B), and (C), the "**Permitted Tax Distributions**") (D) customary salary, bonus, and other benefits payable to, and indemnities provided on behalf of, officers, employees, directors, and managers of any direct or indirect parent company of the Parent Borrower to the extent such salaries, bonuses, and other benefits are attributable to the ownership or operation of the Parent Borrower and its Subsidiaries, including the Parent Borrower's proportionate share of such amount relating to such Parent Entity being a public company, (E) general corporate or other operating (including, without limitation, expenses related to auditing or other accounting matters) and overhead costs and expenses of any direct or indirect Parent Entity to the extent such costs and expenses are attributable to the ownership or operation of the Parent Borrower and its Subsidiaries, including the Parent Borrower's proportionate share of such amount relating to such Parent Entity being a public company, (F) amounts required for any direct or indirect Parent Entity to pay fees and expenses incurred by any direct or indirect Parent Entity related to (i) the maintenance by such parent entity of its corporate or other entity existence and (ii) transactions of such Parent Entity in connection with any acquisition, Investment, recapitalization, Asset Sale, issuance or repayment of Indebtedness, issuance of Equity Interests, refinancing transaction or amendment or modification of any debt instrument (in each case, including any such transaction consummated prior to the Closing Date and any such transaction undertaken but not completed), (G) cash payments in lieu of issuing fractional shares in connection with the exercise of warrants, options or other securities convertible into or exchangeable for Equity Interests of the Parent Borrower or any such direct or indirect Parent Entity, (H) repurchases deemed to occur upon the cashless exercise of stock options and (I) amounts related to the financing of any Investment (provided that such Parent Entity shall, immediately following the closing thereof, cause (1) all property acquired (whether assets or Equity Interests) to be contributed to the Parent Borrower or its Subsidiaries or (2) the merger (to the extent permitted in <u>Section 10.2</u>) of the Person formed or acquired into the Parent Borrower or its Subsidiaries in order consummate such acquisition or Investment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) (i) the repurchase, redemption or other acquisition for value of Equity Interests of the Parent Borrower deemed to occur in connection with paying cash in lieu of fractional shares of such Equity Interests in connection with a share dividend, distribution, share split, reverse share split, merger, consolidation, amalgamation or other business combination of the Parent Borrower, in each case, permitted under this Agreement and (ii) the honoring of any conversion request of a holder of convertible Indebtedness and the making of cash payments in lieu of fractional shares in connection with any such conversion and the making of payments on convertible Indebtedness in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) the prepayment, redemption, defeasance, repurchase or other acquisition or retirement for value of Junior Debt in an aggregate amount pursuant to this <u>clause (15)</u> not to exceed the sum of (a) the greater of (x) $176,000,000 and (y) 3.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials, calculated on a Pro Forma Basis at the time of such prepayment, redemption, defeasance, repurchase, acquisition or retirement and (b) the Available Restricted Payments Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) undertaking or consummating any IPO Reorganization Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) payments or distributions to satisfy dissenters' rights, pursuant to or in connection with a consolidation, amalgamation, merger or transfer of assets that complies with <u>Section 10.2</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) any Restricted Payment made in connection with the Transactions and the fees and expenses related thereto or used to fund amounts owed to Affiliates (including dividends to any direct or indirect parent company of the Parent Borrower to permit payment by such parent of such amount), to the extent permitted by <u>Section 9.9</u> (other than <u>clause (b)</u> thereof).

For purposes of determining compliance with this covenant, in the event that a proposed Restricted Payment meets the criteria of any of <u>clauses (1)</u> through <u>(18)</u> above and/or is entitled to be made pursuant to <u>Section 10.4(a)</u>, the Parent Borrower will be entitled to classify or later reclassify (based on circumstances existing on the date of such reclassification) such Restricted Payment (or portion thereof) among such <u>clauses (1)</u> through <u>(18)</u> and/or <u>Section 10.4(a)</u> in a manner that otherwise complies with this covenant.

Section 11. <u>Events of Default</u>.

Upon the occurrence of any of the following specified events (each an "**Event of Defaul**t"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <u>Payments</u>. Any Borrower shall (a) default in the payment when due of any principal of the Loans or (b) default, and such default shall continue for five or more Business Days, in the payment when due of any interest on the Loans or any Fees or any Unpaid Drawings or of any other amounts owing hereunder or under any other Credit Document; <u>provided</u> that any default in the payment of any Quarterly Prepayment Amount owing pursuant to <u>Section 5.2(b)</u> when and as the same shall become due shall constitute an Event of Default only if (x) such default shall continue unremedied for a period of one full fiscal quarter following such amount becoming due hereunder or (y) a Sponsor Guaranty of such defaulted Quarterly Prepayment Amount shall have not been otherwise provided during such fiscal quarter period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Representations, Etc</u>. Any representation, warranty or statement made or deemed made by any Credit Party herein or in any other Credit Document or any certificate delivered or required to be delivered pursuant hereto or thereto (except those in the Credit Documents that are made or deemed made on the Closing Date that are not the Specified Representations) shall prove to be untrue in any material respect on the date as of which made or deemed made, and, to the extent capable of being cured, such incorrect representation or warranty shall remain incorrect for a period of 30 days after written notice thereof from the Administrative Agent to the Parent Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 <u>Covenants</u>.
 Any Credit Party shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) default in the due performance or observance by it of any term, covenant or agreement contained in <u>Section 9.1(e)(i)</u>, <u>Section 9.5</u> (solely with respect to the Parent Borrower) or <u>Section 10</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) default in the due performance or observance by it of any term, covenant or agreement (other than those referred to in <u>Section 11.1</u> or <u>11.2</u> or <u>clause (a)</u> of this <u>Section 11.3</u>) contained in this Agreement or any Security Document and such default shall continue unremedied for a period of at least 30 days after receipt of written notice by the Parent Borrower from the Administrative Agent or the Required Lenders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 <u>Default Under Other Agreements</u>. (a) The Parent Borrower or any of the other Credit Parties shall (i) fail to make any payment with respect to any Indebtedness (other than the Obligations) in excess of the greater of (x) $234,600,000 and (y) 4.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) in the aggregate ("**Material Indebtedness**"), for the Parent Borrower and such Credit Parties, beyond the period of grace and following all required notices, if any, provided in the instrument or agreement under which such Material Indebtedness was created or (ii) default in the observance or performance of any agreement or condition relating to any such Material Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist (after giving effect to all applicable grace periods and delivery of all required notices) (other than, with respect to Indebtedness consisting of any Hedge Agreements, termination events or equivalent events pursuant to the terms of such Hedge Agreements (it being understood that clause (i) shall apply to any failure to make any payment in excess of the greater of (x) $234,600,000 and (y) 4.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) that is required as a result of any such termination or similar event and that is not otherwise being contested in good faith)), the effect of which default or other event or condition is to cause, or to permit the holder or holders of such Material Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, any such Indebtedness to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Material Indebtedness to be made, prior to its stated maturity; <u>provided</u> that this clause (a) shall not apply to secured Indebtedness that becomes due as a result of the sale, transfer or other disposition (including as a result of a casualty or condemnation event) of the property or assets securing such Material Indebtedness (to the extent such sale, transfer or other disposition is not prohibited under this Agreement), or (b) without limiting the provisions of clause (a) above, any such Material Indebtedness shall be declared to be due and payable, or required to be prepaid other than by a regularly scheduled required prepayment or as a mandatory prepayment (and, with respect to Indebtedness consisting of any Hedge Agreements, other than due to a termination event or equivalent event pursuant to the terms of such Hedge Agreements (it being understood that clause (a)(i) above shall apply to any failure to make any payment in excess of the greater of (x) $234,600,000 and (y) 4.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) that is required as a result of any such termination or equivalent event and that is not otherwise being contested in good faith)), prior to the stated maturity thereof; <u>provided</u> that this clause (b) shall not apply to (x) secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness, if such sale or transfer is permitted hereunder and under the documents providing for such Indebtedness, (y) Indebtedness which is convertible into Qualified Stock and converts to Qualified Stock in accordance with its terms and such conversion is not prohibited hereunder, or (z) any breach or default that is (I) remedied by the Parent Borrower or the applicable Credit Party or (II) waived (including in the form of amendment) by the required holders of the applicable item of Indebtedness, in either case, prior to the acceleration of Loans pursuant to this <u>Section 11</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 <u>Bankruptcy, Etc</u>. Except as otherwise permitted by <u>Section 10.2</u>, the Parent Borrower or any Significant Subsidiary shall commence a voluntary case, proceeding or action concerning itself under Title 11 of the United States Code entitled "Bankruptcy" as now or hereafter in effect, or any successor thereto (collectively, the "**Bankruptcy Code**"); or an involuntary case, proceeding or action is commenced against the Parent Borrower or any Significant Subsidiary and the petition is not controverted within 60 days after commencement of the case, proceeding or action; or an involuntary case, proceeding or action is commenced against the Parent Borrower or any Significant Subsidiary and the petition is not dismissed within 60 days after commencement of the case, proceeding or action; or a custodian (as defined in the Bankruptcy Code), judicial manager, compulsory manager, receiver, receiver manager, trustee, liquidator, administrator, administrative receiver or similar Person is appointed for, or takes charge of, all or substantially all of the property of the Parent Borrower or any Significant Subsidiary; or the Parent Borrower or any Significant Subsidiary commences any other voluntary proceeding or action under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency, winding-up, administration or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to the Parent Borrower or any Significant Subsidiary; or there is commenced against the Parent Borrower or any Significant Subsidiary any such proceeding or action that remains undismissed for a period of 60 days; or the Parent Borrower or any Significant Subsidiary is adjudicated bankrupt; or any order of relief or other order approving any such case or proceeding or action is entered; or the Parent Borrower or any Significant Subsidiary suffers any appointment of any custodian receiver, receiver manager, trustee, administrator or the like for it or any substantial part of its property to continue undischarged or unstayed for a period of 60 days; or the Parent Borrower or any Significant Subsidiary makes a general assignment for the benefit of creditors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 <u>ERISA</u>. An ERISA Event or a Foreign Plan Event shall have occurred with respect to a Pension Plan, a Multiemployer Plan or a Foreign Plan and such event or condition, together with all other such events or conditions, if any, would reasonably be expected to result in a Material Adverse Effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 <u>Guarantee</u>. Other than as expressly permitted hereunder, any Guarantee provided by any Credit Party or any material provision thereof shall cease to be in full force or effect (other than pursuant to the terms hereof and thereof) or any such Guarantor thereunder or any other Credit Party shall deny or disaffirm in writing any such Guarantor's obligations under the Guarantee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.8 <u>Security Documents</u>. Other than as expressly permitted hereunder, the Pledge Agreement or any other Security Document pursuant to which the assets of the Parent Borrower or any other Credit Party are pledged as Collateral or any material provision thereof shall cease to be in full force or effect (other than pursuant to the terms hereof or thereof, solely as a result of acts or omissions of the Collateral Agent or any Lender in respect of certificates, promissory notes or instruments actually delivered to it (including as a result of the Collateral Agent's failure to file a Uniform Commercial Code continuation statement or failure to maintain possession of any Capital Stock or Stock Equivalents that have been previously delivered to it)) or any grantor thereunder or any Credit Party shall deny or disaffirm in writing any grantor's obligations under the Pledge Agreement or any other Security Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 <u>Judgments</u>. One or more final judgments or decrees shall be entered against the Parent Borrower or any of the other Credit Parties involving a liability in excess of the greater of (x) $234,600,000 and (y) 4.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) in the aggregate for all such judgments and decrees for the Parent Borrower and the other Credit Parties (to the extent not covered by insurance or indemnities as to which the applicable insurance company or third party has not denied coverage) and any such judgments or decrees shall not have been satisfied, vacated, discharged or stayed or bonded pending appeal within 60 days after the entry thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10 <u>Change of Control</u>.
 A Change of Control shall occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 <u>Remedies Upon Event of Default</u>. If an Event of Default occurs and is continuing (other than in the case of an Event of Default under <u>Section 11.1</u> (with respect to expenses), <u>Section 11.2</u>, <u>Section 11.3</u>, <u>Section 11.4</u>, <u>Section 11.6</u>, <u>Section 11.9</u> and <u>Section 11.10</u>, following the date that is two years after the first public notice or notice of the Administrative Agent and Lenders of such event), the Administrative Agent shall, upon the written request of the Required Lenders, by written notice to the Parent Borrower, without prejudice to the rights of the Administrative Agent or any Lender to enforce its claims against the Parent Borrower except as otherwise specifically provided for in this Agreement: (a) declare the Total Revolving Credit Commitment terminated, whereupon the Revolving Credit Commitment, if any, of each Lender shall forthwith terminate immediately and any Fees theretofore accrued shall forthwith become due and payable without any other notice of any kind, (b) declare the principal of and any accrued interest and fees in respect of all Loans and all Obligations to be, whereupon the same shall become, forthwith due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower to the extent permitted by applicable law; (c) terminate any Letter of Credit that may be terminated in accordance with its terms; and/or (d) direct the applicable Borrower to pay (and each Borrower agrees that upon receipt of such notice, or upon the occurrence of an Event of Default specified in <u>Section 11.5</u> with respect to such Borrower, it will pay) to the Administrative Agent at the Administrative Agent's Office such additional amounts of cash, to be held as security for the Borrower's respective Reimbursement Obligations for Unpaid Drawings that may subsequently occur thereunder, equal to the aggregate Stated Amount of all Letters of Credit issued and then outstanding; <u>provided</u> that, if an Event of Default specified in <u>Section 11.5</u> shall occur with respect to the Parent Borrower, the result that would occur upon the giving of written notice by the Administrative Agent shall occur automatically without the giving of any such notice. Notwithstanding anything contained herein to the contrary, any time period in this Agreement to cure any actual or alleged default or Event of Default may be extended by a court of competent jurisdiction to the extent such actual or alleged default or Event of Default is the subject of litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 <u>Application of Proceeds</u>. Subject to the terms of any First Lien Intercreditor Agreement and any Second Lien Intercreditor Agreement then in effect, any amount received by the Administrative Agent or the Collateral Agent from any Credit Party (or from proceeds of any Collateral) following any acceleration of the Obligations under this Agreement or any Event of Default with respect to the Parent Borrower under <u>Section 11.4</u> shall be applied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *first*, to the payment of all reasonable and documented costs and expenses incurred by the Administrative Agent or the Collateral Agent in connection with any collection or sale of the Collateral or otherwise in connection with any Credit Document, including all court costs and the reasonable fees and expenses of its agents and legal counsel, the repayment of all advances made by the Administrative Agent or the Collateral Agent hereunder or under any other Credit Document on behalf of any Credit Party and any other reasonable and documented costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Credit Document to the extent reimbursable hereunder or thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *second*, to the Secured Parties, an amount (x) equal to all Obligations owing to them on the date of any distribution and (y) sufficient to Cash Collateralize all Letters of Credit Outstanding on the date of any distribution, and, if such moneys shall be insufficient to pay such amounts in full and Cash Collateralize all Letters of Credit Outstanding, then ratably (without priority of any one over any other) to such Secured Parties in proportion to the unpaid amounts thereof and to Cash Collateralize the Letters of Credit Outstanding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *third*, any surplus then remaining shall be paid to the applicable Credit Parties or their successors or assigns or to whomsoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct;

<u>provided</u> that any amount applied to Cash Collateralize any Letters of Credit Outstanding that has not been applied to reimburse the Borrower for Unpaid Drawings under the applicable Letters of Credit at the time of expiration with no pending drawings of all such Letters of Credit shall be applied by the Administrative Agent in the order specified in <u>clauses (i)</u> through <u>(iii)</u> above. Notwithstanding the foregoing, amounts received from any Guarantor that is not an "eligible contract participant" (as defined in the Commodity Exchange Act) shall not be applied to its Obligations that are Excluded Swap Obligations.

Section 12. <u>The Agents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 <u>Appointment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender hereby irrevocably designates and appoints the Administrative Agent as the agent of such Lender under this Agreement and the other Credit Documents and irrevocably authorizes the Administrative Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Credit Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement and the other Credit Documents, together with such other powers as are reasonably incidental thereto. The provisions of this <u>Section 12</u> (other than <u>Section 12.1(c)</u> with respect to the Joint Lead Arrangers and <u>Sections 12.1</u>, <u>12.9</u>, <u>12.11</u> and <u>12.12</u> with respect to the Parent Borrower) are solely for the benefit of the Agents and the Lenders, and none of the Parent Borrower or any other Credit Party shall have rights as third party beneficiary of any such provision. Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Credit Document or otherwise exist against the Administrative Agent. In performing its functions and duties hereunder, each Agent shall act solely as an agent of Lenders and does not assume and shall not be deemed to have assumed any obligation towards or relationship of agency or trust with or for the Parent Borrower or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent, each Lender and the Letter of Credit Issuers hereby irrevocably designate and appoint the Collateral Agent as the agent with respect to the Collateral, and each of the Administrative Agent, each Lender and the Letter of Credit Issuers irrevocably authorizes the Collateral Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Credit Documents and to exercise such powers and perform such duties as are expressly delegated to the Collateral Agent by the terms of this Agreement and the other Credit Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, the Collateral Agent shall not have any duties or responsibilities except those expressly set forth herein, or any fiduciary relationship with any of the Administrative Agent, the Lenders or the Letter of Credit Issuers, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Credit Document or otherwise exist against the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of the Joint Lead Arrangers, each in its capacity as such, shall not have any obligations, duties or responsibilities under this Agreement but shall be entitled to all benefits of this <u>Section 12</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 <u>Delegation of Duties</u>. The Administrative Agent and the Collateral Agent may each execute any of its duties under this Agreement and the other Credit Documents by or through agents, sub-agents, employees or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Neither the Administrative Agent nor the Collateral Agent shall be responsible for the negligence or misconduct of any agents, subagents or attorneys-in-fact selected by it in the absence of its gross negligence or willful misconduct (as determined in the final non-appealable judgment of a court of competent jurisdiction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 <u>Exculpatory Provisions</u>. No Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates shall be (a) liable for any action lawfully taken or omitted to be taken by any of them under or in connection with this Agreement or any other Credit Document (except for its or such Person's own gross negligence or willful misconduct, as determined in the final non-appealable judgment of a court of competent jurisdiction, in connection with its duties expressly set forth herein) or (b) responsible in any manner to any of the Lenders or any participant for any recitals, statements, representations or warranties made by any Credit Party or any officer thereof contained in this Agreement or any other Credit Document or in any certificate, report, statement or other document referred to or provided for in, or received by such Agent under or in connection with, this Agreement or any other Credit Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Credit Document, or the creation, perfection or priority of any Lien or security interest created or purported to be created under the Security Documents, or for any failure of any Credit Party to perform its obligations hereunder or thereunder. No Agent shall be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Credit Document, or to inspect the properties, books or records of any Credit Party or any Affiliate thereof. The Collateral Agent shall not be under any obligation to the Administrative Agent or any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Credit Document, or to inspect the properties, books or records of any Credit Party. Without limiting the generality of the foregoing, (a) no Agent shall have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that such Agent is instructed in writing to exercise by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in <u>Section 13.1</u>), <u>provided</u> that no Agent shall be required to take any action that, in its opinion or the opinion of its counsel, may expose such Agent to liability or that is contrary to any Credit Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any debtor relief law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any debtor relief law and (b) except as expressly set forth in the Credit Documents, no Agent shall have any duty to disclose, nor shall it be liable for the failure to disclose, any information relating to the Parent Borrower or any of the Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent and/or Collateral Agent or any of its Affiliates in any capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 <u>Reliance by Agents</u>. The Administrative Agent and the Collateral Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other document or instruction believed by it (in good faith) to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Parent Borrower), independent accountants and other experts selected by the Administrative Agent or the Collateral Agent. The Administrative Agent may deem and treat the Lender specified in the Register with respect to any amount owing hereunder as the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent. The Administrative Agent and the Collateral Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Credit Document unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent and the Collateral Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Credit Documents in accordance with a request of the Required Lenders, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans; provided that the Administrative Agent and the Collateral Agent shall not be required to take any action that, in its opinion or in the opinion of its counsel, may expose it to liability or that is contrary to any Credit Document or applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 <u>Notice of Default</u>. Neither the Administrative Agent nor the Collateral Agent shall be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless the Administrative Agent or the Collateral Agent has received written notice from a Lender or the Parent Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a "notice of default." In the event that the Administrative Agent receives such a notice, it shall give notice thereof to the Lenders and the Collateral Agent. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders; provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders except to the extent that this Agreement requires that such action be taken only with the approval of the Required Lenders or each of the Lenders, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 <u>Non-Reliance on Administrative Agent, Collateral Agent, and Other Lenders</u>. Each Lender expressly acknowledges that neither the Administrative Agent nor the Collateral Agent nor any of their respective officers, directors, employees, agents, attorneys-in-fact or Affiliates has made any representations or warranties to it and that no act by the Administrative Agent or the Collateral Agent hereinafter taken, including any review of the affairs of any Credit Party, shall be deemed to constitute any representation or warranty by the Administrative Agent or the Collateral Agent to any Lender, or the Letter of Credit Issuers. Each Lender and each Letter of Credit Issuer represents to the Administrative Agent and the Collateral Agent that it has, independently and without reliance upon the Administrative Agent, the Collateral Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Parent Borrower and each other Credit Party and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon the Administrative Agent, the Collateral Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Credit Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Parent Borrower and any other Credit Party. Except for notices, reports, and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, neither the Administrative Agent nor the Collateral Agent shall have any duty or responsibility to provide any Lender with any credit or other information concerning the business, assets, operations, properties, financial condition, prospects or creditworthiness of the Parent Borrower or any other Credit Party that may come into the possession of the Administrative Agent or the Collateral Agent any of their respective officers, directors, employees, agents, attorneys-in-fact or Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 <u>Indemnification</u>. The Lenders agree to severally indemnify each Agent in its capacity as such (to the extent not reimbursed by the Credit Parties and without limiting the obligation of the Credit Parties to do so), ratably according to their respective portions of the Total Credit Exposure in effect on the date on which indemnification is sought (or, if indemnification is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with their respective portions of the Total Credit Exposure in effect immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, or disbursements of any kind whatsoever that may at any time (including at any time following the payment of the Loans) be imposed on, incurred by or asserted against an Agent in any way relating to or arising out of the Commitments, this Agreement, any of the other Credit Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the Administrative Agent or the Collateral Agent under or in connection with any of the foregoing; provided that no Lender shall be liable to an Agent for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Agent's gross negligence or willful misconduct as determined by a final non-appealable judgment of a court of competent jurisdiction; provided, further, that no action taken by the Administrative Agent in accordance with the directions of the Required Lenders (or such other number or percentage of the Lenders as shall be required by the Credit Documents) shall be deemed to constitute gross negligence or willful misconduct for purposes of this <u>Section 12.7</u>. In the case of any investigation, litigation or proceeding giving rise to any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time occur (including at any time following the payment of the Loans), this <u>Section 12.7</u> applies whether any such investigation, litigation or proceeding is brought by any Lender or any other Person. Without limitation of the foregoing, each Lender shall reimburse each Agent upon demand for its ratable share of any costs or out-of-pocket expenses (including attorneys' fees) incurred by such Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice rendered in respect of rights or responsibilities under, this Agreement, any other Credit Document, or any document contemplated by or referred to herein, to the extent that such Agent is not reimbursed for such expenses by or on behalf of the Borrower; <u>provided</u> that such reimbursement by the Lenders shall not affect the Borrower's continuing reimbursement obligations with respect thereto. If any indemnity furnished to any Agent for any purpose shall, in the opinion of such Agent, be insufficient or become impaired, such Agent may call for additional indemnity and cease, or not commence, to do the acts indemnified against until such additional indemnity is furnished; provided, in no event shall this sentence require any Lender to indemnify any Agent against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement in excess of such Lender's pro rata portion thereof; and provided, further, this sentence shall not be deemed to require any Lender to indemnify any Agent against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement resulting from such Agent's gross negligence or willful misconduct as determined by a final non-appealable judgment of a court of competent jurisdiction. The agreements in this <u>Section 12.7</u> shall survive the payment of the Loans and all other amounts payable hereunder. The indemnity provided to each Agent under this <u>Section 12.7</u> shall also apply to such Agent's respective Affiliates, directors, officers, members, controlling persons, employees, trustees, investment advisors and agents and successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 <u>Agents in Their Individual Capacities</u>. The agency hereby created shall in no way impair or affect any of the rights and powers of, or impose any duties or obligations upon, any Agent in its individual capacity as a Lender hereunder. Each Agent and its Affiliates may make loans to, accept deposits from and generally engage in any kind of business with any Credit Party as though such Agent were not an Agent hereunder and under the other Credit Documents. With respect to the Loans made by it, each Agent shall have the same rights and powers under this Agreement and the other Credit Documents as any Lender and may exercise the same as though it were not an Agent, and the terms Lender and Lenders shall include each Agent in its individual capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9 <u>Successor Agents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Administrative Agent and the Collateral Agent may at any time give notice of its resignation to the Lenders, the Letter of Credit Issuers and the Parent Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, subject to the consent of the Parent Borrower (not to be unreasonably withheld or delayed) so long as no Event of Default under <u>Sections 11.1</u> or <u>11.5</u> is continuing, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States (other than any Disqualified Lender). If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Agent gives notice of its resignation (the "**Resignation Effective Date**"), then the retiring Agent may on behalf of the Lenders, appoint a successor Agent meeting the qualifications set forth above (including receipt of the Parent Borrower's consent); <u>provided</u> that if the Administrative Agent or the Collateral Agent shall notify the Parent Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Person serving as the Administrative Agent is a Defaulting Lender pursuant to <u>clause (v)</u> of the definition of Lender Default, the Required Lenders may to the extent permitted by applicable law, subject to the consent of the Parent Borrower (not to be unreasonably withheld or delayed), by notice in writing to the Parent Borrower and such Person remove such Person as the Administrative Agent and, in consultation with the consent of the Parent Borrower, appoint a successor. If no such successor shall have been so appointed by the Required Lenders (with the consent of the Parent Borrower as required above) and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders and the Parent Borrower) (the "**Removal Effective Date**"), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With effect from the Resignation Effective Date or the Removal Effective Date (as applicable), (1) the retiring or removed agent shall be discharged from its duties and obligations hereunder and under the other Credit Documents (except that in the case of any collateral security held by the Collateral Agent on behalf of the Lenders or the Letter of Credit Issuers under any of the Credit Documents, the retiring or removed Collateral Agent shall continue to hold such collateral security as nominee until such time as a successor Collateral Agent is appointed) and (2) all payments, communications and determinations provided to be made by, to or through the retiring or removed Administrative Agent shall instead be made by or to each Lender and each Letter of Credit Issuer directly, until such time as the Required Lenders appoint a successor Agent as provided for above in this paragraph (and otherwise subject to the terms above). Upon the acceptance of a successor's appointment as the Administrative Agent or the Collateral Agent, as the case may be, hereunder, and upon the execution and filing or recording of such financing statements, or amendments thereto, and such other instruments or notices, as may be necessary or desirable, or as the Required Lenders may request, in order to continue the perfection of the Liens granted or purported to be granted by the Security Documents, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) or removed Agent, and the retiring or removed Agent shall be discharged from all of its duties and obligations hereunder or under the other Credit Documents (if not already discharged therefrom as provided above in this <u>Section 12.9</u>). Except as provided above, any resignation or removal of Wells Fargo Bank, National Association as the Administrative Agent pursuant to this <u>Section 12.9</u> shall also constitute the resignation or removal of Wells Fargo Bank, National Association as the Collateral Agent. The fees payable by the Parent Borrower (following the effectiveness of such appointment) to such Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Parent Borrower and such successor. After the retiring or removed Agent's resignation or removal hereunder and under the other Credit Documents, the provisions of this <u>Section 12</u> (including <u>Section 12.7</u>) and <u>Section 13.5</u> shall continue in effect for the benefit of such retiring or removed Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Agent was acting as an Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any resignation by or removal of Wells Fargo Bank, National Association as the Administrative Agent pursuant to this <u>Section 12.9</u> shall also constitute its resignation or removal as a Letter of Credit Issuer; <u>provided</u> that, for the avoidance of doubt, it shall retain all the rights, powers, privileges and duties of the Letter of Credit Issuers hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as Letter of Credit Issuer and all L/C Obligations with respect thereto (including the right to require L/C Participants to make Revolving Credit Loans pro rata based on their Revolving Credit Commitment Percentages of the applicable Unpaid Drawing pursuant to <u>Section 3.4(a)</u>). Upon the acceptance of a successor's appointment as the Administrative Agent hereunder, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Letter of Credit Issuer, (b) the retiring Letter of Credit Issuer shall be discharged from all of their respective duties and obligations hereunder or under the other Credit Documents, and (c) the successor Letter of Credit Issuer shall issue letters of credit in substitution for the Letters of Credit issued by such Affiliate of the Administrative Agent or the Administrative Agent, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring Letter of Credit Issuer to effectively assume the obligations of the retiring Letter of Credit Issuer with respect to such Letters of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10 <u>Withholding Tax</u>. To the extent required by any applicable law, the Administrative Agent may withhold from any payment to any Lender under any Credit Document an amount equivalent to any applicable withholding Tax. If the Internal Revenue Service or any authority of the United States or other jurisdiction asserts a claim that the Administrative Agent did not properly withhold Tax from amounts paid to or for the account of any Lender for any reason (including because the appropriate form was not delivered, 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) or if the Administrative Agent reasonably determines that a payment was made to a Lender pursuant to this Agreement without deduction of applicable withholding Tax from such payment, such Lender shall indemnify the Administrative Agent (to the extent that the Administrative Agent has not already been reimbursed by any applicable Credit Party and without limiting the obligation of any applicable Credit Party to do so), fully for all amounts paid, directly or indirectly, by the Administrative Agent as Tax or otherwise, including penalties, additions to Tax and interest, together with all reasonable expenses incurred, whether or not such Taxes were correctly or legally imposed or asserted. 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, any other Credit Document or otherwise against any amount due to the Administrative Agent under this <u>Section 12.10</u>. The agreements in <u>Section 12.10</u> 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 Commitments and the repayment, satisfaction or discharge of all other Obligations. For the avoidance of doubt, for purposes of this <u>Section 12.10</u>, the term "Lender" includes the Letter of Credit Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11 <u>Agents Under Security Documents and Guarantee</u>. Each Secured Party hereby further authorizes the Administrative Agent or the Collateral Agent, as applicable, on behalf of and for the benefit of the Secured Parties, to be the agent for and representative of the Secured Parties with respect to the Collateral and the Security Documents. Subject to <u>Section 13.1</u>, without further written consent or authorization from any Secured Party, the Administrative Agent or the Collateral Agent, as applicable, may execute any documents or instruments necessary to (a) release any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent (or any sub-agent thereof) under any Credit Document (i) upon the termination of all Commitments and Letters of Credit (other than Letters of Credit that were Cash Collateralized) and the payment in full of all Obligations (except for contingent indemnification obligations in respect of which a claim has not yet been made, Secured Hedge Obligations and Secured Cash Management Obligations and Obligations under Letters of Credit that have been Cash Collateralized), (ii) that is sold or to be sold or transferred as part of or in connection with any sale or other transfer permitted hereunder (including, for the avoidance of doubt, any sale or transfer of Securitization Assets or other sale or transfer conducted in connection with any Permitted Securitization Financing) or under any other Credit Document to a Person that is not a Credit Party, (iii) if the property subject to such Lien is owned by a Guarantor, upon the release of such Guarantor from its Guarantee otherwise in accordance with the Credit Documents (including in connection with any Permitted Securitization Financing), (iv) as to the extent provided in the Security Documents, (v) that constitutes Excluded Property or Excluded Stock and Stock Equivalents or (vi) if approved, authorized or ratified in writing in accordance with <u>Section 13.1</u>; (b) release any Guarantor from its obligations under the Guarantee if such Person becomes an Excluded Subsidiary; (c) subordinate any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent under any Credit Document to the holder of any Lien permitted under clauses (vi) (solely with respect to <u>Section 10.1(d)</u>), (vii) and (viii) of the definition of Permitted Lien; and (d) enter into subordination or intercreditor agreements with respect to Indebtedness to the extent the Administrative Agent or the Collateral Agent is otherwise contemplated herein as being a party to such intercreditor or subordination agreement, including any First Lien Intercreditor Agreement and any Second Lien Intercreditor Agreement.

The Collateral Agent shall have its own independent right to demand payment of the amounts payable by the Parent Borrower under this <u>Section 12.11</u>, irrespective of any discharge of the Parent Borrower's obligations to pay those amounts to the other Lenders resulting from failure by them to take appropriate steps in insolvency proceedings affecting the Parent Borrower to preserve their entitlement to be paid those amounts.

Any amount due and payable by the Parent Borrower to the Collateral Agent under this <u>Section 12.11</u> shall be decreased to the extent that the other Lenders have received (and are able to retain) payment in full of the corresponding amount under the other provisions of the Credit Documents and any amount due and payable by the Parent Borrower to the Collateral Agent under those provisions shall be decreased to the extent that the Collateral Agent has received (and is able to retain) payment in full of the corresponding amount under this <u>Section 12.11</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12 <u>Right to Realize on Collateral and Enforce Guarantee</u>. Anything contained in any of the Credit Documents to the contrary notwithstanding, the Parent Borrower, the Agents, and each Secured Party hereby agree that (i) no Secured Party shall have any right individually to realize upon any of the Collateral or to enforce the Guarantee, it being understood and agreed that all powers, rights, and remedies hereunder may be exercised solely by the Administrative Agent, on behalf of the Secured Parties in accordance with the terms hereof and all powers, rights, and remedies under the Security Documents may be exercised solely by the Collateral Agent, and (ii) in the event of a foreclosure by the Collateral Agent on any of the Collateral pursuant to a public or private sale or other disposition, the Collateral Agent or any Lender may be the purchaser or licensor of any or all of such Collateral at any such sale or other disposition and the Collateral Agent, as agent for and representative of the Secured Parties (but not any Lender or Lenders in its or their respective individual capacities unless Required Lenders shall otherwise agree in writing) shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply any of the Obligations as a credit on account of the purchase price for any collateral payable by the Collateral Agent at such sale or other disposition. No holder of Secured Hedge Obligations or Secured Cash Management Obligations shall have any rights in connection with the management or release of any Collateral or of the obligations of any Credit Party under this Agreement. No holder of Secured Hedge Obligations or Secured Cash Management Obligations that obtains the benefits of any Guarantee or any Collateral by virtue of the provisions hereof or of any other Credit Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Credit Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its (or its Affiliate's) capacity as a Lender or Agent and, in such case, only to the extent expressly provided in the Credit Documents. Notwithstanding any other provision of this Agreement to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Obligations arising under Secured Hedge Agreements and Secured Cash Management Agreements, unless the Administrative Agent has received written notice of such Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable counterparty to such Secured Hedge Obligations and Secured Cash Management Obligations, as the case may be. Notwithstanding the foregoing, each Lender expressly and irrevocably waives any right to take or institute any actions or proceedings, judicial or otherwise, for any right or remedy or assert any other cause of action against any Credit Party (including the exercise of any right of set-off, rights on account of any banker's lien or similar claim or other rights of self-help), or institute any actions or proceedings or any other cause of action, or otherwise commence any remedial procedures, in each case in its capacity as a Lender, against the Parent Borrower and/or any of their respective Subsidiaries with respect to any Collateral, unless (x) such action is taken, to the extent permitted under the Credit Documents and at the direction of, if applicable, the Required Lenders, Required Revolving Credit Lenders or a Letter of Credit Issuer or (y) taken with the prior written consent of the Required Lenders or, at the direction of the Required Lenders and the Administrative Agent and/or the Collateral Agent, as applicable, in each case, which shall not be withheld in contravention of this <u>Section 12</u>; <u>provided</u>, that, for the avoidance of doubt, this provision may be enforced against any Lender by the Required Lenders, the Agents or the Borrower (or any of their Affiliates) and each Lender and the Agents expressly acknowledge that this provision shall be available as a defense of the Borrower (or any of their Affiliates) in any action, proceeding, cause of action or remedial procedure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13 <u>Intercreditor Agreements Govern</u>. The Administrative Agent, the Collateral Agent, and each Lender (a) hereby agrees that it will be bound by and will take no actions contrary to the provisions of any intercreditor agreement entered into pursuant to the terms hereof and (b) hereby authorizes and instructs the Administrative Agent and the Collateral Agent to enter into each intercreditor agreement (including any First Lien Intercreditor Agreement or Second Lien Intercreditor Agreement) entered into pursuant to the terms hereof and to subject the Liens securing the Obligations to the provisions thereof. In the event of any conflict or inconsistency between the provisions of each such intercreditor agreement (including any First Lien Intercreditor Agreement or Second Lien Intercreditor Agreement) and this Agreement, the provisions of such intercreditor agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.14 <u>Acknowledgements of Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, an "**Erroneous Payment**") were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Erroneous Payment (or a portion thereof) (*provided*, that, without limiting any other rights or remedies (whether at law or in equity), the Administrative Agent may not make any such demand under this clause (a) with respect to an Erroneous Payment unless such demand is made within five Business Days of the date of receipt of such Erroneous Payment by the applicable Lender), such Lender shall promptly, but in no event later than two Business Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the Overnight Rate from time to time in effect, and (y) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payments received, including without limitation any defense based on "discharge for value" or any similar doctrine. A notice of the Administrative Agent to any Lender under this <u>Section 12.14</u> shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender hereby further agrees that if it receives an Erroneous Payment from the Administrative Agent or any of its Affiliates (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Erroneous Payment (a "**Payment Notice**") or (y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Erroneous Payment. Each Lender agrees that, in each such case, or if it otherwise becomes aware an Erroneous Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than two Business Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the Overnight Rate from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor by the Administrative Agent in accordance with immediately preceding <u>clauses (a)</u> and <u>(b)</u>, from any Lender that has received such Erroneous Payment (or portion thereof) (or from any payment recipient who received such Erroneous Payment (or portion thereof) on its respective behalf) (such unrecovered amount, an "**Erroneous Payment Return Deficiency**"), upon the Administrative Agent's request to such Lender at any time, (i) such Lender shall be deemed to have assigned its Loans (but not its Commitments) of the relevant Class with respect to which such Erroneous Payment was made (the "**Erroneous Payment Impacted Class**") in an amount equal to the Erroneous Payment Return Deficiency (such assignment of the Loans (but not Commitments) of the Erroneous Payment Impacted Class, the "**Erroneous Payment Deficiency Assignment**") at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance), and is hereby (together with the Borrower) deemed to execute and deliver an Assignment and Acceptance (or, to the extent applicable, an agreement incorporating an Assignment and Acceptance by reference pursuant to an electronic platform approved by the Administrative Agent as to which the Administrative Agent and such parties are participants) with respect to such Erroneous Payment Deficiency Assignment, and such Lender shall deliver any promissory notes issued under <u>Section 2.5(f)</u> evidencing such Loans to the Borrower or the Administrative Agent, (ii) the Administrative Agent as the assignee Lender shall be deemed to acquire the Erroneous Payment Deficiency Assignment and (iii) upon such deemed acquisition, the Administrative Agent as the assignee Lender shall become a Lender, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender shall cease to be a Lender hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Lender. For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender and such Commitments shall remain available in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The parties hereto agree that an Erroneous Payment shall not, in and of itself, be deemed to pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other Credit Party, except, in each case, to the extent such erroneous Payment is, and solely with respect to the amount of such erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Credit Party for the purpose of paying, prepaying, repaying, discharging or otherwise satisfying any Obligations owed by the Borrower or any other Credit Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything to the contrary herein or in any other Credit Document, this <u>Section 12.14</u> will not create any additional Obligations of the Credit Parties' under the Credit Documents or otherwise increase or alter such Obligations (other than having consented to the assignment referenced in <u>Section 12.14(c)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each party's obligations under this <u>Section 12.14</u> shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations under any Credit Document.

Section 13. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 <u>Amendments, Waivers, and Releases</u>. Except as otherwise expressly set forth in the Credit Documents, neither this Agreement nor any other Credit Document, nor any terms hereof or thereof, may be amended, supplemented or modified except in accordance with the provisions of this <u>Section 13.1</u>. Except as provided to the contrary under <u>Section 2.14</u> or the fourth and fifth and sixth paragraphs hereof, and other than with respect to any amendment, modification or waiver contemplated in the second proviso below, which shall only require the consent of the Lenders expressly set forth therein and not the Required Lenders, the Required Lenders may, or, with the written consent of the Required Lenders, the Administrative Agent and/or the Collateral Agent may, from time to time, (a) enter into with the relevant Credit Party or Credit Parties written amendments, supplements or modifications hereto and to the other Credit Documents for the purpose of adding any provisions to this Agreement or the other Credit Documents or changing in any manner the rights of the Lenders or of the Credit Parties hereunder or thereunder or (b) waive in writing, on such terms and conditions as the Required Lenders or the Administrative Agent and/or the Collateral Agent, as the case may be, may specify in such instrument, any of the requirements of this Agreement or the other Credit Documents or any Default or Event of Default and its consequences; <u>provided</u>, <u>however</u>, that each such waiver and each such amendment, supplement or modification shall be effective only in the specific instance and for the specific purpose for which given; and <u>provided</u>, <u>further</u>, that no such waiver and no such amendment, supplement or modification shall (x) (i) forgive or reduce any portion of any Loan or extend the final scheduled maturity date of any Loan or reduce the stated rate (it being understood that only the consent of the Required Lenders shall be necessary to waive any obligation of the Parent Borrower to pay interest at the Default Rate or amend <u>Section 2.8(d)</u>), or forgive any portion thereof, or extend the date for the payment, of any principal hereunder (other than as a result of waiving the applicability of any post-default increase in interest rates), or extend the final expiration date of any Letter of Credit beyond the L/C Facility Maturity Date or make any Loan, interest, Fee or other amount payable in any currency other than expressly provided herein, in each case without the written consent of each Lender directly and adversely affected thereby, or reduce or forgive the amount of any Unpaid Drawings or other amounts owed under this Agreement, or extend the payment date of any Unpaid Drawings, interest, fees or any other amounts owed under the Agreement; <u>provided</u> that a waiver of any condition precedent in <u>Section 6</u> or <u>Section 7</u> of this Agreement, the waiver of any Default, Event of Default, default interest, mandatory prepayment or reductions, or any modification, waiver or amendment of any financial covenant definitions or financial ratios or any component thereof or the waiver of any other covenant shall not constitute an increase of any Commitment of a Lender, a reduction or forgiveness in the interest rates or the fees or premiums or a postponement of any date scheduled for the payment of principal, premium or interest or an extension of the final maturity of any Loan or the scheduled termination date of any Commitment, in each case for purposes of this clause (i), or (ii) consent to the assignment or transfer by the Parent Borrower of its rights and obligations under any Credit Document to which it is a party (except as permitted pursuant to <u>Section 10.2</u>), in each case without the written consent of each Lender directly and adversely affected thereby, or (iii) amend, modify or waive any provision of <u>Section 12</u> without the written consent of the then-current Administrative Agent and Collateral Agent in a manner that directly and adversely affects such Person, or (iv) amend, modify or waive any provision of <u>Section 3</u> with respect to any Letter of Credit without the written consent of such Letter of Credit Issuer to the extent such amendment, modification or waiver directly and adversely affects the Letters of Credit Issuer, or (v) release all or substantially all of the Guarantors under the Guarantees (except as expressly permitted by the Guarantees, a First Lien Intercreditor Agreement (if any), the Second Lien Intercreditor Agreement (if any) or this Agreement) or release all or substantially all of the Collateral under the Security Documents (except as expressly permitted by the Security Documents, the First Lien Intercreditor Agreement (if any), the Second Lien Intercreditor Agreement (if any) or this Agreement) without the prior written consent of each Lender, (vi) (x) reduce the percentages specified in the definitions of the term Required Lenders or Required Revolving Credit Lenders or amend, modify or waive any provision of this <u>Section 13.1</u> that has the effect of decreasing the number of Lenders that must approve any amendment, modification or waiver, without the written consent of each Lender, or (y) notwithstanding anything to the contrary in clause (x), (i<u>I</u>) extend the final expiration date of any Lender's Commitment or (ii<u>II</u>) increase the aggregate amount of the Commitments of any Lender, in each case, without the written consent of such Lender or<u>,</u> (vii) amend any provisions of Section 2.5, Section 2.16(a)(ii), Section 11.12 or Section 13.8(a) in a manner that would alter the pro rata sharing of payments required thereby or that would change the provisions of such sections relating to the application of proceeds without the prior written consent of each Lender directly and adversely affected thereby.<u>, (viii) so long as EDC or any of its Affiliates are Lenders, amend, modify or waive any provision of Section 1.16 without the written consent of each Lender, or (ix) so long as EDC or any of its Affiliates are Lenders, add any Additional Borrower to the extent that the written consent of each Lender required pursuant to Section 1.16(a) is not obtained.</u>

Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except (x) that the Commitment of such Lender may not be increased or extended without the consent of such Lender and (y) for any such amendment, waiver or consent that treats such Defaulting Lender disproportionately and adversely from the other Lender of the same Class (other than because of its status as a Defaulting Lender).

Any such waiver and any such amendment, supplement or modification shall apply equally to each of the affected Lenders and shall be binding upon the Borrower, such Lenders, the Administrative Agent and all future holders of the affected Loans. In the case of any waiver, the Borrower, the Lenders and the Administrative Agent shall be restored to their former positions and rights hereunder and under the other Credit Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing, it being understood that no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. In connection with the foregoing provisions, the Administrative Agent may, but shall have no obligations to, with the concurrence of any Lender, execute amendments, modifications, waivers or consents on behalf of such Lender.

Notwithstanding the foregoing, in addition to any credit extensions and related Joinder Agreement(s) effectuated without the consent of Lenders in accordance with <u>Section 2.14</u>, this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the Parent Borrower (a) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Credit Documents with the Revolving Credit Loans and the accrued interest and fees in respect thereof and (b) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders and other definitions related to such new Loans.

Notwithstanding the foregoing, this Agreement may be amended:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with the written consent of the Administrative Agent, the Parent Borrower and the Lenders providing the relevant Replacement Revolving Facility to permit the refinancing or replacement of all or any portion of the Revolving Credit Commitment under the applicable Class (a "**Replaced Revolving Facility**") with a replacement revolving facility hereunder (a "**Replacement Revolving Facility**"); <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the aggregate principal amount of such Replacement Revolving Facility shall not exceed the aggregate principal amount of such Replaced Revolving Facility, *plus* the amount of accrued interest and premium thereon, any committed but undrawn amounts and underwriting discounts, fees, commissions and expenses associated therewith,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) no Replacement Revolving Facility shall have a final maturity date (or require commitment reductions) prior to the final maturity date of such Replaced Revolving Facility at the time of such refinancing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Replacement Revolving Facility shall be *pari passu* or junior in right of payment and *pari passu* or junior in right of security with the remaining portion of the relevant Revolving Credit Commitments (<u>provided</u> that if *pari passu* or junior as to payment or Collateral, such Replacement Revolving Facility shall be subject to a First Lien Intercreditor Agreement or a Second Lien Intercreditor Agreement, as applicable), or be unsecured,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) if any such Replacement Revolving Facility is secured, it shall not be secured by any assets other than the Collateral (unless such assets substantially concurrently become part of the Collateral),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) if any such Replacement Revolving Facility is guaranteed, it shall not be guaranteed by any Person other than one or more Credit Parties (unless such Person substantially concurrently becomes a Credit Party),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) any such Replacement Revolving Facility shall be subject to the same "ratability" provisions applicable to Extended Revolving Credit Commitments and Extended Revolving Credit Loans provided for in <u>Section 2.14(g)</u>, *mutatis mutandis*, to the same extent as if fully set forth herein,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) such Replacement Revolving Facilities shall have pricing (including interest, fees and premiums) and, subject to preceding <u>clause (F)</u>, optional prepayment and redemption terms as may be agreed to by the Borrower and the lenders providing such Replacement Revolving Facilities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) the other terms and conditions of such Replacement Revolving Facility (excluding pricing, interest, fees, rate floors, premiums, optional prepayment or redemption terms, security and maturity date, subject to preceding <u>clauses (B)</u> through <u>(G)</u>) shall as agreed between the Borrower and the lenders providing such Replacement Revolving Facilities;

<u>provided</u>, <u>further</u>, that, in respect of each of <u>clauses (i)</u> and (<u>ii</u>) above, any Affiliated Institutional Lender (but not Affiliated Lender) may provide any Replacement Revolving Facility.

Each of the parties hereto hereby agrees that, upon the effectiveness of any refinancing amendment, this Agreement shall be amended by the Parent Borrower, the Administrative Agent and the lenders providing the relevant Replacement Revolving Facility, as applicable, to the extent (but only to the extent) necessary to reflect the existence and terms of the Replacement Revolving Facility, as applicable, incurred pursuant thereto (including any amendments necessary to treat the loans and commitments subject thereto as a separate "tranche" and "Class" of Loans and Commitments hereunder). It is understood that any Lender approached to provide all or a portion of any Replacement Revolving Facility may elect or decline, in its sole discretion, to provide such Replacement Revolving Facility.

The Lenders hereby irrevocably agree that the Liens granted to the Collateral Agent by the Credit Parties on any Collateral shall be automatically released (i) in full, upon the termination of this Agreement and the payment of all Obligations hereunder (except for (w) contingent indemnification obligations in respect of which a claim has not yet been made, (x) any Secured Hedge Obligations, (y) Cash Collateralized Letters of Credit pursuant to arrangements reasonably acceptable to such Letter of Credit Issuer and (z) any Secured Cash Management Obligations), (ii) upon the sale or other disposition of such Collateral (including as part of or in connection with any other sale or other disposition permitted hereunder, including for the avoidance of doubt in connection with any Permitted Securitization Financing) to any Person other than another Credit Party, to the extent such sale or other disposition is made in compliance with the terms of this Agreement (and the Collateral Agent may rely conclusively on a certificate to that effect provided to it by any Credit Party upon its reasonable request without further inquiry), (iii) to the extent such Collateral is comprised of property leased to a Credit Party, upon termination or expiration of such lease, (iv) if the release of such Lien is approved, authorized or ratified in writing by the Required Lenders (or such other percentage of the Lenders whose consent may be required in accordance with this <u>Section 13.1</u>), (v) to the extent the property constituting such Collateral is owned by any Guarantor, upon the release of such Guarantor from its obligations under the applicable Guarantee (in accordance with the second following sentence), (vi) as required to effect any sale or other disposition of Collateral in connection with any exercise of remedies of the Collateral Agent pursuant to the Security Documents, and (vii) if such assets constitute Excluded Property or Excluded Stock and Stock Equivalents. Any such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than those being released) upon (or obligations (other than those being released) of the Credit Parties in respect of) all interests retained by the Credit Parties, including the proceeds of any sale, all of which shall continue to constitute part of the Collateral except to the extent otherwise released in accordance with the provisions of the Credit Documents. Additionally, the Lenders hereby irrevocably agree that any Subsidiary that is a Guarantor shall be released from the Guarantees upon consummation of any transaction not prohibited hereunder resulting in such Subsidiary constituting an Excluded Subsidiary or otherwise ceasing to constitute a Subsidiary or a Guarantor, including for the avoidance of doubt in connection with any Permitted Securitization Financing; *provided* that a transaction pursuant to which a minority equity interest in a Guarantor is sold will not release such Guarantor from its Guarantee unless (a) such transaction has a bona fide economic purpose and is not entered into primarily for the purpose of releasing such Guarantee and (b) the transaction is made with a third party on arms' length terms. The Lenders hereby authorize the Administrative Agent and the Collateral Agent, as applicable, to execute and deliver any instruments, documents, and agreements necessary or desirable to evidence and confirm the release of any Guarantor or Collateral pursuant to the foregoing provisions of this paragraph, all without the further consent or joinder of any Lender.

Notwithstanding anything herein to the contrary, the Credit Documents may be amended to add syndication or documentation agents and make customary changes and references related thereto with the consent of only the Parent Borrower and the Administrative Agent.

Notwithstanding anything in this Agreement (including, without limitation, this <u>Section 13.1</u>) or any other Credit Document to the contrary, (i) this Agreement and the other Credit Documents may be amended to effect an extension facility pursuant to <u>Section 2.14</u> (and the Administrative Agent and the Parent Borrower may effect such amendments to this Agreement and the other Credit Documents without the consent of any other party as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to effect the terms of any such extension facility); (ii) no Lender consent is required to effect any amendment or supplement to any First Lien Intercreditor Agreement, Second Lien Intercreditor Agreement or other intercreditor agreement, subordination agreement or arrangement permitted under this Agreement that is for the purpose of adding the holders of any Indebtedness as expressly contemplated by the terms of such First Lien Intercreditor Agreement, Second Lien Intercreditor Agreement or such other intercreditor agreement, subordination agreement or arrangement permitted under this Agreement, as applicable (it being understood that any such amendment or supplement may make such other changes to the applicable intercreditor agreement as, in the good faith determination of the Administrative Agent in consultation with the Parent Borrower, are required to effectuate the foregoing; <u>provided</u> that such other changes are not adverse, in any material respect, to the interests of the Lenders taken as a whole); <u>provided</u>, <u>further</u>, that no such agreement shall amend, modify or otherwise directly and adversely affect the rights or duties of the Administrative Agent hereunder or under any other Credit Document without the prior written consent of the Administrative Agent; (iii) any provision of this Agreement or any other Credit Document may be amended by an agreement in writing entered into by the Parent Borrower and the Administrative Agent to (x) cure any ambiguity, omission, mistake, defect or inconsistency (as reasonably determined by the Administrative Agent and the Parent Borrower), and (y) effect administrative changes of a technical or immaterial nature (including to effect changes to the terms and conditions applicable solely to such Letter of Credit Issuer in respect of issuances of Letters of Credit) and such amendment shall be deemed approved by the Lenders if the Lenders shall have received at least five Business Days' prior written notice of such change and the Administrative Agent shall not have received, within five Business Days of the date of such notice to the Lenders, a written notice from the Required Lenders stating that the Required Lenders object to such amendment; and (iv) guarantees, collateral documents and related documents executed by Credit Parties in connection with this Agreement may be in a form reasonably determined by the Administrative Agent and may be, together with any other Credit Document, entered into, amended, supplemented or waived, without the consent of any other Person, by the applicable Credit Party or Credit Parties and the Administrative Agent or the Collateral Agent in its or their respective sole discretion, to (A) effect the granting, perfection, protection, expansion or enhancement of any security interest in any Collateral or additional property to become Collateral for the benefit of the Secured Parties, (B) as required by local law or advice of counsel to give effect to, or protect any security interest for the benefit of the Secured Parties, in any property or so that the security interests therein comply with applicable requirements of law, or (C) to cure ambiguities, omissions, mistakes or defects (as reasonably determined by the Administrative Agent and the Parent Borrower) or to cause such guarantee, collateral security document or other document to be consistent with this Agreement and the other Credit Documents.

Notwithstanding anything in this Agreement or any Security Document to the contrary, the Administrative Agent may, in its sole discretion, grant extensions of time for the satisfaction of any of the requirements under <u>Sections 9.11</u>, <u>9.12</u> and <u>9.14</u> or any Security Documents in respect of any particular Collateral or any particular Subsidiary if it determines that the satisfaction thereof with respect to such Collateral or such Subsidiary cannot be accomplished without undue expense or unreasonable effort or due to factors beyond the control of the Parent Borrower and the Credit Parties by the time or times at which it would otherwise be required to be satisfied under this Agreement or any Security Document.

Notwithstanding anything to the contrary herein, the Administrative Agent (and, if applicable, the Parent Borrower) may, without the consent of any Lender, enter into amendments or modifications to this Agreement or any of the other Credit Documents or to enter into additional Credit Documents in order to implement any Benchmark Replacement or any Conforming Changes or otherwise effectuate the terms of <u>Sections 2.6(c)</u> and <u>2.18</u> in accordance with the terms of <u>Sections 2.6(c)</u> and <u>2.18</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 <u>Notices</u>. Unless otherwise expressly provided herein, all notices and other communications provided for hereunder or under any other Credit Document shall be in writing (including by facsimile transmission). All such written notices shall be mailed, faxed or delivered to the applicable address, facsimile number or electronic mail address, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the Parent Borrower, the Administrative Agent, the Collateral Agent, the Letter of Credit Issuers or the Sponsor, to the address, facsimile number, electronic mail address or telephone numbers specified for such Person on <u>Schedule 13.2</u> or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice to the other parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice to the Parent Borrower, the Administrative Agent, the Collateral Agent and the Letter of Credit Issuers.

All such notices and other communications shall be deemed to be given or made upon the earlier to occur of (i) actual receipt by the relevant party hereto and (ii) (A) if delivered by hand or by courier, when signed for by or on behalf of the relevant party hereto; (B) if delivered by mail, three Business Days after deposit in the mails, postage prepaid; (C) if delivered by facsimile, when sent and receipt has been confirmed by telephone; and (D) if delivered by electronic mail, when delivered; <u>provided</u> that notices and other communications to the Administrative Agent or the Lenders pursuant to <u>Sections 2.3</u>, <u>2.6</u>, <u>2.9</u> and <u>5.1</u> shall not be effective until received.

Notwithstanding anything to the contrary herein, in addition to the notice requirements described herein (unless otherwise agreed by Administrative Agent and Parent Borrower in accordance with this paragraph), documents required to be delivered pursuant to the Loan Documents shall be delivered by electronic communication and delivery, including, the Internet, e-mail or intranet websites to which Administrative Agent and each Lender have access (including a commercial, third-party website such as www.Edgar.com, www.Syndtrak.com or a website sponsored or hosted by Administrative Agent or the Parent Borrower) *provided* that: (a) the foregoing shall not apply to notices to any Lender pursuant to Article 2; and (b) the Lender has not notified Administrative Agent or Parent Borrower that it cannot or does not want to receive electronic communications. Administrative Agent or Parent Borrower may agree to accept notices and other communications to it hereunder by electronic delivery pursuant to procedures approved by it for all or particular notices or communications. Documents or notices delivered electronically shall be deemed to have been delivered twenty-four (24) hours after the date and time on which Administrative Agent or Parent Borrower posts such documents or the documents become available on a commercial website and Administrative Agent or Parent Borrower notifies each Lender of said posting and provides a link thereto provided if such notice or other communication is not sent or posted during the normal business hours of the recipient, said posting date and time shall be deemed to have commenced as of 9:00 a.m. on the opening of business on the next Business Day for the recipient. Notwithstanding anything contained herein, Parent Borrower shall provide paper copies of any documents that are available to the Parent Borrower in paper form to Administrative Agent or to any Lender that requests such paper copies until a written request to cease delivering paper copies is given by Administrative Agent or such Lender. Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronically, and in any event shall have no responsibility to monitor compliance by Parent Borrower with any such request for delivery. Each Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 <u>No Waiver; Cumulative Remedies</u>. No failure to exercise and no delay in exercising, on the part of the Administrative Agent, the Collateral Agent or any Lender, any right, remedy, power or privilege hereunder or under the other Credit Documents shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers, and privileges provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 <u>Survival of Representations and Warranties</u>. All representations and warranties made hereunder, in the other Credit Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of the Loans hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 <u>Payment of Expenses; Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent Borrower agrees (i) to pay or reimburse each of the Agents (promptly upon written demand (with reasonably supporting detail if the Parent Borrower shall so request)) for all their reasonable and documented out-of-pocket costs and expenses (without duplication) incurred in connection with the development, preparation, execution and delivery of, and any amendment, supplement, modification to, waiver and/or enforcement this Agreement and the other Credit Documents and any other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby, and in the case of legal fees and expenses limited to the reasonable fees, disbursements and other charges of Cleary Gottlieb Steen & Hamilton LLP (or such other counsel as may be agreed by the Administrative Agent and the Parent Borrower), and, if reasonably necessary, of a single firm of local counsel in each relevant local jurisdiction, other than allocated costs of in-house counsel, and such other counsel retained with the consent of the Parent Borrower (such consent not to be unreasonably withheld or delayed), (ii) to pay or reimburse each Agent for all their reasonable and documented out-of-pocket costs and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement, the other Credit Documents and any such other documents, and in the case of legal fees and expenses limited to the reasonable fees, disbursements and other charges of one firm of counsel to the Administrative Agent and the Collateral Agent, and, to the extent required, one firm or local counsel in each relevant local jurisdiction with the Parent Borrower's consent (such consent not to be unreasonably withheld or delayed) (which may include a single special counsel acting in multiple jurisdictions), and (iii) to pay, indemnify and hold harmless each Lender, each Agent, each Letter of Credit Issuer and their respective Related Parties (without duplication) (the "**Indemnified Persons**") from and against any and all losses, claims, damages liabilities, obligations, demands, actions, judgments, suits, costs, expenses, disbursements or penalties of any nature whatsoever regardless of whether any such Indemnified Person is a party thereto and whether any such proceeding is brought by the Borrower or any other Person, (and the reasonable and documented out-of-pocket fees, expenses, disbursements and other charges of one firm of counsel for all Indemnified Persons, taken as a whole (and, in the case of an actual or perceived conflict of interest where the Indemnified Person affected by such conflict notifies the Borrower of any existence of such conflict and in connection with the investigating or defending any of the foregoing (including the reasonable fees) has retained its own counsel, of another firm of counsel for such affected Indemnified Person), and to the extent required, one firm or local counsel in each relevant jurisdiction (which may include a single special counsel acting in multiple jurisdictions)) of any such Indemnified Person arising out of or relating to any claim, litigation, investigation or other proceeding (including any inquiry of investigation of the foregoing) (regardless of whether such Indemnified Person is a party thereto or whether or not such action, claim, litigation or proceeding was brought by the Parent Borrower, any of its Subsidiaries or any other Person), arising out of, or with respect to the Transactions or to the execution, enforcement, delivery, performance and administration of this Agreement, the other Credit Documents and any such other documents, including any of the foregoing relating to the violation of, noncompliance with or liability under, any Environmental Law or any actual or alleged presence or Release or threatened Release of or exposure of any Person to Hazardous Materials or any Environmental Claim or Environmental Liability relating in any way to the Parent Borrower or any of its Subsidiaries (all the foregoing in this <u>clause (iii)</u>, collectively, the "**Indemnified Liabilities**"); <u>provided</u> that the Parent Borrower shall have no obligation hereunder to any Indemnified Person with respect to Indemnified Liabilities to the extent arising from (i) the gross negligence, bad faith or willful misconduct of such Indemnified Person or any of its Related Parties as determined in a final and non-appealable judgment of a court of competent jurisdiction, (ii) a material breach of the obligations of such Indemnified Person or any of its Related Parties under the terms of this Agreement by such Indemnified Person or any of its Related Parties as determined in a final and non-appealable judgment of a court of competent jurisdiction or (iii) any proceeding between and among Indemnified Persons that does not involve an act or omission by the Parent Borrower or its Subsidiaries; <u>provided</u> the Agents, to the extent acting in their capacity as such, shall remain indemnified in respect of such proceeding, to the extent that neither of the exceptions set forth in <u>clause (i)</u> or <u>(ii)</u> of the immediately preceding proviso applies to such person at such time. The agreements in this <u>Section 13.5</u> shall survive repayment of the Loans and all other amounts payable hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Credit Party nor any Indemnified Person shall have any liability for any special, punitive, indirect or consequential damages resulting from this Agreement or any other Credit Document or arising out of its activities in connection herewith or therewith (whether before or after the Closing Date); <u>provided</u> that the foregoing shall not limit the Parent Borrower's indemnification obligations to the Indemnified Persons pursuant to <u>Section 13.5(a)</u> in respect of damages incurred or paid by an Indemnified Person to a third party. No Indemnified Person shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Credit Documents or the transactions contemplated hereby or thereby, except to the extent that such damages have resulted from the willful misconduct, bad faith or gross negligence of any Indemnified Person or any of its Related Parties as determined by a final and non-appealable judgment of a court of competent jurisdiction.

This <u>Section 13.5</u> shall apply with respect to Taxes only to the extent they represent losses, claims, damages, etc., arising from any non-Tax claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 <u>Successors and Assigns; Participations and Assignments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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, except that (i) except as expressly permitted by <u>Section 10.2</u>, the Parent Borrower may not assign or otherwise transfer any of their rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender (and any attempted assignment or transfer by the Parent 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 <u>Section 13.6</u>. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants (to the extent provided in <u>clause (c)</u> of this <u>Section 13.6</u>) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Collateral Agent, the Letter of Credit Issuers and the Lenders and each other Person entitled to indemnification under <u>Section 13.5</u>) any legal or equitable right, remedy or claim under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Subject to the conditions set forth in <u>clause (b)(ii)</u> below and <u>Section 13.7</u>, any Lender may at any time 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 Commitments and the Loans (including participations in L/C Obligations) at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or delayed; it being understood that, without limitation, the Parent Borrower shall have the right to withhold its consent to any assignment if, (x) in order for such assignment to comply with applicable law, the Parent Borrower would be required to obtain the consent of, or make any filing or registration with, any Governmental Authority) or (y) such assignment would (or would reasonably be expected to) result in any greater payment by any Credit Party under Section 2.10, 3.5, 5.4 or 13.5) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Parent Borrower; <u>provided</u> that no consent of the Parent Borrower shall be required for (1) an assignment of Revolving Credit Commitments or Revolving Credit Loans to (X) a Revolving Credit Lender, (Y) an Affiliate of a Revolving Credit Lender or (Z) an Approved Fund of a Revolving Credit Lender, or (2) an assignment of Loans or Commitments to any assignee if an Event of Default under <u>Section 11.1</u> or <u>Section 11.5</u> (with respect to the Parent Borrower) has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) solely with respect to Revolving Credit Commitments or Revolving Credit Loans, the Sponsor; <u>provided</u> that no consent of the Sponsor shall be required for (1) an assignment of Revolving Credit Commitments or Revolving Credit Loans to (X) a Revolving Credit Lender, (Y) an Affiliate of a Revolving Credit Lender or (Z) an Approved Fund of a Revolving Credit Lender, (2) an assignment of Revolving Credit Loans or Revolving Credit Commitments to any assignee if an Event of Default under <u>Section 11.1</u> or <u>Section 11.5</u> (with respect to the Parent Borrower) has occurred and is continuing or (3) an assignment of Revolving Credit Loans or Revolving Credit Commitments to any assignee following an IPO by the Parent Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Administrative Agent (not to be unreasonably withheld or delayed) and, in the case of Revolving Credit Commitments or Revolving Credit Loans only, each Letter of Credit Issuer.

Notwithstanding the foregoing, no such assignment shall be made (i) to a natural Person, Disqualified Lender or Defaulting Lender and (ii) with respect to the Revolving Credit Commitments, the Parent Borrower or any of its Subsidiaries or any Affiliated Lender (other than an Affiliated Institutional Lender). For the avoidance of doubt, the Administrative Agent shall bear no responsibility or liability for monitoring and enforcing the list of Persons who are Disqualified Lenders at any time; <u>provided</u> that the Administrative Agent shall not disclose, verbally or in writing, the list of entities that are Disqualified Lenders except that in connection with an assignment, the Administrative Agent may confirm (verbally and in writing), upon the request of any Lender, whether a potential assignee is a Disqualified Lender (so long as such Lender agrees to keep such identity confidential).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Assignments
 shall be subject to the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) except in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund 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 Acceptance with respect to such assignment is delivered to the Administrative Agent) shall not be less than, with respect to any Revolving Credit Loans, $5,000,000, unless each of the Parent Borrower and the Administrative Agent otherwise consents (which consents shall not be unreasonably withheld or delayed); <u>provided</u> that no such consent of the Parent Borrower shall be required if an Event of Default under <u>Section 11.1</u> or <u>Section 11.5</u> has occurred and is continuing; <u>provided</u>, <u>further</u>, that contemporaneous assignments by a Lender and its Affiliates or Approved Funds shall be aggregated for purposes of meeting the minimum assignment amount requirements stated above (and simultaneous assignments to or by two or more Related Funds shall be treated as one assignment), if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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; <u>provided</u> 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance via an electronic settlement system or other method reasonably acceptable to the Administrative Agent, together with a processing and recordation fee in the amount of $4,500 (or, in the case of Defaulting Lenders, $7,500); <u>provided</u> that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment; <u>provided</u>, <u>further</u>, that such recordation fee shall not be payable in the case of assignments by any Affiliate of the Joint Lead Arrangers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an administrative questionnaire in a form approved by the Administrative Agent (the "**Administrative Questionnaire**") and applicable tax forms (as required under <u>Section 5.4(e)</u>).

For the avoidance of doubt, the Administrative Agent bears no responsibility for tracking or monitoring assignments to or participations by any Affiliated Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Subject to acceptance and recording thereof pursuant to <u>clause (b)(iv)</u> of this <u>Section 13.6</u>, from and after the effective date specified in each Assignment and Acceptance, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance 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 <u>Sections 2.10</u>, <u>3.5</u>, <u>5.4</u> and <u>13.5</u>). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this <u>Section 13.6</u> 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 <u>clause (c)</u> of this <u>Section 13.6</u>. For the avoidance of doubt, in case of an assignment to a new Lender pursuant to this <u>Section 13.6</u>, (i) the Administrative Agent, the new Lender and other Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the new Lender been an original Lender signatory to this Agreement with the rights and/or obligations acquired or assumed by it as a result of the assignment and to the extent of the assignment the assigning Lender shall each be released from further obligations under the Credit Documents and (ii) the benefit of each Security Document shall be maintained in favor of the new Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Parent Borrower, shall maintain at the Administrative Agent's Office a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount of the Loans (and stated interest amounts) and any payment made by the Letter of Credit Issuers under any Letter of Credit 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 Parent Borrower, the Administrative Agent, the Collateral Agent, the Letter of Credit Issuers 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 is intended to cause each Loan and other obligation hereunder to be in registered form within the meaning of Section 5f.103-1(c) of the United States Treasury Regulations and within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code. The Register shall be available for inspection by the Parent Borrower, the Collateral Agent, the Letter of Credit Issuers (with respect to Revolving Credit Lenders only), the Administrative Agent and its Affiliates and, with respect to itself, any Lender, at any reasonable time and from time to time upon reasonable prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Upon its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an assignee, the assignee's completed Administrative Questionnaire and applicable tax forms (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in <u>clause (b)</u> of this <u>Section 13.6</u> and any written consent to such assignment required by <u>clause (b)</u> of this <u>Section 13.6</u>, the Administrative Agent shall promptly accept such Assignment and Acceptance and record the information contained therein in the Register. No assignment, whether or not evidenced by a promissory note, shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this <u>clause (b)(v)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) Any Lender may, without the consent of the Parent Borrower, the Administrative Agent or the Letter of Credit Issuers, sell participations to one or more banks or other entities (other than (x) a natural person, (y) the Parent Borrower and its Subsidiaries and (z) any Disqualified Lender; <u>provided</u>, <u>however</u>, that, notwithstanding <u>clause (z)</u> hereof, participations may be sold to Disqualified Lenders unless a list of Disqualified Lenders has been made available to all Lenders who so request) (each, a "**Participant**") in all or a portion of such Lender's rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans owing to it); <u>provided</u> 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 Parent Borrower, the Administrative Agent, the Letter of Credit Issuers 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. For the avoidance of doubt, the Administrative Agent shall bear no responsibility or liability for monitoring and enforcing the list of Disqualified Lenders or the sales of participations thereto at any time; <u>provided</u> that the Administrative Agent shall not disclose, verbally or in writing, the list of entities that are Disqualified Lenders except that in connection with a participation, the Administrative Agent may confirm (verbally and in writing), upon the request of any Lender, whether a potential participant is a Disqualified Lender (so long as such Lender agrees to keep such identity confidential). 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 or any other Credit Document; <u>provided</u> 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 <u>clause (x)(i)</u> of the first proviso to <u>Section 13.1</u> that affects such Participant. Subject to <u>clause (c)(ii)</u> of this <u>Section 13.6</u>, the Parent Borrower agrees that each Participant shall be entitled to the benefits of <u>Sections 2.10</u>, <u>3.5</u> and 5.4 to the same extent as if it were a Lender (subject to the limitations and requirements of those Sections as though it were a Lender and had acquired its interest by assignment pursuant to <u>clause (b)</u> of this <u>Section 13.6</u>, including the requirements of <u>clause (e)</u> of <u>Section 5.4</u> (it being agreed that any documentation required under <u>Section 5.4(e)</u> shall be provided solely to the participating Lender)). To the extent permitted by law, each Participant also shall be entitled to the benefits of <u>Section 13. 8(b)</u> as though it were a Lender; <u>provided</u> such Participant shall be subject to <u>Section 13.8(a)</u> as though it were a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A Participant shall not be entitled to receive any greater payment under <u>Section 2.10</u>, <u>3.5</u> or <u>5.4</u> than the applicable Lender would have been entitled to receive absent the sale of such participation sold to such Participant, unless the sale of the participation to such Participant is made with the Parent Borrower's prior written consent (which consent shall not be unreasonably withheld; provided, that it shall not be unreasonable to withhold consent if such participation would (or would reasonably be expected to) result in any greater payment by any Credit Party under Section 2.10, 3.5, 5.4 or 13.5). Each Lender that sells a participation, or any Granting Lender that grants a Loan to an SPV, shall, acting solely for this purpose as a non-fiduciary agent of the Parent Borrower, maintain a register on which it enters the name and address of each Participant or SPV and the principal amounts (and stated interest amounts) of each Participant's or SPV'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 or granted Loan for all purposes of this Agreement notwithstanding any notice to the contrary. No Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or SPV, or any information relating to a Participant's or SPV's interest in any commitments, loans, letters of credit or its other obligations under any Credit Document) except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations and Sections 163(f), 871(h)(2) and 881(c)(2) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Lender may, without the consent of the Parent Borrower or the Administrative Agent, 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 bank having jurisdiction over such Lender and this <u>Section 13.6</u> shall not apply to any such pledge or assignment of a security interest; <u>provided</u> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to <u>Section 13.16</u>, the Parent Borrower authorizes each Lender to disclose to any Participant, secured creditor of such Lender or assignee (each, a "**Transferee**") and any prospective Transferee any and all financial information in such Lender's possession concerning the Parent Borrower and its Affiliates that has been delivered to such Lender by or on behalf of the Parent Borrower and its Affiliates pursuant to this Agreement or that has been delivered to such Lender by or on behalf of the Parent Borrower and its Affiliates in connection with such Lender's credit evaluation of the Parent Borrower and its Affiliates prior to becoming a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The words "execution," "signed," "signature," and words of like import in any Assignment and Acceptance shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>SPV Lender</u>. Notwithstanding anything to the contrary contained herein, any Lender (a "**Granting Lender**") may grant to a special purpose funding vehicle (an "**SPV**"), identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Parent Borrower, the option to provide to the Parent Borrower all or any part of any Loan that such Granting Lender would otherwise be obligated to make the Parent Borrower pursuant to this Agreement; <u>provided</u> that (i) nothing herein shall constitute a commitment by any SPV to make any Loan and (ii) if an SPV elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof. The making of a Loan by an SPV hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Each party hereto hereby agrees that no SPV shall be liable for any indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the Granting Lender). In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPV, it shall not institute against, or join any other Person in instituting against, such SPV any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any state thereof. In addition, notwithstanding anything to the contrary contained in this <u>Section 13.6</u>, any SPV may (i) with notice to, but without the prior written consent of, the Parent Borrower and the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loans to the Granting Lender or to any financial institutions (consented to by the Parent Borrower and the Administrative Agent) other than a Disqualified Lender providing liquidity and/or credit support to or for the account of such SPV to support the funding or maintenance of Loans and (ii) subject to <u>Section 13.16</u>, disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPV. This <u>Section 13.6(g)</u> may not be amended without the written consent of the SPV. Notwithstanding anything to the contrary in this Agreement but subject to the following sentence, each SPV shall be entitled to the benefits of <u>Sections 2.10</u>, <u>3.5</u> and <u>5.4</u> to the same extent as if it were a Lender (subject to the limitations and requirements of those Sections as though it were a Lender and had acquired its interest by assignment pursuant to <u>clause (b)</u> of this <u>Section 13.6</u>, including the requirements of <u>clause (e)</u> of <u>Section 5.4</u> (it being agreed that any documentation required under <u>Section 5.4(e)</u> shall be provided solely to the Granting Lender)). Notwithstanding the prior sentence, an SPV shall not be entitled to receive any greater payment under <u>Section 2.10</u>, <u>3.5</u> or <u>5.4</u> than its Granting Lender would have been entitled to receive absent the grant to such SPV, unless such grant to such SPV is made with the Parent Borrower's prior written consent (which consent shall not be unreasonably withheld).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 <u>Replacements of Lenders Under Certain Circumstances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent Borrower shall be permitted (x) to replace any Lender or (y) terminate the Commitment of such Lender or any Letter of Credit Issuer, as the case may be, and (1) in the case of a Lender (other than the Letter of Credit Issuers), repay all Obligations of the Parent Borrower due and owing to such Lender relating to the Loans and participations held by such Lender as of such termination date and (2) in the case of a Letter of Credit Issuer, repay all Obligations of the Parent Borrower owing to such Letter of Credit Issuer relating to the Loans and participations held by such Letter of Credit Issuer as of such termination date or backstop on terms satisfactory to such Letter of Credit Issuer or cause to be cancelled any Letters of Credit issued by it, which Lender or Letter of Credit Issuer, as the case may be, (a) requests reimbursement for amounts owing pursuant to <u>Sections 2.10</u>, <u>3.5</u> or <u>5.4</u>, (b) is affected in the manner described in <u>Section 2.10(a)(iii)</u> and as a result thereof any of the actions described in such Section is required to be taken, or (c) becomes a Defaulting Lender, with a replacement bank or other financial institution; <u>provided</u> that (i) such replacement does not conflict with any Requirements of Law, (ii) no Event of Default under <u>Sections 11.1</u> or <u>11.5</u> shall have occurred and be continuing at the time of such replacement, (iii) the Parent Borrower shall repay (or the replacement bank or institution shall purchase, at par) all Loans and other amounts pursuant to <u>Sections 2.10</u>, <u>3.5</u> or <u>5.4</u>, as the case may be, owing to such replaced Lender immediately prior to the date of replacement, (iv) the replacement bank or institution, if not already a Lender, an Affiliate of the Lender, an Affiliated Lender or Approved Fund, the Sponsor or an Affiliated Institutional Lender, and the terms and conditions of such replacement shall be reasonably satisfactory to the Administrative Agent, (v) the replacement bank or institution, if not already a Lender, shall be subject to the provisions of <u>Section 13.6(b)</u>, (vi) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of <u>Section 13.6</u> (<u>provided</u> that unless otherwise agreed the Parent Borrower shall be obligated to pay the registration and processing fee referred to therein), and (vii) any such replacement shall not be deemed to be a waiver of any rights that the Parent Borrower, the Administrative Agent or any other Lender shall have against the replaced Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Lender (such Lender, a "**Non-Consenting Lender**") has failed to consent to a proposed amendment, waiver, discharge or termination that pursuant to the terms of <u>Section 13.1</u> requires the consent of either (i) all of the Lenders directly and adversely affected or (ii) all of the Lenders, and, in each case, with respect to which the Required Lenders (or at least 50.1% of the directly and adversely affected Lenders) shall have granted their consent, then, the Parent Borrower shall have the right (unless such Non-Consenting Lender grants such consent) to (x) replace such Non-Consenting Lender by requiring such Non-Consenting Lender to assign its Loans, and its Commitments hereunder to one or more assignees reasonably acceptable to the Administrative Agent (to the extent such consent would be required under <u>Section 13.6)</u> or to terminate the Commitment of such Lender or such Letter of Credit Issuer, as the case may be, and (1) in the case of a Lender (other than the Letter of Credit Issuers), repay all Obligations of the Parent Borrower due and owing to such Lender relating to the Loans and participations held by such Lender as of such termination date and (2) in the case of a Letter of Credit Issuer, repay all Obligations of the Parent Borrower owing to such Letter of Credit Issuer relating to the Loans and participations held by such Letter of Credit Issuer as of such termination date or backstop on terms satisfactory to such Letter of Credit Issuer or cause to be cancelled any Letters of Credit issued by it; <u>provided</u> that (a) all Obligations hereunder of the Parent Borrower owing to such Non-Consenting Lender being replaced shall be paid in full to such Non-Consenting Lender concurrently with such assignment, and (b) the replacement Lender shall purchase the foregoing by paying to such Non-Consenting Lender a price equal to the principal amount thereof plus accrued and unpaid interest thereon. In connection with any such assignment, the Parent Borrower, the Administrative Agent, such Non-Consenting Lender and the replacement Lender shall otherwise comply with <u>Section 13.6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8 <u>Adjustments; Set-off</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as contemplated in <u>Section 13.6</u> or elsewhere herein, if any Lender (a "**Benefited Lender**") shall at any time receive any payment of all or part of its Loans, or interest thereon, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in <u>Section 11.5</u>, or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of such other Lender's Loans, or interest thereon, such Benefited Lender shall purchase for cash from the other Lenders a participating interest in such portion of each such other Lender's Loan, or shall provide such other Lenders with the benefits of any such collateral, or the proceeds thereof, as shall be necessary to cause such Benefited Lender to share the excess payment or benefits of such collateral or proceeds ratably with each of the Lenders; <u>provided</u>, <u>however</u>, that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After the occurrence and during the continuance of an Event of Default, in addition to any rights and remedies of the Lenders provided by law, each Lender shall have the right, without prior notice to the Credit Parties but with the prior consent of the Administrative Agent, any such notice being expressly waived by the Credit Parties to the extent permitted by applicable law, upon any amount becoming due and payable by the Credit Parties hereunder (whether at the stated maturity, by acceleration or otherwise) to set-off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final) (other than payroll, trust, tax, fiduciary, and petty cash accounts), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender or any branch or agency thereof to or for the credit or the account of the Credit Parties. Each Lender agrees promptly to notify the Credit Parties and the Administrative Agent after any such set-off and application made by such Lender; <u>provided</u> that the failure to give such notice shall not affect the validity of such set-off and application.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9 <u>Counterparts</u>. This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which counterparts shall be an original, but all of which shall together constitute one and the same instrument. This Agreement may be delivered by facsimile, electronic mail (including pdf) or any electronic signature complying with the U.S. federal ESIGN Act of 2000 or the New York Electronic Signatures and Records Act or other electronic transmission of the relevant signature pages hereof, and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes to the fullest extent permitted by applicable law. For the avoidance of doubt, the foregoing also applies to any amendment, extension or renewal of this Agreement. Each of the parties hereto represents and warrants to the other parties that it has the corporate capacity and authority to execute this Agreement through electronic mean and that there are no restrictions for doing so in that party's constitutive documents. A set of the copies of this Agreement signed by all the parties shall be lodged with the Parent Borrower and the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10 <u>Severability</u>. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11 <u>Integration</u>. This Agreement and the other Credit Documents represent the agreement of the Parent Borrower, the Collateral Agent, the Administrative Agent and the Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Parent Borrower, the Administrative Agent, the Collateral Agent nor any Lender relative to subject matter hereof not expressly set forth or referred to herein or in the other Credit Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12 <u>GOVERNING LAW</u>. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, EXCEPT THAT (A) THE INTERPRETATION OF THE DEFINITION OF A COMPANY MATERIAL ADVERSE EFFECT (AND WHETHER OR NOT A COMPANY MATERIAL ADVERSE EFFECT HAS OCCURRED), (B) THE DETERMINATION OF THE ACCURACY OF ANY COMPANY REPRESENTATION AND WHETHER AS A RESULT OF ANY INACCURACY THEREOF EITHER BORROWER OR ANY OF ITS AFFILIATES HAS THE RIGHT TO TERMINATE ITS OR THEIR OBLIGATIONS UNDER THE ACQUISITION AGREEMENT PURSUANT TO SECTION 7.01(C)(I) OF THE ACQUISITION AGREEMENT (OR OTHERWISE DECLINE TO CONSUMMATE THE ACQUISITION PURSUANT TO SECTION 6.02(A) OF THE ACQUISITION AGREEMENT WITHOUT ANY LIABILITY) AND (C) THE DETERMINATION OF WHETHER THE ACQUISITION HAS BEEN CONSUMMATED IN ACCORDANCE WITH THE TERMS OF THE ACQUISITION AGREEMENT AND, IN ANY CASE, CLAIMS OR DISPUTES ARISING OUT OF ANY SUCH INTERPRETATION OR DETERMINATION OR ANY ASPECT THEREOF SHALL, IN EACH CASE, BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF MARYLAND, REGARDLESS OF THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS THEREOF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13 <u>Submission to Jurisdiction; Waivers</u>. Each party hereto irrevocably and unconditionally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Credit Documents to which it is a party to the exclusive general jurisdiction of the courts of the State of New York or the courts of the United States for the Southern District of New York, in each case sitting in New York City in the Borough of Manhattan, and appellate courts from any thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consents that any such action or proceeding may be brought in such courts and waives (to the extent permitted by applicable law) any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same or to commence or support any such action or proceeding in any other courts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address set forth on <u>Schedule 13.2</u> at such other address of which the Administrative Agent shall have been notified pursuant to <u>Section 13.2</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) agrees that nothing herein shall affect the right of the Administrative Agent, any Lender or another Secured Party to effect service of process in any other manner permitted by law or to commence legal proceedings or otherwise proceed against the Parent Borrower or any other Credit Party in any other jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this <u>Section 13.13</u> any special, exemplary, punitive or consequential damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.14 <u>Acknowledgments</u>. The Parent Borrower hereby acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has been advised by counsel in the negotiation, execution, and delivery of this Agreement and the other Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) the credit facilities provided for hereunder and any related arranging or other services in connection therewith (including in connection with any amendment, waiver or other modification hereof or of any other Credit Document) are an arm's-length commercial transaction between the Parent Borrower and the other Credit Parties, on the one hand, and the Administrative Agent, the Lenders and the other Agents on the other hand, and the Parent Borrower and the other Credit Parties are capable of evaluating and understanding and understand and accept the terms, risks and conditions of the transactions contemplated hereby and by the other Credit Documents (including any amendment, waiver or other modification hereof or thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in connection with the process leading to such transaction, each of the Administrative Agent and the other Agents, is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary for the Parent Borrower, any other Credit Parties or any of their respective Affiliates, stockholders, creditors or employees, or any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) neither the Administrative Agent nor any other Agent has assumed or will assume an advisory, agency or fiduciary responsibility in favor of the Parent Borrower or any other Credit Party with respect to any of the transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other modification hereof or of any other Credit Document (irrespective of whether the Administrative Agent or other Agent has advised or is currently advising the Parent Borrower, the other Credit Parties or their respective Affiliates on other matters) and neither the Administrative Agent or other Agent has any obligation to the Parent Borrower, the other Credit Parties or their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Administrative Agent, each other Agent and each Affiliate of the foregoing may be engaged in a broad range of transactions that involve interests that differ from those of the Parent Borrower and its Affiliates, and neither the Administrative Agent nor any other Agent has any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) neither the Administrative Agent nor any other Agent has provided and none will provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver or other modification hereof or of any other Credit Document) and the Parent Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate. The Parent Borrower hereby agrees that it will not claim that any Agent owes a fiduciary or similar duty to the Credit Parties in connection with the Transactions contemplated hereby and waives and releases, to the fullest extent permitted by law, any claims that it may have against the Administrative Agent or any other Agent with respect to any breach or alleged breach of agency or fiduciary duty; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no joint venture is created hereby or by the other Credit Documents or otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among the Parent Borrower, on the one hand, and any Lender, on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.15 <u>WAIVERS OF JURY TRIAL</u>. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVE (TO THE EXTENT PERMITTED BY APPLICABLE LAW) THE RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY ANY PARTY RELATED TO OR ARISING OUT OF THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT OR THE PERFORMANCE OF SERVICES HEREUNDER OR THEREUNDER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.16 <u>Confidentiality</u>. The Administrative Agent, each other Agent and each Lender (collectively, the "**Restricted Persons**" and, each a "**Restricted Person**") shall treat confidentially all non-public information provided to any Restricted Person by or on behalf of any Credit Party hereunder in connection with such Restricted Person's evaluation of whether to become a Lender hereunder or obtained by such Restricted Person pursuant to the requirements of this Agreement ("**Confidential Information**") and shall not publish, disclose or otherwise divulge such Confidential Information; <u>provided</u> that nothing herein shall prevent any Restricted Person from disclosing any such Confidential Information (a) pursuant to the order of any court or administrative agency or in any pending legal, judicial or administrative proceeding, or otherwise as required by applicable law, rule or regulation or compulsory legal process (in which case such Restricted Person agrees (except with respect to any routine or ordinary course audit or examination conducted by bank accountants or any governmental, bank regulatory or self-regulatory authority exercising examination or regulatory authority), to the extent practicable and not prohibited by applicable law, rule or regulation, to inform the Parent Borrower promptly thereof prior to disclosure), (b) upon the request or demand of any regulatory authority (including any self-regulatory authority) having jurisdiction over such Restricted Person or any of its Affiliates (in which case such Restricted Person agrees (except with respect to any routine or ordinary course audit or examination conducted by bank accountants or any governmental, bank regulatory or self-regulatory authority exercising examination or regulatory authority) to the extent practicable and not prohibited by applicable law, rule or regulation, to inform the Parent Borrower promptly thereof prior to disclosure), (c) to the extent that such Confidential Information becomes publicly available other than by reason of improper disclosure by such Restricted Person or any of its affiliates or any related parties thereto in violation of any confidentiality obligations owing under this <u>Section 13.16</u>, (d) to the extent that such Confidential Information is received by such Restricted Person from a third party that is not, to such Restricted Person's knowledge, subject to confidentiality obligations owing to any Credit Party or any of their respective subsidiaries or affiliates, (e) to the extent that such Confidential Information was already in the possession of the Restricted Persons prior to any duty or other undertaking of confidentiality or is independently developed by the Restricted Persons without the use of such Confidential Information, (f) to such Restricted Person's affiliates and to its and their respective officers, directors, partners, employees, legal counsel, independent auditors, and other experts or agents who need to know such Confidential Information in connection with providing the Loans or action as an Agent hereunder and who are informed of the confidential nature of such Confidential Information and who are subject to customary confidentiality obligations of professional practice or who agree to be bound by the terms of this <u>Section 13.16</u> (or confidentiality provisions at least as restrictive as those set forth in this <u>Section</u> 13.16) (with each such Restricted Person, to the extent within its control, responsible for such person's compliance with this paragraph), (g) to potential or prospective Lenders, hedge providers (or other derivative transaction counterparties) (any such person, a "**Derivative Counterparty**"), participants or assignees, in each case who agree (pursuant to customary syndication practice) to be bound by the terms of this <u>Section 13.16</u> (or confidentiality provisions at least as restrictive as those set forth in this <u>Section 13.16</u>); <u>provided</u> that (i) the disclosure of any such Confidential Information to any Lenders, Derivative Counterparties or prospective Lenders, Derivative Counterparties or participants or prospective participants referred to above shall be made subject to the acknowledgment and acceptance by such Lender, Derivative Counterparty or prospective Lender or participant or prospective participant that such Confidential Information is being disseminated on a confidential basis (on substantially the terms set forth in this <u>Section 13.16</u> or confidentiality provisions at least as restrictive as those set forth in this <u>Section 13.16</u>) in accordance with the standard syndication processes of such Restricted Person or customary market standards for dissemination of such type of information, which shall in any event require "click through" or other affirmative actions on the part of recipient to access such Confidential Information and (ii) no such disclosure shall be made by such Restricted Person to any person that is at such time a Disqualified Lender, (h) for purposes of establishing a "due diligence" defense, or (i) to rating agencies in connection with obtaining ratings for the Parent Borrower and the Credit Facility to the extent such rating agencies are subject to customary confidentiality obligations of professional practice or agree to be bound by the terms of this <u>Section 13.16</u> (or confidentiality provisions at least as restrictive as those set forth in this <u>Section 13.16</u>)<u>, or (j) with the prior written consent of the Parent Borrower</u>. Notwithstanding the foregoing, (i) Confidential Information shall not include, with respect to any Person, information available to it or its Affiliates on a non-confidential basis from a source other than the Parent Borrower, its Subsidiaries or its Affiliates, (ii) the Administrative Agent shall not be responsible for compliance with this <u>Section 13.16</u> by any other Restricted Person (other than its officers, directors or employees), (iii) in no event shall any Lender, the Administrative Agent or any other Agent be obligated or required to return any materials furnished by the Parent Borrower or any of its Subsidiaries, and (iv) each Agent and each Lender may disclose the existence of this Agreement and the information about this Agreement to market data collectors, similar services providers to the lending industry, and service providers to the Agents and the Lenders in connection with the administration, settlement and management of this Agreement and the other Credit Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.17 <u>Direct Website Communications</u>. The Borrower may, at its option, provide to the Administrative Agent any information, documents and other materials that it is obligated to furnish to the Administrative Agent pursuant to the Credit Documents, including, without limitation, all notices, requests, financial statements, financial, and other reports, certificates, and other information materials, but excluding any such communication that (A) relates to a request for a new, or a conversion of an existing, borrowing or other extension of credit (including any election of an interest rate or interest period relating thereto), (B) relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (C) provides notice of any default or event of default under this Agreement or (D) is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement and/or any borrowing or other extension of credit thereunder (all such non-excluded communications being referred to herein collectively as "**Communications**"), by transmitting the Communications in an electronic/soft medium in a format reasonably acceptable to the Administrative Agent to the Administrative Agent at an email address provided by the Administrative Agent from time to time; <u>provided</u> that (i) upon written request by the Administrative Agent, or the Parent Borrower shall deliver paper copies of such documents to the Administrative Agent for further distribution to each Lender until a written request to cease delivering paper copies is given by the Administrative Agent and (ii) the Parent Borrower shall notify (which may be by facsimile or electronic mail) the Administrative Agent of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (*i.e.*, soft copies) of such documents. Each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such documents from the Administrative Agent and maintaining its copies of such documents. Nothing in this <u>Section 13.17</u> shall prejudice the right of the Parent Borrower, any other Credit Party, the Administrative Agent, any other Agent or any Lender to give any notice or other communication pursuant to any Credit Document in any other manner specified in such Credit Document.

The Administrative Agent agrees that the receipt of the Communications by the Administrative Agent at its e-mail address set forth above shall constitute effective delivery of the Communications to the Administrative Agent for purposes of the Credit Documents. Each Lender agrees that notice to it (as provided in the next sentence) specifying that the Communications have been posted to the Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Credit Documents. Each Lender agrees (A) to notify the Administrative Agent in writing (including by electronic communication) from time to time of such Lender's e-mail address to which the foregoing notice may be sent by electronic transmission and (B) that the foregoing notice may be sent to such e-mail address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower further agrees that any Agent may make the Communications available to the Lenders by posting the Communications on Intralinks or a substantially similar electronic transmission system (the "**Platform**"), so long as the access to such Platform (i) is limited to the Agents, the Lenders and Transferees or prospective Transferees and (ii) remains subject to the confidentiality requirements set forth in <u>Section 13.16</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) THE PLATFORM IS PROVIDED "AS IS" AND "AS AVAILABLE." THE AGENT PARTIES DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF ANY MATERIALS OR INFORMATION PROVIDED BY THE CREDIT PARTIES (THE "**BORROWER MATERIALS**") OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the "**Agent Parties**" and each an "**Agent Party**") have any liability to the Parent Borrower, any Lender, or any other Person for losses, claims, damages, liabilities, or expenses of any kind (whether in tort, contract or otherwise) arising out of the Parent Borrower's or the Administrative Agent's transmission of Borrower Materials through the internet, except to the extent the liability of any Agent Party resulted from such Agent Party's (or any of its Related Parties' (other than any trustee or advisor)) gross negligence, bad faith or willful misconduct or material breach of the Credit Documents as determined in the final non-appealable judgment of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower and each Lender acknowledge that certain of the Lenders may be "public-side" Lenders (Lenders that do not wish to receive material non-public information with respect to the Parent Borrower, the Subsidiaries or their securities) and, if documents or notices required to be delivered pursuant to the Credit Documents or otherwise are being distributed through the Platform, any document or notice that the Parent Borrower have indicated contains only publicly available information with respect to the Parent Borrower may be posted on that portion of the Platform designated for such public-side Lenders. If the Parent Borrower has not indicated whether a document or notice delivered contains only publicly available information, the Administrative Agent shall post such document or notice solely on that portion of the Platform designated for Lenders who wish to receive material nonpublic information with respect to the Parent Borrower, its Subsidiaries and their securities. Notwithstanding the foregoing, the Parent Borrower shall use commercially reasonable efforts to indicate whether any document or notice contains only publicly available information; <u>provided</u>, <u>however</u>, that the following documents shall be deemed to be marked "PUBLIC," unless the Parent Borrower notifies the Administrative Agent promptly that any such document contains material nonpublic information: (1) the Credit Documents, (2) any notification of changes in the terms of the Credit Facility and (3) all financial statements and certificates delivered pursuant to <u>Sections 9.1(a)</u>, <u>(a)</u> and <u>(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.18 <u>USA PATRIOT Act</u>. Each Lender hereby notifies each Credit Party that, pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "**Patriot Act**") and the Beneficial Ownership Regulation, it is required to obtain, verify, and record information that identifies each Credit Party, which information includes the name and address of each Credit Party and other information that will allow such Lender to identify each Credit Party in accordance with the Patriot Act and the Beneficial Ownership Regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.19 [ <u>Reserved</u> ].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.20 <u>Payments Set Aside</u>. To the extent that any payment by or on behalf of the Parent Borrower is made to any Agent or any Lender, or any Agent or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by such Agent or such Lender in its discretion) to be repaid to a trustee, receiver, or any other party, in connection with any proceeding or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share of any amount so recovered from or repaid by any Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the applicable Overnight Rate from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.21 <u>No Fiduciary Duty</u>. Each Agent, each Lender and their Affiliates (collectively, solely for purposes of this paragraph, the "**Lenders**"), may have economic interests that conflict with those of the Credit Parties, their stockholders and/or their affiliates. Each Credit Party agrees that nothing in the Credit Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender, on the one hand, and such Credit Party, its stockholders or its affiliates, on the other. The Credit Parties acknowledge and agree that (i) the transactions contemplated by the Credit Documents (including the exercise of rights and remedies hereunder and thereunder) are arm's-length commercial transactions between the Lenders, on the one hand, and the Credit Parties, on the other, and (ii) in connection therewith and with the process leading thereto, (x) no Lender has assumed an advisory or fiduciary responsibility in favor of any Credit Party, its stockholders or its affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender has advised, is currently advising or will advise any Credit Party, its stockholders or its Affiliates on other matters) or any other obligation to any Credit Party except the obligations expressly set forth in the Credit Documents and (y) each Lender is acting solely as principal and not as the agent or fiduciary of any Credit Party, its management, stockholders or creditors. Each Credit Party acknowledges and agrees that it has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto. Each Credit Party agrees that it will not claim that any Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to such Credit Party, in connection with such transaction or the process leading thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.22 <u>Nature of Borrower Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary contained elsewhere in this Agreement, it is understood and agreed by the various parties to this Agreement that all of the Parent Borrower's Obligations to repay principal of, interest on, and all other amounts with respect to, all Loans, L/C Obligations and all other Obligations of the Parent Borrower pursuant to this Agreement (including, without limitation, all fees, indemnities, taxes and other Obligations in connection therewith or in connection with the related Commitments) shall be guaranteed pursuant to, and in accordance with the terms of, the Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The obligations of the Parent Borrower with respect to the Parent Borrower's Obligations are independent of the obligations of any Guarantor under its guaranty of the Parent Borrower's Obligations, and a separate action or actions may be brought and prosecuted against the Parent Borrower, whether or not any such Guarantor is joined in any such action or actions. The Borrower waives, to the fullest extent permitted by law, the benefit of any statute of limitations affecting its liability hereunder or the enforcement thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Parent Borrower authorizes the Administrative Agent and the Lenders without notice or demand (except as shall be required by the Credit Documents and applicable statute that cannot be waived), and without affecting or impairing its liability hereunder, from time to time to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) exercise or refrain from exercising any rights against any Guarantor or others or otherwise act or refrain from acting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) apply any sums paid by any other Person, howsoever realized or otherwise received to or for the account of the Parent Borrower to any liability or liabilities of such other Person regardless of what liability or liabilities of such other Person remain unpaid; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) consent to or waive any breach of, or act, omission or default under, this Agreement or any of the instruments or agreements referred to herein, or otherwise, by any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is not necessary for the Administrative Agent or any other Lender to inquire into the capacity or powers of the Parent Borrower or any of its Subsidiaries or the officers, directors, members, partners or agents acting or purporting to act on its behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Parent Borrower waives any right to require the Administrative Agent or the other Lenders to (i) proceed against any Guarantor or any other party, (ii) proceed against or exhaust any security held from any Guarantor or any other party or (iii) pursue any other remedy in the Administrative Agent's or the Lenders' power whatsoever. The Parent Borrower waives any defense based on or arising out of suretyship or any impairment of security held from the Parent Borrower, any Guarantor or any other party or on or arising out of any defense of any Guarantor or any other party other than payment in full in cash of the Obligations of the Credit Parties, including, without limitation, any defense based on or arising out of the disability of any Guarantor or any other party, or the unenforceability of the Obligations of the Parent Borrower or any part thereof from any cause, in each case other than as a result of the payment in full in cash of the Obligations of the Parent Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All provisions contained in any Credit Document shall be interpreted consistently with this <u>Section 13.22</u> to the extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.23 <u>Acknowledgment and Consent to Bail-In of Affected Financial Institutions</u>. Notwithstanding anything to the contrary in any Credit Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Credit 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 party hereto that is an Affected Financial Institution; and

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Credit Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.24 <u>Acknowledgment Regarding Any Supported QFCs</u>. To the extent that the Credit Documents provide support, through a guarantee or otherwise, for any Hedge Agreement 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 Credit 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 Credit 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 Credit 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As
 used in this <u>Section 13.24</u>, the following
 terms have the following meanings:

"**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.

"**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).

" **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.

"**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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.25 <u>Certain ERISA Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 that at least one of the following is and will be true:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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, and the conditions of such exemption have been 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,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent such Lender and the Borrower, provided that the Borrower shall not unreasonably withhold its consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) 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 Credit Document or any documents related hereto or thereto).

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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

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| | |
|:---|:---|
| PHOENIX DATA CENTER ACQUISITIONS LLC | PHOENIX DATA CENTER ACQUISITIONS LLC |
| as the Parent Borrower | as the Parent Borrower |
| By: |  |
|  | Name: |
|  | Title: |

---

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| | |
|:---|:---|
| PHOENIX DATA CENTER INTERMEDIATE LLC | PHOENIX DATA CENTER INTERMEDIATE LLC |
| as Holdings | as Holdings |
| By: |  |
|  | Name: |
|  | Title: |

---

[Signature Page to U.S. Revolving Credit Agreement]

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| | |
|:---|:---|
| WELLS FARGO BANK, NATIONAL ASSOCIATION | WELLS FARGO BANK, NATIONAL ASSOCIATION |
| as Administrative Agent | as Administrative Agent |
| By: |  |
|  | Name: |
|  | Title: |

---

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| | |
|:---|:---|
| WELLS FARGO BANK, NATIONAL ASSOCIATION | WELLS FARGO BANK, NATIONAL ASSOCIATION |
| as Collateral Agent | as Collateral Agent |
| By: |  |
|  | Name: |
|  | Title: |

---

[Signature Page to U.S. Revolving Credit Agreement]

By: 

 Name:

 Title:

[Signature Page to U.S. Revolving Credit Agreement]

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the use in this Registration Statement No. 333-296826 on Form S-1 of our report dated March 30, 2026, relating to the financial statements of Csquare, Inc. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

/s/ Deloitte & Touche LLP

Miami, Florida

June 24, 2026