# EDGAR Filing Document

**Accession Number:** 0000718677
**File Stem:** 0001104659-25-122617
**Filing Date:** 2025-12
**Character Count:** 1796641
**Document Hash:** 69dca332e38d57340a6b70d1319ff3b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-122617.hdr.sgml**: 20251218

**ACCESSION NUMBER**: 0001104659-25-122617

**CONFORMED SUBMISSION TYPE**: S-4

**PUBLIC DOCUMENT COUNT**: 295

**FILED AS OF DATE**: 20251218

**DATE AS OF CHANGE**: 20251218

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lineage, Inc.
- **CENTRAL INDEX KEY:** 0001868159
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-4
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292261
- **FILM NUMBER:** 251584107

**BUSINESS ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377
- **BUSINESS PHONE:** (800) 678-7271

**MAIL ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Lineage Growth Properties, Inc.
- **DATE OF NAME CHANGE:** 20210617
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lineage Europe Finco B.V.
- **CENTRAL INDEX KEY:** 0002095872

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** P7
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-4
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292261-03
- **FILM NUMBER:** 251584110

**BUSINESS ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377
- **BUSINESS PHONE:** (800) 678-7271

**MAIL ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lineage Treasury Europe B.V.
- **CENTRAL INDEX KEY:** 0002079431

**ORGANIZATION NAME:**
- **EIN:** 981576057
- **STATE OF INCORPORATION:** P7
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-4
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292261-05
- **FILM NUMBER:** 251584112

**BUSINESS ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377
- **BUSINESS PHONE:** (800) 678-7271

**MAIL ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lineage Logistics Canada Holdings Ltd.
- **CENTRAL INDEX KEY:** 0002079432

**ORGANIZATION NAME:**
- **EIN:** 981669890
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-4
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292261-02
- **FILM NUMBER:** 251584109

**BUSINESS ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377
- **BUSINESS PHONE:** (800) 678-7271

**MAIL ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lineage WA Columbia RE, LLC
- **CENTRAL INDEX KEY:** 0002079433

**ORGANIZATION NAME:**
- **EIN:** 911204627
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-4
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292261-06
- **FILM NUMBER:** 251584113

**BUSINESS ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377
- **BUSINESS PHONE:** (800) 678-7271

**MAIL ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lineage Logistics, LLC
- **CENTRAL INDEX KEY:** 0002079434

**ORGANIZATION NAME:**
- **EIN:** 383899873
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-4
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292261-13
- **FILM NUMBER:** 251584120

**BUSINESS ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377
- **BUSINESS PHONE:** (800) 678-7271

**MAIL ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lineage Logistics Services, LLC
- **CENTRAL INDEX KEY:** 0002079435

**ORGANIZATION NAME:**
- **EIN:** 832072741
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-4
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292261-12
- **FILM NUMBER:** 251584119

**BUSINESS ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377
- **BUSINESS PHONE:** (800) 678-7271

**MAIL ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lineage Logistics MTC, LLC
- **CENTRAL INDEX KEY:** 0002079436

**ORGANIZATION NAME:**
- **EIN:** 520411970
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-4
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292261-07
- **FILM NUMBER:** 251584114

**BUSINESS ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377
- **BUSINESS PHONE:** (800) 678-7271

**MAIL ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lineage Logistics Holdings, LLC
- **CENTRAL INDEX KEY:** 0002079437

**ORGANIZATION NAME:**
- **EIN:** 300707700
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-4
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292261-14
- **FILM NUMBER:** 251584121

**BUSINESS ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377
- **BUSINESS PHONE:** (800) 678-7271

**MAIL ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lineage Logistics Canada Holdings, LLC
- **CENTRAL INDEX KEY:** 0002079439

**ORGANIZATION NAME:**
- **EIN:** 852232173
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-4
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292261-11
- **FILM NUMBER:** 251584118

**BUSINESS ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377
- **BUSINESS PHONE:** (800) 678-7271

**MAIL ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lineage Columbia Mezz, LLC
- **CENTRAL INDEX KEY:** 0002080316

**ORGANIZATION NAME:**
- **EIN:** 911204627
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-4
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292261-08
- **FILM NUMBER:** 251584115

**BUSINESS ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377
- **BUSINESS PHONE:** (800) 678-7271

**MAIL ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Boreas Logistics Holdings B.V.
- **CENTRAL INDEX KEY:** 0002080373

**ORGANIZATION NAME:**
- **EIN:** 981372557
- **STATE OF INCORPORATION:** P7
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-4
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292261-04
- **FILM NUMBER:** 251584111

**BUSINESS ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377
- **BUSINESS PHONE:** (800) 678-7271

**MAIL ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Emergent Cold Midco Pty Ltd.
- **CENTRAL INDEX KEY:** 0002080753

**ORGANIZATION NAME:**
- **EIN:** 981545556
- **STATE OF INCORPORATION:** C3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-4
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292261-01
- **FILM NUMBER:** 251584108

**BUSINESS ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377
- **BUSINESS PHONE:** (800) 678-7271

**MAIL ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lineage AUS RE Holdings, LLC
- **CENTRAL INDEX KEY:** 0002080883

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-4
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292261-10
- **FILM NUMBER:** 251584117

**BUSINESS ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377
- **BUSINESS PHONE:** (800) 678-7271

**MAIL ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COLUMBIA COLSTOR, INC.
- **CENTRAL INDEX KEY:** 0000718677

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-4
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292261-09
- **FILM NUMBER:** 251584116

**BUSINESS ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377
- **BUSINESS PHONE:** (248) 285-8844

**MAIL ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COLUMBIA COLSTOR INC
- **DATE OF NAME CHANGE:** 19830428
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lineage OP, LP
- **CENTRAL INDEX KEY:** 0001810021

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-4
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292261-15
- **FILM NUMBER:** 251584122

**BUSINESS ADDRESS:**
- **STREET 1:** 801 MONTGOMERY STREET
- **STREET 2:** FLOOR 5
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94133
- **BUSINESS PHONE:** (415) 229-7953

**MAIL ADDRESS:**
- **STREET 1:** 801 MONTGOMERY STREET
- **STREET 2:** FLOOR 5
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94133

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Lineage OP, LLC
- **DATE OF NAME CHANGE:** 20240703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BG LLH Intermediate, LLC
- **DATE OF NAME CHANGE:** 20200417

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

#### As filed with the Securities and Exchange Commission on December 18, 2025

#### Registration No. 333-

#### UNITED STATES SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### FORM S-4

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

#### LINEAGE, INC.\* LINEAGE OP, LP
(Exact name of Registrant as specified in its charter)

---

| | |
|:---|:---|
| **Maryland (Lineage, Inc.) <br> Maryland (Lineage OP, LP)** <br> (State or other jurisdiction <br> of incorporation or organization)  | **82-1271188 (Lineage, Inc.) <br> 61-1863533 (Lineage OP, LP)** <br> (I.R.S. Employer <br> Identification Number)  |

---

#### \*And Additional Subsidiary Registrants Identified Below (see Table of Additional Registrants below) 6798
(Primary Standard Industrial

Classification Code Number)

#### 46500 Humboldt Drive Novi, Michigan 48377 (800) 678-7271
(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)

#### Natalie Matsler Chief Legal Officer 46500 Humboldt Drive Novi, Michigan 48377 (800) 678-7271
(Name, address, including zip code, and telephone number, including area code, of agent for service)

#### Copy to:

#### Lewis W. Kneib, Esq. Brent T. Epstein, Esq. Devon L. MacLaughlin, Esq. Latham & Watkins LLP 10250 Constellation Blvd., Suite 1100 Century City, California 90067 (424) 653-5500
 **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 the securities being registered on this Form are being offered in connection with the formation of a holding company and there is compliance with General Instruction G, 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, 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 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.

---

| | |
|:---|:---|
| **Lineage, Inc.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Large accelerated filer <br>☐ <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelerated filer <br>☐ <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-accelerated filer <br>☒ <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smaller reporting company <br>☐ <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging growth company <br>☐ <br>|  |
| **Lineage OP, LP** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Large accelerated filer <br>☐ <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelerated filer <br>☐ <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-accelerated filer <br>☒ <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smaller reporting company <br>☐ <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging growth company <br>☐ <br>|  |

---

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.

If applicable, place an X in the box to designate the appropriate rule relied upon in conducting this transaction:

Exchange Act Rule 13e-4(i) (Cross-Border Issuer Tender Offer) ☐

Exchange Act Rule 14d-1(d) (Cross-Border Third Party Tender Offer) ☐

 **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 that specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act, or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to Section 8(a), may determine.** 

------

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

#### TABLE OF ADDITIONAL REGISTRANTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Exact Name of Registrant as <br> Specified in its Charter**  | **State or Other <br> Jurisdiction of <br> Incorporation or <br> Organization**  | **I.R.S. <br> Employer <br> Identification <br> Number**  | **Address, Including Zip Code and <br> Telephone Number, Including <br> Area Code of Registrant's <br> Principal Executive Offices**  | **Name, Address, Including Zip <br> Code and Telephone Number, <br> Including Area Code of Agent <br> for Service**  |
| Lineage Logistics Holdings, LLC  | Delaware | 30-0707700  | 46500 Humboldt Drive <br> Novi, Michigan 48377 <br> (800) 678-7271  | Natalie Matsler <br> Chief Legal Officer <br> 46500 Humboldt Drive <br> Novi, Michigan 48377 <br> (800) 678-7271  |
| Lineage Logistics, LLC | Delaware | 38-3899873  | 46500 Humboldt Drive <br> Novi, Michigan 48377 <br> (800) 678-7271  | Natalie Matsler <br> Chief Legal Officer <br> 46500 Humboldt Drive <br> Novi, Michigan 48377 <br> (800) 678-7271  |
| Lineage Logistics Services, LLC  | Delaware | 83-2072741  | 46500 Humboldt Drive <br> Novi, Michigan 48377 <br> (800) 678-7271  | Natalie Matsler <br> Chief Legal Officer <br> 46500 Humboldt Drive <br> Novi, Michigan 48377 <br> (800) 678-7271  |
| Lineage Logistics Canada Holdings, LLC | Delaware | 85-2232173  | 46500 Humboldt Drive <br> Novi, Michigan 48377 <br> (800) 678-7271  | Natalie Matsler <br> Chief Legal Officer <br> 46500 Humboldt Drive <br> Novi, Michigan 48377 <br> (800) 678-7271  |
| Lineage AUS RE Holdings, LLC  | Delaware | —  | 46500 Humboldt Drive <br> Novi, Michigan 48377 <br> (800) 678-7271  | Natalie Matsler <br> Chief Legal Officer <br> 46500 Humboldt Drive <br> Novi, Michigan 48377 <br> (800) 678-7271  |
| Columbia Colstor, Inc. | Washington | 91-1204627  | 46500 Humboldt Drive <br> Novi, Michigan 48377 <br> (800) 678-7271  | Natalie Matsler <br> Chief Legal Officer <br> 46500 Humboldt Drive <br> Novi, Michigan 48377 <br> (800) 678-7271  |
| Lineage Columbia Mezz, LLC | Delaware | —  | 46500 Humboldt Drive <br> Novi, Michigan 48377 <br> (800) 678-7271  | Natalie Matsler <br> Chief Legal Officer <br> 46500 Humboldt Drive <br> Novi, Michigan 48377 <br> (800) 678-7271  |
| Lineage Logistics MTC, LLC | Maryland | 52-0411970  | 46500 Humboldt Drive <br> Novi, Michigan 48377 <br> (800) 678-7271  | Natalie Matsler <br> Chief Legal Officer <br> 46500 Humboldt Drive <br> Novi, Michigan 48377 <br> (800) 678-7271  |
| Lineage WA Columbia RE, LLC  | Delaware | —  | 46500 Humboldt Drive <br> Novi, Michigan 48377 <br> (800) 678-7271  | Natalie Matsler <br> Chief Legal Officer <br> 46500 Humboldt Drive <br> Novi, Michigan 48377 <br> (800) 678-7271  |
| Lineage Treasury Europe B.V. | Netherlands | 98-1576057  | 46500 Humboldt Drive <br> Novi, Michigan 48377 <br> (800) 678-7271  | Natalie Matsler <br> Chief Legal Officer <br> 46500 Humboldt Drive <br> Novi, Michigan 48377 <br> (800) 678-7271  |
| Boreas Logistics Holdings B.V. | Netherlands | 98-1372557  | 46500 Humboldt Drive <br> Novi, Michigan 48377 <br> (800) 678-7271  | Natalie Matsler <br> Chief Legal Officer <br> 46500 Humboldt Drive <br> Novi, Michigan 48377 <br> (800) 678-7271  |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Exact Name of Registrant as <br> Specified in its Charter**  | **State or Other <br> Jurisdiction of <br> Incorporation or <br> Organization**  | **I.R.S. <br> Employer <br> Identification <br> Number**  | **Address, Including Zip Code and <br> Telephone Number, Including <br> Area Code of Registrant's <br> Principal Executive Offices**  | **Name, Address, Including Zip <br> Code and Telephone Number, <br> Including Area Code of Agent <br> for Service**  |
| Lineage Europe Finco B.V. | Netherlands | 98-1893231  | 46500 Humboldt Drive <br> Novi, Michigan 48377 <br> (800) 678-7271  | Natalie Matsler <br> Chief Legal Officer <br> 46500 Humboldt Drive <br> Novi, Michigan 48377 <br> (800) 678-7271  |
| Lineage Logistics Canada Holdings Ltd. | Ontario, Canada | 98-1669890  | 46500 Humboldt Drive <br> Novi, Michigan 48377 <br> (800) 678-7271  | Natalie Matsler <br> Chief Legal Officer <br> 46500 Humboldt Drive <br> Novi, Michigan 48377 <br> (800) 678-7271  |
| Emergent Cold Midco Pty Ltd | Australia | 98-1545556  | 46500 Humboldt Drive <br> Novi, Michigan 48377 <br> (800) 678-7271  | Natalie Matsler <br> Chief Legal Officer <br> 46500 Humboldt Drive <br> Novi, Michigan 48377 <br> (800) 678-7271  |

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The information in this 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 prospectus is not an offer to sell these securities nor a solicitation of an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

#### Subject to Completion, Dated December 18, 2025

#### PRELIMINARY PROSPECTUS
![[MISSING IMAGE: lg_lineager-4clr.jpg]](lg_lineager-4clr.jpg)

### Offer to Exchange
 **$500,000,000 Aggregate Principal Amount of 5.250% Senior Notes due 2030 of Lineage OP, LP (CUSIP No. 53567Y AB5 and ISIN No. US53567YAB56), Which Have Been Registered Under the Securities Act, for $500,000,000 Aggregate Principal Amount of 5.250% Senior Notes due 2030 of Lineage OP, LP (Regulation S CUSIP No. U5348A AA2 and ISIN No. USU5348AAA26 and Rule 144A CUSIP No. 53567Y AA7 and ISIN No. US53567YAA73)** 

 *guaranteed by* 

#### Lineage, Inc. and certain subsidiaries of Lineage, Inc. that guarantee or are otherwise obligated in respect of the Principal Credit Agreement
 **€700,000,000 Aggregate Principal Amount of 4.125% Senior Notes due 2031 of Lineage Europe Finco B.V. (ISIN No. XS3260287894), Which Have Been Registered Under the Securities Act, for €700,000,000 Aggregate Principal Amount of 4.125% Senior Notes due 2031 of Lineage Europe Finco B.V (Regulation S ISIN No. XS3237166502 and Rule 144A ISIN No. XS3237166767).** 

 *guaranteed by* 

#### Lineage, Inc., Lineage OP, LP and certain subsidiaries of Lineage, Inc. that guarantee or are otherwise obligated in respect of the Principal Credit Agreement

#### The Exchange Notes
Lineage OP, LP (the "operating partnership") is offering to exchange up to $500,000,000 aggregate principal amount of its new 5.250% Senior Notes due 2030 (the "USD exchange notes"), and related guarantees that have been registered under the Securities Act of 1933, as amended (the "Securities Act"), for up to $500,000,000 aggregate principal amount of its outstanding 5.250% Senior Notes due 2030 (the "old USD notes") and related guarantees. Lineage Europe Finco B.V. ("Lineage Europe") is offering to exchange up to €700,000,000 aggregate principal amount of its new 4.125% Senior Notes due 2031 (the "Euro exchange notes" and, together with the USD exchange notes, the "exchange notes") and related guarantees that have been registered under the Securities Act, for up to €700,000,000 aggregate principal amount of its outstanding 4.125% Senior Notes due 2031 (the "old Euro notes" and, together with the old USD notes, the "old notes") and related guarantees. We refer to the "issuer" to mean either the operating partnership or Lineage Europe, as the case may be, as the issuer of the applicable series of notes. The terms of the USD exchange notes and Euro exchange notes are identical in all material respects to the terms of the old USD notes and old Euro notes, respectively, except that the exchange notes have been registered under the Securities Act, and the transfer restrictions, registration rights and certain provisions regarding additional interest relating to the old notes do not apply to the exchange notes.

The USD exchange notes will be fully and unconditionally guaranteed by Lineage, Inc., the sole general partner of the operating partnership, Lineage Logistics Holdings, LLC and each other subsidiary of Lineage, Inc. (other than the operating partnership and any Excluded Subsidiary (as defined below)) that guarantees or is otherwise obligated in respect of the Principal Credit Agreement (as defined below), which we refer to collectively as the USD notes guarantors. The Euro exchange notes will be fully and unconditionally guaranteed by Lineage, Inc., the operating partnership, Lineage Logistics Holdings, LLC and each other subsidiary of Lineage, Inc. (other than Lineage Europe and any Excluded Subsidiary) that guarantees or is otherwise obligated in respect of the Principal Credit Agreement, which we refer to collectively as the Euro notes guarantors and, together with the USD notes guarantors, the guarantors. In addition, following the initial issuance, the exchange notes will be fully and unconditionally guaranteed by each subsidiary of Lineage, Inc. (other than the applicable issuer of such exchange notes, any existing guarantor and any Excluded Subsidiary) if, and for so long as, such subsidiary, directly or indirectly, guarantees or otherwise becomes obligated in respect of the Principal Credit Agreement.

The exchange notes and the guarantees will be the applicable issuer's and the applicable guarantors' direct, senior unsecured and unsubordinated obligations and will rank equally in right of payment with all of the applicable issuer's and

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the applicable guarantors' other senior unsecured and unsubordinated indebtedness from time to time outstanding. The exchange notes will be effectively subordinated in right of payment to the applicable issuer's and the applicable guarantors' existing and future secured indebtedness (as to which the repayment obligation may be limited to the value of the collateral securing such indebtedness). In addition, the exchange notes will be effectively subordinated in right of payment to all existing and future liabilities and other indebtedness, whether secured or unsecured, of the applicable issuer's non-guarantor subsidiaries.

#### Material Terms of the Exchange Offer
We are commencing a separate exchange offer with respect to each series of old notes. We refer to these exchange offers, collectively, as the exchange offer in this prospectus. The exchange offer expires at 11:59 p.m., New York City time, on , 2026, unless extended. Our completion of the exchange offer is subject to customary conditions.

Upon our completion of the exchange offer, all old notes that are validly tendered and not withdrawn will be exchanged for an equal principal amount of exchange notes that are registered under the Securities Act. Tenders of old notes may be withdrawn at any time prior to the expiration of the exchange offer, as provided in this prospectus.

The exchange of old USD notes for USD exchange notes, and the exchange of old Euro notes for Euro exchange notes, in each case pursuant to the exchange offer will not be a taxable event for U.S. federal income tax purposes. We will not receive any proceeds from the exchange offer.

There is no existing public market for the old notes or the exchange notes. We do not intend to list the USD exchange notes on any securities exchange or seek approval for quotation through any automated trading system. We intend to apply to list the Euro exchange notes on the Nasdaq Global Market ("Nasdaq") following this exchange offer. The listing application will be subject to approval by Nasdaq. If such a listing is obtained, we have no obligation to maintain such listing and we may delist the notes at any time.

Each broker-dealer that receives exchange notes for its own account pursuant to the exchange offer must acknowledge that it will deliver a prospectus in connection with any resale of such exchange notes. This prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of exchange notes received in exchange for old notes where such old notes were acquired by such broker-dealer as a result of market-making activities or other trading activities. We have agreed that, for a period of 180 days after the expiration of the exchange offer, we will make this prospectus available to any broker-dealer for use in connection with any resale described above. See "Plan of Distribution."

 **Please see "Risk Factors" beginning on page [21](#tRIFA) of this prospectus for a discussion of certain factors that you should consider before participating in this exchange offer.** 

None of the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of the exchange notes or determined if this prospectus is truthful or complete. Any representation to the contrary is unlawful.

The date of this prospectus is , 2025.

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#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | **Page**  |
| [DEFINITIONS](#tDEF)  | [ii](#tDEF) |
|  [WHERE YOU CAN FIND ADDITIONAL INFORMATION; INCORPORATION BY REFERENCE](#tWYCF)  | [iii](#tWYCF) |
| [FORWARD-LOOKING STATEMENTS](#tFOST)  | [v](#tFOST) |
| [NON-GAAP FINANCIAL MEASURES](#tNFM)  | [vi](#tNFM) |
| [SUMMARY](#tSUM)  | [1](#tSUM) |
| [RISK FACTORS](#tRIFA)  | [21](#tRIFA) |
| [USE OF PROCEEDS](#tUOP)  | [37](#tUOP) |
| [DESCRIPTION OF OTHER INDEBTEDNESS](#tDOOI)  | [38](#tDOOI) |
| [THE EXCHANGE OFFER](#tTEO)  | [40](#tTEO) |
| [DESCRIPTION OF USD EXCHANGE NOTES](#tDOUE)  | [53](#tDOUE) |
| [DESCRIPTION OF EURO EXCHANGE NOTES](#tDOEE)  | [78](#tDOEE) |
| [MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS](#tMUFI)  | [101](#tMUFI) |
| [CERTAIN MATERIAL DUTCH TAX CONSIDERATIONS](#tCMDT)  | [103](#tCMDT) |
|  [CERTAIN AUSTRALIAN, CANADIAN AND DUTCH TAX CONSIDERATIONS RELATING <br> TO THE GUARANTEES](#tCACA)  | [105](#tCACA) |
| [PLAN OF DISTRIBUTION](#tPOD)  | [108](#tPOD) |
| [LEGAL MATTERS](#tLEMA)  | [109](#tLEMA) |
| [EXPERTS](#tEXP)  | [109](#tEXP) |
| [CERTAIN INSOLVENCY AND ENFORCEABILITY CONSIDERATIONS](#tCIAE)  | [110](#tCIAE) |

---

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#### DEFINITIONS
Except in "Description of USD Exchange Notes," "Description of Euro Exchange Notes" and "The Exchange Offer" and where the context otherwise requires, in this prospectus, "Lineage," "we," "our," "us" and the "Company" mean Lineage, Inc., a Maryland corporation, together with its consolidated subsidiaries, including Lineage OP, LP, a Maryland limited partnership, of which Lineage is the general partner. In statements regarding qualification as a REIT, such terms refer solely to Lineage, Inc. Except in "Description of USD Exchange Notes," "Description of Euro Exchange Notes" and "The Exchange Offer" and where the context otherwise requires, in this prospectus, "Lineage OP" and the "operating partnership" refer to Lineage OP, LP and "Lineage Europe" means Lineage Europe Finco B.V. When we refer to "you," we mean the holders of the old notes or the exchange notes, as applicable. Unless the context otherwise requires, references in this prospectus to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Code" refers to the U.S. Internal Revenue Code of 1986, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "EBITDA" refers to earnings before interest, taxes, depreciation and amortization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Exchange Act" refers to the Securities Exchange Act of 1934, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "FFO" refers to funds from operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "GAAP" refers to accounting principles generally accepted in the United States, consistently applied, as in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Lineage Holdings" refers to Lineage Logistics Holdings, LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "NOI" refers to net operating income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "REIT" refers to a real estate investment trust for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Revolving Credit and Term Loan Agreement" refers to our $4,500 million revolving credit and term loan agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Revolving Credit Facility" refers to our $3,500 million senior unsecured revolving credit facility pursuant to the Revolving Credit and Term Loan Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "SEC" refers to the U.S. Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "segment NOI" refers to segment net operating income, calculated as a segment's revenues less its cost of operations (excluding any depreciation and amortization, impairment charges, general and administrative expenses, stock-based compensation expense and related employer-paid payroll taxes, restructuring and impairment expense, gains and losses on sale of assets, and acquisition, transaction and other expenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Senior Unsecured Notes" refers to, collectively, our Series A Senior Notes, Series B Senior Note, Series C Senior Notes, Series D Senior Notes, Series E Senior Notes, Series F Senior Notes, Series G Senior Notes, Series H Senior Notes and Series I Senior Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Term Loan" refers to our $1,000 million senior unsecured term loan facility pursuant to the Revolving Credit and Term Loan Agreement.

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#### WHERE YOU CAN FIND ADDITIONAL INFORMATION; INCORPORATION BY REFERENCE

#### Available Information
We file reports, proxy statements and other information with the SEC. The SEC maintains a website that contains reports, proxy and information statements and other information about issuers, such as us, who file electronically with the SEC. The address of that website is *http://www.sec.gov*.

Our website address is *www.onelineage.com*. The information on our website, however, is not, and should not be deemed to be, a part of this prospectus.

This prospectus is part of a registration statement that we filed with the SEC and does not contain all of the information in the registration statement. The full registration statement may be obtained from the SEC or us, as provided below. Forms of the indenture and other documents establishing the terms of the exchange notes are or may be filed as exhibits to the registration statement or documents incorporated by reference in the registration statement. Statements in this prospectus about these documents are summaries and each statement is qualified in all respects by reference to the document to which it refers. You should refer to the actual documents for a more complete description of the relevant matters. You may inspect a copy of the registration statement through the SEC's website, as provided above.

#### Incorporation by Reference
The SEC's rules allow us to "incorporate by reference" information into this prospectus, which means that we can disclose important information to you by referring you to another document filed separately with the SEC. The information incorporated by reference is deemed to be part of this prospectus, and subsequent information that we file with the SEC will automatically update and supersede that information. Any statement contained in this prospectus or a previously filed document incorporated by reference will be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained in this prospectus or a subsequently filed document incorporated by reference modifies or replaces that statement.

This prospectus incorporates by reference the documents set forth below that have previously been filed with the SEC:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our [Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 26, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1868159/000186815925000011/line-20241231.htm);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our Quarterly Reports on [Form 10-Q for the quarter ended March 31, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1868159/000186815925000061/line-20250331.htm), filed with the SEC on April 30, 2025, the [quarter ended June 30, 2025, filed with the SEC on August 6, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1868159/000186815925000095/line-20250630.htm) and the [quarter ended September 30, 2025, filed with the SEC on November 5, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1868159/000186815925000110/line-20250930.htm);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The information specifically incorporated by reference into our Annual Report on Form 10-K from our [Definitive Proxy Statement on Schedule 14A, filed with the SEC on April 28, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1868159/000186815925000053/line-20250425.htm); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our Current Reports on Form 8-K, filed with the SEC on [April 7, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1868159/000186815925000027/line-20250401.htm), [April 21, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1868159/000186815925000030/line-20250417.htm), [June 2, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1868159/000186815925000069/line-20250529.htm) (other than the information furnished pursuant to Item 7.01 and Exhibit 99.1), [June 11, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1868159/000186815925000074/line-20250610.htm) (other than the information furnished pursuant to Item 7.01 and Exhibit 99.1), [June 17, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1868159/000186815925000076/line-20250617.htm), [June 20, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1868159/000186815925000078/line-20250618.htm), [October 20, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1868159/000186815925000102/line-20251017.htm) (other than the information furnished pursuant to Item 7.01 and Exhibit 99.1), [November 19, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1868159/000186815925000116/line-20251119.htm) (other than the information furnished pursuant to Item 7.01 and Exhibit 99.1) and [December 2, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1868159/000186815925000119/line-20251126.htm).

All reports and other documents we subsequently file pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act prior to the termination of this exchange offer, including all such documents we may file with the SEC after the date of the initial registration statement and prior to the effectiveness of the registration statement, but excluding any information furnished to, rather than filed with, the SEC, will also be incorporated by reference into this prospectus and deemed to be part of this prospectus from the date of the filing of such reports and documents.

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You may request a free copy of any of the documents incorporated by reference in this prospectus by writing or telephoning us at the following address:

Lineage, Inc.

46500 Humboldt Drive

Novi, Michigan 48377

(800) 678-7271

Exhibits to the filings will not be sent, however, unless those exhibits have specifically been incorporated by reference in this prospectus or any accompanying prospectus supplement.

 **To ensure timely delivery of documents incorporated by reference in this prospectus, please make your requests as soon as practicable and, in any event, no later than five business days prior to the expiration of the exchange offer. The exchange offer will expire at 11:59 p.m., New York City time, on , 2026 unless extended.** 

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#### FORWARD-LOOKING STATEMENTS
This prospectus and the documents incorporated by reference contain forward looking statements as defined by the Private Securities Litigation Reform Act of 1995. In particular, statements pertaining to our business and growth strategies, investment and development activities and trends in our business, contain forward-looking statements. When used in this prospectus, the words "estimate," "anticipate," "expect," "believe," "intend," "may," "will," "could," "should," "would," "seek," "position," "support," "drive," "enable," "optimistic," "target," "opportunity," "approximately" or "plan," or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters are intended to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions of management.

Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and we may not be able to realize them. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • continued volatility and uncertainty in the credit markets and broader financial markets, including potential fluctuations in the Consumer Price Index and changes in foreign currency exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the impact of tariffs and global trade disruptions on us and our customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • other risks inherent in the real estate business, including customer defaults, potential liability related to environmental matters, illiquidity of real estate investments and potential damages from natural disasters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the availability of suitable acquisitions and our ability to acquire properties or businesses on favorable terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our success in implementing our business strategy and our ability to identify, underwrite, finance, consummate, integrate and manage diversifying acquisitions or investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to meet budgeted or stabilized returns on our development and expansion projects within expected time frames, or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to manage our expanded operations, including expansion into new markets or business lines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent and future acquisitions and greenfield developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our failure to successfully integrate and operate acquired or developed properties or businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to renew significant customer contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the impact of supply chain disruptions, including the impact on labor availability, raw material availability, manufacturing and food production and transportation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • difficulties managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in political conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the degree and nature of our competition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our failure to generate sufficient cash flows to service our outstanding indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to access debt and equity capital markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • continued volatility in interest rates;

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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; • increased power, labor or construction costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in consumer demand or preferences for products we store in our warehouses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • decreased storage rates or increased vacancy rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • labor shortages or our inability to attract and retain talent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in, or the failure or inability to comply with, government regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks or processes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our failure to maintain our status as a REIT for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in local, state, federal and international laws and regulations, including related to taxation, tariffs, real estate and zoning laws, and increases in real property tax rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the impact of any financial, accounting, legal, tax or regulatory issues or litigation that may affect us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to consummate the exchange offer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • additional factors discussed in the section entitled "Risk Factors" in this prospectus and the documents incorporated by reference herein, including our [Annual Report on Form 10-K for the year ended December 31, 2024](http://www.sec.gov/ix?doc=/Archives/edgar/data/1868159/000186815925000011/line-20241231.htm) and other filings made from time to time with the SEC.

You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date such statements are made. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this prospectus or to reflect the occurrence of unanticipated events, except as required by law. In light of these risks and uncertainties, the forward-looking events discussed in this prospectus or the documents incorporated by reference herein might not occur as described, or at all.

#### NON-GAAP FINANCIAL MEASURES
In this prospectus, we use certain non-GAAP financial measures as supplemental performance measures of our business, including segment NOI, FFO, Core FFO, Adjusted FFO, EBITDA, EBITDAre and Adjusted EBITDA. For definitions of these metrics, reconciliations of these metrics to our net loss and a statement of why our management believes the presentation of these metrics provides useful information to investors and any additional purposes for which management uses such metrics, see "Definitions" and "Summary Historical Consolidated Financial and Other Data — Non-GAAP Financial Measures."

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#### SUMMARY
 *The following summary contains basic information about this exchange offer. It does not contain all of the information that is important to you in connection with this exchange offer. For a more complete understanding of this exchange offer, we encourage you to read the entire document and the documents we have referred you to, especially the risks of investing in the exchange notes discussed under "Risk Factors," before investing in these exchange notes.* 

#### Overview
We are the world's largest global temperature-controlled warehouse REIT, with a modern and strategically located network of properties. Our business is competitively positioned to deliver a seamless end-to-end, technology-enabled experience for a well-diversified and stable customer base, each with their own unique requirements in the temperature-controlled supply chain. We own substantially all of our assets and conduct substantially all of our operations through our operating partnership.

#### REIT Status
We have elected and believe we have qualified to be taxed as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2020. We believe that our organization and operations will allow us to continue to qualify as a REIT for U.S. federal income tax purposes. To maintain REIT status, we must meet a number of organizational and operational requirements, including a requirement that we annually distribute to our stockholders at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gains.

#### Corporate Structure
The following chart summarizes our corporate structure and principal indebtedness as of September 30, 2025.

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

\*

Percentages based on shares or units, as applicable, outstanding as of September 30, 2025.

(1) Entities that are direct borrowers, guarantors or other otherwise obligated with respect to the Principal Credit Agreement and will guarantee the notes.

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

(2) Issuer of the USD exchange notes and guarantor of the Euro exchange notes.

(3) Issuer of the Euro exchange notes and guarantor of the USD exchange notes.

(4) Entities that are not direct borrowers, guarantors or other otherwise obligated with respect to the Principal Credit Agreement and will not guarantee the notes.

(5) Entities that are direct borrowers, guarantors or other otherwise obligated with respect to the Principal Credit Agreement but will not guarantee the notes. See "Description of USD Exchange Notes — Definitions — Excluded Subsidiary" and "Description of Euro Exchange Notes — Definitions — Excluded Subsidiary."

#### Corporate Information
The Company was formed in Maryland in April 2017. Our operating partnership was formed in Maryland in July 2024. Our principal executive office is located at 46500 Humboldt Drive, Novi, Michigan 48377. Lineage Europe was formed in October 2025. Lineage Europe's corporate seat (*statutaire zetel*) is located in Amsterdam, having its registered office at Blakenweg 2, 4612 RC, Bergen op Zoom, the Netherlands. Our telephone number is (800) 678-7271.

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#### THE EXCHANGE OFFER
 *The following is a brief summary of some of the terms of the exchange offer. For a more complete description of the terms of the exchange offer, see "The Exchange Offer" in this prospectus.* 

The Exchange Offer

Lineage OP, LP is offering to exchange up to $500,000,000 aggregate principal amount of its USD exchange notes (CUSIP No. 53567Y AB5 and ISIN No. US53567YAB56) for $500,000,000 aggregate principal amount of its old USD notes (Regulation S CUSIP No. U5348A AA2 and ISIN No. USU5348AAA26 and Rule 144A CUSIP No. 53567Y AA7 and ISIN No. US53567YAA73).

Lineage Europe Finco B.V. is offering to exchange up to €700,000,000 aggregate principal amount of its Euro exchange notes (ISIN No. XS3260287894) for €700,000,000 aggregate principal amount of its old Euro notes (Regulation S ISIN No. XS3237166502 and Rule 144A ISIN No. XS3237166767).

The operating partnership will issue USD exchange notes in minimum denominations of $2,000 and integral multiples of $1,000 in excess of $2,000. Lineage Europe will issue Euro exchange notes in minimum denominations of €100,000 and integral multiples of €1,000 in excess of thereof. To be exchanged, an old note must be properly tendered and accepted. All outstanding old notes that are validly tendered and not validly withdrawn will be exchanged for respective exchange notes issued on or promptly after the expiration date of the exchange offer. Currently, there is $500,000,000 aggregate principal amount of old USD notes outstanding, €700,000,000 aggregate principal amount of old Euro notes outstanding and no exchange notes outstanding.

Expiration Date

The exchange offer will expire at 11:59 p.m., New York City time, on , 2026 unless extended, in which case the term "expiration date" shall mean the latest date and time to which the exchange offer is extended.

Withdrawal

You may withdraw the tender of your old notes at any time prior to the expiration date of the exchange offer. See "The Exchange Offer — Withdrawal Rights."

Conditions to the Exchange Offer

The exchange offer is subject to customary conditions. The exchange offer is not conditioned upon any minimum principal amount of old notes being tendered for exchange. See "The Exchange Offer — Conditions to the Exchange Offer."

Procedures for Tendering Old Notes

If you are a holder of old notes who wishes to accept the exchange offer, you must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in the case of the old USD notes, properly complete, sign and date the accompanying letter of transmittal (including any documents required by the letter of transmittal), or a facsimile of the letter of transmittal, according to the instructions contained in this prospectus and the letter of transmittal, and mail or otherwise deliver the letter of transmittal, together with your old notes, to the USD Exchange Agent (as defined herein) at the addresses set forth under "The Exchange Offer — Exchange Agents"; 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; • arrange for The Depository Trust Company, Clearstream Banking, S.A. ("Clearstream") or Euroclear Bank SA/NV ("Euroclear"), as applicable, to transmit certain required information, including an agent's message from DTC or an Electronic Consent Instruction (as defined herein) from Euroclear or Clearstream, as applicable, forming part of a book-entry

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transfer in which you agree to be bound by the terms of the letter of transmittal, to the applicable Exchange Agent in connection with a book-entry transfer.

By tendering your old notes in either manner, you will be representing, among other things, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • you are acquiring the exchange notes issued to you in the exchange offer in the ordinary course of your 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • you are not engaged in, and do not intend to engage in, and have no arrangement or understanding with any person to participate in, a distribution of the exchange notes issued to you in the exchange offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if you are a broker-dealer that will receive exchange notes for your own account in exchange for old notes that were acquired as a result of market making activities, that you will deliver a prospectus, as required by law, in connection with any resale of such exchange notes; 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; • you are not an "affiliate" of ours within the meaning of Rule 144 under the Securities Act. See "The Exchange Offer — Procedures for Tendering Old Notes."

Special Procedures for Beneficial Owners

If you beneficially own old notes registered in the name of a broker, dealer, commercial bank trust company or other nominee and wish to tender your beneficially owned old notes in the exchange offer, you should contact the registered holder promptly and instruct it to tender the old notes on your behalf. If you wish to tender on your own behalf, you must, prior to completing and executing the letter of transmittal and delivering your old notes, either make appropriate arrangements to register ownership of the old notes in your name or obtain a properly completed bond power from the registered holder. The transfer of registered ownership may take considerable time and may not be able to be completed prior to the expiration date. See "The Exchange Offer — Procedures for Tendering Old Notes."

Guaranteed Delivery Procedures

If you wish to tender your old USD notes, but:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • your old notes are not immediately available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • you cannot deliver your old notes, or, in the case of the old USD notes, the letter of transmittal or any other documents required by the letter of transmittal, to the applicable Exchange Agent prior to the expiration date; 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; • the procedures for book-entry transfer of your old notes cannot be completed prior to the expiration 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; • you may tender your old USD notes pursuant to the guaranteed delivery procedures set forth in this prospectus and the letter of transmittal. See "The Exchange Offer — Guaranteed Delivery Procedures".

Acceptance of Old Notes for Exchange and Delivery of Exchange Note

Upon effectiveness of the registration statement of which this prospectus is a part and commencement of the exchange offer, we will accept any and all old notes that are properly tendered in the exchange offer prior to 11:59 p.m., New York City time, on the expiration date. The exchange notes issued pursuant to the exchange offer will be delivered promptly following the expiration date. See "The Exchange Offer — Acceptance of Old Notes for Exchange and Delivery of Exchange Notes".

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Certain Federal Income Tax Considerations

The exchange of old USD notes for USD exchange notes, and the exchange of old Euro notes for Euro exchange notes, in each case pursuant to the exchange offer will not be a taxable event for U.S. federal income tax purposes. For a discussion of material U.S. federal income tax consequences of the exchange of old notes for exchange notes, see "Material U.S. Federal Income Tax Considerations."

Use of Proceeds

We will not receive any proceeds from the issuance of exchange notes pursuant to the exchange offer.

Fees and Expenses

We will pay certain expenses incident to the consummation of the exchange offer and compliance with the registration rights agreements. See "The Exchange Offer — Fees and Expenses."

Termination of Certain Rights

On June 17, 2025 and November 26, 2025, we completed the private offerings and issuances of the old USD notes and the old Euro notes, respectively. As a condition to the sale of the old notes, we entered into a registration rights agreement with the initial purchasers of the old USD notes on June 17, 2025 (the "USD notes registration rights agreement) and a registration rights agreement with the initial purchasers of the old Euro notes on November 26, 2025 (the "Euro notes registration rights agreement" and, together with the USD notes registration rights agreement, the "registration rights agreements").

Pursuant to the registration rights agreements, holders of old notes: (i) have rights to receive additional interest in certain instances; and (ii) have certain rights intended for the holders of unregistered securities. Holders of exchange notes will not be, and upon consummation of the exchange offer, holders of old notes will no longer be, entitled to the right to receive additional interest in certain instances, as well as certain other rights under the registration rights agreement for holders of unregistered securities. See "The Exchange Offer."

Resale of Exchange Notes

We believe, based on an interpretation by the staff of the SEC contained in several no action letters issued to third parties in other transactions, that you may offer to sell, sell or otherwise transfer the exchange notes issued to you in this exchange offer without complying with the registration and prospectus delivery requirements of the Securities Act; provided 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • you are acquiring the exchange notes issued to you in the exchange offer in the ordinary course of your 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • you are not engaged in, and do not intend to engage in, and have no arrangement or understanding with any person to participate in, a distribution of the exchange notes issued to you in the exchange offer; 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; • you are not an "affiliate" of ours within the meaning of Rule 144 under the Securities Act. If you are a broker-dealer and you receive exchange for old notes that you acquired for your own account as a result of market-making activities or other trading activities, you must acknowledge that you will deliver a prospectus if you decide to resell your exchange notes. See "Plan of Distribution."

Consequences of Failure to Exchange

If you do not tender your old notes or if you tender your old notes improperly, you will continue to be subject to the restrictions on transfer of your old notes as contained in the legend on the old notes. In general, you may not sell or offer to sell the old notes, except pursuant to a registration statement under the Securities Act or any exemption from registration thereunder and in compliance with all applicable state securities laws. See "The Exchange Offer — Consequences of Failure to Exchange."

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Exchange Agent

U.S. Bank Trust Company, National Association is the exchange agent for the exchange offer for the old USD notes (the "USD Exchange Agent") and U.S. Bank Europe DAC is the exchange agent for the exchange offer for the old Euro notes (the "Euro Exchange Agent" and, together with the USD Exchange Agent, the "Exchange Agents" and each, an "Exchange Agent").

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#### THE USD EXCHANGE NOTES
 *The following is a brief summary of some of the terms of the USD exchange notes. The form and term of the USD exchange notes will be substantially identical to those of the old USD notes except that the USD exchange notes will not be subject to certain transfer restrictions, registration rights and certain provisions regarding additional interest applicable to the old USD notes prior to the consummation of the exchange offer. For a more complete description of the terms of the USD exchange notes, see "Description of USD Exchange Notes" in this prospectus.* 

Issuer

Lineage OP, LP.

Guarantors

Lineage, Inc., Lineage Logistics Holdings, LLC and each other subsidiary of Lineage, Inc. (other than the operating partnership and any Excluded Subsidiary) that guarantees or is otherwise obligated in respect of the Principal Credit Agreement (each, a "USD notes guarantor" and, collectively, the "USD notes guarantors").

Securities Offered

Up to $500,000,000 aggregate principal amount of 5.250% Senior Notes due 2030 (the "USD exchange notes").

Maturity Date

The USD exchange notes will mature on July 15, 2030 unless redeemed, at our option, prior to such date.

Interest Rate

5.250% per year.

Interest Payment Dates

January 15 and July 15 of each year, beginning July 15, 2026. Interest on the USD exchange notes will accrue from January 15, 2026.

Optional Redemption

The operating partnership may, at its option, redeem the USD exchange notes at any time in whole or from time to time in part at the applicable redemption price described under "Description of USD Exchange Notes — The operating partnership's redemption rights."

Ranking of USD Exchange Notes

The USD exchange notes will be the operating partnership's senior unsecured obligations and will rank equally in right of payment with all of its other existing and future senior unsecured indebtedness. The USD exchange notes will be effectively subordinated in right of payment 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all of the operating partnership's existing and future secured indebtedness (to the extent of the value of the collateral securing such indebtedness);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all existing and future indebtedness and other liabilities, whether secured or unsecured, of the operating partnership's non-guarantor subsidiaries and of any entity the operating partnership accounts for using the equity method of accounting; 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; • all existing and future preferred equity not owned by the operating partnership, if any, in the operating partnership's non-guarantor subsidiaries and in any entity the operating partnership accounts for using the equity method of accounting.

For additional information, see "Description of USD Exchange Notes — Ranking."

Guarantees

The USD exchange notes will be fully and unconditionally guaranteed by each of the USD notes guarantors, on a joint and several basis. In addition, following the initial issuance of the USD exchange notes, the USD exchange notes will be fully and unconditionally guaranteed by each Subsidiary of the Company (other than the operating partnership, any existing guarantor and any Excluded Subsidiary) if, and for so long as, such subsidiary, directly or indirectly, guarantees or otherwise becomes obligated in respect of the Principal Credit Agreement. The guarantee of the USD exchange notes will

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be a senior unsecured obligation of each guarantor and will rank equally in right of payment with all other existing and future senior unsecured indebtedness and senior unsecured guarantees of such guarantor. Each USD notes guarantor's guarantee of the USD exchange notes will be effectively subordinated in right of payment 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all existing and future secured indebtedness and secured guarantees of such guarantor (to the extent of the value of the collateral securing such indebtedness and guarantees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all existing and future indebtedness and other liabilities, whether secured or unsecured, of such guarantor's non-guarantor subsidiaries and of any entity such guarantor accounts for using the equity method of accounting; 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; • all existing and future preferred equity not owned by such guarantor in such guarantor's non-guarantor subsidiaries and in any entity such guarantor accounts for using the equity method of accounting.

At the time of issuance of the USD exchange notes, the USD notes guarantors will include the Company, Lineage Holdings and each Subsidiary that guarantees or is otherwise obligated in respect of the Principal Credit Agreement (other than the operating partnership and any Excluded Subsidiary).

The Company has no significant operations, other than as the operating partnership's general partner, and no material assets, other than its investment in the operating partnership. In addition, certain of the USD notes guarantors (other than the Company) are holding companies that have no significant operations and no material assets other than their investments in their respective subsidiaries. Non-guarantor subsidiaries are separate and distinct legal entities and they have no obligation to pay any amounts due on the USD exchange notes or to provide the USD notes guarantors with funds to satisfy any payment obligations with respect to the USD exchange notes. For additional information, see "Description of USD Exchange Notes — Guarantees."

Intercreditor Agreement

The trustee is a party to the Intercreditor Agreement. The Intercreditor Agreement may be amended from time to time without the consent of the holders of the USD exchange notes, including to add other parties holding additional indebtedness permitted to be incurred under the indenture that will govern the USD exchange notes, the indenture that will govern the Euro exchange notes, the Principal Credit Agreement and the Senior Unsecured Notes. Pursuant to the Intercreditor Agreement, after an event of default under the old USD notes or the USD exchange notes, payments from the operating partnership or any guarantor of the old USD notes or the USD exchange notes will be shared pro rata among all creditors under the Intercreditor Agreement. Similarly, after an event of default under the indenture that will govern the Euro exchange notes, the Principal Credit Agreement, the Senior Unsecured Notes or any Additional Indebtedness (as defined in the Intercreditor Agreement), payments from any obligors under such agreements will be shared pro rata among all creditors under the Intercreditor Agreement, including holders of the old USD notes or the USD exchange notes. See "Description of USD Exchange Notes — Intercreditor Agreement."

Certain Covenants

The indenture that will govern the USD exchange notes contains certain covenants that, among other things, limit the operating partnership and the USD notes guarantors' ability to:

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • consummate a merger, consolidation or sale of all or substantially all of their assets; 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; • incur secured and unsecured indebtedness.

These covenants are subject to a number of important exceptions and qualifications. For additional information, see "Description of USD Exchange Notes — Certain covenants."

Absence of a Public Market for the USD Exchange Notes

The USD exchange notes are a new issue of securities with no established trading market. We do not intend to apply for listing of the USD exchange notes on any securities exchange or for quotation of the USD exchange notes on any automated dealer quotation system.

Use of Proceeds

We will not receive any cash proceeds from the issuance of the USD exchange notes. See "Use of Proceeds."

Trustee

U.S. Bank Trust Company, National Association.

Book-entry

The USD exchange notes will be issued in book-entry form and will be represented by one or more permanent global notes deposited with, or on behalf of DTC, and registered in the name of a nominee of DTC. Beneficial interests in the global notes will be shown on, and transfers will be effected only through, records maintained by DTC or its nominee, and such interests may not be exchanged for notes in certificated form, except in limited circumstances. See "Description of USD Exchange Notes — Book-Entry Settlement and Clearance."

Limitations on Guarantees by Non-U.S. Guarantors

Certain of our subsidiaries that will guarantee the USD exchange notes on the original issue date are incorporated under the laws of the Netherlands, Canada and Australia. For a brief description of certain aspects of insolvency law relevant to Australia, Canada and the Netherlands, see "Certain Insolvency and Enforceability Considerations."

Governing Law

The indenture, the USD exchange notes and the guarantee will be governed by the laws of the State of New York.

Risk Factors

Investing in the USD exchange notes involves a high degree of risk. You should carefully read and consider the information set forth under the heading "Risk Factors" beginning on page 21 of this prospectus and the information set forth under the caption "Item 1A. Risk Factors" in the Company's [Annual Report on Form 10-K for the year ended December 31, 2024](http://www.sec.gov/ix?doc=/Archives/edgar/data/1868159/000186815925000011/line-20241231.htm), as well as the other information set forth in our other filings under the Exchange Act that is incorporated herein by reference, before participating in the exchange offer.

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#### THE EURO EXCHANGE NOTES
 *The following is a brief summary of some of the terms of the Euro exchange notes. The form and term of the Euro exchange notes will be substantially identical to those of the old Euro notes except that the Euro exchange notes will not be subject to certain transfer restrictions, registration rights and certain provisions regarding additional interest applicable to the old Euro notes prior to the consummation of the exchange offer. For a more complete description of the terms of the Euro exchange notes, see "Description of Euro Exchange Notes" in this prospectus.* 

Issuer

Lineage Europe Finco B.V.

Legal Entity Identifier

254900HAPZY8OK9NWE76.

Guarantors

Lineage, Inc., Lineage OP, LP, Lineage Logistics Holdings, LLC and each other subsidiary of Lineage, Inc. (other than Lineage Europe and any Excluded Subsidiary) that guarantees or is otherwise obligated in respect of the Principal Credit Agreement (each, a "Euro notes guarantor" and, collectively, the "Euro notes guarantors")

Securities Offered

Up to €700,000,000 aggregate principal amount of 4.125% Senior Notes due 2031 (the "Euro exchange notes").

Maturity Date

The Euro exchange notes will mature on November 26, 2031 unless redeemed, at our option, prior to such date.

Interest Rate

4.125% per year.

Interest Payment Dates

November 26 of each year, beginning November 26, 2026. Interest on the Euro exchange notes will accrue from November 26, 2025.

Optional Redemption

Lineage Europe may, at its option, redeem the Euro exchange notes at any time in whole or from time to time in part at the applicable redemption price described under "Description of Euro Exchange Notes — Optional redemption."

Additional Amounts

Subject to certain exceptions and limitations, we will pay additional amounts on the Euro exchange notes to holders in respect of any required withholding or deduction for any present or future tax, assessment or other governmental charge imposed by the Netherlands or any political subdivision or taxing authority thereof or therein having power to tax, as will result in receipt by holders of Euro exchange notes of such amounts as they would have received had no such withholding or deduction been required. See "Description of Euro Exchange Notes — Payment of additional amounts."

Tax Redemption

If, as a result of certain changes in tax law, Lineage Europe or any Euro notes guarantor has or will become obligated to pay additional amounts on the Euro exchange notes or if there is a substantial probability that Lineage Europe or any Euro notes guarantor will become obligated to pay additional amounts on the Euro exchange notes, then Lineage Europe may, at its option, redeem the Euro exchange notes, in whole but not in part, at a redemption price equal to 100% of the principal amount of the Euro exchange notes to be redeemed, together with interest accrued and unpaid to the date fixed for redemption. See "Description of Euro Exchange Notes — Redemption for tax reasons."

Ranking of Euro Exchange Notes

The Euro exchange notes will be Lineage Europe's senior unsecured obligations and will rank equally in right of payment with all of its other existing and future senior unsecured indebtedness. The Euro exchange notes will be effectively subordinated in right of payment 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all of Lineage Europe's existing and future mortgage indebtedness and

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other secured indebtedness to the extent of the value of the collateral securing such indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all existing and future indebtedness and other liabilities, whether secured or unsecured, of Lineage Europe's non-guarantor subsidiaries (if any) and of any entity Lineage Europe accounts for using the equity method of accounting (if any); 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; • all existing and future preferred equity not owned by Lineage Europe, if any, in Lineage Europe's non-guarantor subsidiaries (if any) and in any entity Lineage Europe accounts for using the equity method of accounting (if any).

Lineage Europe is an indirect wholly-owned finance subsidiary of Lineage Holdings that has no material business operations other than as a finance subsidiary. For additional information, see "Description of Euro Exchange Notes — Ranking."

Guarantees

The Euro exchange notes will be fully and unconditionally guaranteed by each of the Euro notes guarantors, on a joint and several basis. In addition, following the initial issuance of the Euro exchange notes, the Euro exchange notes will be fully and unconditionally guaranteed by each Subsidiary of the Company (other than Lineage Europe, any existing guarantor and any Excluded Subsidiary) if, and for so long as, such subsidiary, directly or indirectly, guarantees or otherwise becomes obligated in respect of the Principal Credit Agreement. The guarantee of the Euro exchange notes will be a senior unsecured obligation of each guarantor and will rank equally in right of payment with all other existing and future senior unsecured indebtedness and senior unsecured guarantees of such guarantor. Each Euro notes guarantor's guarantee of the Euro exchange notes will be effectively subordinated in right of payment 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all existing and future secured indebtedness and secured guarantees of such guarantor (to the extent of the value of the collateral securing such indebtedness and guarantees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all existing and future indebtedness and other liabilities, whether secured or unsecured, of such guarantor's non-guarantor subsidiaries and of any entity such guarantor accounts for using the equity method of accounting; 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; • all existing and future preferred equity not owned by such guarantor in such guarantor's non-guarantor subsidiaries and in any entity such guarantor accounts for using the equity method of accounting.

At the time of issuance of the Euro exchange notes, the Euro notes guarantors will include the Company, Lineage Holdings and each Subsidiary that guarantees or is otherwise obligated in respect of the Principal Credit Agreement (other than the operating partnership and any Excluded Subsidiary).

The Company has no significant operations, other than as the operating partnership's general partner, and no material assets, other than its investment in the operating partnership. In addition, certain of the Euro notes guarantors (other than the Company) are holding companies that have no significant operations and no material assets other than their investments in their respective subsidiaries. Non-guarantor subsidiaries are separate and distinct legal entities and they have no obligation to pay any amounts due on the Euro exchange notes or to provide the Euro notes guarantors with funds to satisfy

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any payment obligations with respect to the Euro exchange notes. For additional information, see "Description of Euro Exchange Notes — Guarantees."

Intercreditor Agreement

The trustee is a party to the Intercreditor Agreement. The Intercreditor Agreement may be amended from time to time without the consent of the holders of the Euro exchange notes, including to add other parties holding additional indebtedness permitted to be incurred under the indenture that will govern the Euro exchange notes, the indenture that will govern the USD exchange notes, the Principal Credit Agreement and the Senior Unsecured Notes. Pursuant to the Intercreditor Agreement, after an event of default under the old Euro notes or the Euro exchange notes, payments from the operating partnership or any guarantor of the old Euro notes or the Euro exchange notes will be shared pro rata among all creditors under the Intercreditor Agreement. Similarly, after an event of default under the indenture that will govern the USD exchange notes, the Principal Credit Agreement, the Senior Unsecured Notes or any Additional Indebtedness (as defined in the Intercreditor Agreement), payments from any obligors under such agreements will be shared pro rata among all creditors under the Intercreditor Agreement, including holders of the old Euro notes or the Euro exchange notes. See "Description of Euro Exchange Notes — Intercreditor Agreement."

Certain Covenants

The indenture that will govern the Euro exchange notes contains certain covenants that, among other things, limit the operating partnership and the Euro notes guarantors' ability 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • consummate a merger, consolidation or sale of all or substantially all of their assets; 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; • incur secured and unsecured indebtedness.

These covenants are subject to a number of important exceptions and qualifications. For additional information, see "Description of Euro Exchange Notes — Certain covenants."

Use of Proceeds

We will not receive any cash proceeds from the issuance of the Euro exchange notes. See "Use of Proceeds."

Trustee, Registrar and Transfer Agent

U.S. Bank Trust Company, National Association.

Paying Agent

U.S. Bank Europe DAC.

Listing

We intend to apply to list the Euro exchange notes on Nasdaq following this exchange offer. The listing application will be subject to approval by Nasdaq. If such a listing is obtained, we have no obligation to maintain such listing and we may delist the Euro exchange notes at any time.

Book-entry

The Euro exchange notes will be issued in book-entry form and will be represented by one or more permanent global notes deposited with, or on behalf of, a common depositary, and registered in the name of the nominee of the common depositary, for the accounts of, and in respect of interests held through Euroclear and Clearstream. Beneficial interests in the global notes will be shown on, and transfers will be effected only through, records maintained by Euroclear and Clearstream and their direct and indirect participants, as applicable, and such interests may not be exchanged for notes in certificated form, except in limited circumstances. See "Description of Euro Exchange Notes — Book-Entry Settlement and Clearance."

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Currency of Payments

All payments of interest, premium, if any, principal, including payments made upon any redemption of the Euro exchange notes, and additional amounts, if any, will be made in euros, subject to certain limited exceptions. See "Description of the Euro Exchange Notes — Issuance in Euros; Payment on the Notes."

Limitations on Guarantees by Non-U.S. Guarantors

Certain of our subsidiaries that will guarantee the Euro exchange notes on the original issue date are incorporated under the laws of the Netherlands, Canada and Australia. For a brief description of certain aspects of insolvency law relevant to Australia, Canada and the Netherlands, see "Certain Insolvency and Enforceability Considerations."

Governing Law

The indenture, the Euro exchange notes and the guarantee will be governed by the laws of the State of New York.

Risk Factors

Investing in the Euro exchange notes involves a high degree of risk. You should carefully read and consider the information set forth under the heading "Risk Factors" beginning on page 21 of this prospectus and the information set forth under the caption "Item 1A. Risk Factors" in the Company's [Annual Report on Form 10-K for the year ended December 31, 2024](http://www.sec.gov/ix?doc=/Archives/edgar/data/1868159/000186815925000011/line-20241231.htm), as well as the other information set forth in our other filings under the Exchange Act that is incorporated herein by reference, before participating in the exchange offer.

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#### SUMMARY HISTORICAL CONSOLIDATED AND OTHER FINANCIAL DATA
You should read the following summary historical consolidated financial and other data together with our historical consolidated financial statements and related notes and "Management's Discussion and Analysis of Financial Condition and Results of Operations," included in the Company's [Annual Report on Form 10-K for the year ended December 31, 2024](http://www.sec.gov/ix?doc=/Archives/edgar/data/1868159/000186815925000011/line-20241231.htm), and historical condensed consolidated financial statements and related notes and "Management's Discussion and Analysis of Financial Condition and Results of Operations," included in the Company's [Quarterly Report on Form 10-Q for the nine months ended September 30, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1868159/000186815925000110/line-20250930.htm), which are incorporated by reference in this prospectus.

The following tables set forth summary historical consolidated financial and other data as of and for the periods and dates indicated below. The Company's historical consolidated balance sheet data as of December 31, 2024 and 2023 and consolidated operating data for the years ended December 31, 2024, 2023 and 2022 have been derived from the Company's audited historical consolidated financial statements in the Company's [Annual Report on Form 10-K for the year ended December 31, 2024](http://www.sec.gov/ix?doc=/Archives/edgar/data/1868159/000186815925000011/line-20241231.htm), which is incorporated by reference in this prospectus. The Company's historical condensed consolidated balance sheet data as of September 30, 2025 and the condensed consolidated operating data for the nine months ended September 30, 2025 and 2024 have been derived from the Company's unaudited condensed consolidated financial statements in the Company's [Quarterly Report on Form 10-Q for the quarter ended September 30, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1868159/000186815925000110/line-20250930.htm), which is incorporated by reference in this prospectus. These unaudited condensed consolidated financial statements have been prepared on a basis consistent with Lineage, Inc.'s audited consolidated financial statements. In the opinion of our management, the unaudited historical financial data reflects all adjustments, consisting only of normal and recurring adjustments, necessary for a fair statement of the results for those periods. The historical consolidated financial data included below and set forth elsewhere in this prospectus are not necessarily indicative of our future performance, and results for any interim period are not necessarily indicative of the results for any full year.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| **(in millions)**  | **2025**  | **2024**  | **2024**  | **2023**  | **2022**  |
| **Operating Data:** |  |  |  |  |  |
| Net revenues  | $4019 | $4001 | $5340 | $5342 | $4928 |
| Total global warehousing segment revenue  | 2927 | 2907 | 3887 | 3857 | 3432 |
| Net income (loss)  | (119) | (671) | (751) | (96) | (76) |
| Total segment NOI<sup>(1)</sup>  | 1301 | 1330 | 1765 | 1752 | 1455 |
| Global warehousing segment NOI<sup>(2)</sup>  | 1111 | 1152 | 1534 | 1508 | 1221 |
| Global integrated solutions segment NOI<sup>(2)</sup>  | 190 | 178 | 231 | 244 | 234 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **As of <br> September 30,**  | **As of <br> December 31,**  | **As of <br> December 31,**  |
| **(in millions)**  | **2025**  | **2024**  | **2023**  |
| **Balance Sheet Data:** |  |  |  |
| Cash, cash equivalents, and restricted cash  | $75 | $175 | $71 |
| Total assets  | 19197 | 18661 | 18871 |
| Long term debt, net  | 5925 | 4906 | 8958 |
| Stockholders' equity  | 8383 | 8638 | 5051 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| **(in millions)**  | **2025**  | **2024**  | **2024**  | **2023**  | **2022**  |
| **Other Data:** |  |  |  |  |  |
| FFO<sup>(1)</sup> | $167 | $(385) | $(364) | $249 | $229 |
| Core FFO<sup>(1)</sup>  | 331 | 184 | 331 | 416 | 400 |
| Adjusted FFO<sup>(1)</sup>  | 651 | 492 | 705 | 562 | 552 |
| EBITDAre<sup>(1)</sup> | 757 | 302 | 486 | 1147 | 954 |
| Adjusted EBITDA<sup>(1)</sup>  | 971 | 994 | 1329 | 1278 | 1074 |

---

(1) Segment NOI, FFO, Core FFO Adjusted FFO, EBITDAre and Adjusted EBITDA are non-GAAP financial measures. For definitions of segment NOI, FFO, Core FFO Adjusted FFO, EBITDAre and Adjusted EBITDA, reconciliations of these metrics to net income, the most directly comparable GAAP financial measure, and a statement of why our management believes the presentation of these metrics provides useful information to investors and any additional purposes for which management uses these metrics, see "— Non-GAAP Financial Measures" below.

(2) We evaluate the performance of our business segments based on their NOI relative to our overall results of operations. We use the term "segment net operating income" or "segment NOI" to mean a segment's revenues less its cost of operations (excluding any depreciation and amortization, impairment charges, general and administrative expenses, stock-based compensation expense and related employer-paid payroll taxes from grants under our equity incentive plans, restructuring and impairment expense, gains and losses on sale of assets, and acquisition, transaction and other expenses). We use segment NOI to evaluate our segments for purposes of making operating decisions and assessing performance in accordance with Accounting Standards Codification ("ASC") 280, Segment Reporting.

#### Non-GAAP Financial Measures
We use the following non-GAAP financial measures as supplemental performance measures of our business: segment NOI, FFO, Core FFO, Adjusted FFO, EBITDA, EBITDAre and Adjusted EBITDA.

We calculate total segment NOI as our total revenues less our cost of operations (excluding any depreciation and amortization, general and administrative expense, stock-based compensation expense and related employer-paid payroll taxes from grants under our equity incentive plans, restructuring and impairment expense, gain and loss on sale of assets, and acquisition, transaction, and other expense). We use segment NOI to evaluate our segments for purposes of making operating decisions and assessing performance in accordance with ASC 280, *Segment Reporting*. We believe segment NOI is helpful to investors as a supplemental performance measure to net income because it assists both investors and management in understanding the core operations of our business. There is no industry definition of segment NOI and, as a result, other REITs may calculate segment NOI or other similarly-captioned metrics in a manner different than we do. The table below reconciles total segment NOI to net income (loss), which is the most directly comparable financial measure calculated in accordance with GAAP, and sets forth our NOI by segment.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| **(in millions)**  | **2025**  | **2024**  | **2024**  | **2023**  | **2022**  |
| Net income (loss)  | $(119) | $(671) | $(751) | $(96) | $(76) |
| &nbsp;&nbsp;&nbsp; Stock-based compensation expense and related employer- <br> paid payroll taxes in cost of operations  | 10 | 1 | 3 |  |  |
| &nbsp;&nbsp;&nbsp; General and administrative expense  | 442 | 394 | 539 | 502 | 399 |
| &nbsp;&nbsp;&nbsp; Depreciation expense  | 502 | 478 | 659 | 552 | 480 |
| &nbsp;&nbsp;&nbsp; Amortization expense  | 164 | 162 | 217 | 208 | 198 |
| &nbsp;&nbsp;&nbsp; Acquisition, transaction, and other expense  | 64 | 612 | 651 | 60 | 66 |
| &nbsp;&nbsp;&nbsp; Restructuring, impairment, and (gain) loss on disposals  | 5 | 23 | 57 | 32 | 15 |
| &nbsp;&nbsp;&nbsp; Equity (income) loss, net of tax  | 3 | 3 | 6 | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Gain) loss on foreign currency transactions, net  | (36) | (5) | 25 | (4) | 24 |
| &nbsp;&nbsp;&nbsp; Interest expense, net  | 195 | 369 | 430 | 490 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Gain) loss on extinguishment of debt  | 3 | 13 | 17 |  | (2) |
| &nbsp;&nbsp;&nbsp; Other nonoperating (income) expense, net  | 56 | (1) | 1 | 19 | (2) |
| &nbsp;&nbsp;&nbsp; Income tax expense (benefit)  | 12 | (48) | (89) | (14) | 6 |
| Total segment NOI  | $1301 | $1330 | $1765 | $1752 | $1455 |
| NOI by Segment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Global warehousing segment NOI  | $1111 | $1152 | $1534 | $1508 | $1221 |
| &nbsp;&nbsp;&nbsp; Global integrated solutions segment NOI  | $190 | $178 | $231 | $244 | $234 |

---

We calculate FFO in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT"). NAREIT defines FFO as net income or loss determined in accordance with GAAP, excluding extraordinary items as defined under GAAP and gains or losses from sales of previously depreciated operating real estate assets, plus specified non-cash items, such as real estate asset depreciation and amortization, in-place lease intangible amortization, real estate asset impairment, and our share of reconciling items for partially owned entities. We believe that FFO is helpful to investors as a supplemental performance measure because it excludes the effect of depreciation, amortization, and gains or losses from sales of real estate, all of which are based on historical costs, which implicitly assumes that the value of real estate diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, FFO can facilitate comparisons of operating performance between periods and among other equity REITs.

We calculate core funds from operations ("Core FFO") as FFO adjusted for the effects of gain or loss on the sale of non-real estate assets, gain or loss on the destruction of property (net of insurance proceeds), finance lease right-of-use ("ROU") asset amortization real estate, non-real estate impairments, acquisition, restructuring and other, other nonoperating income or expense, loss on debt extinguishment and modifications and the effects of gain or loss on foreign currency exchange. We also adjust for the impact attributable to non-real estate impairments on unconsolidated joint ventures and natural disaster. We believe that Core FFO is helpful to investors as a supplemental performance measure because it excludes the effects of certain items which can create significant earnings volatility, but which do not directly relate to our core business operations. We believe Core FFO can facilitate comparisons of operating performance between periods, while also providing a more meaningful predictor of future earnings potential.

However, because FFO and Core FFO add back real estate depreciation and amortization and do not capture the level of recurring maintenance capital expenditures necessary to maintain the operating performance of our properties, both of which have material economic impacts on our results from operations, we believe the utility of FFO and Core FFO as a measure of our performance may be limited.

We calculate adjusted funds from operations ("Adjusted FFO") as Core FFO adjusted for the effects of amortization of deferred financing costs and above/below market debt, amortization of above or below market leases, straight-line net operating rent, provision or benefit from deferred income taxes, stock-based

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compensation expense and related employer-paid payroll taxes from grants under our equity incentive plans, non-real estate depreciation and amortization, non-real estate finance lease ROU asset amortization, and recurring maintenance capital expenditures. We also adjust for Adjusted FFO attributable to our share of reconciling items of partially owned entities. We believe that Adjusted FFO is helpful to investors as a meaningful supplemental comparative performance measure of our ability to make incremental capital investments in our business and to assess our ability to fund distribution requirements from our operating activities.

FFO, Core FFO, and Adjusted FFO are used by management, investors and industry analysts as supplemental measures of operating performance of equity REITs. FFO, Core FFO and Adjusted FFO should be evaluated along with GAAP net income and net income per diluted share (the most directly comparable GAAP measures) in evaluating our operating performance. FFO, Core FFO, and Adjusted FFO do not represent net income or cash flows from operating activities in accordance with GAAP and are not indicative of our results of operations or cash flows from operating activities as disclosed in our consolidated financial statements incorporated by reference in this prospectus. FFO, Core FFO, and Adjusted FFO should be considered as supplements, but not alternatives, to our net income or cash flows from operating activities as indicators of our operating performance. Moreover, other REITs may not calculate FFO in accordance with the NAREIT definition or may interpret the NAREIT definition differently than we do. Accordingly, our FFO may not be comparable to FFO as calculated by other REITs. In addition, there is no industry definition of Core FFO or Adjusted FFO and, as a result, other REITs may also calculate Core FFO or Adjusted FFO, or other similarly-captioned metrics, in a manner different than we do. The table below reconciles FFO, Core FFO and Adjusted FFO to net income (loss), which is the most directly comparable financial measure calculated in accordance with GAAP.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| **(in millions)**  | **2025**  | **2024**  | **2024**  | **2023**  | **2022**  |
| Net income (loss)  | $(119) | $(671) | $(751) | $(96) | $(76) |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Real estate depreciation  | 276 | 265 | 356 | 325 | 292 |
| &nbsp;&nbsp;&nbsp; In-place lease intangible amortization  | 4 | 6 | 8 | 7 | 9 |
| &nbsp;&nbsp;&nbsp; Net loss (gain) on sale of real estate assets  | 3 | 5 | 10 | 8 | 4 |
| &nbsp;&nbsp;&nbsp; Impairment of real estate assets  |  | 9 | 11 | 2 |  |
| &nbsp;&nbsp;&nbsp; Real estate depreciation, (gain) loss on sale of real estate and real estate impairments on unconsolidated JVs  | 2 | 2 | 2 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; Allocation of noncontrolling interests  | 1 | (1) |  |  | (3) |
| FFO  | $167 | $(385) | $(364) | $249 | $229 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net (gain) loss on sale of non-real estate assets  | (3) | (2) | (1) | 2 | 5 |
| &nbsp;&nbsp;&nbsp; Finance lease ROU asset amortization – real estate  | 53 | 53 | 72 | 70 | 75 |
| &nbsp;&nbsp;&nbsp; Non-real estate impairment  | 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Impairment of goodwill and other intangible assets  | 29 |  | 63 | 7 |  |
| &nbsp;&nbsp;&nbsp; Other nonoperating (income) expense, net  | 56 | (1) | 1 | 19 | (2) |
| &nbsp;&nbsp;&nbsp; Acquisition, restructuring and other  | 90 | 500 | 547 | 73 | 71 |
| &nbsp;&nbsp;&nbsp; Technology transformation  | 17 | 15 | 22 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Gain) loss on property destruction  | (47) | (4) | (51) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Gain) loss on foreign currency transactions, net  | (36) | (5) | 25 | (4) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Gain) loss on extinguishment of debt  | 3 | 13 | 17 |  | (2) |
| Core FFO  | $331 | $184 | $331 | $416 | $400 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Non-real estate depreciation and amortization  | 308 | 294 | 411 | 334 | 288 |
| &nbsp;&nbsp;&nbsp; Finance lease ROU asset amortization – non real estate  | 25 | 21 | 29 | 23 | 14 |
| &nbsp;&nbsp;&nbsp; Amortization of deferred financing costs, discount, and above/below market debt  | 8 | 17 | 19 | 21 | 17 |
| &nbsp;&nbsp;&nbsp; Deferred income taxes expense (benefit)  | (13) | (71) | (105) | (58) | (42) |
| &nbsp;&nbsp;&nbsp; Straight line net operating rent  |  | (3) | (3) | 6 |  |
| &nbsp;&nbsp;&nbsp; Amortization of above / below market leases  |  | (1) | (1) |  | 1 |
| &nbsp;&nbsp;&nbsp; Stock-based compensation expense and related employer-paid payroll taxes  | 108 | 171 | 215 | 26 | 17 |
| &nbsp;&nbsp;&nbsp; Recurring maintenance capital expenditures  | (117) | (123) | (195) | (208) | (145) |
| &nbsp;&nbsp;&nbsp; Allocation related to unconsolidated JVs  | 2 | 4 | 5 | 3 | 1 |
| &nbsp;&nbsp;&nbsp; Allocation of noncontrolling interests  | (1) | (1) | (1) | (1) | 1 |
| Adjusted FFO  | $651 | $492 | $705 | $562 | $552 |

---

We calculate EBITDA for Real Estate ("EBITDAre") in accordance with the standards established by NAREIT, defined as earnings before interest income or expense, taxes, depreciation and amortization, net loss or gain on sale of real estate, net of withholding taxes, impairment write-downs on real estate property, and adjustments to reflect our share of EBITDAre for partially owned entities. EBITDAre is a measure commonly used in our industry, and we present EBITDAre to enhance investor understanding of our operating performance. We believe that EBITDAre provides investors and analysts with a measure of

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operating results unaffected by differences in capital structures, capital investment cycles, and useful life of related assets among otherwise comparable companies.

We also calculate our Adjusted EBITDA as EBITDAre further adjusted for the effects of gain or loss on the sale of non-real estate assets, gain or loss on the destruction of property (net of insurance proceeds), other nonoperating income or expense, acquisition, restructuring, and other expense, foreign currency exchange gain or loss, stock-based compensation expense and related employer-paid payroll taxes from grants under our equity incentive plans, loss or gain on debt extinguishment and modification, impairment of investments in non-real estate, technology transformation, and reduction in EBITDAre from partially owned entities. We believe that the presentation of Adjusted EBITDA provides a measurement of our operations that is meaningful to investors because it excludes the effects of certain items that are otherwise included in EBITDAre but which we do not believe are indicative of our core business operations. EBITDAre and Adjusted EBITDA are not measurements of financial performance under GAAP, and our EBITDAre and Adjusted EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our EBITDAre and Adjusted EBITDA as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. Our calculations of EBITDAre and Adjusted EBITDA have limitations as analytical tools, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • these measures do not reflect our historical or future cash requirements for maintenance capital expenditures or growth and expansion capital expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • these measures do not reflect changes in, or cash requirements for, our working capital needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • these measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • these measures do not reflect our tax expense or the cash requirements to pay our taxes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and these measures do not reflect any cash requirements for such replacements.

We use EBITDA, EBITDAre and Adjusted EBITDA as measures of our operating performance and not as measures of liquidity. The table below reconciles EBITDA, EBITDAre and Adjusted EBITDA to net (loss) income, which is the most directly comparable financial measure calculated in accordance with GAAP. The table below reconciles EBITDAre and Adjusted EBITDA to net income (loss), which is the most directly comparable financial measure calculated in accordance with GAAP.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended <br> September 30**  | **Nine Months Ended <br> September 30**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| **(in millions)**  | **2025**  | **2024**  | **2024**  | **2023**  | **2022**  |
| Net income (loss)  | $(119) | $(671) | $(751) | $(96) | $(76) |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization expense  | 666 | 640 | 876 | 760 | 678 |
| &nbsp;&nbsp;&nbsp; Interest expense, net  | 195 | 369 | 430 | 490 | 347 |
| &nbsp;&nbsp;&nbsp; Income tax expense (benefit)  | 12 | (48) | (89) | (14) | 6 |
| EBITDA  | $754 | $290 | $466 | $1140 | $955 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net loss (gain) on sale of real estate assets  | 3 | 5 | 10 | 8 | 4 |
| &nbsp;&nbsp;&nbsp; Impairment of real estate assets  |  | 9 | 11 | 2 |  |
| &nbsp;&nbsp;&nbsp; Allocation of EBITDAre of noncontrolling interests  |  | (2) | (1) | (3) | (5) |
| EBITDAre  | $757 | $302 | $486 | $1147 | $954 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net (gain) loss on sale of non-real estate assets  | (3) | (2) | (1) | 2 | 5 |
| &nbsp;&nbsp;&nbsp; Other nonoperating (income) expense, net  | 56 | (1) | 1 | 19 | (2) |
| &nbsp;&nbsp;&nbsp; Acquisition, restructuring and other  | 79 | 496 | 542 | 73 | 71 |
| &nbsp;&nbsp;&nbsp; Technology transformation  | 17 | 15 | 22 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Gain) loss on property destruction  | (47) | (4) | (51) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Gain) loss on foreign currency transactions, net  | (36) | (5) | 25 | (4) | 24 |
| &nbsp;&nbsp;&nbsp; Stock-based compensation expense and related employer- <br> paid payroll taxes  | 108 | 171 | 215 | 26 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Gain) loss on extinguishment of debt  | 3 | 13 | 17 |  | (2) |
| &nbsp;&nbsp;&nbsp; Non-real estate impairment  | 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Impairment of goodwill and other intangible assets  | 29 |  | 63 | 7 |  |
| &nbsp;&nbsp;&nbsp; Allocation related to unconsolidated JVs  | 7 | 9 | 11 | 8 | 7 |
| &nbsp;&nbsp;&nbsp; Allocation adjustments of noncontrolling interests  | (1) |  | (1) |  |  |
| Adjusted EBITDA  | $971 | $994 | $1329 | $1278 | $1074 |

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#### RISK FACTORS
 *An investment in the exchange notes involves a high degree of risk. You should carefully consider the following risks contained in and incorporated by reference in this prospectus, including, without limitation, the risks described in the section entitled "Item 1A. Risk Factors" in our [Annual Report on Form 10-K for the year ended December 31, 2024](http://www.sec.gov/ix?doc=/Archives/edgar/data/1868159/000186815925000011/line-20241231.htm) and our other filings with the SEC, together with other information provided to you in this prospectus and incorporated by reference herein, in deciding whether to invest in the exchange notes. If any of the following risks actually materializes or occurs, our business, financial condition, liquidity, results of operations and prospects and our ability to service our debt could be materially and adversely affected (which we refer to collectively as "materially and adversely affecting us" or having "a material adverse effect on us" and comparable phrases). Additional risks not currently known to us or that we now deem immaterial may also harm us and affect your investment.* 

 *This prospectus contains "forward-looking" statements that involve risks and uncertainties. Our actual results may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such differences include those discussed below, included elsewhere in this prospectus and incorporated by reference herein. See "Forward-Looking Statements."* 

#### Risks Related to the Exchange Offer
 ***There is currently no trading market for the exchange notes, and an active trading market may not develop for the old notes or the exchange notes or, if it develops, be maintained or be liquid. The failure of an active public trading market for the exchange notes to develop or be maintained is likely to adversely affect the market price and liquidity of the exchange notes.***

We are offering the exchange notes to the holders of the old notes. The old notes were sold to a small number of qualified institutional buyers in the United States and to investors outside of the United States under Regulation S and were subject to certain restrictions on transfer. To the extent that the old notes are tendered and accepted in the exchange offer, the trading market for any untendered and tendered but unaccepted old notes will be adversely affected. We cannot assure you that the market will provide liquidity for you if you want to sell your old notes.

The exchange notes will be registered under the Securities Act, but will constitute a new issue of securities with no established trading market. We do not intend to apply for listing of the USD exchange notes on any securities exchange or for inclusion in any quotation system. Although we intend to apply for listing of the Euro exchange notes on Nasdaq following this exchange offer, no assurance can be given that the Euro exchange notes will become or will remain listed or that an active trading market for the Euro exchange notes will develop or, if developed, that it will continue. If Nasdaq listing of the Euro exchange notes is obtained, we have no obligation to maintain such listing, and we may delist the Euro exchange notes at any time. Although the initial purchasers of the old notes have advised us that they intend to make a market in the exchange notes after completion of the exchange offer, they are not obligated to do so and may discontinue any market-making at any time without notice. Accordingly, an active public trading market may not develop for the exchange notes and, even if one develops, may not be maintained or be liquid. If an active public trading market for the exchange notes does not develop or is not maintained, the market price and liquidity of the exchange notes are likely to be adversely affected and holders may not be able to sell their notes at desired times and prices or at all. If any of the exchange notes are traded after their purchase in this exchange offer, they may trade at a discount, which could be substantial, from their purchase price.

The liquidity of the trading market, if any, and future trading prices of the old notes and the exchange notes will depend on many factors, including, among other things, prevailing interest rates, the financial condition, results of operations, business, prospects and credit quality of the operating partnership and its subsidiaries and the Company and its subsidiaries and other comparable entities, the market for similar securities and the overall securities markets, and may be adversely affected by unfavorable changes in any of these factors, many of which are beyond our control. In addition, market volatility or events or developments in the credit markets could materially and adversely affect the market value of the exchange notes, regardless of the operating partnership's, the Company's or their respective subsidiaries' financial condition, results of operations, business, prospects or credit quality.

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#### Your old notes will not be accepted for exchange if you fail to follow the exchange offer procedures.
The issuance of exchange notes in exchange for old notes pursuant to the exchange offer will be made only after timely receipt by the applicable Exchange Agent of a properly completed and duly executed letter of transmittal, or an agent's message or Electronic Consent Instruction (as defined herein) in lieu thereof, including, in the case of the old USD notes, all other documents required by such letter of transmittal. Therefore, holders of old notes desiring to tender such old notes in exchange for exchange notes should allow sufficient time to ensure timely delivery. Neither we nor any Exchange Agent is under any duty to give notification of defects or irregularities with respect to the tenders of old notes for exchange. Each broker-dealer that receives exchange notes for its own account pursuant to the exchange offer must acknowledge that it will deliver a prospectus in connection with any resale of such exchange notes. See "The Exchange Offer — Resale of Exchange Notes" and "Plan of Distribution."

#### If you do not exchange your old notes, there will be restrictions on your ability to resell your old notes.
Holders of old notes who do not exchange their old notes for exchange notes pursuant to the exchange offer will continue to be subject to the restrictions on transfer of such old notes as set forth in the legend on the old notes. In general, the old notes may not be offered or sold, unless registered under the Securities Act, except pursuant to an exemption from, or in a transaction not subject to, the Securities Act and applicable state securities laws. To the extent that old notes are tendered and accepted in the exchange offer, the trading market for any untendered and tendered but unaccepted old notes could be adversely affected. See "The Exchange Offer — Consequences of Failure to Exchange."

Pursuant to the terms of the registration rights agreements, we will be required to use commercially reasonable efforts to file a shelf registration statement pursuant to Rule 415 of the Securities Act if (i) we determine that a registered exchange offer is not available or may not be completed as soon as practicable after the expiration date because it would violate any applicable law or applicable interpretations of the staff of the SEC, (ii) the exchange offer is not consummated by June 17, 2026 (in the case of the old USD notes) or November 26, 2026 (in the case of the old Euro notes) or (iii) if an initial purchaser of the old notes notifies us in writing that it holds old notes that are or were ineligible to be exchanged in the exchange offer. See "The Exchange Offer — Shelf Registration Statement."

#### Risks Related to the Exchange Notes

#### The effective subordination of the exchange notes may limit our ability to satisfy our obligations under the exchange notes.
The exchange notes will be the operating partnership's senior unsecured obligations and will rank equally in right of payment with all of its other existing and future senior unsecured indebtedness. The exchange notes will be effectively subordinated in right of payment to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all existing and future secured indebtedness and secured guarantees of the operating partnership (to the extent of the value of the collateral securing such indebtedness and guarantees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all existing and future indebtedness and other liabilities, whether secured or unsecured, of the operating partnership's non-guarantor subsidiaries and of any entity the operating partnership accounts for using the equity method of accounting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all existing and future preferred equity not owned by the operating partnership in the operating partnership's non-guarantor subsidiaries and in any entity the operating partnership accounts for using the equity method of accounting.

Similarly, the guarantee of the exchange notes will be a senior unsecured obligation of each guarantor and will rank equally in right of payment with all other existing and future senior unsecured indebtedness and senior unsecured guarantees of such guarantor. Each guarantor's guarantee of the exchange notes will be effectively subordinated in right of payment to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all existing and future secured indebtedness and secured guarantees of such guarantor (to the extent of the value of the collateral securing such indebtedness and guarantees);

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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; • all existing and future indebtedness and other liabilities, whether secured or unsecured, of such guarantor's non-guarantor subsidiaries and of any entity such guarantor accounts for using the equity method of accounting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all existing and future preferred equity not owned by such guarantor such guarantor's non-guarantor subsidiaries and in any entity such guarantor accounts for using the equity method of accounting.

The indenture that will govern the exchange notes does not prohibit the operating partnership, the Company, any other guarantor or any of their respective subsidiaries from incurring secured or unsecured indebtedness in the future and, although the indenture contains covenants that will limit the ability of the operating partnership and its subsidiaries to incur secured and unsecured indebtedness, those covenants are subject to significant exceptions and limitations, and in any event the operating partnership and its subsidiaries may be able, without taking advantage of any such exceptions and limitations, to incur substantial amounts of additional secured and unsecured indebtedness without violating those covenants. Moreover, these covenants limiting the incurrence of indebtedness do not apply to the Company. For additional information, see "Description of USD Exchange Notes — Certain covenants" (with respect to the USD exchange notes) and "Description of Euro Exchange Notes — Certain covenants" (with respect to the Euro exchange notes).

In the event of the bankruptcy, liquidation, reorganization or other winding up of the applicable issuer or the applicable guarantors, assets that secure any of their respective secured indebtedness, secured guarantees and other secured obligations will be available to pay their respective obligations under the applicable series of exchange notes or the guarantees of such exchange notes, as applicable, and their other respective unsecured indebtedness, unsecured guarantees and other unsecured obligations only after all of their respective indebtedness, guarantees and other obligations secured by those assets has been repaid in full, and we caution you that there may not be sufficient assets remaining to pay amounts due on any or all the exchange notes or the guarantees of such exchange notes, as the case may be, then outstanding. In the event of the bankruptcy, liquidation, reorganization or other winding up of any of subsidiaries of the applicable issuer or the applicable guarantors, the rights of holders of indebtedness and other obligations of the applicable issuer (including the applicable series exchange notes) or the applicable guarantors (including their respective guarantees of the applicable series of exchange notes), as the case may be, will be effectively subordinated to the prior claims of that subsidiary's creditors and of the holders of any indebtedness or other obligations of or guaranteed by that subsidiary, except to the extent that the applicable issuer or any guarantor, as the case may be, is itself a creditor with recognized claims against that subsidiary, in which case those claims would still be effectively subordinated to all indebtedness, guarantees and other obligations secured by mortgages or other liens on the assets of that subsidiary (to the extent of the value of those assets) and would be subordinate to all indebtedness, guarantees and other obligations of that subsidiary senior to that held by the applicable issuer or the applicable guarantors, as the case may be. Moreover, in the event of the bankruptcy, liquidation, reorganization or other winding up of any subsidiary of the applicable issuer or the applicable guarantors, the rights of holders of indebtedness and other obligations of the applicable issuer (including the applicable series exchange notes) or the applicable guarantors (including their respective guarantees of the applicable series of exchange notes), as the case may be, will be effectively subordinated to any preferred equity interests in that subsidiary held by persons other than the applicable issuer or the applicable guarantors, as the case may be. In addition, in the event of the bankruptcy, liquidation, reorganization or other winding up of any entity that the applicable issuer or the applicable guarantors account for using the equity method of accounting, the rights of holders of indebtedness and other obligations of the applicable issuer (including the applicable series exchange notes) or the applicable guarantors (including their respective guarantees of the applicable series of exchange notes), as the case may be, will be subject to the prior claims of that entity's creditors and the holders of any indebtedness or other obligations of or guaranteed by that entity, except to the extent that the applicable issuer or any guarantor, as the case may be, is itself a creditor with recognized claims against that entity, in which case those claims would still be effectively subordinated to all indebtedness, guarantees and other obligations secured by mortgages or other liens on the assets of that entity (to the extent of the value of those assets) and would be subordinate to all indebtedness, guarantees and other obligations of that entity senior to that held by the applicable issuer or the applicable guarantors, as the case may be.

At the time of issuance of the exchange notes, USD notes guarantors will include the Company, Lineage Holdings and each Subsidiary that guarantees or is otherwise obligated in respect of the Principal Credit Agreement (other than the operating partnership and any Excluded Subsidiary) and Euro notes guarantors

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will include the Company, the operating partnership, Lineage Holdings and each Subsidiary that guarantees or is otherwise obligated in respect of the Principal Credit Agreement (other than Lineage Europe and any Excluded Subsidiary). As of September 30, 2025, entities that are direct borrowers, guarantors or otherwise obligated in respect the Principal Credit Agreement had an aggregate of $19,577 million of assets and were direct borrowers, guarantors or otherwise obligated in respect of an aggregate of $5,469 million of indebtedness, in each case, excluding intercompany investments and obligations. As of September 30, 2025, the operating partnership and the guarantors of the old notes had an aggregate of $18,923 million of assets and were direct borrowers in respect of $5,316 million of indebtedness, in each case, excluding intercompany investments and obligations.

#### We have significant indebtedness outstanding, which may expose us to the risk of default under our debt obligations.
As of September 30, 2025, we had $5,968 million of total consolidated indebtedness outstanding, of which $497 million was secured, and borrowing capacity under our Revolving Credit Facility of $1,236 million (net of outstanding standby letters of credit in the amount of $65 million, which reduce availability). Total debt payments for the remainder of 2025 and 2026 are $827 million (including $3 million of scheduled amortization). We expect to meet these repayment requirements primarily through financing activity or net cash from operating activities. Our organizational documents contain no limitations regarding the maximum level of indebtedness that we may incur or keep outstanding. Payments of principal and interest on borrowings may leave us with insufficient cash resources to meet our cash needs or make the distributions to our common stockholders currently contemplated or necessary to maintain our status as a REIT. Our level of debt and the limitations imposed on us by our debt agreements could have significant adverse consequences, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our cash flow may be insufficient to meet our required principal and interest payments, including principal and interest payments on the exchange notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • cash interest expense and financial covenants relating to our indebtedness may limit or eliminate our ability to make distributions to our common stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we may be unable to borrow additional funds as needed or on favorable terms, which could, among other things, adversely affect our ability to capitalize upon investment opportunities or meet operational needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we may be unable to refinance our indebtedness at maturity or the refinancing terms may be less favorable than the terms of our original indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • because a portion of our debt bears interest at variable rates, increases in interest rates could increase our interest expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we may be unable to hedge floating rate debt, counterparties may fail to honor their obligations under any hedge agreements we enter into, such agreements may not effectively hedge interest rate fluctuation risk, and, upon the expiration of any hedge agreements we enter into, we would be exposed to then-existing market rates of interest and future interest rate volatility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we may be forced to dispose of properties, possibly on unfavorable terms or in violation of certain covenants to which we may be subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we may default on our obligations and the lenders or mortgagees may foreclose on our properties or our interests in the entities that own the properties that secure their loans and receive an assignment of rents and leases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we may be restricted from accessing some of our excess cash flow after debt service if certain of our customers fail to meet certain financial performance metric thresholds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we may violate restrictive covenants in our loan documents, which would entitle the lenders to accelerate our debt obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our default under any loan with cross default provisions could result in a default on other indebtedness.

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The occurrence of any of these events could materially and adversely affect us. Furthermore, foreclosures could create taxable income without accompanying cash proceeds, which could hinder our ability to meet the REIT distribution requirements imposed by the Code.

 ***Despite our substantial indebtedness, we may still incur significantly more debt, which could exacerbate the risks related to our indebtedness, and adversely impact our ability to pay the principal of or interest on the exchange notes.***

We may be able to incur substantial additional indebtedness in the future. Although the agreements governing our secured and unsecured indebtedness limit, and the indenture that will govern the exchange notes will limit, our ability to incur additional indebtedness, these restrictions are subject to a number of significant exceptions and, in addition, we will have the ability to incur additional indebtedness, which could be substantial, without violating the limitations imposed by these debt instruments. To the extent we incur additional indebtedness, we may face additional risks associated with our indebtedness, including our possible inability to pay the principal of and interest on the exchange notes.

 ***The Company has no significant operations, other than as the operating partnership's general partner, and no material assets, other than its investment in the operating partnership. In addition, certain of the guarantors (other than the Company) are holding companies that have no significant operations and no material assets other than their investments in their respective subsidiaries.***

Each of the guarantors, as applicable, will fully and unconditionally guarantee, on a joint and several basis, the applicable issuer's obligations under the applicable indenture and the applicable series of exchange notes. However, the Company has no significant operations, other than as the operating partnership's general partner, and no material assets, other than its investment in the operating partnership. In addition, certain of the guarantors (other than the Company) are holding companies that have no significant operations and no material assets other than their investments in their respective subsidiaries. These subsidiaries are separate and distinct legal entities and they have no obligation to pay any amounts due on the exchange notes or to provide the guarantors with funds to satisfy any payment obligations with respect to the exchange notes. Accordingly, if the applicable issuer fails to make a payment on the exchange notes when due, there can be no assurance that the applicable guarantors would have funds to pay that amount pursuant to their guarantees. Furthermore, as described above under "— The effective subordination of the exchange notes may limit our ability to satisfy our obligations under the exchange notes," each guarantor's guarantee will be effectively subordinated in right of payment to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all existing and future secured indebtedness and secured guarantees of such guarantor (to the extent of the value of the collateral securing such indebtedness and guarantees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all existing and future indebtedness and other liabilities, whether secured or unsecured, of such guarantor's non-guarantor subsidiaries and of any entity such guarantor accounts for using the equity method of accounting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all existing and future preferred equity not owned by such guarantor in such guarantor's non-guarantor subsidiaries and in any entity such guarantor accounts for using the equity method of accounting.

 ***Following an event of default under the indenture that will govern the exchange notes, holders of the exchange notes will share any payments received under the exchange notes or the guarantees pro rata with all other creditors under the Intercreditor Agreement.***

Pursuant to the Intercreditor Agreement, each creditor thereunder agrees that from or after the occurrence of an event of default under the indenture that will govern the USD exchange notes, an event of default under the indenture that will govern the Euro exchange notes, an event of default under the Principal Credit Agreement, an event of default under the Senior Unsecured Notes or an event of default under any Additional Indebtedness (as defined in the Intercreditor Agreement) any payment received from an Obligor (as defined in the Intercreditor Agreement) will be shared amongst the creditors under the Intercreditor Agreement pro rata based on the proportion of indebtedness held by each creditor relative to the total amount of indebtedness subject to the Intercreditor Agreement. Accordingly, after an event of default under the indenture that will govern the applicable series of exchange notes, payments from the applicable issuer or any

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guarantor of the old notes or the exchange notes of such series will be shared pro rata among all creditors under the Intercreditor Agreement. Similarly, after an event of default under the Principal Credit Agreement, the Senior Unsecured Notes, the indenture that will govern the other series of exchange notes or any Additional Indebtedness, payments from any obligors under such agreements will be shared pro rata among all creditors under the Intercreditor Agreement, including holders of the old notes or the exchange notes of the applicable series. However, there can be no assurance that the trustee will be able to recover (on behalf of the note holders) its pro rata portion of payments made to other creditors if an event of default were to occur under the Principal Credit Agreement, the Senior Unsecured Notes, the indenture that will govern the other series of exchange notes or any Additional Indebtedness.

 ***U.S. federal and state laws allow courts, under specific circumstances, to void guarantees and require holders of guaranteed debt to return payments received from guarantors.***

Under the U.S. federal bankruptcy law and comparable provisions of state fraudulent transfer laws, a court could void the guarantee of the exchange notes provided by each guarantor or could subordinate the guarantee to all other debts and guarantees of such guarantor if, among other things, such guarantor, at the time it incurred or entered into its guarantee of the exchange notes, received less than reasonably equivalent value or fair consideration for the incurrence of the guarantee and any of the following is also true:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • such guarantor was insolvent or rendered insolvent by reason of the incurrence of the guarantee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • such guarantor was engaged in a business or transaction for which its remaining assets constituted unreasonably small capital; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • such guarantor intended to incur, or believed that it would incur, debts beyond its ability to pay those debts as they mature.

In addition, under any of the circumstances described above, any payment by a guarantor pursuant to its guarantee of the exchange notes could be voided and holders of the exchange notes could be required to return those payments to such guarantor or to a fund for the benefit of the creditors of such guarantor.

The measures of insolvency for purposes of these fraudulent transfer laws will vary depending upon the law applied in any proceeding to determine whether a fraudulent transfer has occurred. Generally, however, a guarantor would be considered insolvent if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the sum of its debts, including contingent liabilities, was greater than the fair saleable value of all of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the present fair saleable value of its assets was less than the amount that would be required to pay its probable liabilities on its existing debts, including contingent liabilities, as they became due; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • it could not pay its debts as they became due.

Moreover, a court might also void a guarantee of the exchange notes, without regard to the above factors, if it found that the applicable guarantor entered into its guarantee with actual or deemed intent to hinder, delay, or defraud its creditors.

We cannot be certain as to the standards a court would use to determine whether reasonably equivalent value or fair consideration was received by each guarantor for its guarantee of the exchange notes. If a court voided such guarantee, holders of the exchange notes would no longer have a claim against such guarantor under such guarantee. In addition, the court might direct holders of the exchange notes to repay any amounts already received from such guarantor under its guarantee.

If the court were to void a guarantee, require the return of monies paid by a guarantor under its guarantee or subordinate the guarantee to other obligations of such guarantor, we could not assure you that funds to pay the exchange notes would be available from the operating partnership or any of our other subsidiaries or from any other source.

 ***The insolvency laws in jurisdictions where Lineage Europe and our Non-U.S. Guarantors are incorporated or organized may differ from the U.S. bankruptcy laws and may preclude holders of the exchange notes from recovering payments due on the exchange notes.***

Lineage Europe is incorporated under the laws of the Netherlands. In addition certain of our subsidiaries that will guarantee the exchange notes on the original issue date are incorporated under the laws of the

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Netherlands, Canada and Australia (the "Non-U.S. Guarantors"). In the event of a bankruptcy, insolvency or similar event, proceedings could be initiated in a given relevant jurisdiction. Such multi-jurisdictional proceedings may be complex and more costly for creditors and otherwise may result in greater uncertainty and delay regarding the enforcement of your rights. Your rights under the exchange notes and the guarantees will be subject to the insolvency and administrative laws of several jurisdictions and there can be no assurance that you will be able to effectively enforce your rights in such complex, multiple bankruptcy, insolvency or similar proceedings.

In addition, the bankruptcy, insolvency, administrative and other laws of Lineage Europe's and the Non-U.S. Guarantors' jurisdictions of organization or incorporation or any other relevant jurisdictions where proceedings are opened may be materially different from, or in conflict with, each other and those of the United States, including in the areas of rights of creditors, priority of governmental and other creditors, ability to obtain post-petition interest and duration of the proceeding. The application of these laws, or any conflict among them, could call into question whether any particular jurisdiction's law should apply, adversely affect your ability to enforce your rights under the exchange notes and the guarantees in those jurisdictions or limit any amounts that you may receive.

Under Australian law, the options available to unsecured creditors, such as any holders of exchange notes, recovering payments to an insolvent guarantor organized in Australia is limited. Once a company is placed into administration a statutory moratorium will apply to any proceedings commenced, including any enforcement proceedings. The purpose of this moratorium is to allow the administrator the opportunity to investigate the affairs of the company, and either implement change or be in a position to realize value, with protection from certain claims against the company. As for secured creditors or the owners or lessors of property, there are also restrictions on enforcement against the secured property of the insolvent guarantor unless the security is over the whole, or substantially the whole, of the property of the guarantor.

Similarly, in the context of a court making orders to wind up an Australian guarantor entity, its unsecured creditors are barred from continuing or initiating proceedings against it. A similar moratorium also applies upon the passing of a resolution to place the company into a creditors' voluntary liquidation. The essential task of a liquidator is to wind up the affairs of the company, including pursuing any court action to recover assets or value for the insolvent company, and pay any dividends to unsecured creditors. The unsecured creditors prove their debts via a formal proof of debt procedure which entails the liquidator calling for proofs, the unsecured creditors providing completed forms including supporting documentation, and the liquidator adjudicating on the proofs and then ultimately paying dividends to unsecured creditors. As for secured creditors or the owners or lessors of property, they usually sit outside of the process and are not prevented from taking enforcement action.

The Bankruptcy and Insolvency Act (Canada), the Companies' Creditors Arrangement Act (Canada) (the "CCCA") and the Winding-up and Restructuring Act (Canada) contain provisions enabling an insolvent debtor to obtain a stay of proceedings against its creditors and others and to prepare and file a proposal, a plan of arrangement and reorganization or compromise for consideration by all or some of its creditors, to be voted on by the various classes of creditors affected thereby. Such a restructuring proposal or arrangement and reorganization, if accepted by the requisite majority of each class of affected creditors and if approved by the relevant Canadian court, would be binding on all creditors of the debtor within the affected classes. Moreover, certain provisions of the relevant Canadian insolvency legislation permit an insolvent debtor to retain possession and administration of its property in certain circumstances, subject to court oversight, even though such debtor may be in default in respect of certain of its obligations during the period that the stay of proceedings remains in place.

The powers of the court under Canadian bankruptcy, insolvency and restructuring legislation and Canadian federal and provincial receivership laws, and particularly under the CCAA, are exercised broadly to protect a debtor and its estate from actions taken by creditors and others. We cannot predict whether payments by a Canadian guarantor under its guarantee would be made during any proceedings in bankruptcy, insolvency or other restructuring, whether or when you or the trustee could exercise your rights under the indenture that will govern the exchange notes or whether, and to what extent, the holders of the exchange notes would be compensated for any delays in payment of principal, interest and costs, including fees and disbursements of the trustee. Accordingly, if a Canadian guarantor were to become subject to such proceedings, such guarantor may cease making payments on the exchange notes and you and the trustee may not be able to exercise your

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rights under the indenture that will govern the exchange notes following commencement of or during such proceedings without leave of the court.

Lineage Europe and certain guarantors are incorporated under the laws of the Netherlands. If a Dutch entity enters into a transaction (such as the issuance of the exchange notes or the granting of a guarantee), the validity and enforceability of the relevant transaction may be contested by the Dutch entity or its administrator (*bewindvoerder*) in a moratorium of payments (*surseance van betaling*) or its trustee in bankruptcy (*curator*), if (i) that transaction is not in the Dutch entity's corporate interest (*vennootschappelijk belang*) and (ii) the other party to the transaction knew or should have known this without performing its own investigation (*wist of zonder eigen onderzoek moest weten*). In determining whether the issuance of the exchange notes or the granting of a guarantee is in the interest of the Dutch entity, a Dutch court would not only consider the text of the company's objects clause in the articles of association of the Dutch entity, but also all relevant circumstances of the particular case, including whether the Dutch entity derives certain commercial benefits from the transaction in respect of which the exchange notes were issued or the guarantee was granted, as applicable, and any indirect benefit derived by the Dutch entity as a consequence of the interdependence of it with the group of companies to which the Dutch entity belongs and whether or not the subsistence of the Dutch entity is jeopardized by conducting such transaction. The mere fact that a certain legal act (*rechtshandeling*) falls within the objects clause included in the articles of association of a Dutch entity, may not be conclusive evidence to state that such legal act is in the corporate interest of the Dutch entity. The management of the Dutch entity must consider whether the granting of the guarantee of the exchange notes actually fulfils the material interests of such Dutch entity.

Pursuant to Dutch law, and to the extent Dutch law applies, a legal act performed by a Dutch entity (including, without limitation, an agreement pursuant to which it issues exchange notes or guarantees the performance of the obligations of a third party) can be challenged and may, in certain circumstances, be nullified (*vernietigd*) by a trustee in bankruptcy (*curator*). The Dutch law provisions on fraudulent conveyance (*actio pauliana*) may apply in case of bankruptcy or outside bankruptcy, which may offer creditors protection against a decrease in their means of recovery.

Pursuant to Dutch fraudulent conveyance rules (*actio pauliana*) in bankruptcy: any legal act performed by a Dutch bankrupt entity prior to the onset of its bankruptcy may be nullified (*vernietigd*) by the bankruptcy trustee, if (i) the Dutch entity performed such act without an obligation to do so (*onverplicht*), (ii) any creditors of the Dutch entity were prejudiced as a consequence of the act, and (iii) at the time the act was performed both the Dutch entity and (unless the act was for no consideration (*om niet*)) the party with or towards which it acted, knew or should have known that one or more of the Dutch entity's creditors (existing or future) would be prejudiced. Such knowledge is presumed by Dutch law in the event that the legal act by which the creditors have been prejudiced has been performed within a period of one year before the bankruptcy date in respect of, inter alia, legal acts for the payment or safeguarding of a debt that was not due and payable. In addition, in the case of such a bankruptcy, the trustee in bankruptcy (*curator*) may nullify the Dutch entity's performance of any obligation which is due and payable (including (without limitation) an obligation to provide security for any of its or a third party's obligations) if (i) the payee (*hij die betaling ontving*) knew that a request for bankruptcy had been filed at the moment of payment, or (ii) the performance of the obligation was the result of a consultation between the Dutch entity and the payee with a view to give preference to the latter over the Dutch entity's other creditors.

A brief description of certain aspects of insolvency law in Australia, Canada and the Netherlands is set out under "Certain Insolvency and Enforceability Considerations."

 ***You may be unable to enforce judgments obtained in the United States and non-U.S. courts against Lineage Europe and our Non-U.S. Guarantors or their respective directors, managers and executive officers.***

Lineage Europe and the Non-U.S. Guarantors are organized or incorporated outside the United States, and their business is substantially conducted outside the United States. Many of the directors and executive officers of Lineage Europe and the Non-U.S. Guarantors are non-residents of, and substantially all of their assets are located outside of, the United States. Although Lineage Europe and the Non-U.S. Guarantors will submit to the jurisdiction of certain New York courts in connection with any action under U.S. securities laws, you may be unable to effect service of process within the United States on the directors and executive officers of Lineage Europe or the Non-U.S. Guarantors. In addition, as substantially all of the assets of Lineage

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Europe and these Non-U.S. Guarantors, their subsidiaries and their directors and executive officers are located outside of the United States, you may be unable to enforce against them judgments obtained in U.S. courts. Moreover, actions of Lineage Europe and the Non-U.S. Guarantors may not be subject to the civil liability provisions of the federal securities laws of the United States.

Lineage Europe is incorporated under Dutch law. As a result, it may be difficult for investors to enforce judgments obtained in non-Dutch courts against Lineage Europe. The Netherlands does not currently have a treaty with the United States providing for the reciprocal recognition and enforcement of judgments (other than arbitration awards) in civil and commercial matters. Therefore, a final judgment for the payment of money rendered by any court in any federal or state court in the United States based on civil liability, whether or not predicated solely upon United States federal securities laws, would not automatically be recognized or enforceable in the Netherlands. In order to obtain a judgment that is enforceable in the Netherlands, the claim must be relitigated before a competent Dutch court and the judgment rendered by the foreign court must be submitted in the course of such proceedings, in which case the Dutch court will have to decide whether and to what extent it, given the circumstances of the case, will recognize the foreign judgment. A final judgment obtained in a court in the State of New York, United States of America and not rendered by default, which is not subject to appeal or other means of contestation and which is enforceable in State of New York, United States of America, with respect to the payment of obligations of Lineage Europe under the exchange notes, would generally be upheld and be regarded by a court of the Netherlands of competent jurisdiction as conclusive evidence when asked to render a judgment in accordance with the judgment of which enforcement is sought, without substantive re-examination or re-litigation of the merits of the subject matter, if (i) the foreign court rendering that judgment has jurisdiction over the matter on internationally acceptable grounds and (ii) has conducted the proceedings in accordance with generally accepted principles of fair trial (*behoorlijke rechtspleging*), (iii) that judgment does not contravene public policy (*openbare orde*) of the Netherlands, (iv) the foreign judgment is not in conflict with a decision rendered by a Dutch court between the same parties, or with an earlier judgment rendered by a foreign court in proceedings involving the same cause of action and between the same parties, provided that the earlier decision can be recognized in the Netherlands, and (v) the foreign judgment is — according to the law of its country of origin — formally capable of being enforced (e.g., is readily enforceable, has not been annulled in appeal or its enforceability has not been subject to a certain time frame).

Subject to the foregoing and provided that service of process occurs in accordance with applicable treaties, investors may be able to enforce in the Netherlands judgments in civil and commercial matters obtained from U.S. federal or state courts. No assurance can be given, however, that these judgments will be enforceable. Moreover, a Dutch court may reduce the amount of damages granted by a U.S. court and recognize damages only to the extent that they are necessary to compensate actual losses or damages. Judgments may be rendered in a foreign currency but enforcement is executed in euros at the applicable rate of exchange. The enforcement and recognition of judgments of U.S. courts in the Netherlands are subject to the Dutch rules of civil procedure. In addition, it is doubtful whether a Dutch court would accept jurisdiction and impose civil liability in an original action commenced in the Netherlands and predicated solely upon U.S. federal securities laws. Under certain circumstances, a Dutch court has the power to stay proceedings (*aanhouden*) or to declare that it has no jurisdiction, if concurrent proceedings are being brought elsewhere. A Dutch court may reduce the amount of damages granted by a U.S. court and recognize damages only to the extent that they are necessary to compensate actual losses or damages.

#### The market price of the exchange notes may fluctuate significantly.
The market price of the exchange notes may fluctuate significantly in response to many factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in the national, international or local economic climate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • availability, cost and terms of financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • technological changes, such as expansion of e-commerce, reconfiguration of supply chains, automation, robotics or other technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the attractiveness of our properties to potential customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • inability to collect storage charges, rent and other fees from customers;

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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 ongoing need for, and significant expense of, capital improvements and addressing obsolescence in a timely manner, particularly in older structures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in supply of, or demand for, similar or competing properties in an area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • customer retention and turnover;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • excess supply in the market area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • availability of labor and transportation to service our sites;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • financial difficulties, defaults or bankruptcies by our customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in operating costs and expenses and a general decrease in real estate property rental rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in or increased costs of compliance with governmental rules, regulations and fiscal policies, including changes in tax, real estate, environmental and zoning laws, and our potential liability thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to provide adequate maintenance and insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • adverse market reaction to any debt or equity securities we may issue or additional debt we incur in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • investor confidence in the stock and bond markets, generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in our credit ratings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in the cost or availability of insurance, including coverage for mold or asbestos;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • unanticipated changes in costs associated with known adverse environmental conditions, newly discovered environmental conditions and retained liabilities for such conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in interest rates or other changes in monetary policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • disruptions in the global supply-chain caused by political, regulatory or other factors such as terrorism, political instability and public health crises; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • civil unrest, acts of war, terrorist attacks and natural disasters, including earthquakes and floods, which may result in uninsured and underinsured losses.

Many of the factors listed above are beyond our control. These factors may cause the market price of the exchange notes to decline, regardless of our financial condition, results of operations, business or prospects. It is impossible to provide any assurance that the market price of the exchange notes will not fall in the future, and it may be difficult for investors to resell the exchange notes at prices they find attractive or at all.

 ***Holders of the exchange notes will not be entitled to require us to redeem or repurchase the exchange notes upon the occurrence of change of control or highly levered transactions or other designated events.***

As of September 30, 2025, we had $5,968 million of total consolidated indebtedness outstanding, of which $497 million was secured, and borrowing capacity under our Revolving Credit Facility of $1,236 million (net of outstanding standby letters of credit in the amount of $65 million, which reduce availability). Total debt payments for the remainder of 2025 and 2026 are $827 million (including $3 million of scheduled amortization). The instruments and agreements governing some of our outstanding indebtedness (including borrowings under the Revolving Credit Facility) contain provisions that require us to repay, or offer to repay, that indebtedness, or provide that an event of default may occur, under specified circumstances or upon the occurrence of specified events, including specified changes of control, and our future debt agreements and debt securities may contain similar provisions or may require that we repay or repurchase or offer to repurchase for cash the applicable indebtedness under specified circumstances or upon the occurrence of specified changes of control of the Company or the operating partnership or other events. The exchange notes offered hereby do not have any similar rights to require us to repurchase or repay the exchange notes, whether upon the occurrence of a change of control or highly leveraged transaction or otherwise, even though these transactions could increase the amount of our indebtedness or otherwise adversely affect our capital structure or credit ratings, thereby adversely affecting the market value of the exchange notes. These provisions may also allow

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holders of that other indebtedness to be repaid upon the occurrence of specified transactions or events, which may deplete our available cash and sources of financing and make it difficult or impossible for us to make payments on the exchange notes when due.

 ***An increase in interest rates could result in a decrease in the market value of the exchange notes and increase the amount of our debt payments.***

In general, as market interest rates rise, notes bearing interest at a fixed rate generally decline in value. Consequently, if you purchase these notes and market interest rates increase, the market value of your exchange notes may decline.

In addition, as of September 30, 2025, we had $3.3 billion of our outstanding consolidated indebtedness that is variable-rate debt, and we may continue to incur variable-rate debt in the future. We have entered into interest rate swaps to convert $1.0 billion of this indebtedness to fixed-rate. As of September 30, 2025, we have entered into approximately $1.5 billion of interest rate caps to protect the majority of remaining variable debt against increases in interest rates.

Increases in interest rates may raise our interest costs under any variable-rate debt that is not effectively converted to fixed-rate debt and increase our overall cost of capital, which could materially and adversely affect us, reduce our cash flows and funds from operations, and reduce our ability to use the capital that is being paid in interest in other ways, including to make distributions to our stockholders. Increases in interest rates would also increase our interest expense on future fixed rate borrowings and have the same collateral effects described above. In addition, if we need to repay existing debt during periods of rising interest rates, we could be required to liquidate one or more of our investments in properties at times which may not permit realization of the maximum return on such investments. Interest rate increases may also increase the risk that the counterparties to our swap contracts will default on their obligations, which could further increase our exposure to interest rate increases. Conversely, if interest rates are lower than our swapped fixed rates, we will be required to pay more to service our debt than if we had not entered into the interest rate swaps.

We cannot predict the future level of market interest rates.

#### A downgrade in our credit ratings could materially adversely affect our business and financial condition and the market value of the exchange notes.
The credit ratings assigned to the exchange notes and other debt securities of the operating partnership could change based upon, among other things, our results of operations and financial condition. These ratings are subject to ongoing evaluation by credit rating agencies, and we cannot assure you that any rating will not be changed or withdrawn by a rating agency in the future if, in its judgment, circumstances warrant. Moreover, these credit ratings are not recommendations to buy, sell or hold the exchange notes or any other securities. If any of the credit rating agencies that have rated the exchange notes or other debt securities of either issuer downgrades or lowers its credit rating, or if any credit rating agency indicates that it has placed any such rating on a so-called "watch list" for a possible downgrading or lowering or otherwise indicates that its outlook for that rating is negative, it could have a material adverse effect on our costs and availability of capital, which could in turn have a material adverse effect on our financial condition, results of operations, cash flows and our ability to satisfy our debt service obligations (including payments on the exchange notes) and to make dividends and other distributions to our security holders and could also have a material adverse effect on the market value of the exchange notes.

#### The exchange notes are subject to early redemption.
As described under "Description of USD Exchange Notes — The operating partnership's redemption rights," with respect to the USD exchange notes, and under "Description of Euro Exchange Notes — Optional Redemption," with respect to the Euro exchange notes, the applicable issuer of each series of exchange notes may, at its option, redeem the exchange notes offered hereby at any time in whole or from time to time in part at the redemption prices described under such caption. Consequently, the applicable issuer may choose to redeem your exchange notes at times when prevailing interest rates are lower than the effective interest rate on your exchange notes. If that were to occur, you may be unable to reinvest your redemption proceeds in an

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investment with a return that is as high as the return you would have earned on the exchange notes had they not been redeemed and that presents a similar level of investment risk as the exchange notes.

In addition, if, as a result of certain changes in tax law, Lineage Europe or any Euro notes guarantor has or will become obligated to pay additional amounts on the Euro exchange notes or if there is a substantial probability that Lineage Europe or any Euro notes guarantor will become obligated to pay additional amounts on the Euro exchange notes, then Lineage Europe may, at its option, redeem the Euro exchange notes, in whole but not in part, at a redemption price equal to 100% of the principal amount of the Euro exchange notes to be redeemed, together with interest accrued and unpaid to the date fixed for redemption. See "Description of Euro Exchange Notes — Redemption for tax reasons."

 ***Market conditions could adversely affect our ability to refinance existing indebtedness, including the exchange notes, or obtain additional financing for growth on acceptable terms or at all, which could materially and adversely affect us.***

Credit markets have experienced over the past several years, and may continue to experience, significant price volatility, displacement and liquidity disruptions, including the bankruptcy, insolvency or restructuring of certain financial institutions. Such circumstances could materially impact liquidity in the financial markets, making financing terms for borrowers less attractive, and potentially result in the unavailability of various types of debt financing. As a result, we may be unable to obtain debt financing on favorable terms or at all or fully refinance maturing indebtedness with new indebtedness. Reductions in our available borrowing capacity or inability to obtain credit, including the Revolving Credit Facility that we expect to have upon the completion of this exchange offer, when required or when business conditions warrant could materially and adversely affect us.

#### Our existing indebtedness contains, and any future indebtedness is likely to contain, covenants that restrict our ability to engage in certain activities.
The agreements governing our borrowings contain or are likely to contain financial and other covenants with which we are or will be required to comply and that limit or are likely to limit our ability to operate our business. These covenants, as well as any additional covenants to which we may be subject in the future because of additional borrowings, could cause us to have to forego investment opportunities, reduce or eliminate distributions to our common stockholders or obtain financing that is more expensive than financing we could obtain if we were not subject to the covenants. In addition, the agreements governing our borrowing may have cross default provisions, which provide that a default under one of our debt financing agreements would lead to a default on all of our debt financing agreements.

The covenants and other restrictions under our debt agreements may affect, among other things, our ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • incur indebtedness;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • cause our subsidiaries to distribute cash to us to fund distributions to stockholders or to otherwise use in our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • sell or substitute assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • modify certain terms of our leases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • manage our cash flows; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • make distributions to equity holders, including our common stockholders.

Additionally, these restrictions may adversely affect our operating and financial flexibility and may limit our ability to respond to changes in our business or competitive environment, all of which may materially and adversely affect us.

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 ***Secured indebtedness exposes us to the possibility of foreclosure, which could result in the loss of our investment in certain of our subsidiaries or in a property or group of properties or other assets subject to indebtedness and limits our ability to raise future capital.***

We have granted certain of our lenders security interests in certain of our assets, including in certain of our real property. Incurring secured indebtedness, including mortgage indebtedness, increases our risk of asset and property losses because defaults on indebtedness secured by our assets, including in certain of our real property, may result in foreclosure actions initiated by lenders and ultimately our loss of the property or other assets securing any loans for which we are in default. Any foreclosure on a mortgaged property or group of properties could have a material adverse effect on the overall value of our portfolio of properties and more generally on us. For tax purposes, a foreclosure of any of our properties would be treated as a sale of the property for a purchase price equal to the outstanding balance of the indebtedness secured by the mortgage. If the outstanding balance of the indebtedness secured by the mortgage exceeds our tax basis in the property, we would recognize taxable income on foreclosure, but would not receive any cash proceeds, which could materially and adversely affect us, including hindering our ability to meet the REIT distribution requirements imposed by the Code. As a result, our substantial secured indebtedness could have a material adverse effect on us.

#### Some of the guarantees may be released automatically.
Guarantees of the exchange notes by our subsidiaries may be automatically released under various circumstances described under "Description of USD Exchange Notes — Guarantees" (with respect to the USD exchange notes) and "Description of Euro Exchange Notes — Guarantees" (with respect to the Euro exchange notes). Such release may occur at any time in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • such subsidiary no longer guaranteeing or otherwise being an obligor (or which guarantee or obligation is being simultaneously released or will be immediately released after the release of the subsidiary from its guarantee of the exchange notes) in respect of the Principal Credit Agreement, provided that any release of such subsidiary's guarantee pursuant to this bullet point will not limit the obligation of such subsidiary to guarantee the exchange notes at any time after such release if such subsidiary (other than if such subsidiary is an Excluded Subsidiary) subsequently, directly or indirectly, guarantees, or otherwise becomes obligated in respect of, the Principal Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • upon the designation by the Company of such subsidiary as an Excluded Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • such subsidiary consolidating with, merging into or transferring all of its properties or assets to another guarantor, and as a result of, or in connection with, such transaction such subsidiary dissolves or otherwise ceases to exist;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if the applicable issuer exercises its legal defeasance option or its covenant defeasance option or if the applicable issuer's obligations under the applicable indenture are discharged in accordance with the terms of such indenture, as described in "Description of USD Exchange Notes — Defeasance" (with respect to the USD exchange notes) or "Description of Euro Exchange Notes — Defeasance" (with respect to the Euro exchange notes) and "Description of USD Exchange Notes — Satisfaction and Discharge" (with respect to the USD exchange notes) or "Description of Euro Exchange Notes — Satisfaction and Discharge" (with respect to the Euro exchange notes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • upon the sale or other disposition (including by way of consolidation or merger) of such subsidiary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • upon the sale or disposition of all or substantially all of the assets of such subsidiary;

provided, however, that in the case of the fifth and sixth bullet points above, (1) such sale or other disposition is made to a person other than the parent guarantor or any of its subsidiaries and (2) such sale or disposition is otherwise permitted by the indenture.

#### Risks Related to the Euro Exchange Notes
 ***Lineage Europe is a finance subsidiary and will depend on the operating partnership and the Company's other subsidiaries for funds to meet its obligations under the Euro exchange notes.***

Lineage Europe is a finance subsidiary of the operating partnership and the operating partnership conducts a significant portion of its operations through its subsidiaries. Lineage Europe's principal source of

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funds is its financing activities with the operating partnership and the payments to Lineage Europe by other subsidiaries of the operating partnership, and a significant portion of the operating partnership's source of funds, including funds to make payments pursuant to the guarantees of the notes, is dividends, loans or other payments to the operating partnership by its subsidiaries. In addition, there may be statutory and regulatory limitations on the payment of dividends from certain subsidiaries of the operating partnership. If Lineage Europe has insufficient funds from its financing activities and sufficient funds are not able to be transferred to the operating partnership from its subsidiaries, or to Lineage Europe from other subsidiaries of the operating partnership, or sufficient cash or liquidity is not otherwise available, Lineage Europe and the Euro notes guarantors may not be able to make principal, premium or interest payments on outstanding debt, including under the Euro exchange notes.

 ***If you are a non-U.S. investor, payments under the Euro exchange notes may be treated as paid by a United States person or become subject to U.S. withholding tax.***

While the Euro exchange notes will be issued by a non-U.S. person for U.S. tax purposes, for various reasons (e.g., due to the material credit support provided by U.S. persons or a challenge by the IRS), the payments of interest under the Euro exchange notes may be treated as paid by a United States person for U.S. federal income tax purposes and/or become subject to U.S. withholding tax. As a result, all holders are required to be qualified for an exemption from U.S. withholding tax and provide an IRS Form W-8 or W-9 evidencing such exemption from U.S. withholding tax and should be advised that, if the holders are not so exempt and/or do not so deliver the relevant IRS Form W-8 or W-9, an applicable withholding agent may impose withholding on payments made with respect to the Euro exchange notes. We will generally not be required to pay any additional amounts with respect to amounts so withheld. Prospective purchasers of the Euro exchange notes should consult their advisors regarding the possible U.S. federal income tax consequences of an investment in the notes.

 ***The Euro exchange notes may be subject to withholding taxes in circumstances where we are not obliged to make gross up payments and this would result in holders receiving less interest than expected and could adversely affect their return on the Euro exchange notes.***

The terms of the Euro exchange notes contain exemptions from the requirement that we make gross up payments in the event an amount of, or in respect of, taxes were to be withheld from a payment. Where such exemptions apply, neither we, nor any paying agent, nor any other person would be obliged to pay additional amounts with respect to any Euro exchange notes as a result of the imposition of such withholding tax. This could result in holders receiving less interest than expected and could adversely affect their after-tax return on the Euro exchange notes.

#### An investment in the Euro exchange notes by a purchaser whose functional currency is not the euro entails significant risks.
All payments of interest on, premium, if any, and the principal of the Euro exchange notes and any redemption price for, or additional amounts with respect to, the Euro exchange notes will be made in euros. An investment in the Euro exchange notes by a purchaser whose functional currency is not the euro entails significant risks. These risks include the possibility of significant changes in the rates of exchange between the holder's functional currency and the euro and the possibility of the imposition or subsequent modification of foreign exchange controls with respect to the holder's functional currency or the euro. These risks generally depend on factors affecting the Euro exchange notes and foreign exchange rates over which we have no control, such as economic, financial and political events and the supply of and demand for the relevant currencies. In the past, rates of exchange between the euro and certain currencies have been highly volatile, and each holder should be aware that volatility may occur in the future. The exchange rates of a holder's functional currency for the euro and the fluctuations in those exchange rates that have occurred in the past are not necessarily indicative of fluctuations in the rate that may occur during the term of the Euro exchange notes. Depreciation of the euro against the holder's functional currency would result in a decrease in the effective yield of a note below its coupon rate and, in certain circumstances, could result in a loss to the holder. Such developments, or market perceptions concerning these and related issues, could materially adversely affect the value of the Euro exchange notes and you may lose a significant amount of your investment in the Euro exchange notes.

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 ***The Euro exchange notes permit us to make payments in U.S. dollars if we are unable to obtain euros, and market perceptions concerning the instability of the euro could materially adversely affect the value of the Euro exchange notes.***

If the euro is unavailable to us due to the imposition of exchange controls or other circumstances beyond our control or if the euro is no longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the Euro exchange notes will be made in U.S. dollars until the euro is again available to us or so used. In such circumstances, the amount payable on any date in euros will be converted into U.S. Dollars on the basis of the then most recently available market exchange rate for euros. See "Description of Euro Exchange Notes — Issuance in Euros" and "— An investment in the Euro exchange notes by a purchaser whose functional currency is not the euro entails significant risks." This market exchange rate may be materially less favorable than the rate in effect at the time the Euro exchange notes were issued or as would be determined by applicable law. Any payment in respect of the Euro exchange notes so made in U.S. dollars will not constitute an event of default under the Euro exchange notes or the indenture. Such developments, or market perceptions concerning these and related issues, could materially adversely affect the value of the Euro exchange notes and you may lose a significant amount of your investment in the Euro exchange notes.

#### In a lawsuit for payment on the Euro exchange notes, an investor may bear currency exchange risk.
The indenture is, and the Euro exchange notes will be, governed by the laws of the State of New York. Under New York law, a New York state court rendering a judgment on the Euro exchange notes would be required to render the judgment in euros. However, the judgment would be converted into U.S. dollars at the exchange rate prevailing on the date of entry of the judgment. Consequently, in a lawsuit for payment on the Euro exchange notes, investors would bear currency exchange risk until a New York state court judgment is entered, which could be a significant amount of time. A federal court sitting in New York with diversity jurisdiction over a dispute arising in connection with the Euro exchange notes would apply New York law.

In courts outside of New York, investors may not be able to obtain a judgment in a currency other than U.S. dollars. For example, a judgment for money in an action based on the Euro exchange notes in many other U.S. federal or state courts ordinarily would be enforced in the United States only in U.S. dollars. The date used to determine the rate of conversion of euros into U.S. dollars would depend upon various factors, including which court renders the judgment and when the judgment is rendered.

 ***The global notes representing the Euro exchange notes will be held by or on behalf of Euroclear and Clearstream and, therefore, investors will have to rely on their procedures for transfer, payment and communication with the issuer and to exercise their rights and remedies.***

The Euro exchange notes will be issued in book-entry form and will be represented by one or more permanent global notes deposited with, or on behalf of a common depositary, and registered in the name of the nominee of the common depositary, for, and in respect of interests held through Euroclear and Clearstream. Euroclear, Clearstream or such common depositary, as the case may be, will be considered the sole owner or holder of the Euro exchange notes represented by the global notes for all purposes under the indenture governing the Euro exchange notes.

While the Euro exchange notes are represented by global notes, the issuer will discharge its payment obligations under the Euro exchange notes by making payments to or to the order of a nominee for a common depositary for Euroclear and Clearstream for distribution to their accountholders. A holder of a beneficial interest in a global note must rely on the procedures of Euroclear and Clearstream to receive payments under the Euro exchange notes. We have no responsibility or liability for the records relating to, or payments made in respect of, beneficial interests in a global note.

Holders of beneficial interests in a global note will not have a direct right to vote in respect of the Euro exchange notes. Instead, such holders will be permitted to act directly only to the extent that they are enabled in accordance with the procedures of Euroclear and Clearstream to appoint appropriate proxies.

Similarly, upon the occurrence of an event of default under the indenture governing the Euro exchange notes, unless and until definitive or certificated registered Euro exchange notes are issued in respect of all

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book-entry interests, if investors own book-entry interests, they will be restricted to acting through Euroclear and Clearstream. The procedures to be implemented through Euroclear and Clearstream may not be adequate to ensure the timely exercise of rights under the Euro exchange notes. See "Description of Euro Exchange Notes — Book-Entry Procedures."

#### Trading in the clearing systems is subject to minimum denomination requirements.
The terms of the Euro exchange notes provide that Euro exchange notes will be issued with a minimum denomination of €100,000 and multiples of €1,000 in excess thereof. It is possible that the clearing systems may process trades that could result in amounts being held in denominations smaller than the minimum denominations. If definitive notes are required to be issued in relation to such Euro exchange notes in accordance with the provisions of the relevant global notes, a holder who does not have the minimum denomination or any integral multiple of €1,000 in excess thereof in its account with the relevant clearing system at the relevant time may not receive all of its entitlement in the form of definitive notes unless and until its holding satisfies the minimum denomination requirement.

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#### USE OF PROCEEDS
We are making the exchange offer to satisfy our obligations under the registration rights agreements. We will not receive any cash proceeds from the exchange of the exchange notes for the old notes pursuant to the exchange offer. In consideration of issuing the exchange notes in the exchange offer, we will receive an equal principal amount of old notes. We will cancel and retire all old notes surrendered in exchange for exchange notes. As a result, the issuance of the exchange notes will not result in any increase or decrease in our indebtedness.

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#### DESCRIPTION OF OTHER INDEBTEDNESS
 *The following is a summary of our indebtedness that is outstanding. To the extent such summary contains descriptions of our specific debt instruments, such descriptions do not purport to be complete and are qualified in their entirety by reference to those and related documents, copies of which have been filed with the SEC and which we will provide you upon request.* 

#### Revolving Credit and Term Loan Agreement
We are party to a $4,500 million Revolving Credit and Term Loan Agreement, which provides for (i) a Revolving Credit Facility in aggregate principal amount of $3,500 million and (ii) a Term Loan of up to $1,000 million. As of September 30, 2025, we had $2,199 million outstanding under our Revolving Credit Facility, leaving $1,236 million available for future borrowings (net of outstanding standby letters of credit in the amount of $65 million, which reduce availability), and the Term Loan was fully drawn.

Amounts borrowed under the Revolving Credit Facility bear interest, at our election, up to either 1.20% over the base rate or 2.20% over (i) for dollar-denominated loans, an adjusted Term Secured Overnight Financing Rate ("adjusted Term SOFR rate") or (ii) for loans denominated in a foreign currency, an adjusted daily simple RFR ("adjusted Daily Simple RFR"), in each case, with step-downs based on the borrower's total leverage ratio as defined by the Revolving Credit and Term Loan Agreement. As of September 30, 2025, the Revolving Credit Facility bore interest at 0.93% over the Term SOFR rate or adjusted Daily Simple RFR, as applicable, plus 0.10% spread adjustment. The Revolving Credit Facility is scheduled to mature on February 15, 2028, subject to two six-month extension options.

The Term Loan bears interest, at our election, up to either 1.20% over a "base rate" (as defined below) or 2.20% over an adjusted Term SOFR rate with step-downs based on the borrower's total leverage ratio. The base rate is determined by reference to the highest of (i) the rate of interest established by the administrative agent as its "prime rate," (ii) 0.50% above the greater of the federal funds effective rate and the overnight bank funding rate, (iii) 1.00% above the adjusted Term SOFR rate for dollar deposits with a one-month term, and (iv) 1.00% per annum. As of September 30, 2025, the Term Loan bore interest at 0.93% over the Term SOFR rate plus 0.10% spread adjustment. The Term Loan is scheduled to mature on February 15, 2029.

The Revolving Credit Facility and the Term Loan may be voluntarily prepaid in whole or in part at any time without premium or penalty. Amounts borrowed under the Term Loan and repaid or prepaid may not be reborrowed.

The Revolving Credit and Term Loan Agreement contains covenants that, among other things, limit our ability to incur additional debt, create liens against our assets, make acquisitions, pay dividends or distributions on our stock, merge or consolidate with another entity, and transfer or sell assets. It also contains financial covenants that require us to maintain (i) a total leverage ratio of not more than 60% (or 65% for the four fiscal quarters following a material acquisition), (ii) a fixed charge coverage ratio of at least 1.5:1.0, (iii) a ratio of total unsecured indebtedness to unencumbered asset value of not more than 60% (or 65% for the four fiscal quarters following a material acquisition) and (iv) a ratio of total secured indebtedness to total asset value of not more than 40% (or 45% for the four fiscal quarters following a material acquisition). As of September 30, 2025 we were in compliance with our covenants under the Revolving Credit and Term Loan Agreement. The Revolving Credit and Term Loan Agreement contains customary events of default, including defaults in the payment of principal, interest or fees, defaults in compliance with the covenants set forth in the Revolving Credit and Term Loan Agreement and other loan documentation, cross-defaults to certain other indebtedness, and bankruptcy and other insolvency defaults.

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#### Senior Unsecured Notes
The following table provides details of outstanding Senior Unsecured Notes (balances in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Aggregate Principal <br> Amount at Issuance**  | **Maturity Date**  | **Stated Interest <br> Rate<sup>(1)</sup>**  | **Balance as of <br> September 30, 2025**  |
| Series A Senior Notes  | $300 | August 20, 2026  | 2.22% | $300 |
| Series B Senior Notes  | $375 | August 20, 2028  | 2.52% | 375 |
| Series C Senior Notes  | 128 | August 20, 2026  | 0.89% | 150 |
| Series D Senior Notes  | 251 | August 20, 2031  | 1.26% | 294 |
| Series E Senior Notes  | £145 | August 20, 2026  | 1.98% | 195 |
| Series F Senior Notes  | £130 | August 20, 2028  | 2.13% | 175 |
| Series G Senior Notes  | 80 | August 20, 2027  | 3.33% | 93 |
| Series H Senior Notes  | 110 | August 20, 2029  | 3.54% | 129 |
| Series I Senior Notes  | 50 | August 20, 2032  | 3.74% | 59 |
| &nbsp;&nbsp;&nbsp; Total Senior Unsecured Notes  |  |  |  | $1770 |

---

(1) Interest on our Senior Unsecured Notes is payable semi-annually in arrears.

The Senior Unsecured Notes are the joint and several obligations of Lineage Holdings, Lineage Logistics, LLC, certain U.S. subsidiaries that guarantee or otherwise becomes liable, as a borrower or a co-borrower or otherwise, under any of our material debt facilities and, in the case of Senior Unsecured Notes denominated in currencies other than the U.S. dollar, Lineage Treasury Europe B.V. and certain non-U.S. subsidiaries that guarantee or otherwise becomes liable, as a borrower or a co-borrower or otherwise, under any of our material debt facilities. The Senior Unsecured Notes rank pari passu with our other senior unsecured indebtedness, including the Revolving Credit Facility and the Term Loan, and are subordinated to any of the obligors' existing and future secured debt.

We may prepay the Senior Unsecured Notes in full or in part, at any time, subject to notice requirements and minimum principal amount requirements, at 100% of the principal amount so prepaid, and the make-whole amount determined for the prepayment date with respect to such principal amount, and accrued interest to the date of prepayment. In the event of certain changes in tax law, Lineage Logistics, LLC or Lineage Treasury Europe B.V. may prepay the Senior Unsecured Notes at 100% of the principal amount so prepaid, and a modified make-whole amount and accrued interest to the date of prepayment. Upon a change of control or becoming subject to sanctions, Lineage Logistics, LLC must offer to prepay the entire unpaid principal amount of the Senior Unsecured Notes and accrued interest to the date of prepayment.

The note purchase agreements governing the Senior Unsecured Notes contain covenants that, among other things, limit our ability to incur additional debt, create liens against our assets, make acquisitions, pay dividends or distributions on our stock, repurchase our stock, merge or consolidate with another entity, transfer or sell assets, enter into transactions with affiliates, change our line of business, enter into negative pledges and conduct activities that would result in us being subject to sanctions or violating sanctions. The note purchase agreements also require us to maintain a total leverage ratio, unsecured leverage ratio, secured leverage ratio and fixed charge coverage ratio each quarter at the same levels as those set forth in the Revolving Credit and Term Loan Agreement. As of September 30, 2025, we were in compliance with our covenants under the note purchase agreements. The note purchase agreements governing the Senior Unsecured Notes also contain customary events of default, including defaults in the payment of principal, interest or fees, defaults in compliance with the covenants set forth in the note purchase agreements, cross-defaults to certain other indebtedness and bankruptcy and other insolvency defaults.

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#### THE EXCHANGE OFFER
 *The following summarizes the terms of the exchange offer and certain provisions of the registration rights agreements. The summary of the registration rights agreements does not purport to be complete and reference is made to the provisions of the registration rights agreements, which have been filed as exhibits to the registration statement of which this prospectus is a part. As used in this "The Exchange Offer," references to the "Company," "we," "our" or "us" refer either to Lineage OP, LP or Lineage Europe Finco B.V., as the case may be, as the issuer of the applicable series of exchange notes and not to any subsidiaries, unless otherwise expressly stated or the context otherwise requires.* 

#### Purpose of the Exchange Offer
We issued and sold the old USD notes and the old Euro notes in private offerings on June 17, 2025 and November 26, 2025, respectively. In each case, the initial purchasers subsequently sold the old notes to "qualified institutional buyers," as defined in Rule 144A under the Securities Act, in reliance on Rule 144A, and outside the United States pursuant to Regulation S under the Securities Act. As a condition to the sale of the old notes, we entered into the USD notes registration rights agreement on June 17, 2025 and the Euro notes registration rights agreement on November 26, 2025.

Pursuant to each registration rights agreement, we agreed that we would, among other things, use commercially reasonable efforts to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • file an exchange offer registration statement with the SEC under the Securities Act concerning the exchange offer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • cause such registration statement to be declared effective by the SEC in accordance with the requirements of the applicable registration rights agreement and remain effective until 180 days after the expiration date.

We are making the exchange offer to satisfy certain of our obligations under the registration rights agreements. Other than pursuant to the registration rights agreements, we are not required to file any registration statement to register any outstanding old notes. Holders of old notes who do not tender their old notes or whose old notes are tendered but not accepted in the exchange offer must rely on an exemption from the registration requirements under the securities laws, including the Securities Act, if they wish to sell their old notes. See "Risk Factors — Risk Related to the Exchange Offer — If you do not exchange your old notes, there will be restrictions on your ability to resell your old notes."

#### Resale of Exchange Notes
We are making the exchange offer in reliance on the position of the staff of the SEC as set forth in several no action letters addressed to third parties in other transactions. However, we have not sought our own no action letter and we can provide no assurance that the staff would make a similar determination with respect to the exchange offer as it has in no action letters to third parties. Based on these interpretations by the staff, we believe that the exchange notes issued in the exchange offer in exchange for old notes may be offered for resale, resold and otherwise transferred by a holder other than any holder who is a broker-dealer, without further compliance with the registration and prospectus delivery requirements of the Securities Act; provided that holders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • are acquiring the exchange notes issued in the exchange offer in the ordinary course of their business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • are not engaged in, and do not intend to engage in, and have no arrangement or understanding with any person to participate in, a distribution of the exchange notes issued in the exchange offer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • are not an "affiliate" of ours or any guarantor within the meaning of Rule 144 under the Securities Act.

If you are a broker-dealer, an "affiliate" of ours or any guarantor, or have an arrangement or understanding with any person to participate in, a distribution of the exchange notes issued in the exchange offer, you cannot rely on the position of the staff of the SEC contained in the no action letters mentioned above and must comply with the registration and prospectus delivery requirements of the Securities Act in connection with any resale transaction, unless an exemption from registration is otherwise available.

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Each broker-dealer that receives exchange notes for its own account in exchange for old notes, which old notes the broker-dealer acquired as a result of market-making activities or other trading activities, may be deemed an "underwriter" within the meaning of the Securities Act and must, therefore, deliver a prospectus meeting the requirements of the Securities Act in connection with any resale of the exchange notes. Each such broker-dealer that receives exchange notes for its own account in exchange for old notes, where the broker-dealer acquired the old notes as a result of market-making activities or other trading activities, must acknowledge, as provided in the letter of transmittal, that it will deliver a prospectus in connection with any resale of such exchange notes. For more detailed information, see "Plan of Distribution." We have agreed that, for a period of 180 days after the expiration date, we will make this prospectus, as amended or supplemented, available to any broker-dealer for use in connection with any resale of exchange notes received by it in exchange for old notes. A broker-dealer or any other person that delivers such a prospectus to purchasers in connection with such resales will be subject to certain of the civil liability provisions under the Securities Act and will be bound by the provisions of the applicable registration rights agreement (including certain indemnification rights and obligations thereunder).

In addition, to comply with the securities laws of various jurisdictions, if applicable, the exchange notes may not be offered or sold unless they have been registered or qualified for sale in the jurisdiction or an exemption from registration or qualification is available and is complied with. We have agreed, pursuant to the registration rights agreements and subject to specified limitations therein, to register or qualify the exchange notes for offer or sale under the securities or blue sky laws of the jurisdictions as any holder of the exchange notes reasonably requests.

#### Terms of the Exchange
We are offering to exchange, subject to the conditions described in this prospectus and in the letter of transmittal accompanying this prospectus, up to $500,000,000 aggregate principal amount of our USD exchange notes for $500,000,000 aggregate principal amount of our old USD notes and up to €700,000,000 aggregate principal amount of our Euro exchange notes for €700,000,000 aggregate principal amount of our old Euro notes.

For each old note surrendered to us pursuant to this exchange offer, the holder who surrendered such old note will receive an exchange note having a principal amount equal to that of the surrendered old note. We will issue USD exchange notes in minimum denominations of $2,000 and integral multiples of $1,000 in excess of $2,000. We will issue Euro exchange notes in minimum denominations of €100,000 and integral multiples of €1,000 in excess of thereof. To be exchanged, an old note must be properly tendered and accepted. All outstanding old notes that are validly tendered and not validly withdrawn will be exchanged for respective exchange notes issued on or promptly after the expiration date of the exchange offer. Currently, there is $500,000,000 aggregate principal amount of old USD notes outstanding, €700,000,000 aggregate principal amount of old Euro notes outstanding and no exchange notes outstanding.

We will accept for exchange any and all old notes that are validly tendered prior to 11:59 p.m., New York City time, on the expiration date. Tenders of old notes may be withdrawn at any time prior to , New York City time, on the expiration date. The exchange offer is not conditioned upon any minimum principal amount of the old notes being tendered for exchange. However, the exchange offer is subject to the terms and provisions of the registration rights agreements. See "— Conditions to the Exchange Offer."

The exchange notes will evidence the same indebtedness as the old notes and will be entitled to the benefits of the indenture. The form and terms of the exchange notes will be substantially identical to those of the respective old notes except that the exchange notes will have been registered under the Securities Act. Therefore, the exchange notes will not be subject to certain transfer restrictions, registration rights and certain terms with respect to Applicable Interest applicable to the old notes. See "Description of USD Exchange Notes" and "Description of Euro Exchange Notes" for a description of the terms of the USD exchange notes and the Euro exchange notes, respectively.

#### Expiration Date; Extensions; Amendments
The exchange offer will expire at 11:59 p.m., New York City time, on , 2026, unless we, in our sole discretion, extend the exchange offer. The time and date, as it may be extended, is referred to herein as the "expiration date."

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In order to extend the exchange offer, we will notify the applicable Exchange Agent and the trustee of any extension by oral or written notice and will make a public announcement thereof, each prior to 9:00 a.m., New York City time, on the next business day after the previously scheduled expiration date of the exchange offer.

We expressly reserve the right at our sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to delay accepting the old notes, provided that any such delay is done in a manner consistent with Rule 14e-1(c) of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to extend the exchange offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to terminate the exchange offer and not accept old notes not previously accepted if any of the conditions listed under "— Conditions to the Exchange Offer" are not satisfied or waived by us, by giving oral or written notice of such delay, extension or termination to the applicable Exchange Agent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to amend the terms of the exchange offer in any manner.

Following the commencement of the exchange offer, we anticipate that we would only delay accepting old notes tendered in the exchange offer due to an extension of the expiration date.

We will follow any delay in acceptance, extension or termination as promptly as practicable by written notice to the applicable Exchange Agent and the trustee. If we amend the exchange offer in a manner we determine constitutes a material change, we will promptly disclose the amendment in a prospectus supplement that we will distribute to the registered holders of the old notes. We will also extend the exchange offer for a period of at least five business days, or any longer period of time, that we determine, in accordance with applicable law, depending upon the significance of the amendment, the manner of disclosure and the expiration date of the exchange offer. In the event of a material change in the exchange offer, including the waiver of a material condition to the exchange offer, we will extend the expiration date, if necessary, so that a period of at least five business days remains in the exchange offer following notice of the material change.

#### Conditions to the Exchange Offer
Notwithstanding any other term of the exchange offer, we will not be required to accept for exchange, or exchange the exchange notes for, any old notes, and may terminate the exchange offer as provided in this prospectus, if, at any time before the expiration of the exchange offer, in our sole judgment, the exchange offer violates applicable law, rules or regulations or an applicable interpretation of the staff of the SEC.

If we determine in our sole discretion that any of these conditions are not satisfied, we may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • refuse to accept any old notes and return all tendered old notes to you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • extend the exchange offer and retain all old notes tendered before the exchange offer expires, subject, however, to your rights to withdraw the old notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • waive the unsatisfied conditions (to the extent we are legally permitted to do so) with respect to the exchange offer and accept all properly tendered old notes that have not been withdrawn; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • amend the terms of the exchange offer in any manner.

If the waiver or amendment constitutes a material change to the exchange offer, we will promptly disclose the waiver or amendment by means of a prospectus supplement that we will distribute to the registered holders of the old notes and the trustee, and will extend the exchange offer for a period of at least five business days, or any longer period of time, that we determine, in accordance with applicable law, depending on the significance of the waiver, the manner of disclosure to the registered holders of the old notes and the expiration date of the exchange offer. In the event of a material change in the exchange offer, including the waiver of a material condition to the exchange offer, we will extend the expiration date, if necessary, so that a period of at least five business days remains in the exchange offer following notice of the material change.

The exchange offer is not conditioned upon any minimal principal amount of old notes being tendered.

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#### Accrued Interest
Interest on the USD exchange notes will accrue at a rate of 5.250% per annum and will be payable semi-annually in arrears on January 15 and July 15 of each year. The first interest payment on the USD exchange notes will be paid on July 15, 2026. Interest on the Euro exchange notes will accrue at a rate of 4.125% per annum and will be payable annually in arrears on November 26 of each year. The first interest payment on the Euro exchange notes will be paid on November 26, 2026.

Interest on the exchange notes will accrue from the date of original issuance of the corresponding old notes or, if interest has already been paid on the corresponding old notes or the exchange notes, as the case may be, from the date it was most recently paid. Interest on the USD exchange notes will be computed on the basis of a 360-day year comprised of twelve 30-day months. Interest on the Euro exchange notes will be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the Euro notes (or November 26, 2025 if no interest has been paid on the Euro notes), to but excluding the next scheduled interest payment date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association. Interest on the old notes accepted for exchange will cease to accrue on the day prior to the issuance of the exchange notes. The holders of any old notes that are accepted for exchange will be deemed to have waived the right to receive payment of any accrued and unpaid interest on those old notes.

#### Procedures for Tendering Old Notes

#### General
Our acceptance of old notes tendered by a holder, if not withdrawn prior to the expiration date, will constitute a binding agreement between the tendering holder and us upon the terms and subject to the conditions described in this prospectus and in the letter of transmittal accompanying this prospectus.

A holder of old notes may tender the old notes by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in the case of old USD notes, properly completing and signing the letter of transmittal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in the case of old USD notes, properly completing any required signature guarantees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • properly completing any other documents required by the letter of transmittal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • delivering all of the above, together with the certificate or certificates representing the old notes being tendered, to the applicable Exchange Agent at its address set forth under "— Exchange Agent" prior to the expiration date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • complying with all the procedures for book-entry transfer described below; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • complying with the guaranteed delivery procedures described below.

 **THE METHOD OF DELIVERY OF OLD NOTES, LETTERS OF TRANSMITTAL AND ALL OTHER REQUIRED DOCUMENTS IS AT THE ELECTION AND RISK OF THE HOLDERS. IF THE DELIVERY IS BY MAIL, IT IS RECOMMENDED THAT REGISTERED MAIL PROPERLY INSURED, WITH RETURN RECEIPT REQUESTED, BE USED. IN ALL CASES, SUFFICIENT TIME SHOULD BE ALLOWED TO ENSURE TIMELY DELIVERY. HOLDERS SHOULD NOT SEND OLD NOTES OR LETTERS OF TRANSMITTAL TO US.** 

The signature on the letter of transmittal need not be guaranteed if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • tendered old notes are registered in the name of the signer of the letter of transmittal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the exchange notes to be issued in exchange for the respective old notes are to be issued in the name of the holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any untendered old notes are to be reissued in the name of the holder.

In any other case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the certificates representing the tendered old notes must be properly endorsed for transfer by the registered holder or be accompanied by a properly completed bond power from the registered holder or appropriate powers of attorney, in form satisfactory to us;

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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 tendered old notes must be duly executed by the holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • signatures on the endorsement, bond power or powers of attorney must be guaranteed by a bank, broker, dealer, credit union, savings association, clearing agency or other institution, each an "eligible guarantor institution" that is a member of a recognized signature guarantee medallion program within the meaning of Rule 17Ad-15 under the Exchange Act.

If the exchange notes or old notes not exchanged are to be delivered to an address other than that of the registered holder appearing on the note registrar for the old notes, the signature in the letter of transmittal must be guaranteed by an eligible guarantor institution.

If the letter of transmittal or any old notes or powers of attorney are signed by trustees, executors, administrators, guardians, attorneys-in-fact, officers of corporations or others acting in a fiduciary or representative capacity, such persons should so indicate when signing, and, unless waived by us, such persons must submit proper evidence satisfactory to us of their authority to so act.

If you beneficially own the old notes registered in the name of a broker, dealer, commercial bank, trust company or other nominee and wish to tender your beneficially owned old notes in the exchange offer, you should contact the registered holder promptly and instruct it to tender the old notes on your behalf. The beneficial owner may also obtain and include with the letter of transmittal the old notes properly endorsed for transfer by the registered holder or accompanied by a properly completed bond power from the registered holder, with signatures on the endorsement or bond power guaranteed by an eligible guarantor institution. If the beneficial owner wishes to tender directly, the beneficial owner must, prior to completing and executing the letter of transmittal and tendering the old notes, make appropriate arrangements to register ownership of the old notes in the beneficial owner's name. Beneficial owners should be aware that the transfer of registered ownership may take considerable time.

By tendering, each registered holder of old notes will represent to us that, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the exchange notes to be acquired in connection with the exchange offer by the holder and each beneficial owner of the old notes are being acquired by the holder and each beneficial owner in the ordinary course of business of the holder and each beneficial owner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the holder and each beneficial owner are not participating, do not intend to participate, and have no arrangement or understanding with any person to participate, in the distribution of the exchange notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the holder and each beneficial owner acknowledge and agree that any person participating in the exchange offer for the purpose of distributing the exchange notes must comply with the registration and prospectus delivery requirements of the Securities Act in connection with a secondary resale transaction of the exchange notes acquired by such person and cannot rely on the position of the staff of the SEC set forth in no action letters that are discussed herein under "— Resale of Exchange Notes";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if the holder is a broker-dealer that acquired the old notes as a result of market-making or other trading activities, it will comply with the applicable provisions of the Securities Act and the applicable no action positions of the SEC and it will deliver a prospectus in connection with any resale of exchange notes acquired in the exchange offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the holder has full corporate (or similar) power and authority to transfer the old notes in exchange for the exchange notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the holder and each beneficial owner understand that a secondary resale transaction described above should either be exempt under the applicable securities laws or be covered by an effective registration statement containing the selling security holder information required by Item 507 or 508, as applicable, of Regulation S-K of the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • neither the holder nor any beneficial owner is an "affiliate," as defined under Rule 144 of the Securities Act, of ours; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in connection with a book-entry transfer, each participant will confirm that it makes the representations and warranties contained in the letter of transmittal.

All questions as to the validity, form, eligibility, including time of receipt, and acceptance of old notes tendered for exchange will be determined by us in our sole discretion, which determination will be final and

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binding. We reserve the absolute right to reject any and all tenders of any old notes not properly tendered or not to accept any old notes which acceptance might, in our judgment or the judgment of our counsel, be unlawful. We also reserve the absolute right to waive any defects or irregularities or conditions of the exchange offer as to any old notes either before or after the expiration date, including the right to waive the ineligibility of any holder who seeks to tender old notes in the exchange offer.

The interpretation of the terms and conditions of the exchange offer including the letter of transmittal and the instructions contained in the letter of transmittal by us will be final and binding on all parties. Unless waived, any defects or irregularities in connection with tenders of old notes for exchange must be cured within such reasonable period of time as we determine. Neither we, the trustee, any Exchange Agent nor any other person has any duty to give notification of any defect or irregularity with respect to any tender of old notes for exchange, nor will any of us incur any liability for failure to give such notification.

#### Procedures for Tendering Old USD Notes
The USD Exchange Agent will make a request after the date of receipt of this prospectus to establish accounts with respect to the old USD notes at The Depository Trust Company for the purpose of facilitating the exchange offer. We refer to The Depository Trust Company in this prospectus as "DTC" and the "book-entry transfer facility." Subject to establishing the accounts, any financial institution that is a participant in the book-entry transfer facility's system may make book-entry delivery of old notes by causing the book-entry transfer facility to transfer the old notes into the USD Exchange Agent's account with respect to the old notes in accordance with the book-entry transfer facility's procedures for the transfer. Although delivery of old notes may be effected through book-entry transfer into the USD Exchange Agent's account at the book-entry transfer facility, an appropriate letter of transmittal with any required signature guarantee and all other required documents, or an agent's message, must in each case be properly transmitted to and received or confirmed by the USD Exchange Agent at its address set forth below prior to the expiration date, or, if the guaranteed delivery procedures described below are complied with, within the time period provided under such procedures.

DTC has confirmed that the exchange offer of old USD notes is eligible for DTC's Automated Tender Offer Program, which we refer to as "ATOP." Accordingly, DTC participants may, in lieu of physically completing and signing the letter of transmittal and delivering it to the USD Exchange Agent, electronically transmit their acceptance of the exchange offer by causing DTC to transfer old USD notes to the USD Exchange Agent in accordance with DTC's ATOP procedures for transfer. DTC will then send an agent's message.

The term "agent's message" means a message which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • is transmitted by DTC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • is received by the USD Exchange Agent and forms part of the book-entry transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • states that DTC has received an express acknowledgment from a participant in DTC that is tendering old notes which are the subject of the book-entry transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • states that the participant has received and agrees to be bound by all of the terms of the letter of transmittal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • states that we may enforce the agreement against the participant.

#### Procedures for Tendering Old Euro Notes
If you, as a registered holder of an old Euro note, wish to tender your old Euro notes for exchange in the exchange offer, you must submit, or arrange to have submitted on your behalf, an electronic exchange instruction, or an Electronic Consent Instruction (as defined below), through Euroclear or Clearstream, as applicable, in accordance with the procedures of, and within the time limits specified by, the relevant clearing system for receipt by the Euro Exchange Agent for the old Euro notes. By submitting an Electronic Consent Instruction, holders of old Euro notes will be deemed to have agreed to the terms of the prospectus and the letter of transmittal.

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Only direct participants in Euroclear or Clearstream may submit Electronic Consent Instructions through Euroclear and Clearstream. A holder of old Euro notes that is not a direct participant in Euroclear or Clearstream must arrange for the direct participant through which it holds the old Euro notes to submit an Electronic Consent Instruction on the holder's behalf to the relevant clearing system prior to the deadline specified by the relevant clearing system. A beneficial owner of old Euro notes that is not a direct participant in Euroclear or Clearstream must contact its custodian bank, depositary, broker, trust company or other nominee to arrange for the direct participant in Euroclear or Clearstream, as the case may be, through which it holds old Euro notes to submit a valid Electronic Consent Instruction to the relevant clearing system prior to the expiration date of the exchange offer.

The "Electronic Consent Instruction" means an instruction to Euroclear or Clearstream, as applicable, that includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

Irrevocable instructions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a.

to block any attempt to transfer such participant's tendered old Euro notes on or prior to the settlement date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

to debit such participant's account on the settlement date in respect of all of the old Euro notes that such participant has tendered or, in respect of such lesser portion of such old Euro notes as are accepted pursuant to the exchange offer, upon receipt of an instruction from the Euro Exchange Agent; subject, in each case, to the automatic withdrawal of the instructions in the event that the exchange offer is terminated prior to the expiration date, as notified to Euroclear or Clearstream by Euro Exchange Agent or validly revoked by submitting a valid electronic withdrawal instruction to the relevant clearing system as per the requirements set out by the relevant clearing system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

authorization to disclose the identity of the direct participant and information about the foregoing instructions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)

express acknowledgement that such participant has received and agrees to be bound by the terms and subject to the conditions set forth in this prospectus and that we may enforce that agreement against such participant.

Tenders of old Euro notes, including Electronic Consent Instructions, must be delivered to and received by the Euro Exchange Agent at or prior to the expiration date. Electronic Consent Instructions must also be delivered in accordance with the procedures and deadlines established by the applicable clearing system. Holders of old Euro notes are responsible for informing themselves of these deadlines and for arranging the due and timely delivery of Electronic Consent Instructions to the applicable clearing system.

#### Guaranteed Delivery Procedures
If you desire to tender your old notes, but:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • your old notes are not immediately available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • you cannot deliver your old notes or, in the case of the old USD notes, the letter of transmittal or any other documents required by the letter of transmittal, to the applicable Exchange Agent prior to the expiration date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the procedures for book-entry transfer of your old notes cannot be completed prior to the expiration date;

then you may effect a tender according to the guaranteed delivery procedures set forth in the letter of transmittal.

Pursuant to such procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • your tender of old notes must be made by or through an eligible guarantor institution and you must properly complete and duly execute a notice of guaranteed delivery (as defined in the letter of transmittal);

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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; • prior to the expiration date, the applicable Exchange Agent must have received from you and the eligible guarantor institution a properly completed and duly executed notice of guaranteed delivery (by facsimile transmission, mail or hand delivery) setting forth the name and address of the holder, the certificate number or numbers of the tendered old notes, and the principal amount of tendered old notes, stating that the tender is being made thereby and guaranteeing that, within three (3) business days after the date of delivery of the notice of guaranteed delivery, the tendered old notes, a duly executed letter of transmittal (in the case of the old USD notes) and any other required documents will be deposited by the eligible guarantor institution with the applicable Exchange Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • such properly completed and executed documents required by the letter of transmittal (in the case of the old USD notes) and the tendered old notes in proper form for transfer (or confirmation of a book-entry transfer of such old notes into the USD Exchange Agent's account at DTC (with respect to the old USD notes) or the Euro Exchange Agent's account at Euroclear or Clearstream (with respect to the old Euro notes)) must be received by the applicable Exchange Agent within three (3) business days after the expiration date.

Any holder who wishes to tender their old USD notes pursuant to the guaranteed delivery procedures described above must ensure that the USD Exchange Agent receives the notice of guaranteed delivery relating to such old notes prior to 11:59 p.m., New York City time, on the expiration date.

Unless old notes being tendered by the above-described method are deposited with the applicable Exchange Agent, a tender will be deemed to have been received as of the date when the tendering holder's properly completed and duly signed letter of transmittal, or a properly transmitted agent's message (in the case of old USD notes) or an Electronic Consent Instruction (in the case of old Euro notes), accompanied by the old notes or a confirmation of book-entry transfer of the old notes into the applicable Exchange Agent's account at the book-entry transfer facility is received by the applicable Exchange Agent.

Issuances of exchange notes in exchange for old notes tendered pursuant to a notice of guaranteed delivery will be made only against deposit of the letter of transmittal (in the case of the old USD notes) and any other required documents and the tendered old notes or a confirmation of book-entry and an agent's message.

#### Withdrawal Rights
Tenders of old notes may be withdrawn at any time prior to the expiration date.

The properly withdrawn old notes will be returned promptly following receipt of the notice of withdrawal. If old notes have been tendered pursuant to the procedure for book-entry transfer, any notice of withdrawal must specify the name and number of the account at the book-entry transfer facility to be credited with the withdrawn old notes or otherwise comply with the book-entry transfer facility procedure. All questions as to the validity of notices of withdrawals, including time of receipt, will be determined by us in our sole discretion and our determination will be final and binding on all parties.

Any old notes so withdrawn will be deemed not to have been validly tendered for exchange for purposes of the exchange offer. Any old notes which have been tendered for exchange but which are not exchanged for any reason will be returned to the holder without cost to the holder. In the case of old notes tendered by book-entry transfer into the applicable Exchange Agent's account at the book-entry transfer facility pursuant to the book-entry transfer procedures described above, the old notes will be credited to an account with the book-entry transfer facility specified by the holder. In either case, the old notes will be returned as soon as practicable after withdrawal, rejection of tender or termination of the exchange offer. Properly withdrawn old notes may be re-tendered by following one of the procedures described under "— Procedures for Tendering Old Notes" above at any time prior to the expiration date.

#### Procedures for Withdrawing Tenders of Old USD Notes
For a withdrawal to be effective, a written notice of withdrawal sent by telegram, facsimile transmission, with receipt confirmed by telephone, or letter must be received by the applicable Exchange Agent and us at the address set forth in this prospectus prior to the expiration date. Any notice of withdrawal must:

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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; • specify the name of the person having tendered the old USD notes to be withdrawn;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • identify the old USD notes to be withdrawn, including the certificate number or numbers and principal amount of such old USD notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • specify the principal amount of old USD notes to be withdrawn;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • include a statement that the holder is withdrawing its election to have the old USD notes exchanged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • be signed by the holder in the same manner as the original signature on the letter of transmittal by which the old USD notes were tendered or as otherwise described above, including any required signature guarantees, or be accompanied by documents of transfer sufficient to have the trustee under the indenture register the transfer of the old USD notes into the name of the person withdrawing the tender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • specify the name in which any such old USD notes are to be registered, if different from that of the person who tendered the old USD notes.

#### Procedures for Withdrawing Tenders of Old Euro Notes
For a withdrawal to be effective, holders of the old Euro notes should exercise their right of withdrawal in accordance with Euroclear or Clearstream procedures, as applicable. Beneficial owners of old Euro notes that are held through an intermediary are advised to check with such intermediary as to when it would require receipt of instructions to withdraw the tender of old Euro notes in order to meet the withdrawal deadline.

#### Acceptance of Old Notes for Exchange and Delivery of Exchange Notes
Upon satisfaction or waiver of all the conditions to the exchange offer, we will accept any and all old notes that are properly tendered in the exchange offer prior to 11:59 p.m., New York City time, on the expiration date. The exchange notes issued pursuant to the exchange offer will be delivered promptly following the expiration date. For purposes of the exchange offer, we will be deemed to have accepted validly tendered old notes, when, as, and if we have given written notice thereof to the applicable Exchange Agent.

In all cases, issuances of exchange notes for old notes that are accepted for exchange pursuant to the exchange offer will be made only after timely receipt by the applicable Exchange Agent of such old notes, a properly completed and duly executed letter of transmittal and all other required documents (or of confirmation of a book-entry transfer of such old notes into the applicable Exchange Agent's account at DTC or Euroclear or Clearstream, as applicable); provided, however, that we reserve the absolute right to waive any defects or irregularities in the tender or conditions of the exchange offer. If any tendered old notes are not accepted for any reason, such unaccepted old notes will be returned without expense to the tendering holder thereof as promptly as practicable after the expiration or termination of the exchange offer.

#### Exchange Agents

#### USD Exchange Agent
U.S. Bank Trust Company, National Association has been appointed as the USD Exchange Agent for the exchange offer. All executed letters of transmittal should be directed to the exchange agent at one of the addresses set forth below:

***Delivery to:* U.S. Bank Trust Company, National Association, as USD Exchange Agent** 

*By overnight delivery, courier or hand or certified or registered mail*:

U.S. Bank Trust Company, National Association

111 Fillmore Avenue E

St. Paul, Minnesota 55107

Attention: Corporate Actions — Specialized Finance

#### By facsimile (for eligible institutions only):
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (651) 466-7367

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#### For information or confirmation by telephone:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (800) 934-6802

You should direct questions and requests for assistance, requests for additional copies of this prospectus or of the letter of transmittal and requests for notices of guaranteed delivery to the USD Exchange Agent at the address and telephone number set forth in the letter of transmittal.

 **DELIVERY TO AN ADDRESS OTHER THAN AS SET FORTH IN THE LETTER OF TRANSMITTAL, OR TRANSMISSION OF INSTRUCTIONS VIA A FACSIMILE NUMBER OTHER THAN THE ONE SET FORTH IN THE LETTER OF TRANSMITTAL, WILL NOT CONSTITUTE A VALID DELIVERY.** 

#### Euro Exchange Agent
U.S. Bank Europe DAC has been appointed as the Euro Exchange Agent for the exchange offer. All executed letters of transmittal should be directed to the exchange agent at one of the addresses set forth below:

***Delivery to:* U.S. Bank Europe DAC, as Euro Exchange Agent** 

*By overnight delivery, courier or hand or certified or registered mail*:

U.S. BANK EUROPE DAC

Block F1, Cherrywood Business Park

Cherrywood, Dublin 18

D18 W2X7, Ireland

Attention: Relationship Management

#### By facsimile (for eligible institutions only):
+44 (0)207 365 2577

#### For information or confirmation by telephone:
+44 (0) 207 330 2000

You should direct questions and requests for assistance, requests for additional copies of this prospectus or of the letter of transmittal and requests for notices of guaranteed delivery to the Euro Exchange Agent at the address and telephone number set forth in the letter of transmittal.

 **DELIVERY TO AN ADDRESS OTHER THAN AS SET FORTH IN THE LETTER OF TRANSMITTAL, OR TRANSMISSION OF INSTRUCTIONS VIA A FACSIMILE NUMBER OTHER THAN THE ONE SET FORTH IN THE LETTER OF TRANSMITTAL, WILL NOT CONSTITUTE A VALID DELIVERY.** 

#### Fees and Expenses
Pursuant to the registration rights agreements, we are required to pay all reasonable and customary expenses incident to the consummation of the exchange offer, including our compliance with the registration rights agreements, including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all registration and filing fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all fees and expenses of compliance with federal securities and state blue sky or securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all expenses of printing (including printing certificates for the exchange notes to be issued in the exchange offer and printing of prospectuses), messenger and delivery services and telephone;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all rating agency fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all fees and disbursements relating to the qualification of the indentures under applicable securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all fees and disbursements of the trustee, the Exchange Agents and their counsel;

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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; • all fees and disbursements of our counsel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all fees and disbursements of our independent certified public accountants (including the expenses of any special audit and comfort letters required by or incident to such performance).

#### Accounting Treatment
The exchange notes will be recorded at the same carrying value as the old notes, as reflected in our accounting records on the date of the exchange. Accordingly, we will not recognize a gain or loss for accounting purposes. The expenses of the exchange offer will be amortized over the term of the exchange notes.

#### Consequences of Failure to Exchange
Holders of old notes who do not exchange their old notes for exchange notes pursuant to the exchange offer will continue to be subject to the restrictions on transfer of the old notes as described in the legend on the old notes. Old notes not exchanged pursuant to the exchange offer will continue to remain outstanding in accordance with their terms. In general, the old notes may not be offered or sold unless registered under the Securities Act, except pursuant to an exemption from, or in a transaction not subject to, the Securities Act and applicable state securities laws. We do not currently anticipate that we will register the old notes under the Securities Act.

Participation in the exchange offer is voluntary, and holders of old notes should carefully consider whether to participate. Holders of old notes are urged to consult their financial and tax advisors in making their own decision on what action to take. As a result of the making of, and upon acceptance for exchange of all validly tendered old notes pursuant to the terms of, this exchange offer, we will have fulfilled a covenant contained in the applicable registration rights agreement. Holders of old notes who do not tender their old notes in the exchange offer will continue to hold the old notes and will be entitled to all the rights and limitations applicable to the old notes under the indenture, except for any rights under the registration rights agreement that by their terms terminate or cease to have further effectiveness as a result of the making of this exchange offer. All untendered old notes will continue to be subject to the restrictions on transfer described in the indenture governing the old notes. To the extent that old notes are tendered and accepted in the exchange offer, the trading market for untendered old notes could be adversely affected.

#### Shelf Registration Statement
If, pursuant to the terms of the registration rights agreements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) we determine that a registered exchange offer is not available or may not be completed as soon as practicable after the expiration date because it would violate any applicable law or applicable interpretations of the staff of the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) for any other reason the exchange offer is not consummated within the time period as described above under "The Exchange Offer — Purpose of the Exchange Offer"; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) an initial purchaser of the old notes notifies us in writing that it holds old notes that are or were ineligible to be exchanged in the exchange offer (a "Shelf Request"),

then we shall, subject to our Suspension Actions discussed below, use commercially reasonable efforts to cause to be filed a shelf registration statement covering resales of the old notes pursuant to Rule 415 under the Securities Act and cause such shelf registration statement to be declared effective by the SEC by (i) June 17, 2026 (in the case of the old USD notes) or November 26, 2026 (in the case of the old Euro Notes), in each case, in the case of a shelf registration statement required by paragraphs (1) or (2) above or (ii) the later of (a) June 17, 2026 (in the case of the old USD notes) or November 26, 2026 (in the case of the old Euro Notes) and (b) 90 days after delivery of a Shelf Request, in the case of a shelf registration statement required by paragraph (3) above.

In addition, pursuant to the registration rights agreements, we are required, to use commercially reasonable efforts to keep the shelf registration statement effective for a period of 365 days from its effectiveness or such shorter period that will terminate when all of the Securities cease to be registrable securities under the applicable registration rights agreement.

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We will, in the event of the filing of such shelf registration statement, provide to each holder of old notes copies of the prospectus which is a part of the shelf registration statement, notify each such holder when the shelf registration statement has become effective and take certain other actions as are required to permit unrestricted resales of the old notes. A holder of old notes that sells its old notes pursuant to the shelf registration statement generally (1) will be required to be named as a selling security holder in the related prospectus and to deliver a prospectus to purchasers, (2) will be subject to certain of the civil liability provisions under the Securities Act in connection with such sales and (3) will be bound by the provisions of the applicable registration rights agreement that are applicable to such a holder (including certain indemnification rights and obligations thereunder). In addition, each holder of old notes will be required to deliver information to be used in connection with the shelf registration statement and to provide comments on the shelf registration statement within the time periods set forth in the applicable registration rights agreement to have their old notes included in the shelf registration statement and to benefit from the provisions regarding additional interest described below.

#### Suspension Actions
We will be entitled to suspend our obligation to file any amendment to a shelf registration statement, furnish any supplement or amendment to a prospectus included in a shelf registration statement, make any other filing with the SEC that would be incorporated by reference into a shelf registration statement, cause a shelf registration statement to remain effective or the related prospectus usable or take any similar action (collectively, "Suspension Actions") if there is a possible acquisition or business combination or other transaction, business development or event involving us or our subsidiaries that we determine in good faith may require disclosure in the shelf registration statement or prospectus and we determine that such disclosure is not in our best interest or obtaining any financial statements relating to any such acquisition or business combination required to be included in the shelf registration statement or prospectus would be impracticable. Upon the occurrence of any of the conditions described in the foregoing sentence, we will give prompt notice of the delay or suspension (but not the basis thereof) to the participating holders and each such participating holder agrees to discontinue disposition of the old notes pursuant to the applicable registration statement until the date on which it has received a supplemented or amended prospectus for use for such resale, or have been advised by us in writing that the use of the prospectus may be resumed. Upon the termination of such condition, we will promptly proceed with all Suspension Actions that were delayed or suspended and, if required, will give prompt notice to the participating holders of the cessation of the delay or suspension (but not the basis thereof).

#### Additional Interest
If, pursuant to the terms of the registration rights agreements, one of the following occurs (each such event is referred to as a "Registration Default"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we fail to complete the exchange offer on or before June 17, 2026 (in the case of the old USD notes) or November 26, 2026 (in the case of the old Euro Notes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any shelf registration statement, if required by the applicable registration rights agreement, has not been declared effective by the SEC on or prior to the applicable date specified in such registration rights agreement as described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any registration statement required by the applicable registration rights agreement is filed and declared effective but shall thereafter cease to be effective or fail to be usable for its intended purpose, and such failure to remain effective or usable exists for more than 60 days (whether or not consecutive) in any 365-day period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any registration statement required by the applicable registration rights agreement is filed and declared effective but shall thereafter, on more than two occasions in any 365-day period, cease to be effective or fail to be usable for its intended purpose,

then, additional interest shall accrue on the principal amount of the old notes that constitute "registrable securities" under the registration rights agreement at a rate of (i) 0.250% per annum for the first 90-day period beginning on the day immediately following such registration default and (ii) an additional 0.250% per annum with respect to each subsequent 90-day period, in each case until and including the date such registration

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default ends, up to a maximum increase of 0.500% per annum. A registration default is cured with respect to the old notes or the related guarantees, and additional interest ceases to accrue on any registrable securities of old notes, when the exchange offer is completed or the shelf registration statement becomes effective, or when the shelf registration statement again becomes effective or the prospectus again becomes usable, as applicable, or when such old notes or such guarantees cease to be "registrable securities."

Each registration rights agreement defines "registrable securities" initially to mean the applicable series of old notes and related guarantees. The old notes and guarantees will cease to be registrable securities upon the earliest to occur of (1) when a registration statement with respect to such old notes has become effective under the Securities Act and such old notes or such guarantees have been exchanged or disposed of pursuant to such registration statement; (2) when such old notes or such guarantees cease to be outstanding; or (3) except in the case of old notes or guarantees held by an initial purchaser that otherwise remain registrable securities because they are ineligible to be exchanged in the exchange offer, when the exchange offer is consummated.

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#### DESCRIPTION OF USD EXCHANGE NOTES
 *This description of the notes summarizes key terms and provisions of the USD exchange notes and the USD notes indenture referred to below. This description does not purport to be complete and is subject to, and qualified in its entirety by reference to, the actual terms and provisions of the USD exchange notes and the USD notes indenture, which are incorporated herein by reference. We urge you to read those documents in their entirety because they, and not this description, define your rights as a holder of notes. You may request a copy of the USD notes indenture from us as described in "Where You Can Find More Information."* 

 *Capitalized terms used but not otherwise defined herein have the meanings given to them in the USD exchange notes or the USD notes indenture, as applicable. As used in this "Description of USD Exchange Notes," (i) references to the "operating partnership," "we," "our" or "us" refer solely to Lineage OP, LP and not to any of its subsidiaries, (ii) references to the "Company" refer solely to Lineage, Inc. and not to any of its subsidiaries, unless otherwise expressly stated or the context otherwise requires, (iii) references to "Lineage Holdings" refer solely to Lineage Logistics Holdings, LLC and not to any of its subsidiaries, (iv) references to the "guarantors" refer, collectively, to the Company and the USD Notes Subsidiary Guarantors and (v) references to "notes" refer, collectively, to the USD exchange notes and the old USD notes. Certain capitalized terms used in this section have the meaning set forth below in "— Definitions." Except as otherwise indicated below, the following summary applies to both the USD exchange notes and the old USD notes.* 

#### General
The USD exchange notes will be issued pursuant to a base indenture dated as of June 17, 2025, among the operating partnership, the Company, and U.S. Bank Trust Company, National Association, as trustee (the "trustee"), as supplemented by the first supplemental indenture dated as of June 17, 2025 among the operating partnership, the guarantors (other than Lineage Europe Finco B.V.) and the trustee, as further supplemented by the second supplemental indenture dated as of November 26, 2025 among the operating partnership, the guarantors and the trustee (the base indenture, as supplemented by the first supplemental indenture and the second supplemental indenture, the "USD notes indenture"). The terms of the USD exchange notes include those stated in the USD notes indenture and those made part of the USD notes indenture by reference to the Trust Indenture Act of 1939, as amended (the "Trust Indenture Act").

The form and terms of the USD exchange notes will be identical in all material respects to the form and terms of the old USD notes, except that the USD exchange notes will be registered under the Securities Act, and therefore the USD exchange notes will not be subject to certain transfer restrictions, registration rights and certain provisions regarding additional interest applicable to the old USD notes prior to the consummation of the exchange offer. See "The Exchange Offer." The USD exchange notes offered hereby and the old USD notes not tendered pursuant to the terms hereof will be treated as a single class under the USD notes indenture, including for purposes of determining whether the required percentage of holders have given approval or consent to an amendment or waiver or joined in directing the trustee to take certain actions on behalf of all holders.

The notes will be issued only in fully registered, book-entry form, in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof, except under the limited circumstances described under "— Book-Entry Settlement and Clearance" The principal of, and premium, if any, and interest on, the notes will be payable in U.S. dollars. The registered holder of a note will be treated as its owner for all purposes.

If any interest payment date, stated maturity date or redemption date is not a business day, the payment otherwise required to be made on such date will be made on the next business day without any additional payment as a result of such delay. As used in this "Description of USD Exchange Notes," the term "business day" means any day, other than a Saturday, Sunday, a day on which banking institutions in the state in which the corporate trust office of the trustee is located or a day on which banking institutions in New York, New York or the place of payment are authorized or obligated by law, regulation or executive order to close.

The USD exchange notes will be fully and unconditionally guaranteed by the guarantors on a senior unsecured basis. See "— Guarantees" below.

The terms of the notes provide that the operating partnership is permitted to reduce interest payments and payments upon a redemption of notes otherwise payable to a holder for any amounts the operating

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partnership is required to withhold by law. For example, non-United States holders of the notes may, under some circumstances, be subject to U.S. federal withholding tax with respect to payments of interest on the notes. The operating partnership will set-off any such withholding tax that the operating partnership is required to pay against payments of interest payable on the notes and payments upon a redemption of notes.

#### Ranking
The notes will be the operating partnership's senior unsecured obligations and will rank equally in right of payment with all of the operating partnership's other existing and future senior unsecured indebtedness. The notes will be effectively subordinated in right of payment to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all of the operating partnership's existing and future secured indebtedness (to the extent of the value of the collateral securing such indebtedness);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all existing and future indebtedness and other liabilities, whether secured or unsecured, of the operating partnership's non-guarantor subsidiaries and of any entity the operating partnership accounts for using the equity method of accounting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all existing and future preferred equity not owned by the operating partnership, if any, in the operating partnership's non-guarantor subsidiaries and in any entity the operating partnership accounts for using the equity method of accounting.

As of September 30, 2025, the operating partnership (excluding its subsidiaries) had $500 million of outstanding indebtedness (before the impact of $10 million of unamortized deferred financing costs and discount on debt issued) comprised of the old USD notes and had guaranteed borrowings under the Revolving Credit Facility and other outstanding indebtedness of its subsidiaries totaling approximately $5,468 million aggregate principal amount (before the impact of the unamortized deferred financing costs). As of September 30, 2025, the Company (excluding its subsidiaries) had no outstanding indebtedness and had guaranteed borrowings under the Revolving Credit Facility and other outstanding indebtedness of its subsidiaries totaling approximately $5,968 million aggregate principal amount (before the impact of the unamortized deferred financing costs). As of September 30, 2025, the subsidiaries of the operating partnership and the subsidiaries of the Company (excluding the operating partnership) had approximately $497 million of secured indebtedness outstanding (before the impact of $1 million of unamortized deferred financing costs) and $4,971 million of unsecured indebtedness outstanding (before the impact of $9 million of unamortized deferred financing costs), in addition to their trade payables and other liabilities, including $2,199 million of borrowings outstanding under the Revolving Credit Facility, and $1,236 million of unused borrowing capacity available (subject to customary conditions) under the Revolving Credit Facility (net of outstanding standby letters of credit in the amount of $65 million, which reduce availability). See "— Guarantees" below for a description of the ranking of the guarantees.

Except as described under "— Certain covenants" and "— Merger, consolidation or sale," the USD notes indenture does not prohibit the operating partnership, the Company, any other guarantor or any of their respective subsidiaries from incurring secured or unsecured indebtedness or issuing preferred equity in the future and, although the USD notes indenture contains covenants that limit the ability of the operating partnership and its subsidiaries to incur secured and unsecured indebtedness, those covenants are subject to significant exceptions, and in any event the Company, the operating partnership and their respective subsidiaries may be able, without taking advantage of any such exceptions, to incur substantial amounts of additional secured and unsecured indebtedness without violating those covenants. For additional information, see "Risk Factors — Risks Related to the Exchange Notes — The effective subordination of the exchange notes may limit our ability to satisfy our obligations under the exchange notes."

#### Additional notes
The operating partnership will exchange the USD exchange notes for the old USD notes, which have an aggregate principal amount of $500,000,000. The operating partnership may, without the consent of, or notice to, holders of the notes, increase the principal amount of the notes by issuing additional notes in the future on the same terms and conditions (except for any difference in the issue date, public offering price and, if applicable, the date from which interest thereon will begin to accrue and the initial interest payment date). Any such additional notes will have the same CUSIP number as the notes offered hereby so long as such additional

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notes are fungible for U.S. federal income tax and securities law purposes with the notes offered hereby. The notes offered by this prospectus and any additional notes subsequently issued, together with any old USD notes not tendered pursuant to the terms hereof, will rank equally and ratably in right of payment and would be treated as a single series of debt securities for all purposes under the USD notes indenture.

#### Interest
Interest on the notes will accrue at the rate of 5.250% per year from and including June 17, 2025 or the most recent interest payment date to, but not including, the date which interest has been paid or provided for, and will be payable semi-annually in arrears on January 15 and July 15 of each year, beginning January 15, 2026. Except as described below under "— The operating partnership's redemption rights," the interest so payable will be paid to each holder in whose name a note is registered at the close of business on the January 1 or July 1 (whether or not a business day) immediately preceding the applicable interest payment date. Interest on the notes will be computed on the basis of a 360-day year consisting of twelve 30-day months.

If any interest payment date or maturity or redemption date falls on a day that is not a business day, the required payment shall be made on the next business day as if it were made on the date such payment was due and no interest shall accrue on the amount so payable from and after such interest payment date or maturity or redemption date, as the case may be, to such next business day.

#### Maturity
The notes will mature on July 15, 2030 unless earlier redeemed by us at our option as described under "— The operating partnership's redemption rights" below. The notes will not be entitled to the benefits of, or be subject to, any sinking fund.

#### The operating partnership's redemption rights
Prior to June 15, 2030 (one month prior to their maturity date) (the "USD Notes Par Call Date"), the operating partnership may redeem the notes at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the notes matured on the USD Notes Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points less (b) accrued and unpaid interest thereon to, but excluding, the date of redemption; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 100% of the principal amount of the notes being redeemed;

plus, in either case, accrued and unpaid interest on the notes being redeemed to, but excluding, the redemption date.

On or after the USD Notes Par Call Date, the operating partnership may redeem the notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest on the notes being redeemed to, but excluding, the redemption date.

Notwithstanding the foregoing, if the redemption date falls after a record date and on or prior to the corresponding interest payment date, we will pay the full amount of accrued and unpaid interest, if any, on such interest payment date to the holder of record at the close of business on the corresponding record date (instead of the holder surrendering its notes for redemption).

As used herein:

"Treasury Rate" means, with respect to any redemption date, the yield determined by the operating partnership in accordance with the following two paragraphs:

The Treasury Rate shall be determined by the operating partnership after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the

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Federal Reserve System), on the third business day preceding the notice of the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as "Selected Interest Rates (Daily) — H.15" (or any successor designation or publication) ("H.15") under the caption "U.S. government securities — Treasury constant maturities — Nominal" (or any successor caption or heading) ("H.15 TCM"). In determining the Treasury Rate, the operating partnership shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the USD Notes Par Call Date (the "Remaining Life"); (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields — one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life — and shall interpolate to the USD Notes Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.

If on the third business day preceding the notice of the redemption date H.15 TCM is no longer published, the operating partnership shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such notice of the redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the USD Notes Par Call Date, as applicable. If there is no United States Treasury security maturing on the USD Notes Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the USD Notes Par Call Date, one with a maturity date preceding the USD Notes Par Call Date and one with a maturity date following the USD Notes Par Call Date, the operating partnership shall select the United States Treasury security with a maturity date preceding the USD Notes Par Call Date. If there are two or more United States Treasury securities maturing on the USD Notes Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the operating partnership shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.

The operating partnership's actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.

Notice of any redemption will be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary's procedures) at least 10 days but not more than 60 days before the redemption date to each holder of notes to be redeemed.

We will calculate the redemption price as described in the terms of the notes to be redeemed and will deliver an officer's certificate to the trustee setting forth the redemption price no later than two business days prior to the redemption date, and the trustee will not be responsible for such calculation nor shall the trustee have any duty to monitor the accuracy of any calculations made by us which will be conclusive and binding on the holders, absent manifest error.

In the case of a partial redemption, selection of the notes for redemption will be made pro rata, by lot or by such other method as the trustee deems appropriate and fair or, if applicable, as is required by the depositary for notes in global form. No notes of a principal amount of $2,000 or less will be redeemed in part. If any note is to be redeemed in part only, the notice of redemption that relates to the note will state the portion of the principal amount of the note to be redeemed. A new note in a principal amount equal to the unredeemed portion of the note will be issued in the name of the holder of the note upon surrender for cancellation of the original note. For so long as the notes are held by DTC (or another depositary), the redemption of the notes shall be done in accordance with the policies and procedures of the depositary.

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Unless the operating partnership defaults in payment of the redemption price, on and after the redemption date interest will cease to accrue on the notes or portions thereof called for redemption.

If the operating partnership redeems the notes in part, the trustee will select the notes to be redeemed by lot or such method as it deems fair and appropriate or, if applicable, as is required by the depositary for notes in global form.

In the event of any redemption of notes, the operating partnership and the registrar will not be required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • issue or register the transfer or exchange of any note during a period beginning at the opening of business 15 days before the mailing of a notice of redemption of the notes selected for redemption and ending at the close of business on the day of such mailing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • register the transfer or exchange of any note so selected for redemption, in whole or in part, except the unredeemed portion of any note being redeemed in part.

The transferor shall also provide or cause to be provided to the trustee all information necessary to allow the trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Section 6045 of the Code. The trustee may rely on the information provided to it and shall have no responsibility to verify or ensure the accuracy of such information.

If the paying agent holds funds sufficient to pay the redemption price of the notes on the redemption date, then on and after such date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • such notes will cease to be outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • interest on such notes will cease to accrue; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all rights of holders of such notes will terminate except the right to receive the redemption price.

Such will be the case whether or not book-entry transfer of the notes in book-entry form is made and whether or not notes in certificated form, together with the necessary endorsements, are delivered to the paying agent.

The operating partnership will not redeem the notes on any date if the principal amount of the notes has been accelerated, and such an acceleration has not been rescinded or cured on or prior to such date.

#### Certain covenants
***Limitation on total outstanding debt.*** The operating partnership will not, and will not permit any Subsidiary to, incur any Debt (including, without limitation, Acquired Debt) if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt on a pro forma basis, the aggregate principal amount of all of the operating partnership's and its Subsidiaries' outstanding Debt is greater than 60% of the sum of the following (without duplication): (1) the operating partnership's and its Subsidiaries' Total Assets as of the last day of the then most recently ended fiscal quarter covered in the Company's annual or quarterly report most recently furnished to holders of the notes or filed with the SEC, as the case may be, and (2) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the operating partnership or any Subsidiary since the end of such fiscal quarter, including the proceeds obtained from the incurrence of such additional Debt and any substantially concurrent offering of other securities.

***Limitation on secured debt.*** The operating partnership will not, and will not permit any of its Subsidiaries to, incur any Debt (including, without limitation, Acquired Debt) secured by any Lien on any of its or any of its Subsidiaries' property or assets, whether owned on the date of the USD notes indenture or subsequently acquired, if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt on a pro forma basis, the aggregate principal amount of all of the operating partnership and its Subsidiaries' outstanding Debt which is secured by a Lien on any of its or its Subsidiaries' property or assets is greater than 40% of the sum of (without duplication): (1) the operating partnership's and its Subsidiaries' Total Assets as of the last day of the then most recently ended fiscal quarter covered in the

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Company's annual or quarterly report most recently furnished to holders of the notes or filed with the SEC, as the case may be; and (2) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the operating partnership or any of its Subsidiaries since the end of such fiscal quarter, including the proceeds obtained from the incurrence of such additional Debt and any substantially concurrent offering of other securities.

***Debt service test.*** The operating partnership will not, and will not permit any of its Subsidiaries to, incur any Debt (including, without limitation, Acquired Debt) if the ratio of the operating partnership's and its Subsidiaries' EBITDA to the operating partnership's and its Subsidiaries' Interest Expense for the period consisting of the four full consecutive fiscal quarters ending with the latest quarter covered in the Company's annual or quarterly report most recently furnished to holders of the notes or filed with the SEC, as the case may be, most recently ended prior to the date on which such additional Debt is to be incurred shall have been less than 1.5:1 on a pro forma basis after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt, and calculated on the following assumptions: (1) such Debt and any other Debt (including, without limitation, Acquired Debt) incurred by the operating partnership or any of its Subsidiaries since the first day of such four-quarter period had been incurred, and the application of the proceeds from such Debt (including to repay or retire other Debt) had occurred, on the first day of such period; (2) the repayment or retirement of any other Debt of the operating partnership or any of its Subsidiaries since the first day of such four-quarter period had occurred on the first day of such period (except that, in making this computation, the amount of Debt under any revolving credit facility, line of credit or similar facility will be computed based upon the average daily balance of such Debt during such period); and (3) in the case of any acquisition or disposition of any asset or group of assets or other placement of any asset or group of assets in service or removal of any asset or group of assets from service by the operating partnership or any of its Subsidiaries since the first day of such four-quarter period, whether by merger, stock purchase or sale or asset purchase or sale or otherwise, such acquisition, disposition, placement in service or removal from service had occurred as of the first day of such period with the appropriate adjustments with respect to such acquisition, disposition, placement in service or removal from service being included in such pro forma calculation.

If the Debt giving rise to the need to make the calculation described above or any other Debt incurred after the first day of the relevant four-quarter period bears interest at a floating rate (to the extent such Debt has been hedged to bear interest at a fixed rate, only the portion of such Debt, if any, that has not been so hedged), then, for purposes of calculating the Interest Expense, the interest rate on such Debt will be computed on a pro forma basis by applying the average daily rate which would have been in effect during the entire four-quarter period to the greater of the amount of such Debt outstanding at the end of such period or the average amount of such Debt outstanding during such period.

***Maintenance of total unencumbered assets.*** The operating partnership will not have at any time Total Unencumbered Assets of less than 150% of the aggregate principal amount of all of its and its Subsidiaries' outstanding Unsecured Debt determined on a consolidated basis.

***Existence.*** Except as permitted by the covenant described under "— Merger, consolidation or sale," the operating partnership will do or cause to be done all things necessary to preserve and keep in full force and effect its existence, rights (charter and statutory) and franchises, and each guarantor will do or cause to be done all things necessary to preserve and keep in full force and effect its existence, rights (charter and statutory) and franchises. However, neither the operating partnership nor any guarantor will be required to preserve any right or franchise if the Company's board of directors (or any duly authorized committee of that board of directors), as the case may be, determines that the preservation of the right or franchise is no longer desirable in the conduct of the operating partnership's or such guarantor's business, as the case may be.

***Maintenance of properties.*** The operating partnership will cause all of its properties used or useful in the conduct of its business or the business of any Subsidiary to be maintained and kept in good condition, repair and working order, normal wear and tear, casualty and condemnation excepted, and supplied with all necessary equipment and cause all necessary repairs, renewals, replacements, betterments and improvements to be made, all as in the judgment of the operating partnership may be necessary in order for the operating partnership to at all times properly and advantageously conduct its business carried on in connection with such properties. Neither the operating partnership nor any of its Subsidiaries will be prevented from (1) removing permanently any property that has been condemned or suffered a casualty loss, if, in the

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Company's reasonable judgment, it is in their best interest, (2) discontinuing maintenance or operation of any property if, in the Company's reasonable judgment, it is in their best interest and is not disadvantageous in any material respect to the holders of the notes, or (3) selling or transferring properties in the ordinary course of business.

***Insurance.*** The operating partnership will, and will cause each of its Subsidiaries to, keep in force upon all of its and each of its Subsidiaries' properties and operations insurance policies carried with responsible companies in such amounts and covering all such risks as is customary in the industry in which the operating partnership and its Subsidiaries do business in accordance with prevailing market conditions and availability.

***Payment of taxes and other claims.*** The operating partnership and each guarantor will each pay or discharge or cause to be paid or discharged before it becomes delinquent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all taxes, assessments and governmental charges levied or imposed on it or any of its Subsidiaries or on its or any such Subsidiary's income, profits or property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all lawful claims for labor, materials and supplies that, if unpaid, might by law become a Lien upon its property or the property of any of its Subsidiaries.

However, neither the operating partnership nor any guarantor will be required to pay or discharge or cause to be paid or discharged any tax, assessment, charge or claim the amount, applicability or validity of which is being contested in good faith.

***Provision of financial information.*** For as long as the notes are outstanding, the Company will deliver to the trustee, within 15 days after the Company is required to file the same with the SEC, copies of the annual and quarterly reports and the information, documents and other reports (or copies of such portions of any of the foregoing as the SEC may from time to time by rules and regulations prescribe) that the Company may be required to file with the SEC pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents or reports with the SEC pursuant to either Section 13 or Section 15(d) of the Exchange Act, the Company will deliver to the trustee and file with the SEC, in accordance with any other rules and regulations that may be prescribed from time to time by the SEC, such annual and quarterly reports and supplementary and periodic information, documents and reports that may be required pursuant to Section 13 of the Exchange Act, in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time by the SEC in such rules and regulations.

In addition to the previous paragraph, for as long as the notes are outstanding, if at any time the Company is not subject to Section 13 or Section 15(d) of the Exchange Act and the Company is not providing annual and quarterly reports and supplementary and periodic information, documents and reports to the SEC and the trustee pursuant to the previous paragraph, the Company will, at its option, either (i) post on a publicly available website or (ii) post on IntraLinks or any comparable password protected online data system requiring user identification and a confidentiality acknowledgement (a "Confidential Datasite"), within 15 days of the filing date that would be applicable to a non-accelerated filer at that time pursuant to applicable SEC rules and regulations, the quarterly and audited annual financial statements and accompanying disclosure described in Item 303 of Regulation S-K ("management's discussion and analysis of financial condition and results of operations") that would be required to be contained in annual reports on Form 10-K and quarterly reports on Form 10-Q, respectively, required to be filed with the SEC if the Company were subject to Section 13(a) or Section 15(d) of the Exchange Act. If the Company elects to furnish such reports via a Confidential Datasite, access to such Confidential Datasite will be provided promptly upon request to holders and beneficial owners of, and bona fide potential investors in, the notes as well as securities analysts and market makers and no such request for access to such Confidential Datasite will be unreasonably denied.

Reports and other documents filed by the Company with the SEC and publicly available via the EDGAR system, a publicly available website or a Confidential Datasite will be deemed to be delivered to the trustee as of the time such filing is publicly available via EDGAR, such publicly available website or such Confidential Datasite for purposes of this covenant. Delivery of such reports, information and documents to the trustee is for informational purposes only and the trustee's receipt of such shall not constitute actual or constructive notice of any information contained therein or determinable from information contained therein, including its compliance with any of its covenants under the USD notes indenture or relating to the notes (as to which the trustee is entitled to certificates). The trustee shall not be obligated to monitor or confirm on a continuing

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basis or otherwise our compliance with the covenants or with respect to any reports or other documents filed with the SEC under the USD notes indenture. The trustee shall have no duty to determine whether any such filings have been made and shall have no duty to retrieve or retain any such filings. In addition, if the operating partnership becomes an SEC filer, the reports of the operating partnership will be deemed to satisfy the forgoing covenant.

In the event that any direct or indirect parent company of the Company becomes a guarantor of the notes, the Company may satisfy its obligations under this covenant to provide financial information of the Company by furnishing the equivalent financial information relating to such parent; provided that such equivalent financial information is accompanied by consolidating financial information that explains in reasonable detail the differences between the information for such parent, on the one hand, and the information for Company and its consolidated subsidiaries, on the other hand.

***Future Subsidiary Guarantors.*** Following the original issue date of the notes, the Company will cause each of its Subsidiaries (other than the operating partnership, any existing guarantor and any Excluded Subsidiary) if, and for so long as, such Subsidiary guarantees or otherwise becomes obligated in respect of the Principal Credit Agreement, to fully and unconditionally guarantee, on a joint and several basis with the Company and any other Subsidiary of the Company that guarantees the notes, the operating partnership's obligations under the USD notes indenture and the notes, including the due and punctual payment of principal of and interest on the notes, whether at stated maturity, by declaration of acceleration, call for redemption or otherwise, by executing and delivering a supplemental indenture that provides for the guarantee within thirty calendar days in accordance with the USD notes indenture.

***General.*** For purposes of the covenants described under this caption "— Certain covenants," Debt will be deemed to be incurred by the operating partnership or any of its Subsidiaries whenever the operating partnership or such Subsidiary shall create, assume, guarantee (on a non-contingent basis) or otherwise become liable in respect thereof. The covenants described under this caption "— Certain covenants" shall, insofar as they relate to the notes, be subject to covenant defeasance as described below under "— Defeasance — Defeasance of certain covenants," provided that, notwithstanding the foregoing, the covenant of the operating partnership and the guarantors to do or cause to be done all things necessary to preserve and keep in full force and effect their respective existence (except as permitted by the provisions described under "— Merger, consolidation or sale") and the provisions described above under "— Provision of financial information" shall not be subject to covenant defeasance. In addition, the operating partnership and the guarantors may omit in any particular instance to comply, insofar as relates to the notes, with any covenant described under this caption "— Certain covenants" if the holders of at least a majority in principal amount of the outstanding notes waive such compliance.

#### Guarantees
As of the original issue date of each of the old USD notes and the USD exchange notes, the guarantors include the Company, Lineage Holdings and each Subsidiary that guarantees or is otherwise obligated in respect of the Principal Credit Agreement (other than the operating partnership and any Excluded Subsidiary) at such time. Each of the guarantors will fully and unconditionally guarantee, on a joint and several basis, the operating partnership's obligations under the USD notes indenture and the notes, including the due and punctual payment of principal of and interest on the notes, whether at stated maturity, by declaration of acceleration, call for redemption or otherwise. Under the terms of the guarantors' guarantee, holders of the notes will not be required to exercise their remedies against the operating partnership before they proceed directly against any guarantor. In addition, following the original issue date of the notes, the Company will cause each Subsidiary of the Company (other than the operating partnership, any existing guarantor and any Excluded Subsidiary) if, and for so long as, such Subsidiary guarantees or otherwise becomes obligated in respect of the Principal Credit Agreement, to fully and unconditionally guarantee, on a joint and several basis with the Company and any other Subsidiary of the Company that guarantees the notes, the operating partnership's obligations under the USD notes indenture and the notes, including the due and punctual payment of principal of and interest on the notes, whether at stated maturity, by declaration of acceleration, call for redemption or otherwise, by executing and delivering a supplemental indenture that provides for the guarantee within thirty calendar days in accordance with the USD notes indenture (each such Subsidiary, together with the Subsidiaries that have previously guaranteed the notes, unless and until such time any such

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Subsidiary is released from its obligations under the USD notes indenture and its guarantee in accordance with the terms of the USD notes indenture, a "USD Notes Subsidiary Guarantor").

Each guarantor's obligations under the guarantee of the notes will be limited to the maximum amount that will not, after giving effect to all other contingent and fixed liabilities of such guarantor, result in the guarantee of such guarantor constituting a fraudulent transfer or conveyance. See "Risk Factors — Risks Related to the Exchange Offer — U.S. federal and state laws allow courts, under specific circumstances, to void guarantees and require holders of guaranteed debt to return payments received from guarantors*.*"

The guarantee of the notes will be a senior unsecured obligation of each guarantor and will rank equally in right of payment with all other existing and future senior unsecured indebtedness and senior unsecured guarantees of such guarantor. Each guarantor's guarantee of the notes will be effectively subordinated in right of payment to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all existing and future secured indebtedness and secured guarantees of such guarantor (to the extent of the value of the collateral securing such indebtedness and guarantees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all existing and future indebtedness and other liabilities, whether secured or unsecured, of such guarantor's non-guarantor subsidiaries and of any entity such guarantor accounts for using the equity method of accounting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all existing and future preferred equity not owned by such guarantor in such guarantor's non-guarantor subsidiaries and in any entity such guarantor accounts for using the equity method of accounting.

As of September 30, 2025, entities that are direct borrowers, guarantors or otherwise obligated in respect the Principal Credit Agreement had an aggregate of $19,577 million of assets and were direct borrowers, guarantors or otherwise obligated in respect of an aggregate of $5,469 million of indebtedness, in each case, excluding intercompany investments and obligations. As of September 30, 2025, the guarantors of the notes had an aggregate of $18,923 million of assets and were direct borrowers in respect of $5,316 million of indebtedness, in each case, excluding intercompany investments and obligations.

The covenants in the USD notes indenture that limit the ability of the operating partnership and its subsidiaries to incur indebtedness do not apply to the Company.

The Company has no significant operations, other than as the operating partnership's general partner, and no material assets, other than its investment in the operating partnership. In addition, certain of the guarantors (other than the Company) are holding companies that have no significant operations and no material assets other than their investments in their respective subsidiaries. These subsidiaries are separate and distinct legal entities and they have no obligation to pay any amounts due on the notes or to provide the guarantors with funds to satisfy any payment obligations with respect to the notes. Accordingly, if the operating partnership fails to make a payment on the notes when due, there can be no assurance that all of the guarantors will have funds to pay that amount pursuant to their respective guarantees. See "Risk Factors — Risks Related to the Exchange Notes — The Company has no significant operations, other than as the operating partnership's general partner, and no material assets, other than its investment in the operating partnership. In addition, certain of the guarantors (other than the Company) are holding companies that have no significant operations and no material assets other than their investments in their respective subsidiaries."

For additional information, see "Risk Factors — Risks Related to the Exchange Notes — The effective subordination of the exchange notes may limit our ability to satisfy our obligations under the exchange notes*.*"

A USD Notes Subsidiary Guarantor will be automatically released and relieved from its obligations under its guarantee and the USD notes indenture and any supplemental indenture in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • such USD Notes Subsidiary Guarantor no longer guaranteeing or otherwise being an obligor (or which guarantee or obligation is being simultaneously released or will be immediately released after the release of the USD Notes Subsidiary Guarantor from its guarantee of the notes) in respect of the Principal Credit Agreement, provided that any release of such USD Notes Subsidiary Guarantor's guarantee pursuant to this bullet point will not limit the obligation of such USD Notes Subsidiary Guarantor to guarantee the operating partnership's obligations under the USD notes indenture and

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the notes at any time after such release if such Subsidiary (other than if such Subsidiary is an Excluded Subsidiary) subsequently, directly or indirectly, guarantees, or otherwise becomes obligated in respect of, the Principal Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • upon the designation by the Company of such USD Notes Subsidiary Guarantor as an Excluded Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • such USD Notes Subsidiary Guarantor consolidating with, merging into or transferring all of its properties or assets to another guarantor, and as a result of, or in connection with, such transaction such USD Notes Subsidiary Guarantor dissolves or otherwise ceases to exist;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if we exercise our legal defeasance option or our covenant defeasance option or if our obligations under the USD notes indenture are discharged in accordance with the terms of the USD notes indenture, as described below in "— Defeasance" and "— Satisfaction and Discharge";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • upon the sale or other disposition (including by way of consolidation or merger) of such USD Notes Subsidiary Guarantor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • upon the sale or disposition of all or substantially all of the assets of such USD Notes Subsidiary Guarantor;

provided, however, that in the case of the fifth and sixth bullet points above, (1) such sale or other disposition is made to a person other than the Company or any of its other Subsidiaries and (2) such sale or disposition is otherwise permitted by the USD notes indenture.

#### Merger, consolidation or sale
The operating partnership and each of the guarantors may consolidate with, or sell, lease or convey all or substantially all of our or its assets to, or merge with or into, any other entity, provided that the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the operating partnership or such guarantor, as the case may be, shall be the continuing entity, or the successor entity (if other than the operating partnership or such guarantor, as the case may be) formed by or resulting from any consolidation or merger or which shall have received the transfer of assets shall be domiciled in the United States, any state thereof, the District of Columbia or, solely with respect to any USD Notes Subsidiary Guarantor, any other member country in the Organization for Economic Co-operation and Development or any political subdivision or governmental authority thereof and, in the case of the operating partnership, shall expressly assume by supplemental indenture payment of the principal of and interest on all of the notes and the due and punctual performance and observance of all of the covenants and conditions in the USD notes indenture or, in the case of such guarantor, shall expressly assume by supplemental indenture the payment of all amounts due under such guarantor's guarantee of the notes and the due and punctual performance and observance of all of the covenants and conditions of such guarantor in the USD notes indenture; provided, that the foregoing requirement will not apply in the case of a USD Notes Subsidiary Guarantor (x) that has been disposed of in its entirety to another person (other than to the Company or an affiliate of the Company), whether through a merger, consolidation or sale of capital stock or has sold, assigned, conveyed, transferred or leased all or substantially all of its assets or (y) that, as a result of the disposition of all or a portion of its capital stock, ceases to be a Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • immediately after giving effect to the transaction, no Event of Default under the USD notes indenture, and no event which, after notice or the lapse of time, or both, would become an Event of Default, shall have occurred and be continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an officer's certificate and legal opinion covering these conditions shall be delivered to the trustee.

In the event of any transaction described in and complying with the conditions listed in this "— Merger, consolidation or sale," in which the operating partnership and/or any guarantor are not the continuing entity, the successor person formed or remaining shall succeed, and be substituted for, and may exercise every right and power of the operating partnership and/or such guarantor, and the operating partnership and/or such guarantor shall be discharged from its or their obligations under the notes and the USD notes indenture.

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#### Events of default
The following events are "Events of Default" with respect to the notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • default for 30 days in the payment of any installment of interest under the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • default in the payment of the principal amount or redemption price due with respect to the notes, when the same becomes due and payable; provided, however, that a valid extension of the maturity of the notes in accordance with the terms of the USD notes indenture shall not constitute a default in the payment of principal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • failure by us or any of the guarantors to comply with any of our or such guarantor's respective other agreements in the notes or the USD notes indenture with respect to the notes upon receipt by us of notice of such default by the trustee or by holders of not less than 25% in aggregate principal amount of the notes then outstanding and our failure to cure (or obtain a waiver of) such default within 60 days after we receive such notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • failure to pay any Debt (other than Non-Recourse Debt) for monies borrowed by the operating partnership, any guarantor or any of their respective Significant Subsidiaries in an outstanding principal amount in excess of $100.0 million at final maturity or upon acceleration after the expiration of any applicable grace period, which Debt (other than Non-Recourse Debt) is, or has become, the primary obligation of the operating partnership or such guarantor and is not discharged, or such default in payment or acceleration is not cured or rescinded, within 60 days after written notice to the operating partnership from the trustee (or to the operating partnership and the trustee from holders of at least 25% in principal amount of the outstanding notes); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • certain events of bankruptcy, insolvency or reorganization, or court appointment of a receiver, liquidator or trustee of us, the Company, any other guarantor or any of their respective Significant Subsidiaries or all or substantially all of their respective property.

If an Event of Default under the USD notes indenture with respect to the notes occurs and is continuing (other than an Event of Default specified in the last bullet above with respect to us, which shall result in an automatic acceleration), then in every case the trustee or the holders of not less than 25% in principal amount of the outstanding notes may declare the principal amount of all of the notes to be due and payable immediately by written notice thereof to us and the Company (and to the trustee if given by the holders). However, at any time after the declaration of acceleration with respect to the notes has been made, but before a judgment or decree for payment of the money due has been obtained by the trustee, the holders of not less than a majority in principal amount of outstanding notes may waive all defaults or Events of Default and rescind and annul such declaration and its consequences if all Events of Default, other than the non-payment of accelerated principal of (or specified portion thereof) or interest on the notes have been cured or waived as provided in the USD notes indenture.

The holders of not less than a majority in principal amount of the outstanding notes may waive any past default or Event of Default with respect to the notes and its consequences, except a default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in the payment of the principal of, or the premium, if any, or interest on the notes, unless such default or Event of Default has been cured and we, the Company or any other guarantor shall have deposited with the trustee all required payments of the principal of and interest on the notes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in respect of a covenant or provision contained in the USD notes indenture that cannot be modified or amended without the consent of the holder of each outstanding note affected thereby.

The trustee will be required to give notice to the holders of the notes of a default or Event of Default under the USD notes indenture unless the default or Event of Default has been cured or waived within 90 days; provided, however, that the trustee may withhold notice to the holders of the notes of any default with respect to the notes (except a default in the payment of the principal of or interest on the notes) if a responsible officer of the trustee considers the withholding to be in the interest of the holders.

No holder of the notes may institute any proceedings, judicial or otherwise, with respect to the USD notes indenture or for any remedy thereunder, except in the case of failure of the trustee, for 60 days, to act after it has received a written request to institute proceedings in respect of an Event of Default from the

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holders of not less than 25% in principal amount of the outstanding notes, as well as an offer and, if requested, provision of indemnity or security satisfactory to the trustee against any loss, cost, liability or expense. This provision will not prevent, however, any holder of the notes from instituting suit for the enforcement of payment of the principal of and interest on the notes at the respective due dates thereof.

The trustee is under no obligation to exercise any of its rights or powers under the USD notes indenture at the request or direction of any holders of the notes then outstanding under the USD notes indenture, unless the holders shall have offered, and, if requested, provided to the trustee security or indemnity satisfactory to the trustee against any loss, cost, liability or expense. The holders of not less than a majority in principal amount of the outstanding notes (or of all notes then outstanding under the USD notes indenture, as the case may be) shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee, or of exercising any trust or power conferred upon the trustee. The trustee, however, may refuse to follow any direction that conflicts with law or the USD notes indenture or that the trustee determines is unduly prejudicial to the rights of any other holder or that would involve the trustee in personal liability. The USD notes indenture provides that, if an Event of Default occurs and is continuing, the trustee will exercise its rights and powers under the USD notes indenture, and use the same degree of care and skill in exercising the same, as a prudent person would exercise or use under the circumstances in the conduct of such person's own affairs and, to be indemnified by the holders of notes against any loss, costs liability, claim, or expense before proceeding to exercise any right or power under the USD notes indenture at the written request of such holders. The rights of holders of the notes to pursue remedies with respect to the USD notes indenture and the notes are subject to a number of additional requirements set forth in the USD notes indenture.

Within 120 days after the close of each fiscal year of the Company, the operating partnership and the Company must deliver a certificate of an officer certifying to the trustee whether or not the officer has knowledge of any default under the USD notes indenture and, if so, specifying each default and the nature and status thereof.

#### Defeasance

#### Legal defeasance
The USD notes indenture provides that, unless otherwise provided by the terms of the notes, we may be discharged from any and all obligations in respect of the notes (subject to certain exceptions). We will be so discharged upon the irrevocable deposit with the trustee, in trust, of cash in U.S. dollars and/or U.S. Government Obligations that, through the payment of interest and principal in accordance with their terms, will provide money or U.S. Government Obligations in an amount sufficient in the opinion of a nationally recognized firm of independent public accountants or investment bank to pay and discharge each installment of principal of and premium, if any, and interest on, if any, the notes on the stated maturity of those payments in accordance with the terms of the USD notes indenture and the notes.

This discharge may occur only if, among other things, we have delivered to the trustee an opinion of counsel stating that we have received from, or there has been published by, the United States Internal Revenue Service, a ruling or, since the date of execution of the USD notes indenture, there has been a change in the applicable United States federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the holders of the notes will not recognize income, gain or loss for United States federal income tax purposes as a result of the deposit, defeasance and discharge and will be subject to United States federal income tax on the same amounts and in the same manner and at the same times as would have been the case if the deposit, defeasance and discharge had not occurred.

#### Defeasance of certain covenants
The USD notes indenture provides that upon compliance with certain conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we may omit to comply with certain covenants set forth in the USD notes indenture, including the covenants described under the headings "— *Certain covenants*" and "— *Merger, consolidation or sale*" and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any omission to comply with those covenants will not constitute a default or an Event of Default with respect to the notes, or covenant defeasance.

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The conditions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • depositing with the trustee cash in U.S. dollars and/or U.S. Government Obligations that, through the payment of interest and principal in accordance with their terms, will provide money in an amount sufficient in the opinion of a nationally recognized firm of independent public accountants or investment bank to pay and discharge each installment of principal of and premium, if any, and interest in respect of the notes on the stated maturity of those payments in accordance with the terms of the USD notes indenture and the notes, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • delivering to the trustee an opinion of counsel to the effect that the holders of the notes will not recognize income, gain or loss for United States federal income tax purposes as a result of the deposit and related covenant defeasance and will be subject to United States federal income tax on the same amounts and in the same manner and at the same times as would have been the case if the deposit and related covenant defeasance had not occurred.

#### Covenant defeasance and events of default
In the event we exercise our option to effect covenant defeasance with respect to the notes and the notes are declared due and payable because of the occurrence of any Event of Default, the amount of cash in U.S. dollars and/or U.S. Government Obligations on deposit with the trustee may not be sufficient to pay amounts due on the notes at the time of the acceleration resulting from the Event of Default. In such a case, we would remain liable for those payments.

#### Satisfaction and discharge
The USD notes indenture will be discharged and will cease to be of further effect, subject to certain surviving rights, as provided in the USD notes indenture, as to all outstanding notes when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all notes that have been authenticated and delivered (other than notes that have been destroyed, lost or stolen and that have been replaced or paid and notes for whose payment money has been deposited in trust and thereafter repaid) to the trustee for cancellation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all notes that have not been delivered to the trustee for cancellation: (i) have become due and payable by reason of sending a notice of redemption or otherwise; (ii) will become due and payable at their stated maturity within one year; (iii) have been called for redemption or are to be called for redemption within one year under arrangements reasonably satisfactory to the trustee for the giving of notice of redemption by the trustee in our name, and at our expense; or (iv) are deemed paid and discharged as set forth under the caption "— *Defeasance — Legal Defeasance*"; and we, in case of (i), (ii) or (iii), have irrevocably deposited or caused to be deposited with the trustee in trust cash in U.S. dollars and/or U.S. Government Obligations that, through the payment of principal and interest in accordance with their terms, will provide cash sufficient to pay and discharge the entire indebtedness on the notes not delivered to the trustee for cancellation for principal of, and premium, if any, and interest on, the notes to the date of maturity or redemption, as the case may be, in accordance with the terms of the USD notes indenture and the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the operating partnership has paid or caused to be paid all other sums payable under the USD notes indenture by the operating partnership; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the operating partnership has delivered to the trustee an officer's certificate and an opinion of counsel, each stating that all conditions precedent provided for in the USD notes indenture relating to the satisfaction and discharge of the USD notes indenture have been complied with.

#### Modification, waiver and meetings
Modifications and amendments of the USD notes indenture with respect to the notes will be permitted to be made only with the consent of the holders of not less than a majority in principal amount of all outstanding notes; provided, however, that no modification or amendment may, without the consent of each holder affected:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reduce the amount of the notes whose holders must consent to an amendment, supplement or waiver;

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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; • reduce the rate of or extend the time for payment of interest (including default interest) on the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reduce the principal of, or premium, if any, on, or change the stated maturity of, the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • waive a default in the payment of the principal of, or premium, if any, or interest on, the notes (except a rescission of acceleration of the notes by the holders of at least a majority in aggregate principal amount of the then outstanding notes and a waiver of the payment default that resulted from such acceleration);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • make the principal of, or premium, if any, or interest on, the notes payable in any currency other than that stated in the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • make any change to certain provisions of the USD notes indenture relating to, among other things, the right of holders of the notes to receive payment of the principal of, or premium, if any, and interest on, the notes and to institute suit for the enforcement of any such payment and to waivers or amendments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • waive a redemption payment with respect to the notes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • release the Company or any other guarantor as a guarantor of the notes other than as provided in the USD notes indenture or modify the guarantee in any manner adverse to the holders of the notes.

Notwithstanding the foregoing, modifications and amendments of the USD notes indenture with respect to the notes will be permitted to be made by us and the trustee without the consent of any holder of the notes for any of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to cure any ambiguity, defect or inconsistency in the USD notes indenture; provided that this action shall not adversely affect the interests of holders of the notes in any material respect (as determined by us);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to comply with the covenants in the USD notes indenture described under the heading "*Merger, consolidation or sale*";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to provide for uncertificated notes in addition to or in place of certificated notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to add guarantors with respect to the notes or secure the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to evidence a successor to us as obligor or any guarantor as guarantor under the USD notes indenture with respect to the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to surrender any of our rights or powers under the USD notes indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to add covenants or events of default for the benefit of the holders of any notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to comply with the applicable procedures of the applicable depositary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to make any change that does not adversely affect the interests of the holders of any notes then outstanding in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to provide for the issuance of additional notes in accordance with the limitations set forth in the USD notes indenture, or change any of the provisions of the USD notes indenture as may be necessary to provide for or facilitate the administration of the trusts hereunder by a successor trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to effect the appointment of a successor trustee with respect to the notes and to add to or change any of the provisions of the USD notes indenture to provide for or facilitate administration by more than one trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to comply with requirements of the SEC in order to effect or maintain the qualification of the USD notes indenture under the Trust Indenture Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to reflect the release of any guarantor, as guarantor, in accordance with the provisions of the USD notes indenture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to conform the text of the USD notes indenture, any guarantee or the notes to any provision of this "Description of USD Exchange Notes" to the extent that such provision in this "Description of USD Exchange Notes" was intended to be a verbatim recitation of a provision of the USD notes indenture, such guarantee or the notes (as certified in an officer's certificate).

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In addition, without the consent of any holder of the notes, the Company, or a Subsidiary thereof, may directly assume the due and punctual payment of the principal of, any premium and interest on all the notes and the performance of every covenant of the USD notes indenture on our part to be performed or observed. Upon any assumption, the Company or such Subsidiary shall succeed us, and be substituted for and may exercise every right and power of ours, under the USD notes indenture with the same effect as if the Company or such Subsidiary had been the issuer of the notes, and the operating partnership shall be released from all obligations and covenants with respect to the notes. No assumption shall be permitted unless the Company has delivered to the trustee (1) an officer's certificate and an opinion of counsel, stating, among other things, that the guarantee and all other covenants of the Company in the USD notes indenture remain in full force and effect and (2) an opinion of independent counsel that the holders of the notes shall have no materially adverse U.S. federal tax consequences as a result of the assumption, and that, if any notes are then listed on the New York Stock Exchange, that the notes shall not be delisted as a result of the assumption.

In determining whether the holders of the requisite principal amount of outstanding notes have given any request, demand, authorization, direction, notice, consent or waiver thereunder or whether a quorum is present at a meeting of holders of notes, the USD notes indenture provides that notes owned by us, any guarantor or any other obligor upon the notes or any affiliate of ours, such guarantor or any of the other obligors known to a responsible officer of the trustee shall be disregarded.

The USD notes indenture contains provisions for convening meetings of the holders of notes. A meeting will be permitted to be called at any time by the trustee, and also, upon request, by us or the Company or the holders of at least 10% in principal amount of the outstanding notes, in any case upon notice given as provided in the USD notes indenture. Except for any consent that must be given by the holder of each note affected by certain modifications and amendments of the USD notes indenture, any resolution presented at a meeting or adjourned meeting duly reconvened at which a quorum is present will be permitted to be adopted only by the affirmative vote of the holders of a majority in principal amount of the outstanding notes; provided, however, that, except as referred to above, any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other action that may be made, given or taken by the holders of a specified percentage, which is less than a majority, in principal amount of the outstanding notes may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present by the affirmative vote of the holders of the specified percentage in principal amount of the outstanding notes. Any resolution passed or decision taken at any meeting of holders of notes duly held in accordance with the USD notes indenture will be binding on all holders of the notes. The quorum at any meeting called to adopt a resolution, and at any reconvened meeting, will be holders holding or representing a majority in principal amount of the outstanding notes; provided, however, that if any action is to be taken at the meeting with respect to a consent or waiver which may be given by the holders of not less than a specified percentage in principal amount of the outstanding notes, holders holding or representing the specified percentage in principal amount of the outstanding notes will constitute a quorum.

Notwithstanding the foregoing provisions, any action to be taken at a meeting of holders of the notes with respect to any action that the USD notes indenture expressly provides may be taken by the holders of a specified percentage which is less than a majority in principal amount of the outstanding notes may be taken at a meeting at which a quorum is present by the affirmative vote of holders of the specified percentage in principal amount of the outstanding notes.

#### Trustee
U.S. Bank Trust Company, National Association will initially act as the trustee, registrar and paying agent for the notes, subject to replacement at the operating partnership's option as provided in the USD notes indenture. U.S. Bank Trust Company, National Association, in each of its capacities, including without limitation as trustee, registrar and paying agent for the notes, assumes no responsibility for the accuracy and completeness of the information concerning us or our affiliates or any other party contained in this document or the related documents, or for any failure by us or any other party to disclose events that may have occurred and may affect the significance or accuracy of such information. The trustee or its affiliates may from time to time in the future provide banking and other services to us in the ordinary course of their business.

If an Event of Default occurs and is continuing, the trustee will be required to use the degree of care and skill of a prudent person would exercise or use under the circumstances in the conduct of its own affairs. The

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trustee will become obligated to exercise any of its powers under the USD notes indenture at the written request of any of the holders of the required percentage under the USD notes indenture of holders of the notes only after those holders have offered, and, if requested, provided the trustee indemnity or security satisfactory to it.

If the trustee becomes one of our creditors, it will be subject to limitations on its rights to obtain payment of claims or to realize on some property received for any such claim, as security or otherwise. The trustee is permitted to engage in other transactions with the operating partnership. If, however, it acquires any conflicting interest, it must eliminate that conflict or resign.

#### No conversion or exchange rights
The notes will not be convertible into or exchangeable for any securities or equity interests of the operating partnership, the Company or any other guarantor.

#### Intercreditor Agreement
The trustee is a party to the Intercreditor Agreement, which may be amended from time to time without the consent of the holders of the notes, including to add other parties holding additional indebtedness permitted to be incurred under the USD notes indenture, the Euro notes indenture, the Principal Credit Agreement and the Senior Unsecured Notes.

Pursuant to the Intercreditor Agreement, each Creditor agrees that from or after the occurrence of an Event of Default under the USD notes indenture, an event of default under the Principal Credit Agreement, an event of default under the Senior Unsecured Notes or an event of default under any Additional Indebtedness (as defined in the Intercreditor Agreement) any payment received from an Obligor (as defined in the Intercreditor Agreement) will be shared amongst the Creditors pro rata based on the proportion of indebtedness held by each Creditor relative to the total amount of indebtedness subject to the Intercreditor Agreement.

#### No Personal Liability of Trustees, Officers, Employees and Stockholders
Except as provided in the USD notes indenture, no past, present or future trustee, officer, employee, incorporator, stockholder or partner of the operating partnership or any guarantor, as such, will have any liability for any of the operating partnership's obligations or those of the guarantors under the notes or the USD notes indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation, it being recognized that each guarantor is obligated under the USD notes indenture separate and apart from its equity in, or equity owned by, the operating partnership. Each holder of notes by accepting a note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the notes. The waiver may not be effective to waive liabilities under the federal securities laws.

#### Notices
Notices to holders of the notes will be given pursuant to the procedures in the USD notes indenture.

#### Governing Law
The USD notes indenture and the Intercreditor Agreement are, and the notes will be, governed by, and construed in accordance with, the laws of the State of New York.

#### Definitions
As used in this "Description of USD Exchange Notes," the following defined terms have the meanings indicated:

"Acquired Debt" means Debt of a person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • existing at the time such person is merged or consolidated with or into the operating partnership or any of its Subsidiaries or becomes a Subsidiary of the operating partnership; 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; • assumed by the operating partnership or any of its Subsidiaries in connection with the acquisition of assets from such person,

in each case, other than Debt incurred in connection with, or in contemplation of, the person becoming a Subsidiary or the acquisition. Acquired Debt shall be deemed to be incurred on the date the acquired person is merged or consolidated with or into the operating partnership or any of its Subsidiaries or becomes a Subsidiary of the operating partnership or the date of the related acquisition, as the case may be.

"Capitalized Property Value" means, with respect to any person, the sum of (1) with respect to Properties that are owned or subject to a ground lease, (i) Property EBITDA of such person for such Properties for the four full consecutive fiscal quarters ended on the last day of the then most recently ended fiscal quarter covered in the Company's annual or quarterly report most recently furnished to holders of the notes or filed with the SEC, as the case may be, divided by (ii) 7.0%, plus (2) with respect to Properties that are Leased Properties, (i) Property EBITDA of such person for such Properties for the four full consecutive fiscal quarters ended on the last day of the then most recently ended fiscal quarter covered in the Company's annual or quarterly report most recently furnished to holders of the notes or filed with the SEC, as the case may be, divided by (ii) 9.0%; *provided* that, with respect to any Property that has been a Stabilized Property for at least one full fiscal quarter but less than four full consecutive fiscal quarters as of such date, the Capitalized Property Value of such Property shall be calculated using the Property EBITDA for the most recent full fiscal quarter or quarters commencing with the first full fiscal quarter following the date on which such Property became a Stabilized Property and ending on the last day of the then most recently ended fiscal quarter covered in the Company's annual or quarterly report most recently furnished to holders of the notes or filed with the SEC, as the case may be, that is attributable to such Property on an annualized basis.

"CFC" means a controlled foreign corporation within the meaning of Section 957 of the Code.

"CFC Holding Company" means any Subsidiary that has no material assets other than equity interests or indebtedness of one or more CFCs.

"Customary Recourse Exceptions" means, with respect to any Debt, personal recourse that is limited to fraud, misrepresentation, misapplication of cash, waste, environmental claims and liabilities, prohibited transfers, violations of single-purpose entity covenants, voluntary insolvency proceedings and other circumstances customarily excluded by institutional lenders from exculpation provisions and/or included in separate guaranty or indemnification agreements in non-recourse financing of real property.

"Debt" means, without duplication, with respect to any person, such person's Pro Rata Share of the aggregate principal amount of indebtedness in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

borrowed money evidenced by bonds, notes, debentures or similar instruments, as determined in accordance with GAAP,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

indebtedness secured by any mortgage, pledge, lien, charge, encumbrance or any security interest existing on Property or other assets owned by such person or any of its Subsidiaries directly, or indirectly through unconsolidated joint ventures, as determined in accordance with GAAP,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)

reimbursement obligations in connection with any letters of credit actually issued and called, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)

any lease of property by such person or any of its Subsidiaries as lessee which is reflected in such person's balance sheet as a finance lease, in accordance with GAAP;

*provided,* that Debt also includes, to the extent not otherwise included, any obligation by such person or any of its Subsidiaries to be liable for, or to pay, as obligor, guarantor or otherwise, items of indebtedness of another person (other than the operating partnership or any Subsidiary) described in clauses (a) through (d) above (or, in the case of any such obligation made jointly with another person other than obligations to be liable for the Debt of another person solely as a result of Customary Recourse Exceptions (it being understood that Debt shall be deemed to be incurred by such person whenever such person shall create, assume, guarantee or otherwise become liable in respect thereof), such person's or its Subsidiary's allocable portion of such obligation based on its ownership interest in the related real estate assets or such other applicable assets); and *provided, further,* that Debt excludes Intercompany Debt and operating lease liabilities reflected in such person's balance sheet in accordance with GAAP.

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"Development Property" means a Property acquired or otherwise held for development or redevelopment on which the improvements related to the development or redevelopment have not been completed on the date of determination; provided that such Property shall cease to be a Development Property, and shall thereafter be considered a "Stabilized Property," upon the first to occur of (i) the date that is six full consecutive fiscal quarters following substantial completion (including issuance of a temporary or permanent certificate of occupancy for the improvements under construction permitting the use and occupancy for their regular intended uses) of such Property and (ii) the first day of the first fiscal quarter following the date on which such Development Property has achieved an Occupancy Rate of at least 85%. For avoidance of doubt, any Property that is not (and has never been) a Development Property shall be considered a "Stabilized Property" from the first day of the first fiscal quarter following the date on which such Property has achieved an Occupancy Rate of at least 85%, and any vacant land adjacent to and forming part of a Property may become a Development Property if, as of any date of determination, the same is being developed with a new, improved or expanded facility. Similarly, a Stabilized Property may become a Development Property if, as of the date of determination, the same is being replaced, restored, remodeled or rebuilt where the purpose and effect of such work is to provide a functionally new, improved or expanded facility.

"EBITDA" means, with respect to any person, for any period and without duplication, net income (loss) of such person for such period excluding the impact of the following amounts with respect to any person (but only to the extent included in determining net income (loss) for such period):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

depreciation and amortization expense (including amortization of right-of-use assets associated with finance leases of property), amortization of deferred charges and other non-cash charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

Interest Expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)

income tax expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)

impairments, prepayment penalties and all transaction costs and fees incurred in connection with any capital markets offering, debt or equity financing or amendment thereto, business combination, acquisition (including integration costs), disposition, recapitalization or similar transaction (regardless of whether such transaction is completed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)

extraordinary, non-recurring or other unusual items, as determined by us in good faith, including without limitation, property valuation losses, gains and losses from the sale of assets, gains or losses from the early extinguishment of indebtedness, write-offs and forgiveness of indebtedness, redemption or exchange of indebtedness, lease terminations and foreign currency translation gains or losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f)

severance and other non-recurring restructuring charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g)

the income, expense, gain or loss attributable to transactions involving derivative instruments that do not qualify for hedge accounting in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h)

the effect of any charge resulting from a change in accounting principles in determining net income (loss);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

amounts expensed pursuant to the terms of the Operating Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j)

equity in net income of non-controlling interests.

EBITDA will be adjusted, without duplication, to give pro forma effect, in the case of any acquisition or disposition of any asset or group of assets or other placement of any asset or group of assets in service or removal of any asset or group of assets from service by the operating partnership or any of its Subsidiaries since the first day of the applicable period to the date of determination, whether by merger, stock purchase or sale or asset purchase or sale or otherwise, to include or exclude, as the case may be, any EBITDA earned or eliminated as a result of such acquisition, disposition, placement in service or removal from service as if such acquisition, disposition, placement in service or removal from service had occurred as of the first day of such period.

"Equity Interests" means, with respect to any person, any share of capital stock of (or other ownership or profit interests in) such person, any warrant, option or other right for the purchase or other acquisition from

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such person of any share of capital stock of (or other ownership or profit interests in) such person, any security convertible into or exchangeable for any share of capital stock of (or other ownership or profit interests in) such person or warrant, right or option for the purchase or other acquisition from such person of such shares (or such other interests), and any other ownership or profit interest in such person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant, option, right or other interest is authorized or otherwise existing on any date of determination.

"Excluded Subsidiary" means any Subsidiary that is (i) a CFC or CFC Holding Company, (ii) a Subsidiary of a CFC, (iii) any other entity if the provision of a guarantee by such entity would reasonably be expected to result in material adverse tax consequences to the Company or its Subsidiaries as reasonably determined by the Company and (iv) prohibited, by applicable law, rule or regulation or by any contractual obligation existing on the date of the USD notes indenture or existing at the time of acquisition thereof after the date of the USD notes indenture (so long as such prohibition did not arise as part of such acquisition), in each case, from guaranteeing the notes or which would require governmental (including regulatory) consent, approval, license or authorization to provide a guarantee unless such consent, approval, license or authorization has been received (but without obligation to seek the same).

"Fair Market Value" means, (i) with respect to a security listed (or an unlisted convertible security that is convertible into a security listed) on Nasdaq or have trading privileges on the New York Stock Exchange, the NYSE American, or another recognized national United States securities exchange, the London Stock Exchange, Euronext or another recognized European securities exchange, the price of such security as reported on such exchange or market by any widely recognized reporting method customarily relied upon by financial institutions, and (ii) with respect to any other asset, book value (determined in accordance with GAAP).

"GAAP" means accounting principles generally accepted in the United States of America, consistently applied, as in effect from time to time.

"Global Integrated Solutions Segment" means, with respect to any person, the businesses comprising the global integrated solutions segment (as may be renamed, amended, supplemented or otherwise modified from time to time) of such person reported in the Company's annual or quarterly report most recently furnished to holders of the notes or filed with the SEC.

"Integrated Solutions Value" means, with respect to any person, (i) the sum of the portion of EBITDA attributable to each of the businesses comprising the Global Integrated Solutions Segment of such person for the four full consecutive fiscal quarters ended on the last day of the then most recently ended fiscal quarter covered in the Company's annual or quarterly report most recently furnished to holders of the notes or filed with the SEC, multiplied by (ii) 8.5; provided, however, that if the Global Integrated Solutions Segment of such person is no longer reported in such annual or quarterly report, the operating partnership shall calculate Integrated Solutions Value based on the sum of the portion of EBITDA attributable to each of the businesses that previously comprised the Global Integrated Solutions Segment prior to such date as determined by the Company in good faith.

"Intercompany Debt" means, as of any date, Debt to which the only parties are any of the Company, the operating partnership or any of their respective Subsidiaries.

"Intercreditor Agreement" means that certain Intercreditor Agreement, dated as of August 20, 2021, among JPMorgan Chase Bank, N.A., as administrative agent (together with its successors and assigns and the agent under any refinancing of the obligations under the Principal Credit Agreement, the "Agent"), for each of the lenders under the Principal Credit Agreement (together with their successors and assigns, collectively, the "Lenders"), each of the holders of our Senior Unsecured Notes (together with its successors and assigns and the holders of any refinancing of the Senior Unsecured Notes, collectively, the "Noteholders") and any Additional Creditors (as defined therein) party thereto (collectively with the Agent, the Lenders, the Noteholders and the trustee, the "Creditors").

"Interest Expense" means, with respect to any person, for any period, such person's Pro Rata Share of interest expense for such period, with other adjustments as are necessary to exclude: (i) the effect of items classified as extraordinary items, in accordance with GAAP; (ii) non-cash amortization or write-off of debt

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issuance costs or debt discount; (iii) prepayment penalties; (iv) non-cash swap ineffectiveness charges and (v) any additional interest with respect to failure to comply with any registration rights agreement owing with respect to any securities.

"Leased Property" means any Property that operates as a temperature-controlled warehouse or is Development Property or undeveloped land and that is leased by a person pursuant to a lease (other than a ground lease).

"Lien" means any mortgage, deed of trust, lien, charge, pledge, security interest, security agreement, or other encumbrance of any kind other than a Permitted Lien or any interest which is a Lien by virtue only of the operation of section 12(3) of the *Personal Property Securities Act 2009* (Cth) (Australia) which does not in substance secure the payment or performance of an obligation.

"Marketable Securities" means: (i) common or preferred Equity Interests which are listed on Nasdaq or have trading privileges on the New York Stock Exchange, the NYSE American, or another recognized national United States securities exchange, the London Stock Exchange, Euronext or another recognized European securities exchange; (ii) convertible securities which can be converted at any time into common or preferred Equity Interests of the type described in the immediately preceding clause (i); and (iii) securities evidencing indebtedness issued by persons which have an investment grade credit rating by a nationally recognized statistical rating organization; *provided* that Marketable Securities shall not include any securities that are considered cash equivalents.

"Non-Recourse Debt" means Debt of a joint venture or Subsidiary of the operating partnership (or an entity in which the operating partnership is the general partner or managing member) that is directly or indirectly secured by real estate assets or other real estate-related assets (including equity interests) of the joint venture or Subsidiary of the operating partnership (or entity in which the operating partnership is the general partner or managing member) that is the borrower and is non-recourse to the Company, the operating partnership or any Subsidiary of the operating partnership (other than pursuant to a Permitted Non-Recourse Guarantee and other than with respect to the joint venture or Subsidiary of the operating partnership (or entity in which the operating partnership is the general partner or managing member) that is the borrower); provided, further, that, if any such Debt is partially recourse to the Company, the operating partnership or any Subsidiary of the operating partnership (other than pursuant to a Permitted Non-Recourse Guarantee and other than with respect to the joint venture or Subsidiary of the operating partnership (or entity in which the operating partnership is the general partner or managing member) that is the borrower) and therefore does not meet the criteria set forth above, only the portion of such Debt that does meet the criteria set forth above shall constitute "Non-Recourse Debt."

"Occupancy Rate" means at any time, with respect to any Property, the ratio, expressed as a percentage, of (i) the rentable operating square footage of such Property actually leased by tenants paying rent at rates not materially less than rates generally prevailing at the time the applicable lease was entered into, pursuant to binding leases as to which no default or Event of Default has occurred and is continuing to (ii) the aggregate rentable operating square footage of such Property.

"Operating Agreement" means, collectively, (i) that certain Seventh Amended and Restated Operating Services Agreement, dated as of August 3, 2020, by and between Lineage Holdings and Bay Grove Management Company, LLC, (ii) that certain Sixteenth Amended and Restated Operating Agreement, dated as of October 11, 2023, by and between the operating partnership and Bay Grove Management Company, LLC, (iii) that certain Transition Services Agreement, dated July 24, 2024, by and between Lineage Holdings and Bay Grove Management Company, LLC, and (iv) that certain Expense Reimbursement and Indemnification Agreement, dated July 24, 2024, by and among the Company, BG Lineage Holdings, LLC, BG Lineage Holdings LHR, LLC and Bay Grove Management Company, LLC, in each case, as the same may be amended, supplemented or otherwise modified from time to time, and any successor agreement thereto (whether by renewal, replacement or otherwise) that the Company in good faith designates to be an operating agreement (taking into account the nature of the agreement and such other factors as the Company deems reasonable in light of the circumstances), such designation (or the designation that at a given time there is no operating agreement) to be made by an officer's certificate delivered to the trustee.

"Permitted Lien" means an operating lease, any Lien securing taxes, assessments and similar charges, any mechanics' lien and other similar Lien and any Lien that secures Debt of the Company, the operating partnership or any of their respective Subsidiaries owed to the operating partnership or any guarantor.

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"Permitted Non-Recourse Guarantees" means customary completion or budget guarantees or indemnities (including by means of separate indemnification agreements and carve-out guarantees) provided under Non-Recourse Debt in the ordinary course of business by the Company, the operating partnership or any Subsidiary of the operating partnership in financing transactions that are directly or indirectly secured by real estate assets or other real estate-related assets (including equity interests) of a Subsidiary of the operating partnership (or entity in which the operating partnership is the general partner or managing member), in each case that is the borrower in such financing, but is non-recourse to the Company, the operating partnership or any of the operating partnership's other Subsidiaries, except for customary completion or budget guarantees or indemnities (including by means of separate indemnification agreements or carve-out guarantees) as are consistent with customary industry practice (such as environmental indemnities and recourse triggers based on violation of transfer restrictions and other customary exceptions to nonrecourse liability).

"person" means any individual, corporation, limited liability company, partnership, joint venture, association, joint stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity.

"Principal Credit Agreement" means the Amended and Restated Revolving Credit and Term Loan Agreement, dated as of February 15, 2024, by and among Lineage Logistics, LLC, the borrowers party thereto, Lineage Holdings, the Company, the operating partnership, JPMorgan Chase Bank, N.A., as administrative agent, and the other lending institutions party thereto, as the same may be amended, supplemented or otherwise modified from time to time, and any successor credit agreement thereto (whether by renewal, replacement, refinancing or otherwise) that the Company in good faith designates to be the Company's principal credit agreement (taking into account the maximum principal amount of the credit facility provided thereunder, the recourse nature of the agreement and such other factors as the Company deems reasonable in light of the circumstances), such designation (or the designation that at a given time there is no principal credit agreement) to be made by an officer's certificate delivered to the trustee.

"Pro Rata Share" means, with respect to any person, any applicable figure or measure of such person and its Subsidiaries on a consolidated basis, less any portion attributable to non-controlling interests, plus such person's or its Subsidiaries' allocable portion of such figure or measure, based on their ownership interest, of unconsolidated joint ventures.

"Property" means a parcel (or group of related parcels) of real property.

"Property EBITDA" means, with respect to any person, for any period, such person's Pro Rata Share of EBITDA for such period adjusted to add back the impact of corporate level general and administrative expenses.

"Significant Subsidiary" of any specified person means any Subsidiary in which such person has invested at least $100.0 million in capital.

"Stabilized Property" has the meaning specified in the definition of "Development Property."

"Subsidiary" means, for any person (as defined in the USD notes indenture, but excluding an individual, government or any agency or political subdivision thereof), any corporation, partnership, limited liability company or other entity of which at least a majority of the Equity Interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other individuals performing similar functions of such corporation, partnership, limited liability company or other entity (without regard to the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such person or one or more Subsidiaries of such person or by such person and one or more Subsidiaries of such person, and shall include all persons the accounts of which are consolidated with those of such person pursuant to GAAP.

"Subsidiary Guarantor" has the meaning specified under the caption "— Guarantees*.*"

"Total Assets" means, with respect to any person, as of any date, the sum (without duplication) of:

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

the Capitalized Property Value of such person and its Subsidiaries, excluding Capitalized Property Value attributable to Properties acquired or disposed of by such person or Subsidiary during the four full consecutive fiscal quarters ending on such date and Development Properties;

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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; (2)

the Integrated Solutions Value of such person and its Subsidiaries;

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

all cash and cash equivalents (excluding tenant deposits and other cash and cash equivalents the disposition of which is restricted) of such person and its Subsidiaries at such time;

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

the Pro Rata Share of such person or its Subsidiaries of the current undepreciated book value of Development Properties held by such person or Subsidiary and all land held for development by such person or Subsidiary;

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

the Pro Rata Share of the purchase price paid by such person or any of its Subsidiaries (less the Pro Rata Share of any amounts paid to such person or such Subsidiary as a purchase price adjustment, held in escrow, retained as a contingency reserve, or in connection with other similar arrangements, and without regard to allocations of property purchase prices pursuant to Statement of Financial Accounting Standards No. 141 or other provisions of GAAP) for any Property or business acquired by the operating partnership or such Subsidiary during the four full consecutive fiscal quarters ending on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)

the contractual purchase price of Properties of such person and its Subsidiaries subject to purchase obligations, repurchase obligations, forward commitments and unfunded obligations to the extent such obligations and commitments are included in determinations of Debt; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)

the Fair Market Value of all Marketable Securities owned by such person or any of its Subsidiaries, plus all other assets of such person and its Subsidiaries (the value of which is determined in accordance with GAAP but excluding assets classified as non-lease intangibles under GAAP), provided, however, that such other assets shall not include the right-of-use assets associated with an operating lease in accordance with GAAP.

In determining the Total Assets of the operating partnership, the operating partnership shall have the option to include Capitalized Property Value under clause (1) above from any such Properties that are otherwise subject to valuation under clause (4) or (5) above; *provided* that, if such election is made with respect to any Property subject to valuation under clause (5) above and such Property is owned for at least one full fiscal quarter but less than four full consecutive fiscal quarters as of such date, the Capitalized Property Value of such Property shall be calculated using the Property EBITDA for the most recent full fiscal quarter or quarters commencing with the first full fiscal quarter following the date on which such Property was acquired and ending on the last day of the then most recently ended fiscal quarter covered in the Company's annual or quarterly report most recently furnished to holders of the notes or filed with the SEC, as the case may be, that is attributable to such Property on an annualized basis; *provided, further*, that if such election is made, any value attributable to such Properties under clause (4) or (5) above shall be excluded from the determination of the amount under clause (4) or (5). For avoidance of doubt, an individual parcel of Property can be the site of one or more Properties, and separate portions of the same parcel of Property can (i) contribute to Property EBITDA in calculating Capitalized Property Value in clause (1) above, (ii) be a Development Property or (iii) be land held for development, in each case, as determined by us in good faith.

"Total Unencumbered Assets" means, as of any date, those assets within Total Assets that are not subject to a Lien; provided that in determining Total Unencumbered Assets, all investments in unconsolidated entities shall be excluded.

"Unsecured Debt" means Debt that is not secured by a Lien on any property or assets of the operating partnership or any of its Subsidiaries.

"U.S. Government Obligations" means securities which are direct obligations of, or guaranteed by, the United States of America for the payment of which its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof, and shall also include a depositary receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such depositary receipt.

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#### Book-entry, Settlement and Clearance

#### Book-entry, Delivery and Form
The USD notes will be issued in the form of one or more fully registered global securities ("Global Notes") that will be deposited with, or on behalf of, The Depositary Trust Company ("DTC"), and registered in the name of DTC's partnership nominee, Cede & Co. The Global Notes may be transferred, in whole and not in part, only to another nominee of DTC or to a successor of DTC or its nominee. Beneficial interests in the Global Notes may not be exchanged for definitive notes in registered certificated form ("Certificated Notes") except in the limited circumstances described below. See "— Exchange of Global Notes for Certificated Notes." Except in the limited circumstances described below, owners of beneficial interests in the Global Notes will not be entitled to receive physical delivery of notes in certificated form. Investors may elect to hold their interest in the Global Securities through either DTC, Clearstream Banking S.A. ("Clearstream") or Euroclear Bank S.A./N.V. ("Euroclear") as operator of the Euroclear System, if they are participants in these systems, or indirectly through organizations which are participants in these systems. Clearstream and Euroclear will hold interests on behalf of their participants though customers' securities accounts in Clearstream and Euroclear's names on the books of their respective depositaries, which in turn will hold interests in customers' securities accounts in the depositaries' names on the books of DTC.

#### Depositary Procedures
The following description of the operations and procedures of DTC, Euroclear and Clearstream is provided solely as a matter of convenience. These operations and procedures are solely within the control of the respective settlement system and are subject to changes by them. Neither the trustee nor the operating partnership takes any responsibility for these operations and procedures and each urges investors to contact the system or their participants directly to discuss these matters.

DTC has advised the operating partnership that DTC is a limited-purpose trust company created to hold securities for its participating organizations (collectively, the "Participants") and to facilitate the clearance and settlement of transactions in those securities between the Participants through electronic book-entry changes in accounts of its Participants. The Participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations. Access to DTC's system is also available to other entities such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a Participant, either directly or indirectly (collectively, the "Indirect Participants"). Persons who are not Participants may beneficially own securities held by or on behalf of DTC only through the Participants or the Indirect Participants. The ownership interests in, and transfers of ownership interests in, each security held by or on behalf of DTC are recorded on the records of the Participants and Indirect Participants.

DTC has also advised the operating partnership that, pursuant to procedures established by it, ownership of interests in the Global Notes will be shown on, and the transfer of ownership of these interests will be effected only through, records maintained by DTC (with respect to the Participants) or by the Participants and the Indirect Participants (with respect to other owners of beneficial interest in the Global Notes).

Investors in the Global Notes who are Participants may hold their interests therein directly through DTC. Investors in the Global Notes who are not Participants may hold their interests therein indirectly through organizations (including Euroclear and Clearstream) which are Participants. All interests in a Global Note, including those held through Euroclear or Clearstream, may be subject to the procedures and requirements of DTC. Those interests held through Euroclear or Clearstream may also be subject to the procedures and requirements of such systems. The laws of some states require that certain persons take physical delivery in definitive form of securities that they own. Consequently, the ability to transfer beneficial interests in a Global Note to such persons will be limited to that extent. Because DTC can act only on behalf of the Participants, which in turn act on behalf of the Indirect Participants, the ability of a person having beneficial interests in a Global Note to pledge such interests to persons that do not participate in the DTC system, or otherwise take actions in respect of such interests, may be affected by the lack of a physical certificate evidencing such interests.

 **Except as described below, owners of interests in the Global Notes will not have notes registered in their names, will not receive physical delivery of notes in certificated form and will not be considered the registered owners or "holders" thereof under the indenture governing the notes for any purpose.** 

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Payments in respect of the principal of, and interest and premium, if any, on, a Global Note registered in the name of DTC or its nominee will be payable to DTC in its capacity as the registered holder under the indenture governing the notes. Under the terms of the USD notes indenture, the operating partnership, the Company and the trustee will treat the persons in whose names the notes, including the Global Notes, are registered as the owners of the notes for the purpose of receiving payments and for all other purposes.

Consequently, neither the operating partnership, the Company, the trustee nor any agent of them or the trustee has or will have any responsibility or liability for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

any aspect of DTC's records or any Participant's or Indirect Participant's records relating to or payments made on account of beneficial ownership interest in the Global Notes or for maintaining, supervising or reviewing any of DTC's records or any Participant's or Indirect Participant's records relating to the beneficial ownership interests in the Global Notes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

any other matter relating to the actions and practices of DTC or any of its Participants or Indirect Participants.

DTC has advised the operating partnership that its current practice, upon receipt of any payment in respect of securities such as the notes (including principal and interest), is to credit the accounts of the relevant Participants with the payment on the payment date unless DTC has reason to believe that it will not receive payment on such payment date. Each relevant Participant is credited with an amount proportionate to its beneficial ownership of an interest in the principal amount of the relevant security as shown on the records of DTC. Payments by the Participants and the Indirect Participants to the beneficial owners of notes will be governed by standing instructions and customary practices and will be the responsibility of the Participants or the Indirect Participants and will not be the responsibility of DTC, the trustee or us. Neither we nor the trustee will be liable for any delay by DTC or any of the Participants or the Indirect Participants in identifying the beneficial owners of the notes, and we and the trustee may conclusively rely on and will be protected in relying on instructions from DTC or its nominee for all purposes.

DTC has advised the operating partnership that it will take any action permitted to be taken by a holder of notes only at the direction of one or more Participants to whose account DTC has credited the interests in the notes and only in respect of such portion of the aggregate principal amount at maturity of the notes as to which such Participant or Participants has or have given such direction. However, if there is an Event of Default under the notes, DTC reserves the right to exchange the notes for legended notes in certificated form, and to distribute such notes to its Participants.

#### Exchange of Global Notes for Certificated Notes
A Global Note is exchangeable for Certificated Notes if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

DTC notifies us at any time that it is unwilling or unable to continue as depositary for the Global Notes and a successor depositary is not appointed within 90 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

DTC ceases to be registered as a clearing agency under the Exchange Act and a successor depositary is not appointed within 90 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.

we, at our option, notify the trustee that we elect to cause the issuance of certificated notes and any Participant requests a certificated note in accordance with DTC procedures; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.

certain other events provided in the USD notes indenture should occur.

In addition, beneficial interests in a Global Note may be exchanged for Certificated Notes upon prior written notice given to the trustee by or on behalf of DTC in accordance with the USD notes indenture. In all cases, Certificated Notes delivered in exchange for any Global Note or beneficial interests in Global Notes will be registered in the names, and issued in any approved denominations, requested by or on behalf of the depositary (in accordance with its customary procedures).

#### Same Day Settlement and Payment
In accordance with the USD notes indenture, the operating partnership will make payments in respect of the notes represented by the Global Notes (including principal, premium, if any, and interest) by wire transfer

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of immediately available funds to the accounts specified by DTC or its nominee. In accordance with the USD notes indenture, the operating partnership will make all payments of principal, interest and premium, if any, with respect to Certificated Notes by wire transfer of immediately available funds to the accounts specified by the holders of the Certificated Notes or, if no such account is specified, by mailing a check to each such holder's registered address or against presentation and surrender at maturity or earlier redemption. The notes represented by the Global Notes are expected to trade in DTC's Same-Day Funds Settlement System, and any permitted secondary market trading activity in such notes will, therefore, be required by DTC to be settled in immediately available funds. The operating partnership expects that secondary trading in any Certificated Notes will also be settled in immediately available funds.

Because of time zone differences, the securities account of a Euroclear or Clearstream participant purchasing an interest in a Global Note from a Participant will be credited, and any such crediting will be reported to the relevant Euroclear or Clearstream participant, during the securities settlement processing day (which must be a business day for Euroclear and Clearstream) immediately following the settlement date of DTC. DTC has advised the operating partnership that cash received in Euroclear or Clearstream as a result of sales of interests in a Global Note by or through a Euroclear or Clearstream participant to a Participant will be received with value on the settlement date of DTC but will be available in the relevant Euroclear or Clearstream cash account only as of the business day for Euroclear or Clearstream following DTC's settlement date.

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#### DESCRIPTION OF EURO EXCHANGE NOTES
 *This description of the notes summarizes key terms and provisions of the Euro exchange notes and the Euro notes indenture referred to below. This description does not purport to be complete and is subject to, and qualified in its entirety by reference to, the actual terms and provisions of the Euro exchange notes and the Euro notes indenture, which are incorporated herein by reference. We urge you to read those documents in their entirety because they, and not this description, define your rights as a holder of Euro exchange notes. You may request a copy of the Euro notes indenture from us as described in "Where You Can Find More Information."* 

 *Capitalized terms used but not otherwise defined herein have the meanings given to them in the Euro exchange notes or the Euro notes indenture, as applicable. As used in this "Description of USD Exchange Notes," (i) references to the "issuer," "we," "our" or "us" refer solely to Lineage Europe Finco B.V. and not to any of its subsidiaries, (ii) references to the "Company" refer solely to Lineage, Inc. and not to any of its subsidiaries, unless otherwise expressly stated or the context otherwise requires, (iii) references to the "operating partnership" refer solely to Lineage OP, LP and not to any of its subsidiaries, (iv) references to "Lineage Holdings" refer solely to Lineage Logistics Holdings, LLC and not to any of its subsidiaries, (v) references to the "guarantors" refer, collectively, to the Company, the operating partnership and the Euro Notes Subsidiary Guarantors and (vi) references to "notes" refer, collectively, to the Euro exchange notes and the old Euro notes. Certain capitalized terms used in this section have the meaning set forth below in "— Definitions." Except as otherwise indicated below, the following summary applies to both the Euro exchange notes and the old Euro notes.* 

#### General
The Euro exchange notes will be issued pursuant to a base indenture dated as of November 26, 2025, among the issuer, the operating partnership, the Company, and the trustee, as supplemented by the first supplemental indenture dated as of November 26, 2025 among the issuer, the guarantors, the trustee and U.S. Bank Europe DAC, as paying agent (together with the base indenture, the "Euro notes indenture"). The terms of the Euro exchange notes include those stated in the Euro notes indenture and those made part of the Euro notes indenture by reference to the Trust Indenture Act.

The form and terms of the Euro exchange notes will be identical in all material respects to the form and terms of the old Euro notes, except that the Euro exchange notes will be registered under the Securities Act, and therefore the Euro exchange notes will not be subject to certain transfer restrictions, registration rights and certain provisions regarding additional interest applicable to the old Euro notes prior to the consummation of the exchange offer. See "The Exchange Offer." The Euro exchange notes offered hereby and the old Euro notes not tendered pursuant to the terms hereof will be treated as a single class under the Euro notes indenture, including for purposes of determining whether the required percentage of holders have given approval or consent to an amendment or waiver or joined in directing the trustee to take certain actions on behalf of all holders.

The Euro exchange notes will be issued only in fully registered, book-entry form, in minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof, except under the limited circumstances described below under "— Book-Entry Procedures." The principal of, and premium, if any, and interest on, the Euro exchange notes will be payable in euros. See "— Issuance in Euros; Payment on the Notes" below. The registered holder of a note will be treated as its owner for all purposes.

If any interest payment date, stated maturity date or redemption date is not a business day, the payment otherwise required to be made on such date will be made on the next business day without any additional payment as a result of such delay. As used in this "Description of Euro Exchange Notes," the term "business day" means any day, other than a Saturday, Sunday, a day on which banking institutions in the state in which the corporate trust office of the trustee is located or a day on which banking institutions in New York, New York, London, United Kingdom or the place of payment are authorized or obligated by law, regulation or executive order to close and on which the Trans-European Automated Real-Time Gross Settlement Express Transfer system (known as T2) or any successor or replacement thereto, is open.

The Euro exchange notes will be fully and unconditionally guaranteed by the guarantors on a senior unsecured basis. See "— Guarantees" below.

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The terms of the notes provide that the issuer is permitted to reduce interest payments and payments upon a redemption of notes otherwise payable to a holder for any amounts the issuer is required to withhold by law. For example, non-United States holders of the notes may, under some circumstances, be subject to U.S. federal withholding tax with respect to payments of interest on the notes. The issuer will set-off any such withholding tax that the issuer is required to pay against payments of interest payable on the notes and payments upon a redemption of notes.

#### Ranking
The notes will be the issuer's senior unsecured obligations and will rank equally in right of payment with all of the issuer's other existing and future senior unsecured indebtedness. The notes will be effectively subordinated in right of payment to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all of the issuer's existing and future mortgage indebtedness and other secured indebtedness (to the extent of the value of the collateral securing such indebtedness);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all existing and future indebtedness and other liabilities, whether secured or unsecured, of the issuer's non-guarantor subsidiaries (if any) and of any entity the issuer accounts for using the equity method of accounting (if any); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all existing and future preferred equity not owned by the issuer, if any, in the issuer's non-guarantor subsidiaries (if any) and in any entity the issuer accounts for using the equity method of accounting(if any).

The issuer is an indirect wholly-owned finance subsidiary of Lineage Holdings that has no material business operations other than as a finance subsidiary. As of September 30, 2025, the issuer had no outstanding indebtedness and no subsidiaries. In connection with the offering of the old Euro notes, the issuer became a guarantor of the Revolving Credit Facility, the old USD notes and the Senior Unsecured Notes. As of September 30, 2025, the Company (excluding its subsidiaries) had no outstanding indebtedness and had guaranteed borrowings under the Revolving Credit Facility and other outstanding indebtedness of its subsidiaries totaling approximately $5,968 million aggregate principal amount (before the impact of the unamortized deferred financing costs). As of September 30, 2025, the operating partnership (excluding its subsidiaries) had $500 million of outstanding indebtedness (before the impact of $10 million of unamortized deferred financing costs and discount on debt issued) comprised of the 5.250% Notes and had guaranteed borrowings under the Revolving Credit Facility and other outstanding indebtedness of its subsidiaries totaling approximately $5,468 million aggregate principal amount (before the impact of the unamortized deferred financing costs). As of September 30, 2025, the subsidiaries of the operating partnership (excluding the issuer) and the subsidiaries of the Company (excluding the operating partnership and the issuer) had approximately $497 million of secured indebtedness outstanding (before the impact of $1 million of unamortized deferred financing costs) and $4,971 million of unsecured indebtedness outstanding (before the impact of $9 million of unamortized deferred financing costs), in addition to their trade payables and other liabilities, including $2,199 million of borrowings outstanding under the Revolving Credit Facility, and $1,236 million of unused borrowing capacity available (subject to customary conditions) under the Revolving Credit Facility (net of outstanding standby letters of credit in the amount of $65 million, which reduce availability). See "— Guarantees" below for a description of the ranking of the guarantees.

Except as described under "— Certain covenants" and "— Merger, consolidation or sale," the Euro notes indenture does not prohibit the issuer, the Company, any other guarantor or any of their respective subsidiaries from incurring secured or unsecured indebtedness or issuing preferred equity in the future and, although the Euro notes indenture contains covenants that limit the ability of the operating partnership and its subsidiaries to incur secured and unsecured indebtedness, those covenants are subject to significant exceptions, and in any event the issuer, the Company, the operating partnership and their respective subsidiaries may be able, without taking advantage of any such exceptions, to incur substantial amounts of additional secured and unsecured indebtedness without violating those covenants. For additional information, see "Risk Factors — Risks Related to the Exchange Notes — The effective subordination of the exchange notes may limit our ability to satisfy our obligations under the exchange notes."

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#### Issuance in Euros; Payment on the Notes
All payments on the notes will be payable in euros; provided that if on or after the date of this prospectus the euro is unavailable to us due to the imposition of exchange controls or other circumstances beyond our control or if the euro is no longer being used by the then member states of the European Monetary Union that have previously adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the notes will be made in U.S. dollars until the euro is again available to us or so used. The amount payable on any date in euros will be converted into U.S. dollars at the rate mandated by the U.S. Federal Reserve Board as of the close of business on the second business day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the most recent U.S. dollar/euro exchange rate published in *The Wall Street Journal* on or prior to the second business day prior to the relevant payment date, or in the event *The Wall Street Journal* has not published such exchange rate, such rate as determined in our sole discretion on the basis of the most recently available market exchange rate for the euro. Any payment in respect of the notes so made in U.S. dollars will not constitute an event of default under the notes or the indenture. Neither the trustee nor the paying agent will have any responsibility for obtaining exchange rates, effecting conversions or otherwise handling redenominations in connection with the foregoing. Investors will be subject to foreign exchange risks as to payments on the notes, which may have important economic consequences to them. See "Risk Factors" in this prospectus.

#### Additional notes
The issuer will exchange the Euro exchange notes for the old Euro notes, which have an aggregate principal amount of €700,000,000. The issuer may, without the consent of, or notice to, holders of the notes, increase the principal amount of the notes by issuing additional notes in the future on the same terms and conditions (except for any difference in the issue date, public offering price and, if applicable, the date from which interest thereon will begin to accrue and the initial interest payment date), provided that if and for so long as any such additional notes are not fungible with the notes offered hereby for U.S. federal income tax and securities law purposes, such additional notes will have a separate ISIN. The notes offered by this prospectus and any additional notes subsequently issued, together with any old Euro notes not tendered pursuant to the terms hereof, will rank equally and ratably in right of payment and would be treated as a single series of debt securities for all purposes under the Euro notes indenture.

#### Interest
Interest on the notes will accrue at the rate of 4.125% per year from and including November 26, 2025 or the most recent interest payment date to, but not including, the date which interest has been paid or provided for, and will be payable annually in arrears on November 26 of each year, beginning November 26, 2026. Except as described below under "— Optional redemption" and "— Redemption for tax reasons," for so long as the notes are in global form and subject to the applicable procedures of Euroclear and Clearstream, the interest so payable will be paid to each holder in whose name a note is registered at the close of business on the business day immediately preceding the applicable interest payment date. Interest on the notes will be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the notes (or November 26, 2025 if no interest has been paid on the notes), to but excluding the next scheduled interest payment date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association.

If any interest payment date or maturity or redemption date falls on a day that is not a business day, the required payment shall be made on the next business day as if it were made on the date such payment was due and no interest shall accrue on the amount so payable from and after such interest payment date or maturity or redemption date, as the case may be, to such next business day.

#### Maturity
The notes will mature on November 26, 2031 unless earlier redeemed by us at our option as described under "— Optional redemption" and "— Redemption for tax reasons" below. The notes will not be entitled to the benefits of, or be subject to, any sinking fund.

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#### Payment of additional amounts
All payments of principal and interest in respect of the notes will be made free and clear of, and without deduction or withholding for or on account of, any present or future taxes, duties, assessments or other governmental charges of whatsoever nature (collectively, "Taxes") required to be deducted or withheld, unless such withholding or deduction is then required by law or the official interpretation or administration thereof.

In the event any withholding or deduction on payments in respect of the notes for or on account of any present or future Tax is required to be deducted or withheld by the Netherlands, we will pay such additional amounts on the notes as will result in receipt by each holder of a note of such amounts (after all such withholding or deduction, including on any additional amounts) as would have been received by such holder had no such withholding or deduction been required. We will not be required, however, to make any payment of additional amounts for or on account of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

any Tax imposed by the United States (or any political subdivision or taxing authority thereof or therein having power to tax);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

any Tax that would not have been imposed but for (1) the existence of any present or former connection (other than a connection arising solely from the ownership of those notes or the receipt of payments in respect of those notes) between a holder of a note (or the beneficial owner for whose benefit such holder holds such note), or between a fiduciary, settlor, beneficiary of, member or shareholder of, or possessor of a power over, that holder or beneficial owner (if that holder or beneficial owner is an estate, trust, partnership or corporation) and the Relevant Taxing Jurisdiction (as defined below), including that holder or beneficial owner, or that fiduciary, settlor, beneficiary, member, shareholder or possessor, being or having been a citizen or resident or treated as a resident of the Relevant Taxing Jurisdiction or being or having been engaged in a trade or business or present in the Relevant Taxing Jurisdiction or having had a permanent establishment in the Relevant Taxing Jurisdiction or (2) the presentation of a note for payment on a date more than 30 days after the later of the date on which that payment becomes due and payable and the date on which payment is duly provided for;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)

any estate, inheritance, gift, sales, transfer, capital gains, excise, personal property, wealth or similar tax, assessment or other governmental charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)

any Tax which is payable otherwise than by withholding or deducting from payment of principal of or premium, if any, or interest on such notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)

any Tax required to be withheld by any paying agent from any payment of principal of and premium, if any, or interest on any note if that payment can be made without withholding by at least one other paying agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f)

any Tax which would not have been imposed but for the failure to (a) comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with a Relevant Taxing Jurisdiction of, or other information relating to, the holder or beneficial owner of such note, if compliance is required by the Relevant Taxing Jurisdiction for not falling under the scope of such Taxes, or as a precondition to relief or exemption from such Taxes (including the submission of an applicable IRS Form W 8 (with any required attachments)) or (b) comply with any information gathering and reporting requirements or to take any similar action (including entering into any agreement with the IRS), in each case, that are required to obtain the maximum available exemption from withholding by a Relevant Taxing Jurisdiction that is available to payments received by or on behalf of the holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g)

any Tax imposed on interest due to the holder's or beneficial owner's status as (1) a 10-percent shareholder (as defined in Section 871(h)(3)(B) of the Code and the regulations that may be promulgated thereunder) of us, (2) a controlled foreign corporation that is related to us within the meaning of Section 864(d)(4) of the Code, or (3) a bank receiving interest described in Section 881(c)(3)(A) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h)

any backup withholding;

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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; (i)

any Tax required to be withheld or deducted under Sections 1471 through 1474 of the Code (or any amended or successor version of such Sections that is substantively comparable) (such Sections commonly referred to as the Foreign Account Tax Compliance Act, or "FATCA"), any regulations or other guidance thereunder, or any agreement (including any intergovernmental agreement) entered into in connection therewith; or any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an intergovernmental agreement in respect of FATCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j)

any Taxes that are imposed or withheld by reason of a change in law, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (k)

any Tax that is imposed or required to be withheld or deducted pursuant to the Dutch Withholding Tax Act 2021 (Wet bronbelasting 2021); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (l)

in the case of any combination of the above-listed items;

nor will we pay any additional amounts to any person that is not the sole beneficial owner of such notes, or a portion of such notes, or that is a fiduciary or partnership or a limited liability company, to the extent that a beneficiary or settlor with respect to that fiduciary or a member of that partnership or limited liability company or a beneficial owner thereof would not have been entitled to the payment of those additional amounts had that beneficiary, settlor, member or beneficial owner been the holder of those notes.

The notes are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable to the notes. Except as specifically provided under this heading "— Payment of Additional Amounts," we will not be required to make any payment for any tax, assessment or other governmental charge imposed by any government or a political subdivision or taxing authority of or in any government or political subdivision.

Any reference in the terms of the notes to any amounts in respect of the notes shall be deemed also to refer to any additional amounts which may be payable under this provision.

#### Optional redemption
Prior to September 26, 2031 (two months prior to their maturity date) (the "Euro Notes Par Call Date"), the issuer may redeem the notes at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the notes matured on the Euro Notes Par Call Date) on an annual basis (ACTUAL/ACTUAL (ICMA)) at the Comparable Government Bond Rate plus 30 basis points less (b) accrued and unpaid interest thereon to, but excluding, the date of redemption; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 100% of the principal amount of the notes being redeemed;

plus, in either case, accrued and unpaid interest on the notes being redeemed to, but excluding, the redemption date.

On or after the Euro Notes Par Call Date, the issuer may redeem the notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest on the notes being redeemed to, but excluding, the redemption date.

Notwithstanding the foregoing, if the redemption date falls after a record date and on or prior to the corresponding interest payment date, we will pay the full amount of accrued and unpaid interest, if any, on such interest payment date to the holder of record at the close of business on the corresponding record date (instead of the holder surrendering its notes for redemption).

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As used herein:

"Comparable Government Bond" means, in relation to any Comparable Government Bond Rate calculation a German government bond (*Bundesanleihe*) whose maturity is closest to the Euro Notes Par Call Date, or if an independent investment bank selected by the Company in its discretion determines that such similar bond is not in issue, such other German government bond as such independent investment bank may, with the advice of three brokers of, and/or market makers in, German government bonds selected by such independent investment bank, determine to be appropriate for determining the Comparable Government Bond Rate.

"Comparable Government Bond Rate" means, with respect to any redemption date, the price, expressed as a percentage (rounded to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the notes, if they were to be purchased at such price on the third business day prior to the date fixed for redemption, would be equal to the gross redemption yield on such business day of the Comparable Government Bond on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such business day as determined by an independent investment bank selected by the issuer.

The issuer's actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.

Notice of any redemption will be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary's procedures) at least 10 days but not more than 60 days before the redemption date to each holder of notes to be redeemed with a copy to the trustee.

We will calculate the redemption price as described in the terms of the notes to be redeemed and will deliver an officer's certificate to the trustee setting forth the redemption price no later than two business days prior to the redemption date, and the trustee will not be responsible for such calculation nor shall the trustee have any duty to monitor the accuracy of any calculations made by us which will be conclusive and binding on the holders, absent manifest error.

In the case of a partial redemption, selection of the notes for redemption will be made pro rata, by lot or by such other method as the trustee deems appropriate and fair or, if applicable, as is required by the depositary for notes in global form. No notes of a principal amount of €100,000 or less will be redeemed in part. If any note is to be redeemed in part only, the notice of redemption that relates to the note will state the portion of the principal amount of the note to be redeemed. A new note in a principal amount equal to the unredeemed portion of the note will be issued in the name of the holder of the note upon surrender for cancellation of the original note. For so long as the notes are held by a common depositary, the redemption of the notes shall be done in accordance with the policies and procedures of the depositary.

Unless the issuer defaults in payment of the redemption price, on and after the redemption date interest will cease to accrue on the notes or portions thereof called for redemption.

If the issuer redeems the notes in part, the trustee will select the notes to be redeemed by lot or such method as it deems fair and appropriate or, if applicable, as is required by the depositary for notes in global form.

In the event of any redemption of notes, the issuer and the registrar will not be required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • issue or register the transfer or exchange of any note during a period beginning at the opening of business 15 days before the mailing of a notice of redemption of the notes selected for redemption and ending at the close of business on the day of such mailing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • register the transfer or exchange of any note so selected for redemption, in whole or in part, except the unredeemed portion of any note being redeemed in part.

The transferor shall also provide or cause to be provided to the trustee all information necessary to allow the trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Section 6045 of the Code. The trustee may rely on the information provided to it and shall have no responsibility to verify or ensure the accuracy of such information.

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If the paying agent holds funds sufficient to pay the redemption price of the notes on the redemption date, then on and after such date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • such notes will cease to be outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • interest on such notes will cease to accrue; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all rights of holders of such notes will terminate except the right to receive the redemption price.

Such will be the case whether or not book-entry transfer of the notes in book-entry form is made and whether or not notes in certificated form, together with the necessary endorsements, are delivered to the paying agent.

The issuer will not redeem the notes on any date if the principal amount of the notes has been accelerated, and such an acceleration has not been rescinded or cured on or prior to such date.

#### Redemption for tax reasons
If, as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated under the laws or treaties) of the Netherlands or the United States (or, in each case, any political subdivision of or taxing authority thereof or therein having power to tax) (a "Relevant Taxing Jurisdiction"), or any change in, or amendment to, an official position regarding the application or interpretation of such laws, regulations, rulings or treaties, which change or amendment is announced or becomes effective on or after November 19, 2025, the issuer or any guarantor becomes or, based upon a written opinion of independent counsel selected by us, there is a substantial probability that the issuer or any guarantor will become, obligated to pay additional amounts as described herein under the heading "— Payment of additional amounts" with respect to the notes, then the issuer may at any time, at its option, redeem in whole, but not in part, the notes on not less than 10 nor more than 60 days' prior notice, to the holders and the trustee, at a redemption price equal to 100% of the principal amount of the notes plus accrued and unpaid interest on the notes to, but excluding, the redemption date.

#### Certain covenants
***Limitation on total outstanding debt.*** The operating partnership will not, and will not permit any Subsidiary to, incur any Debt (including, without limitation, Acquired Debt) if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt on a pro forma basis, the aggregate principal amount of all of the operating partnership's and its Subsidiaries' outstanding Debt is greater than 60% of the sum of the following (without duplication): (1) the operating partnership's and its Subsidiaries' Total Assets as of the last day of the then most recently ended fiscal quarter covered in the Company's annual or quarterly report most recently furnished to holders of the notes or filed with the SEC, as the case may be, and (2) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the operating partnership or any Subsidiary since the end of such fiscal quarter, including the proceeds obtained from the incurrence of such additional Debt and any substantially concurrent offering of other securities.

***Limitation on secured debt.*** The operating partnership will not, and will not permit any of its Subsidiaries to, incur any Debt (including, without limitation, Acquired Debt) secured by any Lien on any of its or any of its Subsidiaries' property or assets, whether owned on the date of the Euro notes indenture or subsequently acquired, if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt on a pro forma basis, the aggregate principal amount of all of the operating partnership and its Subsidiaries' outstanding Debt which is secured by a Lien on any of its or its Subsidiaries' property or assets is greater than 40% of the sum of (without duplication): (1) the operating partnership's and its Subsidiaries' Total Assets as of the last day of the then most recently ended fiscal quarter covered in the Company's annual or quarterly report most recently furnished to holders of the notes or filed with the SEC, as the case may be; and (2) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the operating partnership

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or any of its Subsidiaries since the end of such fiscal quarter, including the proceeds obtained from the incurrence of such additional Debt and any substantially concurrent offering of other securities.

***Debt service test.*** The operating partnership will not, and will not permit any of its Subsidiaries to, incur any Debt (including, without limitation, Acquired Debt) if the ratio of the operating partnership's and its Subsidiaries' EBITDA to the operating partnership's and its Subsidiaries' Interest Expense for the period consisting of the four full consecutive fiscal quarters ending with the latest quarter covered in the Company's annual or quarterly report most recently furnished to holders of the notes or filed with the SEC, as the case may be, most recently ended prior to the date on which such additional Debt is to be incurred shall have been less than 1.5:1 on a pro forma basis after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt, and calculated on the following assumptions: (1) such Debt and any other Debt (including, without limitation, Acquired Debt) incurred by the operating partnership or any of its Subsidiaries since the first day of such four-quarter period had been incurred, and the application of the proceeds from such Debt (including to repay or retire other Debt) had occurred, on the first day of such period; (2) the repayment or retirement of any other Debt of the operating partnership or any of its Subsidiaries since the first day of such four-quarter period had occurred on the first day of such period (except that, in making this computation, the amount of Debt under any revolving credit facility, line of credit or similar facility will be computed based upon the average daily balance of such Debt during such period); and (3) in the case of any acquisition or disposition of any asset or group of assets or other placement of any asset or group of assets in service or removal of any asset or group of assets from service by the operating partnership or any of its Subsidiaries since the first day of such four-quarter period, whether by merger, stock purchase or sale or asset purchase or sale or otherwise, such acquisition, disposition, placement in service or removal from service had occurred as of the first day of such period with the appropriate adjustments with respect to such acquisition, disposition, placement in service or removal from service being included in such pro forma calculation.

If the Debt giving rise to the need to make the calculation described above or any other Debt incurred after the first day of the relevant four-quarter period bears interest at a floating rate (to the extent such Debt has been hedged to bear interest at a fixed rate, only the portion of such Debt, if any, that has not been so hedged), then, for purposes of calculating the Interest Expense, the interest rate on such Debt will be computed on a pro forma basis by applying the average daily rate which would have been in effect during the entire four-quarter period to the greater of the amount of such Debt outstanding at the end of such period or the average amount of such Debt outstanding during such period.

***Maintenance of total unencumbered assets.*** The operating partnership will not have at any time Total Unencumbered Assets of less than 150% of the aggregate principal amount of all of its and its Subsidiaries' outstanding Unsecured Debt determined on a consolidated basis.

***Existence.*** Except as permitted by the covenant described under "— Merger, consolidation or sale," the issuer will do or cause to be done all things necessary to preserve and keep in full force and effect its existence, rights (charter and statutory) and franchises, and each guarantor will do or cause to be done all things necessary to preserve and keep in full force and effect its existence, rights (charter and statutory) and franchises. However, neither the issuer nor any guarantor will be required to preserve any right or franchise if the Company's board of directors (or any duly authorized committee of that board of directors), as the case may be, determines that the preservation of the right or franchise is no longer desirable in the conduct of the issuer's or such guarantor's business, as the case may be.

***Maintenance of properties.*** The operating partnership will cause all of its properties used or useful in the conduct of its business or the business of any Subsidiary to be maintained and kept in good condition, repair and working order, normal wear and tear, casualty and condemnation excepted, and supplied with all necessary equipment and cause all necessary repairs, renewals, replacements, betterments and improvements to be made, all as in the judgment of the operating partnership may be necessary in order for the operating partnership to at all times properly and advantageously conduct its business carried on in connection with such properties. Neither the operating partnership nor any of its Subsidiaries will be prevented from (1) removing permanently any property that has been condemned or suffered a casualty loss, if, in the Company's reasonable judgment, it is in their best interest, (2) discontinuing maintenance or operation of any property if, in the Company's reasonable judgment, it is in their best interest and is not disadvantageous in any material respect to the holders of the notes, or (3) selling or transferring properties in the ordinary course of business.

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***Insurance.*** The operating partnership will, and will cause each of its Subsidiaries to, keep in force upon all of its and each of its Subsidiaries' properties and operations insurance policies carried with responsible companies in such amounts and covering all such risks as is customary in the industry in which the operating partnership and its Subsidiaries do business in accordance with prevailing market conditions and availability.

***Payment of taxes and other claims.*** The issuer and each guarantor will each pay or discharge or cause to be paid or discharged before it becomes delinquent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all taxes, assessments and governmental charges levied or imposed on it or any of its Subsidiaries or on its or any such Subsidiary's income, profits or property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all lawful claims for labor, materials and supplies that, if unpaid, might by law become a Lien upon its property or the property of any of its Subsidiaries.

However, neither the issuer nor any guarantor will be required to pay or discharge or cause to be paid or discharged any tax, assessment, charge or claim the amount, applicability or validity of which is being contested in good faith.

***Provision of financial information.*** For as long as the notes are outstanding, the Company will deliver to the trustee, within 15 days after the Company is required to file the same with the SEC, copies of the annual and quarterly reports and the information, documents and other reports (or copies of such portions of any of the foregoing as the SEC may from time to time by rules and regulations prescribe) that the Company may be required to file with the SEC pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents or reports with the SEC pursuant to either Section 13 or Section 15(d) of the Exchange Act, the Company will deliver to the trustee and file with the SEC, in accordance with any other rules and regulations that may be prescribed from time to time by the SEC, such annual and quarterly reports and supplementary and periodic information, documents and reports that may be required pursuant to Section 13 of the Exchange Act, in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time by the SEC in such rules and regulations.

In addition to the previous paragraph, for as long as the notes are outstanding, if at any time the Company is not subject to Section 13 or Section 15(d) of the Exchange Act and the Company is not providing annual and quarterly reports and supplementary and periodic information, documents and reports to the SEC and the trustee pursuant to the previous paragraph, the Company will, at its option, either (i) post on a publicly available website or (ii) post on IntraLinks or any comparable password protected online data system requiring user identification and a confidentiality acknowledgement (a "Confidential Datasite"), within 15 days of the filing date that would be applicable to a non-accelerated filer at that time pursuant to applicable SEC rules and regulations, the quarterly and audited annual financial statements and accompanying disclosure described in Item 303 of Regulation S-K ("management's discussion and analysis of financial condition and results of operations") that would be required to be contained in annual reports on Form 10-K and quarterly reports on Form 10-Q, respectively, required to be filed with the SEC if the Company were subject to Section 13(a) or Section 15(d) of the Exchange Act. If the Company elects to furnish such reports via a Confidential Datasite, access to such Confidential Datasite will be provided promptly upon request to holders and beneficial owners of, and bona fide potential investors in, the notes as well as securities analysts and market makers and no such request for access to such Confidential Datasite will be unreasonably denied.

Reports and other documents filed by the Company with the SEC and publicly available via the EDGAR system, a publicly available website or a Confidential Datasite will be deemed to be delivered to the trustee as of the time such filing is publicly available via EDGAR, such publicly available website or such Confidential Datasite for purposes of this covenant. Delivery of such reports, information and documents to the trustee is for informational purposes only and the trustee's receipt of such shall not constitute actual or constructive notice of any information contained therein or determinable from information contained therein, including its compliance with any of its covenants under the Euro notes indenture or relating to the notes (as to which the trustee is entitled to certificates). The trustee shall not be obligated to monitor or confirm on a continuing basis or otherwise our compliance with the covenants or with respect to any reports or other documents filed with the SEC under the Euro notes indenture. The trustee shall have no duty to determine whether any such filings have been made and shall have no duty to retrieve or retain any such filings. In addition, if the issuer becomes an SEC filer, the reports of the issuer will be deemed to satisfy the forgoing covenant.

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In the event that any direct or indirect parent company of the Company becomes a guarantor of the notes, the Company may satisfy its obligations under this covenant to provide financial information of the Company by furnishing the equivalent financial information relating to such parent; provided that such equivalent financial information is accompanied by consolidating financial information that explains in reasonable detail the differences between the information for such parent, on the one hand, and the information for Company and its consolidated subsidiaries, on the other hand.

***Future Subsidiary Guarantors.*** Following the original issue date of the notes, the Company will cause each of its Subsidiaries (other than the issuer, any existing guarantor and any Excluded Subsidiary) if, and for so long as, such Subsidiary guarantees or otherwise becomes obligated in respect of the Principal Credit Agreement, to fully and unconditionally guarantee, on a joint and several basis with the Company and any other Subsidiary of the Company that guarantees the notes, the issuer's obligations under the Euro notes indenture and the notes, including the due and punctual payment of principal of and interest on the notes, whether at stated maturity, by declaration of acceleration, call for redemption or otherwise, by executing and delivering a supplemental indenture that provides for the guarantee within thirty calendar days in accordance with the Euro notes indenture.

***General.*** For purposes of the covenants described under this caption "— Certain covenants," Debt will be deemed to be incurred by the operating partnership or any of its Subsidiaries whenever the operating partnership or such Subsidiary shall create, assume, guarantee (on a non-contingent basis) or otherwise become liable in respect thereof. The covenants described under this caption "— Certain covenants" shall, insofar as they relate to the notes, be subject to covenant defeasance as described below under "— Defeasance — Defeasance of certain covenants," provided that, notwithstanding the foregoing, the covenant of the operating partnership and the guarantors to do or cause to be done all things necessary to preserve and keep in full force and effect their respective existence (except as permitted by the provisions described under "— Merger, consolidation or sale") and the provisions described above under "— Provision of financial information" shall not be subject to covenant defeasance. In addition, the operating partnership and the guarantors may omit in any particular instance to comply, insofar as relates to the notes, with any covenant described under this caption "— Certain covenants" if the holders of at least a majority in principal amount of the outstanding notes waive such compliance.

#### Guarantees
As of the original issue date of each of the old Euro notes and the Euro exchange notes, the guarantors include the Company, the operating partnership, Lineage Holdings and each Subsidiary of the Company that guarantees or is otherwise obligated in respect of the Principal Credit Agreement (other than the issuer and any Excluded Subsidiary) at such time. Each of the guarantors will fully and unconditionally guarantee, on a joint and several basis, the issuer's obligations under the Euro notes indenture and the notes, including the due and punctual payment of principal of and interest on the notes, whether at stated maturity, by declaration of acceleration, call for redemption or otherwise. Under the terms of the guarantors' guarantee, holders of the notes will not be required to exercise their remedies against the issuer before they proceed directly against any guarantor. In addition, following the original issue date of the notes, the Company will cause each Subsidiary of the Company (other than the issuer, any existing guarantor and any Excluded Subsidiary) if, and for so long as, such Subsidiary guarantees or otherwise becomes obligated in respect of the Principal Credit Agreement, to fully and unconditionally guarantee, on a joint and several basis with the Company and any other Subsidiary of the Company that guarantees the notes, the issuer's obligations under the Euro notes indenture and the notes, including the due and punctual payment of principal of and interest on the notes, whether at stated maturity, by declaration of acceleration, call for redemption or otherwise, by executing and delivering a supplemental indenture that provides for the guarantee within thirty calendar days in accordance with the Euro notes indenture (each such Subsidiary, together with the Subsidiaries that have previously guaranteed the notes, unless and until such time any such Subsidiary is released from its obligations under the Euro notes indenture and its guarantee in accordance with the terms of the Euro notes indenture, a "Euro Notes Subsidiary Guarantor").

Each guarantor's obligations under the guarantee of the notes will be limited to the maximum amount that will not, after giving effect to all other contingent and fixed liabilities of such guarantor, result in the guarantee of such guarantor constituting a fraudulent transfer or conveyance. See "Risk Factors — Risks

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Related to the Exchange Offer — Federal and state laws allow courts, under specific circumstances, to void guarantees and require holders of guaranteed debt to return payments received from guarantors."

The guarantee of the notes will be a senior unsecured obligation of each guarantor and will rank equally in right of payment with all other existing and future senior unsecured indebtedness and senior unsecured guarantees of such guarantor. Each guarantor's guarantee of the notes will be effectively subordinated in right of payment to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all existing and future secured indebtedness and secured guarantees of such guarantor (to the extent of the value of the collateral securing such indebtedness and guarantees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all existing and future indebtedness and other liabilities, whether secured or unsecured, of such guarantor's non-guarantor subsidiaries and of any entity such guarantor accounts for using the equity method of accounting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all existing and future preferred equity not owned by such guarantor in such guarantor's non-guarantor subsidiaries and in any entity such guarantor accounts for using the equity method of accounting.

As of September 30, 2025, entities that are direct borrowers, guarantors or otherwise obligated in respect the Principal Credit Agreement had an aggregate of $19,577 million of assets and were direct borrowers, guarantors or otherwise obligated in respect of an aggregate of $5,469 million of indebtedness, in each case, excluding intercompany investments and obligations. As of September 30, 2025, the guarantors of the notes had an aggregate of $18,923 million of assets and were direct borrowers in respect of $5,316 million of indebtedness, in each case, excluding intercompany investments and obligations.

The covenants in the Euro notes indenture that will limit the ability of the operating partnership and its subsidiaries to incur indebtedness will not apply to the Company.

The Company has no significant operations, other than as the operating partnership's general partner, and no material assets, other than its investment in the operating partnership. In addition, certain of the guarantors (other than the Company) are holding companies that have no significant operations and no material assets other than their investments in their respective subsidiaries. These subsidiaries are separate and distinct legal entities and they have no obligation to pay any amounts due on the notes or to provide the guarantors with funds to satisfy any payment obligations with respect to the notes. Accordingly, if the issuer fails to make a payment on the notes when due, there can be no assurance that all of the guarantors will have funds to pay that amount pursuant to their respective guarantees. See "Risk Factors — Risks Related to the Exchange Notes — The Company has no significant operations, other than as the operating partnership's general partner, and no material assets, other than its investment in the operating partnership. In addition, certain of the guarantors (other than the Company) are holding companies that have no significant operations and no material assets other than their investments in their respective subsidiaries."

For additional information, see "Risk Factors — Risks Related to the Exchange Notes — The effective subordination of the exchange notes may limit our ability to satisfy our obligations under the exchange notes."

A Euro Notes Subsidiary Guarantor will be automatically released and relieved from its obligations under its guarantee and the Euro notes indenture and any supplemental indenture in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • such Euro Notes Subsidiary Guarantor no longer guaranteeing or otherwise being an obligor (or which guarantee or obligation is being simultaneously released or will be immediately released after the release of the Euro Notes Subsidiary Guarantor from its guarantee of the notes) in respect of the Principal Credit Agreement, provided that any release of such Euro Notes Subsidiary Guarantor's guarantee pursuant to this bullet point will not limit the obligation of such Euro Notes Subsidiary Guarantor to guarantee the issuer's obligations under the Euro notes indenture and the notes at any time after such release if such Subsidiary (other than if such Subsidiary is an Excluded Subsidiary) subsequently, directly or indirectly, guarantees, or otherwise becomes obligated in respect of, the Principal Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • upon the designation by the Company of such Euro Notes Subsidiary Guarantor as an Excluded Subsidiary;

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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; • such Euro Notes Subsidiary Guarantor consolidating with, merging into or transferring all of its properties or assets to another guarantor, and as a result of, or in connection with, such transaction such Euro Notes Subsidiary Guarantor dissolves or otherwise ceases to exist;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if we exercise our legal defeasance option or our covenant defeasance option or if our obligations under the Euro notes indenture are discharged in accordance with the terms of the Euro notes indenture, as described below in "— Defeasance" and "— Satisfaction and Discharge";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • upon the sale or other disposition (including by way of consolidation or merger) of such Euro Notes Subsidiary Guarantor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • upon the sale or disposition of all or substantially all of the assets of such Euro Notes Subsidiary Guarantor;

provided, however, that in the case of the fifth and sixth bullet points above, (1) such sale or other disposition is made to a person other than the Company or any of its other Subsidiaries and (2) such sale or disposition is otherwise permitted by the Euro notes indenture.

#### Merger, consolidation or sale
The issuer and each of the guarantors of the notes may consolidate with, or sell, lease or convey all or substantially all of our or its assets to, or merge with or into, any other entity, provided that the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the issuer or such guarantor, as the case may be, shall be the continuing entity, or the successor entity (if other than the issuer or such guarantor, as the case may be) formed by or resulting from any consolidation or merger or which shall have received the transfer of assets shall be domiciled in the United States, any state thereof, the District of Columbia or any other member country in the Organization for Economic Co-operation and Development or any political subdivision or governmental authority thereof, and, in the case of the issuer, shall expressly assume by supplemental indenture payment of the principal of and interest on all of the notes and the due and punctual performance and observance of all of the covenants and conditions in the Euro notes indenture or, in the case of such guarantor, shall expressly assume by supplemental indenture the payment of all amounts due under such guarantor's guarantee of the notes and the due and punctual performance and observance of all of the covenants and conditions of such guarantor in the Euro notes indenture; provided, that the foregoing requirement will not apply in the case of a Subsidiary Guarantor (x) that has been disposed of in its entirety to another person (other than to the Company or an affiliate of the Company), whether through a merger, consolidation or sale of capital stock or has sold, assigned, conveyed, transferred or leased all or substantially all of its assets or (y) that, as a result of the disposition of all or a portion of its capital stock, ceases to be a Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • immediately after giving effect to the transaction, no Event of Default under the Euro notes indenture, and no event which, after notice or the lapse of time, or both, would become an Event of Default, shall have occurred and be continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an officer's certificate and legal opinion covering these conditions shall be delivered to the trustee.

In the event of any transaction described in and complying with the conditions listed in this "— Merger, consolidation or sale," in which the issuer and/or any guarantor are not the continuing entity, the successor person formed or remaining shall succeed, and be substituted for, and may exercise every right and power of the issuer and/or such guarantor, and the issuer and/or such guarantor shall be discharged from its or their obligations under the notes and the Euro notes indenture.

This "Merger, consolidation or sale" covenant will not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • merger, consolidation, sale, assignment, conveyance, transfer, lease or other disposition of assets between or among any issuer or any guarantor; provided, however that the foregoing clause shall not apply to any merger, consolidation, sale, assignment, conveyance, transfer, lease or other disposition of assets involving the issuer where the issuer is not the continuing entity or the successor entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a merger between the Company or any of its Subsidiaries, respectively, and an affiliate of the Company or such Subsidiary incorporated or formed solely for the purpose of reincorporating or reorganizing

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the Company or such Subsidiary in another state of the United States or the District of Columbia or any other member country in the Organization for Economic Co-operation and Development or any political subdivision or governmental authority thereof.

Although there is a limited body of case law interpreting the phrase "all or substantially all," there is no precise established definition of the phrase under applicable law. Accordingly, in certain circumstances there may be a degree of uncertainty as to whether a particular transaction would involve "all or substantially all" of the property or assets of a person.

#### Events of default
The following events are "Events of Default" with respect to the notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • default for 30 days in the payment of any installment of interest under the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • default in the payment of the principal amount or redemption price due with respect to the notes, when the same becomes due and payable; provided, however, that a valid extension of the maturity of the notes in accordance with the terms of the Euro notes indenture shall not constitute a default in the payment of principal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • failure by us or any of the guarantors to comply with any of our or such guarantor's respective other agreements in the notes or the Euro notes indenture with respect to the notes upon receipt by us of notice of such default by the trustee or by holders of not less than 25% in aggregate principal amount of the notes then outstanding and our failure to cure (or obtain a waiver of) such default within 60 days after we receive such notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • failure to pay any Debt (other than Non-Recourse Debt) for monies borrowed by the issuer, any guarantor or any of their respective Significant Subsidiaries in an outstanding principal amount in excess of $100.0 million at final maturity or upon acceleration after the expiration of any applicable grace period, which Debt (other than Non-Recourse Debt) is, or has become, the primary obligation of the issuer or such guarantor and is not discharged, or such default in payment or acceleration is not cured or rescinded, within 60 days after written notice to the issuer from the trustee (or to the issuer and the trustee from holders of at least 25% in principal amount of the outstanding notes); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • certain events of bankruptcy, insolvency or reorganization, or court appointment of a receiver, liquidator or trustee of us, the Company, any other guarantor or any of their respective Significant Subsidiaries or all or substantially all of their respective property.

If an Event of Default under the Euro notes indenture with respect to the notes occurs and is continuing (other than an Event of Default specified in the last bullet above with respect to us, which shall result in an automatic acceleration), then in every case the trustee or the holders of not less than 25% in principal amount of the outstanding notes may declare the principal amount of all of the notes to be due and payable immediately by written notice thereof to us and the Company (and to the trustee if given by the holders). However, at any time after the declaration of acceleration with respect to the notes has been made, but before a judgment or decree for payment of the money due has been obtained by the trustee, the holders of not less than a majority in principal amount of outstanding notes may waive all defaults or Events of Default and rescind and annul such declaration and its consequences if all Events of Default, other than the non-payment of accelerated principal of (or specified portion thereof) or interest on the notes have been cured or waived as provided in the Euro notes indenture.

The holders of not less than a majority in principal amount of the outstanding notes may waive any past default or Event of Default with respect to the notes and its consequences, except a default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in the payment of the principal of, or the premium, if any, or interest on the notes, unless such default or Event of Default has been cured and we, the Company or any other guarantor shall have deposited with the trustee (or with a custodian or account bank appointed on behalf of the trustee) all required payments of the principal of and interest on the notes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in respect of a covenant or provision contained in the Euro notes indenture that cannot be modified or amended without the consent of the holder of each outstanding note affected thereby.

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The trustee will be required to give notice to the holders of the notes of a default or Event of Default under the Euro notes indenture unless the default or Event of Default has been cured or waived within 90 days; provided, however, that the trustee may withhold notice to the holders of the notes of any default with respect to the notes (except a default in the payment of the principal of or interest on the notes) if a responsible officer of the trustee considers the withholding to be in the interest of the holders.

No holder of the notes may institute any proceedings, judicial or otherwise, with respect to the Euro notes indenture or for any remedy thereunder, except in the case of failure of the trustee, for 60 days, to act after it has received a written request to institute proceedings in respect of an Event of Default from the holders of not less than 25% in principal amount of the outstanding notes, as well as an offer and, if requested, provision of indemnity or security satisfactory to the trustee against any loss, cost, liability or expense. This provision will not prevent, however, any holder of the notes from instituting suit for the enforcement of payment of the principal of and interest on the notes at the respective due dates thereof.

The trustee is under no obligation to exercise any of its rights or powers under the Euro notes indenture at the request or direction of any holders of the notes then outstanding under the Euro notes indenture, unless the holders shall have offered, and, if requested, provided to the trustee security or indemnity satisfactory to the trustee against any loss, cost, liability or expense. The holders of not less than a majority in principal amount of the outstanding notes (or of all notes then outstanding under the Euro notes indenture, as the case may be) shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee, or of exercising any trust or power conferred upon the trustee. The trustee, however, may refuse to follow any direction that conflicts with law or the Euro notes indenture or that the trustee determines is unduly prejudicial to the rights of any other holder or that would involve the trustee in personal liability. The Euro notes indenture provides that, if an Event of Default occurs and is continuing, the trustee will exercise its rights and powers under the Euro notes indenture, and use the same degree of care and skill in exercising the same, as a prudent person would exercise or use under the circumstances in the conduct of such person's own affairs and, to be indemnified by the holders of notes against any loss, costs liability, claim, or expense before proceeding to exercise any right or power under the Euro notes indenture at the written request of such holders. The rights of holders of the notes to pursue remedies with respect to the Euro notes indenture and the notes are subject to a number of additional requirements set forth in the Euro notes indenture.

Within 120 days after the close of each fiscal year of the Company, the issuer and the Company must deliver a certificate of an officer certifying to the trustee whether or not the officer has knowledge of any default under the Euro notes indenture and, if so, specifying each default and the nature and status thereof.

#### Defeasance

#### Legal defeasance
The Euro notes indenture provides that, unless otherwise provided by the terms of the notes, we may be discharged from any and all obligations in respect of the notes (subject to certain exceptions). We will be so discharged upon the irrevocable deposit with the trustee (or with a custodian or account bank appointed on behalf of the trustee), in trust, of cash in euro (or U.S. dollars as described above under "— Issuance in Euros; Payments on the Notes") and/or European Government Obligations (or U.S. Government Obligations as described above under "— Issuance in Euros; Payments on the Notes") that, through the payment of interest and principal in accordance with their terms, will provide money or European Government Obligations and/or U.S. Government Obligations in an amount sufficient in the opinion of a nationally recognized firm of independent public accountants or investment bank to pay and discharge each installment of principal of and premium, if any, and interest on, if any, the notes on the stated maturity of those payments in accordance with the terms of the Euro notes indenture and the notes.

This discharge may occur only if, among other things, we have delivered to the trustee an opinion of counsel stating that we have received from, or there has been published by, the IRS, a ruling or, since the date of execution of the Euro notes indenture, there has been a change in the applicable United States federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the holders of the notes will not recognize income, gain or loss for United States federal income tax purposes as a result of the deposit, defeasance and discharge and will be subject to United States federal income tax on the same

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amounts and in the same manner and at the same times as would have been the case if the deposit, defeasance and discharge had not occurred.

#### Defeasance of certain covenants
The Euro notes indenture provides that upon compliance with certain conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we may omit to comply with certain covenants set forth in the Euro notes indenture, including the covenants described under the headings "— Certain covenants" and "— Merger, consolidation or sale" and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any omission to comply with those covenants will not constitute a default or an Event of Default with respect to the notes, or covenant defeasance.

The conditions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • depositing with the trustee (or with a custodian or account bank appointed on behalf of the trustee) cash in euro (or U.S. dollars as described above under "— Issuance in Euros; Payments on the Notes") and/or European Government Obligations (or U.S. Government Obligations as described above under "— Issuance in Euros; Payments on the Notes") that, through the payment of interest and principal in accordance with their terms, will provide money in an amount sufficient in the opinion of a nationally recognized firm of independent public accountants or investment bank to pay and discharge each installment of principal of and premium, if any, and interest in respect of the notes on the stated maturity of those payments in accordance with the terms of the Euro notes indenture and the notes, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • delivering to the trustee an opinion of counsel to the effect that the holders of the notes will not recognize income, gain or loss for United States federal income tax purposes as a result of the deposit and related covenant defeasance and will be subject to United States federal income tax on the same amounts and in the same manner and at the same times as would have been the case if the deposit and related covenant defeasance had not occurred.

#### Covenant defeasance and events of default
In the event we exercise our option to effect covenant defeasance with respect to the notes and the notes are declared due and payable because of the occurrence of any Event of Default, the amount of cash in euro (or U.S. dollars as described above under "— Issuance in Euros; Payments on the Notes") and/or European Government Obligations (or U.S. Government Obligations as described above under "— Issuance in Euros; Payments on the Notes") on deposit with the trustee (or with a custodian or account bank appointed on behalf of the trustee) may not be sufficient to pay amounts due on the notes at the time of the acceleration resulting from the Event of Default. In such a case, we would remain liable for those payments.

#### Satisfaction and discharge
The Euro notes indenture will be discharged and will cease to be of further effect, subject to certain surviving rights, as provided in the Euro notes indenture, as to all outstanding notes when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all notes that have been authenticated and delivered (other than notes that have been destroyed, lost or stolen and that have been replaced or paid and notes for whose payment money has been deposited in trust and thereafter repaid) to the trustee for cancellation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all notes that have not been delivered to the trustee for cancellation: (i) have become due and payable by reason of sending a notice of redemption or otherwise; (ii) will become due and payable at their stated maturity within one year; (iii) have been called for redemption or are to be called for redemption within one year under arrangements reasonably satisfactory to the trustee for the giving of notice of redemption by the trustee in our name, and at our expense; or (iv) are deemed paid and discharged as set forth under the caption "— Defeasance — Legal Defeasance"; and we, in case of (i), (ii) or (iii), have irrevocably deposited or caused to be deposited with the trustee (or with a custodian or account bank appointed on behalf of the trustee) in trust cash in euro (or U.S.

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dollars as described above under "— Issuance in Euros; Payments on the Notes") and/or European Government Obligations (or U.S. Government Obligations as described above under "— Issuance in Euros; Payments on the Notes")that, through the payment of principal and interest in accordance with their terms, will provide cash sufficient to pay and discharge the entire indebtedness on the notes not delivered to the trustee for cancellation for principal of, and premium, if any, and interest on, the notes to the date of maturity or redemption, as the case may be, in accordance with the terms of the Euro notes indenture and the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the issuer has paid or caused to be paid all other sums payable under the Euro notes indenture by the issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the issuer has delivered to the trustee an officer's certificate and an opinion of counsel, each stating that all conditions precedent provided for in the Euro notes indenture relating to the satisfaction and discharge of the Euro notes indenture have been complied with.

#### Modification, waiver and meetings
Modifications and amendments of the Euro notes indenture with respect to the notes will be permitted to be made only with the consent of the holders of not less than a majority in principal amount of all outstanding notes; provided, however, that no modification or amendment may, without the consent of each holder affected:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reduce the amount of the notes whose holders must consent to an amendment, supplement or waiver;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reduce the rate of or extend the time for payment of interest (including default interest) on the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reduce the principal of, or premium, if any, on, or change the stated maturity of, the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • waive a default in the payment of the principal of, or premium, if any, or interest on, the notes (except a rescission of acceleration of the notes by the holders of at least a majority in aggregate principal amount of the then outstanding notes and a waiver of the payment default that resulted from such acceleration);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • make the principal of, or premium, if any, or interest on, the notes payable in any currency other than that stated in the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • make any change to certain provisions of the Euro notes indenture relating to, among other things, the right of holders of the notes to receive payment of the principal of, or premium, if any, and interest on, the notes and to institute suit for the enforcement of any such payment and to waivers or amendments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • waive a redemption payment with respect to the notes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • release the Company or any other guarantor as a guarantor of the notes other than as provided in the Euro notes indenture or modify the guarantee in any manner adverse to the holders of the notes.

Notwithstanding the foregoing, modifications and amendments of the Euro notes indenture with respect to the notes and the Intercreditor Agreement will be permitted to be made by us and the trustee without the consent of any holder of the notes for any of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to cure any ambiguity, defect or inconsistency in the Euro notes indenture; provided that this action shall not adversely affect the interests of holders of the notes in any material respect (as determined by us);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to comply with the covenants in the Euro notes indenture described under the heading "Merger, consolidation or sale";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to provide for uncertificated notes in addition to or in place of certificated notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to add guarantors with respect to the notes or secure the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to evidence a successor to us as obligor or any guarantor as guarantor under the Euro notes indenture with respect to the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to surrender any of our rights or powers under the Euro notes indenture or the Intercreditor Agreement;

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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; • to add covenants or events of default for the benefit of the holders of any notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to comply with the applicable procedures of the applicable depositary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to make any change that does not adversely affect the interests of the holders of any notes then outstanding in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to provide for the issuance of additional notes in accordance with the limitations set forth in the Euro notes indenture, or change any of the provisions of the Euro notes indenture or the Intercreditor Agreement as may be necessary to provide for or facilitate the administration of the trusts hereunder by a successor trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to effect the appointment of a successor trustee with respect to the notes and to add to or change any of the provisions of the Euro notes indenture or the Intercreditor Agreement to provide for or facilitate administration by more than one trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to comply with requirements of the SEC in order to effect or maintain the qualification of the Euro notes indenture under the Trust Indenture Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to reflect the release of any guarantor, as guarantor, in accordance with the provisions of the Euro notes indenture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to conform the text of the Euro notes indenture, any guarantee or the notes to any provision of this "Description of Euro Exchange Notes" to the extent that such provision in this "Description of Euro Exchange Notes" was intended to be a verbatim recitation of a provision of the Euro notes indenture, such guarantee or the notes (as certified in an officer's certificate).

In addition, without the consent of any holder of the notes, the Company or a Subsidiary thereof may directly assume the due and punctual payment of the principal of, any premium and interest on all the notes and the performance of every covenant of the Euro notes indenture on our part to be performed or observed. Upon any assumption, the Company or such Subsidiary (in such capacity, the "Substituted Issuer") shall succeed us, and be substituted for and may exercise every right and power of ours, under the Euro notes indenture with the same effect as if the Substituted Issuer had been the issuer of the notes, and the issuer shall be released from all obligations and covenants with respect to the notes. No assumption shall be permitted unless (1) the Company has delivered to the trustee an officer's certificate and an opinion of counsel, stating, among other things, that (A) the guarantee of each guarantor (other than, if the Substituted Issuer is a guarantor, the Substituted Issuer) remains in full force and effect and (B) the other covenants of the Company remain in full force and effect, (2) immediately after giving effect to such substitution, no Event of Default, and no event which, after notice or the lapse of time or both, would become an Event of Default, shall have occurred and be continuing and (3) if any notes are then listed on Nasdaq, that the notes shall not be delisted as a result of the assumption or, that the notes shall be promptly relisted thereon or another internationally recognized stock exchange.

In determining whether the holders of the requisite principal amount of outstanding notes have given any request, demand, authorization, direction, notice, consent or waiver thereunder or whether a quorum is present at a meeting of holders of notes, the Euro notes indenture provides that notes owned by us, any guarantor or any other obligor upon the notes or any affiliate of ours, such guarantor or any of the other obligors known to a responsible officer of the trustee shall be disregarded.

The Euro notes indenture contains provisions for convening meetings of the holders of notes. A meeting will be permitted to be called at any time by the trustee, and also, upon request, by us or the Company or the holders of at least 10% in principal amount of the outstanding notes, in any case upon notice given as provided in the Euro notes indenture. Except for any consent that must be given by the holder of each note affected by certain modifications and amendments of the Euro notes indenture, any resolution presented at a meeting or adjourned meeting duly reconvened at which a quorum is present will be permitted to be adopted only by the affirmative vote of the holders of a majority in principal amount of the outstanding notes; provided, however, that, except as referred to above, any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other action that may be made, given or taken by the holders of a specified percentage, which is less than a majority, in principal amount of the outstanding notes may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present by the

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affirmative vote of the holders of the specified percentage in principal amount of the outstanding notes. Any resolution passed or decision taken at any meeting of holders of notes duly held in accordance with the Euro notes indenture will be binding on all holders of the notes. The quorum at any meeting called to adopt a resolution, and at any reconvened meeting, will be holders holding or representing a majority in principal amount of the outstanding notes; provided, however, that if any action is to be taken at the meeting with respect to a consent or waiver which may be given by the holders of not less than a specified percentage in principal amount of the outstanding notes, holders holding or representing the specified percentage in principal amount of the outstanding notes will constitute a quorum.

Notwithstanding the foregoing provisions, any action to be taken at a meeting of holders of the notes with respect to any action that the Euro notes indenture expressly provides may be taken by the holders of a specified percentage which is less than a majority in principal amount of the outstanding notes may be taken at a meeting at which a quorum is present by the affirmative vote of holders of the specified percentage in principal amount of the outstanding notes.

The notes and the securities of any other series under the Euro notes indenture will vote together as a single class in many circumstances. To the extent that any other securities are issued under the Euro notes indenture and denominated in a currency other than euro, the principal amount of the notes and such other securities for purposes of any act, consent or waiver under the Euro notes indenture shall be determined as the dollar equivalent thereof, converted based on the spot rate (as determined by the issuer in its discretion) at 11:00 a.m. New York City time on the business day before the record date for such meeting, act, waiver or consent (or, if there is no such record date, the date when such meeting, act, consent or waiver is taken).

#### Trustee
U.S. Bank Trust Company, National Association will initially act as the trustee, registrar and transfer agent and U.S. Bank Europe DAC will act as paying agent for the notes, subject to replacement at the issuer's option as provided in the Euro notes indenture. U.S. Bank Trust Company, National Association and U.S. Bank Europe DAC, in each of its respective capacities, including without limitation as trustee, registrar, transfer agent and paying agent for the notes, assumes no responsibility for the accuracy and completeness of the information concerning us or our affiliates or any other party contained in this document or the related documents, or for any failure by us or any other party to disclose events that may have occurred and may affect the significance or accuracy of such information. The trustee or its affiliates may from time to time in the future provide banking and other services to us in the ordinary course of their business.

If an Event of Default occurs and is continuing, the trustee will be required to use the degree of care and skill of a prudent person would exercise or use under the circumstances in the conduct of its own affairs. The trustee will become obligated to exercise any of its powers under the Euro notes indenture at the written request of any of the holders of the required percentage under the Euro notes indenture of holders of the notes only after those holders have offered, and, if requested, provided the trustee indemnity or security satisfactory to it.

If the trustee becomes one of our creditors, it will be subject to limitations on its rights to obtain payment of claims or to realize on some property received for any such claim, as security or otherwise. The trustee is permitted to engage in other transactions with the issuer. If, however, it acquires any conflicting interest, it must eliminate that conflict or resign.

#### No conversion or exchange rights
The notes will not be convertible into or exchangeable for any securities or equity interests of the issuer, the Company or any other guarantor.

#### Intercreditor Agreement
The trustee is a party to the Intercreditor Agreement, which may be amended from time to time without the consent of the holders of the notes, including to add other parties holding additional indebtedness permitted to be incurred under the Euro notes indenture, the Principal Credit Agreement, the USD notes indenture and the Senior Unsecured Notes.

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Pursuant to the Intercreditor Agreement, each Creditor agrees that from or after the occurrence of an Event of Default under the Euro notes indenture, an event of default under the Principal Credit Agreement, an event of default under the USD notes indenture, an event of default under the Senior Unsecured Notes or an event of default under any Additional Indebtedness (as defined in the Intercreditor Agreement) any payment received from an Obligor (as defined in the Intercreditor Agreement) will be shared amongst the Creditors pro rata based on the proportion of indebtedness held by each Creditor relative to the total amount of indebtedness subject to the Intercreditor Agreement.

#### No Personal Liability of Trustees, Officers, Employees and Stockholders
Except as provided in the Euro notes indenture, no past, present or future trustee, officer, employee, incorporator, stockholder or partner of the issuer or any guarantor, as such, will have any liability for any of the issuer's obligations or those of the guarantors under the notes or the Euro notes indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each holder of notes by accepting a note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the notes. The waiver may not be effective to waive liabilities under the federal securities laws.

#### Notices
Notices to holders of the notes will be given pursuant to the procedures in the Euro notes indenture.

#### Governing Law
The Euro notes indenture and the Intercreditor Agreement are, and the notes will be, governed by, and construed in accordance with, the laws of the State of New York.

#### Definitions
Capitalized terms used in this "Description of Euro Exchange Notes" shall have the meanings ascribed to them under the heading "Description of USD Exchange Notes — Definitions," unless separately defined below. In addition, as used in this "Description of Euro Exchange Notes," the following defined terms have the meanings indicated:

"European Government Obligations" means (A) any security that is (1) a direct and unconditional obligation of the European Union, (2) backed by the European Union's budgetary and cash resources and by the European Commission's right to call for additional resources from member states, (3) a direct obligation of any member state of the European Union, for the payment of which the full-faith-and-credit of such country is pledged or (4) an obligation of a person controlled or supervised by and acting as an agency or instrumentality of any such country, the payment of which is unconditionally guaranteed as a full-faith-and-credit obligation by such country, which, in any case under the preceding clauses (1) through (4), is not callable or redeemable at the option of the issuer thereof and (B) certificates, depositary receipts or other instruments which evidence a direct ownership interest in obligations described in clause (A) above or in any specific principal or interest payments due in respect thereof.

"Excluded Subsidiary" means any Subsidiary that is (i) a CFC or CFC Holding Company, (ii) a Subsidiary of a CFC, (iii) any other entity if the provision of a guarantee by such entity would reasonably be expected to result in material adverse tax consequences to the Company or its Subsidiaries as reasonably determined by the Company or (iv) prohibited, by applicable law, rule or regulation or by any contractual obligation existing on the date of the Euro notes indenture or existing at the time of acquisition thereof after the date of the Euro notes indenture (so long as such prohibition did not arise as part of such acquisition), in each case, from guaranteeing the notes or which would require governmental (including regulatory) consent, approval, license or authorization to provide a guarantee unless such consent, approval, license or authorization has been received (but without obligation to seek the same).

#### Book-Entry Procedures
 *Global Clearance and Settlement* 

The notes will be issued in the form of one or more global notes (each a "global note") in fully registered form, without coupons, that will be deposited with, or on behalf of, a common depositary, and registered in

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the name of the nominee of the common depositary, for the account of, and in respect of interests held through, Euroclear and Clearstream. Except as described herein, certificates will not be issued in exchange for beneficial interests in the global notes.

Except as set forth below, the global notes may be transferred, in whole and not in part, only to a common depositary for Euroclear or Clearstream or their nominee.

Beneficial interests in the global notes will be represented, and transfers of such beneficial interests will be effected only through, records maintained by Euroclear and/or Clearstream and their direct and indirect participants, as applicable. Those beneficial interests will be in denominations of €100,000 and integral multiples of €1,000 in excess thereof. Investors may hold notes directly through Euroclear or Clearstream, if they are participants in such systems, or indirectly through organizations that are participants in such systems. It is possible that the clearing systems may process trades that could result in amounts being held in denominations smaller than the minimum denominations. If definitive notes are required to be issued in relation to such notes in accordance with the provisions of the relevant global notes, a holder who does not have the minimum denomination or a multiple of €1,000 in excess thereof in its account with the relevant clearing system at the relevant time may not receive all of its entitlement in the form of definitive notes unless and until such time as its holding satisfies the minimum denomination requirement.

Owners of beneficial interests in the global notes will not be entitled to have notes registered in their names, and will not receive or be entitled to receive physical delivery of notes in definitive form. Except as provided below, beneficial owners will not be considered the owners or holders of the notes under the Euro notes indenture, including for purposes of receiving any reports delivered by us or the trustee pursuant to the Euro notes indenture. Accordingly, each beneficial owner must rely on the procedures of the clearing systems and, if such person is not a participant of the clearing systems, on the procedures of the participant through which such person owns its interest, to exercise any rights of a holder under the Euro notes indenture. Under existing industry practices, if we request any action of holders or a beneficial owner desires to give or take any action which a holder is entitled to give or take under the Euro notes indenture, the clearing systems would authorize their participants holding the relevant beneficial interests to give or take action and the participants would authorize beneficial owners owning through the participants to give or take such action or would otherwise act upon the instructions of beneficial owners. Conveyance of notices and other communications by the clearing systems to their participants, by the participants to indirect participants and by the participants and indirect participants to beneficial owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. The laws of some jurisdictions require that certain purchasers of securities take physical delivery of such securities in certificated form. These limits and laws may impair the ability to transfer beneficial interests in global notes.

Persons who are not Euroclear or Clearstream participants may beneficially own notes held by the common depositary for Euroclear and Clearstream only through direct or indirect participants in Euroclear and Clearstream. So long as the common depositary for Euroclear and Clearstream is the registered owner of the global note, the common depositary for all purposes will be considered the sole holder of the notes represented by the global note under the Euro notes indenture and the global notes.

 *Certificated Notes* 

If the applicable depositary is at any time unwilling or unable to continue as depositary for any of the global notes and a successor depositary is not appointed by us within 90 days, or if we have been notified that both Clearstream and Euroclear have been closed for business for a continuous period of 14 days (other than by reason of holiday, statutory or otherwise) or have announced an intention permanently to cease business or have in fact done so and no successor clearing system is available, we will issue the notes in definitive registered form in exchange for the applicable global notes. We will also issue the notes in definitive registered form in exchange for the global notes if an event of default has occurred with regard to the notes represented by the global notes and has not been cured or waived. In addition, we may at any time and in our sole discretion determine not to have the notes represented by the global notes and, in that event, will issue the notes in definitive registered form in exchange for the global notes. In any such instance, an owner of a beneficial interest in the global notes will be entitled to physical delivery in definitive registered form of the notes represented by the global notes equal in principal amount to such beneficial interest and to have such notes registered in its name. The notes so issued in definitive form will be issued as registered in minimum

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denominations of €100,000 and integral multiples of €1,000 in excess thereof, unless otherwise specified by us. The notes in definitive form can be transferred by presentation for registration to the registrar at our office or agency for such purpose and must be duly endorsed by the holder or such holder's attorney duly authorized in writing, or accompanied by a written instrument or instruments of transfer in form satisfactory to us or the registrar duly executed by the holder or such holder's attorney duly authorized in writing. We may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer of definitive notes.

 *Clearing Systems* 

We have been advised by Euroclear and Clearstream, respectively, as follows:

*Euroclear.* Euroclear advises that it was created in 1968 to hold securities for its participants and to clear and settle transactions between Euroclear participants through simultaneous electronic book-entry delivery against payment, thereby eliminating the need for physical movement of certificates and any risk from lack of simultaneous transfers of securities and cash. Euroclear provides various other services, including securities lending and borrowing, and interfaces with domestic markets in several countries. All operations are conducted by Euroclear Bank, SA/NV and all Euroclear securities clearance accounts and Euroclear cash accounts are accounts with Euroclear Bank, not the cooperative. The cooperative establishes policy for Euroclear on behalf of Euroclear participants. Euroclear participants include banks (including central banks), securities brokers and dealers and other professional financial intermediaries ("Euroclear participants"). Indirect access to Euroclear is also available to other firms that clear through or maintain a custodial relationship with a Euroclear participant, either directly or indirectly.

Securities clearance accounts and cash accounts with the Euroclear Bank are governed by the Terms and Conditions Governing Use of Euroclear and the related Operating Procedures of the Euroclear System, and applicable Belgian law (collectively, the "Euroclear terms and conditions"). The Euroclear terms and conditions govern transfers of securities and cash within Euroclear, withdrawals of securities and cash from Euroclear, and receipts of payment with respect to securities in Euroclear. All securities in Euroclear are held on a fungible basis without attribution of specific certificates to specific securities clearance accounts. The Euroclear Bank acts under the Euroclear terms and conditions only on behalf of Euroclear participants, and has no record of or relationship with persons holding through Euroclear participants.

Distributions with respect to notes held beneficially through Euroclear will be credited to the cash accounts of Euroclear participants in accordance with the Euroclear terms and conditions, to the extent received by the Euroclear Bank and by Euroclear.

*Clearstream*. Clearstream advises that it is incorporated under the laws of Luxembourg as a professional depositary. Clearstream holds securities for Clearstream participants, and facilitates the clearance and settlement of securities transactions between Clearstream participants through electronic book-entry changes in accounts of Clearstream participants, thereby eliminating the need for physical movement of certificates. Clearstream provides to its participants, among other things, services for safekeeping, administration, clearance and settlement of internationally traded securities and securities lending and borrowing. Clearstream also deals with domestic securities markets in several countries. As a professional depositary, Clearstream is subject to regulation by the Luxembourg Monetary Institute. Clearstream participants are financial institutions around the world, including securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations. Indirect access to Clearstream is also available to others, such as banks, brokers, dealers and trust companies that clear through, or maintain a custodial relationship with, a Clearstream participant either directly or indirectly.

Distributions with respect to the notes held beneficially through Clearstream will be credited to cash accounts of Clearstream participants in accordance with its rules and procedures, to the extent received by Clearstream.

 *Euroclear and Clearstream Arrangements* 

So long as Euroclear or Clearstream or their nominee or their common depositary is the registered holder of the global notes, Euroclear, Clearstream or their nominee or their common depositary is the registered

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holder of the global notes, Euroclear, Clearstream or such nominee, as the case may be, will be considered the sole owner or holder of the notes represented by such notes for all purposes under the Euro notes indenture and the notes. Payments of principal, interest and premium, if any, in respect of the global notes will be made to Euroclear, Clearstream, such nominee or such common depositary, as the case may be, as registered holder thereof. None of us, the trustee, the paying agent and any affiliate of any of the above or any person by whom any of the above is controlled (as such term is defined in the Securities Act) will have any responsibility or liability for any records relating to or payments made on account of beneficial ownership interests in the global notes or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.

Distributions of principal, premium, if any, and interest with respect to the global note will be credited in euros to the extent received by Euroclear or Clearstream from the trustee (or with a custodian or account bank appointed on behalf of the trustee) or the paying agent, as applicable, to the cash accounts of Euroclear or Clearstream customers in accordance with the relevant system's rules and procedures.

Because Euroclear and Clearstream can only act on behalf of participants, who in turn act on behalf of indirect participants, the ability of a person having an interest in the global notes to pledge such interest to persons or entities which do not participate in the relevant clearing system, or otherwise take actions in respect of such interest, may be affected by the lack of a physical certificate in respect of such interest.

The holdings of book-entry interests in the global notes through Euroclear and Clearstream will be reflected in the book-entry accounts of each such institution. As necessary, the registrar will adjust the amounts of the global notes on the register for the accounts of the common depositary to reflect the amounts of notes held through Euroclear and Clearstream, respectively.

 *Initial Settlement* 

Investors holding their notes through Euroclear or Clearstream accounts will follow the settlement procedures applicable to conventional eurobonds in registered form. Subject to applicable procedures of Clearstream and Euroclear, notes will be credited to the securities custody accounts of Euroclear and Clearstream holders on the settlement date against payment for value on the settlement date.

 *Secondary Market Trading* 

Because the purchaser determines the place of delivery, it is important to establish at the time of trading of any notes where both the purchaser's and seller's accounts are located to ensure that settlement can be made on the desired value date.

Secondary market sales of book-entry interests in the notes held through Euroclear or Clearstream to purchasers of book-entry interests in the global notes through Euroclear or Clearstream will be conducted in accordance with the normal rules and operating procedures of Euroclear and Clearstream and will be settled using the procedures applicable to conventional eurobonds in same-day funds.

 *Special Timing Considerations* 

You should be aware that investors will only be able to make and receive deliveries, payments and other communications involving the notes through Euroclear and Clearstream on days when those systems are open for business. Those systems may not be open for business on days when banks, brokers and other institutions are open for business in the United States.

In addition, because of time-zone differences there may be problems with completing transactions involving Euroclear and Clearstream on the same business day as in the United States. U.S. investors who wish to transfer their interests in the notes, or to make or receive a payment or delivery of the notes, on a particular day, may find that the transactions will not be performed until the next business day in Luxembourg or Brussels, depending on whether Euroclear or Clearstream is used.

Euroclear and Clearstream will credit payments to the cash accounts of Euroclear participants or Clearstream customers in accordance with the relevant system's rules and procedures, to the extent received by its depositary. Clearstream or the Euroclear Operator, as the case may be, will take any other action permitted

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to be taken by a holder under the Euro notes indenture on behalf of a Euroclear participant or Clearstream customer only in accordance with its relevant rules and procedures.

Euroclear and Clearstream have agreed to the foregoing procedures in order to facilitate transfers of the notes among participants of Euroclear and Clearstream. However, they are under no obligation to perform or continue to perform those procedures, and they may discontinue those procedures at any time.

The information in this section concerning Euroclear and Clearstream and their book-entry systems has been obtained from sources that we believe to be reliable, but we take no responsibility for the accuracy of that information. In addition, the description of the clearing systems in this section reflects our understanding of the rules and procedures of Clearstream and Euroclear as they are currently in effect. Those clearing systems could change their rules and procedures at any time.

None of the issuer, the guarantors or the trustee will have any responsibility or liability for any aspect of the records relating to or payments made on account of the beneficial interests in a global note, or for maintaining, supervising or reviewing any records relating to such beneficial interests.

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#### MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS
The following discussion is a summary of the material U.S. federal income tax consequences of the exchange of old notes for exchange notes pursuant to the exchange offer, but does not purport to be a complete analysis of all potential tax effects. The effects of other U.S. federal tax laws, such as estate and gift tax laws, and any applicable state, local or foreign tax laws are not discussed. This discussion is based on the Code, Treasury Regulations promulgated thereunder, judicial decisions, and published rulings and administrative pronouncements of the U.S. Internal Revenue Service (the "IRS"), in each case in effect as of the date hereof. These authorities may change or be subject to differing interpretations. Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect a holder of old notes or exchange notes. We have not sought and will not seek any rulings from the IRS regarding the matters discussed below. There can be no assurance the IRS or a court will not take a contrary position to that discussed below regarding the tax consequences of the exchange of old notes for exchange notes pursuant to the exchange offer.

This discussion does not address all U.S. federal income tax consequences relevant to a holder's particular circumstances, including the impact of the Medicare contribution tax on net investment income or any alternative minimum tax. In addition, it does not address consequences relevant to holders subject to special rules, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • U.S. expatriates and former citizens or long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • United States persons (as defined in the Code) whose functional currency is not the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons holding old notes or exchange notes as part of a hedge, straddle or other risk reduction strategy or as part of a conversion transaction or other integrated investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • banks, insurance companies, and other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • REITs or regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • brokers, dealers or traders in securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "controlled foreign corporations," "passive foreign investment companies," and corporations that accumulate earnings to avoid U.S. federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • S corporations, partnerships or other entities or arrangements treated as partnerships for U.S. federal income tax purposes (and investors therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • tax-exempt organizations or governmental organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons subject to special tax accounting rules as a result of any item of gross income with respect to old notes or exchange notes being taken into account in an applicable financial statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons deemed to sell old notes or exchange notes under the constructive sale provisions of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • tax-qualified retirement plans.

If an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds old notes or exchange notes, the tax treatment of a partner in the partnership will depend on the status of the partner, the activities of the partnership and certain determinations made at the partner level. Accordingly, partnerships holding old notes or exchange notes and the partners in such partnerships should consult their tax advisors regarding the U.S. federal income tax consequences to them.

THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT TAX ADVICE. INVESTORS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES OF THE EXCHANGE OF OLD NOTES FOR EXCHANGE NOTES ARISING UNDER OTHER U.S. FEDERAL TAX LAWS (INCLUDING ESTATE AND GIFT TAX LAWS), UNDER THE LAWS OF ANY STATE, LOCAL OR NON-U.S. TAXING JURISDICTION OR UNDER ANY APPLICABLE TAX TREATY.

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#### Exchange Pursuant to the Exchange Offer
The exchange of old USD notes for USD exchange notes, and the exchange of old Euro notes for Euro exchange notes, in each case pursuant to the exchange offer will not be treated as an "exchange" for U.S. federal income tax purposes because the applicable exchange notes will not be considered to differ materially in kind or extent from the corresponding old notes. Accordingly, the exchange of old USD notes for USD exchange notes, and the exchange of old Euro notes for Euro exchange notes, will not be a taxable event to holders for U.S. federal income tax purposes. Moreover, the applicable exchange notes will have the same tax attributes as the corresponding old notes exchanged therefor and the same U.S. federal income tax consequences to holders as the corresponding old notes have to holders, including without limitation, the same issue price, tax basis and holding period.

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#### CERTAIN MATERIAL DUTCH TAX CONSIDERATIONS
This section only outlines certain material Dutch tax consequences for non-residents of the Netherlands of the exchange of old Euro notes for Euro exchange notes pursuant to the exchange offer. This section does not purport to describe all possible tax considerations or consequences that may be relevant to a holder of old Euro notes and does not purport to deal with the tax consequences applicable to all categories of investors, some of which (such as trusts or similar arrangements) may be subject to special rules. In view of its general nature, this section should be treated with corresponding caution.

This section is based on the tax laws of the Netherlands, published regulations thereunder and published authoritative case law, all as in effect on the date hereof, and all of which are subject to change, possibly with retroactive effect. Any such change may invalidate the contents of this section, which will not be updated to reflect such change. Where this section refers to the "Netherlands" or "Dutch" it refers only to the part of the Kingdom of the Netherlands located in Europe.

This section is intended as general information only and is not Dutch tax advice or a complete description of all Dutch tax consequences relating to the exchange of the old Euro notes for Euro exchange notes pursuant to the exchange offer. Holders of old Euro notes should consult their own tax advisor regarding the Dutch tax consequences relating to the exchange of the old Euro notes for Euro exchange notes in light of their particular circumstances.

Please note that this section does not describe the Dutch tax consequences for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) a holder of old Euro notes, if such holder is an individual resident or deemed to be resident of the Netherlands for Dutch personal income tax purposes (a "Dutch Resident Individual");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) a holder of old Euro notes, if such holder is an entity resident or deemed to be resident of the Netherlands for Dutch corporate income tax purposes (a "Dutch Resident Entity");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) a holder of old Euro notes, if such holder has a substantial interest (*aanmerkelijk belang*) or deemed substantial interest (*fictief aanmerkelijk belang*) in Lineage Europe under the Dutch Income Tax Act 2001 (*Wet inkomstenbelasting 2001*). Generally, a holder is considered to hold a substantial interest in Lineage Europe if such holder alone or, in the case of an individual, together with such holder's partner for Dutch income tax purposes, or any relatives by blood or marriage in the direct line (including foster children), directly or indirectly, holds (i) an interest of 5% or more of the total issued and outstanding capital of the issuer or of 5% or more of the issued and outstanding capital of a certain class of shares; or (ii) rights to acquire, directly or indirectly, such interest; or (iii) certain profit sharing rights in Lineage Europe that relate to 5% or more of Lineage Europe's annual profits or to 5% or more of Lineage Europe's liquidation proceeds. A deemed substantial interest may arise if a substantial interest (or part thereof) has been disposed of, or is deemed to have been disposed of, on a non-recognition basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) pension funds, investment institutions (*fiscale beleggingsinstellingen*) and tax-exempt investment institutions (*vrijgestelde beleggingsinstellingen*) (each as defined in the Dutch Corporate Income Tax Act 1969) and other entities that are, in whole or in part, not subject to or exempt from Dutch corporate income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) a holder of old Euro notes, if such holder is an individual for whom the old Euro notes or any benefit derived from the old Euro notes is a remuneration or deemed to be a remuneration for activities performed by such holder or certain individuals related to such holder (as defined in the Dutch Income Tax Act 2001); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vi) a holder of old Euro notes, if such holder is an entity resident in Aruba, Curaçao, or Sint Maarten, conducting a business through a permanent establishment (*vaste inrichting*) or permanent representative (*vaste vertegenwoordiger*) in Bonaire, Sint Eustatius, or Saba, to which the old Euro notes are attributable.

#### Exchange Pursuant to the Exchange Offer
 *Non-residents of the Netherlands* 

A holder of old Euro notes that is neither a Dutch-Resident Individual nor a Dutch-Resident Entity will not be subject to Dutch income tax in respect of income derived or deemed to be derived from the exchange of

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the old Euro notes or in respect of capital gains realized on the disposal or deemed disposal of the old Euro notes as part of the exchange offer, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) such holder does not have an interest in an enterprise or deemed enterprise (as defined in the Dutch Income Tax Act 2001 and the Dutch Corporate Income Tax Act 1969, as applicable) which, in whole or in part, is either effectively managed in the Netherlands or carried on through a permanent establishment, a deemed permanent establishment or a permanent representative in the Netherlands and to which enterprise or part of an enterprise the old Euro notes are attributable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) in the event the holder is an individual, such holder does not carry out any activities in the Netherlands with respect to the old Euro notes that go beyond ordinary asset management and does not otherwise derive benefits from the old Euro notes that are taxable as benefits from miscellaneous activities in the Netherlands.

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#### CERTAIN AUSTRALIAN, CANADIAN AND DUTCH TAX CONSIDERATIONS RELATING TO THE GUARANTEES

#### Australian Tax Considerations
The following is a general discussion of certain anticipated Australian tax consequences which will generally be applicable to payments made by the Australian resident guarantors under the guarantees to a holder who is a resident of the U.S. or is not a resident of Australia for Australian tax purposes and who does not purchase, own, dispose of, or derive the interest on the exchange notes in carrying on business at or through a permanent establishment in Australia for Australian tax purposes (the "Non-Australian Holder"). This summary reflects the current provisions of the *Income Tax Assessment Act 1936* (Cth) (Australia) (the "Australian Tax Act"), the *Income Tax Assessment Act 1997* (Cth) (Australia) and the *Taxation Administration Act 1953* (Cth) (Australia).

The matters contained in this summary are not comprehensive of all possible Australian tax considerations that could apply to particular holders. Each holder's individual circumstances will vary and each holder should seek expert advice on all Australian tax considerations that may be applicable to their own circumstances.

#### Payments under guarantees by Australian resident guarantors
The guarantors may be required to make payments under the guarantees in the event of default by the operating partnership. Such payments by guarantors resident in Australia may be subject to Australian interest withholding tax depending on whether or not the amounts are characterized as interest, in the nature of interest or in substitution of interest. If an amount is not so characterized, the Australian resident guarantors would not have an obligation to deduct from such payments an amount on account of Australian interest withholding tax.

Australian interest withholding tax is generally payable at a rate of 10% of the gross amount of interest paid to a Non-Australian Holder, unless an exemption is available. While it is not finally resolved under Australian law whether a payment made under a guarantee falls under this definition of interest, the Australian Taxation Office has issued a Taxation Determination TD 1999/26, that states that it will regard a payment made by a guarantor (in respect of interest on debentures such as the exchange notes) as being in the nature of interest or in substitution of interest and therefore subject to Australian interest withholding tax. Consequently, the Commissioner may seek to collect Australian interest withholding tax on any payments made by an Australian resident guarantor to a Non-Australian Holder under a guarantee to the extent that the payments relate to unpaid interest obligations (but not to the extent they relate to unpaid principal amounts). However, there is some doubt as to whether the Taxation Determination TD 1999/26 applies in the context of the guarantee and whether the reasoning adopted in the Taxation Determination TD 1999/26 is strictly correct.

If it is ultimately determined that Australian interest withholding tax applies in these circumstances, a Non-Australian Holder may be entitled to additional amounts which will result, after withholding of such taxes, in the payment of the amounts which would have been payable under the guarantees had no such withholding been required.

#### Other Australian tax matters
Under Australian laws as presently in effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *income tax* — payments of principal and interest to a Non-Australian Holder will not generally be subject to Australian income taxes, unless the payment is made by an Australian resident guarantor (in which case please see "— Payments under guarantees by Australian resident guarantors" above);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *supply withholding tax* — any payments made by an Australian resident guarantor should be made free and clear of the "supply withholding tax" imposed under section 12-190 of Schedule 1 to the *Taxation Administration Act 1953* (Cth) (Australia);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *garnishee notices* — the Australian Taxation Office ("ATO") has the power to issue notices requiring any person who owes, or who may later owe, money to a taxpayer who has a tax-related liability, to pay

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to the ATO the money owed to the taxpayer. If an Australian resident guarantor is served with such a notice in respect of a holder, then the Australian resident guarantor will comply with that notice and will make any deduction required by that notice and will not be required to pay any additional amount to the holder on account of the amount withheld and paid to the ATO; and

*additional withholdings from certain payments to non-residents* — section 12-315 of Schedule 1 to the *Taxation Administration Act 1953* (Cth) (Australia) gives the Governor-General power to make regulations requiring withholding from certain payments to non-residents. This should only be relevant to the extent that any payments are made by an Australian resident guarantor. However, the regulations promulgated prior to the date of this prospectus are not relevant to any payments in respect of the exchange notes. Any further regulations should also not apply to repayments of principal under the exchange notes, or the guarantee.

#### Exchange Pursuant to the Exchange Offer
The exchange of the old notes for the exchange notes pursuant to the exchange offer will not change the Australian interest withholding tax consequences of any payments made an Australian guarantor in respect of the exchange notes. As a result, the exchange notes will have the same Australian interest withholding tax consequences as the old notes. Furthermore, any gain on the exchange of the old notes for the exchange notes should not be subject to tax in Australia provided the holder of the old notes is not an Australian resident or a foreign resident with a permanent establishment in Australia who holds the old notes as part of carrying on business in Australia.

#### Certain Canadian Federal Income Tax Considerations
The following is, as of the date hereof, a summary of certain material Canadian federal income tax considerations generally applicable to a holder of old notes who acquires exchange notes pursuant to the exchange offer that receives, under the terms of the exchange notes, a payment of an amount from a guarantor that is for purposes of the *Income Tax Act* (Canada) (the "Canada Act") resident in Canada (a "Guarantee Payment"), and who, at all relevant times, for purposes of the Canada Act and any applicable income tax treaty or convention (i) is not, and is not deemed to be, resident in Canada, (ii) deals at arm's length with the applicable issuer and each of the guarantors, (iii) is neither (a) a "specified shareholder", as defined in subsection 18(5) of the Canada Act, of Lineage Europe, a member of the operating partnership, the guarantors or of any of their partners, nor (b) a person not dealing at arm's length with a specified shareholder of Lineage Europe, a member of the operating partnership, any of the guarantors or of any of their partners, and (iv) does not use or hold, and is not deemed to use or hold, the exchange notes in a business carried on in Canada (a "Non-Canadian Holder"). Special rules, which are not discussed in this summary, may apply to a Non-Canadian Holder that is an insurer that carries on an insurance business in Canada and elsewhere. This summary also assumes that no amount paid or payable in respect of the exchange notes will be the deduction component of a "hybrid mismatch arrangement" (as defined in subsection 18.4(1) of the Canada Act) under which the payment arises within the meaning of paragraph 18.4(3)(b) of the Canada Act.

This summary is based on the provisions of the Canada Act and the regulations made thereunder ("Regulations"), all specific proposals to amend the Canada Act or Regulations publicly announced by or on behalf of the Minister of Finance in writing prior to the date hereof ("Proposed Amendments"), and counsel's understanding of the current administrative policies of the Canada Revenue Agency ("CRA") published in writing by the CRA prior to the date hereof. This summary assumes the Proposed Amendments will be enacted in the form proposed, however, no assurance can be given that the Proposed Amendments will be enacted in the form proposed, if at all.

This summary is not exhaustive of all possible Canadian federal income tax considerations and, except for the Proposed Amendments, does not take into account any changes in the law, whether by legislative, governmental or judicial decision or action or changes in the administrative policies of the CRA, nor does it take into account other federal or any provincial, territorial or foreign tax considerations, which may differ significantly from those discussed herein.

 **This summary is of a general nature only and is not intended to be, nor should it be construed to be, legal or tax advice to any particular Non-Canadian Holder, and no representations with respect to the Canadian federal income tax consequences to any Non-Canadian Holder are made. Consequently, Non-Canadian Holders should** 

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 **consult their own tax advisors for advice with respect to the tax consequences to them of acquiring the exchange notes pursuant to this exchange offer, having regard to their particular circumstances.** 

The exchange of the old notes for the exchange notes pursuant to the exchange offer will not change the Canadian withholding tax consequences of a Guarantee Payment in respect of the exchange notes. As a result, the exchange notes will have the same Canadian withholding tax consequences as the old notes.

#### Material Dutch Withholding Tax Considerations

#### Scope of Discussion
 *This section only outlines certain material Dutch withholding tax consequences of payments of principal or interest made by a Dutch guarantor in respect of the exchange notes. This section does not purport to describe all possible tax considerations or consequences that may be relevant to a holder or prospective holder of exchange notes and does not purport to deal with the tax consequences applicable to all categories of investors, some of which (such as trusts or similar arrangements) may be subject to special rules. In view of its general nature, this section should be treated with corresponding caution.* 

This section is based on the tax laws of the Netherlands, published regulations thereunder and published authoritative case law, all as in effect on the date hereof, including, for the avoidance of doubt, the tax rates, tax brackets and deemed returns applicable on the date hereof, and all of which are subject to change, possibly with retroactive effect. Any such change may invalidate the contents of this section, which will not be updated to reflect such change. Where this section refers to the "Netherlands" or "Dutch" it refers only to the part of the Kingdom of the Netherlands located in Europe.

This section is intended as general information only and is not Dutch tax advice or a complete description of all Dutch tax consequences relating to the acquisition, holding and disposal of the exchange notes. Holders or prospective holders of exchange notes should consult their own tax advisor regarding the Dutch tax consequences relating to the acquisition, holding and disposal of the exchange notes in light of their particular circumstances.

This section does not describe any Dutch tax considerations or consequences arising from the Dutch Minimum Tax Act 2024 (*Wet minimumbelasting 2024*; the Dutch implementation of Directive (EU) 2022/2523 of 14 December 2022 on ensuring a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the European Union) which may be relevant for a particular holder.

#### Exchange Pursuant to the Exchange Offer
The exchange of the old notes for the exchange notes pursuant to the exchange offer will not change the Dutch withholding tax consequences of any payments made a Dutch guarantor in respect of the exchange notes. As a result, the exchange notes will have the same Dutch withholding tax consequences as the old notes.

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#### PLAN OF DISTRIBUTION
Each broker-dealer that receives exchange notes for its own account in the exchange offer must acknowledge that it will deliver a prospectus in connection with any resale of exchange notes. This prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of exchange notes received in exchange for old notes where old notes were acquired as a result of market-making activities or other trading activities. We have agreed that, for a period of 180 days after the expiration date, we will make this prospectus, as amended or supplemented, available to any broker-dealer for use in connection with any resale of exchange notes received by it in exchange for old notes.

We will not receive any proceeds from any sale of exchange notes by broker-dealers.

Exchange notes received by broker-dealers for their own account in the exchange offer may be sold from time to time in one or more transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in the over-the-counter market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in negotiated transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • through the writing of options on the new notes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a combination of those methods of resale,

at market prices prevailing at the time of resale, at prices related to prevailing market prices or negotiated prices.

Any resale may be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • directly to purchasers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to or through brokers or dealers who may receive compensation in the form of commissions or concessions from any broker-dealer or the purchasers of any new notes.

Any broker-dealer that resells exchange notes that were received by it for its own account in the exchange offer and any broker or dealer that participates in a distribution of those exchange notes may be considered to be an "underwriter" within the meaning of the Securities Act. Any profit on any resale of those exchange notes and any commission or concessions received by any of those persons may be considered to be underwriting compensation under the Securities Act.

We have agreed to pay all expenses incident to the exchange offer, other than commissions or concessions of any brokers or dealers and will indemnify the holders of the securities, including any broker-dealers, against some liabilities, including liabilities under the Securities Act.

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#### LEGAL MATTERS
Certain legal matters will be passed upon for us by Latham & Watkins LLP. Certain legal matters relating to Maryland law will be passed upon for us by Venable LLP. Certain legal matters relating to Dutch law will be passed upon for us by NautaDutilh N.V. Certain legal matters relating to Washington law will be passed upon for us by Snell & Wilmer L.L.P. Certain legal matters relating to Canadian law will be passed upon for us by McCarthy Tétrault LLP. Certain legal matters relating to Australian law will be passed upon for us by Johnson Winter Slattery. Certain Latham & Watkins LLP attorneys and investment funds affiliated with the firm own shares of our common stock, representing, in the aggregate, less than 1% of our shares of common stock.

#### EXPERTS
The consolidated financial statements of Lineage, Inc. as of December 31, 2024 and 2023, and for each of the years in the three-year period ended December 31, 2024, have been incorporated by reference herein in reliance upon the report of KPMG LLP, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.

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#### CERTAIN INSOLVENCY AND ENFORCEABILITY CONSIDERATIONS
Set out below is a summary of certain insolvency law considerations in the Netherlands, the jurisdiction in which Lineage Europe is organized, as well as a summary of certain limitations on the enforceability of the guarantees in Australia, Canada and the Netherlands. It is a summary only, and proceedings of bankruptcy, insolvency or a similar event could be initiated in any of these jurisdictions or in any other jurisdiction, including the jurisdiction of organization of a future guarantor of the exchange notes. The application of these various laws in multiple jurisdictions could trigger disputes over which jurisdictions' law should apply and could adversely affect your ability to enforce your rights and to collect payment in full under the guarantees. The descriptions below are only a summary and do not purport to be complete or to discuss all of the limitations or considerations, and bankruptcy or insolvency proceedings or similar events could be initiated in Australia, Canada or the Netherlands.

#### Australia

#### Insolvency considerations
Some insolvency laws of Australia may not be as favorable to your interests as creditors as the laws of the United States or other jurisdictions with which you may be familiar. Notably, the voluntary administration procedure under the *Corporations Act 2001* (Cth) (Australia) ("Australian Corporations Act"), which provides for the potential reorganization of an insolvent company, differs significantly from Chapter 11 under the United States Bankruptcy Code. If an Australian guarantor becomes insolvent, the treatment and ranking of holders of the exchange notes, its other creditors and shareholders under Australian law may be different from the treatment and ranking of holders of the exchange notes, its other creditors and shareholders if it were subject to the bankruptcy laws of the United States or certain other jurisdictions. For instance, in Australia, certain entitlements of employees are given priority over certain claims of secured creditors and all claims of unsecured creditors (with limited exceptions).

#### Insolvency laws
 *Insolvency* 

There are four principal corporate insolvency processes in Australia: administration (sometimes referred to as voluntary administration where an insolvent company elects to appoint an administrator); deed of company arrangement; liquidation (also referred to as a winding up); and receivership. There is also a fifth less common regime pursuant to a scheme of arrangement. A brief description of each is set out below.

 *Administration* 

According to section 435A of the Australian Corporations Act, the object of administration is to provide for the business, property and affairs of an insolvent company to be administered in a way that maximizes the chances of the company, or as much as possible of its business, continuing in existence. Alternatively, if it is not possible for the company or its business to continue in existence, the object of the administration is to achieve a better return for the company's creditors and members than would result from an immediate winding up of the company. In the vast majority of cases, a company is put into administration by resolution of its board of directors if the board resolves that the company is insolvent or is likely to become insolvent at some future time. In some cases, an administrator may be appointed by a secured creditor who is entitled to enforce its security over the whole or substantially the whole of the company's property. However, a secured creditor will usually appoint a receiver who, unlike an administrator, will primarily act in the interests of the secured creditor to realize the secured property (even though a receiver also owes various duties to the company in its capacity as agent of the company). A secured creditor with a security interest over the whole or substantially the whole of the company's property has a limited period following the appointment of an administrator in which to appoint a receiver, should it wish to do so.

Administration is only intended to last for a short period (typically between 20 to 25 business days unless otherwise extended by court order), during which time the administrator controls the business, property and affairs of the company and acts as its agent. The powers of the directors and officers are suspended, though they remain in office and have a duty to assist the administrator. The administrator's role is to assess the

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company's situation and its options (usually liquidation, execution of a deed of company arrangement or to return the company to the control of its directors) and report to creditors as to which option should be followed.

To permit the administrator the opportunity to do this, during the administration there is a moratorium on the enforcement of creditors' claims and actions against the company and its property (subject to certain exceptions) and also a stay on legal proceedings which will prevent, amongst other things, security being enforced (subject to certain exceptions).

The administrator will liaise with creditors throughout the appointment, however, there are two key meetings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

a first meeting of creditors is typically held within 8 business days of appointment where they vote to replace the administrator or form a committee of inspection (a group of creditors to represent the creditors' interests and assist and advise the administrator); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

a second meeting of creditors is typically held within 25 business days of appointment where they must vote to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a.

accept a proposal for a deed of company arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

return the company to the directors' control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c.

put the company into liquidation.

A resolution regarding the company's future will have passed at a second creditors' meeting where (1) a majority of the creditors voting at the meeting vote in favour of the resolution or (2) if a poll is called, a majority of the creditors at the meeting, and a majority of the creditors in value at the meeting, vote in favour of the resolution.

 *Deed of Company Arrangement* 

A deed of company arrangement is an agreement binding on the company and its creditors (and sometimes others) in the nature of a compromise which is agreed to after the company enters into administration. By force of the Australian Corporations Act, the agreement is one which will bind unsecured creditors whose debts are provable even if they did not vote in favor of it. The progress of the company depends on the terms of the deed of company arrangement. The Australian Corporations Act is relatively flexible on the contents of the deed of company arrangement. Once the deed of company arrangement is executed, the administration terminates and the moratorium restrictions come to an end and are replaced by the provisions of the deed, which may include similar moratorium protections.

The deed administrator may be tasked by the deed with realizing assets, closing down the business, restructuring the company or pursuing litigation with a view to the payment of dividends to creditors. The deed may apply a moratorium, compromise creditors' claims, provide for the payment of creditors by installment or specify that different creditors are to be treated differently (either by extinguishment of claims or subordination). Secured creditors may continue to deal with the property over which they have security, unless the secured creditor voted in favor of the deed (and the deed restricts its ability to enforce its security) or it is prevented from enforcing by a court order.

A deed of company arrangement will end once the provisions of the deed are fulfilled or if the deed specifies circumstances in which it is to terminate, and those circumstances exist.

 *Liquidation* 

A company can be put into liquidation by resolution of its members or its creditors or by a court ordering the company to be wound up (known as voluntary liquidation and court liquidation, respectively) or following an administration if the administrators either do not hand the company back to its directors or if a deed of company arrangement is not entered into. A liquidator is appointed to administer the liquidation and once appointed, will take control of the company from the directors and act as the company's agent. The purpose of a liquidation is to enable the realization of all of a company's assets, the calling up of partly paid shares and

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the distribution of the proceeds among the company's creditors and (if there is a surplus after paying creditors) a distribution of the surplus to members. The distribution of proceeds will be subject to statutory priority rules. The company's existence will then be brought to an end by deregistration.

Generally speaking, to the extent that their security is sufficient, secured creditors stand outside the liquidation and therefore do not have to prove for their debts and they have the right to appoint a receiver and manager and enforce against the secured property during the liquidation. Secured creditors are generally entitled to sell the assets subject to their security or have them sold and to receive the proceeds (subject to the rights of any prior security holders or any unsecured creditors with statutory priority to the relevant proceeds).

 *Receivership* 

Receivers are typically appointed by a person to whom the company has granted security and acts as the company's agent. Their appointment and powers are usually governed by the terms of the security under which they are appointed but receivers also derive powers from the Australian Corporations Act and at common law. The receiver's principal task is to take possession and control of the secured property and realize the property subject to the security and pay the proceeds of enforcement to the security holder. Receivership is a regime implemented for the benefit of the secured creditor that appoints the receiver. In contrast, both administration and liquidation are regimes aimed at securing the best outcome for all of the company's creditors as a whole and the members.

The receiver's principal duty is to realize the secured property to repay the security holder that appointed them. They also owe residual duties to the company, unsecured creditors and shareholders, as an officer of the company. Where a company grants security over an asset, the proceeds of enforcement must generally be remitted to the holder of the security, although this can be altered if there are claims ranking in priority to the holder of the security (see section 433 of the Australian Corporations Act), as summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if the proceeds are from contracts of insurance entered into by the company before the date the receiver was appointed and the insurance policy is in respect of liability to third parties, the proceeds must be paid to the third party in respect of whom the liability was incurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if an auditor of the company has applied to the Australian Securities and Investment Commission ("ASIC") to resign its position as auditor and this application was refused, the auditor's fees and expenses for the period between when ASIC refused consent to the auditor's resignation and the date the receiver was appointed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • wages, superannuation contributions and superannuation guarantee charge payable by the company in respect of services rendered to the company by the employees prior to the date the receiver was appointed (including certain statutory estimate amounts payable in relation to the superannuation guarantee charge);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • certain amounts due on or before the date the receiver is appointed in respect of leave of absence owing to employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • retrenchment payments payable to employees (subject to limited exceptions); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • certain amounts which have been advanced by other parties to the company for the purpose of paying wages, superannuation contributions or certain payments in respect of leave of absence or termination of employment.

During a receivership, there is no moratorium in place and other creditors may pursue debts and claims against the company (although typically if a company is subject to a receivership it will also be subject to administration, during which a moratorium does apply (subject to limited exceptions)).

 *Scheme of Arrangement* 

A scheme of arrangement is an arrangement or compromise which binds the company and its creditors or members even though a minority of those creditors or members may oppose it. As it is similar in effect to a deed of company arrangement entered into after an administration and it is typically more complicated and expensive to effect, a scheme of arrangement is used less frequently in an insolvency context. However, they

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offer particular advantages over deeds of company arrangements for large and more complex company reconstructions. Unlike deeds, schemes can bind secured creditors and release creditor rights against third parties (such as guarantees).

 *Ipso Facto Laws* 

On 18 September 2017, the *Treasury Laws Amendment (2017 Enterprise Incentives No.2) Act 2017* (Cth) (Australia) was enacted in Australia. The legislation provides for a stay on enforcement of certain rights arising under a contract (such as a right entitling a creditor to terminate the contract or to accelerate payments or providing for automatic acceleration) for a certain period of time (and in some cases indefinitely), if the reason for enforcement is the occurrence of certain events relating to specified insolvency proceedings, namely the appointment of an administrator or managing controller or an application for a scheme of arrangement, or the company's financial position during those proceedings (known as "ipso facto" rights). The specified proceedings do not include a winding up or liquidation.

The legislation became operative on 1 July 2018. The stay applies to ipso facto rights arising under contracts, agreements or arrangements entered into after 1 July 2018, subject to certain exclusions. Ipso facto rights arising under any contract that is or is directly connected with a security such as the exchange notes are excluded from the stay under the *Corporations Amendment (Stay on Enforcing Certain Rights) Regulations 2018* (Cth) (Australia) ("Corporations Regulations"), which means the enforceability in Australia of such provisions of the exchange notes will not be affected.

Further rights prescribed by the Corporations Regulations and Ministerial declarations are also excluded. It should be noted the legislation gives the Federal Court of Australia the power to broaden or narrow the scope and duration of the stay.

It is likely ipso facto rights arising under the operating partnership's operating contracts will be subject to the stay, which means the operating partnership may be stayed from enforcing its ipso facto rights against a contract counterparty for a certain period of time.

#### Enforceability of civil liabilities
There is doubt as to the enforceability in Australia in original actions or in actions for enforcement of judgments of U.S. courts, of civil liabilities predicated solely upon the civil liability provisions of the federal or state securities laws of the United States. Also, there is no statutory recognition in Australia of the judgments of United States courts (whether or not such judgment relates to United States federal securities laws) and such judgments will not be enforceable in Australia in certain circumstances, including, but not limited to, where the plaintiff is unable to prove that the U.S. court exercised jurisdiction over the defendant which is recognized by Australian courts or where such judgments contravene local public policy, were obtained by fraud or duress, breach the rules of natural justice or general principles of fairness, are not for a fixed or readily ascertainable sum, are subject to a stay of execution, an order under the *Foreign Proceedings (Excess of Jurisdiction) Act 1984* (Cth) has (Australia) been made, or are otherwise not final and conclusive, or involve multiple or punitive damages or where the proceedings in such courts were of a penal nature.

#### Limits to enforcement of guarantees
 *Liquidation* 

Under Australian law, if a liquidator were to be appointed to any Australian guarantor, the liquidator would have the power to investigate the validity of past transactions. If, on the application of a company's liquidator, a court is satisfied that a transaction of the company is a voidable transaction, including but not limited to an unfair preference or an uncommercial transaction, it may make a variety of orders which are set out in section 588FF of the Australian Corporations Act. These orders include an order releasing or discharging, wholly or partly, a debt incurred, or a security or guarantee given, by the company under or in connection with the transaction or an order requiring a party to repay to the company some or all of the money it received under the transaction. It is not necessary to establish that the directors of the company have breached their duties to the company in any way or that the person taking the benefit of the guarantee or security had actual or constructive notice that the transaction was an insolvent transaction, subject to any

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defenses that may be available in respect of section 588FF, including under section 588FG. There are various time periods within which a liquidator can take such action depending on the nature of the transaction being challenged. The test for insolvency in Australia in this context is whether the relevant company is able to pay its debts as and when they become due and payable.

 *Unfair Preferences* 

An unfair preference is a transaction between a company and a creditor which results in the creditor receiving from the company, in respect of an unsecured debt, more than it would receive if the transaction were set aside and the creditor were to prove for the debt in a winding up of the company (section 588FA(1) of the Australian Corporations Act). For the purposes of this section, a secured debt or a part thereof is taken to be unsecured to the extent it is not reflected in the value of the security.

An unfair preference is an insolvent transaction if the company either: (i) is insolvent when the transaction is entered into or when an act is done (or an omission is made) for the purpose of giving effect to the transaction; or (ii) becomes insolvent because of, or because of matters including, entering into the transaction or because of a person doing an act (or making an omission) for the purpose of giving effect to the transaction (section 588FC of the Australian Corporations Act).

Generally, an unfair preference that is an insolvent transaction is voidable if it was entered into (or an act was done for the purpose of giving effect to it): (i) during the six months ending on the relation-back day (as explained below); (ii) after the relation-back day but on or before the day when the winding up began (section 588FE(2) of the Australian Corporations Act); or (iii) if a related entity of the company was a party to the transaction, during the four years ending on the relation-back day (section 588FE(4) of the Australian Corporations Act). Generally, the "relation-back day" is: in the case of a compulsory liquidation, the date on which the application for winding-up the company is filed with the court; in the case of a voluntary winding-up, the date the members resolve to wind-up the company; or if the liquidation is preceded by an administration, the day the administration commenced (section 91 of the Australian Corporations Act).

 *Uncommercial Transactions* 

A transaction is an uncommercial transaction under section 588FB(1) of the Australian Corporations Act if it may be expected that a reasonable person in the company's circumstances would not have entered into the transaction, having regard to: the benefits (if any) to the company of entering into the transaction; the detriment to the company of entering into the transaction; the respective benefits to other parties to the transaction of entering into it; and any other relevant matter. "Transaction" is broadly defined and generally includes the provision of a guarantee. A guarantee would be unlikely to constitute an uncommercial transaction if the benefit to the company providing the guarantee in the context of the transaction outweighs the detriment that could be incurred by the company in providing the guarantee.

An uncommercial transaction is an insolvent transaction if: (i) the company is insolvent when the transaction is entered into, or an act is done (or an omission is made) for the purpose of giving effect to the transaction; or (ii) the company becomes insolvent because of, or because of matters including, entering into the transaction or a person doing an act (or making an omission) for the purpose of giving effect to the transaction (section 588FC of the Australian Corporations Act).

An uncommercial transaction that is an insolvent transaction is voidable if it was entered into (or an act was done for the purpose of giving effect to it) during: (i) the two years ending on the relation-back day (section 588FE(3) of the Australian Corporations Act); or (ii) if a related entity of the company was a party to the transaction, the four years ending on the relation-back day (section 588FE(4) of the Australian Corporations Act). The "relation-back day" has the same meaning as described above under the unfair preferences section.

 *Other grounds* 

Under Australian law, a guarantee given by a company may also be set aside on a number of additional grounds (including by the application of laws concerning financial assistance, insolvency, bankruptcy, liquidation and administration and certain equitable principles). In addition, a guarantee may be

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unenforceable against a guarantor if the directors of the guarantor did not comply with their duties to act in good faith for the benefit of the guarantor and for a proper purpose in giving the guarantee. The issue is particularly relevant where a company provides a guarantee in relation to the obligations of another member of its corporate family, as is the case for the guarantees granted with respect to the exchange notes. In determining whether there is sufficient benefit, all relevant facts and circumstances of the transaction need to be considered by the directors, including the benefits and detriments to the guarantor in giving the guarantee, and the respective benefits to the other parties involved in the transaction.

Whether a guarantee entered into in breach of directors' duties can be avoided against a party relying on the guarantee depends on certain factors, including the state of knowledge of that party (such as whether the party knew of or suspected the breach). Under Australian law, a person is entitled to assume that the directors have properly performed their duties to the company unless that person knows or suspects that they have not done so. In addition, other debts and liabilities of the Australian guarantors, such as certain employee entitlements or amounts owed to tax authorities, may rank ahead of claims under the guarantees for the exchange notes in the event of insolvency, administration or similar proceedings.

If any of the guarantees for the exchange notes are avoided, it is possible that you will be left with a claim solely against the operating partnership.

#### Canada
One of the guarantors is a corporation existing under the laws of the Province of Ontario and its principal place of business and the majority of its assets are currently located in Canada. In the event that a Canadian Guarantor experiences financial difficulty, it is not possible to predict with certainty in which jurisdiction or jurisdictions insolvency or similar proceedings would be commenced, or the outcome of such proceedings. To the extent that Canadian bankruptcy and insolvency laws apply to the Canadian Guarantor, holders of the exchange notes should be aware that the bankruptcy, insolvency, foreign exchange, administration and other laws of Canada may be materially different from those of the United States or elsewhere, including in respect of creditors' rights, priority of creditors, the ability to be paid or recover post-petition interest and the duration of the insolvency proceeding. Moreover, if the Canadian Guarantor were to become subject to Canadian insolvency laws, the ability of holders of the exchange notes to receive payment under the guarantee provided by the Canadian Guarantor may be more limited than would be the case under U.S. or other bankruptcy laws.

This summary highlights certain aspects of the federal and provincial laws in effect in Canada in respect of bankruptcy, insolvency and restructuring and receiverships in respect of the business and assets of debtors, in each case in force on the date of this prospectus.

#### Preferences and Transfers at Undervalue
In the context of certain proceedings, a trustee in bankruptcy, monitor or proposal trustee is required to review asset transfers and transactions undertaken by the bankrupt or insolvent debtor within specified time periods prior to the commencement of insolvency proceedings or the filing of the court application to commence those proceedings to determine if the debtor was engaged in any preferential transactions or transfers at undervalue. In the case of "transfers at undervalue", the review period is one year (or five years for parties not dealing at arm's length) and preferences are subject to review if they occurred within three months (or twelve months for parties not dealing at arm's length). Laws of the Province of Ontario regarding fraudulent preferences, transfers at undervalue and fraudulent conveyances may also apply.

A guarantee given to an arm's length party could be voided as a preference if the applicable guarantors issued the applicable guarantee with the intent of defeating, delaying or defrauding creditors or with a view to giving the creditor a preference (if the guarantee has the effect of bestowing a preference, intent is presumed), and could be voided as a transfer at undervalue if (1) the guarantors was insolvent at the time the guarantee was given or rendered insolvent by reason of the issuance of the applicable guarantee, and (2) the applicable guarantors did not receive any consideration for issuing the applicable guarantee or if the consideration received by the issuer of the guarantee was conspicuously less than the fair market value of the consideration given by the applicable guarantors. In the case of parties not dealing at arm's length, neither the insolvency nor the intention of the party giving the guarantee is relevant to the determination of whether or not the giving of a guarantee was a preference or a transfer at undervalue in the first twelve months prior to the giving of such guarantee.

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If a court were to find that the issuance of a guarantee was a preference or transfer at undervalue, the court could void the payment obligations under such guarantee or subordinate such guarantee to presently existing and future indebtedness of the applicable guarantors, or require the holders of the exchange notes to repay any amounts received with respect to such guarantee. In the event of a finding that a preference or transfer at undervalue occurred, you may not receive any repayment on the exchange notes. It cannot be certain that the issuance of the guarantees would not be subordinated to any of the guarantors' other debt or determined by a court to be void.

#### Insolvency
In Canada, insolvency proceedings are governed principally by two federal statutes (with a third applying mainly to federal financial institutions). The federal insolvency laws in Canada apply across the country and allow for either a liquidation type proceeding (which is similar to a Chapter 7 type liquidation under the U.S. Bankruptcy Code) or a restructuring type proceeding (which is similar to a Chapter 11 type proceeding under the U.S. Bankruptcy Code). In addition, under federal insolvency laws, secured creditors may seek the appointment by a court of what is known as a "receiver" over the collateral of the debtor, in order to sell the debtor's assets or manage the debtor's business or otherwise realize on collateral. A court appointed receiver can also be sought under provincial laws, including in the Province of Ontario, typically by a secured creditor, but, on occasion unsecured creditors or by the debtor itself. In addition, secured creditors may have recourse to self-help remedies, including the appointment, in some provinces, of a private receiver under their security documents. Notwithstanding that insolvency proceedings in Canada are generally governed by federal statute, in certain circumstances provincial and territorial laws will affect the conduct and/or outcome of those proceedings (e.g., security laws, landlord rights, receiverships, etc.) and it is also possible to arrange certain types of funded debt obligations under the reorganization or arrangement provisions of the applicable federal or provincial corporate statute. As a result of these laws, among other things, a holder of exchange notes could be stayed from enforcing after the commencement of such proceedings.

The rights of the trustee who represents the holders of the exchange notes to enforce remedies could be delayed by the restructuring provisions of applicable Canadian federal bankruptcy, insolvency and other restructuring legislation and orders made with respect to Canadian law if the benefit of such law is sought with respect to the operating partnership or any guarantors organized under Canadian law. The powers of the court under the Canadian federal and provincial insolvency and reorganization law have been interpreted and exercised broadly so as to protect a restructuring entity from actions taken by creditors and other parties.

Accordingly, it cannot be predicted whether payments under the exchange notes or the guarantees would be made during any bankruptcy, insolvency or other restructuring proceedings, whether or when the trustee could exercise its rights under the guarantees or whether and to what extent holders of the exchange notes would be compensated for any delays in payment, if any, of principal, interest and costs, including the fees and disbursements of the trustee.

#### Liquidation
Bankruptcy proceedings in Canada can be either voluntarily commenced by a debtor or commenced against the debtor by any creditor or creditors of such debtor where the unsecured claims of the applicant creditor(s) equals CAD$1,000 or more. In order for a bankruptcy filing to be valid, the debtor must meet one of the tests for bankruptcy set out in the *Bankruptcy and Insolvency Act* (Canada) (the "**BIA**"), with the most common test being the inability or failure to meet obligations generally as they become due. Upon a bankruptcy occurring, all of the assets of the bankrupt (with a few limited exceptions) vest in a licensed insolvency trustee with the proceedings being subject to the oversight of both the Superintendent of Bankruptcy and the relevant court. Typically, a licensed insolvency trustee liquidates the assets of the bankrupt and distributes the proceeds to creditors in accordance with their legal priorities.

The BIA and certain other federal and provincial statutes in Canada provide super priority status to claims such as payroll deductions for employee income taxes, government operated pension plans and employment insurance, as well as, in certain circumstances, for certain private pension contributions (if any), unpaid wages and employee disbursements (accrued in the six months prior to the bankruptcy, up to CAD$2,000 for wages and CAD$1,000 for disbursements, per employee) and, in some circumstances, collected and unremitted Goods and Services Tax and Harmonized Sales Tax. These super priority status claims are

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secured on certain assets of the debtor and such security usually ranks in priority to unsecured claims. After the claims subject to statutory super priorities are paid, the BIA provides that secured creditors are to be paid prior to unsecured creditors. While the general rule is that unsecured creditors share any remaining proceeds pari passu, the BIA also provides that certain "preferred" claims are to be paid prior to the general body of unsecured creditors, including the fees and expenses of the trustee in bankruptcy and its counsel, remaining unpaid wages and employee disbursements accrued in the six months prior to the bankruptcy in the amount noted above that were not paid from the assets to which the super priority security interest attaches, certain landlord claims, and certain other claims. Upon the occurrence of a bankruptcy order or a voluntary assignment in bankruptcy, the BIA imposes a stay of proceedings on unsecured creditors and leave is required to proceed, or continue, with any actions against the bankrupt entity.

As stated above, where applicable under federal or provincial law, a secured creditor may appoint a "receiver" or "receiver-manager" over the assets of a debtor or may seek court appointment of a receiver or receiver and manager. The receiver is not typically appointed to restructure a business. A receivership is intended as a mechanism for realizing on collateral through a liquidation or a going-concern sale. The receiver will proceed to sell the debtor's assets, manage the debtor's business or otherwise realize on the collateral, with the proceeds from its activities payable in accordance with the established priorities. A receiver can be court-appointed or, in most Canadian provinces, including the Province of Ontario, privately appointed. In the case of a court-appointed receivership, the powers of the receiver are in the discretion of the court. The appointment order typically includes a stay of proceedings and super-priority security interests or charges on the assets of the debtor to secure the payment of amounts owing in respect of the receiver's fees and costs and, in certain circumstances, to secure the payment of any amounts to be borrowed by the receiver to facilitate the receivership. The receivership remains subject to many of the considerations in a bankruptcy, including among others, super-priorities and reporting obligations, although certain priorities will be different where no bankruptcy is involved. A receiver is often appointed where only the secured creditors are likely to be paid out of the realizations or there is an opportunity to realize higher returns through a going-concern sale of the business than a piecemeal liquidation.

#### Restructuring
Generally, restructuring proceedings of insolvent entities are commenced under one of two statutes in Canada and it is also possible to arrange or compromise certain types of funded debt obligations under the reorganization or arrangement provisions of the applicable federal or provincial corporate statute. Any such restructuring can involve a stay of proceedings with respect to creditors' rights and remedies and a compromise of the debt owing by the restructuring entity.

For large or complex restructurings, the most commonly used statute is the *Companies' Creditors Arrangement Act* (Canada) (the "**CCAA**"). In order to seek relief under the CCAA, the debtor must have in excess of CAD$5.0 million in outstanding claims against it (or be part of corporate group in excess of CAD$5.0 million claims against it). The granting of an order for relief under the CCAA is in the discretion of the court, but if granted, a CCAA order typically involves a broad stay of proceedings (applying to all creditors), protection from the termination of contracts by third parties, authority to disclaim or resiliate unfavorable contracts and, in most cases, the granting of super-priority security interests or charges on the assets of the applicant debtor company to secure the payment of any amounts to be borrowed from debtor-in-possession lenders to facilitate the restructuring, any amounts owing for the fees and costs of professionals involved in the restructuring, obligations of directors of the company with respect to their statutory liabilities and sometimes other amounts. An initial stay of proceedings under the CCAA cannot exceed 10 days and the initial application is to seek only the relief reasonably required for that 10 day period, as the initial application is typically on no notice or very limited notice to stakeholders. The debtor can then "come back" prior to the expiry of the 10-day period to seek more robust relief on notice to affected parties. The applicant debtor company is entitled to seek further extensions to the stay if it can demonstrate it is acting in good faith and with due diligence. There is no time limit on the duration of an extension to the stay of proceedings under the CCAA or on the duration of the entirety of the proceeding itself.

CCAA proceedings are supervised by the court and upon the making of an order under the CCAA, the court must appoint a licensed insolvency trustee to act as the "monitor" of the applicant company. The monitor is given certain powers under the CCAA and additional powers may be granted by court order. The

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monitor does not take possession of, or have any control over, the assets of the applicant company unless otherwise ordered by the court. The monitor is required to oversee certain filings made by the applicant company and provide its views with respect to same. The monitor also has a statutory duty to advise the court of any material adverse change in the status of the applicant company.

Under the CCAA, a company may, inter alia, proceed to file a plan of compromise or arrangement, or seek court approval of a sale of some or all of its assets. In the case of a plan of compromise or arrangement, it is necessary for the applicant company to obtain the requisite level of approval from affected creditors (approval must be obtained from creditors representing 66<sup>2</sup>∕3% in value of the debt and more than 50% in number of the creditors who cast votes in each affected class of creditors) and approval of the court. Upon requisite creditor and court approvals being obtained, the restructuring plan is binding on all affected creditors whether or not they voted in favor of the plan. CCAA plans may be combined with plans of reorganization or arrangement under Canada's federal and provincial corporate statutes, allowing Canadian corporate entities to change their share capital, including cancelling existing shares and/or converting existing unsecured bond debt to new shares, in the context of a plan. If the proceeding includes an asset sale, any sale out of the ordinary course is subject to approval of the court (but with no creditor vote) and the court is authorized to make an order transferring assets to a purchaser free and clear of all liens, claims, encumbrances and other restrictions, with liens and encumbrances attaching to the proceeds of sale in the same priority as they did as against the assets, immediately prior to the sale. Courts also have the authority to issue reverse vesting orders ("**RVOs**"). RVOs facilitate the conveyance of the equity interest of a debtor company to a purchasing entity (free and clear of any liens and encumbrances) and the assignment of unwanted liabilities and assets to a residual entity. RVOs are typically granted where the debtor company has certain non-transferable or hard to transfer attributes such as regulatory permits and licenses or tax losses and the purchaser needs to continue the debtors business through the same legal entity in order to derive benefit from those non-transferrable or hard to transfer attributes. No creditor vote is required but, generally speaking, the court must be satisfied creditors are no worse off than they would be had an asset sale occurred. During the course of a CCAA proceeding, creditors and contractual counterparties are not entitled to exercise any rights or remedies without leave of the court except for certain statutory exceptions (i.e., proven claims of set-off, termination and enforcement rights under certain types of derivative agreements, certain regulatory enforcement actions, and rights or remedies in connection with goods or services provided to the debtor after the commencement of the proceedings).

The court may not approve an asset sale or sanction a restructuring plan in the context of a CCAA proceeding unless any existing super priority employee wage claims and pension contribution claims are satisfied or provided for to the satisfaction of the court.

Debtors in Canada may also proceed with a restructuring under the proposal provisions of the BIA. The proposal provisions of the BIA (the "**Proposal Provisions**") provide for a process that is generally similar to, but marginally less flexible than, restructuring proceedings under the CCAA. There is no minimum amount of outstanding debt required to use the Proposal Provisions.

Upon filing a proposal (or a notice of intention to make a proposal) with the official receiver employed by the Office of the Superintendent of Bankruptcy, the BIA provides an automatic stay of proceedings. There is no need to apply to the court for the initial stay. The nature and term of the stay varies, depending on whether the debtor commences the proceedings by filing a proposal or by filing a notice of intention to make a proposal. In the context of a notice of intention to make a proposal, the initial stay is for a period of 30 days. However, if the debtor has not filed its proposal within the initial 30-day period, it may apply to the court for an extension of such period. The Proposal Provisions limit the duration of the initial 30-day period and any extensions thereto to an aggregate of six months from the date of the filing of the notice of intention. Failure to file a proposal within this period will result in a deemed bankruptcy. In the case of any proceedings under the Proposal Provisions, the applicant debtor is protected from the termination of most contracts by third parties.

The Proposal Provisions allow for the granting of super priority charges (similar to the CCAA), disclaimer or resiliation of contracts (similar to the CCAA), and the appointment of a proposal trustee (which may have a similar role and powers as a monitor under the CCAA). A proposal may be made and is ultimately put to a creditor vote. In the event that the debtor's proposal to its creditors is either rejected by any class of unsecured creditors at a meeting held to approve such proposal (with the same voting thresholds as the CCAA noted above) or by the court when the proposal is put before the court for approval, the debtor is deemed bankrupt.

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The court may not approve an asset sale in the context of proposal proceedings or sanction a proposal unless any existing super priority employee wage claims and pension contribution claims are satisfied or provided for to the satisfaction of the court. The courts also have the authority to issue RVOs (similar to the CCAA).

In the event of a foreign insolvency proceeding, both the CCAA and the BIA allow a representative, authorized in a foreign proceeding in respect of a debtor, to seek recognition of the foreign insolvency proceeding in Canada (which is similar to a Chapter 15 type proceeding under the U.S. Bankruptcy Code). The CCAA and the BIA each provide for a modified version of the UNCITRAL Model Law on Cross-Border Insolvency (collectively, the "**Recognition Provisions**"). The Recognition Provisions allow an authorized representative to apply for recognition of the foreign insolvency proceeding as either a "foreign main proceeding" or a "foreign non-main proceeding." The determination of the type of proceeding is based upon the centre of main interest ("**COMI**") of the debtor. If the court determines that the foreign proceeding is a "foreign main proceeding", the court must grant a stay of proceedings in Canada and must prohibit the debtor from selling or otherwise disposing of any of its property in Canada outside the ordinary course of its business, and may grant additional relief permitted under the CCAA/BIA, including the recognition of relief granted in the foreign jurisdiction which may differ from the relief normally available in Canada. If the court determines that the foreign proceeding is a "foreign non-main" proceeding, the court may, but is not required to, grant a stay of proceedings in Canada, although the recognition order must be consistent with any order that may be made under the CCAA/BIA, as applicable, prohibit the debtor from selling any of its property in Canada outside the ordinary course of business, and grant any other relief permitted under the CCAA/BIA, including the recognition of relief granted in the foreign jurisdiction which may differ from the relief normally available in Canada. In the event that the foreign proceeding results in the approval of a restructuring plan, the Canadian court may grant an order approving such plan and/or providing that such plan shall be recognized and have full force and effect in Canada. Under the Recognition Provisions a court may issue an order on any terms and conditions that the court considers appropriate in the circumstances. Nothing in the Recognition Provisions prevents the court from refusing to do something that would be contrary to public policy.

#### The Netherlands

#### Insolvency Laws
Certain guarantors are incorporated under Dutch law, which is the law of an EU Member State. Accordingly, where such guarantor has its "centre of main interests" or an "establishment in the Netherlands," it may be subject to Dutch insolvency proceedings governed by Dutch insolvency laws, subject to certain exceptions as provided for in the EU Insolvency Regulation (no. 2015/848/EU).

 *European Union* 

Pursuant to Regulation (EU) no. 2015/848 of the European Parliament and of the European Council of May 20, 2015 on insolvency proceedings (which entered into force on June 26, 2017 and applies to insolvency proceedings opened on or after that date) replacing Regulation (EC) 1346/2000 of May 29, 2000, (the "E.U. Insolvency Regulation"), which applies within the European Union, other than Denmark, the courts of the Member State in which a company's "centre of main interests" (which according to Article 3(1) of the E.U. Insolvency Regulation is "the place where the debtor conducts the administration of its interests on a regular basis and which is ascertainable by third parties") is situated have jurisdiction to open main insolvency proceedings. The determination of where a company has its "centre of main interests" is a question of fact on which the courts of the different Member States may have differing and even conflicting views.

Pursuant to Article 3(1) of the E.U. Insolvency Regulation the "centre of main interests" of a company is presumed to be in the Member State in which it has its registered office in the absence of proof to the contrary. This presumption only applies if the registered office has not been moved to another Member State within the three-month period prior to the request for the opening of insolvency proceedings.

Furthermore, preamble 30 of the E.U. Insolvency Regulation states that "it should be possible to rebut this presumption where the company's central administration is located in a Member State other than that of its registered office, and where a comprehensive assessment of all the relevant factors establishes, in a manner that is ascertainable by third parties, that the company's actual centre of management and supervision and of

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the management of its interests is located in that other Member State." Prior to June 26, 2017, the courts have taken into consideration a number of factors in determining the "centre of main interests" of a company, including in particular where board meetings are held, the location where the company conducts the majority of its business or has its head office and the location where the majority of the company's creditors are established. A company's "centre of main interests" may change from time to time but is determined for the purposes of deciding which courts have competent jurisdiction to open insolvency proceedings at the time of the filing of the insolvency petition unless (as set forth above) the registered office has been moved within the three-month period prior to the filing of the insolvency petition.

The E.U. Insolvency Regulation applies to insolvency proceedings which are collective insolvency proceedings of the types referred to in Annex A to the E.U. Insolvency Regulation.

If the "centre of main interests" of a company is in one Member State (other than Denmark), under Article 3(2) of the E.U. Insolvency Regulation the courts of another Member State (other than Denmark) have jurisdiction to open territorial insolvency proceedings against that company only if such company has an "establishment" in the territory of such other Member State. An "establishment" is defined to mean a place of operations where the company carries out or has carried out in the three-month period prior to the request to open main insolvency proceedings a non transitory economic activity with human means and assets. The effects of those insolvency proceedings opened in that other Member State are restricted to the assets of the company situated in such other Member State.

Where main proceedings in the Member State in which the company has its centre of main interests have not yet been opened, territorial insolvency proceedings can be opened in another Member State where the company has an establishment only where either (a) insolvency proceedings cannot be opened in the Member State in which the company's centre of main interests is situated under that Member State's law; or (b) the territorial insolvency proceedings are opened at the request of (i) a creditor whose claim arises from or is in connection with the operation of the establishment situated within the territory of the Member State where the opening of territorial proceedings is requested or (ii) a public authority which, under the law of the Member State within the territory of which the establishment is situated, has the right to request the opening of insolvency proceedings.

The courts of all Member States (other than Denmark) must recognize the judgment of the court opening the main proceedings, which will be given the same effect in the other Member States so long as no secondary proceedings have been opened there. The insolvency practitioner appointed by a court in a Member State which has jurisdiction to open main proceedings (because the company's centre of main interests is there) may exercise the powers conferred on him by the law of that Member State in another Member State (such as to remove assets of the company from that other Member State) subject to certain limitations so long as no insolvency proceedings have been opened in that other Member State or any preservation measure taken to the contrary further to a request to open insolvency proceedings in that other Member State where the company has assets.

 *The Netherlands* 

There are two applicable corporate insolvency regimes under Dutch law in relation to corporations: (a) suspension of payments (*surseance van betaling*), which is intended to facilitate the reorganization of a debtor's debts and enable the debtor to continue as a going concern, and (b) bankruptcy (*faillissement*), which is primarily designed to liquidate and distribute the debtor's assets to its creditors. Bankruptcy is the most commonly used insolvency regime and may result in the transfer of parts of the company as a going concern. A suspension of payments almost always results in the debtor's bankruptcy. Both insolvency regimes are set forth in the Dutch Bankruptcy Act (*Faillissementswet*).

Only the debtor can make an application for a suspension of payments, and only if it foresees that it will be unable to continue to pay its payable debts. Once the application has been filed, a court will immediately (*dadelijk*) grant a provisional suspension of payments and appoint one or more administrators (*bewindvoerders*). A meeting of creditors is required to decide on the definitive suspension of payments, but it will generally be granted, unless a qualified minority (i.e., more than one- quarter of the amount of claims held by creditors represented at the creditors' meeting or more than one-third of the number of creditors of the amount of claims held by creditors) of the unsecured, non-preferential, creditors declare against it or if

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there is a valid fear that the debtor will try to prejudice the creditors during a suspension of payments or if there is no prospect that the debtor will be able to satisfy its creditors in the (near) future. A suspension of payments will only affect unsecured, non-preferential creditors.

Under Dutch law, a debtor can be declared bankrupt when it has ceased to pay its debts. Bankruptcy can be requested by the debtor itself or a creditor of a claim when there is at least one other creditor. At least one of the claims (of the creditor requesting bankruptcy or the other creditor) needs to be due and payable. The debtor can also request the application of bankruptcy proceedings itself. Furthermore, the Public Prosecution Service (*het Openbaar Ministerie*) can request the application of bankruptcy proceedings for reasons of public interest (*openbaar belang*). In Dutch bankruptcy proceedings, a debtor's assets are generally liquidated and the proceeds distributed to the debtor's creditors according to the relative priority of those creditors' claims and, to the extent certain creditors' claims have equal priority, in proportion to the amount of such claims. Certain parties, such as secured creditors, will benefit from special rights. Secured creditors, such as pledgees and mortgagees, may enforce their rights separately from suspension of payments or bankruptcy and do not have to contribute to the liquidation costs; however, enforcement of the security interest might be subject to the following: (a) a statutory stay of execution of up to two months extendable by another period of up to two months imposed by court order pursuant to articles 63a of the Dutch Bankruptcy Act (*Faillissementswet*); (b) a receiver (*curator*) can force a secured party to foreclose its security interest within a reasonable time (as determined by the receiver pursuant to Article 58(1) of the Dutch Bankruptcy Act), failing which the receiver will be entitled to sell the relevant rights or assets and distribute the proceeds to the secured party after a deduction of liquidation costs; and (c) excess proceeds of enforcement must be returned to the company's receiver and may not be offset against an unsecured claim of the company's secured creditor.

Unlike Chapter 11 proceedings under U.S. bankruptcy law, where both secured and unsecured creditors are generally barred from seeking to recover on their claims, suspension of payment and bankruptcy proceedings against a Dutch guarantor would allow secured creditors (and in case of suspension of payments also preferential creditors (including tax and social security authorities)) to satisfy their claims by proceeding against the assets (that secure their claims) as if there were no bankruptcy or suspension of payments. However, a statutory stay of execution of up to two months, extendable by another period of up to two months, may be declared applicable. Furthermore, certain preferred creditors have a preference by virtue of law. Unlike secured creditors, preferred creditors are not entitled to foreclose on assets of the bankrupt. They do have priority in the distribution of the proceeds of the bankrupt's assets. Restrictions on the enforcement of security interests may apply. For instance, higher ranking rights must be respected. These may include secured creditors and tax and social security authorities. A statutory stay of execution of security rights and other rights of up to two months, extendable by another period of up to two months, may be imposed. Further, a receiver in bankruptcy can force a secured creditor to enforce its security interest within a reasonable period of time. If such time is not met, the receiver will be entitled to sell the secured assets, if any, and the secured creditor will have a preferred claim in respect of the proceeds, meaning that the secured creditor will have to share in the bankruptcy costs, which may be significant. Excess proceeds of any enforcement must be returned to the bankrupt estate; they may not be set-off against an unsecured claim of the secured creditor. Such set-off may be allowed prior to the bankruptcy, although at that time it may be subject to clawback in the case of fraudulent conveyance or bad faith in obtaining the claim used for set-off.

Any pending executions of judgments against the debtor will be suspended by operation of law when suspension of payments is granted and terminate by operation of law when bankruptcy is declared. In addition, all attachments on the debtor's assets will cease to have effect upon the suspension of payments having become definitive, a composition having been ratified by the court or the declaration of bankruptcy (as the case may be) subject to the ability of the court to set an earlier date for such termination. Litigation pending on the date of the bankruptcy order is automatically stayed.

Both in a definitive suspension of payments and bankruptcy, a composition (*akkoord*) may be offered to creditors. A composition will be binding for all unsecured and non-preferential creditors if it is: (i) approved by a simple majority (*gewone meerderheid*) of the number of creditors represented at the creditors' meeting, representing at least 50% of the amount of the claims that are acknowledged and conditionally admitted, and (ii) subsequently ratified (*gehomologeerd*) by the court. Consequently, Dutch insolvency law could preclude or inhibit the ability of the holders of the exchange notes to effect a restructuring and could reduce the recovery

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of a holder of exchange notes in a Dutch suspension of payments proceeding or bankruptcy. Interest accruing after the date on which a suspension of payments or bankruptcy is granted, cannot be claimed in a composition.

All unsecured and non-preferential pre-bankruptcy claims will have to be verified in the insolvency proceedings in order to be entitled to vote and, in a bankruptcy liquidation, to be entitled to distributions. As a general rule, claims of unsecured and non-preferential creditors will have to be submitted to the receiver in bankruptcy to be verified. Any remaining funds will be distributed to the company's shareholders. Creditors of secured claims, such as the holders of the exchange notes, and preferential creditors with respect to certain assets of a debtor, who expect that the proceeds of a future enforcement against the assets subject to the security or their preferred rights, as the case may be, will be insufficient to satisfy their claim in full, may request to receive the same rights as unsecured and non-preferential creditors with respect to the expected remainder of their claim, with preservation of their rights as a secured or preferential creditor in respect of the secured asset or the asset the relevant preferential right relates to. If a secured creditor enforces its security rights prior to the expiry of the period for submitting claims for verification, and the proceeds of such enforcement are insufficient to satisfy its claim in full, the remainder of that claim may be submitted to the receiver in bankruptcy in order to be verified. "Verification" under Dutch law means, in the case of a suspension of payments, that the treatment of a disputed claim for voting purposes is determined and, in the case of a bankruptcy, the unsecured and non-preferential pre-bankruptcy claims are submitted to a receiver for verification, and the receiver then makes a determination as to the claim's existence, ranking and value and whether and to what extent it should be admitted in the bankruptcy proceedings (for voting). In the situation of bankruptcy, creditors that wish to dispute the receiver's verification of their claims will be referred to a claim validation proceeding (*renvooiprocedure*) in order to establish the amount and rank of the disputed claim, while in suspension of payments the court will decide how a disputed claim will be treated for voting purposes. These procedures could cause holders of exchange notes to recover less than the principal amount of their exchange notes or less than they could recover in a U.S. liquidation proceeding. The *renvooi* proceedings could also cause payments to the holders of exchange notes to be delayed. Interest on the exchange notes accruing after the bankruptcy order date cannot be admitted unless secured by a pledge or mortgage, in which case interest will be admitted pro memoria. To the extent that an interest is not covered by the proceeds of the security, the creditor may not derive any rights from the admission. No interest is payable in respect of unsecured claims as of the date of a bankruptcy.

#### Act on Court Confirmation of Extrajudicial Restructuring Plans
With the entry into force of the Act on Court Confirmation of Extrajudicial Restructuring Plans (*Wet homologatie onderhands akkoord*) ("WHOA") on 1 January 2021, a debtor may offer a composition outside of formal insolvency proceedings. The WHOA is based on the UK Scheme of Arrangements and the US Chapter 11 procedure and offers debtors additional possibilities to restructure their debt. Unlike a composition in suspension of payments and in bankruptcy proceedings, a composition under the WHOA can be offered to secured and unsecured creditors as well as shareholders. The WHOA provides, inter alia, for cross class cramdown, the restructuring of group company obligations through aligned proceedings, the termination of onerous contracts, the suspension of certain *ipso facto* clauses in contracts and supporting court measures. A composition plan under the WHOA can extend to claims against entities that are not incorporated under Dutch law and/or are residing outside the Netherlands. Accordingly, the WHOA can affect the rights of the holders of the exchange notes.

Voting on a WHOA composition plan is done in classes. A class is deemed to approve the plan if two thirds of the total amount of the debt of that class or, in the case of a class of shareholders, two thirds of the share capital of that class, participating in the vote, votes in favor. The WHOA provides for the possibility for a composition plan to be binding on a dissenting class (i.e., cross class cramdown). Under the WHOA, the court will ratify a composition plan if at least one class of creditors (other than a class of shareholders) that can be expected to receive a distribution in case of a bankruptcy of the debtor, approves the plan unless there is a statutory ground for refusal. The court can, inter alia, refuse confirmation of a composition plan on the basis of (i) a request by a dissenting creditor, if the value of the distribution that such creditor receives under the plan is lower than the distribution it can be expected to receive in case of a bankruptcy of the debtor or (ii) a request of a dissenting creditor in a dissenting class, if the plan provides for a distribution of value that

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deviates from the statutory or contractual ranking and priority to the detriment of that class, unless there is a reasonable ground to do so.

Under the WHOA, a statutory stay of execution of up to four months extendable by another period of up to four months can be imposed by court order pursuant to article 376 of the Dutch Bankruptcy Act. For the duration of such stay, all enforcement action against the assets of (or in the possession of) the debtor is suspended unless with the court's approval, including action to enforce security over the assets of the debtor or, in case of an undisclosed right of pledge over receivables, the collection, or notification to the debtors. Furthermore, any petitions for bankruptcy in respect of the debtor are suspended and the court may lift attachments on the debtor's assets at the request of the debtor or restructuring expert.

#### Limitations on Enforcement
Under Dutch law, the obligations of a Dutch guarantor may be affected by (a) the standards of reasonableness and fairness (*maatstaven van redelijkheid en billijkheid*); (b) force majeure (*niet- toerekenbare tekortkoming*) and unforeseen circumstances (*onvoorziene omstandigheden*); and (c) the other general defenses available to debtors under Dutch law in respect of the validity, binding effect and enforceability of the exchange notes. Other general defenses include claims that a security interest should be avoided because it was entered into through undue influence (*misbruik van omstandigheden*), fraud (*bedrog*), duress (*bedreiging*) or error (*dwaling*). Other impeding factors include dissolution of contract (*ontbinding*) and set-off (*verrekening*).

The validity and enforceability of the obligations of a Dutch guarantor under the exchange notes may be successfully contested by such guarantor (or its administrator (*bewindvoerder*) in suspension of payments or its receiver (*curator*) in bankruptcy) on the basis of an ultra vires claim, which will be successful if both (i) the obligations of the company do not fall within the scope of the objects clause as set out in the company's articles of association (*doeloverschrijding*) and (ii) the company's counterparty knew or ought to have known (without inquiry) of this fact. In determining whether a transaction is in furtherance of the objects and purposes of such Dutch company, a court will consider (i) the text of the objects clause in the company's articles of association and (ii) all relevant circumstances including whether the granting of such security interest is in the company's corporate interests (*vennootschappelijk belang*) and to its benefit and whether the company's subsistence is jeopardized by the granting of such security interest. The mere fact that a certain legal act (*rechtshandeling*) is explicitly reflected in such Dutch company's objects clause may not be conclusive evidence that such legal act is not ultra vires.

To the extent Dutch law applies, any creditor of a Dutch guarantor or its receiver (*curator*) may nullify the issuance of the exchange notes, or any other transaction or legal act entered into by such guarantor in connection with the guarantees, under certain circumstances, if (i) the issuance of the guarantees, any other transaction or legal act entered into by such guarantor in connection with the guarantees was conducted without prior existing legal obligation to do so (*onverplicht*), (ii) the creditor(s) concerned or, in the case of its/their bankruptcy, any creditor was prejudiced as a consequence of such transactions or legal act (irrespective of whether a creditor's claim arose prior to or after such transactions) and (iii) at the time of the issuance of the guarantees, or any other transaction or legal act entered into by such guarantor in connection with the guarantees was conducted, both such guarantor and, unless the transactions were conducted for no consideration (*om niet*), the counterparty knew or should have known that one or more of the entities' creditors (existing or future) would be prejudiced (*actio pauliana*). A receiver (*curator*) may nullify a transaction on behalf of and for the benefit of the joint insolvent debtor's creditors, and the burden of proof of the abovementioned elements of fraudulent conveyance in principle rests on the receiver. Knowledge of prejudice is however presumed by law for certain transactions performed within a "suspect period" of one year prior to an adjudication of bankruptcy. This is applicable for certain transactions only, the most important application being in cases where the obligations of the bankrupt materially exceed those of the other party, the satisfaction of existing obligations of the bankrupt which are not yet due, and acts between the bankrupt and its counterparty when the shares in both are held (indirectly) by the same shareholder or if the bankrupt and its counterparty are part of the same group of companies. The foregoing requirements for invoking fraudulent transfer provisions outside of a bankruptcy apply mutatis mutandis when invoking fraudulent transfer provisions during a bankruptcy. In addition, the receiver may challenge a transaction if it was conducted on the basis of a prior existing legal obligation to do so (*verplichte rechtshandeling*), if (i) the transaction was conducted at a time when the counterparty knew that a request for bankruptcy had been filed, or (ii) if such

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transaction was conducted as a result of deliberation between the debtor and the counterparty with a view to giving preference to the counterparty over the debtor's other creditors. Consequently, the validity of any such transactions conducted by a Dutch legal entity may be challenged and it is possible that such a challenge would be successful.

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

### Offer to Exchange
 **$500,000,000 Aggregate Principal Amount of 5.250% Senior Notes due 2030 of Lineage OP, LP, Which Have Been Registered Under the Securities Act, for $500,000,000 Aggregate Principal Amount of 5.250% Senior Notes due 2030 of Lineage OP, LP** 

 **€700,000,000 Aggregate Principal Amount of 4.125% Senior Notes due 2031 of Lineage Europe Finco B.V., Which Have Been Registered Under the Securities Act, for €700,000,000 Aggregate Principal Amount of 4.125% Senior Notes due 2031 of Lineage Europe Finco B.V.** 

#### Prospectus
Dated , 2025.

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#### PART II

#### INFORMATION NOT REQUIRED IN PROSPECTUS

#### Item 20. Indemnification of Directors and Officers

#### Lineage, Inc., Lineage OP, LP and Maryland Subsidiary Guarantor
As used in this "Indemnification of Directors and Officers — Lineage, Inc., Lineage OP, LP and Maryland Subsidiary Guarantor," references to (i) "we," "our," "us" and the "Company" refer solely to Lineage, Inc. and not to any of our subsidiaries, unless otherwise expressly stated or the context otherwise requires, and (ii) references to the "operating partnership" refer solely to Lineage OP, LP and not to any of its subsidiaries, unless otherwise expressly stated or the context otherwise requires.

Maryland law permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and its stockholders for money damages, except for liability resulting from (a) actual receipt of an improper benefit or profit in money, property or services or (b) active and deliberate dishonesty that is established by a final judgment and that is material to the cause of action. Our charter contains a provision that eliminates the liability of our directors and officers to the maximum extent permitted by Maryland law.

The Maryland General Corporation Law (the "MGCL") requires us (unless our charter provides otherwise, which our charter does not) to indemnify a director or officer who has been successful, on the merits or otherwise, in the defense of any proceeding to which he or she is made or threatened to be made a party by reason of his or her service in that capacity. The MGCL permits us to indemnify our present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made or threatened to be made a party to, or witness in, by reason of their service in those or other capacities unless it is established that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the act or omission of the director or officer was material to the matter giving rise to the proceeding and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the director or officer actually received an improper personal benefit in money, property or services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful.

Under the MGCL, we may not indemnify a director or officer in a suit by us or in our right in which the director or officer was adjudged liable to us or in a suit in which the director or officer was adjudged liable on the basis that personal benefit was improperly received. A court may order indemnification if it determines that the director or officer is fairly and reasonably entitled to indemnification, even though the director or officer did not meet the prescribed standard of conduct or was adjudged liable on the basis that personal benefit was improperly received. However, indemnification for an adverse judgment in a suit by us or in our right, or for a judgment of liability on the basis that personal benefit was improperly received, is limited to expenses.

In addition, the MGCL permits us to advance reasonable expenses to a director or officer upon our receipt of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a written undertaking by or on behalf of the director or officer to repay the amount paid or reimbursed by us if it is ultimately determined that the director or officer did not meet the standard of conduct.

Our charter requires us, to the maximum extent permitted by Maryland law in effect from time to time, to indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance of final disposition of a proceeding to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any present or former director or officer who is made or threatened to be made a party to, or witness in, a proceeding by reason of his or her service in that capacity; 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; • any individual who, while a director or officer of the Company and at our request, serves or has served as a director, officer, partner, trustee, member or manager of another corporation, real estate investment trust, limited liability company, partnership, joint venture, trust, employee benefit plan or any other enterprise and who is made or threatened to be made a party to, or witness in, the proceeding by reason of his or her service in that capacity.

Our charter also permits us, with the approval of our board of directors, to indemnify and advance expenses to any person who served a predecessor of ours in any of the capacities described above and to any employee or agent of the Company or a predecessor of the Company.

In addition, our directors and officers may be entitled to indemnification pursuant to the terms of the partnership agreement of our operating partnership.

The operating agreement of Lineage Logistics MTC, LLC provides for the indemnification of its sole member and its officers, directors, employees, agents or affiliates to the fullest extent permitted by Maryland law.

We have entered into, and intend to continue to enter into, indemnification agreements with each of our directors and executive officers that provide for indemnification to the maximum extent permitted by Maryland law.

#### Delaware Subsidiary Guarantors
The subsidiary guarantors that are Delaware limited liability companies are subject to the provisions of the Delaware Limited Liability Company Act, or the DLLCA. Section 18-108 of the DLLCA provides that, subject to such standards and restrictions, if any, as are set forth in its limited liability company agreement, a company may indemnify and hold harmless any member or manager or other person from and against any and all claims and demands whatsoever.

The operating agreements of Lineage Logistics Holdings, LLC, Lineage Logistics, LLC, Lineage Logistics Services, LLC, Lineage Logistics Canada Holdings, LLC, Lineage AUS RE Holdings, LLC, Lineage Columbia Mezz, LLC, and Lineage WA Columbia RE, LLC provide for the indemnification of their respective members, officers, directors, employees, agents or affiliates, among others, to the fullest extent permitted by Delaware law.

#### Australian Subsidiary Guarantor
Australian law provides that a company or a related body corporate of the company may provide for indemnification of directors and officers, except to the extent of any of the following liabilities incurred by the individual as a director or officer of the company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a liability owed to the company or a related body corporate of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a liability for a pecuniary penalty order made under section 1317G or a compensation order under section 961M, 1317H, 1317HA, 1317HB, 1317HC or 1317HE of the Corporations Act 2001 of Australia, or the Corporations Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a liability that is owed to someone other than the company or a related body corporate of the company and did not arise out of conduct in good faith.

Australian law provides that a company or related body corporate of the company must not indemnify a person against legal costs incurred in defending an action for a liability incurred as a director or officer of the company if the costs are incurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in defending or resisting proceedings in which the director or officer is found to have a liability for which they cannot be indemnified as set out above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in defending or resisting criminal proceedings in which the person is found guilty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in defending or resisting proceedings brought by the Australian Securities and Investments Commission, or ASIC, or a liquidator for a court order if the grounds for making the order are found

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by the court to have been established (except costs incurred in responding to actions taken by ASIC) or a liquidator as part of an investigation before commencing proceedings for the court order); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in connection with proceedings for relief to the director or officer under the Corporations Act, in which the court denies relief.

The constitution of Emergent Cold Midco Pty Ltd (Australian Company Number 622 098 293), or the Australian Guarantor, is consistent with the above provisions of the Corporations Act in respect of the indemnification of a director or officer of the Australian Guarantor.

The constitution states that to the extent permitted by and subject to any applicable laws, the Australian Guarantor must indemnify its directors and officers against any liability and legal costs of that person. Liability includes any negligence of that director or officer that arises out of the discharge of their duties, or while conducting the business of the Australian Guarantor.

The constitution also provides that, to the extent permitted by and subject to any applicable laws, the Australian Guarantor may (1) enter into, and pay premiums on, an insurance policy in respect of its directors and officers against any liabilities and the legal costs incurred as a director or officer of the Australian Guarantor, and (2) enter into an indemnification agreement with such officer to indemnify that person's liabilities and legal costs in accordance with the terms of such agreement.

#### Canadian Subsidiary Guarantor
Lineage Logistics Canada Holdings Ltd., or Canada Holdings, is a corporation formed under the Business Corporations Act (Ontario), or the OBCA. Pursuant to the OBCA, Canada Holdings may indemnify a present or former director or officer of Canada Holdings or another individual who acts or acted at Canada Holdings' request as a director or officer, or an individual acting in a similar capacity, of another entity, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved because of that association with Canada Holdings or such other entity and provided that (a) the individual acted honestly and in good faith with a view to the best interests of Canada Holdings or the other entity, as the case may be, and (b) in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, such individual had reasonable grounds for believing that his or her conduct was lawful, (a) and (b), collectively, the Conditions. Any individual is entitled to indemnification from Canada Holdings as a matter of right if he or she was not judged by a court or other competent authority to have committed any fault or omitted to do anything that he or she ought to have done and fulfilled the Conditions set forth above.

In accordance with the OBCA, the by-laws of Canada Holdings provides the following:

Canada Holdings shall indemnify any individual permitted by the OBCA to be so indemnified in the manner and to the fullest extent permitted by the OBCA. Without limiting the generality of the foregoing, and subject to section 136 of the OBCA, Canada Holdings shall indemnify a director or officer of Canada Holdings, a former director or officer of Canada Holdings or another individual who acts or acted at Canada Holdings' request as a director or officer, or an individual acting in a similar capacity, of another entity, against all costs, charges, and expenses, including costs reasonably incurred in the defense of an action or proceeding and an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved because of that association with Canada Holdings or other entity, if such individual fulfills the Conditions;

Canada Holdings shall advance moneys to a director, officer, or other individual for the costs, charges and expenses of a proceeding referred to in paragraph (i) above. The individual shall repay the money if the individual does not fulfill the Conditions; and

Canada Holdings shall, with the approval of the court, indemnify an individual referred to in (i) above in respect of an action by or on behalf of Canada Holdings or other entity to obtain a judgment in its favour, to which the individual is made a party because of the individual's association with Canada Holdings or other

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entity as described in (i) above, against all costs, charges and expenses reasonably incurred by the individual in connection with such action, if the individual fulfils the Conditions.

Nothing in the by-laws of Canada Holdings limits the right of any person entitled to claim indemnification in addition to the indemnity provided in the by-law.

#### Dutch Entities
The articles of association of Lineage Europe Finco B.V., Lineage Treasury Europe B.V. and Boreas Logistics Holdings B.V., or together the Dutch entities, contain no provisions under which any member of the management board or officers are indemnified in any manner against any liability that he or she may incur in his or her capacity as such.

The general meeting of a Dutch entity could grant the members of the management board discharge for their management of the company. Discharge is when a management board member is released by the general meeting of shareholders from (potential) liability towards the company. It is customary for discharge to be granted at the annual general meeting on the basis of the annual accounts for the past financial year. Discharge will only release a member of the management board from liability for his or her actions regarding the company insofar evidenced by the annual report and accounts and/or if discussed at the general meeting.

The general meeting may grant discharge to a member of the management board but is not obliged to do so.

#### Washington Subsidiary Guarantor
As used in this "Indemnification of Directors — Washington Subsidiary Guarantor," references to "we," "our," "us" and the "Company" refer solely to Columbia Colstor, Inc. and not to any of our subsidiaries, unless otherwise expressly stated or the context otherwise requires.

Washington law permits a Washington corporation to indemnify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) an individual made party to a proceeding because the individual is or was a director against liability incurred in the proceeding if: (a) the individual acted in good faith; and (b) the individual reasonably believed: (i) in the case of conduct in the individual's official capacity with the corporation, that the individual's conduct was in its best interests; and (ii) in all other cases, that the individual's conduct was at least not opposed to its best interests; and (iii) in the case of any criminal proceeding, the individual had no reasonable cause to believe the individual's conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) a director's conduct with respect to an employee benefit plan for a purpose the director reasonably believed to be in the interests of the participants in and beneficiaries of the plan is conduct that satisfies the requirement of subsection (b)(ii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) The termination of a proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent is not, of itself, determinative that the director did not meet the standard of conduct described in this section.

Our articles of incorporation contain a provision that eliminates the liability of our directors for monetary damages for conduct as a director to the full extent permitted by the Washington Business Corporation Act, or the WBCA.

The WBCA requires us (unless our articles of incorporation provides otherwise, which our articles of incorporation do not) to indemnify a director who has been wholly successful, on the merits or otherwise, in the defense of any proceeding to which the director was a party because of being a director of the Company against reasonable expenses incurred by the director in connection with the proceeding.

Under the WBCA, we may not indemnify a director: (a) in connection with a proceeding by or in the right of the Company in which the director was adjudged liable to the Company or (b) in connection with any other proceeding charging improper personal benefit to the director, whether or not involving action in the director's official capacity, in which the director was adjudged liable on the basis that personal benefit was improperly received by the director.

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Unless our articles of incorporation provide otherwise, a director of the Company who is a party to a proceeding may apply for indemnification or advance of expenses to the court conducting the proceeding or to another court of competent jurisdiction. On receipt of an application, the court after giving any notice the court considers necessary may order indemnification or advance of expenses if it determines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The director is entitled to mandatory indemnification under Revised Code of Washington, or RCW, 23B.08.520, in which case the court shall also order the corporation to pay the director's reasonable expenses incurred to obtain court-ordered indemnification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The director is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not the director met the standard of conduct set forth in RCW 23B.08.510 or was adjudged liable as described in RCW 23B.08.510(4), but if the director was adjudged so liable the director's indemnification is limited to reasonable expenses incurred unless the articles of incorporation or a bylaw, contract, or resolution approved or ratified by the shareholders pursuant to RCW 23B.08.560 provides otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • In the case of an advance of expenses, the director is entitled pursuant to the articles of incorporation, bylaws, or any applicable resolution or contract, to payment or reimbursement of the director's reasonable expenses incurred as a party to the proceeding in advance of final disposition of the proceeding.

In addition, the WBCA permits us to advance reasonable expenses to a director upon our receipt of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an executed written affirmation of the director's good faith belief that the director has met the standard of conduct described in RCW 23B.08.510; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an executed written undertaking, executed personally or on the director's behalf, to repay the advance if it is ultimately determined that the director did not meet the standard of conduct.

Our bylaws provide that the right to indemnification is subject to the approval or ratification of the board and such right to indemnification is a contractual right. Our bylaws also includes the right to be paid by us the expenses incurred in defending any proceeding in advance of its final disposition of a proceeding by reason of the fact that such indemnitee is or was a director or officer of the Company, he or she was serving at the required of the Company as a director, officer, partner, trustee, employee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or enterprise.

Any underwriting agreement or distribution agreement that the registrants enters into with any underwriters or agents involved in the offering or sale of any securities registered hereby may require such underwriters or dealers to indemnify the registrant, some or all of its directors and officers and its controlling persons, if any, for specified liabilities, which may include liabilities under the Securities Act of 1933, as amended.

#### Item 21. Exhibits and Financial Statement Schedules
(a) Exhibits

#### EXHIBIT INDEX

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| | |
|:---|:---|
| **Exhibit <br> Number**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Description**  |
| &nbsp;&nbsp;&nbsp; 3.1  | [Articles of Amendment and Restatement of Lineage Inc. (incorporated by reference to Exhibit 4.1 to the Company's Registration Statement on Form S-8 (File No. 333-280997), filed on July 25, 2024).](http://www.sec.gov/Archives/edgar/data/1868159/000119312524184284/d864073dex41.htm) |
| &nbsp;&nbsp;&nbsp; 3.2  | [Amended and Restated Bylaws of Lineage, Inc. (incorporated by reference to Exhibit 4.2 to the Company's Registration Statement on Form S-8 (File No. 333-280997), filed on July 25, 2024).](http://www.sec.gov/Archives/edgar/data/1868159/000119312524184284/d864073dex42.htm)  |
| &nbsp;&nbsp;&nbsp; 3.3  | [Agreement of Limited Partnership of Lineage OP, LP (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 001-42191), filed on July 26, 2024).](http://www.sec.gov/Archives/edgar/data/1868159/000119312524186275/d813793dex101.htm)  |
| &nbsp;&nbsp;&nbsp; 3.4  | [Unit Designation – Legacy units of Lineage OP, LP (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K (File No. 001-42191), filed on July 26, 2024).](http://www.sec.gov/Archives/edgar/data/1868159/000119312524186275/d813793dex102.htm) |

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| | |
|:---|:---|
| **Exhibit <br> Number**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Description**  |
| &nbsp;&nbsp;&nbsp; 3.5  | [Tenth Amended and Restated Operating Agreement of Lineage Logistics Holdings, LLC (incorporated by reference to Exhibit 10. 1 to the Company's Quarterly Report on Form 10-Q (File No. 001-42191), filed on November 5, 2025.](http://www.sec.gov/Archives/edgar/data/1868159/000186815925000110/lineagelogisticsholdings.htm) |
| &nbsp;&nbsp;&nbsp; 3.6  | [Articles of Association of Lineage Europe Finco B.V.](tm2532793d2_ex3-6.htm)  |
| &nbsp;&nbsp;&nbsp; 4.1  | [Indenture, dated as of June 17, 2025, among Lineage OP, LP, Lineage, Inc. and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K (File No. 001-42191), filed on June 17, 2025).](http://www.sec.gov/Archives/edgar/data/1868159/000186815925000076/line8-kex41xbaseindentur.htm) |
| &nbsp;&nbsp;&nbsp; 4.2  | [First Supplemental Indenture, dated as of June 17, 2025, among Lineage OP, LP, Lineage, Inc., the other guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee, including a form of 5.250% Senior Note due 2030 (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K (File No. 001-42191), filed on June 17, 2025).](http://www.sec.gov/Archives/edgar/data/1868159/000186815925000076/lineex42xsupplementalind.htm) |
| &nbsp;&nbsp;&nbsp; 4.3  | [Second Supplemental Indenture, dated as of November 26, 2025, among Lineage OP, LP, Lineage Europe Finco B.V. and U.S. Bank Trust Company, National Association, as trustee.](tm2532793d2_ex4-3.htm)  |
| &nbsp;&nbsp;&nbsp; 4.4  | [Indenture, dated as of November 26, 2025, among Lineage Europe Finco B.V., Lineage, Inc., Lineage OP, LP and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K (File No. 001-42191), filed on December 2, 2025).](http://www.sec.gov/Archives/edgar/data/1868159/000186815925000119/ex41baseindenture.htm) |
| &nbsp;&nbsp;&nbsp; 4.5  | [First Supplemental Indenture, dated as of November 26, 2025, among Lineage Europe Finco B.V., Lineage, Inc., Lineage OP, LP, the other guarantors party thereto, U.S. Bank Trust Company, National Association, as trustee, registrar and transfer agent, and U.S. Bank Europe DAC, as paying agent, including a form of 4.125% Senior Notes due 2031 (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K (File No. 001-42191), filed on December 2, 2025).](http://www.sec.gov/Archives/edgar/data/1868159/000186815925000119/ex42firstsupplementalind.htm) |
| &nbsp;&nbsp;&nbsp; 5.1  | [Opinion of Latham & Watkins LLP.](tm2532793d2_ex5-1.htm)  |
| &nbsp;&nbsp;&nbsp; 5.2  | [Opinion of Venable LLP.](tm2532793d2_ex5-2.htm)  |
| &nbsp;&nbsp;&nbsp; 5.3  | [Opinion of Snell & Wilmer L.L.P.](tm2532793d2_ex5-3.htm)  |
| &nbsp;&nbsp;&nbsp; 5.4  | [Opinion of Johnson Winter Slattery.](tm2532793d2_ex5-4.htm)  |
| &nbsp;&nbsp;&nbsp; 5.5  | [Opinion of McCarthy Tétrault LLP.](tm2532793d2_ex5-5.htm) |
| &nbsp;&nbsp;&nbsp; 5.6  | [Opinion of NautaDutilh N.V.](tm2532793d2_ex5-6.htm)  |
| &nbsp;&nbsp; 10.1†  | [Form of Restrictive Covenants Agreement between Lineage, Inc. and each of Adam Forste and Kevin Marchetti (incorporated by reference to Exhibit 10.8 to the Company's Registration Statement on Form S-11 (File No. 333-280470), filed on June 26, 2024).](http://www.sec.gov/Archives/edgar/data/1868159/000119312524168623/d577649dex108.htm)  |
| &nbsp;&nbsp; 10.2†  | [Amended and Restated 2024 Incentive Award Plan (incorporated by reference to Exhibit 10.11 to the Company's Registration Statement on Form S-11 (File No. 333-280470), filed on June 26, 2024)](http://www.sec.gov/Archives/edgar/data/1868159/000119312524168623/d577649dex1011.htm)  |
| &nbsp;&nbsp; 10.3†  | [Form of Performance LTIP Unit Agreement (Amended and Restated 2024 Incentive Award Plan) (incorporated by reference to Exhibit 10.12 to the Company's Registration Statement on Form S-11 (File No. 333-280470), filed on July 16, 2024).](http://www.sec.gov/Archives/edgar/data/1868159/000119312524179334/d577649dex1012.htm)  |
| &nbsp;&nbsp; 10.4†  | [Form of Time-Based LTIP Unit Agreement (Amended and Restated 2024 Incentive Award Plan) (incorporated by reference to Exhibit 10.13 to the Company's Registration Statement on Form S-11 (File No. 333-280470), filed on June 26, 2024).](http://www.sec.gov/Archives/edgar/data/1868159/000119312524168623/d577649dex1013.htm)  |
| &nbsp;&nbsp; 10.5†  | [Form of Performance RSU Agreement (Amended and Restated 2024 Incentive Award Plan) (incorporated by reference to Exhibit 10.14 to the Company's Registration Statement on Form S-11 (File No. 333-280470), filed on July 16, 2024).](http://www.sec.gov/Archives/edgar/data/1868159/000119312524179334/d577649dex1014.htm)  |
| &nbsp;&nbsp; 10.6†  | [Form of Time-Based RSU Agreement (Amended and Restated 2024 Incentive Award Plan) (incorporated by reference to Exhibit 10.15 to the Company's Registration Statement on Form S-11 (File No. 333-280470), filed on June 26, 2024).](http://www.sec.gov/Archives/edgar/data/1868159/000119312524168623/d577649dex1015.htm)  |

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| | |
|:---|:---|
| **Exhibit <br> Number**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Description**  |
| &nbsp;&nbsp; 10.7†  | [Form of Stock Payment Agreement (Amended and Restated 2024 Incentive Award Plan) (incorporated by reference to Exhibit 10.16 to the Company's Registration Statement on Form S-11 (File No. 333-280470), filed on June 26, 2024).](http://www.sec.gov/Archives/edgar/data/1868159/000119312524168623/d577649dex1016.htm) |
| &nbsp;&nbsp; 10.8†  | [Director Form of Time-Based RSU Agreement (Amended and Restated 2024 Incentive Award Plan) (incorporated by reference to Exhibit 10.17 to the Company's Registration Statement on Form S-11 (File No. 333-280470), filed on June 26, 2024).](http://www.sec.gov/Archives/edgar/data/1868159/000119312524168623/d577649dex1017.htm) |
| &nbsp;&nbsp; 10.9†  | [Form of Indemnification Agreement between Lineage, Inc. and each of its directors and executive officers (incorporated by reference to Exhibit 10.7 to the Company's Registration Statement on Form S-11 (File No. 333-280470), filed on June 26, 2024).](http://www.sec.gov/Archives/edgar/data/1868159/000119312524168623/d577649dex107.htm) |
| &nbsp;&nbsp; 10.10  | [Transition Services Agreement, dated July 24, 2024, between Lineage Logistics Holdings, LLC and Bay Grove Management Company, LLC (incorporated by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K (File No. 001-42191), filed on July 26, 2024),](http://www.sec.gov/Archives/edgar/data/1868159/000119312524186275/d813793dex104.htm) |
| &nbsp;&nbsp; 10.11  | [Stockholders Agreement, dated July 24, 2024, among Lineage, Inc. and the investors party thereto (incorporated by reference to Exhibit 10.5 to the Company's Current Report on Form 8-K (File No. 001-42191), filed on July 26, 2024).](http://www.sec.gov/Archives/edgar/data/1868159/000119312524186275/d813793dex105.htm) |
| &nbsp;&nbsp; 10.12  | [Registration Rights Agreement, dated July 24, 2024, between Lineage, Inc. and BG Lineage Holdings, LLC (incorporated by reference to Exhibit 10.6 to the Company's Current Report on Form 8-K (File No. 001-42191), filed on July 26, 2024).](http://www.sec.gov/Archives/edgar/data/1868159/000119312524186275/d813793dex106.htm) |
| &nbsp;&nbsp; 10.13  | [Registration Rights Agreement, dated July 24, 2024, among Lineage, Inc., Adam Forste, Kevin Marchetti and the other holders party thereto (incorporated by reference to Exhibit 10.7 to the Company's Current Report on Form 8-K (File No. 001-42191), filed on July 26, 2024).](http://www.sec.gov/Archives/edgar/data/1868159/000119312524186275/d813793dex107.htm) |
| &nbsp;&nbsp; 10.14  | [Put Option Agreement, dated July 24, 2024, among Lineage, Inc., Lineage OP, LP, Lineage Logistics Holdings, LLC and BG Lineage Holdings, LLC (incorporated by reference to Exhibit 10.9 to the Company's Current Report on Form 8-K (File No. 001-42191), filed on July 26, 2024).](http://www.sec.gov/Archives/edgar/data/1868159/000119312524186275/d813793dex109.htm) |
| &nbsp;&nbsp; 10.15  | [Expense Reimbursement and Indemnification Agreement, dated July 24, 2024 (incorporated by reference to Exhibit 10.10 to the Company's Current Report on Form 8-K (File No. 001-42191), filed on July 26, 2024).](http://www.sec.gov/Archives/edgar/data/1868159/000119312524186275/d813793dex1010.htm) |
| &nbsp;&nbsp; 10.16  | [Amended and Restated Revolving Credit and Term Loan Agreement, dated as of February 15, 2024, among Lineage Logistics Holdings, LLC, Lineage OP, LLC, Lineage, Inc., JPMorgan Chase Bank, N.A., as administrative agent, and the other agents and lenders named therein (incorporated by reference to Exhibit 10.32 to the Company's Registration Statement on Form S-11 (File No. 333-280470), filed on June 26, 2024)](http://www.sec.gov/Archives/edgar/data/1868159/000119312524168623/d577649dex1032.htm) |
| &nbsp;&nbsp; 10.17  | [First Amendment to Amended and Restated Revolving Credit and Term Loan Agreement, dated as of June 25, 2024, among Lineage Logistics, LLC, Lineage Logistics Holdings, LLC, Lineage OP, LLC, Lineage, Inc., JPMorgan Chase Bank, N.A., as administrative agent, and the other agents and lenders named therein (incorporated by reference to Exhibit 10.40 to the Company's Registration Statement on Form S-11 (File No. 333-280470), filed on July 16, 2024).](http://www.sec.gov/Archives/edgar/data/1868159/000119312524179334/d577649dex1040.htm) |
| &nbsp;&nbsp; 10.18  | [Second Amendment to Amended and Restated Revolving Credit and Term Loan Agreement, dated as of November 26, 2025, among Lineage Logistics, LLC, Lineage Logistics Holdings, LLC, Lineage OP, LLC, Lineage, Inc., JPMorgan Chase Bank, N.A., as administrative agent, and the other agents and lenders named therein.](tm2532793d2_ex10-18.htm) |
| &nbsp;&nbsp; 10.19  | [Note Purchase Agreement, dated as of August 20, 2021, among Lineage Logistics, LLC, Lineage Treasury Europe B.V., Lineage Logistics Holdings, LLC, each Obligor Affiliate named therein and each of the Purchasers named therein (incorporated by reference to Exhibit 10.35 to the Company's Registration Statement on Form S-11 (File No. 333-280470), filed on June 26, 2024).](http://www.sec.gov/Archives/edgar/data/1868159/000119312524168623/d577649dex1035.htm) |

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| | |
|:---|:---|
| **Exhibit <br> Number**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Description**  |
| &nbsp;&nbsp; 10.20  | [First Amendment to Note Purchase Agreement, dated as of September 9, 2022, among Lineage Logistics, LLC, Lineage Treasury Europe B.V., Lineage Logistics Holdings, LLC, each Obligor Affiliate named therein and each of the Purchasers named therein (incorporated by reference to Exhibit 10.36 to the Company's Registration Statement on Form S-11 (File No. 333-280470), filed on June 26, 2024).](http://www.sec.gov/Archives/edgar/data/1868159/000119312524168623/d577649dex1036.htm) |
| &nbsp;&nbsp; 10.21  | [Second Amendment, Joinder Agreement and Release dated as of September 19, 2024 to Note Purchase Agreement dated as of August 20, 2021 among the Company, Lineage Logistics, LLC, Lineage Treasury Europe B.V., Lineage Logistics Holdings, LLC, each other Obligor Affiliate signatory thereto and the Purchasers signatory thereto (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 001-42191), filed on September 23, 2024).](http://www.sec.gov/Archives/edgar/data/1868159/000186815924000007/secondamendmentto2021npa.htm) |
| &nbsp;&nbsp; 10.22  | [Note Purchase Agreement, dated as of August 15, 2022, among Lineage Logistics, LLC, Lineage Treasury Europe B.V., Lineage Logistics Holdings, LLC, each Obligor Affiliate named therein and each of the Purchasers named therein (incorporated by reference to Exhibit 10.37 to the Company's Registration Statement on Form S-11 (File No. 333-280470), filed on June 26, 2024).](http://www.sec.gov/Archives/edgar/data/1868159/000119312524168623/d577649dex1037.htm) |
| &nbsp;&nbsp; 10.23  | [First Amendment, Joinder Agreement and Release dated as of September 19, 2024 to Note Purchase Agreement dated as of August 15, 2022 among the Company, Lineage Logistics, LLC, Lineage Treasury Europe B.V., Lineage Logistics Holdings, LLC, each other Obligor Affiliate signatory thereto and the Purchasers signatory thereto (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K (File No. 001-42191), filed on September 23, 2024).](http://www.sec.gov/Archives/edgar/data/1868159/000186815924000007/firstamendmentto2022npa.htm) |
| &nbsp;&nbsp; 10.24†  | [International Long-Term Assignment Letter, dated December 10, 2024 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 001-42191), filed on December 11, 2024)](http://www.sec.gov/Archives/edgar/data/1868159/000186815924000022/lineage_globallong-termass.htm) |
| &nbsp;&nbsp; 10.25†  | [Non-Employee Director Compensation Program (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q (File No. 001-42191), filed April 30, 2025).](http://www.sec.gov/Archives/edgar/data/1868159/000186815925000061/exhibit101-nonxemployeedir.htm) |
| &nbsp;&nbsp; 10.26†  | [Second Amended and Restated Employment Agreement by and between Lineage, Inc., Lineage Logistics Services, LLC, Lineage Logistics Holdings, LLC and Greg Lehmkuhl (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 001-42191), filed on April 21, 2025).](http://www.sec.gov/Archives/edgar/data/1868159/000186815925000030/lineage-2025ceosecondamend.htm) |
| &nbsp;&nbsp; 10.27†  | [Second Amended and Restated Employment Agreement by and between Lineage, Inc., Lineage Logistics Services, LLC, Lineage Logistics Holdings, LLC and Rob Crisci (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K (File No. 001-42191), filed on April 21, 2025).](http://www.sec.gov/Archives/edgar/data/1868159/000186815925000030/lineage-2025secondamendeda.htm) |
| &nbsp;&nbsp; 10.28†  | [Amended and Restated Lineage, Inc. Executive Severance Plan (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K (File No. 001-42191), filed on April 21, 2025)](http://www.sec.gov/Archives/edgar/data/1868159/000186815925000030/lineage-amendedandrestated.htm) |
| &nbsp;&nbsp; 10.29†  | [Form of 2025 Bonus Program Performance RSU Agreement (Amended and Restated 2024 Incentive Award Plan) (incorporated by reference to Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q (File No. 001-42191), filed April 30, 2025).](http://www.sec.gov/Archives/edgar/data/1868159/000186815925000061/exhibit105-formof2025bonus.htm) |
| &nbsp;&nbsp; 10.30†  | [Form of 2025 Performance LTIP Unit Agreement (Amended and Restated 2024 Incentive Award Plan) (incorporated by reference to Exhibit 10.6 to the Company's Quarterly Report on Form 10-Q (File No. 001-42191), filed April 30, 2025).](http://www.sec.gov/Archives/edgar/data/1868159/000186815925000061/exhibit106-formof2025perfo.htm) |
| &nbsp;&nbsp; 10.31†  | [Form of 2025 Performance RSU Agreement (Amended and Restated 2024 Incentive Award Plan) (incorporated by reference to Exhibit 10.7 to the Company's Quarterly Report on Form 10-Q (File No. 001-42191), filed April 30, 2025).](http://www.sec.gov/Archives/edgar/data/1868159/000186815925000061/exhibit107-formof2025perfo.htm) |

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| | |
|:---|:---|
| **Exhibit <br> Number**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Description**  |
| &nbsp;&nbsp; 10.32  | [Registration Rights Agreement, dated as of June 17, 2025, among Lineage OP, LP, Lineage, Inc., the other guarantors party thereto and J.P. Morgan Securities LLC, BofA Securities, Inc., Wells Fargo Securities, LLC (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 001-42191), filed on June 17, 2025).](http://www.sec.gov/Archives/edgar/data/1868159/000186815925000076/line8-kexhibit101xrra.htm) |
| &nbsp;&nbsp; 10.33†  | [Letter Agreement, dated October 17, 2025, by and between Robb LeMasters and Lineage, Inc. (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 001-42191), filed on October 20, 2025) .](http://www.sec.gov/Archives/edgar/data/1868159/000186815925000102/robblemasterscfoofferlet.htm)  |
| &nbsp;&nbsp; 10.34†  | [Transition Agreement between Rob Crisci and Lineage Logistics Holdings, LLC (incorporated by reference to Exhibit 10. 2 to the Company's Current Report on Form 10-Q (File No. 001-42191), filed on November 5, 2025).](http://www.sec.gov/Archives/edgar/data/1868159/000186815925000110/lineage-rctransitionagre.htm)  |
| &nbsp;&nbsp; 10.35  | [Registration Rights Agreement, dated as of November 26, 2025, among Lineage Europe Finco B.V., Lineage, Inc., Lineage OP, LP, the other guarantors party thereto and Wells Fargo Securities International Limited, J.P. Morgan Securities plc and BofA Securities Europe SA (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 001-42191), filed on December 2, 2025).](http://www.sec.gov/Archives/edgar/data/1868159/000186815925000119/ex101registrationrightsa.htm) |
| &nbsp;&nbsp; 21.1  | [List of subsidiaries of Lineage, Inc.](tm2532793d2_ex21-1.htm)  |
| &nbsp;&nbsp; 22.1  | [List of Subsidiary Guarantors.](tm2532793d2_ex22-1.htm)  |
| &nbsp;&nbsp; 23.1  | [Consent of Latham & Watkins LLP (included in Exhibit 5.1).](tm2532793d2_ex5-1.htm)  |
| &nbsp;&nbsp; 23.2  | [Consent of Venable LLP (included in Exhibit 5.2).](tm2532793d2_ex5-2.htm)  |
| &nbsp;&nbsp; 23.3  | [Consent of Snell & Wilmer L.L.P. (included in Exhibit 5.3).](tm2532793d2_ex5-3.htm)  |
| &nbsp;&nbsp; 23.4  | [Consent of Johnson Winter Slattery (included in Exhibit 5.4).](tm2532793d2_ex5-4.htm)  |
| &nbsp;&nbsp; 23.5  | [Consent of McCarthy Tétrault LLP (included in Exhibit 5.5).](tm2532793d2_ex5-5.htm) |
| &nbsp;&nbsp; 23.6  | [Consent of NautaDutilh N.V. (included in Exhibit 5.6)](tm2532793d2_ex5-6.htm)  |
| &nbsp;&nbsp; 23.7  | [Consent of KPMG LLP, independent registered public accounting firm.](tm2532793d2_ex23-7.htm)  |
| &nbsp;&nbsp; 24.1  | [Powers of Attorney (incorporated by reference to the signature page hereto).](#tSIG)  |
| &nbsp;&nbsp; 25.1  | [Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of U.S. Bank Trust Company, National Association, as trustee under the indentures filed as Exhibit 4.1 and Exhibit 4.4 above.](tm2532793d2_ex25-1.htm) |
| &nbsp;&nbsp; 99.1  | [Form of Letter of Transmittal](tm2532793d2_ex99-1.htm)  |
| &nbsp;&nbsp; 99.2  | [Form of Notice of Guaranteed Delivery](tm2532793d2_ex99-2.htm)  |
| 107.1  | [Filing Fee Table.](tm2532793d1_ex-filingfees.htm)  |

---

†

Indicates management contract or compensatory plan.

(b) Financial Statement Schedules

Not applicable.

#### Item 22. Undertakings
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered

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(if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 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 SEC such indemnification is against public policy as expressed in the 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 Act and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) For purposes of determining any liability under the Securities Act of 1933, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) For the purpose of determining any liability under the Securities Act of 1933, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) The undersigned registrant hereby undertakes to respond to requests for information that is incorporated by reference into the prospectus pursuant to Items 4, 10(b), 11, or 13 of this Form, within one business day of receipt of such request, and to send the incorporated documents by first class mail or other equally prompt means. This includes information contained in documents filed subsequent to the effective date of the registration statement through the date of responding to the request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) The undersigned registrant hereby undertakes to supply by means of a post-effective amendment all information concerning a transaction, and the company being acquired involved therein, that was not the subject of and included in the registration statement when it became effective.

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#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Novi, Michigan, on December 18, 2025.

#### LINEAGE, INC.
By:

/s/ Greg Lehmkuhl

Greg Lehmkuhl

Chief Executive Officer

#### LINEAGE OP, LP
By:

Lineage, Inc., its general partner

By:

/s/ Greg Lehmkuhl

Greg Lehmkuhl

Chief Executive Officer

#### POWER OF ATTORNEY
Each of the undersigned officers and directors of the registrant hereby severally constitutes and appoints Greg Lehmkuhl, Robb LeMasters, Natalie Matsler and Abigail Fleming, and each of them singly (with full power to each of them to act alone), as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution in each of them, for him or her and in his or her name, place and stead, and in any and all capacities, to file and sign any and all amendments, including post-effective amendments, to this registration statement and any other registration statement for the same offering that is to be effective under Rule 462(b) of the Securities Act of 1933, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith and about the premises as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **SIGNATURE**  | **TITLE**  | **DATE**  |
| /s/ Greg Lehmkuhl <br>**Greg Lehmkuhl**  | President, Chief Executive Officer and Director (Principal Executive Officer) | December 18, 2025  |
| /s/ Robb LeMasters <br>**Robb LeMasters**  | Chief Financial Officer (Principal Financial Officer) | December 18, 2025  |
| /s/ Abigail Fleming <br>**Abigail Fleming**  | Chief Accounting Officer (Principal Accounting Officer) | December 18, 2025  |
| /s/ Adam Forste <br>**Adam Forste**  | Co-Executive Chairman | December 18, 2025  |

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

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| | | |
|:---|:---|:---|
| **SIGNATURE**  | **TITLE**  | **DATE**  |
| /s/ Kevin Marchetti <br>**Kevin Marchetti**  | Co-Executive Chairman | December 18, 2025  |
| /s/ Shellye Archambeau <br>**Shellye Archambeau**  | Director | December 18, 2025  |
| /s/ John Carrafiell <br>**John Carrafiell**  | Director | December 18, 2025  |
| /s/ Joy Falotico <br>**Joy Falotico**  | Director | December 18, 2025  |
| /s/ Luke Taylor <br>**Luke Taylor**  | Director | December 18, 2025  |
| /s/ Michael Turner <br>**Michael Turner**  | Director | December 18, 2025  |
| /s/ Lynn Wentworth <br>**Lynn Wentworth**  | Director | December 18, 2025  |
| /s/ James Wyper <br>**James Wyper**  | Director | December 18, 2025  |

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

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Novi, Michigan, on December 18, 2025.

#### LINEAGE LOGISTICS HOLDINGS, LLC
By:

/s/ Robb LeMasters

Robb LeMasters

Chief Financial Officer

#### POWER OF ATTORNEY
Each of the undersigned hereby severally constitutes and appoints Greg Lehmkuhl, Robb LeMasters, Natalie Matsler and Abigail Fleming, and each of them singly (with full power to each of them to act alone), as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution in each of them, for him or her and in his or her name, place and stead, and in any and all capacities, to file and sign any and all amendments, including post-effective amendments, to this registration statement and any other registration statement for the same offering that is to be effective under Rule 462(b) of the Securities Act of 1933, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith and about the premises as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **SIGNATURE**  | **TITLE**  | **DATE**  |
| /s/ Greg Lehmkuhl <br>**Greg Lehmkuhl**  | President and Chief Executive Officer (Principal Executive Officer) | December 18, 2025  |
| /s/ Robb LeMasters <br>**Robb LeMasters**  | Chief Financial Officer (Principal Financial Officer) | December 18, 2025  |
| /s/ Abigail Fleming <br>**Abigail Fleming**  | Chief Accounting Officer (Principal Accounting Officer) | December 18, 2025  |
| Lineage OP, LP <br>By: Lineage, Inc., its general partner  | Managing Member | December 18, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By: <br>/s/ Robb LeMasters <br>**Robb LeMasters <br> Chief Financial Officer**  |  |  |

---

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

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Novi, Michigan, on December 18, 2025.

#### LINEAGE LOGISTICS, LLC
By:

/s/ Robb LeMasters

Robb LeMasters

Chief Financial Officer

#### LINEAGE LOGISTICS CANADA HOLDINGS, LLC
By:

/s/ Robb LeMasters

Robb LeMasters

Chief Financial Officer

#### POWER OF ATTORNEY
Each of the undersigned hereby severally constitutes and appoints Greg Lehmkuhl, Robb LeMasters, Natalie Matsler and Abigail Fleming, and each of them singly (with full power to each of them to act alone), as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution in each of them, for him or her and in his or her name, place and stead, and in any and all capacities, to file and sign any and all amendments, including post-effective amendments, to this registration statement and any other registration statement for the same offering that is to be effective under Rule 462(b) of the Securities Act of 1933, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith and about the premises as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **SIGNATURE**  | **TITLE**  | **DATE**  |
| /s/ Greg Lehmkuhl <br>**Greg Lehmkuhl**  | President and Chief Executive Officer (Principal Executive Officer) | December 18, 2025  |
| /s/ Robb LeMasters <br>**Robb LeMasters**  | Chief Financial Officer (Principal Financial Officer) | December 18, 2025  |
| /s/ Abigail Fleming <br>**Abigail Fleming**  | Chief Accounting Officer. (Principal Accounting Officer) | December 18, 2025  |
| Lineage Logistics Holdings, LLC <br>| Sole Member | December 18, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By: <br>/s/ Robb LeMasters <br>**Robb LeMasters <br> Chief Financial Officer**  |  |  |

---

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

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Novi, Michigan, on December 18, 2025.

#### LINEAGE LOGISTICS SERVICES, LLC
By:

/s/ Robb LeMasters

Robb LeMasters

Chief Financial Officer

#### POWER OF ATTORNEY
Each of the undersigned hereby severally constitutes and appoints Greg Lehmkuhl, Robb LeMasters, Natalie Matsler and Abigail Fleming, and each of them singly (with full power to each of them to act alone), as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution in each of them, for him or her and in his or her name, place and stead, and in any and all capacities, to file and sign any and all amendments, including post-effective amendments, to this registration statement and any other registration statement for the same offering that is to be effective under Rule 462(b) of the Securities Act of 1933, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith and about the premises as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **SIGNATURE**  | **TITLE**  | **DATE**  |
| /s/ Greg Lehmkuhl <br>**Greg Lehmkuhl**  | President and Chief Executive Officer (Principal Executive Officer) | December 18, 2025  |
| /s/ Robb LeMasters <br>**Robb LeMasters**  | Chief Financial Officer (Principal Financial Officer) | December 18, 2025  |
| /s/ Abigail Fleming <br>**Abigail Fleming**  | Chief Accounting Officer (Principal Accounting Officer) | December 18, 2025  |
| LLH Topco Holdings TRS, LLC <br>| Sole Member | December 18, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By: <br>/s/ Robb LeMasters <br>**Robb LeMasters <br> Chief Financial Officer**  |  |  |

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

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Melbourne, Australia, on December 18, 2025.

#### LINEAGE AUS RE HOLDINGS, LLC
By:

/s/ Craig Bowyer

Craig Bowyer

Regional Vice President

#### POWER OF ATTORNEY
Each of the undersigned hereby severally constitutes and appoints Greg Lehmkuhl, Robb LeMasters, Natalie Matsler and Abigail Fleming, and each of them singly (with full power to each of them to act alone), as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution in each of them, for him or her and in his or her name, place and stead, and in any and all capacities, to file and sign any and all amendments, including post-effective amendments, to this registration statement and any other registration statement for the same offering that is to be effective under Rule 462(b) of the Securities Act of 1933, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith and about the premises as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **SIGNATURE**  | **TITLE**  | **DATE**  |
| /s/ Brian Beattie <br>**Brian Beattie**  | President – Asia Pacific (Principal Executive Officer) | December 18, 2025  |
| /s/ Vinolan Singh <br>**Vinolan Singh**  | Chief Financial Officer, Asia Pacific and Board Member (Principal Financial and Accounting Officer) | December 18, 2025  |
| /s/ Craig Bowyer <br>**Craig Bowyer**  | Regional Vice President and Board Member | December 18, 2025  |

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

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Novi, Michigan, on December 18, 2025.

#### LINEAGE COLUMBIA MEZZ, LLC
By:

/s/ Robb LeMasters

Robb LeMasters

Chief Financial Officer

#### LINEAGE LOGISTICS MTC, LLC
By:

/s/ Robb LeMasters

Robb LeMasters

Chief Financial Officer

#### POWER OF ATTORNEY
Each of the undersigned hereby severally constitutes and appoints Greg Lehmkuhl, Robb LeMasters, Natalie Matsler and Abigail Fleming, and each of them singly (with full power to each of them to act alone), as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution in each of them, for him or her and in his or her name, place and stead, and in any and all capacities, to file and sign any and all amendments, including post-effective amendments, to this registration statement and any other registration statement for the same offering that is to be effective under Rule 462(b) of the Securities Act of 1933, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith and about the premises as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **SIGNATURE**  | **TITLE**  | **DATE**  |
| /s/ Greg Lehmkuhl <br>**Greg Lehmkuhl**  | President and Chief Executive Officer (Principal Executive Officer) | December 18, 2025  |
| /s/ Robb LeMasters <br>**Robb LeMasters**  | Chief Financial Officer (Principal Financial Officer) | December 18, 2025  |
| /s/ Abigail Fleming <br>**Abigail Fleming**  | Chief Accounting Officer (Principal Accounting Officer) | December 18, 2025  |
| Columbia Colstor, Inc. <br>| Sole Member | December 18, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By: <br>/s/ Robb LeMasters <br>**Robb LeMasters <br> Chief Financial Officer**  |  |  |

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

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Novi, Michigan, on December 18, 2025.

#### LINEAGE WA COLUMBIA RE, LLC
By:

/s/ Robb LeMasters

Robb LeMasters

Chief Financial Officer

#### POWER OF ATTORNEY
Each of the undersigned hereby severally constitutes and appoints Greg Lehmkuhl, Robb LeMasters, Natalie Matsler and Abigail Fleming, and each of them singly (with full power to each of them to act alone), as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution in each of them, for him or her and in his or her name, place and stead, and in any and all capacities, to file and sign any and all amendments, including post-effective amendments, to this registration statement and any other registration statement for the same offering that is to be effective under Rule 462(b) of the Securities Act of 1933, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith and about the premises as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **SIGNATURE**  | **TITLE**  | **DATE**  |
| /s/ Greg Lehmkuhl <br>**Greg Lehmkuhl**  | President and Chief Executive Officer (Principal Executive Officer) | December 18, 2025  |
| /s/ Robb LeMasters <br>**Robb LeMasters**  | Chief Financial Officer (Principal Financial Officer) | December 18, 2025  |
| /s/ Abigail Fleming <br>**Abigail Fleming**  | Chief Accounting Officer (Principal Accounting Officer) | December 18, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lineage Columbia Mezz, LLC <br>By: <br>Columbia Colstor, Inc., its sole member <br>| Sole Member  | December 18, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By: <br>/s/ Robb LeMasters <br>**Robb LeMasters <br> Chief Financial Officer**  |  |  |

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

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Novi, Michigan, on December 18, 2025.

#### COLUMBIA COLSTOR, INC.
By:

/s/ Robb LeMasters

Robb LeMasters

Chief Financial Officer

#### POWER OF ATTORNEY
Each of the undersigned hereby severally constitutes and appoints Greg Lehmkuhl, Robb LeMasters, Natalie Matsler and Abigail Fleming, and each of them singly (with full power to each of them to act alone), as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution in each of them, for him or her and in his or her name, place and stead, and in any and all capacities, to file and sign any and all amendments, including post-effective amendments, to this registration statement and any other registration statement for the same offering that is to be effective under Rule 462(b) of the Securities Act of 1933, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith and about the premises as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **SIGNATURE**  | **TITLE**  | **DATE**  |
| /s/ Greg Lehmkuhl <br>**Greg Lehmkuhl**  | President and Chief Executive Officer (Principal Executive Officer) | December 18, 2025  |
| /s/ Robb LeMasters <br>**Robb LeMasters**  | Chief Financial Officer (Principal Financial Officer) | December 18, 2025  |
| /s/ Abigail Fleming <br>**Abigail Fleming**  | Chief Accounting Officer (Principal Accounting Officer) | December 18, 2025  |
| /s/ Jeffrey Rivera <br>**Jeffrey Rivera**  | Director | December 18, 2025  |

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

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Melbourne, Australia, on December 18, 2025.

#### Executed by EMERGENT COLD MIDCO PTY LTD in accordance with section 127 of the Corporations Act 2001 (Cth) by:
By:

/s/ Craig Bowyer

Craig Bowyer

Sole Director

#### POWER OF ATTORNEY
Each of the undersigned hereby severally constitutes and appoints Greg Lehmkuhl, Robb LeMasters, Natalie Matsler and Abigail Fleming, and each of them singly (with full power to each of them to act alone), as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution in each of them, for him and in his name, place and stead, and in any and all capacities, to file and sign any and all amendments, including post-effective amendments, to this registration statement and any other registration statement for the same offering that is to be effective under Rule 462(b) of the Securities Act of 1933, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith and about the premises as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **SIGNATURE**  | **TITLE**  | **DATE**  |
| /s/ Brian Beattie <br>**Brian Beattie**  | President – Asia Pacific of Lineage (Principal Executive Officer) | December 18, 2025  |
| /s/ Vinolan Singh <br>**Vinolan Singh**  | Vice President – Asia Pacific of Lineage (Principal Financial and Accounting Officer) | December 18, 2025  |
| /s/ Craig Bowyer <br>**Craig Bowyer**  | Sole Director | December 18, 2025  |

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

#### SIGNATURE OF AUTHORIZED REPRESENATIVE IN THE UNITED STATES
Pursuant to Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of America of Emergent Cold Midco Pty Ltd, has signed this registration statement thereto in the City of Novi, Michigan, on December 18, 2025.

#### LINEAGE, INC.
Authorized U.S. Representative

By:

/s/ Robb LeMasters

Robb LeMasters

Chief Financial Officer

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

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Novi, Michigan, on December 18, 2025.

#### LINEAGE LOGISTICS CANADA HOLDINGS LTD.
By:

/s/ Brian J. McGowan

Brian J. McGowan

Director

#### POWER OF ATTORNEY
Each of the undersigned hereby severally constitutes and appoints Greg Lehmkuhl, Robb LeMasters, Natalie Matsler and Abigail Fleming, and each of them singly (with full power to each of them to act alone), as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution in each of them, for him or her and in his or her name, place and stead, and in any and all capacities, to file and sign any and all amendments, including post-effective amendments, to this registration statement and any other registration statement for the same offering that is to be effective under Rule 462(b) of the Securities Act of 1933, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith and about the premises as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **SIGNATURE**  | **TITLE**  | **DATE**  |
| /s/ Greg Lehmkuhl <br>**Greg Lehmkuhl**  | Chief Executive Officer of Lineage, Inc. (Principal Executive Officer) | December 18, 2025  |
| /s/ Robb LeMasters <br>**Robb LeMasters**  | Chief Financial Officer of Lineage, Inc. (Principal Financial Officer) | December 18, 2025  |
| /s/ Abigail Fleming <br>**Abigail Fleming**  | Chief Accounting Officer of Lineage, Inc. (Principal Accounting Officer) | December 18, 2025  |
| /s/ Brian J. McGowan <br>**Brian J. McGowan**  | Director | December 18, 2025  |

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

#### SIGNATURE OF AUTHORIZED REPRESENATIVE IN THE UNITED STATES
Pursuant to Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of America of Lineage Logistics Canada Holdings Ltd., has signed this registration statement thereto in the City of Novi, Michigan, on December 18, 2025.

#### LINEAGE, INC.
Authorized U.S. Representative

By:

/s/ Robb LeMasters

Robb LeMasters

Chief Financial Officer

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

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Bergen op Zoom, Netherlands, on December 18, 2025.

#### BOREAS LOGISTICS HOLDINGS B.V.
By:

/s/ Folkert Pieter Bergstra

Folkert Pieter Bergstra

Board Member

By:

/s/ Annegien Maria Kooij

Annegien Maria Kooij

Board Member

#### POWER OF ATTORNEY
Each of the undersigned hereby severally constitutes and appoints Greg Lehmkuhl, Robb LeMasters, Natalie Matsler and Abigail Fleming, and each of them singly (with full power to each of them to act alone), as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution in each of them, for him or her and in his or her name, place and stead, and in any and all capacities, to file and sign any and all amendments, including post-effective amendments, to this registration statement and any other registration statement for the same offering that is to be effective under Rule 462(b) of the Securities Act of 1933, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith and about the premises as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.

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| | | |
|:---|:---|:---|
| **SIGNATURE**  | **TITLE**  | **DATE**  |
| /s/ Craig Wood <br>**Craig Wood**  | Board Member and Principal Executive Officer (Principal Executive Officer) | December 18, 2025  |
| /s/ Folkert Pieter Bergstra <br>**Folkert Pieter Bergstra**  | Board Member and Principal Financial Officer and Principal Accounting Officer (Principal Financial and Accounting Officer) | December 18, 2025  |
| /s/ Annegien Maria Kooij <br>**Annegien Maria Kooij**  | Board Member | December 18, 2025  |

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

#### SIGNATURE OF AUTHORIZED REPRESENATIVE IN THE UNITED STATES
Pursuant to Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of America of Boreas Logistics Holdings B.V., has signed this registration statement thereto in the City of Novi, Michigan, on December 18, 2025.

#### LINEAGE, INC.
Authorized U.S. Representative

By:

/s/ Robb LeMasters

Robb LeMasters

Chief Financial Officer

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

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Bergen op Zoom, Netherlands, on December 18, 2025.

#### LINEAGE TREASURY EUROPE B.V.
By:

/s/ Folkert Pieter Bergstra

Folkert Pieter Bergstra

Board Member

By:

/s/ Annegien Maria Kooij

Annegien Maria Kooij

Board Member

#### POWER OF ATTORNEY
Each of the undersigned hereby severally constitutes and appoints Greg Lehmkuhl, Robb LeMasters, Natalie Matsler and Abigail Fleming, and each of them singly (with full power to each of them to act alone), as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution in each of them, for him or her and in his or her name, place and stead, and in any and all capacities, to file and sign any and all amendments, including post-effective amendments, to this registration statement and any other registration statement for the same offering that is to be effective under Rule 462(b) of the Securities Act of 1933, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith and about the premises as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **SIGNATURE**  | **TITLE**  | **DATE**  |
| /s/ Craig Wood <br>**Craig Wood**  | Board Member and Principal Executive Officer (Principal Executive Officer) | December 18, 2025  |
| /s/ Folkert Pieter Bergstra <br>**Folkert Pieter Bergstra**  | Board Member and Principal Financial Officer and Principal Accounting Officer (Principal Financial and Accounting Officer) | December 18, 2025  |
| /s/ Annegien Maria Kooij <br>**Annegien Maria Kooij**  | Board Member | December 18, 2025  |

---

------

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

#### SIGNATURE OF AUTHORIZED REPRESENATIVE IN THE UNITED STATES
Pursuant to Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of America of Lineage Treasury Europe B.V., has signed this registration statement thereto in the City of Novi, Michigan, on December 18, 2025.

#### LINEAGE, INC.
Authorized U.S. Representative

By:

/s/ Robb LeMasters

Robb LeMasters

Chief Financial Officer

------

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

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Bergen op Zoom, Netherlands, on December 18, 2025.

#### LINEAGE EUROPE FINCO B.V.
By:

/s/ Folkert Pieter Bergstra

Folkert Pieter Bergstra

Board Member

By:

/s/ Annegien Maria Kooij

Annegien Maria Kooij

Board Member

#### POWER OF ATTORNEY
Each of the undersigned hereby severally constitutes and appoints Greg Lehmkuhl, Robb LeMasters, Natalie Matsler and Abigail Fleming, and each of them singly (with full power to each of them to act alone), as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution in each of them, for him or her and in his or her name, place and stead, and in any and all capacities, to file and sign any and all amendments, including post-effective amendments, to this registration statement and any other registration statement for the same offering that is to be effective under Rule 462(b) of the Securities Act of 1933, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith and about the premises as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **SIGNATURE**  | **TITLE**  | **DATE**  |
| /s/ Craig Wood <br>**Craig Wood**  | Board Member and Principal Executive Officer (Principal Executive Officer) | December 18, 2025  |
| /s/ Folkert Pieter Bergstra <br>**Folkert Pieter Bergstra**  | Board Member and Principal Financial Officer and Principal Accounting Officer (Principal Financial and Accounting Officer) | December 18, 2025  |
| /s/ Annegien Maria Kooij <br>**Annegien Maria Kooij**  | Board Member | December 18, 2025  |

---

------

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

#### SIGNATURE OF AUTHORIZED REPRESENATIVE IN THE UNITED STATES
Pursuant to Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of America of Lineage Europe Finco B.V., has signed this registration statement thereto in the City of Novi, Michigan, on December 18, 2025.

#### LINEAGE, INC.
Authorized U.S. Representative

By:

/s/ Robb LeMasters

Robb LeMasters

Chief Financial Officer

------

## Exhibit 3.6

**Exhibit 3.6**

*Note: this is a translation into English of the official Dutch version of the deed of incorporation of a private limited liability company under Dutch law. Definitions included in article 1 below appear in the English alphabetical order, but will appear in the Dutch alphabetical order in the official Dutch version. In the event of a conflict between the English and Dutch texts, the Dutch text shall prevail.*

**DEED OF INCORPORATION**

**Lineage Europe Finco B.V.**

On this, the twentieth day of October two thousand and twenty-five, appeared before me, Wijnand Hendrik Bossenbroek, civil law notary in Amsterdam:

Johanna Caroline de Graaf, born in Leiden on the third day of October nineteen hundred and ninety-six, working at the offices of NautaDutilh N.V. located at Beethovenstraat 400, 1082 PR Amsterdam, acting for the purposes of this Deed as the holder of a written power of attorney from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Lineage Dutch Coöperatief U.A.**, a cooperative with exclusion of liability under Dutch law,
having its corporate seat in Amsterdam, with address: Herengracht 483, 1017 BT Amsterdam, and trade register number: 68781113 (the "**Incorporator 1** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **LLH Topco Holdings TRS, LLC**, a limited liability company under the laws of the State of Delaware,
having its registered office address at 251 Little Falls Drive, City of Wilmington, Delaware 19808, County of New Castle, United States
of America, registered with the Delaware Secretary of State under file number 4284357 (the "**Incorporator 2**" and together
with the Incorporator 1: the "**Incorporators** ").

The person appearing before me, acting in the above capacity, declared to hereby establish a private limited liability company under Dutch law (the "**Company**") to be governed by the following

**ARTICLES OF ASSOCIATION**

**DEFINITIONS AND INTERPRETATION** 

**Article 1** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** In these articles of association the following definitions shall apply:

---

| | |
|:---|:---|
| **Company** | &nbsp;&nbsp;the legal entity to which these articles of association relate. |
| **DCC** | &nbsp;&nbsp;the Dutch Civil Code (*Burgerlijk Wetboek*). |
| **General Meeting** | &nbsp;&nbsp;the body formed by Persons with Meeting Rights, or a meeting of Persons with Meeting Rights. |
| **Management Board** | &nbsp;&nbsp;the management board of the Company. |
| **Meeting Rights** | &nbsp;&nbsp;the right to attend and address a General Meeting, whether in person or represented by the holder of a written proxy. |
| **Person with Meeting Rights** | &nbsp;&nbsp;a Shareholder, a usufructuary (*vruchtgebruiker*) with voting rights and/or Meeting Rights, or a pledgee with voting rights and/or Meeting Rights. |
| **Shareholder** | &nbsp;&nbsp;a holder of shares in the capital of the Company. |
| **Simple Majority** | &nbsp;&nbsp;more than fifty percent (50%) of the votes cast. |
| **Subsidiary** | &nbsp;&nbsp;a legal entity in whose general meeting the Company or one or more of its subsidiaries can, whether by virtue of an agreement with other persons with voting rights or otherwise and whether acting alone or together, exercise more than fifty percent (50%) of the voting rights, and any other legal entities and partnerships that are designated as such by the DCC. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** Terms that are defined in the singular shall have the corresponding meaning in the plural and vice versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** The term "written" or "in writing" shall also include the use of electronic means
of communication.

**NAME AND SEAT**

**Article 2** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** The name of the Company is **Lineage Europe Finco B.V.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** It has its corporate seat in Amsterdam.

**OBJECTS**

**Article 3** 

The objects of the Company are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** to participate in, finance or hold any other interest in, or to conduct the management of, other legal entities,
partnerships or enterprises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** to borrow, to lend and to raise funds, including (without limitation) the issue of bonds, promissory notes
or other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** to render advice and services of all kinds to, and to assist the financing of, Group Companies and to third
parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** to furnish guarantees, provide security, warrant performance or in any other way assume liability, whether
jointly and severally or otherwise, for or in respect of obligations of Group Companies or other parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** to acquire, to manage, to exploit and to alienate property, including registered property, and items of property
in general;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f.** to trade in currencies, securities and items of property in general;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g.** to develop, manage, exploit and trade in patents, trademarks, licenses, knowhow, copyrights, data base rights
and other intellectual property rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**h.** to perform any and all activities of an industrial, financial or commercial nature; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** to do anything which, in the widest sense of the words, is connected with or may be conducive to the attainment
of these objects.

**SHARES - CAPITAL**

**Article 4** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** The nominal value of each share shall be one euro (EUR 1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** The shares shall be registered shares and shall be numbered consecutively, starting from 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** At least one share must be held by a party other than, and not on behalf of, the Company or any of its
Subsidiaries.

**SHARES - REGISTER**

**Article 5** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** The Management Board shall keep a register setting out the names and addresses of all Shareholders, usufructuaries
and pledgees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** Shareholders and others whose particulars must be set out in the register shall provide the Management
Board with the necessary particulars in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** All notifications and notices convening meetings shall be sent to Persons with Meeting Rights at the addresses
set out in the register.

**SHARES - ISSUE**

**Article 6** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** Shares may only be issued by the Company pursuant to a resolution of the General Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** Article 6.1 shall apply mutatis mutandis where rights to subscribe for shares are granted but shall not
apply where shares are issued to a person exercising an existing right to subscribe for shares.

**SHARES - PAYMENT**

**Article 7** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** The full nominal value of each share shall be paid up upon subscription for that share. It may be stipulated
that all or part of the nominal value need not be paid up until after a certain period of time or until the Company has called for payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** The Management Board may perform juristic acts (*rechtshandelingen*) in respect of non-cash contributions
for shares without the prior approval of the General Meeting.

**SHARES - OWN SHARES**

**Article 8** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** The acquisition by the Company of shares in its own capital shall be decided on by the Management Board.
The acquisition by the Company of shares in its own capital which have not been fully paid up shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** Except where it acquires such shares for no consideration, the Company may not acquire fully paid-up shares
in its own capital if the shareholders' equity less the acquisition price is less than the reserves which must be maintained by law, or
if the Management Board knows or should reasonably foresee that, following the acquisition, the Company will be unable to continue paying
its due and payable debts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3** The preceding provisions of this Article 8 shall not be applicable to shares acquired by the Company by
universal succession (*onder algemene titel*).

**SHARES - TRANSFER**

**Article 9** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1** The issue or transfer of a share or the creation of a limited right (*beperkt recht*) in respect
of a share shall require a deed to that effect executed before a civil law notary practising in the Netherlands and to which the persons
involved are parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2** The transfer of a share or the creation of a limited right in respect thereof in accordance with Article
9.1 shall also, by operation of law, have effect vis-à-vis the Company. Unless the Company itself is a party to the transaction,
the rights attached to the relevant share may not be exercised until the Company has acknowledged the transaction or been served with
the deed.

**SHARES - TRANSFERABILITY**

**Article 10** 

The transferability of shares shall not be subject to any restrictions.

**SHARES - USUFRUCT, PLEDGE AND DEPOSITARY RECEIPTS** 

 **Article** **11** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1** The voting rights attached to shares which are subject to a usufruct or pledge shall be vested in the
relevant Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2** Notwithstanding Article 11.1 and subject to what is provided in, respectively, Section 2:197 DCC and Section
2:198 DCC, a usufructuary or pledgee shall have voting rights if this has been stipulated when the relevant limited right was created
or if this has been agreed at a subsequent time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3** Usufructuaries and pledgees without voting rights shall not have Meeting Rights, unless the contrary is
stipulated upon the creation or transfer of the relevant usufruct or, respectively, the creation or transmission (*overgang*) of
the relevant pledge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4** No Meeting Rights shall be attached to depositary receipts for shares.

**MANAGEMENT BOARD - APPOINTMENT, SUSPENSION AND REMOVAL**

 **Article** **12** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1** The Company shall have a Management Board consisting of one or more managing directors. Both natural persons
and legal entities may be managing directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2** The General Meeting shall determine the number of managing directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3** The General Meeting shall appoint the managing directors and may at any time suspend or remove any managing
director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.4** Where one or more managing directors are no longer in office or are unable to act, the remaining managing
director(s) shall be provisionally charged with the entire management of the Company. Where all managing directors or the only managing
director are/is no longer in office or are/is unable to act, the management shall be provisionally conducted by the person designated
for that purpose by the General Meeting.

**MANAGEMENT BOARD - DUTIES, ORGANISATION AND DECISION MAKING**

 **Article** **13**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1** The Management Board is charged with the management of the Company, subject to the restrictions contained
in these articles of association. In performing their duties, managing directors shall be guided by the interests of the Company and of
the enterprise connected with it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2** Where the Management Board consists of more than one managing director, resolutions shall be passed –
irrespective of whether this occurs at a meeting or otherwise – by a Simple Majority. Invalid votes and blank votes shall not be
counted as votes cast.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3** In the event of a tie at a meeting of the Management Board, the General Meeting shall decide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4** A managing director may not participate in the deliberations and decision making of the Management Board
on a matter in relation to which he has a direct or indirect personal interest which conflicts with the interests of the Company and of
the enterprise connected with it. Where all managing directors or the only managing director have/has such a conflict of interest, the
relevant decision shall be taken by the General Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.5** Meetings of the Management Board can be held through audio or audiovisual communication facilities, unless
a managing director objects thereto. The audio communication must, where possible, commence in the Netherlands and resolutions so adopted
shall be deemed to have been adopted in the Netherlands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.6** Resolutions of the Management Board may, instead of at a meeting, be passed in writing, provided that
all managing directors are familiar with the resolution to be passed and none of them objects to this decision-making process. Resolutions
so adopted will be deemed to have been adopted in the Netherlands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.7** The Management Board may draw up rules concerning its internal matters. The managing directors may also
allocate their duties among themselves, whether by drawing up rules or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.8** The Management Board shall require the approval of the General Meeting for such Management Board resolutions
as the General Meeting shall have specified in a resolution to that effect and notified to the Management Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.9** Failure to obtain the approval required under Article 13.8 shall not affect the powers of representation
of the Management Board or managing directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.10** The Management Board must follow the instructions of the General Meeting, unless these instructions are
contrary to the interests of the Company and the enterprise connected with it.

**MANAGEMENT BOARD - REPRESENTATION**

**Article 14** 

The Management Board is entitled to represent the Company, as are two (2) managing directors acting jointly.

**GENERAL MEETINGS – CONVOCATION AND AGENDA**

**Article 15** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1** During each financial year at least one General Meeting must be held or at least one resolution passed
in accordance with Article 18.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2** General Meetings shall also be held whenever such a meeting is convened by the Management Board, one or
more managing directors or one or more Persons with Meeting Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.3** General Meetings must be held in the place where the Company has its corporate seat as set out in these
articles of association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4** A General Meeting must be convened by letters sent to Persons with Meeting Rights no later than on the
eighth day prior to the day of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.5** Where the rules laid down by law or by these articles of association in relation to the place where meetings
should be held, the convening of meetings or the drawing up of agendas have not been complied with, legally valid resolutions may still
be passed provided that all Persons with Meeting Rights have consented to the place of the meeting or to a decision being made on the
relevant matters, respectively, and provided that the managing directors have been afforded the opportunity to give their advice prior
to the decision-making.

**GENERAL MEETING - PROCEDURAL RULES**

**Article 16** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1** The General Meeting shall appoint its own chairman.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.2** Managing directors shall, in that capacity, have an advisory vote at General Meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.3** The Management Board may decide that each Person with Meeting Rights is entitled, whether in person or
represented by a person holding a written proxy, to participate in, address and (where applicable) exercise his voting rights at the General
Meeting by electronic means of communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.4** The Management Board may impose conditions on the use of electronic means of communication.

**GENERAL MEETING - DECISION-MAKING**

**Article 17** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1** Each share shall give the right to cast one vote at General Meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.2** The Management Board may decide that votes cast before the General Meeting, but not earlier than on the
thirtieth day before that of the meeting, by electronic means of communication shall be equated with those cast at the time of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.3** Unless a greater majority is required by law, all resolutions shall be passed by a Simple Majority. Invalid
and blank votes shall not be counted as votes cast.

**GENERAL MEETING - RESOLUTIONS WITHOUT HOLDING A MEETING**

 **Article** **18** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.1** Shareholders may pass resolutions without holding a meeting provided that all Persons with Meeting Rights
have consented to this manner of decision-making, which consent may be given electronically. The votes on such a resolution must be cast
in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.2** The managing directors must have been afforded the opportunity to give their advice prior to the decision-making
referred to in Article 18.1.

**FINANCIAL YEAR, ANNUAL ACCOUNTS**

**Article 19** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.1** The financial year of the Company shall coincide with the calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.2** Each year, within five months after the end of the Company's financial year, unless this period is extended
by a maximum of five months by the General Meeting on account of special circumstances, the Management Board shall prepare annual accounts
and deposit them at the Company's office for inspection by the Shareholders. If the Company is required by law to prepare a management
report, the Management Board shall, within the same period, also deposit the management report for inspection by the Shareholders. The
annual accounts shall be signed by all managing directors. If one or more of their signatures is missing, this fact and the reason therefor
shall be stated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.3** The annual accounts shall be adopted by the General Meeting. The signing of the annual accounts as provided
for in the first sentence of section 2:210(5) DCC shall not serve as adoption of those accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.4** The Company shall publish the annual accounts, together with all other relevant documents and information
if and to the extent and in the manner required by law.

**DISTRIBUTIONS ON SHARES**

**Article 20** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.1** The profits as determined through the adoption of the annual accounts shall be at the disposal of the
General Meeting. The General Meeting may decide to make a distribution, to the extent that the shareholders' equity exceeds the reserves
that must be maintained by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.2** A resolution to make a distribution shall not take effect as long as the Management Board has not given
its approval. The Management Board may only withhold such approval if it knows or should reasonably foresee that, following the distribution,
the Company will be unable to continue paying its due and payable debts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.3** For the purposes of calculating any distribution, shares held by the Company in its own capital shall
not be included.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.4** For the purposes of calculating the amount to be distributed on each share, only the amount of the mandatory
payments towards the nominal value of the shares shall be taken into account. The preceding sentence may be derogated from with the consent
of all Shareholders.

**DISSOLUTION AND LIQUIDATION**

**Article 21** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1** In the event of the Company being dissolved, the liquidation shall be effected by the Management Board
unless the General Meeting decides otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.2** Any assets remaining after payment of all of the Company's debts shall first be applied to pay back the
part of the nominal value that has been paid up on the shares. Any remaining assets shall then be distributed among the Shareholders in
proportion to the aggregate nominal value of their shares. No distribution may be made to the Company in respect of shares held by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.3** After the liquidation has been completed, the books, records and other information carriers of the Company
shall be kept for the period prescribed by law by the person designated for that purpose in the resolution of the General Meeting to dissolve
the Company. Where the General Meeting has not designated such a person, the liquidators shall do so.

**final statements**

Finally, the person appearing declared that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** the person appearing is authorised to act under two (2) powers of attorney in the form of private instruments,
which will be attached to this Deed as an <u>annex</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** the Incorporators have subscribed for the following numbers of shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** the Incorporator 1 has subscribed for ninety-nine (99) shares in the capital of the Company, having a
nominal value of one euro (EUR 1) each, and number 1 up to and including 99; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** the Incorporator 2 has subscribed for one (1) share in the capital of the Company, having a nominal value
of one euro (EUR 1), numbered 100;

therefore the Company's issued capital amounts to one hundred euros (EUR 100);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** immediately after receiving a request to that effect from the Company, each of the Incorporators 1 and
2 will pay up, in full, the shares for which that Incorporator has subscribed; therefore the Company's capital paid-up by each of these
Incorporators currently amounts to zero euro (EUR 0);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** payment in a currency other than that in which the nominal value of the shares is denominated is permitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** the Company's first financial year shall end on the thirty-first day of December two thousand and
twenty-five; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** the following persons will be appointed as the Company's first managing directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** Annegien Maria Kooij, born on the eighth day of April nineteen hundred and seventy-four; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** Folkert Pieter Bergstra, born on the twelfth day of July nineteen hundred and seventy-two.

The person appearing is known to me, civil law notary.

This Deed was executed in Amsterdam on the date mentioned in its heading.

After I, civil law notary, had conveyed and explained the contents of the Deed in substance to the person appearing, the person appearing declared to have taken note of the contents of the Deed, to be in agreement with the contents and not to wish them to be read out in full. Following a partial reading, the Deed was signed by the person appearing and by me, civil law notary.

---

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex3-6img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gegevens verwijderd door KVK |

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&nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex3-6img002.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex3-6img003.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex3-6img004.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex3-6img005.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex3-6img006.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex3-6img007.jpg)<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex3-6img008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gegevens verwijderd door KVK Gegevens verwijderd door KVK |

---

---

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex3-6img009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verwerkingsverslag Bijgaande document is elektronisch ontvangen bij de Kamer van Koophandel op 20-10-2025 17:00 van Jules Jacob van de Winckel in diens hoedanigheid als Kandidaat-notaris Op het document is een elektronische handtekening aangetroffen die gecontroleerd en correct is bevonden op 20-10-2025 17:00 door de Kvk GX-Handtekeningservice. Het bijbehorende digitale certificaat waarmee de handtekening is gezet is gecontroleerd en geldig en als niet-ingetrokken bevonden ten tijde van ondertekening. De controle heeft plaatsgevonden op 20-10-2025 17:00 door de Kvk GX-Certificaatvalidatieservice. Certificaat details van Jules Jacob van de Winckel SURNAME = van de Winckel C = NL T = Kandidaat-notaris SERIALNUMBER = 913566135878183 CN = Jules Jacob van de Winckel GIVENNAME = Jules Jacob O = Jules Jacob van de Winckel Met serienummer 3d706c3663cc525b0ed8f98b3b69b1ddb273da18 Uitgegeven door OID.2.5.4.97 = NTRNL-30237459 C = NL CN = QuoVadis PKIoverheid Organisatie Persoon CA - G3 O = QuoVadis Trustlink B.V. |

---

## Exhibit 4.3

**Exhibit 4.3**

**second Supplemental Indenture**

THIS SECOND SUPPLEMENTAL INDENTURE (this "<u>Second Supplemental Indenture</u>"), entered into as of November 26, 2025, among Lineage OP, LP, a Maryland limited partnership (the "<u>Company</u>"), Lineage, Inc., a Maryland corporation (the "<u>Parent</u>"), the guarantors listed in Appendix I attached hereto (together with the Parent, the "<u>Existing Guarantors</u>"), the guarantor listed in Appendix II attached hereto (the "<u>New Guarantor</u>," and together with the Existing Guarantors, the "<u>Guarantors</u>"), and U.S. Bank Trust Company, National Association, a national banking association, as trustee (the "<u>Trustee"</u>).

**RECITALS**

WHEREAS, the Company, the Parent and the Trustee are parties to an Indenture, dated as of June 17, 2025 (the "<u>Base Indenture</u>"), as amended and supplemented by the First Supplemental Indenture, dated as of June 17, 2025, by and among the Company, the Existing Guarantors and the Trustee (the "<u>First Supplemental Indenture</u>" and, the Base Indenture, as amended and supplemented by the First Supplemental Indenture and this Second Supplemental Indenture, the "<u>Indenture</u>"), related to the Company's 5.250% Senior Notes due 2030 of the Company (the "<u>Notes</u>");

WHEREAS, Sections 8.1(a), (d) and (j) of the First Supplemental Indenture provide that, without the consent of any Holders, the Company and the Existing Guarantors, at any time and from time to time, may enter into one or more indentures supplemental to the Indenture to (i) cure any ambiguity, defect or inconsistency in the Indenture, provided that such action shall not adversely affect the interests of the Holders of the Notes in any material respect (as determined by the Company), (ii) add Guarantors with respect to the Notes and (iii) make any change that does not adversely affect the interests of the Holders of any Notes then outstanding in any material respect;

WHEREAS, the Company and the Existing Guarantors desire, and the Trustee agrees, to (i) amend the First Supplemental Indenture as set forth herein and (ii) amend the Indenture to add the benefit of a guarantee provided by the New Guarantor in respect of the Notes, in accordance with the terms of the Indenture; and

WHEREAS, all things necessary have been done to make this Second Supplemental Indenture, when executed and delivered by the Company and the Guarantors, the legal, valid and binding agreement of the Company and the Guarantors, in accordance with its terms.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and intending to be legally bound, the parties to this Second Supplemental Indenture hereby agree as follows:

**ARTICLE I**

Section 1.1 <u>Capitalized Terms</u>. Capitalized terms used herein and not otherwise defined herein are used as defined in the Indenture.

Section 1.2 <u>Agreement to Guarantee</u>. The New Guarantor hereby agrees to guarantee the Company's obligations under the Notes on the terms and subject to the conditions set forth in Article V of the First Supplemental Indenture. From and after the date hereof, the New Guarantor shall be a Guarantor for all purposes under the Indenture and the Notes.

Section 1.3 <u>Amendment of First Supplemental Indenture</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) The definition of "Subsidiary Guarantor" shall be amended to include the New Guarantor.

&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) Section 6.4 of the First Supplemental Indenture is hereby deleted in its entirety and replaced with the following:

This Section 6.4 shall replace Article V of the Base Indenture with respect to the Notes only.

The Company and each of the Guarantors may consolidate with, or sell, lease or convey all or substantially all of the Company's or such Guarantor's respective assets to, or merge with or into, any other entity, *provided* that the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Company or such Guarantor, as the case may be, shall be the continuing entity, or the successor entity (if other than the Company or such Guarantor, as the case may be) formed by or resulting from any consolidation or merger or which shall have received the transfer of assets shall be domiciled in the United States, any state thereof, the District of Columbia or, solely with respect to any Subsidiary Guarantor, any other member country in the Organization for Economic Co-operation and Development or any political subdivision or governmental authority thereof and, in the case of the Company, shall expressly assume by supplemental indenture payment of the principal of and interest on all of the Notes and the due and punctual performance and observance of all of the covenants and conditions in the Indenture or, in the case of such Guarantor, shall expressly assume by supplemental indenture the payment of all amounts due under such Guarantor's Note Guarantee and the due and punctual performance and observance of all of the covenants and conditions of such Guarantor in the Indenture; provided, that the foregoing requirement will not apply in the case of a Subsidiary Guarantor (x) that has been disposed of in its entirety to another Person (other than to the Parent or an affiliate of the Parent), whether through a merger, consolidation or sale of capital stock or has sold, assigned, conveyed, transferred or leased all or substantially all of its assets or (y) that, as a result of the disposition of all or a portion of its capital stock, ceases to be a 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;(b) immediately after giving effect to the transaction, no Event of Default under the Indenture, and no event which, after notice or the lapse of time, or both, would become an Event of Default, shall have occurred and be continuing; 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) an Officer's Certificate and Opinion of Counsel covering these conditions shall be delivered to the Trustee.

In the event of any transaction described in and complying with the conditions listed in this Section 6.4 in which neither the Company nor any Guarantor is the continuing entity, the successor person formed or remaining shall succeed, and be substituted for, and may exercise every right and power of the Company or such Guarantor, as the case may be, and (except in the case of a lease) the Company or such Guarantor shall be discharged from the Company's or such Guarantor's obligations under the Notes and the Indenture.

Section 1.4 <u>Incorporation of Terms of Indenture</u>. The obligations of the New Guarantor under the Guarantee shall be governed in all respects by the terms of the Indenture and shall constitute a Guarantee thereunder. The New Guarantor shall be bound by the terms of the Indenture as they relate to the Guarantee.

**ARTICLE II**

Section 2.1 <u>Amendment of the Notes</u>. Any corresponding provisions reflected in the Notes shall also be deemed amended in conformity herewith.

Section 2.2 <u>Effectiveness of Amendments</u>. This Second Supplemental Indenture shall be effective upon execution hereof by the Company, the Guarantors and the Trustee.

Section 2.3 <u>Interpretation; Severability</u>. The Indenture shall be modified and amended in accordance with this Second Supplemental Indenture, and all the terms and conditions of both shall be read together as though they constitute one instrument, except that, in case of conflict, the provisions of this Second Supplemental Indenture will control. The Indenture, as modified and amended by this Second Supplemental Indenture, is hereby ratified and confirmed in all respects and shall bind every holder of Notes. In case of conflict between the terms and conditions contained in the Notes and those contained in the Indenture, as modified and amended by this Second Supplemental Indenture, the provisions of the Indenture, as modified by this Second Supplemental Indenture, shall control. In case any provision in this Second Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

Section 2.4 <u>Governing Law</u>. This Second Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York.

Section 2.5 <u>Counterparts</u>. This Second Supplemental Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. The exchange of copies of this Second Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Second Supplemental Indenture as to the parties hereto and may be used in lieu of the original Second Supplemental Indenture for all purposes. The words "execution," "signed," "signature," and words of like import in this Second Supplemental Indenture shall include images of manually executed signatures transmitted by facsimile, email or other electronic format (including, without limitation, "pdf," "tif" or "jpg") and other electronic signatures (including without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.

This Second Supplemental Indenture shall be valid, binding, and enforceable against a party only when executed and delivered by an authorized individual on behalf of the party by means of (i) any electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including relevant provisions of the Uniform Commercial Code/UCC (collectively, "Signature Law"); (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Supplemental Indenture may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute one and the same instrument. For avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the writings.

Section 2.6 <u>Effect of Headings</u>. The Section headings herein are for convenience only and shall not effect the construction hereof.

Section 2.7 <u>Trustee</u>. The recitals contained herein are made by the Company and the Guarantors, and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Second Supplemental Indenture. All rights, protections, privileges, indemnities and benefits granted or afforded to the Trustee under the Indenture shall be deemed incorporated herein by this reference and shall be deemed applicable to all actions taken, suffered or omitted by the Trustee under this Second Supplemental Indenture.

*[Signature Pages Follow]*

IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be duly executed as of the date first above written.

---

| | |
|:---|:---|
| LINEAGE OP, LP, | LINEAGE OP, LP, |
| as the Company | as the Company |
| By: | Lineage, Inc. |
|  | Its general partner |
| By: | /s/ Michelle Domas |
| Name: Michelle Domas | Name: Michelle Domas |
| Title: Treasurer | Title: Treasurer |
| LINEAGE, INC., | LINEAGE, INC., |
| as a Guarantor | as a Guarantor |
| By: | /s/ Michelle Domas |
| Name: Michelle Domas | Name: Michelle Domas |
| Title: Treasurer | Title: Treasurer |
| LINEAGE LOGISTICS HOLDINGS, LLC, | LINEAGE LOGISTICS HOLDINGS, LLC, |
| as a Guarantor | as a Guarantor |
| By: | /s/ Michelle Domas |
| Name: Michelle Domas | Name: Michelle Domas |
| Title: Treasurer | Title: Treasurer |
| LINEAGE LOGISTICS, LLC, | LINEAGE LOGISTICS, LLC, |
| as a Guarantor | as a Guarantor |
| By: | /s/ Michelle Domas |
| Name: Michelle Domas | Name: Michelle Domas |
| Title: Treasurer | Title: Treasurer |

---

[*Signature Page to Second Supplemental Indenture*]

---

| | |
|:---|:---|
| LINEAGE LOGISTICS SERVICES, LLC, | LINEAGE LOGISTICS SERVICES, LLC, |
| as a Guarantor | as a Guarantor |
| By: | /s/ Michelle Domas |
| Name: Michelle Domas | Name: Michelle Domas |
| Title: Treasurer | Title: Treasurer |
| LINEAGE LOGISTICS CANADA HOLDINGS, LLC, | LINEAGE LOGISTICS CANADA HOLDINGS, LLC, |
| as a Guarantor | as a Guarantor |
| By: | /s/ Michelle Domas |
| Name: Michelle Domas | Name: Michelle Domas |
| Title: Treasurer | Title: Treasurer |
| LINEAGE AUS RE HOLDINGS, LLC, | LINEAGE AUS RE HOLDINGS, LLC, |
| as a Guarantor | as a Guarantor |
| By: | /s/ Craig Andrew Bowyer |
| Name: Craig Andrew Bowyer | Name: Craig Andrew Bowyer |
| Title: Regional Vice President | Title: Regional Vice President |
| COLUMBIA COLSTOR, INC., | COLUMBIA COLSTOR, INC., |
| as a Guarantor | as a Guarantor |
| By: | /s/ Michelle Domas |
| Name: Michelle Domas | Name: Michelle Domas |
| Title: Treasurer | Title: Treasurer |

---

[*Signature Page to Second Supplemental Indenture*]

---

| | |
|:---|:---|
| LINEAGE LOGISTICS MTC, LLC | LINEAGE LOGISTICS MTC, LLC |
| as a Guarantor | as a Guarantor |
| By: | /s/ Michelle Domas |
| Name: Michelle Domas | Name: Michelle Domas |
| Title: Treasurer | Title: Treasurer |
| LINEAGE WA COLUMBIA RE, LLC, | LINEAGE WA COLUMBIA RE, LLC, |
| as a Guarantor | as a Guarantor |
| By: | /s/ Michelle Domas |
| Name: Michelle Domas | Name: Michelle Domas |
| Title: Treasurer | Title: Treasurer |
| LINEAGE LOGISTICS CANADA HOLDINGS LTD., | LINEAGE LOGISTICS CANADA HOLDINGS LTD., |
| as a Guarantor | as a Guarantor |
| By: | /s/ Brian McGowan |
| Name: Brian McGowan | Name: Brian McGowan |
| Title: Director | Title: Director |
| BOREAS LOGISTICS HOLDINGS B.V., | BOREAS LOGISTICS HOLDINGS B.V., |
| as a Guarantor | as a Guarantor |
| By: | /s/ Michelle Domas |
| Name: Michelle Domas | Name: Michelle Domas |
| Title: Authorized Signatory | Title: Authorized Signatory |
| LINEAGE TREASURY EUROPE B.V., | LINEAGE TREASURY EUROPE B.V., |
| as a Guarantor | as a Guarantor |
| By: | /s/ Michelle Domas |
| Name: Michelle Domas | Name: Michelle Domas |
| Title: Authorized Signatory | Title: Authorized Signatory |

---

[*Signature Page to Second Supplemental Indenture*]

---

| | |
|:---|:---|
| LINEAGE EUROPE FINCO B.V., | LINEAGE EUROPE FINCO B.V., |
| as a Guarantor | as a Guarantor |
| By: | /s/ Michelle Domas |
| Name: Michelle Domas | Name: Michelle Domas |
| Title: Authorized Signatory | Title: Authorized Signatory |

---

---

| |
|:---|
| **Executed** by **Emergent Cold MidCo Pty Ltd (ACN 622 098 293)**, as a Guarantor, in accordance with section 127 of the *Corporations Act 2001* (Cth) by: |
| /s/ Craig Andrew Bowyer |
| Sole director signature |
| **CRAIG ANDREW BOWYER** |
| Full name<br> (BLOCK LETTERS) |

---

[*Signature Page to Second Supplemental Indenture*]

---

| | |
|:---|:---|
| **U.S. Bank Trust Company, National Association** | **U.S. Bank Trust Company, National Association** |
| not in its individual capacity but solely as Trustee | not in its individual capacity but solely as Trustee |
| By: | /s/ Bradley E. Scarbrough |
|  | Name: Bradley E. Scarbrough |
|  | Title: Vice President |

---

[*Signature Page to Second Supplemental Indenture*]

**<u>APPENDIX I</u>**

Existing Guarantors

LINEAGE, INC.

LINEAGE LOGISTICS HOLDINGS, LLC

LINEAGE LOGISTICS, LLC

LINEAGE LOGISTICS SERVICES, LLC.

LINEAGE LOGISTICS CANADA HOLDINGS, LLC

COLUMBIA COLSTOR, INC.

LINEAGE COLUMBIA MEZZ, LLC

LINEAGE LOGISTICS MTC, LLC

LINEAGE WA COLUMBIA RE, LLC

LINEAGE TREASURY EUROPE B.V.

BOREAS LOGISTICS HOLDINGS B.V.

LINEAGE AUS RE HOLDINGS, LLC

LINEAGE LOGISTICS CANADA HOLDINGS LTD.

EMERGENT COLD MIDCO PTY LTD.

Appendix I

**<u>APPENDIX II</u>**

New Guarantor

LINEAGE EUROPE FINCO b.v.

Appendix II

## Exhibit 5.1

**Exhibit 5.1**

---

| | | |
|:---|:---|:---|
| <br>![](tm2532793d2_ex5-1img001.jpg) <br>December 18, 2025 | 10250 Constellation Blvd., Suite 1100 | 10250 Constellation Blvd., Suite 1100 |
| <br>![](tm2532793d2_ex5-1img001.jpg) <br>December 18, 2025 | Los Angeles, California 90067 | Los Angeles, California 90067 |
| <br>![](tm2532793d2_ex5-1img001.jpg) <br>December 18, 2025 | Tel: +1.424.653.5500 Fax: +1.424.653.5501 | Tel: +1.424.653.5500 Fax: +1.424.653.5501 |
| <br>![](tm2532793d2_ex5-1img001.jpg) <br>December 18, 2025 | www.lw.com | www.lw.com |
| <br>![](tm2532793d2_ex5-1img001.jpg) <br>December 18, 2025 |  |  |
| <br>![](tm2532793d2_ex5-1img001.jpg) <br>December 18, 2025 | FIRM / AFFILIATE OFFICES | FIRM / AFFILIATE OFFICES |
| <br>![](tm2532793d2_ex5-1img001.jpg) <br>December 18, 2025 | Austin | Milan |
| <br>![](tm2532793d2_ex5-1img001.jpg) <br>December 18, 2025 | Beijing | Munich |
| <br>![](tm2532793d2_ex5-1img001.jpg) <br>December 18, 2025 | Boston | New York |
| <br>![](tm2532793d2_ex5-1img001.jpg) <br>December 18, 2025 | Brussels | Orange County |
| <br>![](tm2532793d2_ex5-1img001.jpg) <br>December 18, 2025 | Chicago | Paris |
| <br>![](tm2532793d2_ex5-1img001.jpg) <br>December 18, 2025 | Dubai | Riyadh |
| <br>![](tm2532793d2_ex5-1img001.jpg) <br>December 18, 2025 | Düsseldorf | San Diego |
| <br>![](tm2532793d2_ex5-1img001.jpg) <br>December 18, 2025 | Frankfurt | San Francisco |
| <br>![](tm2532793d2_ex5-1img001.jpg) <br>December 18, 2025 | Hamburg | Seoul |
| <br>![](tm2532793d2_ex5-1img001.jpg) <br>December 18, 2025 | Hong Kong | Silicon Valley |
| <br>![](tm2532793d2_ex5-1img001.jpg) <br>December 18, 2025 | Houston | Singapore |
| <br>![](tm2532793d2_ex5-1img001.jpg) <br>December 18, 2025 | London | Tel Aviv |
| <br>![](tm2532793d2_ex5-1img001.jpg) <br>December 18, 2025 | Los Angeles | Tokyo |
| <br>![](tm2532793d2_ex5-1img001.jpg) <br>December 18, 2025 | Madrid | Washington, D.C. |

---

Lineage, Inc.

Lineage OP, LP

Lineage Europe Finco B.V.

46500 Humboldt Drive

Novi, Michigan 48377

Re: <u>Lineage OP, LP 5.250% Senior Notes due 2030; Lineage Europe Finco B.V. 4.125% Senior Notes due 2031</u>

To the addressees set forth above:

We have acted as special counsel to Lineage, Inc., a Maryland corporation ("***Lineage***"), Lineage OP, LP, a Maryland limited partnership (the "***Operating Partnership***"), Lineage Europe Finco B.V., a Dutch private limited liability company (*besloten vennootschap met beperkte aansprakelijkheid*) ("***Lineage Europe***"), and the other Guarantors (as defined below) in connection with (a) the issuance by the Operating Partnership of up to $500,000,000 aggregate principal amount of 5.250% Senior Notes due 2030 (the "***USD Exchange Notes***") and the guarantees of the USD Exchange Notes (the "***USD Guarantees***") by Lineage, Lineage Europe, the entities listed on Exhibit A hereto, each a Delaware limited liability company (the "***Specified Guarantors***"), and the entities listed on Exhibit B hereto (together with Lineage, Lineage Europe and the Specified Guarantors, the "***USD Guarantors***"), under an indenture, dated as of June 17, 2025 (the "***USD Base Indenture***"), among the Operating Partnership, Lineage and U.S. Bank Trust Company, National Association, as trustee (the "***Trustee***"), as supplemented by a First Supplemental Indenture, dated as of June 17, 2025 (the "***USD First Supplemental Indenture***"), among the Operating Partnership, the USD Guarantors (other than Lineage Europe) and the Trustee, as further supplemented by a Second Supplemental Indenture, dated as of November 26, 2025 (together with the USD Base Indenture and the USD First Supplemental Indenture, the "***USD Indenture***"), among the Operating Partnership, the USD Guarantors and the Trustee and (b) the issuance by Lineage Europe of up to €700,000,000 aggregate principal amount of 4.125% Senior Notes due 2031 (the "***Euro Exchange Notes***" and, together with the USD Exchange Notes, the "***Exchange Notes***") and the guarantees of the Euro Exchange Notes (the "***Euro Guarantees***" and, together with the USD Guarantees, the "***Guarantees***") by Lineage, the Operating Partnership, the Specified Guarantors, and the entities listed on Exhibit B hereto (together with Lineage, the Operating Partnership and the Specified Guarantors, the "***Euro Guarantors***" and, together with the USD Guarantors, as applicable, the "***Guarantors***"), under an indenture, dated as of November 26, 2025 (the "***Euro Base Indenture***" and, together with the USD Base Indenture, the "***Base Indentures***"), among Lineage Europe, Lineage, the Operating Partnership and the Trustee, as supplemented by a First Supplemental Indenture, dated as of November 26, 2025 (the "***Euro First Supplemental Indenture***" and, together with the Euro Base Indenture, the "***Euro Indenture***" and, together with the USD Indenture, the "***Indentures***"), among Lineage Europe, the Euro Guarantors, the Trustee and U.S. Bank Europe DAC, and, in each case, pursuant to a registration statement on Form S-4 under the Securities Act of 1933, as amended (the "***Act***"), filed with the Securities and Exchange Commission (the "***Commission***") on December 18, 2025 (the "***Registration Statement***"). The USD Exchange Notes will be issued in exchange for certain of the Operating Partnership's outstanding 5.250% Senior Notes due 2030 (the "***USD Old Notes***") on the terms set forth in the prospectus contained in the Registration Statement (the "***Prospectus***"). The Euro Exchange Notes will be issued in exchange for certain of Lineage Europe's outstanding 4.125% Senior Notes due 2031 (together with the USD Old Notes, the "***Old Notes***") on the terms set forth in the Prospectus. This opinion is being furnished in connection with the requirements of Item 601(b)(5) of Regulation S-K under the Act, and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement or Prospectus, other than as expressly stated herein with respect to the issue of the Exchange Notes and the Guarantees.

**December 18, 2025**<br> **Page 2**<br>

![](tm2532793d2_ex5-1img002.jpg)

As such counsel, we have examined such matters of fact and questions of law as we have considered appropriate for purposes of this letter. With your consent, we have relied upon certificates and other assurances of officers of the Operating Partnership, Lineage Europe, the other Guarantors and others as to factual matters without having independently verified such factual matters. We are opining herein as to the internal laws of the State of New York and the Delaware Limited Liability Company Act (the "***DLLCA***"), and we express no opinion with respect to the applicability thereto, or the effect thereon, of the laws of any other jurisdiction or, in the case of Delaware, any other laws, or as to any matters of municipal law or the laws of any local agencies within any state. Various issues pertaining to (i) Maryland law are addressed in the opinion of Venable LLP, (ii) Washington law are addressed in the opinion of Snell & Wilmer L.L.P., (iii) Australian law are addressed in the opinion of Johnson Winter Slattery, (iv) Canadian law are addressed in the opinion of McCarthy Tétrault LLP and (v) Dutch law are addressed in the opinion of NautaDutilh N.V., in each case, separately provided to you. We express no opinion with respect to those matters herein, and to the extent elements of those opinions are necessary to the conclusions expressed herein, we have, with your consent, assumed such matters.

Subject to the foregoing and the other matters set forth herein, it is our opinion that, as of the date hereof, when the applicable series of Exchange Notes have been duly executed, issued, and authenticated in accordance with the terms of the applicable Indenture and delivered in exchange for the applicable series of Old Notes in the circumstances contemplated by the Registration Statement and Prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. each of the Guarantees issued by the Specified Guarantors, will have been duly authorized by all necessary limited liability company
action of the Specified Guarantors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. each of the USD Exchange Notes and the USD Guarantees will be legally valid and binding obligations of the Operating Partnership and
the USD Guarantors, respectively, enforceable against the Operating Partnership and the USD Guarantors in accordance with their respective
terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. each of the Euro Exchange Notes and the Euro Guarantees will be legally valid and binding obligations of Lineage Europe and the Euro
Guarantors, respectively, enforceable against Lineage Europe and the Euro Guarantors in accordance with their respective terms.

**December 18, 2025**<br> **Page 3**<br>

![](tm2532793d2_ex5-1img002.jpg)

Our opinions are subject to: (i) the effect of bankruptcy, insolvency, reorganization, preference, fraudulent transfer, moratorium or other similar laws relating to or affecting the rights and remedies of creditors; (ii) (a) the effect of general principles of equity, whether considered in a proceeding in equity or at law (including the possible unavailability of specific performance or injunctive relief), (b) concepts of materiality, reasonableness, good faith and fair dealing, and (c) the discretion of the court before which a proceeding is brought; and (iii) the invalidity under certain circumstances under law or court decisions of provisions providing for the indemnification of or contribution to a party with respect to a liability where such indemnification or contribution is contrary to public policy. We express no opinion as to (a) any provision for liquidated damages, default interest, late charges, monetary penalties, make-whole premiums or other economic remedies to the extent such provisions are deemed to constitute a penalty, (b) consents to, or restrictions upon, governing law, jurisdiction, venue, arbitration, remedies, or judicial relief, (c) the waiver of rights or defenses contained in Section 4.4 of each Base Indenture and 5.1(b) of each of the USD First Supplemental Indenture and the Euro First Supplemental Indenture; (d) any provision requiring the payment of attorneys' fees, where such payment is contrary to law or public policy; (e) any provision permitting, upon acceleration of the Exchange Notes, collection of that portion of the stated principal amount thereof which might be determined to constitute unearned interest thereon; (f) provisions purporting to make a guarantor primarily liable rather than as a surety and provisions purporting to waive modifications of any guaranteed obligation to the extent such modification constitutes a novation; (g) other applicable exceptions; and (h) the severability, if invalid, of provisions to the foregoing effect.

With your consent, we have assumed (a) that the Indentures, the Guarantees, and the Exchange Notes (collectively, the "***Documents***") have been duly authorized, executed and delivered by the parties thereto other than the Operating Partnership, Lineage Europe and each of the other Guarantors, (b) that the Documents constitute legally valid and binding obligations of the parties thereto other than the Operating Partnership, Lineage Europe and each of the other Guarantors, enforceable against each of them in accordance with their respective terms, and (c) that the status of the Documents as legally valid and binding obligations of the parties is not affected by any (i) breaches of, or defaults under, agreements or instruments, (ii) violations of statutes, rules, regulations or court or governmental orders, or (iii) failures to obtain required consents, approvals or authorizations from, or make required registrations, declarations or filings with, governmental authorities.

**December 18, 2025**<br> **Page 4**<br>

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This opinion is for your benefit in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant to the applicable provisions of the Act. We consent to your filing this opinion as an exhibit to the Registration Statement and to the reference to our firm contained in the Prospectus under the heading "Legal Matters." In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission thereunder.

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|:---|
| Sincerely, |
| /s/ Latham & Watkins LLP |

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**December 18, 2025**<br> **Page 5**<br>

![](tm2532793d2_ex5-1img002.jpg)

**EXHIBIT A**

**<u>Specified Guarantors</u>**

Lineage Logistics Holdings, LLC

Lineage Logistics, LLC

Lineage Logistics Services, LLC

Lineage Logistics Canada Holdings, LLC

Lineage AUS RE Holdings, LLC

Lineage Columbia Mezz, LLC

Lineage WA Columbia RE, LLC

**December 18, 2025**<br> **Page 6**<br>

![](tm2532793d2_ex5-1img002.jpg)

**EXHIBIT B**

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| | |
|:---|:---|
| &nbsp;&nbsp; **Entity** | &nbsp;&nbsp; **Jurisdiction of Formation** |
| &nbsp;&nbsp;Columbia Colstor, Inc. | &nbsp;&nbsp;Washington |
| &nbsp;&nbsp;Lineage Logistics MTC, LLC | &nbsp;&nbsp;Maryland |
| &nbsp;&nbsp;Lineage Treasury Europe B.V. | &nbsp;&nbsp;The Netherlands |
| &nbsp;&nbsp;Boreas Logistics Holdings B.V. | &nbsp;&nbsp;The Netherlands |
| &nbsp;&nbsp;Lineage Logistics Canada Holdings Ltd. | &nbsp;&nbsp;Canada |
| &nbsp;&nbsp;Emergent Cold Midco Pty Ltd (ACN 008 579 879) | &nbsp;&nbsp;Australia |

---

## Exhibit 5.2

**Exhibit 5.2**

![](tm2532793d2_ex5-2img001.jpg)

December 18, 2025

Lineage, Inc.

Lineage OP, LP

Lineage Logistics MTC, LLC

46500 Humboldt Drive

Novi, Michigan 48377

Re: <u>Registration Statement on Form S-4</u>

Ladies and Gentlemen:

We have served as Maryland counsel to Lineage, Inc., a Maryland corporation (the "Company"), Lineage OP, LP, a Maryland limited partnership ("Lineage OP"), and Lineage Logistics MTC, LLC, a Maryland limited liability company ("Lineage MTC" and, together with the Company and Lineage OP, the "Transaction Parties"), in connection with certain matters of Maryland law arising out of the filing of the above-referenced registration statement, and all amendments thereto (collectively, the "Registration Statement"), by the Transaction Parties, and certain other parties named therein, with the United States Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended (the "1933 Act"), relating to the proposed issuance and offer to exchange up to (a) $500,000,000 in aggregate principal amount of Lineage OP's new 5.250% Senior Notes due 2030 (the "U.S. Exchange Securities") for a like aggregate principal amount of outstanding 5.250% Senior Notes due 2030 (the "U.S. Original Securities"), and the guarantees by the Company and Lineage MTC (the "U.S. Exchange Securities Guarantee") of the obligations of Lineage OP under the U.S. Exchange Securities and (b) €700,000,000 in aggregate principal amount of new 4.125% Senior Notes due 2031 (the "Euro Exchange Securities" and, together with the U.S. Exchange Securities, the "Exchange Securities"), of Lineage Europe Finco B.V., a Dutch private limited liability company (*besloten vennootschap met beperkte aansprakelijkheid*) ("Lineage Europe"), for a like aggregate principal amount of outstanding 4.125% Senior Notes due 2031 (the "Euro Original Securities" and, together with the U.S. Original Securities, the "Original Securities"), and the guarantees by the Transaction Parties (the "Euro Exchange Securities Guarantee" and, together with the U.S. Exchange Securities Guarantee, the "Exchange Securities Guarantees") of the obligations of Lineage Europe under the Euro Exchange Securities. The Exchange Securities and the Exchange Securities Guarantees are to be issued pursuant to the Indentures (as defined below).

As used herein, the term "Affiliated Capacity" shall mean the Company's capacity as the sole general partner of Lineage OP.

![](tm2532793d2_ex5-2img002.jpg)

Lineage, Inc., *et al.*<br> December 18, 2025<br> Page 2

In connection with our representation of the Transaction Parties, and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (hereinafter collectively referred to as the "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;1. The Registration Statement, and the related form of prospectus included therein, substantially in the form in which it was transmitted to the Commission under the 1933 Act, related to the offering and guarantee of the Exchange Securities;

&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. The charter of the Company (the "Company Charter"), certified by the State Department of Assessments and Taxation of Maryland (the "SDAT");

&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 Amended and Restated Bylaws of the Company (the "Company Bylaws"), certified as of the date hereof by an officer 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;4. The Certificate of Limited Partnership of Lineage OP (the "Partnership Certificate"), certified by the SDAT;

&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 Agreement of Limited Partnership of Lineage OP (the "Partnership Agreement"), certified as of the date hereof by an officer 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;6. The Articles of Organization of Lineage MTC (the "Articles"), certified by the SDAT;

&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. The Amended and Restated Limited Liability Company Agreement of Lineage MTC (the "LLC Agreement"), certified as of the date hereof by an officer 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;8. Certificates of the SDAT as to the good standing of the Transaction Parties, each dated as of a recent 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;9. Resolutions adopted by the Board of Directors of the Company relating to, among other things, the authorization, in the Company's own capacity and in its Affiliated Capacity, as applicable, of (a) the sales and issuances of the Original Securities, (b) the issuance of the Exchange Securities, (c) the guarantees of the Original Securities by the Company and (d) the Exchange Securities Guarantees, certified as of the date hereof by an officer 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;10. Resolutions adopted by the Board of Directors of Columbia Colstor, Inc., in its capacity as the sole member of Lineage MTC, relating to, among other things, the authorization of (a) the guarantees of the Original Securities by Lineage MTC and (b) the Exchange Securities Guarantees, certified as of the date hereof by an officer of Lineage MTC;

&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. The Indenture, dated as of June 17, 2025 (the "U.S. Base Indenture"), by and among the Company, Lineage OP and U.S. Bank Trust Company, National Association, as trustee (the "Trustee"), as supplemented by the First Supplemental Indenture, dated as of June 17, 2025 (the "U.S. First Supplemental Indenture"), by and among the Transaction Parties, the other guarantors party thereto and the Trustee, and the Second Supplemental Indenture, dated as of November 26, 2025 (the "U.S. Second Supplemental Indenture" and, together with the U.S. Base Indenture and the U.S. First Supplemental Indenture, the "U.S. Indenture"), by and among the Transaction Parties, Lineage Europe, the other guarantors party thereto and the Trustee;

![](tm2532793d2_ex5-2img002.jpg)

Lineage, Inc., *et al.*<br> December 18, 2025<br> Page 3

&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. The Indenture, dated as of November 26, 2025 (the "Euro Base Indenture"), by and among Lineage Europe, the Company, Lineage OP and the Trustee, as supplemented by the First Supplemental Indenture, dated as of November 26, 2025 (the "Euro First Supplemental Indenture" and, together with the Euro Base Indenture, the "Euro Indenture" and, together with the U.S. Indenture, the "Indentures"), by and among the Transaction Parties, Lineage Europe, the other guarantors party thereto, the Trustee and U.S. Bank Europe DAC;

&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 Registration Rights Agreement, dated as of June 17, 2025, by and among the Transaction Parties, the other guarantors party thereto and J.P. Morgan Securities LLC, BofA Securities, Inc. and Wells Fargo Securities, LLC, as representatives of the initial purchasers party 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;14. The Registration Rights Agreement, dated as of November 26, 2025, by and among Lineage Europe, the Transaction Parties, the other guarantors party thereto and Wells Fargo Securities International Limited, J.P. Morgan Securities plc and BofA Securities Europe SA, as representatives of the initial purchasers party 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;15. The U.S. Exchange Securities Guarantee by the Company and Lineage MTC contained in the U.S. Indenture;

&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. The Euro Exchange Securities Guarantee by the Transaction Parties contained in the Euro Indenture;

&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. A certificate executed by an officer of the Company and Lineage MTC, dated as of the date hereof; 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;18. Such other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions, limitations and qualifications stated herein.

In expressing the opinion set forth below, we have assumed 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;1. Each individual executing any of the Documents, whether on behalf of such individual or another person, is legally competent 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;2. Each individual executing any of the Documents on behalf of a party (other than the Transaction Parties) is duly authorized to do so.

![](tm2532793d2_ex5-2img002.jpg)

Lineage, Inc., *et al.*<br> December 18, 2025<br> Page 4

&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. Each of the parties (other than the Transaction Parties) executing any of the Documents has duly and validly executed and delivered each of the Documents to which such party is a signatory, and such party's obligations set forth therein are legal, valid and binding and are enforceable in accordance with all stated 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;4. All Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts do not differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All Documents submitted to us as certified or photostatic copies conform to the original documents. All signatures on all Documents are genuine. All public records reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties, statements and information contained in the Documents are true and complete. There has been no oral or written modification of or amendment to any of the Documents, and there has been no waiver of any provision of any of the Documents, by action or omission of the parties 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;5. The Exchange Securities, if and when issued, will have substantially identical terms as the respective Original Securities and will be issued in exchange therefor as contemplated by the Indentures and the Registration Statement.

The phrase "known to us" is limited to the actual knowledge, without independent inquiry, of the lawyers currently at our firm who have performed legal services in connection with the transactions covered by, and the issuance of, this opinion.

Based upon the foregoing, and subject to the assumptions, limitations and qualifications stated herein, it is our opinion 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;1. The Company is a corporation duly incorporated and validly existing under the laws of the State of Maryland and is in good standing with the SDAT. Lineage OP is a limited partnership duly formed and validly existing under the laws of the State of Maryland and is in good standing with the SDAT. Lineage MTC is a limited liability company duly formed and validly existing under the laws of the State of Maryland and is in good standing with the SDAT.

&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. The Company has the corporate power to enter into and perform its obligations under the Indentures and to enter into and perform its obligations under the Exchange Securities Guarantees.

&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. Lineage OP has the limited partnership power to enter into and perform its obligations under the Indentures and to enter into and perform its obligations under the Euro Exchange Securities Guarantee.

![](tm2532793d2_ex5-2img002.jpg)

Lineage, Inc., *et al.*<br> December 18, 2025<br> Page 5

&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. Lineage MTC has the limited liability company power to enter into and perform its obligations under the Indentures and to enter into and perform its obligations under the Exchange Securities Guarantees.

&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 execution and delivery by the Transaction Parties of the Indentures (including the Exchange Securities Guarantees set forth therein) have been duly authorized by all necessary corporate, limited partnership or limited liability company action, as applicable, on the part of the Transaction 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;6. The Indentures, including the Exchange Securities Guarantees set forth therein, have been duly executed and, so far as is known to us, delivered by each of the Transaction Parties.

The foregoing opinion is limited to the laws of the State of Maryland and we do not express any opinion herein concerning any other law. We express no opinion as to the applicability or effect of federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent transfers. We note that the Indentures are governed by the laws of the State of New York. To the extent that any matter as to which our opinion is expressed herein would be governed by the laws of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter. The opinion expressed herein is subject to the effect of any judicial decision which may permit the introduction of parol evidence to modify the terms or the interpretation of agreements.

The opinion expressed herein is limited to the matters specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. We assume no obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed herein after the date hereof.

This opinion is being furnished to you for submission to the Commission as an exhibit to the Registration Statement. We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the use of the name of our firm therein. In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the 1933 Act.

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| |
|:---|
| Very truly yours, |
| /s/ Venable LLP |

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## Exhibit 5.3

**Exhibit 5.3**

![](tm2532793d2_ex5-3img001.jpg)

December 18, 2025

Lineage, Inc.

Lineage OP, LP

Lineage Europe Finco B.V.

46500 Humboldt Drive

Novi, Michigan 48377

Attention: Legal Department

Columbia Colstor, Inc.

46500 Humboldt Drive

Novi, Michigan 48377

Attention: Legal Department

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|:---|:---|
| RE: | Guarantees of Washington Obligor in Exchange Offer Relating to 5.250% Senior Notes due 2030 of Lineage OP, LP and 4.125% Senior Notes due 2031 of Lineage Europe Finco B.V. |

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Ladies and Gentlemen:

We have acted as limited Washington special counsel to Columbia Colstor, Inc., a Washington corporation ("**<u>Washington Obligor</u>**"), in connection with (i) the guarantee of Washington Obligor pursuant to Article V of the First Supplemental USD Indenture, as hereinafter defined (the ***"*<u>USD Guarantee</u>*"***) with respect to the payment of up to $500,000,000 in principal amount of 5.250% Senior Notes due 2030 (the "**<u>USD Exchange Notes</u>**") of Lineage OP, LP, a Maryland limited partnership (the "**<u>US Issuer</u>**"), subject to the Exchange Offer (as defined below) and (ii) the guarantee of Washington Obligor pursuant to Article V of the Supplemental Euro Indenture, as hereinafter defined (the "**<u>Euro Guarantee</u>**" and, together with the USD Guarantee, the "**<u>Guarantees</u>**") with respect to the payment of up to €700,000,000 in principal amount of 4.125% Senior Notes due 2031 (the "**<u>Euro Exchange Notes</u>**" and, together with the USD Exchange Notes, the "**<u>Exchange Notes</u>**") of Lineage Europe Finco B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) under Dutch law (the "**<u>Euro Issuer</u>**"), subject to the Exchange Offer (as defined below) each registered under the Securities Act of 1933, as amended (the ***"*<u>Securities Act</u>*"***), pursuant to the Registration Statement on Form S-4 filed with the Securities and Exchange Commission (the **"<u>SEC</u>*"***) by Lineage, Inc., a Maryland corporation (the "**<u>Company</u>**"), the US Issuer and the Euro Issuer, among others (including amendments and exhibits thereto, the ***"*<u>Registration Statement</u>*"***). The ***"*<u>Exchange Offer</u>*"*** is the proposed offer to exchange (i) the USD Exchange Notes, with the USD Guarantee and the guarantees of other direct or indirect subsidiaries of the Company identified as the "Guarantors" under the First Supplemental USD Indenture and Second Supplemental USD Indenture, each as defined below (the ***"*<u>USD Guarantors</u>*"*** and together with US Issuer, collectively the **"<u>USD Obligors</u>"**), for a like principal amount of the US Issuer's outstanding unregistered 5.250% Senior Notes due 2030 issued on June 17, 2025 (the "**<u>Outstanding USD Notes</u>**"), with the related guarantees of the Outstanding USD Notes by the Washington Obligor and the other USD Guarantors (the ***"*<u>Outstanding USD Guarantees</u>*"***) and (ii) the Euro Exchange Notes, with the Euro Guarantee and the guarantees of other direct or indirect subsidiaries of the Company identified as the "Guarantors" under the Supplemental Euro Indenture, as defined below (the ***"*<u>Euro Guarantors</u>*"*** and together with Euro Issuer, collectively the **"<u>Euro Obligors</u>"**), for a like principal amount of the Euro Issuer's outstanding unregistered 4.125% Senior Notes due 2031 issued on November 26, 2025 (the "**<u>Outstanding Euro Notes</u>**"), with the related guarantees of the Outstanding Euro Notes by the Washington Obligor and the other USD Guarantors, as applicable (the ***"*<u>Outstanding Euro Guarantees</u>*"*** and, together with the Outstanding USD Guarantees, the "**<u>Outstanding Guarantees</u>**") . The Outstanding USD Notes were issued, and the USD Exchange Notes will be issued, pursuant to that certain indenture dated as of June 17, 2025 (the "**<u>USD Base Indenture</u>**") among the US Issuer, the Company and U.S. Bank Trust Company, National Association, a national banking association, as trustee (the "**<u>Trustee</u>**"), as supplemented by the First Supplemental Indenture dated as of June 17, 2025 among the US Issuer, the USD Guarantors, as applicable, and Trustee (the "**<u>First Supplemental USD Indenture</u>**") and further modified by that certain Second Supplemental Indenture among the US Issuer, the USD Guarantors and Trustee dated as of November 26, 2025 (the "**<u>Second Supplemental USD Indenture</u>**" and, together with the USD Base Indenture and the First Supplemental USD Indenture, collectively, the "**<u>USD Indenture</u>**"). The Outstanding Euro Notes were issued, and the Euro Exchange Notes will be issued, pursuant to that certain indenture dated as of November 26, 2025 (the "**<u>Euro Base Indenture</u>**") among the Euro Issuer, the US Issuer and the Company, as guarantors, and Trustee and the First Supplemental Indenture dated as of November 26, 2025 among the Euro Issuer, the Euro Guarantors, Trustee U.S. Bank Europe DAC (the "**<u>Supplemental Euro Indenture</u>**" and, together with the Euro Base Indenture, collectively, the "**<u>Euro Indenture</u>**"). The USD Indenture and the Euro Indenture are collectively referred to herein as the "**<u>Indentures</u>**".

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| | |
|:---|:---|
| **Snell & Wilmer** \| 601 SW Second Avenue \| Suite 2000 \| Portland, OR 97204 | **SWLAW.COM** |

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| ![](tm2532793d2_ex5-3img002.jpg) | December 18, 2025<br> Page 2 |

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At the request of the US Issuer, the Euro Issuer, the Company and Washington Obligor we have provided the opinions herein.

In connection with this opinion, we have examined and relied on the following documents, each of which is dated as of the date hereof (unless otherwise indicated):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Indentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Outstanding Notes and the Outstanding Guarantees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The form of the USD Exchange Notes and the Euro Exchange Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registration Statement to be filed with the SEC on or about the date hereof including the prospectus contained therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Copies certified to us by an authorized officer of Washington Obligor of (i) its Articles of Incorporation, as modified and amended to date, (ii) its Bylaws, and (iii) the Actions by Unanimous Written Consents of its Board of Directors dated as of (A) June 17, 2025 and (B) November 26, 2025 (the "**<u>Charter Documents</u>**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. A certificate from an authorized officer of Washington Obligor with respect to certain factual matters relied upon in connection with rendering the opinions set forth herein (the "**<u>Opinion Certificate</u>**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. A Certificate of Existence issued by the Washington Secretary of State on December 17, 2025 with respect to Washington Obligor (the "**<u>Good Standing Certificate</u>**").

As used herein, the term "**<u>Guarantor Documents</u>**" shall mean documents 1 through 4 above and the term "**<u>Opinion Documents</u>**" shall mean documents 1 through 7 above.

In connection with this opinion, we have examined and relied upon the representations and warranties as to factual matters contained in and made pursuant to the Opinion Documents by the various parties and upon originals or copies certified to our satisfaction of such records, documents, certificates, opinions, memoranda and other instruments as in our judgment are necessary or appropriate to enable us to render the opinion expressed below including, but not limited to, the Opinion Certificate dated as of even date herewith. As to certain factual matters, we have relied upon the Opinion Certificate and have not sought independently to verify such matters.

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| ![](tm2532793d2_ex5-3img002.jpg) | December 18, 2025<br> Page 3 |

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In rendering this opinion, we have assumed, without investigation and with your consent: (i) the genuineness and authenticity of all signatures on original documents; (ii) the authenticity of all documents submitted to us as originals; (iii) the conformity to originals of all documents submitted to us as copies; (iv) the accuracy, completeness and authenticity of certificates of public officials; (v) the legal competency and capacity of all individuals executing and delivering documents; (vi) the Guarantor Documents accurately and completely describe and contain the parties' mutual intent, understanding, and business purposes, and there are no oral or written statements, agreements, understandings, or negotiations, nor any usage of trade or course of prior dealing among the parties, that directly or indirectly modify, define, amend, supplement, or vary, or purport to modify, define, amend, supplement or vary, any of the terms of the Guarantor Documents or any of the parties' rights or obligations thereunder, by waiver or otherwise; (vii) the factual accuracy of all representations, warranties and other statements made by all the parties in the documents we have examined, including, without limitation, the Opinion Documents; (viii) no fraud, duress or mutual mistake of fact or misunderstanding exists with relation to the negotiation of the transactions contemplated in the Guarantor Documents or the execution of the Guarantor Documents; (ix) all statutes, judicial and administrative decisions, and all rules and regulations of governmental agencies constituting applicable Washington law are generally available to lawyers practicing in Washington, and are in a format that makes legal research reasonably feasible; (x) no person upon whom reliance is placed for purposes of this opinion had perpetrated a fraud upon any party to the Guarantor Documents, or upon opining counsel.

On the basis of the foregoing, in reliance thereon, and subject to the assumptions, qualifications, limitations and exceptions contained herein, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Washington Obligor is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Washington.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based solely on our review of the Charter Documents (and applicable statutes governing the powers of Washington Obligor), Washington Obligor has all necessary corporate authority to execute and deliver the First Supplemental USD Indenture and the Supplemental Euro Indenture, including the Guarantees contained in each, and the Second Supplemental USD Indenture and Washington Obligor has duly authorized the execution and delivery by Washington Obligor the First Supplemental USD Indenture, the Second Supplemental USD Indenture and the Supplemental Euro Indenture and the consummation of the transactions contemplated therein including the Guarantees by Washington Obligor of the Exchange Notes have been duly authorized by all necessary action on the part of Washington Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Each of the First Supplemental USD Indenture, the Second Supplemental USD Indenture and the Supplemental Euro Indenture has been duly authorized, executed and delivered by Washington Obligor.

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| | |
|:---|:---|
| ![](tm2532793d2_ex5-3img002.jpg) | December 18, 2025<br> Page 4 |

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The opinions set forth above are subject to the following qualifications and limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. With regard to our opinion in paragraph 1 above with regard to the valid existence and good standing of the Washington Obligor, we have based our opinion solely upon our review of the Good Standing Certificate. We have made no further investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. We render no opinion herein as to matters involving the laws of any jurisdiction other than the State of Washington. This opinion letter is limited to the matters stated herein and may not be relied on by you for any other purpose, and no opinion is implied or may be inferred beyond the matters expressly stated. The opinions expressed in this opinion letter are based upon the law in effect on the date hereof and the facts in existence as of the date hereof and the express terms of the Guarantor Documents, and we assume no obligation to revise or supplement this letter should (i) such law be changed by legislative action, judicial decision, or otherwise (ii) such facts be changed or the occurrence or non-occurrence of any event after the date hereof.

This opinion letter is for your benefit and use in connection with the Registration Statement and may be relied upon by your counsel, Latham & Watkins LLP, for the purpose of giving its Exhibit 5.1 legal opinion in connection with the Registration Statement.

We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement and its incorporation by reference and to the reference to our firm in the Registration Statement under the caption "Legal Matters". In giving this consent, we do not admit that we are in the category of persons whose consent is required by Section 7 of the Securities Act.

---

| |
|:---|
| Very truly yours, |
| /s/ Snell & Wilmer L.L.P. |
| Snell & Wilmer L.L.P. |

---

## Exhibit 5.4

**Exhibit 5.4**

![](tm2532793d2_ex5-4img001.jpg)

---

| | |
|:---|:---|
| **Partner:** | David Beckett +61 2 9392 7449 |
| **Email:** | David.Beckett@jws.com.au |
| **Special Counsel:** | David Li +61 2 8247 9674 |
| **Email:** | David.Li@jws.com.au |
| **Our Ref:** | D7387 |
| **Doc ID:** | 500813849.4 |

---

18 December 2025

Lineage, Inc.

Lineage OP, LP

Emergent Cold Midco Pty Ltd

Lineage Europe Finco B.V.

46500 Humboldt Drive

Novi, Michigan 48377

Dear Sirs

***Lineage, Inc., Lineage OP, LP and Lineage Europe Finco B.V. – Registration Statement on Form S-4***

We refer to the Documents in respect of which we have acted as the Australian legal adviser to Lineage, Inc., Lineage OP, LP, Lineage Europe Finco B.V. and Emergent Cold Midco Pty Ltd (ACN 622 098 293).

1 Definitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 In this opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Australian Guarantor** means Emergent Cold Midco Pty Ltd (ACN 622 098 293);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Corporations Act** means the *Corporations Act 2001* (Cth);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Documents** means:

&nbsp;&nbsp;&nbsp;&nbsp;&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) Indenture (US), including the Exchange Guarantee included in the First Supplemental Indenture (US) and
the Exchange Guarantee included in the Second Supplemental Indenture (US);

&nbsp;&nbsp;&nbsp;&nbsp;&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) Indenture (EU), including the Exchange Guarantee included in the First Supplemental Indenture (EU); 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;(iii) Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Exchange Guarantees** means, in respect of the Indenture (US) or the Indenture (EU), the guarantee
of the relevant Exchange Notes by the Australian Guarantor as set out in the Indenture (US) or the Indenture (EU) (as the case may be);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Exchange Notes** means:

&nbsp;&nbsp;&nbsp;&nbsp;&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) Lineage OP, LP's 5.250% Senior Notes due 2030; 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;(ii) Lineage Europe Finco B.V.'s 4.125% Senior Notes due 2031;

Quay Quarter Tower (QQT)

Level 14, 50 Bridge Street

SYDNEY NSW 2000

T +61 2 8274 9555 \| F +61 2 8274 9500

www.jws.com.au

Liability limited by a scheme approved under Professional Standards Legislation

![](tm2532793d2_ex5-4img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **First Supplemental Indenture (EU)** means the *First Supplemental Indenture* dated 26 November
2025, between Lineage Europe Finco B.V., Lineage, Inc., Lineage OP, LP, the Australian Guarantor and U.S. Bank Trust Company, National
Association, a national banking association, U.S Bank Europe DAC and others which supplements the Indenture (EU);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **First Supplemental Indenture (US)** means the *First Supplemental Indenture*, dated 17 June
2025, between Lineage, Inc., Lineage OP, LP, the Australian Guarantor, U.S. Bank Trust Company, National Association, a national banking
association and others which supplements the Indenture (US);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Indenture (EU)** means the *Indenture* dated 26 November 2025 between Lineage Europe Finco B.V.,
Lineage, Inc., Lineage OP, LP and U.S. Bank Trust Company, National Association, a national banking association, as supplemented by the
First Supplemental Indenture (EU);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Indenture (US)** means the *Indenture* dated 17 June 2025 between Lineage, Inc., Lineage OP,
LP and U.S. Bank Trust Company, National Association, a national banking association, as supplemented by the First Supplemental Indenture
(US) and the Second Supplemental Indenture (US);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **law** means the common law, principles of equity and laws constituted by documents available to the
public generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Registration Statement** means the *Registration Statement on Form S-4*, including the prospectus
contained therein, to be filed by Lineage, Inc., Lineage OP, LP, Lineage Europe Finco B.V., the Australian Guarantor and others with the
United States Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **Relevant Jurisdictions** means New South Wales and the federal jurisdiction of the Commonwealth of
Australia; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **Second Supplemental Indenture (US)** means the *Second Supplemental Indenture*, dated 26 November
2025, between Lineage, Inc., Lineage OP, LP, the Australian Guarantor, U.S. Bank Trust Company, National Association, a national banking
association and others which supplements the Indenture (US).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Other terms used but not themselves defined in this opinion have the same meaning as in the Registration
Statement.

2 Documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 We have examined copies (certificated or otherwise identified to our satisfaction) of the following
documents in connection with this opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an officer's certificate dated 18 December 2025 given by the Australian Guarantor attaching:

&nbsp;&nbsp;&nbsp;&nbsp;&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) its certificate of registration and constitution (including any amendments thereto); 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;(ii) written resolutions of its board of directors authorising the signing, delivery and performance of obligations
under the Documents.

![](tm2532793d2_ex5-4img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Except as stated in this opinion, we have not examined any documents entered into by or affecting the Australian Guarantor or
any corporate records of the Australian Guarantor and we have not made any other enquiries concerning the Australian Guarantor. In particular,
we have not investigated whether the Australian Guarantor, by reason of the transactions contemplated by, or by reason of its obligations
under, the Documents will be in breach of its obligations under any other document.

---

| | |
|:---|:---|
| 3 | Scope |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 This opinion relates only to the laws of the Relevant Jurisdictions, as interpreted by courts of the
Relevant Jurisdictions, at 9.00am (Sydney time) on the date of this opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 This opinion is given on the basis that it will be construed in accordance with the laws of the Relevant
Jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 This opinion is strictly limited to the matters stated in it and does not apply by implication to other
matters.

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| | |
|:---|:---|
| 4 | Searches |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 We have examined an extract of company information for the Australian Guarantor obtained from ASIC as
at about 9.51am (Sydney time) on 18 December 2025. We have not examined any documents that the Australian Guarantor may have filed with
ASIC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 We have also conducted a search of the insolvency notices website maintained by ASIC as at about 9.52am
(Sydney time) on 18 December 2025 to determine if any notices have been published in respect of the Australian Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 These records are not necessarily complete or up to date. We have not made any other searches. Also,
we cannot comment on whether there have been any changes between the times these searches were conducted and the time this opinion is
given.

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| | |
|:---|:---|
| 5 | Opinion |

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Based on the documents we have examined, the searches we have conducted and subject to the assumptions in Schedule 1 and the qualifications in Schedule 2, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Australian Guarantor is a company duly incorporated and validly existing under the laws of the Relevant
Jurisdictions and has the corporate power and authority to execute and deliver the First Supplemental Indenture (US), the Second Supplemental
Indenture (US) and the First Supplemental Indenture (EU) and to perform its obligations under the Indenture (US), the Indenture (EU) and
the Exchange Guarantees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the First Supplemental Indenture (US) (including the Exchange Guarantee set forth therein), the Second
Supplemental Indenture (US) (including the Exchange Guarantee set forth therein) and the First Supplemental Indenture (EU) have been duly
authorised and executed by the Australian Guarantor.

![](tm2532793d2_ex5-4img001.jpg)

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| | |
|:---|:---|
| 6 | Benefit |

---

This opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is given solely for the benefit of the addressees for the purposes of filing the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the extent it is given for the benefit of any person with whom we have no written contract of engagement,
it is issued on the express understanding that such person accepts 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;(i) our duty of care to such person is limited to the matters specifically dealt with herein; 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;(ii) our issuing this opinion will not restrict us from acting for anyone else in relation to matters that
may be connected with any Document (contentious or otherwise and whether or not adverse to such person's interests);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) may only be disclosed to others:

&nbsp;&nbsp;&nbsp;&nbsp;&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 our prior written approval;

&nbsp;&nbsp;&nbsp;&nbsp;&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 required by law or regulation including the rules of any relevant stock exchange or at the direction
of a court or relevant supervisory or regulatory authority;

&nbsp;&nbsp;&nbsp;&nbsp;&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 legal, arbitral or other proceedings in connection with any Documents or this opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&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) where disclosure is to a potential assignee or transferee, successor, sub-participant or substitute of
any addressee (or its legal advisors); 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;(v) where disclosure is to an affiliate, legal or other professional advisor, regulator, insurer, insurance
broker or auditor of someone entitled to rely on it for a purpose relating to a Document,

in each case provided that (other than in relation to paragraph 6(c)(ii) or 6(c)(iii)), prior to such disclosure, it is acknowledged by the recipient 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) it may not rely upon this opinion by virtue of such disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) it is not permitted to disclose or quote this opinion to any other person (except where required by law
or regulation); 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) it is subject to a duty (contractual, professional or otherwise) of confidentiality in respect of this
opinion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) we hereby consent to the filing of this opinion as an exhibit to the Registration Statement and further
consent to the reference to our name under the caption "Legal Matters" in the prospectus, which is a part of the Registration
Statement. In giving this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of
the U.S. Securities Act of 1933, as amended.

![](tm2532793d2_ex5-4img001.jpg)

Yours faithfully,

---

| |
|:---|
| ![](tm2532793d2_ex5-4img002.jpg) |
| <br> Johnson Winter Slattery |

---

![](tm2532793d2_ex5-4img001.jpg)

**Schedule 1 – Assumptions**

We have assumed:

1 the authenticity of all signatures, seals, duty stamps and markings (including those made by electronic means).

2 the completeness, and conformity to originals, of all documents submitted to us.

3 that each party to a Document (other than the Australian Guarantor) is incorporated and exists under the laws in force in its jurisdiction of incorporation and is capable of suing and being sued in its corporate name.

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| | |
|:---|:---|
| 4 | that: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all authorisations specified in our opinion remain in full force and effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all authorisations required for any party (other than the Australian Guarantor) to enter into the Documents
have been obtained and remain in full force and effect.

5 that the Documents have been or will be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) duly authorised by the parties to them (other than the Australian Guarantor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) duly executed and delivered by the parties to them (other than in respect of the First Supplemental Indenture
(US), the Second Supplemental Indenture (US) and the First Supplemental Indenture (EU), the Australian Guarantor); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) constitute legal, valid, binding and enforceable obligations of all the parties to them under all relevant
laws (including the laws of the Relevant Jurisdictions).

6 that all facts stated in the documents, resolutions, certificates or other instruments referred to in paragraphs 2.1, 4.1 and 4.2 are and continue to be correct and no relevant matter has been withheld from us, whether deliberately or inadvertently.

7 that, in relation to the resolutions of the board of directors of the Australian Guarantor referred to in paragraph 2.1 of our opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the resolutions were properly passed (including that if any meeting convened was convened to pass those
resolutions, the meeting was properly convened) and have not been superseded or amended and remain in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all directors who participated and voted were entitled so to do; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the directors have properly performed their duties and all provisions relating to the declaration of directors'
interests or the power of interested directors to vote were duly observed,

but there is nothing in the searches referred to in paragraph 4 of our opinion or on the face of the resolutions referred to in paragraph 2.1 of our opinion that would lead us to believe otherwise.

8 that the obligations assumed by the Australian Guarantor under the Documents are in its best interests and for the purposes of its business.

![](tm2532793d2_ex5-4img001.jpg)

9 the Australian Guarantor was solvent when and immediately after it entered into the Documents.

10 the accuracy of the data and information from any search of any register obtained for the purposes of this opinion.

11 that, if an obligation is to be performed in a jurisdiction outside Australia, its performance will not be contrary to an official directive, impossible, ineffective or illegal under the law of that jurisdiction.

12 that the Australian Guarantor does not enter into any Document in the capacity of a trustee of any trust or settlement.

13 that no transaction in connection with the Documents constitutes an insolvent transaction or an unfair loan within the meaning of sections 588FC or 588FD respectively of the Corporations Act.

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| | |
|:---|:---|
| 14 | that no liquidator, administrator, receiver or like person has been appointed to the Australian Guarantor and there is no current application for the winding up of the Australian Guarantor and, in each case, we note the searches referred to in paragraph 4 do not reveal, to the extent it would reveal, any such appointment or application. |

---

---

| | |
|:---|:---|
| 15 | that no party has contravened or will contravene the prohibitions on related party transactions in Chapter 2E or financially assisting a person to acquire shares in a company (or a holding company of that company) in Chapter 2J.3 of the Corporations Act by entering into any Document or a transaction in connection with any Document. |

---

16 that no person has been, or will be, engaged in conduct that is unconscionable, dishonest, misleading or deceptive or likely to mislead or deceive or otherwise for a purpose which might render any Document or any relevant transaction or associated activity illegal, void, voidable or unenforceable.

17 that no Document has been amended, novated, released, surrendered or terminated and no rights under any Document have been waived.

18 there has been no breach or repudiation (actual or anticipatory) by any party of any of its obligations under any Document.

19 that the Banking Code of Practice of the Australian Banking Association does not apply to a Document.

We have not taken any steps to verify these assumptions. None of these assumptions limits or qualifies any other assumption or qualification of this opinion. Nothing on the face of the Documents contradicts any of these assumptions.

![](tm2532793d2_ex5-4img001.jpg)

**Schedule 2 – Qualifications**

This opinion is subject to the following qualifications:

---

| | |
|:---|:---|
| 1 | The nature and enforcement of obligations or remedies may be affected by lapse of time, failure to take action or laws (including, without limitation, the *Personal Property Securities Act 2009* (Cth), laws relating to bankruptcy, insolvency, liquidation, receivership, administration, reorganisation, reconstruction, fraudulent transfer or moratoria), certain equitable remedies and defences generally affecting creditors' or counterparties' rights or duties. |

---

2 A creditor's rights may be affected by a specific court order obtained under laws and defences generally affecting creditors' rights.

3 The availability of certain equitable remedies (including, without limitation, injunctions and specific performance) is at the discretion of a court in the Relevant Jurisdictions.

---

| | |
|:---|:---|
| 4 | An obligation to pay an amount may be unenforceable if the amount is held to constitute a penalty. |

---

5 A provision that a statement, opinion, determination or other matter is final and conclusive will not necessarily prevent judicial enquiry into the merits of a claim by an aggrieved party.

6 The laws of the Relevant Jurisdictions may require that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) parties act reasonably and in good faith in their dealings with each other;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) discretions are exercised reasonably; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) opinions are based on good faith.

7 The question of whether a provision of a Document which is invalid or unenforceable may be severed from other provisions is determined at the discretion of a court in the Relevant Jurisdictions.

8 An indemnity for legal costs or liability for breach of any law may be unenforceable.

9 We express no opinion as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the enforceability of the Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether the representations and warranties made or given or to be made or given by the Australian Guarantor
in the Documents are correct except in so far (and to the extent) as any such representation or warranty relates to a matter which is
the subject of this opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) provisions precluding oral amendments or waivers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any obligation to negotiate in good faith or any provision that requires a person to do or not do something
that is not clearly identified in the provision, or as to any undertaking in the Documents to comply with another document or agreement,
unless that other document or agreement is itself incorporated within the Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the creation, perfection or priority of any security interest;

![](tm2532793d2_ex5-4img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Australian tax law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the accuracy, completeness or suitability of any formula set out in the Documents. If any formula is inaccurate,
incomplete or unsuitable for the purpose of determining the amounts or matters for which it has been included, then a court may find that
the relevant formula is void for uncertainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) factual matters (except as expressly provided in paragraph 5 of this opinion);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the operation or implications of laws that allow for the confiscation of property involving the proceeds
of criminal activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any agreement, document or other instrument referred to in, contemplated by or in any way connected with
the Documents, unless such agreement, document or other instrument is itself incorporated within the Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) laws of jurisdictions (other than the Relevant Jurisdiction) as to the extent or manner in which such
laws may govern or affect the Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) whether a particular method of signing a document electronically satisfies all of the requirements for
doing so under the laws of the Relevant Jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) whether unfair contract terms legislation applies to a Document (e.g. if it is a standard form document).

10 Regulations in Australia restrict or prohibit payments, transactions and dealings with assets having a prescribed connection with certain countries or named individuals or entities subject to international sanctions or associated with terrorism.

 ****

## Exhibit 5.5

**Exhibit 5.5**

![](tm2532793d2_ex5-5img001.jpg)

December 18, 2025

Lineage OP, LP

Lineage, Inc.

Lineage Europe Finco B.V.

Lineage Logistics Canada Holdings Ltd.

46500 Humboldt Drive

Novi, Michigan 48377

Dear Sirs/Mesdames:

---

| | |
|:---|:---|
| **Re:** | **$500,000,000 Aggregate Principal Amount of 5.250% Senior Notes due 2030 issued by Lineage OP, LP and €700,000,000 Aggregate Principal Amount of Senior Notes due 2031 issued by Lineage Europe Finco B.V.** |

---

We have acted as counsel to Lineage Logistics Canada Holdings Ltd. ("**Lineage Logistics**") in connection with the offer by each of (i) Lineage OP, LP (the "**US Issuer**") to exchange up to $500,000,000 aggregate principal amount of its new 5.250% Senior Notes due 2030 (the "**US Exchange Notes**") and related guarantees for up to $500,000,000 aggregate principal amount of its outstanding 5.250% Senior Notes due 2030 (the "**US Private Notes**") and related guarantees (the "**US Exchange**"); and (ii) Lineage Europe Finco B.V. (the "**Europe Issuer**") to exchange up to €700,000,000 aggregate principal amount of its new 4.125% Senior Notes due 2031 (the "**Europe Exchange Notes**") and related guarantees for up to €700,000,000 aggregate principal amount of its outstanding 4.125% Senior Notes due 2031 (the "**Europe Private Notes**") and related guarantees (the "**Europe Exchange**").

In connection with the US Exchange, you have informed us that (i) the US Private Notes have been, and that the US Exchange Notes will be, issued pursuant to an indenture dated June 17, 2025 among the US Issuer, Lineage, Inc. and U.S. Bank Trust Company, National Association, as trustee (the "**Trustee**") (the "**US Base Indenture**"), as supplemented by (a) the first supplemental indenture dated June 17, 2025 among the Issuer, the guarantors party thereto (including Lineage Logistics) and the Trustee (the "**First US Supplemental Indenture**") and (b) the second supplemental indenture dated November 26, 2025 among the Issuer, the guarantors party thereto (including Lineage Logistics) and the Trustee (the "**Second US Supplemental Indenture**", together with the US Base Indenture and the First Supplemental Indenture, the "**US Indenture**"); and (ii) the Private Notes will be exchanged for US Exchange Notes pursuant to a Registration Statement on Form S-4 under the United States Securities Act of 1933, as amended (the "**Act**"), filed with the United States Securities and Exchange Commission ("**SEC**") on the date hereof (the "**Registration Statement**").

In connection with the Europe Exchange, you have informed us that (i) the Europe Private Notes have been, and that the Europe Exchange Notes will be, issued pursuant to an indenture dated November 26, 2025 among the Europe Issuer, Lineage, Inc., the US Issuer and the Trustee (the "**Europe Base Indenture**"), as supplemented by the first supplemental indenture dated November 26, 2025 among the Europe Issuer, the guarantors party thereto (including Lineage Logistics) and the Trustee (the "**First Europe Supplemental Indenture**", together with the Europe Base Indenture, the "**Europe Indenture**"); and (ii) the Europe Private Notes will be exchanged for Europe Exchange Notes pursuant to the Registration Statement.

![](tm2532793d2_ex5-5img001.jpg)

This opinion is being delivered in connection with the Registration Statement, to which this opinion is as an exhibit.

Unless otherwise defined herein, all capitalized terms used in this letter shall have the meanings ascribed to them in the applicable Registration Statement.

**A.** **Documentation** 

As counsel for Lineage Logistics, we have reviewed:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the US Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the Europe Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) the Registration Statement

(collectively, the "**Transaction Documents**", each a "**Transaction Document**").

**B.** **Jurisdiction** 

The opinions expressed below are restricted to the laws of the Province of Ontario and the federal laws of Canada applicable therein.

**C.** **Scope of Examinations** 

In connection with the opinions expressed in this letter, we have considered such questions of law, have examined originals or copies, certified or otherwise identified to our satisfaction, of such public records, corporate records, certificates and other documents, and have conducted such other examinations as we have considered necessary or relevant for the purposes of the opinions hereinafter expressed, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Director's Certificate (as defined below); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Ontario Certificate (as defined below).

**D.** **Assumptions and Reliances** 

We do not express or imply any opinion as to whether any marketing materials delivered by the Issuer contains a misrepresentation. To the extent that the opinions expressed in this letter are based on factual matters, we have relied solely on a certificate of a director of Lineage Logistics, including the schedules thereto, dated as of the date hereof, a copy of which are being delivered concurrently herewith, which factual matters have not been independently investigated or verified by us (the "**Director's Certificate**"). Except as indicated above, we have not reviewed any other corporate records, minute books, board of directors' resolutions or shareholder resolutions of Lineage Logistics and have relied solely on the Director's Certificate with respect thereto.

For purposes of the opinion expressed in paragraph 1 below, we have relied exclusively on the certificate of status dated December 17, 2025 issued by the Ontario Ministry of Government and Consumer Services in respect of Lineage Logistics (the "**Ontario Certificate**").

![](tm2532793d2_ex5-5img001.jpg)

We assume that the Ontario Certificate continues to be accurate on the date of this opinion as if issued on that date.

For the purposes of the opinions expressed in this letter, we have assumed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the genuineness of all signatures, including electronic signatures, on all documents examined by us and
the legal capacity of all natural persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the authenticity of all documents submitted to us as originals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the conformity to original documents of all documents submitted to us as copies, whether facsimile, electronic,
photostatic, certified or otherwise, and the authenticity of the originals of such copies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that none of the Transaction Documents have been terminated or amended, modified or restated from the
executed version we have reviewed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the accuracy, currency and completeness of the indices and filing systems maintained at the public offices
and registries where we have searched or made enquiries or have caused searches or enquiries to be made and of the information and advice
provided to us by appropriate government, regulatory and other like officials with respect to those matters referred to herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) that each of the Transaction Documents has been duly authorized, executed and delivered by each of the
parties thereto other than Lineage Logistics, and constitutes a valid and legally binding obligation of, and enforceable against, each
of the parties thereto in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) that insofar as any obligation under any Transaction Document is to be performed in any jurisdiction outside
the Province of Ontario, its performance will not be illegal or unenforceable by virtue of the laws of that other jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) that all facts set forth in all certificates supplied or otherwise conveyed to us by public officials
and in the Director's Certificate are true and correct.

**E.** **Opinions** 

Based and relying upon the foregoing, and subject to the qualifications hereinafter expressed, we are of the opinion that, on the date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;1. Lineage Logistics is a corporation incorporated and existing under the *Business Corporations Act* (Ontario).

&nbsp;&nbsp;&nbsp;&nbsp;2. Lineage Logistics has the corporate power and capacity to execute and deliver the First US Supplemental
Indenture and to perform its obligations under the US Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;3. Lineage Logistics has the corporate power and capacity to execute and deliver the First Europe Supplemental
Indenture and to perform its obligations under the Europe Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;4. All necessary action has been taken to authorize the execution and delivery by Lineage Logistics of the
First US Supplemental Indenture, and the performance of its obligations under the US Indenture (including the guarantee set out in Article 5
of the First US Supplemental Indenture).

![](tm2532793d2_ex5-5img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;5. All necessary action has been taken to authorize the execution and delivery by Lineage Logistics of the
First Europe Supplemental Indenture, and the performance of its obligations under the Europe Indenture (including the guarantee set out
in Article 5 of the First Europe Supplemental Indenture).

The opinions in this letter are given solely for the benefit of the addressee hereof (and its successors and assigns) in connection with the transactions referred to herein and may not be circulated to, or relied upon by, any other person or used for any other purpose without our prior written consent. We consent to your filing this opinion as an exhibit to the Registration Statement and to the reference to our firm contained in the prospectus therein under the heading "Legal Matters." In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the SEC thereunder.

Yours very truly,

/s/ McCarthy Tétrault LLP

## Exhibit 5.6

**Exhibit 5.6**

---

| | |
|:---|:---|
| ATTORNEYS • CIVIL LAW NOTARIES • TAX ADVISERS | ![](tm2532793d2_ex5-6img001.jpg) |
| Beethovenstraat 400 |  |
| 1082 PR Amsterdam |  |
| T +31 20 71 71 000 | Amsterdam, 18 December 2025 |

---

Lineage OP, LP

Lineage, Inc.

Boreas Logistics Holdings B.V.

Lineage Europe Finco B.V.

Lineage Treasury Europe B.V.

46500 Humboldt Drive

Novi, Michigan 48377

---

| | |
|:---|:---|
| Re: | 5.250% Senior Notes due 2030 of Lineage OP, LP and 4.125% Senior Notes due 2031 of Lineage Europe Finco B.V. |

---

Dear Ladies and Gentlemen:

We have acted as special legal counsel as to Dutch law to the Dutch Companies in connection with the filing of the Registration Statement with the U.S. Securities and Exchange Commission.

Capitalised terms used in this opinion letter have the meanings set forth in Exhibit A. The headings used in this opinion letter are for convenience of reference only and are not to affect its construction or to be taken into consideration in its interpretation.

This opinion letter is rendered to you at your request and it may only be relied upon in connection with the filing of the Registration Statement with the U.S. Securities and Exchange Commission. It does not purport to address all matters of Dutch law that may be of relevance with respect thereto. This opinion letter is strictly limited to the matters stated in it and may not be read as extending by implication to any matters not specifically referred to in it. Nothing in this opinion letter should be taken as expressing an opinion in respect of any representations or warranties, or other information, contained in the Opinion Documents or any other document reviewed by us in connection with this opinion letter, except as expressly confirmed in this opinion letter.

---

| | |
|:---|:---|
| Amsterdam<br>Brussels<br>London<br>Luxemburg<br>New York<br>Rotterdam | This communication is confidential and may be subject to professional privilege. All legal relationships are subject to NautaDutilh N.V.'s general terms and conditions (see <u>https://www.nautadutilh.com/terms</u>), which apply mutatis mutandis to our relationship with third parties relying on statements of NautaDutilh N.V., include a limitation of liability clause, have been filed with the Rotterdam District Court and will be provided free of charge upon request. NautaDutilh N.V.; corporate seat Rotterdam; trade register no. 24338323. |

---

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|:---|
| ![](tm2532793d2_ex5-6img002.jpg) |
| 2 |

---

We consent to the filing of this opinion as an exhibit to the Registration Statement and to the use of our name under the heading "Legal Matters" in the Prospectus Supplement. The previous sentence is no admittance that we are in the category of persons whose consent for the filing and reference in that paragraph is required under Section 7 of the U.S. Securities Act of 1933, as amended, or any rules or regulations of the U.S. Securities and Exchange Commission promulgated under it.

In rendering the opinions expressed in this opinion letter, we have exclusively reviewed and relied upon pdf copies of the the Opinion Documents and the Corporate Documents and we have assumed that the Opinion Documents have been entered into or filed, as the case may be, for *bona fide* commercial reasons. We have not investigated or verified any factual matter disclosed to us in the course of our review.

This opinion letter sets out our opinion on certain matters of the laws with general applicability of the Netherlands, and, insofar as they are directly applicable in the Netherlands, of the European Union, as at today's date and as presently interpreted under published authoritative case law of the Dutch courts, the General Court and the Court of Justice of the European Union. We do not express any opinion on tax law, regulatory law, Dutch or European competition law, data protection law or securitization law. No undertaking is assumed on our part to revise, update or amend this opinion letter in connection with or to notify or inform of, any developments and/or changes of Dutch law subsequent to today's date. We do not purport to opine on the consequences of amendments to the Opinion Documents or the Corporate Documents subsequent to the date of this opinion letter.

The opinions expressed in this opinion letter are to be construed and interpreted in accordance with Dutch law. The competent courts at Amsterdam, the Netherlands have exclusive jurisdiction to settle any issues of interpretation or liability arising out of or in connection with this opinion letter, (ii) any legal relationship arising out of or in connection with this opinion letter (whether contractual or non-contractual), including the above agreement as to jurisdiction, is governed by Dutch law and shall be subject to the general terms and conditions of NautaDutilh. Any liability arising out of or in connection with this opinion letter shall be limited to the amount which is paid under NautaDutilh's insurance policy in the matter concerned. No person other than NautaDutilh may be held liable in connection with this opinion letter.

---

| |
|:---|
| ![](tm2532793d2_ex5-6img002.jpg) |
| 3 |

---

In this opinion letter, legal concepts are expressed in English terms. The Dutch legal concepts concerned may not be identical in meaning to the concepts described by the English terms as they exist under the law of other jurisdictions. In the event of a conflict or inconsistency, the relevant expression shall be deemed to refer only to the Dutch legal concepts described by the English terms.

For the purposes of this opinion letter, we have assumed that:

***General Assumptions***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. each copy of a document conforms to the original, each original is authentic, and each signature is the
genuine signature of the individual purported to have placed that signature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. if any signature under any document is an electronic signature (as opposed to a handwritten ("wet
ink") signature) only, the method used for signing is sufficiently reliable;

***Corporate Law Assumptions***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the Deed of Incorporation of Boreas Logistics Holdings B.V. is a valid notarial deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the Registration Statement will be declared effective by the SEC in the form reviewed by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. (i) no regulations (*reglementen*) have been adopted by any corporate body of any Dutch Company
which would affect the validity of the resolutions recorded in the Resolutions and (ii) the Articles of Association of each Dutch
Company are its articles of association currently in force. The Extracts support item (ii) of this assumption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. none of the Dutch Companies has (i) been dissolved (*ontbonden*), (ii) ceased to exist
pursuant to a merger (*fusie*) or a division (*splitsing*), (iii) been converted (*omgezet*) into another legal form,
either national or foreign, (iv) had its assets placed under administration (*onder bewind gesteld*), (v) been declared
bankrupt (*failliet verklaard*), been granted a suspension of payments (*surseance van betaling verleend*), or started or become
subject to statutory proceedings for the restructuring of its debts (*akkoordprocedure*) or (vi) been made subject to similar
proceedings in any jurisdiction or otherwise been limited in its power to dispose of its assets. The Extracts and our inquiries of today
with the Insolvency Registers support the items (i) through (v) (except for any statutory proceedings for the restructuring
of debts (*akkoordprocedure*) that have not, or not yet, been filed in the Insolvency Registers) of this assumption. However, this
information does not constitute conclusive evidence that the events set out in items (i) through (v) have not occurred;

---

| |
|:---|
| ![](tm2532793d2_ex5-6img002.jpg) |
| 4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. the resolutions recorded in the Resolutions are in full force and effect, and the factual statements made
and the confirmations given in the Resolutions are complete and correct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. each Power of Attorney (i) is in full force and effect, and (ii) under any applicable law other
than Dutch law, validly authorised and authorises the person or persons purported to be granted power of attorney, to represent and bind
the relevant Dutch Company for the purposes stated therein.

Based upon and subject to the foregoing and subject to the qualifications set forth in this opinion letter and to any matters, documents or events not disclosed to us, we express the following opinions:

**Incorporation and Corporate Status**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each Dutch Company has been duly incorporated and is validly existing as a private limited liability company(*besloten vennootschap met beperkte aansprakelijkheid*).

**Corporate Power**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each Dutch Company has the corporate power to enter into the Opinion Documents and to perform its obligations
thereunder, including the guarantees set out in Article 5 of the EUR First Supplemental Indenture, Article 5 of the USD First
Supplemental Indenture and Section 1.2 of the USD Second Supplemental Indenture, as applicable, and, in the case of Lineage Europe
Finco B.V., to issue the Exchange Notes. None of the Dutch Companies violates any provision of its Articles of Association by entering
into the Opinion Documents or performing its obligations thereunder or the issuance of the Exchange Notes.

**Corporate Action**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Each Dutch Company has taken all corporate action required by its Articles of Association and Dutch law
in connection with entering into the Opinion Documents and, in the case of Lineage Europe Finco B.V., the issuance of the Exchange Notes.

**Valid Signing**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Each Opinion Document (other than the EUR Indenture and the USD First Supplemental Indenture) has been
validly signed on behalf of each Dutch Company, the EUR Indenture and each of the Global Notes have been validly signed on behalf of Lineage
Europe Finco B.V. and the USD First Supplemental Indenture has been validly signed on behalf of Boreas Logistics Holdings B.V. and Lineage
Treasury Europe B.V..

---

| |
|:---|
| ![](tm2532793d2_ex5-6img002.jpg) |
| 5 |

---

The opinions expressed above are subject to the following qualifications:

***General Qualification***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. As Dutch lawyers we are not qualified or able to assess the true meaning and purport of the terms of the
Opinion Documents under the applicable law and the obligations of the parties to the Opinion Documents and we have made no investigation
of that meaning and purport. Our review of the Opinion Documents and of any other documents subject or expressed to be subject to any
law other than Dutch law has therefore been limited to the terms of these documents as they appear to us on their face.

***Corporate Law Qualifications***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The opinion expressed in paragraph 1 (*Incorporation and Corporate Status*) of this opinion letter
must not be read to imply that a Dutch Company cannot be dissolved (*ontbonden*). A company such as the Dutch Companies may be dissolved, *inter alia* by the competent court at the request of the company's management board, any interested party (*belanghebbende*)
or the public prosecution office in certain circumstances, such as when there are certain defects in the incorporation of the company.
Any such dissolution will not have retro-active effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Extracts do not constitute conclusive evidence of the facts reflected therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Pursuant to Article 2:7 DCC, any transaction entered into by a legal entity may be nullified by the
legal entity itself or its liquidator in bankruptcy proceedings (*curator*) if the objects of that entity were transgressed by the
transaction and the other party to the transaction knew or should have known this without independent investigation (*wist of zonder eigen onderzoek moest weten*). The Dutch Supreme Court (*Hoge Raad der Nederlanden*) has ruled that in determining whether the
objects of a legal entity are transgressed, not only the description of the objects in that legal entity's articles of association (*statuten*)
is decisive, but all (relevant) circumstances must be taken into account, in particular whether the interests of the legal entity were
served by the transaction.

---

| |
|:---|
| ![](tm2532793d2_ex5-6img002.jpg) |
| 6 |

---

***Enforceability Qualification***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The opinions expressed in this opinion letter may be limited or affected by:

&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. rules relating to Insolvency Proceedings or similar proceedings under a foreign law and other rules affecting
creditors' rights generally;

&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 provisions of fraudulent preference and fraudulent conveyance (*Actio Pauliana*) and similar
rights available in other jurisdictions to insolvency practitioners and insolvency office holders in bankruptcy proceedings or creditors;

&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. claims based on tort (*onrechtmatige daad*);

&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. sanctions and measures, including but not limited to those concerning export control, pursuant to European
Union regulations, under the Dutch Sanctions Act 1977 (*Sanctiewet 1977*) or other legislation;

&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 Anti-Boycott Regulation and related legislation ;
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;f. any intervention, recovery or resolution measure by any regulatory or other authority or governmental
body in relation to financial enterprises or their affiliated entities.

---

| |
|:---|
| ![](tm2532793d2_ex5-6img002.jpg) |
| 7 |

---

Sincerely yours,

/s/ NautaDutilh N.V.

NautaDutilh N.V.

---

| |
|:---|
| ![](tm2532793d2_ex5-6img002.jpg) |
| 8 |

---

**EXHIBIT A**

**LIST OF DEFINITIONS**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "**Anti-Boycott Regulation**"<br>| &nbsp;&nbsp; Regulation (EC) No 2271/96 on protecting against the effects of the extra-territorial application of legislation adopted by a third country, and actions based thereon or resulting therefrom<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "**Articles of Association**"<br>| &nbsp;&nbsp; a. in relation to Boreas Logistics Holdings B.V., the articles of association as they read after the execution of a deed of amendment dated 1 December 2025, which, according to the relevant Extract, was the last amendment to this Dutch Company's articles of association;<br> b. in relation to Lineage Europe Finco B.V., the articles of association contained in its Deed of Incorporation; and<br> c. in relation to Lineage Treasury Europe B.V., its articles of association as they read after the execution of a deed of amendment dated 31 March 2022, which, according to the relevant Extract, was the last amendment to this Dutch Company's articles of association<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "**Commercial Register**"<br>| &nbsp;&nbsp; the Commercial Register held by the Dutch Chamber of Commerce (*handelsregister gehouden door de Kamer van Koophandel*)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "**Corporate Documents**"<br>| &nbsp;&nbsp; the documents listed in Exhibit C<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "**DCC**" | &nbsp;&nbsp; the Dutch Civil Code (*Burgerlijk Wetboek*) |

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|:---|
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| 9 |

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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; "**Deeds of Incorporation**"<br>| &nbsp;&nbsp; a. in relation to Boreas Logistics Holdings B.V., its deed of incorporation (*akte van oprichting*), dated 8 June 2017;<br> b. in relation to Lineage Europe Finco B.V., its deed of incorporation (*akte van oprichting*), dated 20 October 2025; and<br> c. in relation to Lineage Treasury Europe B.V., its deed of incorporation (*akte van oprichting*), dated 13 November 2020<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "**Dutch Bankruptcy Code**"<br>| &nbsp;&nbsp; the Dutch Bankruptcy Code (*Faillissementswet*)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "**Dutch Companies**"<br>| &nbsp;&nbsp; each of Boreas Logistics Holdings B.V., Lineage Europe Finco B.V. and Lineage Treasury Europe B.V.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "**EUR First Supplemental Indenture**"<br>| &nbsp;&nbsp; the first supplemental indenture in relation to the EUR 700,000,00 4.125% senior notes due 2031, dated 26 November 2025, made between Lineage Europe Finco B.V. as the issuer, Lineage, Inc., Lineage OP, LP, Lineage Treasury Europe B.V. and Boreas Logistics Holdings B.V. as guarantors and U.S. Bank Trust Company, National Association as trustee, U.S. Bank Europe DAC as paying agent, among others<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "**EUR Indenture**"<br>| &nbsp;&nbsp; the base indenture in relation to the EUR 700,000,00 4.125% senior notes due 2031, dated 26 November 2025, made between Lineage Europe Finco B.V., as the issuer, Lineage, Inc. and Lineage OP, LP, as guarantors and U.S. Bank Trust Company, National Association as trustee<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "**Exchange Notes**"<br>| &nbsp;&nbsp; Lineage Europe Finco B.V.'s EUR 700,000,000 4.125% senior notes due 2031 to be issued in exchange for the Old Notes<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "**Exhibit**"<br>| &nbsp;&nbsp; an exhibit to this opinion letter<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "**Extract**"<br>| &nbsp;&nbsp; in relation to a Dutch Company, a pdf copy of an extract from the Commercial Register, received by us by email and dated the date of this opinion letter with respect to that Dutch Company<br>|

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|:---|
| ![](tm2532793d2_ex5-6img002.jpg) |
| 10 |

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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; "**Global Notes**"<br>| &nbsp;&nbsp; each of the global notes representing the Exchange Notes<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "**Insolvency Proceedings**"<br>| &nbsp;&nbsp; any insolvency proceedings within the meaning of Regulation (EU) 2015/848 on insolvency proceedings (recast), listed in Annex A thereto and any statutory proceedings for the restructuring of debts (*akkoordprocedure*) pursuant to the Dutch Bankruptcy Code<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "**Insolvency Registers**"<br>| &nbsp;&nbsp; the online central insolvency register (*Centraal Insolventie Register*), the online EU Insolvency Register (*Centraal Insolventie Register - EU Registraties*) and the online Register of Decisions in a WHOA Procedure (*Register uitspraken in een WHOA-procedure*) held by the Council for the Administration of Justice (*Raad voor de Rechtspraak*)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "**NautaDutilh**"<br>| &nbsp;&nbsp; NautaDutilh N.V.<br>|
| &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 Netherlands**"<br>| &nbsp;&nbsp; the European territory of the Kingdom of the Netherlands and "**Dutch**" is in or from the Netherlands<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "**Old Notes**"<br>| &nbsp;&nbsp; Lineage Europe Finco B.V.'s EUR 700,000,000 4.125% senior notes due 2031<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "**Opinion Documents**"<br>| &nbsp;&nbsp; in relation to a Dutch Company, the documents listed in Exhibit B to which that Dutch Company is expressed to be a party<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "**Power of Attorney**"<br>| &nbsp;&nbsp; the powers of attorney as contained in the Resolutions, granted by each Dutch Company in respect of the entering into the transactions contemplated by the Opinion Document<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Registration Statement**" | &nbsp;&nbsp; the registration statement on form S-4 as filed with the SEC under the Securities Act of 1933, as amended, of the United States on 18 December 2025, as further may be amendended and supplemented, by Lineage, Inc., Lineage OP, LP and the Dutch Companies, among others<br>|

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| |
|:---|
| ![](tm2532793d2_ex5-6img002.jpg) |
| 11 |

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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; "**Resolutions**"<br>| &nbsp;&nbsp; a. in relation to Boreas Logistics Holdings B.V., the document or documents containing the resolutions of its management board (*bestuur*), dated 10 June 2025 and 19 November 2025;<br> b. in relation to Lineage Europe Finco B.V., the document or documents containing the resolutions of its management board (*bestuur*), dated 19 November 2025; and<br> c. in relation to Lineage Treasury Europe B.V., the document or documents containing the resolutions of its management board (*bestuur*), dated 10 June 2025 and 19 November 2025<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "**SEC**"<br>| &nbsp;&nbsp; the United States Securities and Exchange Commission<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**USD First Supplemental Indenture**" | &nbsp;&nbsp; the first supplemental indenture in relation to the USD 500,000,000 5.250% notes, dated 17 June 2025, between, inter alia, Boreas Logistics Holding B.V. and Lineage Treasury Europe B.V. as guarantors, and U.S. Bank Trust Company, National Association as trustee<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "**USD Second Supplemental Indenture**"<br>| &nbsp;&nbsp; the second supplemental indenture in relation to the USD 500,000,000 5.250% notes, dated 26 November 2025, between, inter alia, the Dutch Companies as guarantors, U.S. Bank Trust Company, National Association as trustee<br>|

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|:---|
| ![](tm2532793d2_ex5-6img002.jpg) |
| 12 |

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**EXHIBIT B**

**LIST OF OPINION DOCUMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the EUR Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the EUR First Supplemental Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the USD First Supplemental Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. the USD Second Supplemental Indenture.

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| |
|:---|
| ![](tm2532793d2_ex5-6img002.jpg) |
| 13 |

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**EXHIBIT C**

**LIST OF CORPORATE DOCUMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Deeds of Incorporation ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the Articles of Association;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the Extracts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the Resolutions.

## Exhibit 10.18

**Exhibit 10.18**

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163759986.3 SECOND AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND TERM LOAN AGREEMENT SECOND AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND TERM LOAN AGREEMENT (this "Amendment"), dated as of November 26, 2025, is entered into by and among LINEAGE LOGISTICS, LLC, a Delaware limited liability company (the "Company"), LINEAGE LOGISTICS HOLDINGS, LLC, a Delaware limited liability company ("Holdings"), LINEAGE OP, LLC, a Delaware limited liability company ("Lineage OP"), LINEAGE, INC., a Maryland corporation ("Parent Company"), the U.S. Borrowers, the Foreign Borrowers, the Required Lenders, the Assignors (as defined below), the Assignees (as defined below), and JPMORGAN CHASE BANK, N.A., as Administrative Agent. RECITALS A. The Company, the U.S. Borrowers, the Foreign Borrowers, Holdings, Lineage OP, Parent Company, the Administrative Agent, the financial institutions party thereto as lenders from time to time (each individually, a "Lender" and collectively, the "Lenders"), and the other parties thereto, have previously entered into that certain Amended and Restated Revolving Credit and Term Loan Agreement, dated as of February 15, 2024 (as amended, restated, supplemented or otherwise modified from time to time, the "Credit Agreement"), pursuant to which the Lenders have made certain loans and financial accommodations available to Borrowers. Terms used herein without definition shall have the meanings ascribed to them in the Credit Agreement. B. The Borrower Representative has requested that Administrative Agent and the Lenders amend the Credit Agreement pursuant to the terms and conditions set forth herein, and Administrative Agent and the Lenders are willing to amend the Credit Agreement pursuant to the terms and conditions set forth herein. C. The Borrowers are entering into this Amendment with the understanding and agreement that, except as specifically provided herein, none of Administrative Agent's or any Lender's rights or remedies as set forth in the Credit Agreement and the other Loan Documents are being waived or modified by the terms of this Amendment. AGREEMENT NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 1. Amendment to Credit Agreement. The Credit Agreement (excluding all Exhibits and Schedules thereto, other than as expressly set forth herein) is hereby amended as set forth on Exhibit A attached hereto such that all of the newly inserted bold, double-underlined text (indicated textually in the same manner as the following examples: double-underlined text and double-underlined text) and any formatting changes reflected therein shall be deemed to be inserted and reflected in the text of the Credit Agreement and all of the deleted stricken text (indicated textually in the same manner as the following examples: stricken text and stricken text) shall be deemed to be deleted from the text of the Credit Agreement. An unmarked conformed copy of the Credit Agreement (excluding all Exhibits and Schedules thereto, other than as expressly set forth herein), as amended by this Amendment, is attached hereto as Exhibit B and, commencing on the date hereof, all references to the "Credit Agreement" shall refer to the  |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163759986.3 2 Credit Agreement as set forth in Exhibit B. Schedule 1.1D to the Credit Agreement is hereby amended and restated in its entirety with Schedule 1.1D attached hereto as Exhibit C. 3. Conditions Precedent to Effectiveness of this Amendment. This Amendment shall become effective upon the satisfaction of the following conditions precedent (the date of satisfaction of such conditions, the "Amendment Effective Date"): a. Amendment. The Company, Holdings, Lineage OP, Parent Company, the U.S. Borrowers, the Foreign Borrowers, the Administrative Agent, and the Lenders party hereto shall have indicated their consent to this Amendment by the execution and delivery of the signature pages hereto to the Administrative Agent. b. Representations and Warranties. The representations and warranties of the Loan Parties set forth herein and in the Loan Documents must be true and correct in all material respects with the same effect as though made on the date hereof (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date, and that any representation or warranty which is subject to any materiality qualifier shall be required to be true and correct in all respects). c. Expenses. The Administrative Agent shall have received all reasonable out-of-pocket costs and expenses for which invoices have been presented (including the reasonable fees and expenses of legal counsel for which the Borrower Representative agrees it is responsible pursuant to Section 10.3 of the Credit Agreement) that are due and payable in connection with this Amendment. 4. Representations and Warranties. Holdings and each Borrower represent and warrant as follows: a. Authority. Each Loan Party has the requisite power and authority to execute and deliver this Amendment, and to perform its obligations hereunder and under the Loan Documents (as amended or modified hereby) to which it is a party. The execution, delivery and performance by each Loan Party of this Amendment has been duly authorized by all necessary organizational action. The execution, delivery, and performance by each Loan Party of this Amendment and the transactions contemplated hereunder (i) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, (ii) will not violate any Requirement of Law applicable to any Loan Party or any of its Subsidiaries, (iii) will not violate or result in a default under any indenture, agreement or other instrument binding upon any Loan Party or any of its Subsidiaries or the assets of any Loan Party or any of its Subsidiaries, or any Governing Document of any Loan Party, except where such violation could not reasonably be expected to have a Material Adverse Effect and (iv) will not result in, or require, the creation or imposition of any Lien on any of their respective properties or revenues pursuant to any such indenture, agreement or other instrument. b. Enforceability. This Amendment has been duly executed and delivered by each Loan Party. This Amendment and each Loan Document (as amended or modified hereby) is the legal, valid, and binding obligation of each Loan Party, enforceable against each Loan Party in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors' rights generally and subject  |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163759986.3 3 to general principles of equity, regardless of whether considered in a proceeding in equity or at law. c. Representations and Warranties. The representations and warranties of the Loan Parties in the Loan Documents are true and correct in all material respects with the same effect as though made on the date hereof (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date is true and correct in all material respects only as of such specified date, and that any representation or warranty which is subject to any materiality qualifier shall be required to be true and correct in all respects). d. No Duress. This Amendment has been entered into without force or duress, of the free will of each Loan Party. Each Loan Party's decision to enter into this Amendment is a fully informed decision and each Loan Party is aware of all legal and other ramifications of such decision. e. Counsel. Each Loan Party has read and understands this Amendment, has consulted with and been represented by legal counsel in connection herewith, and has been advised by its counsel of its rights and obligations hereunder and thereunder. f. No Default. No Default or Event of Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Amendment or any other Loan Document. 5. Choice of Law. The validity of this Amendment, its construction, interpretation and enforcement, the rights of the parties hereunder, shall be determined under, governed by, and construed in accordance with the laws of the State of New York, but without giving effect to any federal laws applicable to national banks. 6. Counterparts. This Amendment may be executed in any number of counterparts and by different parties and separate counterparts, each of which when so executed and delivered, shall be deemed an original, and all of which, when taken together, shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment that is an Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this Amendment. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this Amendment shall be deemed to include Electronic Signatures, deliveries or the keeping of records in any electronic form (including deliveries by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page), 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; provided that nothing herein shall require the Administrative Agent to accept Electronic Signatures in any form or format without its prior written consent and pursuant to procedures approved by it; provided, further, without limiting the foregoing, (i) to the extent the Administrative Agent has agreed to accept any Electronic Signature, the Administrative Agent and each of the Lenders shall be entitled to rely on such Electronic Signature purportedly given by or on behalf of the Borrowers or any other Loan Party without further verification thereof and without any obligation to review the appearance or form of any such Electronic Signature and (ii) upon the request of the Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by a manually executed counterpart.  |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163759986.3 4 7. Reference to and Effect on the Loan Documents. a. Upon and after the effectiveness of this Amendment, each reference in the Credit Agreement to "this Agreement", "hereunder", "hereof" or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to "the Credit Agreement", "thereof" or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as modified and amended hereby. b. Except as specifically set forth in this Amendment, the Credit Agreement and all other Loan Documents, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed and shall constitute the legal, valid, binding and enforceable obligations of each Borrower and each other Loan Party to Administrative Agent and Lenders without defense, offset, claim or contribution. c. The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of Administrative Agent or any Lender under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. d. This Amendment is a Loan Document. e. This Amendment shall not constitute or effect a novation of the obligations of each Loan Party under the Credit Agreement, as amended hereby, and other Loan Documents. 8. Ratification. Each of Holdings and the Borrowers hereby restates, ratifies and reaffirms each and every term and condition set forth in the Credit Agreement, as amended hereby, and the Loan Documents effective as of the date hereof. 9. Estoppel. To induce Administrative Agent and Lenders to enter into this Amendment and to induce Administrative Agent and the Lenders to continue to make advances to Borrowers under the Credit Agreement, each Borrower and each other Loan Party hereby acknowledges and agrees that, after giving effect to this Amendment, as of the date hereof, there exists no Default or Event of Default and no right of offset, defense, counterclaim, or objection in favor of any Borrower or any other Loan Party as against Administrative Agent or any Lender with respect to the Obligations. 10. Integration. This Amendment, together with the other Loan Documents, incorporates all negotiations of the parties hereto with respect to the subject matter hereof and is the final expression and agreement of the parties hereto with respect to the subject matter hereof. 11. Severability. In case any provision in this Amendment shall be invalid, illegal, or unenforceable, such provision shall be severable from the remainder of this Amendment and the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 12. Submission of Amendment. The submission of this Amendment to the parties or their agents or attorneys for review or signature does not constitute a commitment by Administrative Agent or any Lender to waive any of their respective rights and remedies under the Loan Documents, and this Amendment shall have no binding force or effect until all of the conditions to the effectiveness of this Amendment have been satisfied as set forth herein. 13. Costs and Expenses. The Borrower Representative agrees to pay, promptly after receipt of a demand therefore, all reasonable out-of-pocket costs and expenses of the Administrative Agent in  |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img005.jpg) | &nbsp;&nbsp;DB1/ 163759986.3 5 connection with the preparation, execution, delivery and administration, modification and amendment of this Amendment and the other instruments and documents to be delivered hereunder in accordance with the terms of Section 10.3 of the Credit Agreement. 14. Acknowledgment of Guarantors. Each of Holdings, Lineage OP and Parent Company, being a Guarantor, hereby acknowledges and agrees to this Amendment and confirms and agrees that the Guarantee Agreement and each of the other Loan Documents is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects except that, upon the effectiveness of, and on and after the date of this Amendment, (a) each reference in the Guarantee Agreement to the "Credit Agreement", "thereunder", "thereof" or words of like import referring to the "Credit Agreement", shall mean and be a reference to the "Credit Agreement" as amended or modified by this Amendment, and (b) each reference in the other Loan Documents to the "Credit Agreement", "thereunder", "thereof" or words of like import referring to the "Credit Agreement", shall mean and be a reference to the "Credit Agreement" as amended or modified by this Amendment. [REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]  |

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their duly authorized officers as of the day and year first above written.

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| | | |
|:---|:---|:---|
| **HOLDINGS:** | **HOLDINGS:** | **HOLDINGS:** |
| LINEAGE LOGISTICS HOLDINGS, LLC,<br> a Delaware limited liability company | LINEAGE LOGISTICS HOLDINGS, LLC,<br> a Delaware limited liability company | LINEAGE LOGISTICS HOLDINGS, LLC,<br> a Delaware limited liability company |
| By: | /s/ Michelle Domas | /s/ Michelle Domas |
|  | Name: | Michelle Domas |
|  | Title: | Treasurer |
| **PARENT COMPANY:** | **PARENT COMPANY:** | **PARENT COMPANY:** |
| LINEAGE, INC., a Maryland corporation | LINEAGE, INC., a Maryland corporation | LINEAGE, INC., a Maryland corporation |
| By: | /s/ Michelle Domas | /s/ Michelle Domas |
|  | Name: | Michelle Domas |
|  | Title: | Treasurer |
| **LINEAGE OP:** | **LINEAGE OP:** | **LINEAGE OP:** |
| LINEAGE OP, LP., a Maryland limited partnership | LINEAGE OP, LP., a Maryland limited partnership | LINEAGE OP, LP., a Maryland limited partnership |
| By: Lineage, Inc., its general partner | By: Lineage, Inc., its general partner | By: Lineage, Inc., its general partner |
| By: | /s/ Michelle Domas | /s/ Michelle Domas |
|  | Name: | Michelle Domas |
|  | Title: | Treasurer |

---

[Signature Page to Amendment to Revolving Credit and Term Loan Agreement]

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| | | |
|:---|:---|:---|
| **BORROWERS:** | **BORROWERS:** | **BORROWERS:** |
| LINEAGE LOGISTICS, LLC | LINEAGE LOGISTICS, LLC | LINEAGE LOGISTICS, LLC |
| LINEAGE COLUMBIA MEZZ, LLC | LINEAGE COLUMBIA MEZZ, LLC | LINEAGE COLUMBIA MEZZ, LLC |
| Lineage LOGISTICS MTC, LLC | Lineage LOGISTICS MTC, LLC | Lineage LOGISTICS MTC, LLC |
| LINEAGE LOGISTICS SERVICES, LLC | LINEAGE LOGISTICS SERVICES, LLC | LINEAGE LOGISTICS SERVICES, LLC |
| Lineage WA COLUMBIA RE, LLC | Lineage WA COLUMBIA RE, LLC | Lineage WA COLUMBIA RE, LLC |
| LINEAGE LOGISTICS CANADA HOLDINGS, LLC | LINEAGE LOGISTICS CANADA HOLDINGS, LLC | LINEAGE LOGISTICS CANADA HOLDINGS, LLC |
| each a Delaware limited liability company | each a Delaware limited liability company | each a Delaware limited liability company |
| By: | /s/ Michelle Domas | /s/ Michelle Domas |
|  | Name: | Michelle Domas |
|  | Title: | Treasurer |
| LINEAGE AUS RE HOLDINGS, LLC<br> a Delaware limited liability company | LINEAGE AUS RE HOLDINGS, LLC<br> a Delaware limited liability company | LINEAGE AUS RE HOLDINGS, LLC<br> a Delaware limited liability company |
| By: | /s/ Craig Andrew Bowyer | /s/ Craig Andrew Bowyer |
|  | Name: | Craig Andrew Bowyer |
|  | Title: | Regional Vice President |
| COLUMBIA COLSTOR, INC.,<br> a Washington corporation | COLUMBIA COLSTOR, INC.,<br> a Washington corporation | COLUMBIA COLSTOR, INC.,<br> a Washington corporation |
| By: | /s/ Michelle Domas | /s/ Michelle Domas |
|  | Name: | Michelle Domas |
|  | Title: | Treasurer |

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[Signature Page to Amendment to Revolving Credit and Term Loan Agreement]

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| |
|:---|
| **Executed** by each of:<br> **Emergent Cold Midco Pty Ltd.**<br> **Emergent Cold Midco 3 Pty Ltd.**<br> **Lineage AUS TRS Pty Ltd,**<br> in accordance with section 127 of the *Corporations Act 2001* (Cth) by: |
| /s/ CRAIG ANDREW BOWYER |
| Director signature |
| **CRAIG ANDREW BOWYER** |
| Director full name<br> (BLOCK LETTERS) |

---

[Signature Page to Amendment to Revolving Credit and Term Loan Agreement]

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| | |
|:---|:---|
| **LINEAGE NZ TRS LIMITED, <br> (NZ Company Number: 7967497)** <br> By: |  |
| /s/ David Russell | /s/ Sarah Williamson |
| Signature of Director | Signature of Director |
| DAVID RUSSELL | SARAH WILLIAMSON |
| Name of Director | Name of Director |

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[Signature Page to Amendment to Revolving Credit and Term Loan Agreement]

---

| |
|:---|
| **BOREAS LOGISTICS HOLDINGS B.V.,** |
| /s/ Michelle Domas |
| By: Michelle Domas |
| Title: Authorized Signatory |
| **LINEAGE TREASURY EUROPE B.V.,** |
| /s/ Michelle Domas |
| By: Michelle Domas |
| Title: Authorized Signatory |
| **LINEAGE EUROPE FINCO B.V.,** |
| /s/ Michelle Domas |
| By: Michelle Domas |
| Title: Authorized Signatory |

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[Signature Page to Amendment to Revolving Credit and Term Loan Agreement]

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| | | |
|:---|:---|:---|
| **LINEAGE LOGISTICS CANADA HOLDINGS LTD.,** | **LINEAGE LOGISTICS CANADA HOLDINGS LTD.,** | **LINEAGE LOGISTICS CANADA HOLDINGS LTD.,** |
| By: | /s/ Brian McGowan | /s/ Brian McGowan |
|  | Name: | Brian McGowan |
|  | Title: | Authorized Signatory |

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[Signature Page to Amendment to Revolving Credit and Term Loan Agreement]

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| **JPMORGAN CHASE BANK, N.A.**<br> as Administrative Agent, an Issuing Lender and a Lender | **JPMORGAN CHASE BANK, N.A.**<br> as Administrative Agent, an Issuing Lender and a Lender | **JPMORGAN CHASE BANK, N.A.**<br> as Administrative Agent, an Issuing Lender and a Lender |
| By: | /s/ Antonios Vavdinos | /s/ Antonios Vavdinos |
|  | Name: | Antonios Vavdinos |
|  | Title: | Authorized Signatory |

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[Signature Page to Amendment to Revolving Credit and Term Loan Agreement]

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| **WELLS FARGO BANK, N.A.**<br> as Lender and an Issuing Lender | **WELLS FARGO BANK, N.A.**<br> as Lender and an Issuing Lender | **WELLS FARGO BANK, N.A.**<br> as Lender and an Issuing Lender |
| By: | /s/ Cristina Johnnie | /s/ Cristina Johnnie |
|  | Name: | Cristina Johnnie |
|  | Title: | Executive Director |

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[Signature Page to Amendment to Revolving Credit and Term Loan Agreement]

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| **MORGAN STANLEY BANK, N.A.** | **MORGAN STANLEY BANK, N.A.** | **MORGAN STANLEY BANK, N.A.** |
| By: | /s/ Gretell Merlo | /s/ Gretell Merlo |
|  | Name: | Gretell Merlo |
|  | Title: | Authorized Signatory |

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[Signature Page to Amendment to Revolving Credit and Term Loan Agreement]

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| **MORGAN STANLEY SENIOR FUNDING, INC.** | **MORGAN STANLEY SENIOR FUNDING, INC.** | **MORGAN STANLEY SENIOR FUNDING, INC.** |
| By: | /s/ Gretell Merlo | /s/ Gretell Merlo |
|  | Name: | Gretell Merlo |
|  | Title: | Vice President |

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[Signature Page to Amendment to Revolving Credit and Term Loan Agreement]

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| **COOPERATIEVE RABOBANK U.A., NEW YORK BRANCH** | **COOPERATIEVE RABOBANK U.A., NEW YORK BRANCH** | **COOPERATIEVE RABOBANK U.A., NEW YORK BRANCH** |
| By: | /s/ Justine Dupont-Nivet | /s/ Justine Dupont-Nivet |
|  | Name: | Justine Dupont-Nivet |
|  | Title: | Executive Director |
| By: | /s/ Timur Onder | /s/ Timur Onder |
|  | Name: | Timur Onder |
|  | Title: | Vice President |

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[Signature Page to Amendment to Revolving Credit and Term Loan Agreement]

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| **CAPITAL ONE, NATIONAL ASSOCIATION** | **CAPITAL ONE, NATIONAL ASSOCIATION** | **CAPITAL ONE, NATIONAL ASSOCIATION** |
| By: | /s/ Peter Nguyen | /s/ Peter Nguyen |
|  | Name: | Peter Nguyen |
|  | Title: | Vice President |

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[Signature Page to Amendment to Revolving Credit and Term Loan Agreement]

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| **BANK OF AMERICA, N.A.** | **BANK OF AMERICA, N.A.** | **BANK OF AMERICA, N.A.** |
| By: | /s/ Thomas W. Nowak | /s/ Thomas W. Nowak |
|  | Name: | Thomas W. Nowak |
|  | Title: | Senior Vice President |

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[Signature Page to Amendment to Revolving Credit and Term Loan Agreement]

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| **GOLDMAN SACHS BANK USA** | **GOLDMAN SACHS BANK USA** | **GOLDMAN SACHS BANK USA** |
| By: | /s/ Dan Martis | /s/ Dan Martis |
|  | Name: | Dan Martis |
|  | Title: | Authorized Signatory |

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[Signature Page to Amendment to Revolving Credit and Term Loan Agreement]

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| **GOLDMAN SACHS LENDING PARTNERS LLC** | **GOLDMAN SACHS LENDING PARTNERS LLC** | **GOLDMAN SACHS LENDING PARTNERS LLC** |
| By: | /s/ Dan Martis | /s/ Dan Martis |
|  | Name: | Dan Martis |
|  | Title: | Authorized Signatory |

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[Signature Page to Amendment to Revolving Credit and Term Loan Agreement]

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| **KEYBANK NATIONAL ASSOCIATION** | **KEYBANK NATIONAL ASSOCIATION** | **KEYBANK NATIONAL ASSOCIATION** |
| By: | /s/ James Komperda | /s/ James Komperda |
|  | Name: | James Komperda |
|  | Title: | Senior Vice President |

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| **ROYAL BANK OF CANADA** | **ROYAL BANK OF CANADA** | **ROYAL BANK OF CANADA** |
| By: | /s/ Edward McKenna | /s/ Edward McKenna |
|  | Name: | Edward McKenna |
|  | Title: | Authorized Signatory |

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[Signature Page to Amendment to Revolving Credit and Term Loan Agreement]

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| **THE HUNTINGTON NATIONAL BANK** | **THE HUNTINGTON NATIONAL BANK** | **THE HUNTINGTON NATIONAL BANK** |
| By: | /s/ Joe White | /s/ Joe White |
|  | Name: | Joe White |
|  | Title: | Senior Vice President |

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| **TRUIST BANK** | **TRUIST BANK** | **TRUIST BANK** |
| By: | /s/ C. Vincent Hughes, Jr. | /s/ C. Vincent Hughes, Jr. |
|  | Name: | C. Vincent Hughes, Jr. |
|  | Title: | Director |

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| **MIZUHO BANK, LTD.** | **MIZUHO BANK, LTD.** | **MIZUHO BANK, LTD.** |
| By: | /s/ Donna DeMagistris | /s/ Donna DeMagistris |
|  | Name: | Donna DeMagistris |
|  | Title: | Managing Director |

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| **THE BANK OF NOVA SCOTIA** | **THE BANK OF NOVA SCOTIA** | **THE BANK OF NOVA SCOTIA** |
| By: | /s/ Chelsea McCune | /s/ Chelsea McCune |
|  | Name: | Chelsea McCune |
|  | Title: | Director |

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| **HSBC BANK USA, N.A.** | **HSBC BANK USA, N.A.** | **HSBC BANK USA, N.A.** |
| By: | /s/ Jillian Clemons | /s/ Jillian Clemons |
|  | Name: | Jillian Clemons |
|  | Title: | Senior Vice President |

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| **COBANK FCB** | **COBANK FCB** | **COBANK FCB** |
| By: | /s/ Bentley Hodges | /s/ Bentley Hodges |
|  | Name: | Bentley Hodges |
|  | Title: | Vice President |

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| **COMPEER FINANCIAL, PCA** | **COMPEER FINANCIAL, PCA** | **COMPEER FINANCIAL, PCA** |
| By: | /s/ Betty Janelle | /s/ Betty Janelle |
|  | Name: | Betty Janelle |
|  | Title: | Director, Capital Markets |

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[Signature Page to Amendment to Revolving Credit and Term Loan Agreement]

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| **REGIONS BANK** | **REGIONS BANK** | **REGIONS BANK** |
| By: | /s/ Nicholas R. Frerman | /s/ Nicholas R. Frerman |
|  | Name: | Nicholas R. Frerman |
|  | Title: | Senior Vice President |

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| **FARM CREDIT SERVICES OF AMERICA, PCA** | **FARM CREDIT SERVICES OF AMERICA, PCA** | **FARM CREDIT SERVICES OF AMERICA, PCA** |
| By: | /s/ Thomas L. Markowski | /s/ Thomas L. Markowski |
|  | Name: | Thomas L. Markowski |
|  | Title: | Managing Director – Capital Markets |

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[Signature Page to Amendment to Revolving Credit and Term Loan Agreement]

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| **GREENSTONE FARM CREDIT SERVICES** | **GREENSTONE FARM CREDIT SERVICES** | **GREENSTONE FARM CREDIT SERVICES** |
| By: | /s/ Chuck Castles | /s/ Chuck Castles |
|  | Name: | Chuck Castles |
|  | Title: | Vice President Capital Markets |

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[Signature Page to Amendment to Revolving Credit and Term Loan Agreement]

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| **UBS AG, STAMFORD BRANCH** | **UBS AG, STAMFORD BRANCH** | **UBS AG, STAMFORD BRANCH** |
| By: | /s/ Joselin Fernandes | /s/ Joselin Fernandes |
|  | Name: | Joselin Fernandes |
|  | Title: | Director |
| **UBS AG, STAMFORD BRANCH** | **UBS AG, STAMFORD BRANCH** | **UBS AG, STAMFORD BRANCH** |
| By: | /s/ Joselin Fernandes | /s/ Joselin Fernandes |
|  | Name: | Muhammad Afzal |
|  | Title: | Director |

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[Signature Page to Amendment to Revolving Credit and Term Loan Agreement]

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| **PNC BANK, NATIONAL ASSOCIATION** | **PNC BANK, NATIONAL ASSOCIATION** | **PNC BANK, NATIONAL ASSOCIATION** |
| By: | /s/ David C. Drouillard | /s/ David C. Drouillard |
|  | Name: | David C. Drouillard |
|  | Title: | Senior Vice President |

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[Signature Page to Amendment to Revolving Credit and Term Loan Agreement]

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163759986.3 EXHIBIT A (Marked Credit Agreement)  |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conformed Through Second Amendment DB1/ 163670358.1163670358.5 AMENDED AND RESTATED REVOLVING CREDIT AND TERM LOAN AGREEMENT among LINEAGE LOGISTICS, LLC, as Borrower Representative THE BORROWERS PARTY HERETO LINEAGE LOGISTICS HOLDINGS, LLC as Holdings LINEAGE OP, LLC, as Lineage OP LINEAGE, INC., as Parent Company the Several Lenders from Time to Time Parties Hereto JPMORGAN CHASE BANK, N.A., as Administrative Agent WELLS FARGO BANK, N.A., as Syndication Agent BANK OF AMERICA, N.A., GOLDMAN SACHS LENDING PARTNERS LLC, MORGAN STANLEY SENIOR FUNDING, INC., COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, TRUIST BANK, CAPITAL ONE, NATIONAL ASSOCIATION, ROYAL BANK OF CANADA, THE BANK OF NOVA SCOTIA, KEYBANK NATIONAL ASSOCIATION, MIZUHO BANK, LTD and THE HUNTINGTON NATIONAL BANK, as Documentation Agents COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as Sustainability Agent Dated as of February 15, 2024 JPMORGAN CHASE BANK, N.A. and WELLS FARGO SECURITIES LLC, as Joint Lead Arrangers and Joint Bookrunners BOFA SECURITIES, INC., GOLDMAN SACHS LENDING PARTNERS LLC, MORGAN STANLEY SENIOR FUNDING, INC., COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, TRUIST SECURITIES, INC., CAPITAL ONE, NATIONAL ASSOCIATION, ROYAL BANK OF CANADA, THE BANK OF NOVA SCOTIA, KEYBANK NATIONAL ASSOCIATION and MIZUHO BANK, LTD, as Joint Lead Arrangers |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TABLE OF CONTENTS** - i-DB1/ 163670358.1163670358.5 SECTION 1. DEFINITIONS 1 1.1 Defined Terms 1 1.2 Other Definitional Provisions 80 1.3 Exchange Rates; Currency Equivalents 81 1.4 Additional Alternative Currencies 81 1.5 Change of Currency 82 1.6 Times of Day 83 1.7 Letter of Credit Amounts 83 1.8 Interest Rates; Benchmark Notification 83 1.9 Divisions 83 1.10 Limited Condition Transactions 84 1.11 Foreign Terms 84 SECTION 2. AMOUNT AND TERMS OF COMMITMENTS 91 2.1 Term Commitments 91 2.2 Procedure for U.S. Term Loan Borrowing 91 2.3 [Reserved] 92 2.4 Revolving Commitments 92 2.5 Procedure for Revolving Loan Borrowing 93 2.6 Swingline Loans 95 2.7 [Reserved] 97 2.8 Commitment Fees, Facility Fees, etc 97 2.9 Termination or Reduction of Revolving Commitments 98 2.10 Prepayments 99 2.11 Repayment of Loans 100 2.12 Conversion and Continuation Options 101 2.13 Limitations on Term Benchmark Tranches 102 2.14 Interest Rates and Payment Dates 102 2.15 Computation of Interest and Fees 103 2.16 Alternate Rate of Interest 103 2.17 Pro Rata Treatment and Payments 108 2.18 Requirements of Law 110 |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 **TABLE OF CONTENTS** (continued) - ii-2.19 Taxes 111 2.20 Indemnity 119 2.21 Change of Lending Office 120121 2.22 Replacement of Lenders 121 2.23 Incremental Commitments 121 2.24 Defaulting Lenders 124 2.25 Extension of Revolving Termination Date 126 2.26 Cash Management Services and Swap Agreements 126 2.27 Joint and Several Liability 126 2.28 Sustainability Adjustments Amendment 132 SECTION 3. LETTERS OF CREDIT 134 3.1 L/C Commitment 134 3.2 Procedure for Issuance of Letter of Credit 135 3.3 Fees and Other Charges 136 3.4 L/C Participations 136137 3.5 Reimbursement Obligation of the Borrowers 137138 3.6 Obligations Absolute 138 3.7 Letter of Credit Payments 139 3.8 Applications 139 3.9 Replacement of the Issuing Lender 139 SECTION 4. REPRESENTATIONS AND WARRANTIES 140 4.1 Financial Condition 140 4.2 No Change 140 4.3 Existence; Compliance with Law 140 4.4 Power; Authorization; Enforceable Obligations 140141 4.5 No Legal Bar 141 4.6 Litigation 141 4.7 No Default 141142 4.8 Ownership of Property; Liens; Qualified Assets; Casualty 141142 4.9 Intellectual Property 142 4.10 Taxes 142 |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 **TABLE OF CONTENTS** (continued) - iii-4.11 Federal Regulations 142143 4.12 [Reserved] 143 4.13 ERISA; Foreign Pension Plans 143 4.14 Investment Company Act; Other Regulations 143 4.15 Subsidiaries 143 4.16 [Reserved] 143144 4.17 Environmental Matters 143144 4.18 Accuracy of Information, etc 144 4.19 Anti-Corruption Laws and Sanctions 144145 4.20 Solvency 145146 4.21 Plan Assets; Prohibited Transactions 145146 4.22 REIT Status 145146 4.23 [Reserved] 146 4.24 Affected Financial Institutions 146 4.25 COMI 146 4.26 Domiciliation and Sectorial Laws 146 4.27 Outbound Investment Rules.. 146 SECTION 5. CONDITIONS PRECEDENT 146147 5.1 Conditions to Initial Extension of Credit 146147 5.2 Conditions to Each Extension of Credit 149 SECTION 6. AFFIRMATIVE COVENANTS 149150 6.1 Financial Statements 149150 6.2 Certificates; Other Information 151152 6.3 [Reserved] 153 6.4 Taxes 153 6.5 Maintenance of Existence; Compliance with Law 153154 6.6 Maintenance of Property; Insurance 153154 6.7 Inspection of Property; Books and Records; Discussions 153154 6.8 Notices 154155 6.9 Environmental Laws 155156 6.10 [Reserved] 155156 |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 **TABLE OF CONTENTS** (continued) - iv-6.11 Use of Proceeds and Letters of Credit 155156 6.12 Know Your Customer 156157 6.13 Maintenance of REIT Status; Further Assurances 156157 6.14 [Reserved] 156157 6.16 Accuracy of Information 156157 SECTION 7. NEGATIVE COVENANTS 156157 7.1 Financial Covenants 157 7.2 Indebtedness 157158 7.3 Liens 157158 7.4 Fundamental Changes 158 7.5 Disposition of Property 159160 7.6 Restricted Payments 159160 7.7 [Reserved] 162163 7.8 Investments 162163 7.9 Amendments to Governing Documents 162163 7.10 Transactions with Affiliates 162163 7.11 [Reserved] 164165 7.12 Swap Agreements 164165 7.13 [Reserved] 164165 7.14 Negative Pledge Clauses 164165 7.15 Payments of Subordinate Debt 166 7.16 Lines of Business 166 7.17 Outbound Investment Rules.. 167 SECTION 8. EVENTS OF DEFAULT 166167 SECTION 9. THE AGENTS 171172 9.1 Authorization and Action 171172 9.2 Administrative Agent's Reliance, Limitation of Liability, Etc 175176 9.3 Posting of Communications 177178 9.4 The Administrative Agent Individually 178179 9.5 Successor Administrative Agent 179 9.6 Acknowledgements of Lenders and Issuing Lenders 180 |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 **TABLE OF CONTENTS** (continued) - v-9.7 Guarantee and Collateral Matters 182 9.8 [Reserved] 182183 9.9 Certain ERISA Matters 182183 9.10 [Reserved]Borrower Communications 184 9.11 Parallel Debt 184186 SECTION 10. MISCELLANEOUS 185188 10.1 Notices 185188 10.2 Waivers; Amendments 188190 10.3 Expenses; Limitation of Liability; Indemnity; Etc 189192 10.4 Successors and Assigns 192194 10.5 Survival 197199 10.6 Counterparts; Integration; Effectiveness; Electronic Execution 197199 10.7 Severability 198200 10.8 Right of Setoff 198200 10.9 Governing Law; Jurisdiction; Consent to Service of Process 199201 10.10 WAIVER OF JURY TRIAL 200202 10.11 Headings 200202 10.12 Confidentiality 200202 10.13 Material Non-Public Information 201203 10.14 Interest Rate Limitation 202204 10.15 No Fiduciary Duty, etc 203205 10.16 USA PATRIOT Act 203205 10.17 Acknowledgement and Consent to Bail-In of Affected Financial Institutions 203206 10.18 Acknowledgement Regarding Any Supported QFCs 204206 10.19 Designated Borrowers 205207 10.20 Australian Banking Code of Practice 207209 10.21 Canadian Anti-Money Laundering Legislation 207209 10.22 Personal Data Protection under the Personal Data Protection Act 2012 of Singapore 208210 10.23 Judgment Currency 208211 10.24 Transitional Arrangements 209211 |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 **TABLE OF CONTENTS** (continued) - vi-SECTION 11. THE BORROWER REPRESENTATIVE. 210212 11.1 Appointment; Nature of Relationship 210212 11.2 Powers 210212 11.3 Employment of Agents 210212 11.4 Successor Borrower Representative 210212 11.5 Execution of Loan Documents 210212 11.6 Waiver of Limitations 211213 |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 **TABLE OF CONTENTS** (continued) - vii-SCHEDULES: 1.1A Loan Commitments 1.1B Issuing Lender Commitments 1.1C Closing Date U.S. Borrowers 1.1D Closing Date Foreign Borrowers and Post-Closing Foreign Borrowers 1.1E Ground Leases 1.1G Swingline Commitments 3.1(a) Existing Letters of Credit 4.15 Subsidiaries 6.1(b) Company Website 7.2 Existing Indebtedness 7.3 Existing Liens 7.8 Existing Investments 7.10 Affiliate Transactions EXHIBITS: A Form of Guarantee Agreement B Form of Compliance Certificate C Form of Assignment and Assumption D Form of Borrowing Request E [Reserved] F Form of U.S. Tax Compliance Certificates G Form of Designated Borrower Request and Assumption Agreement H Form of Designated Borrower Notice I Form of Borrower Termination Notice J Form of Intercreditor Agreement |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 AMENDED AND RESTATED REVOLVING CREDIT AND TERM LOAN AGREEMENT (this "Agreement"), dated as of February 15, 2024, among LINEAGE LOGISTICS, LLC, a Delaware limited liability company (the "Company"), each Person listed on Schedule 1.1C as a U.S. Borrower as of the Closing Date, each Person listed on Schedule 1.1D as a Foreign Borrower as of the Closing Date, each Subsidiary of Parent Company that becomes a party hereto as a Borrower, LINEAGE LOGISTICS HOLDINGS, LLC, a Delaware limited liability company ("Holdings"), LINEAGE OP, LLC, a Delaware limited liability company ("Lineage OP"), LINEAGE, INC., a Maryland corporation ("Parent Company"), the several banks and other financial institutions or entities from time to time parties to this Agreement (the "Lenders"), Wells Fargo Bank, N.A., as syndication agent (in such capacity, the "Syndication Agent"), the Documentation Agents and Sustainability Agent listed on the cover to this Agreement, and JPMORGAN CHASE BANK, N.A., as administrative agent. WHEREAS, the Company, the other Borrowers, Holdings, certain of the Lenders, the Administrative Agent and other agents are party to the Revolving Credit and Term Loan Agreement dated as of December 22, 2020, as amended to date (the "Existing Credit Agreement"); WHEREAS, the Company, the other Borrowers, Holdings, Lineage OP, Parent Company, the Lenders party hereto, the Administrative Agent and the other agents party hereto wish to amend and restate the Existing Credit Agreement in its entirety as set forth herein; NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree to amend and restate the Existing Credit Agreement and agree as follows: SECTION 1. DEFINITIONS 1.1 Defined Terms. As used in this Agreement, the terms listed in this Section 1.1 shall have the respective meanings set forth in this Section 1.1. "ABR": for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus ½ of 1% and (c) the Adjusted Term SOFR Rate for a one month Interest Period as published two U.S. Government Securities Business Days prior to such day (or if such day is not a U.S. Government Business Day, the immediately preceding U.S. Government Business Day) plus 1%; provided that for the purpose of this definition, the Adjusted Term SOFR Rate for any day shall be based on the Term SOFR Reference Rate at approximately 5:00 a.m. Chicago time on such day (or any amended publication time for the Term SOFR Reference Rate, as specified by the CME Term SOFR Administrator in the Term SOFR Reference Rate methodology). Any change in the ABR due to a change in the Prime Rate, the NYFRB Rate or the Adjusted Term SOFR Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted Term SOFR Rate, respectively. If the ABR is being used as an alternate rate of interest pursuant to Section 2.16 (for the avoidance of doubt, only until the Benchmark Replacement has been determined pursuant to Section 2.16(b)), then the ABR shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above. For the avoidance |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 2 of doubt, if the ABR as determined pursuant to the foregoing would be less than 1.0%, such rate shall be deemed to be 1.0% for purposes of this Agreement. "ABR Borrowing": a Borrowing denominated in Dollars the rate of interest applicable to which is based on the ABR. "ABR Loans": Loans denominated in Dollars the rate of interest applicable to which is based upon the ABR. "Additional Credit Extension Amendment": an amendment to this Agreement providing for any Incremental Commitments which shall be consistent with the applicable provisions of this Agreement relating to such Incremental Commitments and otherwise reasonably satisfactory to the Administrative Agent and the Borrower. "Adjusted Daily Simple RFR": (i) with respect to any RFR Borrowing denominated in Sterling, an interest rate per annum equal to (a) the Daily Simple RFR for Sterling, plus (b) 0.03260%, (ii) with respect to any RFR Borrowing denominated in CHF, an interest rate per annum equal to (a) the Daily Simple RFR for CHF, minus (b) 0.05710%, (iii) with respect to any RFR Borrowing denominated in SGD, an interest rate per annum equal to the Daily Simple RFR for SGD, (iv) with respect to any RFR Borrowing denominated in CAD, an interest rate per annum equal to (a) the Daily Simple RFR for CAD, plus (b) 0.29547% and (v) with respect to any RFR Borrowing denominated in Dollars, an interest rate per annum equal to (a) the Daily Simple RFR for Dollars, plus (b) 0.10%; provided that if the Adjusted Daily Simple RFR as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement. "Adjusted EURIBOR Rate": with respect to any Term Benchmark Borrowing denominated in Euros for any Interest Period, an interest rate per annum equal to (a) the EURIBOR Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate; provided that if the Adjusted EURIBOR Rate as so determined would be less than 0%, such rate shall be deemed to be equal to 0% for purposes of this Agreement. "Adjusted Term CORRA Rate": for purposes of any calculation, the rate per annum equal to (a) Term CORRA for such calculation plus (b) 0.29547% for a one month interest period or 0.32138% for a three month interest period; provided that if Adjusted Term CORRA Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement. "Adjusted Term SOFR Rate": with respect to any Term Benchmark Borrowing denominated in Dollars for any Interest Period, an interest rate per annum equal to (a) the Term SOFR Rate for such Interest Period, plus (b) 0.10%; provided that if the Adjusted Term SOFR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement. "Administrative Agent": JPMorgan Chase Bank, N.A., together with its affiliates and branches, as the administrative agent for the Lenders under this Agreement and the other Loan Documents, together with any of its successors. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 3 "Administrative Questionnaire": an Administrative Questionnaire in a form supplied by the Administrative Agent. "Affected Financial Institution": (a) any EEA Financial Institution or (b) any UK Financial Institution. "Affiliate": as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by, or is under common control with, such Person. For purposes of this definition, "control" of a Person means the power, directly or indirectly, either to (a) vote 25% or more of the securities having ordinary voting power for the election of directors (or persons performing similar functions) of such Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise. "Agency Site": the Electronic System established by the Administrative Agent to administer this Agreement. "Aggregate Exposure": with respect to any Lender at any time, an amount equal to (a) until the Funding Date, the aggregate amount of such Lender's Commitments at such time and (b) thereafter, the sum of (i) the aggregate then unpaid principal amount of such Lender's Term Loans and (ii) the amount of such Lender's Revolving Commitment then in effect or, if the Revolving Commitments have been terminated, the amount of such Lender's Revolving Extensions of Credit then outstanding. "Aggregate Exposure Percentage": with respect to any Lender at any time, the ratio (expressed as a percentage) of such Lender's Aggregate Exposure at such time to the Aggregate Exposures of all Lenders at such time. "Agreed Currencies": Dollars and each Alternative Currency. "Agreement": as defined in the preamble hereto. "Alternative Currencies": each of the following currencies: AUD, Euro, CAD, Sterling, NZD, DKK, NOK, PLN, SEK, CHF, SGD and Mexican Pesos, together with each other currency that is approved in accordance with Section 1.4. "Alternative Currency Tranche One Commitment": as to any Alternative Currency Tranche One Lender, the obligation of such Alternative Currency Tranche One Lender, if any, to make Alternative Currency Tranche One Loans in an aggregate principal amount not to exceed the amount set forth under the heading "Alternative Currency Tranche One Commitment" opposite such Alternative Currency Tranche One Lender's name on Schedule 1.1A or in the Assignment and Assumption pursuant to which such Alternative Currency Tranche One Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof, including Section 2.23. The amount of the Alternative Currency Tranche One Commitments as of the Closing Date is $1,570,000,000. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 4 "Alternative Currency Tranche One Currencies": each of the following currencies: Dollars, AUD, Euro, CAD and Sterling, together with each other currency that is approved by the Alternative Currency Tranche One Lenders in accordance with Section 1.4. "Alternative Currency Tranche One Extensions of Credit": as to any Alternative Currency Tranche One Lender at any time, an amount equal to the aggregate principal amount of all Alternative Currency Tranche One Loans held by such Lender then outstanding and such Lender's Swingline Extensions of Credit then outstanding. "Alternative Currency Tranche One Facility": the Alternative Currency Tranche One Commitments and the Alternative Currency Tranche One Loans and extensions of credit made thereunder. "Alternative Currency Tranche One Lender": each Lender that has an Alternative Currency Tranche One Commitment or that holds Alternative Currency Tranche One Loans. "Alternative Currency Tranche One Loans": as defined in Section 2.4(a). "Alternative Currency Tranche Two Commitment": as to any Alternative Currency Tranche Two Lender, the obligation of such Alternative Currency Tranche Two Lender, if any, to make Alternative Currency Tranche Two Loans in an aggregate principal amount not to exceed the amount set forth under the heading "Alternative Currency Tranche Two Commitment" opposite such Alternative Currency Tranche Two Lender's name on Schedule 1.1A or in the Assignment and Assumption pursuant to which such Alternative Currency Tranche Two Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof, including Section 2.23. The amount of the Alternative Currency Tranche Two Commitments as of the Closing Date is $555,000,000. "Alternative Currency Tranche Two Currencies": each of the following currencies: Dollars, AUD, Euro, CAD, Sterling, NZD, DKK, NOK, PLN, SEK, CHF, SGD and Mexican Pesos, together with each other currency that is approved by the Alternative Currency Tranche Two Lenders in accordance with Section 1.4. "Alternative Currency Tranche Two Extensions of Credit": as to any Alternative Currency Tranche Two Lender at any time, an amount equal to the aggregate principal amount of all Alternative Currency Tranche Two Loans held by such Lender then outstanding and such Lender's Swingline Extensions of Credit then outstanding. "Alternative Currency Tranche Two Facility": the Alternative Currency Tranche Two Commitments and the Alternative Currency Tranche Two Loans and extensions of credit made thereunder. "Alternative Currency Tranche Two Lender": each Lender that has an Alternative Currency Tranche Two Commitment or that holds Alternative Currency Tranche Two Loans. "Alternative Currency Tranche Two Loans": as defined in Section 2.4(b). |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 5 0.80% RATIO LEVEL Level I Level III > 55% and < 60% < 50% 2.00% TOTAL LEVERAGE RATIO 1.00% 1.60% "Ancillary Document": has the meaning assigned to it in Section 10.8(b). "Anti-Corruption Laws": the United States Foreign Corrupt Practices Act of 1977 and all laws, rules and regulations of any other jurisdiction applicable to Parent Company and its respective Subsidiaries concerning or relating to bribery or corruption including the Corruption of Foreign Public Officials Act (Canada), the UK Bribery Act of 2010, and the Prevention of Corruption Act 1960 of Singapore. "Anti-Terrorism Laws": any Requirement of Law related to terrorism financing, economic sanctions or money laundering, including: 18 U.S.C. §§ 1956 and 1957; The Currency and Foreign Transactions Reporting Act (also known as the "Bank Secrecy Act", 31 U.S.C. §§ 5311-5332 and 12 U.S.C. §§ 1818(s), 1820b and 1951-1959), as amended by the Patriot Act, and their implementing regulations; the Trading With the Enemy Act (50 U.S.C. § 1 et seq., as amended), the International Emergency Economic Powers Act (50 U.S.C. § 1701 et seq., as amended), Executive Order 13224 (effective September 24, 2001), and their implementing regulations and including Canadian Anti-Money Laundering & Anti-Terrorism Legislation. "Applicable EBITDA": with respect to any Real Property that is (x) owned or ground leased by Parent Company or any Subsidiary or (y) a Leased Asset, as of any date of determination, an amount equal to the portion of EBITDA attributable to such Real Property for the most recently ended period of four (4) consecutive fiscal quarters. "Applicable Margin": for any day, with respect to any ABR Loan, RFR Loan, Swingline Loan or Term Benchmark Loan, or with respect to the facility fees payable hereunder, as the case may be, the applicable rate per annum determined as set forth below. (a) From and after the Closing Date and until the Debt Rating Pricing Election Date: (i) for Revolving Loans (including under each Tranche thereof), the Applicable Margin for Term Benchmark Loans, RFR Loans, Swingline Loans or ABR Loans, as the case may be, shall be determined by the range into which the Total Leverage Ratio falls in the table below: Level IV 0.60% > 60% APPLICABLE MARGIN FOR TERM BENCHMARK LOANS OR RFR LOANS 2.20% 1.20% Level II APPLICABLE MARGIN FOR ABR LOANS OR SWINGLINE LOANS > 50% and < 55% 1.80% |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 6 Level II RATINGS LEVEL APPLICABLE MARGIN FOR ABR LOANS MOODY'S/ S&P/FITCH DEBT RATING > 50% and < 55% APPLICABLE MARGIN FOR TERM BENCHMARK LOANS OR RFR LOANS APPLICABLE MARGIN FOR ABR LOANS OR SWINGLINE LOANS 1.80% FACILITY FEE RATE 0.80% Level I Rating RATIO LEVEL A3/A- or higher 0.725% Level I 0% Level III 0.125% > 55% and < 60% Level II Rating < 50% Baa1/BBB+ 2.00% 0.775% TOTAL LEVERAGE RATIO 0% 1.00% 0.15% 1.60% Level III Rating (ii) for Term Loans, the Applicable Margin for Term Benchmark Loans, RFR Loans or ABR Loans, as the case may be, shall be determined by the range into which the Total Leverage Ratio falls in the table below: Baa2/BBB Level IV 0.85% 0.60% 0% > 60% 0.20% APPLICABLE MARGIN FOR TERM BENCHMARK LOANS OR RFR LOANS 2.20% 1.20% For purposes of this clause (a), any increase or decrease in the Applicable Margin resulting from a change in the Total Leverage Ratio shall become effective as of the first Business Day immediately following the date a compliance certificate is delivered in accordance with Section 6.2(a); provided, however, that if such compliance certificate is not delivered within three (3) Business Days of the date when due in accordance with Section 6.2(a), then the Applicable Margin shall be the percentage that would apply to the Level IV Ratio and it shall apply as of the fourth (4th) Business Day after the date on which such compliance certificate was required to have been delivered and shall remain in effect until such compliance certificate is delivered. The Applicable Margin from the Closing Date until the delivery of the compliance certificate for the fiscal quarter ending December 31, 2023 shall be based on Level I. If at any time the financial statements upon which the Applicable Margin was determined were incorrect (whether based on a restatement, fraud or otherwise), the Borrower shall be required to retroactively pay any additional amount that the Borrower would have been required to pay if such financial statements had been accurate at the time they were delivered. (b) From and after the Debt Rating Pricing Election Date: (i) For Revolving Loans, the Applicable Margin for Term Benchmark Loans, RFR Loans, Swingline Loans or ABR Loans, or the "Facility Fee Rate", as the case may be, shall be determined solely by the Debt Ratings in the table below: |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 7 0.40% Level II Rating 0.05% Baa1/BBB+ 0.30% 0.925% Level IV Rating 0% (ii) For Term Loans, the Applicable Margin for Term Benchmark Loans, RFR Loans or ABR Loans, as the case may be, shall be determined solely by the Debt Ratings in the table below: Level III Rating 0.25% Baa2/BBB RATINGS LEVEL 1.05% 0.05% MOODY'S/ S&P/FITCH DEBT RATING Level IV Rating APPLICABLE MARGIN FOR TERM BENCHMARK LOANS OR RFR LOANS Baa3/BBB-Baa3/BBB-1.30% APPLICABLE MARGIN FOR ABR LOANS 0.30% Level V Rating Level V Rating Below Baa3/BBB-or unrated Level I Rating 1.70% Below Baa3/BBB- or unrated 0.70% A3/A- or higher For purposes of this clause (b), if at any time Parent Company or another Guarantor has two (2) Debt Ratings, the Applicable Margin and Facility Fee Rate shall be the rate per annum applicable to the highest Debt Rating; provided that if the highest Debt Rating and the lowest Debt Rating are more than one ratings category apart, the Applicable Margin and Facility Fee Rate shall be the rate per annum applicable to Debt Rating that is one ratings category below the highest Debt Rating. If at any time Parent Company or another Guarantor has three (3) Debt Ratings, and such Debt Ratings are split, then: (A) if the difference between the highest and the lowest such Debt Ratings is one ratings category (e.g. Baa2 by Moody's and BBB- by S&P or Fitch), the Applicable Margin and Facility Fee Rate shall be the rate per annum that would be applicable if the highest of the Debt Ratings were used; and (B) if the difference between such Debt Ratings is two ratings categories (e.g. Baa1 by Moody's and BBB- by S&P or Fitch) or more, the Applicable Margin and Facility Fee Rate shall be the rate per annum that would be applicable if the average of the two (2) highest Debt Ratings were used, provided that if such average is not a recognized rating category, then the Applicable Margin and Facility Fee Rate shall be the rate per annum that would be applicable if the second highest Debt Rating of the three were used. If at any time Parent Company or another Guarantor has only one Debt Rating (and such Debt Rating is from Moody's or S&P), the Applicable Margin and Facility Fee Rate shall be the rate per annum applicable to such Debt Rating. If Parent Company or another Guarantor neither has an Debt Rating from Moody's nor S&P, the Applicable Margin and Facility Fee Rate shall be the rate per annum applicable to an Debt Rating of "below BBB-/Baa3 or unrated" in the tables above. 1.05% 0.85% 1.40% 0% |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 8 Each change in the Applicable Margin and Facility Fee Rate shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Moody's, S&P or Fitch shall change, or if such rating agency shall cease to be in the business of rating corporate debt obligations, the Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Margin and Facility Fee Rate shall be determined by reference to the rating most recently in effect prior to such change or cessation. "Applicable Time": with respect to any borrowings and payments in any Alternative Currency, the local time in the place of settlement for such Alternative Currency as may be determined by the Administrative Agent or the Issuing Lender, as the case may be, to be necessary for timely settlement on the relevant date in accordance with normal banking procedures in the place of payment. "Applicant Borrower": as defined in Section 10.19. "Application": an application, in such form as the Issuing Lender may specify from time to time, requesting the Issuing Lender to issue a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 3.1 of this Agreement), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. "Approved Borrower Portal" has the meaning assigned to it in Section 9.10(a). "Approved Electronic Platform" has the meaning assigned to it in Section 9.3(a). "Approved Fund": any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. "Arrangers": the financial institutions listed as "Joint Lead Arrangers and Joint Bookrunners" on the cover page to this Agreement. "Assignment and Assumption": an Assignment and Assumption, substantially in the form of Exhibit C. "AUD": the lawful currency of the Commonwealth of Australia. "AUD Screen Rate": with respect to any Interest Period, Australian Bank Bill Swap Reference Rate (bid) as administered by ASX Benchmarks Pty Limited (ACN 616 075 417) (or any other Person that takes over the administration of such rate) for Australian dollar bills of exchange with a tenor equal in length to such Interest Period as displayed on page BBSY of the Reuters screen (or, in the event such rate does not appear on such Reuters page, on any successor |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 9 or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion) at or about the Specified Time on the Quotation Day for such Interest Period. If the AUD Screen Rate shall be less than 0%, the AUD Screen Rate shall be deemed to be 0% for purposes of this Agreement. "Australian Corporations Act": the Corporations Act 2001 (Cth) of Australia. "Australian Loan Party": any Loan Party that is incorporated under the laws of Australia. "Australian PPSA": the Personal Property Securities Act 2009 (Cth) of Australia. "Available Alternative Currency Tranche One Commitment": as to any Alternative Currency Tranche One Lender at any time, an amount equal to the excess, if any, of (a) such Alternative Currency Tranche One Lender's Alternative Currency Tranche One Commitment then in effect over (b) such Alternative Currency Tranche One Lender's Alternative Currency Tranche One Extensions of Credit then outstanding. "Available Alternative Currency Tranche Two Commitment": as to any Alternative Currency Tranche Two Lender at any time, an amount equal to the excess, if any, of (a) such Alternative Currency Tranche Two Lender's Alternative Currency Tranche Two Commitment then in effect over (b) such Alternative Currency Tranche Two Lender's Alternative Currency Tranche Two Extensions of Credit then outstanding. "Available Dollar Tranche Commitment": as to any Dollar Tranche Lender at any time, an amount equal to the excess, if any, of (a) such Dollar Tranche Lender's Dollar Tranche Commitment then in effect over (b) such Dollar Tranche Lender's Dollar Tranche Extensions of Credit then outstanding. "Available Tenor": as of any date of determination and with respect to the then-current Benchmark for any Agreed Currency, as applicable, any tenor for such Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof), as applicable, that is or may be used for determining the length of an Interest Period for any term rate or otherwise, for determining any frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to clause (e) of Section 2.16. "Bail-In Action": means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an Affected Financial Institution. "Bail-In Legislation": means, (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, 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 |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 10 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": the provisions of Title 11 of the United States Code, 11 USC §§ 101 et seq., as amended, or any similar federal or state law for the relief of debtors. "Bankruptcy Event": with respect to any Person, such Person becomes the subject of a bankruptcy, concurso mercantil or insolvency proceeding, or has had a receiver, liquidator, monitor, supervisor, interim liquidator, statutory manager, judicial manager, interim judicial manager, nominee (which has the meaning given under section 273(1) of the Insolvency, Restructuring and Dissolution Act 2018 of Singapore), conservator, trustee, administrator, custodian, conciliador, sindico, interventor, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, provided, further, that such ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. "Belgian Civil Code": the Belgian oud Burgerlijk Wetboek/ancient Code Civil of 21 March 1804 as amended from time to time and, with effect from its applicable effective date, the Belgian new Burgerlijk Wetboek/Code Civil introduced pursuant to the law of 13 April 2019 introducing a Civil Code and inserting book 8 "Evidence" in the Civil Code. "Belgian Code of Companies and Associations": the Belgian Wetboek van vennootschappen en verenigingen/Code des sociétés et des associations dated 23 March 2019, as amended from time to time. "Belgian Loan Party": a Loan Party having its statutory seat in Belgium. "Belgian Mobilisation Law": the Belgian mobilisation law of 3 August 2012 on various measures to facilitate the mobilisation of receivables in the financial sector, as amended from time to time. "Belgian Non-Cooperative Jurisdiction": a tax haven country, a low-tax jurisdiction or a non-cooperative jurisdiction, within the meaning of Article 307, §1/2 of the Belgian Income Tax Code 1992 or any successor provision. "Belgian Qualifying Lender": a Lender that is entitled to a full exemption from Belgian withholding tax on interest, either on the basis of Belgian domestic tax laws or tax treaties concluded by Belgium (subject to completion of the necessary formalities, if any). |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img025.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 11 "Benchmark": initially, with respect to any (i) RFR Loan in any Agreed Currency, the applicable Relevant Rate for such Agreed Currency or (ii) Term Benchmark Loan, the Relevant Rate for such Agreed Currency; provided that if a Benchmark Transition Event or a Term CORRA Reelection Event, and the related Benchmark Replacement Date have occurred with respect to the applicable Relevant Rate or the then-current Benchmark for such Agreed Currency, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (b) of Section 2.16. "Benchmark Replacement": for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date; provided that, in the case of any Loan denominated in Dollars or an Alternative Currency (other than any Term Benchmark Loan denominated in CAD), "Benchmark Replacement" shall mean the alternative set forth in (2) below: (1) in the case of any Term Benchmark Loan denominated in CAD, the Adjusted Daily Simple RFR for CAD; or (2) the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for syndicated credit facilities denominated in the applicable Agreed Currency at such time in the United States and (b) the related Benchmark Replacement Adjustment; provided that notwithstanding anything to the contrary in this Agreement or in any other Loan Document, upon the occurrence of a Term CORRA Reelection Event, and the delivery of a Term CORRA Notice, on the applicable Benchmark Replacement Date the "Benchmark Replacement" shall revert to and shall be deemed to be the Adjusted Term CORRA Rate. If the Benchmark Replacement as determined pursuant to the 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 Loan Documents. "Benchmark Replacement Adjustment": with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention for determining |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img026.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 12 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 syndicated credit facilities denominated in the applicable Agreed Currency at such time. "Benchmark Replacement Conforming Changes": with respect to any Benchmark Replacement and/or any Term Benchmark Loan denominated in Dollars or CAD, any technical, administrative or operational changes (including changes to the definition of "ABR," the definition of "Canadian Prime Rate," the definition of "Business Day," the definition of "U.S. Government Securities Business Day," the definition of "RFR Business Day," the definition of "Interest Period," timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides in its reasonable discretion may be appropriate to reflect the adoption and implementation of such Benchmark and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark exists, in such other manner of administration as the Administrative Agent decides in its reasonable discretion is necessary in connection with the administration of this Agreement and the other Loan Documents). "Benchmark Replacement Date": with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current Benchmark: (1) in the case of clause (1) or (2) of the definition of "Benchmark Transition Event," the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); (2) in the case of clause (3) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; provided, that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date; or (3) in the case of a Term CORRA Reelection Event, the date that is thirty (30) days after the date a Term CORRA Notice (if any) is provided to the Lenders and the Borrower pursuant to Section 2.16(c). For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img027.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 13 the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof). "Benchmark Transition Event": with respect to any Benchmark, the occurrence of one or more of the following events with respect to such then-current Benchmark: (1) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component thereof); (2) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the NYFRB, the CME Term SOFR Administrator, the SORA Administrator, the central bank for the Agreed Currency applicable to such Benchmark, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), in each case, which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, 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 such Benchmark (or such component thereof) or, if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component thereof); or (3) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such Benchmark (or such component thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a specified future date will no longer be, representative. For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof). "Benchmark Unavailability Period": with respect to any Benchmark, the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.16 and (y) ending at the time that a Benchmark Replacement has replaced such |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img028.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 14 then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.16. "Beneficial Ownership Certification": a certification regarding beneficial ownership or control as required by the Beneficial Ownership Regulation. "Beneficial Ownership Regulation": means 31 C.F.R. § 1010.230. "Benefit Plan": any of (a) an "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (b) a "plan" as defined in Section 4975 of the Code to which Section 4975 of the Code applies, and (c) any Person whose assets include (for purposes of the Plan Asset Regulations or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such "employee benefit plan" or "plan". "BHC Act Affiliate" of a party: an "affiliate' (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party. "BKBM Screen Rate": with respect to any Interest Period, the rate per annum determined by the Administrative Agent which is equal to the average bank bill reference rate as administered by the New Zealand Financial Benchmark Facility (or any other person that takes over the administration of such rate) for bills of exchange with a tenor equal in length to such Interest Period as displayed on page BKBM of the Reuters screen (or, in the event such rate does not appear on such page, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate, or on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion) at or about 11:00 a.m. (Wellington, New Zealand time) on the first day of such Interest Period. If the BKBM Screen Rate shall be less than 0%, the BKBM Screen Rate shall be deemed to be 0% for purposes of this Agreement. "Board": the Board of Governors of the Federal Reserve System of the United States (or any successor). "Borrowers": each U.S. Borrower and each Foreign Borrower, including each Designated Borrower; provided, Borrowers shall not include any Borrower for whom a Borrower Termination Notice has been submitted and is effective in accordance with Section 10.19(d) hereof. "Borrower Materials" as defined in Section 6.2. "Borrower Representative": as defined in Section 11.1. "Borrower Termination Notice": as defined in Section 10.19. "Borrowing": (a) Loans of the same Type, Class and Tranche made, converted or continued on the same date, and, in the case of Term Benchmark Loans or RFR Loans, as to which a single Interest Period is in effect, or (b) a Swingline Loan. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img029.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 15 "Borrowing Date": any Business Day specified by the Borrower as a date on which the Borrower requests the relevant Lenders to make Loans hereunder. "Business": as defined in Section 4.17(b). "Business Day": any day (other than a Saturday or a Sunday) on which banks are open for business in New York City; provided that, in addition to the foregoing, a Business Day shall be (a) in relation to Loans denominated in Euros and in relation to the calculation or computation of EURIBOR, any day which is a TARGET Day, (b) in relation to RFR Loans and any interest rate settings, fundings, disbursements, settlements or payments of any such RFR Loan, or any other dealings in the applicable Agreed Currency of such RFR Loan, any such day that is only an RFR Business Day, (c) in relation to Loans referencing the Adjusted Term SOFR Rate and any interest rate settings, funding, disbursement, settlements or payments of any such Loans referencing the Adjusted Term SOFR Rate or any other dealings of such Loans referencing the Adjusted Term SOFR Rate, any such date that is a U.S. Government Securities Business Day, (d) in relation to any Non-Quoted Currency, any day (other than a Saturday or a Sunday) on which banks are open for business in the principal financial center of the country of that currency, (e) in relation to Loans to a Singapore Borrower, a day (other than a Saturday or a Sunday or a gazette public holiday or a bank holiday) on which banks are open for general business in Singapore, and (f) in relation to Loans denominated in CAD and in relation to the computation of CORRA or the Canadian Prime Rate, any day (other than a Saturday or a Sunday) on which banks are open for business in Canada. "CAD": the lawful currency of Canada. "Canadian Anti-Money Laundering & Anti-Terrorism Legislation" means, collectively, Parts II.1 and XII.2 of the Criminal Code, R.S.C. 1985, c. C-46, the Proceeds of Crime Act and the United Nations Act, R.S.C. 1985, c. U-2 or any similar Canadian legislation, together with all rules, regulations and interpretations thereunder or related thereto including, without limitation, the Regulations Implementing the United Nations Resolutions on the Suppression of Terrorism and the United Nations Al Qaida and Taliban Regulations promulgated under the United Nations Act. "Canadian Blocked Person": any Person that is a "designated person", "politically exposed foreign person" or "terrorist group" as described in any Canadian Economic Sanctions and Export Control Laws. "Canadian Defined Benefit Plan": a pension plan for the purposes of any applicable pension benefits standards statute or regulation in Canada, which contains a "defined benefit provision," as defined in subsection 147.1(1) of the Income Tax Act (Canada). "Canadian Economic Sanctions and Export Control Laws": any Canadian laws, regulations or orders governing transactions in controlled goods or technologies or dealings with countries, entities, organizations, or individuals subject to economic sanctions and similar measures, including the Special Economic Measures Act (Canada), the United Nations Act (Canada), the Freezing Assets of Corrupt Foreign Officials Act (Canada), Part II.1 of the |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img030.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 16 Criminal Code (Canada) and the Export and Import Permits Act (Canada), and any related regulations. "Canadian Pension Event": (a) the whole or partial withdrawal of a Loan Party from a Canadian Pension Plan during a plan year; or (b) the filing of a notice of intent to terminate in whole or in part a Canadian Pension Plan or the treatment of a Canadian Pension Plan amendment as a termination or partial termination; or (c) the institution of proceedings by any Governmental Authority to terminate in whole or in part or have a trustee appointed to administer a Canadian Pension Plan; or (d) any other event or condition which might constitute grounds for the termination of, winding up or partial termination of winding up or the appointment of trustee to administer, any Canadian Pension Plan. "Canadian Pension Plan": a pension plan that is covered by the applicable pension standards laws of any jurisdiction in Canada including the Pension Benefits Act (Ontario) and the Income Tax Act (Canada) and that is either (a) maintained or sponsored by a Loan Party for employees or (b) maintained pursuant to a collective bargaining agreement, or other arrangement under which more than one employer makes contributions and to which such Loan Party is making or accruing an obligation to make contributions or has within the preceding five years made or accrued such contributions. "Canadian Prime Rate": on any day, the rate determined by the Administrative Agent to be the rate equal to the PRIMCAN Index rate that appears on the Bloomberg screen at 10:15 a.m. Toronto time on such day (or, in the event that the PRIMCAN Index is not published by Bloomberg, any other information services that publishes such index from time to time, as selected by the Administrative Agent in its reasonable discretion); provided, that if any the above rates shall be less than 0%, such rate shall be deemed to be 0% for purposes of this Agreement. Any change in the Canadian Prime Rate due to a change in the PRIMCAN Index shall be effective from and including the effective date of such change in the PRIMCAN Index. "Canadian PPSA": the Personal Property Security Act (Ontario), including the regulations thereto, provided that, if perfection or the effect of perfection or non-perfection or the priority of any Lien created hereunder on any collateral is governed by the personal property security legislation or other applicable legislation with respect to personal property security, in effect in a jurisdiction other than Ontario, "PPSA" means the Personal Property Security Act or such other applicable legislation (including the Civil Code of Quebec) in effect from time to time in such other jurisdiction for the purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority. "Capitalization Rate": (a) 6.5% for Real Property that is owned or subject to a ground lease and (b) 8.5% for Real Property that is a Leased Asset. "Capital Lease Obligations": as to any Person, the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as finance leases on a balance sheet of such Person under GAAP and, for the |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img031.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 17 purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP. "Captive Insurance Subsidiary": any Subsidiary of Parent Company that is subject to regulation as an insurance company (or any Subsidiary thereof). "Cash Equivalents": (a) marketable direct obligations issued by, or unconditionally guaranteed by, the government of the United States, Canada or England and Wales or issued by any agency thereof and backed by the full faith and credit of the United States, Canada or England and Wales, in each case maturing within one year from the date of acquisition; (b) certificates of deposit, time deposits and bankers' acceptances having maturities of 180 days or less from the date of acquisition issued by any commercial bank organized under the laws of the United States or any state thereof, the laws of Canada or any province or territory thereof, or the laws of England and Wales having combined capital and surplus and undivided profits of not less than $500,000,000; (c) commercial paper of an issuer maturing within 270 days from the date of acquisition and having, at such date of acquisition, the highest credit rating obtainable from S&P or Moody's; and (d) fully collateralized repurchase obligations of any Lender or of any commercial bank satisfying the requirements of clause (b) of this definition, having a term of not more than 30 days, with respect to securities described in clause (a) above; (e) money market funds that (x) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, as amended, (y) are rated AAA by S&P and Aaa by Moody's and (z) have portfolio assets of at least $5,000,000,000; or (f) solely with respect to any Captive Insurance Subsidiary, any investment that a Captive Insurance Subsidiary is not prohibited to make in accordance with applicable law. "Cash Management Banks": (a) a Lender or the Administrative Agent or an Affiliate of a Lender or the Administrative Agent at the time such services are entered into or (b) any financial institution or commercial bank that notifies the Administrative Agent pursuant to Section 2.26 hereof. "Cash Management Services": any of the following provided to a Loan Party or any Subsidiary of a Loan Party by a Cash Management Bank; provided Cash Management Services provided by a Cash Management Bank pursuant to clause (b) of the definition thereof, shall not exceed in the aggregate $25,000,000 at any time outstanding: (a) credit cards for commercial customers (including, without limitation, "commercial credit cards" and purchasing cards), (b) stored value cards, (c) merchant processing services, (d) treasury management services (including, without limitation, controlled disbursement, automated clearinghouse transactions, return items, any direct debit scheme or arrangement, overdrafts, cash pooling services and interstate depository network services), (e) bank guarantees and letters of credit, and (f) other cash management services. "CBR Loan": a Loan that bears interest at a rate determined by reference to the Central Bank Rate. "CBR Spread": the Applicable Margin applicable to such Loan that is replaced by a CBR Loan. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img032.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 18 "Central Bank Rate": the greater of (I)(A) for any Loan denominated in (a) Sterling, the Bank of England (or any successor thereto)'s "Bank Rate" as published by the Bank of England (or any successor thereto) from time to time, (b) Euro, one of the following three rates as may be selected by the Administrative Agent in its reasonable discretion: (1) the fixed rate for the main refinancing operations of the European Central Bank (or any successor thereto), or, if that rate is not published, the minimum bid rate for the main refinancing operations of the European Central Bank (or any successor thereto), each as published by the European Central Bank (or any successor thereto) from time to time, (2) the rate for the marginal lending facility of the European Central Bank (or any successor thereto), as published by the European Central Bank (or any successor thereto) from time to time or (3) the rate for the deposit facility of the central banking system of the Participating Member States, as published by the European Central Bank (or any successor thereto) from time to time, (c) CHF, the policy rate of the Swiss National Bank (or any successor thereto) as published by the Swiss National Bank (or any successor thereto) from time to time and (d) any other Alternative Currency determined after the Closing Date, a central bank rate as determined by the Administrative Agent in its reasonable discretion; plus (B) the applicable Central Bank Rate Adjustment, and (II) 0.0%. "Central Bank Rate Adjustment": for any day, for any Loan denominated in (a) Euro, a rate equal to the difference (which may be a positive or negative value or zero) of (i) the average of the Adjusted EURIBOR Rate for the five most recent Business Days preceding such day for which the EURIBOR Screen Rate was available (excluding, from such averaging, the highest and the lowest Adjusted EURIBOR Rate applicable during such period of five Business Days) minus (ii) the Central Bank Rate in respect of Euro in effect on the last Business Day in such period, (b) Sterling, a rate equal to the difference (which may be a positive or negative value or zero) of (i) the average of Adjusted Daily Simple RFR for Sterling Borrowings for the five most recent RFR Business Days preceding such day for which Adjusted Daily Simple RFR for Sterling Borrowings was available (excluding, from such averaging, the highest and the lowest such Adjusted Daily Simple RFR applicable during such period of five RFR Business Days) minus (ii) the Central Bank Rate in respect of Sterling in effect on the last RFR Business Day in such period, (c) CHF, a rate equal to the difference (which may be a positive or negative value or zero) of (i) the average of Adjusted Daily Simple RFR for CHF Borrowings for the five most recent RFR Business Days preceding such day for which SARON was available (excluding, from such averaging, the highest and the lowest such Adjusted Daily Simple RFR applicable during such period of five RFR Business Days) minus (ii) the Central Bank Rate in respect of CHF in effect on the last RFR Business Day in such period, and (d) any other Alternative Currency, a Central Bank Rate Adjustment as determined by the Administrative Agent in its reasonable discretion. For purposes of this definition, (x) the term Central Bank Rate shall be determined disregarding clause (B) of the definition of such term and (y) the EURIBOR Rate on any day shall be based on the EURIBOR Screen Rate on such day at approximately the time referred to in the definition of such term for deposits in the applicable Agreed Currency for a maturity of one month. "Change in Control": shall be deemed to have occurred if: (a) at any time prior to the consummation of a Qualified IPO, the Investor shall, directly or indirectly, at any time collectively fail to own beneficially, directly or indirectly, voting Equity Interests representing more than fifty percent (50%) of the aggregate ordinary |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img033.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 19 voting power represented by the issued and outstanding Equity Interests of the Parent Company (determined on a fully diluted basis but without giving effect to contingent voting rights that have not yet vested); or (b) at any time after the consummation of a Qualified IPO, any "person" or "group" (within the meaning of Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, but excluding any employee benefit plan of such Person and its subsidiaries and any Person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan), other than the Investor, acquires beneficial ownership of voting Equity Interests of the Parent Company representing (A) more than 40% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Parent Company (determined on a fully diluted basis but without giving effect to contingent voting rights that have not yet vested) and (B) more than the percentage of the aggregate ordinary voting power that is at the time beneficially owned, directly or indirectly, by the Investor, taken together (determined on a fully diluted basis but without giving effect to contingent voting rights that have not yet vested); or (c) the Parent Company ceases to be sole managing member or general partner (as applicable) of Lineage OP or the Parent Company ceases to own and control at least 60% of the voting Equity Interests in Lineage OP; (d) at any time prior to the merger or consolidation of Holdings with or into Lineage OP, Lineage OP cease to be the sole managing member or general partner (as applicable) of Holdings or Lineage OP ceases to own and control at least 60% of the voting Equity Interests in Holdings; (e) at any time prior to the merger or consolidation of Holdings with or into Lineage OP, Holdings ceases to own, beneficially and of record, one hundred percent (100%) of the issued and outstanding Equity Interests of (x) the Company and (y) each of the other Borrowers except (in case of clause (y)) pursuant to a transaction or designation permitted under this Agreement; and at any time after the merger or consolidation of Holdings with or into Lineage OP, Lineage OP ceases to own, beneficially and of record, one hundred percent (100%) of the issued and outstanding Equity Interests of (x) the Company and (y) each of the other Borrowers except (in case of clause (y)) pursuant to a transaction or designation permitted under this Agreement. "Change in Law": the occurrence, after the date of this Agreement (or with respect to any Lender, if later, the date on which such Lender becomes a Lender), of any of the following: (a) the adoption of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the interpretation or application thereof by any Governmental Authority or (c) compliance by any Lender or the Issuing Lender (or, for purposes of Section 2.18(b), by any lending office of such Lender or by such Lender's or the Issuing Lender's holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement provided that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img034.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 20 for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall be deemed to be a "Change in Law" regardless of the date enacted, adopted or issued. "CHF": the lawful currency of Switzerland. "CIBOR Screen Rate": with respect to any Interest Period, the Copenhagen interbank offered rate published by the Danish Financial Benchmark Facility ApS (or any other Person that takes over the administration of such rate) for Danish Kroner with a tenor equal in length to such Interest Period as displayed on page CIBOR of the Reuters screen (or, in the event such rate does not appear on such Reuters page on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion) as of 11:00 a.m. London time two business days prior to the commencement of such Interest Period. If the CIBOR Screen Rate shall be less than 0%, the CIBOR Screen Rate shall be deemed to be 0% for purposes of this Agreement. "Class", when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans, Swingline Loans or Term Loans. "Closing Date": the date hereof. "Closing Date Excluded Borrower": as defined in Section 10.19(e). "CMBS Financing": any loans or notes incurred by or issued to Parent Company or any of its Subsidiaries as borrowers under commercial mortgage-backed securities financing transactions from time to time. "Code": the United States Internal Revenue Code of 1986, as amended from time to time. "Commitment Fee Rate": for any calendar quarter (a) 0.15% per annum if the daily unused amount of the Revolving Commitment of the applicable Tranche is less than 50% and (b) 0.25% per annum if the daily unused amount of the Revolving Commitment of the applicable Tranche is greater than or equal to 50%; provided, for the avoidance of doubt the unused amount shall be determined on a Tranche by Tranche basis. "Commitments": as to any Lender, the Revolving Commitment and Term Commitments of such Lender. "Commodity Exchange Act": the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute. "Communications": as defined in Section 9.3(c). "Company": as defined in the preamble hereto. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img035.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 21 "Compliance Certificate": a certificate duly executed by a Responsible Officer substantially in the form of Exhibit B. "Connection Income Taxes": Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. "Contractual Obligation": as to any Person, any provision of any security issued by such Person or of any legally binding contract, agreement, indenture, note, bond, loan, instrument, lease, conditional sales contract, mortgage, license, franchise agreement, binding commitment or other arrangement, whether written or oral, to which such Person is a party or by which it or any of its property is bound other than the Obligations. "CORRA": the Canadian Overnight Repo Rate Average administered and published by the Bank of Canada (or any successor administrator). "CORRA Administrator": the Bank of Canada (or any successor administrator). "CORRA Determination Date": as defined in the definition of "Daily Simple CORRA". "CORRA Rate Day": as defined in the definition of "Daily Simple CORRA". "Corresponding Tenor": with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor. "Covered Entity": any of the following: (a) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (b) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R § 47.3(b); or (c) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). "Credit Party": the (a) Administrative Agent, (b) any Issuing Lender, (c) the Swingline Lender, (d) any other Lender, (e) each Cash Management Bank, (f) each counterparty to any Lender Swap Agreement, to the extent the obligations thereunder constitute Secured Obligations, (g) the beneficiaries of each indemnification obligation undertaken by any Loan Party under any Loan Document, and (h) the successors and assigns of each of the foregoing. "CRR": the Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012. "CTA": the United Kingdom Corporation Tax Act 2009. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img036.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 22 "Daily Effective SOFR": for any day (a "SOFR Rate Day"), a rate per annum equal to SOFR for the day (such day "SOFR Determination Date") that is (i) if such SOFR Rate Day is an RFR Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not an RFR Business Day, the RFR Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator's Website. Any change in Daily Effective SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Borrower. "Daily Simple CORRA": for any day (a "CORRA Rate Day"), a rate per annum equal to CORRA for the day (such day "CORRA Determination Date") that is five (5) RFR Business Days prior to (i) if such CORRA Rate Day is an RFR Business Day, such CORRA Rate Day or (ii) if such CORRA Rate Day is not an RFR Business Day, the RFR 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. 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 the Borrower. If by 5:00 p.m. (Toronto time) on any given 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 the Daily Simple CORRA has not occurred, then CORRA for such CORRA Determination Date will be CORRA as published in respect of the first preceding RFR Business Day for which such CORRA was published on the CORRA Administrator's website, so long as such first preceding RFR Business Day is not more than five (5) Business Days prior to such CORRA Determination Day. "Daily Simple RFR": for any day (an "RFR Interest Day"), an interest rate per annum equal to the greater of (a) for any RFR Loan denominated in (i) Sterling, SONIA for the day that is 4 RFR Business Days prior to (A) if such RFR Interest Day is an RFR Business Day, such RFR Interest Day or (B) if such RFR Interest Day is not an RFR Business Day, the RFR Business Day immediately preceding such RFR Interest Day, (ii) CHF, SARON for the day that is 5 RFR Business Days prior to (A) if such RFR Interest Day is an RFR Business Day, such RFR Interest Day or (B) if such RFR Interest Day is not an RFR Business Day, the Business Day immediately preceding such RFR Interest Day, (iii) SGD, SORA for the day that is 5 RFR Business Days prior to (A) if such RFR Interest Day is an RFR Business Day, such RFR Interest Day or (B) if such RFR Interest Day is not an RFR Business Day, the RFR Business Day immediately preceding such RFR Interest Day, (iv) Dollars, Daily Effective SOFR, and (v) CAD, Daily Simple CORRA, and (b) 0.00%. "Danish Borrower": means a Foreign Borrower incorporated in Denmark. "Debtor Relief Laws": the Bankruptcy Code, the Bankruptcy and Insolvency Act (Canada), the Companies' Creditors Arrangement Act (Canada), the Winding Up and Restructuring Act (Canada) and all other liquidation, conservatorship, bankruptcy, concurso mercantil, assignment for the benefit of creditors, moratorium, rearrangement, receivership, administration, insolvency, dissolution, judicial management, reorganization, or similar debtor relief laws of the United States of America, Canada or other applicable jurisdictions from time to time in effect. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img037.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 23 "Debt Rating": means, as of any date of determination, the rating as determined by S&P, Moody's and/or Fitch of Parent Company's or another Guarantor's non-credit enhanced senior unsecured long-term debt. "Debt Rating Pricing Election Date": the date on which (a) an Investment Grade Rating Event has occurred and continues to exist on the date that the Borrower gives its election notice described below and (b) the Borrower Representative has delivered written notice to the Administrative Agent of its election (which shall be irrevocable) to have the Applicable Margins determined by reference to the Debt Ratings instead of the Total Leverage Ratio. "Default": any of the events specified in Section 8, whether or not any requirement for the giving of notice, the lapse of time, or both, has been satisfied. "Defaulting Lender": any Lender that (a) has failed, within two Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or Swingline Loans, or (iii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender's good faith determination that a condition precedent to funding (specifically identified and including the particular Default, if any) has not been satisfied, (b) has notified the Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender's good faith determination that a condition precedent (specifically identified and including the particular Default, if any) to funding a Loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans and participations in then outstanding Letters of Credit and Swingline Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party's receipt of such certification in form and substance satisfactory to it and the Administrative Agent, (d) has become the subject of a Bankruptcy Event or a Bail-In Action or (e) is the Subsidiary of a Parent that has become the subject of a Bankruptcy Event or a Bail-In Action (or is a subsidiary of a Lender Parent that has become the subject of a Bankruptcy Event or a Bail-In Action). Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (e) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.24(e)) upon delivery of written notice of such determination to the Borrower, the Issuing Lender and each Lender. "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. "Designated Borrower": any Wholly-Owned Subsidiary that becomes party to this Agreement pursuant to Section 10.19. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img038.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 24 "Designated Borrower Notice": as defined in Section 10.19. "Designated Borrower Request and Assumption Agreement": as defined in Section 10.19. "Development Property": as of any date of determination, Real Property acquired or otherwise held for development or redevelopment on which the improvements related to the development or redevelopment have not been completed on such date; provided that such Real Property shall cease to be a Development Property, and shall thereafter be considered a "Stabilized Property", upon the first to occur of (a) the date that is six full fiscal quarters following substantial completion (including issuance of a temporary or permanent certificate of occupancy for the improvements under construction permitting the use and occupancy for their regular intended uses) of such Real Property, and (b) the first day of the first fiscal quarter following the date on which such Development Property has achieved an Occupancy Rate of at least 85%. For avoidance of doubt, any Real Property that is not (and has never been) a Development Property shall be considered a "Stabilized Property" from the first day of the first fiscal quarter following the date on which such Real Property has achieved an Occupancy Rate of at least 85%, and vacant land adjacent to and forming part of a Stabilized Property may become a Development Property if, as of any date of determination, the same is being developed with a new, improved or expanded facility. Similarly, a Stabilized Property may become a Development Property if, as of the date of determination, the same is being replaced, restored, remodeled or rebuilt where the purpose and effect of such work is to provide a functionally new, improved or expanded facility. "Direct Owner": has the meaning specified in the definition of "Property Owning Subsidiary". "Disposition": with respect to any property, any sale, lease, sale and leaseback, assignment, conveyance, transfer, or other disposition thereof (in one transaction or in a series of transactions and whether effected pursuant to a division or otherwise). The terms "Dispose" and "Disposed of" shall have correlative meanings. "Disqualified Equity Interests" shall mean any Equity Interest that, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event, (a) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof, in whole or in part, or requires the payment of any cash dividend or any other scheduled payment constituting a return of capital, in each case at any time on or prior to the date that is 91 days following the Maturity Date at the time of the issuance of such Equity Interest; provided, however, that (i) only the portion of such Equity Interest which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date shall be deemed to be a Disqualified Equity Interest, (ii) if such Equity Interests are issued to any current or former employees or other service providers or to any plan for the benefit of employees, directors, officers, members of management or consultants (including any equity or incentive compensation or benefit plan) of Parent Company or its subsidiaries or by any such compensation or plan to such current or former employees, other service providers, directors, officers, members of management or consultants, such Equity Interests shall not constitute |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img039.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 25 Disqualified Equity Interests solely because they may be required to be repurchased by such Person in order to satisfy applicable statutory or regulatory obligations or as a result of such current or former employee's, other service provider's, director's, officer's, management member's or consultant's termination, death or disability, (iii) any class of Equity Interests of such Person that by its terms authorizes such Person to satisfy its obligations thereunder by delivery of Equity Interests that are not Disqualified Equity Interests shall not be deemed to be Disqualified Equity Interests, and (iv) Equity Interests will not constitute Disqualified Equity Interests solely because of provisions giving holders thereof the right to require repurchase or redemption upon an initial public offering, "asset sale" or "change of control" occurring prior to such date; or (b) is convertible into or exchangeable (unless at the sole option of the issuer thereof) for (i) debt securities or (ii) any Equity Interest referred to in clause (a) above, in each case at any time prior to the date that is 91 days following the Term Loan Maturity Date at the time of the issuance of such Equity Interest. "Disqualified Institution" shall mean any (i) competitor of Parent Company or any of its subsidiaries and (ii) such other Person, in each case, identified in writing to the Administrative Agent prior to the Closing Date, and, in the case of the foregoing clause (i) and (ii), the clearly identifiable (solely on the basis of the similarity of its name) affiliates of any of the foregoing; provided that, after the Closing Date, the Borrower Representative shall be permitted, upon three Business Days' prior notice to the Administrative Agent, to supplement the list of competitors provided for in clause (i) to include additional competitors and/or any Affiliates thereof (such list, as so supplemented from time to time, the "Disqualified Institution List"); provided, further, that the foregoing shall not apply retroactively to disqualify any parties that have previously acquired an assignment or participation interest in the Loans to the extent such party was not a Disqualified Institution at the time of the applicable assignment or participation, as the case may be. The Administrative Agent will make available to a Lender, upon the request of such Lender, the Disqualified Institution List. "Dividing Person" has the meaning assigned to it in the definition of "Division." "Division": the division of the assets, liabilities and/or obligations of a Person (the "Dividing Person") among two or more Persons (whether pursuant to a "plan of division" or similar arrangement), which may or may not include the Dividing Person and pursuant to which the Dividing Person may or may not survive. "Division Successor": any Person that, upon the consummation of a Division of a Dividing Person, holds all or any portion of the assets, liabilities and/or obligations previously held by such Dividing Person immediately prior to the consummation of such Division. A Dividing Person which retains any of its assets, liabilities and/or obligations after a Division shall be deemed a Division Successor upon the occurrence of such Division. "DKK": the lawful currency of the Kingdom of Denmark. "Documentation Agents": the financial institutions listed as "Documentation Agents" on the cover page of this Agreement. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img040.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 26 "Dollar Equivalent": for any amount, at the time of determination thereof, (a) if such amount is expressed in Dollars, such amount, (b) if such amount is expressed in an Alternative Currency, the equivalent of such amount in Dollars determined by using the rate of exchange for the purchase of Dollars with the Alternative Currency last provided (either by publication or otherwise provided to the Administrative Agent) by Reuters on the Business Day (New York City time) immediately preceding the date of determination or if such service ceases to be available or ceases to provide a rate of exchange for the purchase of Dollars with the Alternative Currency, as provided by such other publicly available information service which provides that rate of exchange at such time in place of Reuters chosen by the Administrative Agent in its sole discretion (or if such service ceases to be available or ceases to provide such rate of exchange, the equivalent of such amount in Dollars as determined by the Administrative Agent using any method of determination it deems appropriate in its sole discretion) and (c) if such amount is denominated in any other currency, the equivalent of such amount in Dollars as determined by the Administrative Agent using any method of determination it deems appropriate in its sole discretion. "Dollar Tranche Commitment": as to any Dollar Tranche Lender, the obligation of such Dollar Tranche Lender, if any, to make Dollar Tranche Loans and participate in Letters of Credit in an aggregate principal and/or face amount not to exceed the amount set forth under the heading "Dollar Tranche Commitment" opposite such Dollar Tranche Lender's name on Schedule 1.1A or in the Assignment and Assumption pursuant to which such Dollar Tranche Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof, including Section 2.23. The amount of the Dollar Tranche Commitments as of the Closing Date is $1,375,000,000. "Dollar Tranche Extensions of Credit": as to any Dollar Tranche Lender at any time, an amount equal to the sum of (a) the aggregate principal amount of all Dollar Tranche Loans held by such Lender then outstanding, and (b) such Lender's Dollar Tranche Percentage of the L/C Obligations then outstanding. "Dollar Tranche Facility": the Dollar Tranche Commitments and the Loans and extensions of credit made thereunder. "Dollar Tranche Lender": each Lender that has a Dollar Tranche Commitment or that holds Dollar Tranche Loans. "Dollar Tranche Loans": as defined in Section 2.4(c). "Dollar Tranche Percentage": as to any Dollar Tranche Lender at any time, the percentage which such Dollar Tranche Lender's Dollar Tranche Commitment then constitutes of the Total Dollar Tranche Commitments; provided that in the case of Section 2.24 when a Defaulting Lender which is a Dollar Tranche Lender shall exist, "Dollar Tranche Percentage" shall mean the percentage which such Dollar Tranche Lender's Dollar Tranche Commitment then constitutes of the Total Dollar Tranche Commitment (disregarding any Defaulting Lender's Dollar Tranche Commitment). With respect to any Dollar Tranche Lender whose Dollar Tranche Commitments shall have expired or terminated, "Dollar Tranche Percentage" shall mean the percentage which the aggregate principal amount of such Dollar Tranche Lender's Dollar |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img041.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 27 Tranche Loans then outstanding constitutes of the aggregate principal amount of the Dollar Tranche Loans then outstanding, provided, that, in the event that the Dollar Tranche Loans are paid in full prior to the reduction to zero of the Total Dollar Tranche Extensions of Credit, the Dollar Tranche Percentages shall be determined in a manner designed to ensure that the other outstanding Dollar Tranche Extensions of Credit shall be held by the Dollar Tranche Lenders on a comparable basis. "Dollars" and "$": dollars in lawful currency of the United States. "Domestic Subsidiary": any Subsidiary of Parent Company organized under the laws of the United States, any State thereof, the District of Columbia, or any other jurisdiction within the United States. "Dutch Civil Code": the Burgerlijk Wetboek of The Netherlands. "Dutch Loan Party": each Borrower that is incorporated in the Netherlands. "EBITDA": with respect to Parent Company and its consolidated Subsidiaries, for any period of four (4) consecutive fiscal quarters, earnings before interest, tax, depreciation, depletion and amortization calculated in accordance with GAAP, at all times excluding, without duplication, (i) impairment and other non-cash charges or gains including, for the avoidance of doubt, equity in earnings (but excluding any non-cash charge in respect of an item that was included in EBITDA in a prior period or any charges that result in a write-down or write-off of inventory and excluding amortization expense attributable to a prepaid cash item that was paid in a prior period), (ii) stock-based compensation expense, (iii) gains or losses from sales of previously depreciated assets, (iv) gains or losses from foreign exchange, (v) gains or losses from derivative instruments, (vi) gains or losses from the early extinguishment of indebtedness, (vii) severance and other non-recurring restructuring charges, (viii) transaction costs of acquisitions, dispositions, capital markets offerings, debt and equity financings and amendments thereto (in each case, whether or not consummated) not permitted to be capitalized pursuant to GAAP, (ix) other unusual, exceptional or extraordinary and non-recurring gains, losses, expenses or charges (whether or not classified as such under GAAP), (x) amounts accruing and/or payable pursuant to the terms of the Operating Agreement during such period and (xi) the amount of any minority interest expense attributable to minority interests of third parties in the positive income of any non-wholly owned Subsidiary; provided, however, that notwithstanding anything to the contrary herein, for the purposes of determining the contribution to EBITDA of, or portion of EBITDA attributable to, any Real Property, any operating asset or any business managed or operated by Parent Company or any Subsidiary thereof, (1) EBITDA shall equal rents and other revenues in respect of such asset, less, without duplication, (A) operating expenses in respect of such asset (exclusive of corporate-level general and administrative and other overhead expenses, impairment on intangibles and long-lived assets and depreciation, depletion and amortization expenses) and (B) cash rent expenses of operating, finance and ground leases in respect of such asset, and shall at all times exclude unusual, extraordinary or exceptional and non-recurring gains, losses, expenses or charges (whether or not classified as such under GAAP) and (2) solely for purposes of calculating Total Asset Value and Unencumbered Asset Value, in no event shall EBITDA of any such Real Property, operating asset or business determined pursuant to clause (1) be less than zero. All of the foregoing shall be adjusted to include the pro rata share of Parent |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img042.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 28 Company and its Subsidiaries on a consolidated basis of the net income or loss of all Joint Ventures for such period, determined and adjusted in the same manner as provided above in this definition with respect to the net income or loss of Parent Company and its Subsidiaries on a consolidated basis. "EEA Financial Institution": means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent; "EEA Member Country": means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. "EEA Resolution Authority": means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. "Electronic Signature": an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record. "Electronic System": any electronic system, including e-mail, e-fax, Intralinks®, ClearPar®, Debt Domain, Syndtrak and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the Administrative Agent and the Issuing Lender and any of its respective Related Persons or any other Person, providing for access to data protected by passcodes or other security system. "Eligibility Criteria": Ground Leased Asset Eligibility Criteria, Leased Asset Eligibility Criteria or Owned Asset Eligibility Criteria, as applicable. "Eligible Assignee": (a) a Lender or any Affiliate or Approved Fund of such Lender, or (b) a bank, trust company, finance company, insurance company or any other Person that is regularly engaged in making, purchasing or investing in loans of a type similar to the Loans; provided that, notwithstanding the foregoing, "Eligible Assignee" shall not include any Ineligible Institution. "Eligible Ground Leased Assets": any Real Property that satisfies the following criteria (collectively, the "Ground Leased Asset Eligibility Criteria"): (a) One hundred percent (100%) of such Real Property is ground leased directly or indirectly by one or more Qualified Asset Owners. (b) Such Real Property is a Stabilized Property, a Development Property, undeveloped land or a Newly Acquired Property. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img043.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 29 (c) Such Real Property (other than any Real Property that constitutes a Development Property or undeveloped land) is improved with one or more completed warehouse/distribution buildings that are used as dry and/or cold storage facilities and such improvements are owned or held pursuant to such ground lease by a Qualified Asset Owner with respect to such Real Property. (d) None of such leasehold interest or such improvements is directly or indirectly subject to any Lien or any Negative Pledge (other than (i) Liens and Negative Pledges created under the Loan Documents, and (ii) Permitted Encumbrances) and none of the Equity Interests directly or indirectly owned by Parent Company of any Qualified Asset Owner with respect to such Real Property (or, in each case, any income therefrom or proceeds thereof) is subject to any Lien or any Negative Pledge (other than Permitted Equity Encumbrances or as permitted in the definition of "Negative Pledge"). (e) No event of default (i.e., after any applicable notice and cure period) has occurred and is continuing under the ground lease regarding such Real Property. (f) The lessor under the ground lease regarding such Real Property shall not have the unilateral right to terminate such ground lease prior to the expiration of the stated term of such ground lease absent the occurrence of any casualty, condemnation or default thereunder by any Qualified Asset Owner with respect to such Real Property. (g) The lessee under the ground lease has the right to sublease, mortgage and encumber (subject to customary terms and limitations) its interest in such Real Property without the consent of the lessor (provided that a provision that if a consent of such ground lessor is required, such consent is subject to either an express reasonableness standard or an objective financial standard for the transferee that is reasonably satisfactory to the Administrative Agent shall be deemed acceptable); provided, this clause (g) shall not apply to (i) the Real Property listed on Schedule 1.1E and (ii) such other Real Property as agreed by the Administrative Agent in its reasonable discretion from time to time. (h) The ground lease regarding such Real Property has a remaining term (inclusive of any unexercised extension options as to which there is no condition precedent to the exercise thereof other than compliance of lessee with the terms of the applicable ground lease and the giving of a notice of exercise by the lessee) of 25 years or more from the date of relevant covenant calculation. (i) (i) Such Real Property (other than any Real Property that constitutes a Development Property or undeveloped land) is free of any material structural defects, and (ii) such Real Property is free of any material Environmental Liabilities and is in material compliance with all Environmental Laws. For the avoidance of doubt, at any time that a Real Property does not satisfy each of the Ground Leased Asset Eligibility Criteria, such Real Property shall not constitute an Eligible Ground Leased Asset. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img044.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 30 "Eligible Leased Assets": any Real Property that satisfies the following criteria (collectively, the "Leased Asset Eligibility Criteria"): (a) Such Real Property is a Leased Asset and the lessee is one or more Qualified Asset Owners. (b) Such leasehold interest is not directly or indirectly subject to any Lien or any Negative Pledge (other than (i) Liens and Negative Pledges created under the Loan Documents, and (ii) Permitted Encumbrances) and none of the Equity Interests directly or indirectly owned by Parent Company of any Qualified Asset Owner with respect to such Real Property (or, in each case, any income therefrom or proceeds thereof) is subject to any Lien or any Negative Pledge (other than Permitted Equity Encumbrances or as permitted in the definition of "Negative Pledge"). (c) No event of default (i.e., after any applicable notice and cure period) has occurred and is continuing under the operating lease regarding such Real Property. (d) The lessor under the operating lease regarding such Real Property shall not have the unilateral right to terminate such operating lease prior to the expiration of the stated term of such operating lease absent the occurrence of any casualty, condemnation or default thereunder by any Qualified Asset Owner with respect to such Real Property. For the avoidance of doubt, at any time that a Real Property does not satisfy each of the Leased Asset Eligibility Criteria, such Real Property shall not constitute an Eligible Leased Asset. "Eligible Owned Asset": any Real Property that satisfies the following criteria (collectively, the "Owned Asset Eligibility Criteria"): (a) (i) One hundred percent (100%) of such Real Property is owned in fee simple by one or more Qualified Asset Owners, or (ii) such Real Property satisfies the Ground Leased Asset Eligibility Criteria (other than clause (h) of that definition, whereby for the purposes of this definition the requirement shall be that there shall be not less than ninety-nine (99) years from the date of relevant covenant calculation). (b) Such Real Property is a Stabilized Property, a Development Property, undeveloped land or a Newly Acquired Property. (c) (i) Such Real Property (other than any Real Property that constitutes a Development Property or undeveloped land) is free of any material structural defects, and (ii) such Real Property is free of any material Environmental Liabilities and is in material compliance with all Environmental Laws. (d) Such Real Property (other than any Real Property that constitutes a Development Property or undeveloped land) is improved with one or more completed warehouse/distribution buildings that are used as dry and/or cold storage facilities. (e) Such Real Property (and any income therefrom or proceeds thereof) is not directly or indirectly subject to any Lien or any Negative Pledge (other than (i) Liens and |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img045.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 31 Negative Pledges created under the Loan Documents and (ii) Permitted Encumbrances) and none of the Equity Interests directly or indirectly owned by Parent Company of any applicable Borrower or Qualified Asset Owner (or, in each case, any income therefrom or proceeds thereof) is subject to any Lien or any Negative Pledge (other than Permitted Equity Encumbrances or as permitted in the definition of "Negative Pledge"). For the avoidance of doubt, at any time that a Real Property does not satisfy each of the Owned Asset Eligibility Criteria, such Real Property shall not constitute an Eligible Owned Asset. "Eligible Value": as of any date of determination, with respect to each Real Property that is (x) owned or ground leased by Parent Company or any Subsidiary or (y) a Leased Asset (i) the Applicable EBITDA with respect to such Real Property divided by (ii) the applicable Capitalization Rate. "Environmental Laws": any and all foreign, federal, state, provincial, local or municipal laws, rules, orders, regulations, statutes, ordinances, codes, decrees, judgments, notices or binding agreements issued by or entered into with any Governmental Authority, requirements of any Governmental Authority or other Requirements of Law (including common law) regulating, relating to or imposing liability or standards of conduct concerning pollution, air emissions, the management, use or Release of Materials of Environmental Concern or protection of human health (to the extent such relates to Materials of Environmental Concern) or the environment, as now or may at any time hereafter be in effect. "Environmental Liability": all liabilities, obligations, damages, losses, claims, actions, suits, judgments, orders, fines, penalties, fees, expenses and costs (including administrative oversight costs, natural resource damages, monitoring and remediation costs and reasonable fees and expenses of attorneys and consultants), whether contingent or otherwise, including those arising out of or relating to: (a) compliance or non-compliance with any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment, recycling, disposal (or arrangement for such activities) of any Materials of Environmental Concern, (c) exposure to any Materials of Environmental Concern, (d) the presence or release of any Materials of Environmental Concern or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. "Equity Interests": shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest, but excluding any debt securities convertible into any of the foregoing. "ERISA": the Employee Retirement Income Security Act of 1974, as amended from time to time. "ERISA Affiliate": any trade or business (whether or not incorporated) that, together with the Borrowers, is treated as a single employer under Section 414(b) or (c) of the Code and, for purposes of provisions relating to Section 412 of the Code, any member of an affiliated service group within the meaning of Section 414(m) or 414(o) of the Code. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img046.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 32 "ERISA Event": (a) any "reportable event", as defined in Section 4043(c) of ERISA or the regulations issued thereunder, with respect to a Plan (other than an event for which the 30-day notice period is waived), (b) the failure of any Borrower or any ERISA Affiliate to satisfy the "minimum funding standard" with respect to a Plan within the meaning of Section 412 of the Code or Section 302 or 303 of ERISA, as applicable, or the failure of any Borrower or any ERISA Affiliate to make by its due date a required installment under Section 430(j) of the Code or Section 303(j) of ERISA with respect to a Plan or the failure of any Borrower or any ERISA Affiliate to make any required contribution to a Multiemployer Plan, (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan, (d) the incurrence by any Borrower or any ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Plan or the withdrawal or partial withdrawal of any Borrower or any ERISA Affiliate from any Multiemployer Plan, (d) the occurrence of a non-exempt Prohibited Transaction with respect to which any Borrower or any of the Subsidiaries is a "disqualified person" (within the meaning of Section 4975 of the Code) which could result in the incurrence by any Borrower or any of the Subsidiaries of any material liability, (e) the receipt by any Borrower or any ERISA Affiliate of notice from any Multiemployer Plan (1) imposing Withdrawal Liability on any Borrower or any ERISA Affiliate, (2) notifying any Borrower or any ERISA Affiliate that such Multiemployer Plan is, or is expected to be, in Insolvency, if applicable or (3) notifying any Borrower or any ERISA Affiliate that such Multiemployer Plan is, or is expected to be, in "endangered" or "critical" status (within the meaning of Section 432 of the Code or Section 305 of ERISA, if applicable), or (f) a determination that any Plan is, or is expected to be, in "at risk" status (as defined in Section 430(i)(4) of the Code or Section 303(i)(4) of ERISA, if applicable). "EU Bail-In Legislation Schedule": means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. "EURIBOR Interpolated Rate": at any time, with respect to any Term Benchmark Borrowing denominated in Euros and for any Interest Period, the rate per annum (rounded to the same number of decimal places as the EURIBOR Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the EURIBOR Screen Rate for the longest period (for which the EURIBOR Screen Rate is available for Euros) that is shorter than the Impacted EURIBOR Rate Interest Period; and (b) the EURIBOR Screen Rate for the shortest period (for which the EURIBOR Screen Rate is available for Euros) that exceeds the Impacted EURIBOR Rate Interest Period, in each case, at such time; provided that, if any EURIBOR Interpolated Rate shall be less than 0%, such rate shall be deemed to be 0% for the purposes of this Agreement. "EURIBOR Rate": with respect to any Term Benchmark Borrowing denominated in Euros and for any Interest Period, the EURIBOR Screen Rate at approximately 11:00 a.m., Brussels time, two TARGET days prior to the commencement of such Interest Period; provided that, if the EURIBOR Screen Rate shall not be available at such time for such Interest Period (an "Impacted EURIBOR Rate Interest Period") with respect to Euros then the EURIBOR Rate shall be the EURIBOR Interpolated Rate. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img047.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 33 "EURIBOR Screen Rate": means the euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration of that rate) for the relevant period displayed (before any correction, recalculation or republication by the administrator) on page EURIBOR01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate)] or on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters as of the Specified Time on the Quotation Day for such Interest Period. If such page or service ceases to be available, the Administrative Agent may specify another page or service displaying the relevant rate after consultation with the Borrower. If the EURIBOR Screen Rate shall be less than 0%, the EURIBOR Screen Rate shall be deemed to be 0% for purposes of this Agreement. "Euro" and "€": the single currency of the Participating Member States. "Event of Default": any of the events specified in Section 8, provided that any requirement for the giving of notice, the lapse of time, or both, has been satisfied. "Excluded Swap Obligation": with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) (a) by virtue of such Guarantor's failure for any reason to constitute an "eligible contract participant" as defined in the Commodity Exchange Act and the regulations thereunder at the time the guarantee of such Guarantor or the grant of such security interest becomes or would become effective with respect to such Swap Obligation or (b) in the case of a Swap Obligation subject to a clearing requirement pursuant to Section 2(h) of the Commodity Exchange Act (or any successor provision thereto), because such Guarantor is a "financial entity," as defined in Section 2(h)(7)(C)(i) the Commodity Exchange Act (or any successor provision thereto), at the time the guarantee of such Guarantor becomes or would become effective with respect to such related 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 guarantee or security interest is or becomes illegal. "Excluded Taxes": any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan, Letter of Credit or Commitment pursuant to a law in effect (and at the applicable rate in effect) on the date on which (i) such Lender acquires such interest in the Loan, Letter of Credit or Commitment (other than pursuant to an assignment request by the Borrower Representative under Section 2.22) or (ii) such Lender changes its lending office (for the avoidance of doubt, in each case, excluding any imposition of, or increase in the rate of, any withholding Taxes due to a Change in Law after such date) except in each case to the extent that, pursuant to Section 2.19, amounts |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img048.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 34 with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender acquired the applicable interest in a Loan, Letter of Credit or Commitment or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient's failure to comply with Section 2.19(f), (d) any Taxes imposed under FATCA and/or any implementation of the OECD Common Reporting Standard in the legislation applicable to the Borrowers, (e) any Tax imposed pursuant to the Dutch Withholding Tax Act 2021 (Wet bronbelasting 2021) in the form as at the date of this Agreement, (f) Taxes assessed on a Recipient under the laws of the Netherlands, if and to the extent such Taxes become payable as a result of such Recipient having a substantial interest (aanmerkelijk belang) as defined in the Dutch Income Tax Act 2001 (Wet inkomstenbelasting 2001) in a Dutch Loan Party, (g) in relation to a Belgian Loan Party (and notwithstanding paragraph (b) above), any Belgian withholding tax that is due for reason of the relevant Lender not, or no longer, qualifying as a Belgian Qualifying Lender, other than due to a change in (or in the interpretation, administration, or application of) any law or income tax treaty or any published practice or published concession of any relevant taxing authority after the date of this Agreement (or with respect to any Lender, if later, the date on which such Lender becomes a Lender), and (h) Taxes assessed on a Recipient under the laws of Denmark, if and to the extent such Taxes become payable as a result of such Recipient having 'control' (as defined in the Danish Corporate Income Tax Act (in Danish: selskabsskatteloven)) of a Loan Party incorporated in Denmark (in Danish: kontrolleret gæld) and such Recipient fails to provide a valid certificate of tax residence duly issued by the competent tax authorities of its country of residence evidencing that such Lender is resident for tax purposes in a country with which Denmark has a tax treaty or agreement on exchange of information in place. "Existing Letters of Credit": those certain letters of credit issued under the Existing Credit Agreement and listed on Schedule 3.1(a). "Existing Credit Agreement": as defined in the recitals to this Agreement. "Facility": each of (a) the Term Facilities and (b) the Revolving Facility, and in each case, including any Incremental Commitments, and collectively, the "Facilities". "Facility Fee": as defined in Section 2.8(b). "Facility Fee Rate": the rate per annum set forth in the definition of "Applicable Margin" herein. "FATCA": 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 and any agreement entered into pursuant thereto, including any intergovernmental agreements and any fiscal or regulatory legislation, rules or practices adopted pursuant to such intergovernmental agreements. "Federal Funds Effective Rate": 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 shall be set forth in the NYFRB's Website from time to time, and published on the next |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img049.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 35 succeeding Business Day by the NYFRB as the federal funds effective rate, provided that if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. "Federal Reserve Board": the Board of Governors of the Federal Reserve System of the United States of America. "Fee Payment Date": the fifteenth (15th) Business Day following the last day of each March, June, September and December and the last day of the Revolving Commitment Period. "Financial Covenants": the financial covenants set forth in Section 7.1. "Financial Officer": the chief financial officer, principal accounting officer, treasurer or controller of the Borrower. "Fitch": Fitch, Inc. and any successor thereto. "Fixed Charges": for any period, an amount equal to the sum of (i) Interest Expense, plus (ii) regularly scheduled installments (whether or not paid) of principal payable with respect to Total Indebtedness (excluding scheduled balloon principal payments due on maturity of any such Indebtedness and including Parent Company's pro rata share thereof for Joint Ventures), plus (iii) the amount of dividends or distributions actually paid or required to be paid by any of Parent Company and its Subsidiaries in cash to any third party during such period in respect of its preferred capital stock but excluding redemption payments or repurchases or charges in connection with the mandatory final redemption or repurchase in whole of any preferred capital stock plus (iv) all income tax payments with respect to the taxable REIT Subsidiaries of Parent Company and the Company (including Foreign Subsidiaries). "Floor": the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to the Adjusted Term SOFR Rate, Adjusted EURIBOR Rate, Adjusted Term CORRA Rate, each Adjusted Daily Simple RFR, each Local Rate or the Central Bank Rate, as applicable. For the avoidance of doubt the initial Floor for each of Adjusted Term SOFR Rate, Adjusted EURIBOR Rate, Adjusted Term CORRA Rate, each Adjusted Daily Simple RFR, each Local Rate or the Central Bank Rate shall be 0%. "Foreign Borrower": (i) as of the Closing Date, each Subsidiary of Holdings set forth on Schedule 1.1D hereof as a "Closing Date Borrower" (the "Closing Date Foreign Borrowers"), provided, (A) as of the Closing Date each Closing Date Foreign Borrower shall be permitted to borrow only the currencies set forth on Schedule 1.1D and (B) after the Closing Date, prior to any Foreign Borrower becoming entitled to borrow Loans in any currency other than the currencies set forth on Schedule 1.1D, the Administrative Agent and the applicable Lenders shall have received the Required Information for such Foreign Borrower and currency, (ii) the Post-Closing Foreign Borrowers and (iii) each Designated Borrower that is not a Domestic Borrower; provided, (i) no Foreign Borrower that is incorporated under the laws of New Zealand or Norway shall be a Borrower under the Alternative Currency Tranche One Facility or the |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img050.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 36 Dollar Tranche Facility and (ii) no Foreign Borrower that is incorporated under the laws of Australia shall be a Borrower under the Dollar Tranche Facility. "Foreign Borrower Guarantee Limitations": as defined in Section 2.27(b)(x) and as supplemented by each Designated Borrower Request and Assumption Agreement, if applicable. "Foreign Lender": (a) in the case of a U.S. Borrower, a Lender that is not a U.S. Person, and (b) in the case of a Foreign Borrower, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Foreign Borrower is resident for tax purposes. "Foreign Secured Obligations" shall mean all Obligations of the Foreign Borrowers, together with all (i) Cash Management Services of the Foreign Borrowers and their Subsidiaries, and (ii) Swap Obligations of the Foreign Borrowers and their Subsidiaries, in each case, owing to one or more Lenders or their respective Affiliates; provided, however, that the definition of "Alternative Currency Obligations" shall not create any guarantee by any Guarantor of (or grant of security interest by any Guarantor to support, as applicable) any Excluded Swap Obligations of such Guarantor for purposes of determining any obligations of any Guarantor. "Foreign Subsidiary": any Subsidiary of Parent Company that is not a Domestic Subsidiary. "Funding Date": the date on which the conditions precedent set forth in Section 5.1 shall have been satisfied (or waived in accordance with Section 10.1). "Funding Office": the office of the Administrative Agent specified in Section 10.2 or such other office as may be specified from time to time by the Administrative Agent as its funding office by written notice to the Borrower Representative and the Lenders. "GAAP": generally accepted accounting principles in the United States as in effect from time to time, except that for purposes of Section 7.1, GAAP shall be determined on the basis of such principles in effect on the date hereof and consistent with those used in the preparation of the most recent audited financial statements referred to in Section 4.1(b). In the event that any "Accounting Change" (as defined below) shall occur and such change results in a change in the method of calculation of financial covenants, standards or terms in this Agreement, then the Borrower Representative and the Administrative Agent agree to enter into negotiations in order to amend such provisions of this Agreement so as to reflect equitably such Accounting Changes with the desired result that the criteria for evaluating the Borrower's financial condition shall be the same after such Accounting Changes as if such Accounting Changes had not been made. Until such time as such an amendment shall have been executed and delivered by the Borrower, the Administrative Agent and the Required Lenders, all financial covenants, standards and terms in this Agreement shall continue to be calculated or construed as if such Accounting Changes had not occurred. "Accounting Changes" refers to changes in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants or, if applicable, the SEC. "Governing Documents": (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img051.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 37 to any non-U.S. jurisdiction), including in the case of corporations (sociedades anónimas) incorporated under the laws of Mexico, the articles of incorporation and bylaws (acta constituiva and estatutos sociales), (b) with respect to any limited liability company, the certificate or articles of incorporation, formation or organization and operating agreement, the company constitution or memorandum and articles of association (including in the case of a limited liability company organized under the laws of Mexico, the acta constitutiva and estatutos sociales), and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and, if applicable, any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity. "Governmental Authority": any nation or government, any state or local or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, central bank, supranational organisation or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any securities exchange and any self-regulatory organization (including the National Association of Insurance Commissioners). "Ground Leased Asset Eligibility Criteria": has the meaning specified in the definition of "Eligible Ground Leased Assets". "Group Members": the collective reference to Parent Company and its Subsidiaries. "Guarantee": of or by any Person (the "guarantor") means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the "primary obligor") in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business. "Guarantee Agreement": the Guarantee Agreement to be executed and delivered on the Closing Date by the Guarantors substantially in the form of Exhibit A. "Guarantee Obligation": as to any Person (the "guaranteeing person"), any obligation, including a reimbursement, counterindemnity or similar obligation, of the guaranteeing Person that guarantees or in effect guarantees, or which is given to induce the creation of a separate obligation by another Person (including any bank under any letter of credit) that guarantees or in effect guarantees, any Indebtedness, leases, dividends or other obligations (the "primary |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img052.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 38 obligations") of any other third Person (the "primary obligor") in any manner, whether directly or indirectly, including any obligation of the guaranteeing 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 (1) for the purchase or payment of any such primary obligation or (2) 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 primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business, or customary and reasonable indemnity obligations 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 of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person's maximum reasonably anticipated liability in respect thereof as determined by the Borrower Representative in good faith. "Guarantors": the collective reference to Parent Company, Holdings and Lineage OP. "Guernsey": means the island of Guernsey. "Holdings": as defined in the preamble hereto. "Immaterial Subsidiary": any Subsidiary of Parent Company that on a consolidated basis with its respective Subsidiaries and treated as if all such Subsidiaries and their respective Subsidiaries were combined and consolidated as a single Subsidiary, holds assets that constitute less than 7.5% of Total Asset Value. "Impacted EURIBOR Rate Interest Period": has the meaning assigned to such term in the definition of "EURIBOR Rate." "Impacted Local Rate Interest Period": as defined in the definition of "Local Rate". "Increased Amount Date": as defined in Section 2.23(a). "Incremental Commitments": as defined in Section 2.23(a). "Indebtedness": of any Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (d) all obligations of such Person in respect of the deferred purchase price of property or services (excluding (A) accounts |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img053.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 39 payable incurred in the ordinary course of business, (B) any earn-out obligation until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP (excluding disclosure on the notes and footnotes thereto) and if not paid after becoming due and payable, (C) obligations in respect of employment and consulting services, and (D) deferred obligations under any management services agreement, deferred rent obligations, taxes and compensation and any pension-related or post-employment liabilities), (e) all Indebtedness of others secured by any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed (valued in the case of this clause (e) at the lesser of (A) the aggregate unpaid amount of such Indebtedness and (B) if such Indebtedness is non-recourse, the fair market value of the property encumbered thereby as determined by such Person in good faith), (f) all guarantees by such Person of Indebtedness of others (except for guarantees of exceptions to non-recourse liabilities), (g) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, and (h) all obligations, contingent or otherwise, of such Person in respect of bankers' acceptances. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person's ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. "Indemnified Taxes": (a) any Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document or required to be deducted or withheld from any such payment and (b) to the extent not otherwise described in clause (a) hereof, Other Taxes. "Indirect Owner": has the meaning specified in the definition of "Property Owning Subsidiary". "Ineligible Institution": (a) a natural person, (b) a Defaulting Lender or its Lender Parent, (c) a Disqualified Institution, (d) a Lender that is not a Non-Public Lender, (e) a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof or (f) any Borrower or any of its Affiliates; provided that, with respect to clause (e), such holding company, investment vehicle or trust shall not constitute an Ineligible Institution if it (x) has not been established for the primary purpose of acquiring any Loans or Commitments, (y) is managed by a professional advisor, who is not such natural person or a relative thereof, having significant experience in the business of making or purchasing commercial loans, and (z) has assets greater than $500,000,000 and a significant part of its activities consist of making or purchasing commercial loans and similar extensions of credit in the ordinary course of its business. "Initial Financial Covenants": the financial covenants set forth in Section 7.1(a). "Insolvency": with respect to any Multiemployer Plan, the condition that such Plan is insolvent within the meaning of Section 4245 of ERISA. "Insolvency Regulation": Council Regulation (EC) No 1346/2000 of 29 May 2000 on insolvency proceedings or, with respect to insolvency proceedings opened as from 26 June 2017, |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img054.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 40 Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast). "Intellectual Property": the collective reference to all rights, priorities and privileges relating to intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including copyrights, copyright licenses, patents, patent licenses, trademarks, trademark licenses, industrial designs, technology, know-how and processes, and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom. "Intercreditor Agreement": that certain Intercreditor Agreement, in substantially the form attached hereto as Exhibit J, with respect to the Pari Passu Capital Markets Indebtedness. "Interest Election Request": as defined in Section 2.16. "Interest Expense": for any period, an amount equal to the sum of the following with respect to Total Indebtedness: (i) total interest expense, accrued in accordance with GAAP plus (ii) all capitalized interest determined in accordance with GAAP (including in the case of (i) and (ii), Parent Company's pro rata share thereof for Joint Ventures), and excluding non-cash amortization or write-off of deferred financing costs or debt discount (including Parent Company's pro rata share thereof for Joint Ventures). "Interest Payment Date": (a) as to any ABR Loan (other than a Swingline Loan), the last day of each March, June, September and December to occur while such Loan is outstanding and the final maturity date of such Loan, (b) as to any Term Benchmark Loan having an Interest Period of three months or less, the last day of such Interest Period, (c) as to any Term Benchmark Loan having an Interest Period longer than three months, each day that is three months, or a whole multiple thereof, after the first day of such Interest Period and the last day of such Interest Period, (d) as to any RFR Loan (other than an RFR Loan denominated in Dollars), each date that is on the numerically corresponding day in each calendar month that is one month after the Borrowing of such Loan (or if there is no such numerically corresponding day in such month, then the last day of such month), (e) as to any RFR Loan denominated in Dollars, the fifth (5 th) Business Day of each calendar month for the preceding calendar month, (f) as to any Loan (other than any Revolving Loan that is an ABR Loan or a Swingline Loan), the date of any repayment or prepayment made in respect thereof, and (g) with respect to any Swingline Loan, the day that such Loan is required to be repaid and the final maturity date of such Loan. "Interest Period": as to any Term Benchmark Loan, (a) initially, the period commencing on the borrowing or conversion date, as the case may be, with respect to such Term Benchmark Loan and ending one, (except for Loans subject to the Peso Rate) three or (except for Loans subject to the Adjusted Term CORRA Rate or the Peso Rate) six months thereafter (in each case, subject to the availability for the Benchmark applicable to the relevant Loan or Commitment for the Agreed Currency), as selected by the Borrower in its notice of borrowing or notice of conversion, as the case may be, given with respect thereto; and (b) thereafter, each period commencing on the last day of the next preceding Interest Period applicable to such Term Benchmark Loan and ending one, three or (except for Loans subject to the Adjusted Term CORRA Rate or the Peso Rate) six months thereafter, as selected by the Borrower by irrevocable |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img055.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 41 notice to the Administrative Agent not later than 11:00 A.M., New York City time, on the date that is (x) three (3) Business Days prior to the last day of the then current Interest Period with respect to Term Benchmark Loans denominated in Dollars and CAD and (y) four (4) Business Days prior to the last day of the then current Interest Period with respect to Term Benchmark Loans denominated in Alternative Currencies (other than CAD); provided that, all of the foregoing provisions relating to Interest Periods are subject to the following: (i) if any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the immediately preceding Business Day; (ii) the Borrower Representative may not select an Interest Period with respect to any Loan that would extend beyond the Revolving Termination Date or the Term Loan Maturity Date, as applicable, for such Loan; (iii) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of a calendar month; (iv)the Borrower Representative shall select Interest Periods so as not to require a payment or prepayment of any Term Benchmark Loan during an Interest Period for such Loan; and (v) no tenor that has been removed from this definition pursuant to Section 2.16(e) shall be available for specification in such notice of borrowing or notice of conversion. "Investment Grade Rating": a non-credit enhanced senior unsecured long-term debt rating for Parent Company or another Guarantor of BBB- or better from S&P or Baa3 or better from Moody's. "Investment Grade Rating Event": the achievement of an Investment Grade Rating by Parent Company or another Guarantor. "Investment": (a) any purchase or other acquisition for value by any Loan Party or any of its Subsidiaries of, or of a beneficial interest in, any of the Equity Interests of any other Person; (b) any purchase or other acquisition for value by any Loan Party or any of its Subsidiaries from any Person of all or a substantial portion of the business, property or fixed assets of such Person or any division or line of business or other business unit of such Person; and (c) any loan, advance or capital contributions by any Loan Party or any of its Subsidiaries to, or Guarantee Obligations with respect to any obligations of, any other Person, including all indebtedness and accounts receivable from that other Person that are not current assets or did not arise from sales to that other Person in the ordinary course of business. For purposes of covenant compliance, the |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img056.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 42 amount of any Investment shall be the outstanding amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment. "Investor": (i) BG Lineage Holdings, LLC (formerly BG LLH, LLC,) a Delaware limited liability company, LLH MGMT Profits, LLC, a Delaware limited liability company, LLH MGMT Profits II, LLC, a Delaware limited liability company, and BG Maverick, LLC, a Delaware limited liability company, or (ii) any other Person that is managed and controlled by any of Bay Grove Management Company, LLC, a Delaware limited liability company, Bay Grove Capital Group, LLC, a Delaware limited liability company, any other Affiliate of Bay Grove Management Company, LLC or Bay Grove Capital Group, LLC, BG Lineage Holdings, LLC (formerly BG LLH, LLC), LLH MGMT Profits, LLC, LLH MGMT Profits II, LLC and/or BG Maverick, LLC. "IRS": the United States Internal Revenue Service. "Issuing Lender": means JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., and each other Lender approved by the Borrower Representative that agrees to become an Issuing Lender hereunder, each in its capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 3.9. Any Issuing Lender may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates and branches of such Issuing Lender, in which case the term "Issuing Lender" shall include any such Affiliate or branch with respect to Letters of Credit issued by such Affiliate or branch. Each reference herein to the "Issuing Lender" in connection with a Letter of Credit or other matter shall be deemed to be a reference to the relevant Issuing Lender with respect thereto. "Issuing Lender Commitment": with respect to each Issuing Lender, the commitment of such Issuing Lender to issue Letters of Credit hereunder. The initial amount of each Issuing Lender's Issuing Lender Commitment is set forth on Schedule 1.1B, or if an Issuing Lender has entered into an Assignment and Assumption, the amount set forth for such Issuing Lender as its Issuing Lender Commitment in the Register maintained by the Administrative Agent. "ITA": the United Kingdom Income Tax Act 2007. "Joint Ventures": any unconsolidated joint ventures of Parent Company and its consolidated Subsidiaries. "Lamb Weston Mortgage": the second ranking deed of mortgage dated 25 August 2017 between Lineage Bergen op Zoom B.V. as mortgagor and the Lamb Weston entities as mortgagees in respect of a mortgage over the parcels of land, locally known as Blankenweg 2 and 4 in Bergen op Zoom, cadastrally known as municipality of Bergen op Zoom, section I, number 712, 713 and 775 or any replacement of that right of mortgage. "L/C Commitment": the Dollar Equivalent of $100,000,000 (as such amount may be increased to an amount not to exceed the Dollar Equivalent of $300,000,000 at the request of the Borrower Representative and with the consent of the Issuing Lenders). "L/C Exposure": at any time, the sum of the L/C Obligations at such time. Except to the extent that the L/C Exposure of a Defaulting Lender has been reallocated in accordance with |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img057.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 43 Section 2.24(c), the L/C Exposure of any Dollar Tranche Lender shall be its Dollar Tranche Percentage of the total L/C Exposure at such time. "L/C Obligations": at any time, an amount equal to the sum of (a) the aggregate then undrawn and unexpired Dollar Equivalent amount of the then outstanding Letters of Credit and (b) the aggregate Dollar Equivalent amount of drawings under Letters of Credit that have not then been reimbursed pursuant to Section 3.5. "L/C Participants": the collective reference to all the Dollar Tranche Lenders other than the Issuing Lender. "LCT Election" shall have the meaning assigned to such term in Section 1.10. "LCT Test Date" shall have the meaning assigned to such term in Section 1.10. "Leased Asset": any Real Property that operates as a warehouse/distribution facility or is Development Property or undeveloped land and that is leased by Parent Company or a Subsidiary thereof pursuant to a lease (other than a ground lease) with a remaining term (including any unexercised extension options at the option of the tenant) of not less than 10 years from the Closing Date and otherwise on market terms (as determined by the Borrower Representative in good faith). "Leased Asset Eligibility Criteria" has the meaning specified in the definition of "Eligible Leased Assets". "Lender Parent": with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary. "Lender-Related Person" has the meaning assigned to it in Section 10.3(b). "Lender Swap Agreement": any Swap Agreement that (i) was in effect on the Closing Date between a Loan Party or a Subsidiary of a Loan Party and a counterparty that is a Lender or the Administrative Agent or an Affiliate of a Lender or the Administrative Agent as of the Closing Date or (ii) is or was entered into after the Closing Date between a Loan Party or a Subsidiary of a Loan Party and any counterparty that is a Lender or the Administrative Agent or an Affiliate of a Lender or the Administrative Agent at the time such Swap Agreement is entered into. "Lenders": as defined in the preamble hereto; provided, that unless the context otherwise requires, "Lenders" shall include the Swingline Lenders and the Issuing Lenders. "Letters of Credit": as defined in Section 3.1(a). Letters of Credit may be denominated in Dollars or an Alternative Currency. "Liabilities": any losses, claims (including intraparty claims), demands, damages or liabilities of any kind. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img058.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 44 "Lien": any mortgage, pledge, hypothecation, assignment, assignment by way of security, deposit arrangement, encumbrance, lien (statutory or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement and any capital lease having substantially the same economic effect as any of the foregoing); provided, that, in no event shall an operating lease be deemed to be a Lien. "Limited Condition Eligible Transaction": any acquisition by Parent Company or one or more of its Subsidiaries, including by way of merger or amalgamation, of any assets, business or Person permitted pursuant to this Agreement whose consummation is not conditioned on the availability of, or on obtaining, third party financing, in each case, solely to the extent made using identifiable proceeds from a New Term Loan. "Limited Condition Transaction" shall mean any Limited Condition Eligible Transaction with respect to which the Borrower Representative has made an LCT Election. "Lineage OP": as defined in the preamble hereto. "Loan": any loan made by any Lender pursuant to this Agreement. "Loan Documents": this Agreement, the Guarantee Agreement, the Notes, the Intercreditor Agreement, each Designated Borrower Request and Assumption Agreement, any document granting a Lien on cash collateral pursuant to Section 3 or Section 8, the fee agreements described in Section 2.8(b), and any amendment, waiver, supplement or other modification to any of the foregoing. "Loan Parties": the Guarantors and the Borrowers. "Local Interpolated Rate": at any time, with respect to any Term Benchmark Loan denominated in any Non-Quoted Currency and for any Interest Period, the rate per annum (rounded to the same number of decimal places as the applicable Local Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the applicable Local Screen Rate for the longest period (for which such Local Screen Rate is available for the applicable currency) that is shorter than the Impacted Local Rate Interest Period; and (b) the applicable Local Screen Rate for the shortest period (for which such Local Screen Rate is available for the applicable currency) that exceeds the Impacted Local Rate Interest Period, in each case, at such time; provided that if any Local Interpolated Rate shall be less than 0%, such rate shall be deemed to 0% for purposes of this Agreement. "Local Rate": with respect to any Term Benchmark Borrowing denominated in any Non-Quoted Currency and for any Interest Period, the applicable Local Screen Rate; provided that if such Local Screen Rate shall not be available at such time for such Interest Period (an "Impacted Local Rate Interest Period") with respect to such Non-Quoted Currency, then the Local Rate shall be the Local Interpolated Rate. "Local Screen Rates": for any day and time, with respect to any Term Benchmark Borrowing denominated in a Non-Quoted Currency and for any Interest Period, the AUD Screen |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img059.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 45 Rate, the CIBOR Screen Rate, the WIBOR Screen Rate, the BKBM Screen Rate, the STIBOR Screen Rate or the NOK Screen Rate, the Peso Rate, as applicable, for such currency. "Luxembourg": the Grand Duchy of Luxembourg. "Luxembourg Business Continuity Act": the Luxembourg act dated 7 August 2023 on business continuity and the modernisation of bankruptcy. "Luxembourg Commercial Code": the Code de Commerce of Luxembourg. "Luxembourg Financial Collateral Law": the Luxembourg act of 5 August 2005 on financial collateral arrangements, as amended. "Luxembourg Loan Party": any Loan Party incorporated under Luxembourg law. "Maintenance Capital Expenditures": for any period, all capital expenditures actually made in cash by Parent Company and its consolidated Subsidiaries (and the pro rata share of capital expenditures made in cash by Joint Ventures) during such period for the maintenance of capital assets of such Person, excluding capital expenditures for modernization and in any event excluding any capital expenditures for expansions. "Majority Dollar Tranche Lenders": with respect to the Dollar Tranche Facility, the Dollar Tranche Lenders holding more than 50% of the Total Dollar Tranche Extensions of Credit (or, prior to any termination of the Revolving Commitments, the holders of more than 50% of the Total Dollar Tranche Commitments). "Majority Facility Lenders": with respect to any Facility, the holders of more than 50% of the aggregate unpaid principal amount of the Term Loans or the Total Revolving Extensions of Credit, as the case may be, outstanding under such Facility (or, in the case of the Revolving Facility, prior to any termination of the Revolving Commitments, the holders of more than 50% of the Total Revolving Commitments). "Majority Term Lenders": with respect to the U.S. Term Facility, the holders of more than 50% of the aggregate unpaid principal amount of the U.S. Term Loans outstanding under the U.S. Term Facility. "Material Acquisition": any individual Permitted Acquisition or a series of Permitted Acquisitions (whether by direct purchase, merger or otherwise and whether in one or more related transactions) within a four fiscal quarter period by Parent Company or any of its Subsidiaries in which the purchase price of the assets acquired (on a cumulative basis since the Closing Date or the beginning of such four fiscal quarter period, as applicable) exceeds an amount equal to 10% of Total Asset Value as of the last day of the most recently ended fiscal quarter for which financial statements are available. "Material Adverse Effect": any event, development or circumstance that has had or could reasonably be expected to have a material adverse effect on (a) the business, assets, property or financial condition of Parent Company, the Company and their subsidiaries taken as a whole, or |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img060.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 46 (b) the validity or enforceability of any of the Loan Documents or the rights and remedies of the Administrative Agent and the Lenders thereunder. "Materials of Environmental Concern": any substances, materials or wastes defined in or regulated under any Environmental Law, including any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum products, asbestos, anhydrous ammonia, ozone-depleting substances, polychlorinated biphenyls and urea-formaldehyde insulation. "Material Subsidiary": any Subsidiary of Parent Company other than an Immaterial Subsidiary. "Mexican Pesos": the lawful currency of Mexico. "Mexico": the United Mexican States (Estados Unidos Mexicanos). "Moody's": Moody's Investors Service, Inc., and any successor to its rating agency business. "Multiemployer Plan": a "multiemployer plan" as defined in Section 3(37) or Section 4001(a)(3) of ERISA and in respect of which the Borrowers or any ERISA Affiliate is an "employer" as defined in Section 3(5) of ERISA. "Negative Pledge": with respect to a given asset, any provision of a document, instrument or agreement (other than any Loan Document) which prohibits or purports to prohibit the creation or assumption of any Lien on such asset as security for Indebtedness of the Person owning such asset or any other Person; provided, however, that any provision of a document, instrument or an agreement that either (a) conditions a Person's ability to encumber its assets upon the maintenance of one or more specified ratios or financial tests (including any financial ratio such as a maximum ratio of unsecured debt to unencumbered assets) that limit such Person's ability to encumber its assets but that do not generally prohibit the encumbrance of its assets, or the encumbrance of specific assets or (b) requires the grant of a Lien to secure Unsecured Indebtedness if a Lien is granted to secure the Secured Obligations or other Unsecured Indebtedness of such Person, shall not constitute a "Negative Pledge"; provided, however, no restriction under a CMBS Financing, mortgage financing or other financing on the pledge of Equity Interest in the direct or indirect parent of a Qualified Asset Owner, Group Member (other than a Qualified Asset Owner) or Loan Party (other than a Qualified Asset Owner) shall be considered a "Negative Pledge". "Net Cash Proceeds": in connection with any issuance or sale of Equity Interests, the cash proceeds received from such issuance or incurrence, net of attorneys' fees, investment banking fees, accountants' fees, underwriting discounts and commissions and other fees and expenses actually incurred in connection therewith. "Newly Acquired Property": as of any date, a Real Property (other than a Development Property or undeveloped land), that has been owned or ground leased or leased by Parent Company or a Subsidiary for less than four full fiscal quarters as of such date. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img061.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 47 "Newly Stabilized Property": as of any date, a Real Property owned or ground leased or leased by Parent Company or a Subsidiary that has been a Stabilized Property for less than four full fiscal quarters as of such date. "New Revolving Commitments": as defined in Section 2.23(a). "New Revolving Lender": as defined in Section 2.23(a). "New Term Commitments": as defined in Section 2.23(a). "New Term Lender": as defined in Section 2.23(a). "New Term Loan": as defined in Section 2.23(a). "NOK": the lawful currency of Norway. "NOK Screen Rate": with respect to any Interest Period, the Norwegian Interbank Offered rate administered by Norske Finansielle Referanser AS and calculated in cooperation with Global Rate Set Systems Ltd. (or any other person which takes over the administration of that rate) for NOK for the relevant period as displayed on the appropriate page of the Reuters screen (or, in the event such rate does not appear on such page, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion) as of 11:00 a.m. London time two business days prior to the commencement of such Interest Period. If the NOK Screen Rate shall be less than 0%, the NOK Screen Rate shall be deemed to be 0% for purposes of this Agreement. "Non-Consenting Lender": any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all Lenders or all affected Lenders in accordance with the terms of Section 10.2 and (b) has been approved by the Required Lenders. "Non-Public Lender": (a) until the publication of an interpretation of "public" as referred to in the CRR by the competent authority/ies: an entity which (x) assumes rights and/or obligations vis-à-vis a Dutch Loan Party, the value of which is at least EUR 100,000 (or its equivalent in another currency), (y) provides repayable funds for an initial amount of at least EUR 100,000 (or its equivalent in another currency) or (z) otherwise qualifies as not forming part of the public; and (b) as soon as the interpretation of the term "public" as referred to in the CRR has been published by the competent authority/ies: an entity which is not considered to form part of the public on the basis of such interpretation. "Non-Quoted Currency": means each of AUD, DKK, NOK, SEK, NZD, PLN, Mexican Pesos and each other Alternative Currency that does not relate to an RFR Loan; collectively, "Non-Quoted Currencies". |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img062.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 48 "Non-recourse Indebtedness": (a) with respect to a Person, Indebtedness in respect of which recourse for payment (except for exceptions for fraud, misapplication of funds, environmental indemnities, violation of "special purpose entity" covenants and other exceptions to nonrecourse liability customarily excluded by institutional lenders from exculpation provisions or included in separate indemnification agreements) is contractually limited to specific assets of such Person encumbered by a Lien securing such Indebtedness and (b) with respect to any Subsidiary that is a special purpose entity or a special purpose holding company of such special purpose entity, Indebtedness of such Subsidiary so long as there is no recourse to Parent Company or any of its other Subsidiaries other than (i) its direct special purpose entity subsidiary or (ii) recourse in respect of guaranties of customary exceptions for fraud, misapplication of funds, environmental indemnities, violation of "special purpose entity" covenants and other exceptions to nonrecourse liability customarily excluded by institutional lenders from exculpation provisions or included in separate indemnification agreements, and for the avoidance of doubt, any Indebtedness incurred by any Subsidiary under or in connection with any CMBS Financing shall constitute Non-Recourse Indebtedness. "Normalized Adjusted FFO": for any fiscal period, "funds from operations" of the Group Members as defined in accordance with resolutions adopted by the Board of Governors of the National Association of Real Estate Investment Trusts as in effect from time to time; provided that Normalized Adjusted FFO shall (a) be based on net income after payment of distributions to holders of preferred stock or preferred partnership units in Parent Company or another Guarantor and, without duplication, distributions necessary to pay holders of preferred stock or preferred partnership units of Parent Company or another Guarantor and (b) exclude gains or losses from sales of previously depreciated non-real estate assets, non-real estate depreciation, depletion and amortization, amortization of deferred financing costs, amortization of debt discount, amortization of above or below market leases, adjustments for straight line rents, non-cash or extraordinary gains or losses from foreign exchange, non-cash or extraordinary gains or losses from derivative instruments and other extraordinary or non-recurring charges. "Notes": the collective reference to any promissory note evidencing Loans. "Norwegian Borrower": means a Foreign Borrower incorporated in Norway. "NYFRB": means the Federal Reserve Bank of New York. "NYFRB Rate": means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day(or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published for any day that is a Business Day, the term "NYFRB Rate" means the rate for a Federal funds transaction quoted at 11:00 a.m. (New York City time) on such day received by the Administrative Agent from a Federal funds broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. "NYFRB's Website": the website of the NYFRB at http://www.newyorkfed.org, or any successor source. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img063.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 49 "NZ Lender": a Lender that: (a) is resident in New Zealand for New Zealand income tax purposes; or (b) carries on business in New Zealand through a fixed establishment and either: (i) is a registered bank and is not associated with the relevant Borrower; or (ii) is party to or performs this Agreement for the purposes of the business it carries on in New Zealand through such fixed establishment, provided that for the purposes of this definition, the terms associated, fixed establishment and registered bank shall have the meanings given in the Income Tax Act 2007 (NZ). "NZ Loan Party": any Loan Party that is incorporated under the laws of New Zealand. "NZ PPSA": the Personal Property Securities Act 1999 (NZ). "NZ RWT": the resident withholding tax under the laws of New Zealand. "NZD": the lawful currency of New Zealand. "Obligations": the unpaid principal of and interest on (including interest accruing after the maturity of the Loans and Reimbursement Obligations and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization, dissolution, judicial management or like proceeding, relating to the Borrowers, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) the Loans and all other obligations and liabilities of the Borrowers to the Administrative Agent or to any Lender, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, this Agreement, any other Loan Document, the Letters of Credit, or any other document made, delivered or given in connection herewith or therewith, whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including all fees, charges and disbursements of counsel to the Administrative Agent or to any Lender that are required to be paid by the Borrowers pursuant hereto) or otherwise; provided, however, that the definition of "Obligations" shall not create any guarantee by any Guarantor of (or grant of security interest by any Guarantor to support, as applicable) any Excluded Swap Obligations of such Guarantor for purposes of determining any obligations of any Guarantor. "Occupancy Rate": at any time, with respect to any Real Property, the ratio, expressed as a percentage, of (a) the rentable operating square footage of such Real Property actually leased by tenants paying rent at rates not materially less than rates generally prevailing at the time the applicable lease was entered into, pursuant to binding leases as to which no default or event of default has occurred and is continuing to (b) the aggregate rentable operating square footage of such Real Property. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img064.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 50 "OFAC": the U.S. Department of the Treasury Office of Foreign Assets Control. "Operating Agreement" shall mean, collectively, (i) that certain Seventh Amended and Restated Operating Services Agreement dated as of August 3, 2020, by and between Holdings and Bay Grove Management Company, LLC, (ii) that certain Sixteenth Amended and Restated Operating Agreement dated as of October 11, 2023, by and between Lineage OP and Bay Grove Management Company, LLC and (iii) any transition services agreement entered into by Parent Company and Bay Grove Management Company, LLC in connection with a Qualified IPO. "Other Connection Taxes": with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient 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 Loan Document, or sold or assigned an interest in any Loan, Letter of Credit or Loan Document). "Other Taxes": all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.22). "Outbound Investment Rules": 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. "Overnight Bank Funding Rate": for any day, the rate comprised of both overnight federal funds and overnight eurodollar transactions denominated in Dollars by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on the NYFRB's Website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate. "Owned Asset Eligibility Criteria" has the meaning specified in the definition of "Eligible Owned Asset". "Paid in Full" or "Payment in Full": (a) the indefeasible payment in full in cash of all outstanding Loans and Reimbursement Obligations, together with accrued and unpaid interest thereon, (b) the termination, expiration, or cancellation and return of all outstanding Letters of Credit (or alternatively, with respect to each such Letter of Credit, the furnishing to the Administrative Agent of a cash deposit, or at the discretion of the Administrative Agent a backup standby letter of credit satisfactory to the Administrative Agent and the Issuing Lender, in an amount equal to 103% of the L/C Exposure as of the date of such payment), (c) the indefeasible payment in full in cash of the accrued and unpaid fees, (d) the indefeasible payment in full in cash of all accrued and unpaid reimbursable expenses and other Secured Obligations (other than Unliquidated Obligations for which no claim has been made and other obligations expressly |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img065.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 51 stated to survive such payment and termination of this Agreement), together with accrued and unpaid interest thereon, (e) the termination of all Commitments, and (f) the termination of the Lender Swap Agreements and the Cash Management Services, or entering into other arrangements satisfactory to the Credit Parties counterparties thereto. "Parent": with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary. "Parent Company": as defined in the preamble hereto. "Pari Passu Capital Markets Indebtedness": any issuance of Indebtedness for borrowed money (other than convertible debt securities), including any issuance of one or more series of notes pursuant to public or 144a private placements or other substantially similar placements of Indebtedness; provided that such Indebtedness (i) shall be unsecured, (ii) shall have no guarantors or obligors other than the Borrowers and the Guarantors party to the Loan Documents, and (iii) shall not have any scheduled amortization or mature prior to the one year anniversary of the latest maturity date of any Facility (after giving effect to any permitted extensions). "Participant": as defined in Section 10.4(c). "Participant Register": as defined in Section 10.4(c). "Participating Member States": any member state of the European Union that has the Euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union. "Patriot Act": the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. 107-56, Oct. 26, 2001). "Payment" has the meaning assigned to it in Section 9.6(c). "Payment Notice" has the meaning assigned to it in Section 9.6(c). "Permitted Acquisition": any acquisition, whether by purchase, merger, amalgamation, consolidation or otherwise, of (x) all or substantially all of the assets of any Person, or a business line or unit or a division of any Person, or any parcel of Real Property and any improvements thereto or (y) the Equity Interests of any Person such that such Person becomes a Subsidiary; provided that: (a) no Event of Default shall have occurred and be continuing or would result therefrom; (b) before and after giving effect thereto, Parent Company and its Subsidiaries are in compliance on a Pro Forma Basis with the Financial Covenants; and |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img066.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 52 (c) after giving effect thereto, Parent Company and its Subsidiaries are in compliance on a Pro Forma Basis with Section 7.16. "Permitted Dispositions": (a) Dispositions of (i) worn-out, obsolete or surplus property, in each case in the ordinary course of business or (ii) property that is reasonably determined by the applicable Loan Party or Subsidiary to be no longer economically practicable to maintain or no longer useful in any material respect in the conduct of the business of the Loan Parties and their subsidiaries, taken as a whole; (b) licenses and sublicenses granted by a Loan Party or any Subsidiary and leases and subleases (by a Loan Party or any Subsidiary as lessor or sub-lessor) to third parties in each case not interfering in any material respect with the business of the Loan Parties or the subsidiaries, taken as a whole, or otherwise in the ordinary course of business; (c) Disposition or abandonment of any Intellectual Property that is reasonably determined by the applicable Loan Party or Subsidiary to be no longer economically practicable to maintain or worth the cost of maintaining or no longer useful in any material respect in the conduct of the business of the Loan Parties and their subsidiaries, taken as a whole; (d) sales of inventory in the ordinary course of business; (e) Dispositions of cash or cash equivalents; (f) transfers of property between and among Parent Company and its Subsidiaries; (g) Disposition of property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of such disposition are promptly applied to the purchase price of such replacement property; (h) Liens permitted by Section 7.3, Restricted Payments permitted by Section 7.6, Investments permitted by Section 7.8 and transactions permitted by Section 7.4; (i) the discount or write-off of accounts receivable for the purpose of collection to any collection agency, in each case in the ordinary course of business and (ii) Dispositions of receivables in connection with the settlement of delinquent accounts receivable in the ordinary course of business or in connection with the bankruptcy or reorganization of suppliers or customers; (j) transfers of property (i) subject to casualty events upon receipt of the net cash proceeds of such casualty event, (ii) by reason of the exercise of termination rights under any lease, sublease, license, sublicense, concession or other agreement or (iii) pursuant to buy/sell or other similar arrangements under any joint venture or similar agreement or arrangement; |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img067.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 53 (k) the unwinding of any Swap Agreement pursuant to its terms; (l) Dispositions required to be made to comply with the order of any Governmental Authority or applicable law; (m) any surrender or waiver of contract rights or the settlement, release, recovery on or surrender of contract, tort or other claims of any kind; (n) Dispositions of property acquired, constructed, renovated or improved after the Closing Date in connection with the financing of such acquisition, construction, renovation or improvement; provided, that, (i) any such financing which is permitted under Section 7.2, (ii) such Disposition occurs within 180 days after the applicable acquisition, construction, renovation or improvement; and (o) with respect to assets that are not Qualified Assets, Dispositions of such assets permitted by the documentation governing any CMBS Financing or other financing that relates to such assets. "Permitted Encumbrances": (a) Liens outstanding on (or made pursuant to binding commitments existing on) the Closing Date as set forth on Schedule 7.3 and any refinancings, renewals or extensions thereof that would not cause a violation of the Financial Covenants on a Pro Forma Basis; (b) Liens imposed by law and other non-consensual Liens, in each case for Taxes or other related governmental charges or claims that are not yet delinquent or that are being contested in good faith by appropriate proceedings; provided that adequate reserves with respect thereto are maintained on the books of the applicable Group Member in conformity with GAAP; (c) landlord's, carriers', warehousemen's, landlords' mortgagee's, mechanics', materialmen's, repairmen's, construction contractors', vendor's and other similar Liens and agricultural and similar Liens, in each case, imposed by law or otherwise non-consensual, arising in the ordinary course of business and securing obligations that are not overdue by more than 60 days or that are being contested in good faith by appropriate proceedings; (d) judgments and Liens in respect of judgements, orders or decrees for the payment of money or other court proceedings that do not constitute an Event of Default under Section 8(j); (e) (i) easements, servitudes, restrictions, licenses, rights-of-way, use restrictions, rights of first refusal, site plan agreements, development agreements, cross easement or reciprocal agreements and other non-monetary encumbrances on Real Property that do not materially detract from the value of the affected property or interfere in any material respect with the ordinary conduct of business of Borrower or any Subsidiary (taken as a whole) or the operation of such Real Property for its intended purpose, (ii) title defects or irregularities with respect to Real Property which are of a minor nature and which in the aggregate do not |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img068.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 54 materially detract from the value of the affected property or interfere in any material respect with the ordinary conduct of business of any Borrower or any Subsidiary (taken as a whole) or the operation of such Real Property for its intended purpose, or (iii) other exceptions to title approved by Administrative Agent; (f) any zoning or similar law, restriction or right reserved to, or vested in, any Governmental Authority to control or regulate the use of any Real Property that does not materially detract from the value of the affected property or interfere in any material respect with the ordinary conduct of business of the Group Members (taken as a whole); (g) Liens affecting title on Real Property that have been fully paid off and satisfied and which remain of record through no fault of the Person that owns such Real Property and that, in any event do not have a material and adverse effect with respect to the use or operations of the affected Real Property or with respect to the ownership of the affected Real Property, and do not interfere with the ordinary conduct of business of the applicable Group Member; (h) rights of lessors under Eligible Ground Leased Assets and Eligible Leased Assets; (i) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of custom duties in connection with the importation of goods in the ordinary course of business; (j) with respect to leasehold interests, any mortgages, obligations, Liens and other encumbrances incurred, created, assumed or permitted to exist and arising by, through or under a landlord, ground lessor or owner of the leased property, with or without the consent of the lessee; provided, that (i) this clause (j) shall not apply if the leasehold interest is protected by law or (ii) with respect to mortgages by the ground lessor or owner of a ground leased property, such mortgages are either subordinate to such ground leasehold interest or pursuant to which the lender thereunder has provided a customary non-disturbance agreement with respect to such ground leasehold interests; (k) intercompany leases and leases in favor of third parties in the ordinary course of business; (l) any Lien arising under Article 24 or 26 of the general terms and conditions (Algemene Bank Voorwaarden) of any member of the Dutch Bankers' Association (Nederlandse Vereniging van Banken) or any similar term applied by a financial institution in the Netherlands pursuant to its general terms and conditions; (m) any netting or set-off arrangement entered into by any Loan Party in the ordinary course of its banking arrangements for the purpose of netting debt and credit balances; (n) any netting or set-off as a result of a fiscal unity (fiscale eenheid) for Dutch tax purposes; |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img069.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 55 (o) the Lamb Weston Mortgage; and (p) Intercompany mortgages securing Indebtedness among Group Members; provided, that any mortgagee under any such mortgage shall be a Borrower. "Permitted Equity Encumbrances": (a) Liens and Negative Pledges pursuant to any Loan Document; (b) Liens imposed by law and other non-consensual Liens for Taxes or other related governmental charges or claims that are not yet delinquent or that are being contested in good faith by appropriate proceedings; provided that adequate reserves with respect thereto are maintained on the books of the applicable Group Member in conformity with GAAP; (c) Liens arising from judgments or decrees for the payment of money in circumstances that do not constitute an Event of Default under Section 8(j); (d) Liens arising from pledges of Equity Interests in Lineage OP or the Parent Company, in each case solely with respect to Equity Interests held by non-Group Members; and (e) Intercompany pledges of Equity Interests securing Indebtedness among Group Members; provided that any pledgee under any such pledge shall be a Borrower. "Permitted Indebtedness": (a) (x) Indebtedness incurred or created hereunder and under the other Loan Documents (including Indebtedness created under Section 2.23 and Section 2.25), and (y) Indebtedness constituting Cash Management Services; (b) Indebtedness outstanding on (or made pursuant to binding commitments existing on) the Closing Date as set forth on Schedule 7.2 and any refinancings, renewals or extensions thereof that would not cause a violation of the Financial Covenants on a Pro Forma Basis; (c) intercompany Indebtedness among Parent Company and its Subsidiaries; (d) Indebtedness consisting of (i) the financing of insurance premiums or (ii) take or pay obligations contained in supply arrangements, in each case, in the ordinary course of business; (e) Indebtedness representing deferred compensation, severance and health and retirement benefits or the equivalent thereof to employees, directors, management and consultants of Parent Company or the Subsidiaries incurred in the ordinary course of business; (f) Indebtedness consisting of obligations with respect to indemnification, the adjustment of the purchase price (including customary earnouts) or similar adjustments incurred |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img070.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 56 in connection with a Permitted Acquisition or any other Investment or Disposition expressly permitted hereunder; (g) (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) Indebtedness in respect of credit card processing agreements, automatic clearinghouse arrangements, overdraft protections and similar arrangements in each case in connection with cash management and deposit accounts and in the ordinary course of business; (h) Indebtedness incurred by Parent Company or any Subsidiary constituting reimbursement obligations with respect to letters of credit, bank guarantees, bankers' acceptances, warehouse receipts or similar instruments, in each case, issued or created in the ordinary course of business, including in respect of workers' compensation claims, health, disability or other employee benefits (including with respect to immediate family members of employees, directors or members of management) or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement-type obligations regarding workers compensation claims or obligations referred to in paragraph (m) below, letters of credit in the nature of a security deposit (or similar deposit or security) given to a lessor under an operating lease of Real Estate under which such Person is lessee, and letters of credit in connection with the maintenance of, or pursuant to the requirements of, environmental or other permits or licenses from Governmental Authorities, and any refund, replacement, refinancing or defeasance of any of the foregoing; (i) obligations in respect of surety, stay, customs and appeal bonds, performance bonds and performance and completion guarantees and similar obligations provided by Parent Company or any of the Subsidiaries, in each case, issued or created in the ordinary course of business and consistent with past practice; (j) Indebtedness arising under Swap Agreements not incurred for purposes of speculation; (k) Guarantees of Indebtedness of Parent Company or any Subsidiary, which Indebtedness is otherwise permitted hereunder; provided that (x) if such Indebtedness is subordinated to the Obligations, such guarantee shall be subordinated to the same extent and (y) no such Guarantee by a Loan Party shall be permitted under this paragraph (k) of Indebtedness of a Subsidiary that is not a Loan Party, other than Guarantees constituting an Investment permitted under Section 7.8; (l) Indebtedness owing to current or former officers, directors, managers, consultants or employees of Parent Company or any Guarantor or immediate family members to finance the purchase or redemption of Equity Interests of Parent Company or any Guarantor (or any direct or indirect parent of Parent Company or any Guarantor); (m) Indebtedness of Parent Company or any Subsidiary owing to any joint venture (regardless of the form of legal entity) that is not a subsidiary arising in the ordinary |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img071.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 57 course of business of Parent Company and its Subsidiaries in connection with the cash management operations (including with respect to intercompany self-insurance arrangements); (n) Indebtedness of Parent Company or any Subsidiary arising pursuant to arrangements contemplated in Section 7.10(k), (m) or (n); (o) Indebtedness arising under guarantees entered into pursuant to article 2:403 of the Dutch Civil Code in respect of a Dutch Loan Party and any residual liability with respect to such guarantees arising under article 2:404 of the Dutch Civil Code; (p) any joint and several liability as a result of a fiscal unity (fiscale eenheid) for Dutch tax purposes; and (q) Indebtedness that is a refinancing, replacement, restatement or modification of any existing Indebtedness provided that such refinancing, replacement, restatement or modification does not result in an increase to the then outstanding principal amount of the Indebtedness being refinanced, except to the extent of accrued interest, fees, premium (if any) and expenses. "Permitted Investments": (a) Investments existing on, or made pursuant to binding commitments existing on, the Closing Date and set forth on Schedule 7.8 or an Investment consisting of any extension, modification, renewal, replacement or reinvestment of any such Investment that would not cause a violation of the Financial Covenants on a Pro Forma Basis; (b) Investments in cash and Cash Equivalents; (c) Investments (i) by any Loan Party in any other Loan Party, (ii) by any Subsidiary of Parent Company that is not a Loan Party in any Loan Party or in any other Subsidiary of Parent Company that is also not a Loan Party, and (iii) by any Loan Party in any Subsidiary of Parent Company that is not a Loan Party that would not cause a violation of the Financial Covenants on a Pro Forma Basis, (d) Investments acquired in connection with the settlement of delinquent accounts receivable in the ordinary course of business or in connection with the bankruptcy or reorganization of suppliers or customers; (e) loans or advances to officers, directors, members of management, and employees of Parent Company or a Guarantor or any of their subsidiaries (or any direct or indirect parent of Parent Company or a Guarantor) (i) in an aggregate amount not to exceed $2,500,000 at any time outstanding, for business-related travel, entertainment, relocation and analogous ordinary business purposes and (ii) for any other purposes not described in the foregoing clause (i) (in each of clauses (i) and (ii) determined without regard to any write-downs or write-offs of such loans or advances); provided, that the aggregate amount outstanding at any time under clause (ii) above shall not exceed $9,000,000; |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img072.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 58 (f) accounts receivable owing to Parent Company or the Subsidiaries, if created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary terms; (g) Investments in the form of Swap Agreements permitted pursuant to Section 7.12; (h) Investments consisting of promissory notes or other non-cash consideration received in connection with a permitted Disposition; (i) Investments consisting of non-cash loans made by Parent Company or a Guarantor to management, executives, officers, directors, consultants, professional advisors and/or employees of a Subsidiary which are used by such Persons to simultaneously purchase Equity Interests of Parent Company or a Guarantor; (j) Investments consisting of or to finance purchases and acquisitions of inventory, supplies, materials, services or equipment or purchases of contract rights or licenses or leases of intellectual property in the ordinary course of business; (k) Investments in the ordinary course of business consisting of (i) endorsements for collection or deposit or (ii) customary trade arrangements with customers; (l) loans and advances to Parent Company or a Guarantor or any direct or indirect parent thereof in lieu of, and not in excess of the amount of (after giving effect to any other loans, advances or Restricted Payments in respect thereof), Restricted Payments permitted to be made to Parent Company or a Guarantor or any direct or indirect parent thereof in accordance with Section 7.6; (m) (i) advances of payroll payments to employees in the ordinary course of business and (ii) prepaid expenses, negotiable instruments held for collection and lease, utility and workers compensation, performance and similar deposits and advance payments (including retainers) for goods or services paid or provided, in each case in the ordinary course of business; (n) Investments held by a Person that becomes a Subsidiary (or is merged, amalgamated or consolidated with or into a Subsidiary) after the Closing Date to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger, amalgamation or consolidation; and (o) to the extent constituting Investments, Restricted Payments permitted by Section 7.6, Indebtedness permitted by Section 7.2 and transactions permitted by Section 7.4. "Periodic Term CORRA Determination Day": as defined in the definition of "Term CORRA". "Person": an individual, partnership, corporation, limited liability company, unlimited liability company, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img073.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 59 "Peso Rate" means the rate per annum equal to the Mexican interbank equilibrium interest rate for a twenty-eight (28) day period (Tasa de Interes Interbancaria de Equilibrio a plazo de 28 dias), determined by Banco de México and most recently published in the Mexican Official Gazette (Diario Oficial de la Federacion) on the first Business Day of such Interest Period, which such Peso Rate shall be determined by the Administrative Agent. If the Peso Rate is not available at such time for any reason, then the "Peso Rate" shall be determined in accordance with Section 2.16 (Alternate Rate of Interest); provided that if the Peso Rate is not available at such time for any reason and the Peso Rate cannot be determined in accordance with Section 2.16 for any reason, then the "Peso Rate" for the applicable Interest Period shall be the rate per annum reasonably determined by the Administrative Agent to be any other similar rate published by Banco de México which the Revolving Lenders are authorized to use pursuant to applicable law. The Peso Rate shall be determined by the Administrative Agent in good faith after taking into consideration the general market conditions for transactions of the type evidenced by this Agreement and the other Loan Documents and the particular conditions of the Revolving Lenders from time to time and consistent with its determination of the Peso Rate with respect to other credit facilities; provided that if such would be less than 0%, such rate shall be deemed to be 0% for the purposes of this Agreement. "Plan": any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Group Member or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an employer" as defined in Section 3(5) of ERISA. "Plan Asset Regulations": 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended from time to time. "Platform": as defined in Section 6.2. "PLN": the lawful currency of the Republic of Poland. "Polish Bankruptcy Law": the Act dated 28 February 2003 – Bankruptcy Law (Prawo Upadłościowe). "Polish Borrower": any Borrower incorporated or organized under the laws of Poland. "Polish Civil Code": the Polish Act dated 23 April 1964 – the Civil Code (Kodeks Cywilny). "Polish Commercial Companies Code": the Act dated 15 September 2000 – Commercial Companies Code (Kodeks Spółek Handlowych). "Polish Restructuring Law": the Act dated 15 May 2015 – Restructuring Law (Prawo Restrukturyzacyjne). "Post-Closing Foreign Borrowers": the Foreign Borrowers set forth on Schedule 1.1D as "Post-Closing Borrowers". |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img074.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 60 "Prime Rate": the rate of interest last quoted by The Wall Street Journal as the "Prime Rate" in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the "bank prime loan" rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective. "Private Lenders": Lenders that wish to receive Private-Side Information. "Private-Side Information": any information with respect to Parent Company and its Subsidiaries that is not Public-Side Information. "Proceeds of Crime Act": the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada), as amended from time to time, and including all regulations thereunder. "Pro Forma Basis": with respect to the calculation of the Financial Covenants as of any date (and the definitions used therein), that such calculation shall give pro forma effect to all Permitted Acquisitions and other Investments, all issuances, incurrences, assumptions, redemptions, retirements, repayments or extinguishments of Indebtedness (with any such Indebtedness being deemed to be amortized over the applicable testing period in accordance with its terms) and all sales, transfers or other Dispositions of any material assets outside the ordinary course of business that have occurred during (or, if such calculation is being made for the purpose of determining whether any proposed acquisition will constitute a Permitted Acquisition, since the beginning of) the then-applicable testing period as if they occurred on the first day of such testing period (excluding cost savings, synergies, operating expense reductions and other operating improvements). 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 any Swap Agreement applicable to such Indebtedness if such Swap Agreement has a remaining term in excess of 12 months). "Prohibited Transaction": a non-exempt prohibited transaction as defined in Section 406 of ERISA or Section 4975(c) of the Code. "Properties": as defined in Section 4.17(a). "Property Owning Subsidiary": a Subsidiary of Parent Company that directly operates, owns or leases a Qualified Asset (each, a "Direct Owner") and each Subsidiary that is a direct or indirect owner of any such Direct Owner (as to such Qualified Asset, an "Indirect Owner"). "PTE": a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img075.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 61 "Public Lenders": Lenders that do not wish to receive Private-Side Information. "Public-Side Information": information that is either (a) available to all holders of Traded Securities of Parent Company and its Subsidiaries or (b) not material non-public information (for purposes of United States federal, state or other applicable securities laws). "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). "Qualified Asset": any Eligible Owned Asset, Eligible Ground Leased Asset or Eligible Leased Asset; provided, that the Borrower Representative may from time to time by written notice to the Administrative Agent upon a Qualified Asset ceasing to satisfy the applicable Eligibility Criteria in a transaction permitted by this Agreement designate a Qualified Asset as a non-Qualified Asset and, from the date of any such written notice, such Qualified Asset shall cease to be a Qualified Asset. "Qualified Asset Owners": as to any Qualified Asset, means each owner, lessee or lessor thereof that is either (a) a Wholly-Owned Subsidiary of Parent Company or (b) a non-Wholly-Owned Subsidiary of Parent Company that is at least 50% owned, directly or indirectly, by Parent Company so long as Parent Company jointly controls the sale, encumbrance and financing of such Qualified Asset. "Qualified IPO" shall mean an underwritten public offering (other than a public offering pursuant to a registration statement on Form S-8) of the Equity Interests of Parent Company, Lineage OP, Holdings or any direct or indirect parent thereof which results in such Equity Interests being listed on a nationally-recognized stock exchange in the applicable jurisdiction. "Quotation Day": with respect to any borrowing of Term Benchmark Loans for any Interest Period, (i) if the currency is AUD, CAD, Sterling or NZD, the first day of such Interest Period, (ii) if the currency is Euros, two TARGET Days before the first day of such Interest Period, and (iii) if the currency is Dollars, NOK, SEK, PLN or DKK, two Business Days prior to the commencement of such Interest Period, unless, in each case, market practice differs in the relevant market where the Local Rate, Term CORRA, Term SOFR Rate or the EURIBOR Rate, as applicable, for such currency is to be determined, in which case the Quotation Day will be determined by the Administrative Agent in accordance with market practice in such market (and if quotations would normally be given on more than one day, then the Quotation Day will be the last of those days). "Real Property": at any time of determination, all right, title and interest (including any leasehold estate) in and to any and all parcels of or interests in real property owned in fee or leased by Parent Company or any of its Subsidiaries or Joint Ventures (or equivalent interest in any applicable jurisdiction), together with, in each case, all easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant fixtures incidental to the ownership or lease thereof. "Recipient": (a) the Administrative Agent, (b) any Lender and (c) any Issuing Lender, as applicable. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img076.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 62 "Recourse Indebtedness": with respect to a Person, Indebtedness of such Person other than Non-recourse Indebtedness of such Person. "Reference Time": with respect to any setting of the then-current Benchmark means (1) if such Benchmark is the Term SOFR Rate, 5:00 a.m. (Chicago time) on the day that is two U.S. Government Securities Business Days preceding the date of such setting, (2) if such Benchmark is EURIBOR Rate, 11:00 a.m. Brussels time two TARGET Days preceding the date of such setting, (3) if the RFR for such Benchmark is SONIA, then four RFR Business Days prior to such setting, (4) if the RFR for such Benchmark is SARON, then five RFR Business Days prior to such setting, (5) if the RFR for such Benchmark is Daily Effective SOFR, then the next RFR Business Day after such setting, (6) if such Benchmark is Term CORRA, 1:00 p.m. Toronto local time on the date that is two Business Days preceding the date of such setting, (7) if, following a Benchmark Transition Event and Benchmark Replacement Date with respect to Term CORRA, the RFR for such Benchmark is Daily Simple CORRA, then four RFR Business Days prior to such setting or (8) if such Benchmark is none of the Term SOFR Rate, the EURIBOR Rate, Term CORRA, Daily Simple CORRA, SONIA, SARON or Daily Effective SOFR, the time determined by the Administrative Agent in its reasonable discretion. "Refinancing": the refinancing in full of all obligations under the Existing Credit Agreement. "Refrigerated Railcar Business" means the refrigerated and insulated railcar business segment of Parent Company and its Subsidiaries. "Register": as defined in Section 10.4(b)(v). "Regulation U": Regulation U of the Board as in effect from time to time. "Reimbursement Obligation": the obligation of the U.S. Borrowers to reimburse the Issuing Lender pursuant to Section 3.5 for amounts drawn under Letters of Credit. "REIT" shall mean a "real estate investment trust" within the meaning of Section 856 of the Code. "REIT Subsidiary" shall mean any Subsidiary of Parent Company that intends to qualify as a REIT for U.S. federal income tax purposes. "Related Parties": with respect to any specified Person, such Person's Affiliates and the respective directors, partners, officers, employees, agents and advisors of such Person and such Person's Affiliates. "Release": any release, spill, emission, leaking, dumping, injection, pouring, deposit, disposal, discharge, dispersal, leaching or migration into or through the indoor or outdoor environment. "Relevant Governmental Body": (i) 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 |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img077.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 63 case, any successor thereto, (ii) with respect to a Benchmark Replacement in respect of Loans denominated in Sterling, the Bank of England, or a committee officially endorsed or convened by the Bank of England or, in each case, any successor thereto, (iii) with respect to a Benchmark Replacement in respect of Loans denominated in Euros, the European Central Bank, or a committee officially endorsed or convened by the European Central Bank or, in each case, any successor thereto, (iv) with respect to a Benchmark Replacement in respect of Loans denominated in CHF, the Swiss National Bank, or a committee officially endorsed or convened by the Swiss National Bank or, in each case, any successor thereto, (v) with respect to a Benchmark Replacement in respect of Loans denominated in CAD, the Bank of Canada, or a committee officially endorsed or convened by the Bank of Canada or, in each case, any successor thereto, and (vi) with respect to a Benchmark Replacement in respect of Loans denominated in any other currency, (a) the central bank for the currency in which such Benchmark Replacement is denominated or any central bank or other supervisor which is responsible for supervising either (1) such Benchmark Replacement or (2) the administrator of such Benchmark Replacement or (b) any working group or committee officially endorsed or convened by (1) the central bank for the currency in which such Benchmark Replacement is denominated, (2) any central bank or other supervisor that is responsible for supervising either (A) such Benchmark Replacement or (B) the administrator of such Benchmark Replacement, (3) a group of those central banks or other supervisors or (4) the Financial Stability Board or any part thereof. "Relevant Rate": (i) with respect to any Term Benchmark Borrowing denominated in Dollars, the Adjusted Term SOFR Rate, (ii) with respect to any Term Benchmark Borrowing denominated in Euros, the Adjusted EURIBOR Rate, (iii) with respect to any Term Benchmark Borrowing denominated in CAD, the Adjusted Term CORRA Rate, (iv) with respect to any Term Benchmark Borrowing denominated in a Non-Quoted Currency, the applicable Local Rate, or (v) with respect to any RFR Borrowing denominated in Sterling, CHF, SGD, Dollars or CAD, the applicable Adjusted Daily Simple RFR, as applicable. "Relevant Screen Rate": (i) with respect to any Term Benchmark Borrowing denominated in Dollars, the Term SOFR Reference Rate, (ii) with respect to any Term Benchmark Borrowing denominated in Euros, the EURIBOR Screen Rate, (iii) with respect to any Term Benchmark Borrowing denominated in CAD, Term CORRA or (iv) with respect to any Term Benchmark Borrowing denominated in a Non-Quoted Currency, the applicable Local Screen Rate, as applicable. "Required Information": as defined in Section 10.19(a). "Required Lenders": at any time, subject to Section 2.24(b), the holders of more than fifty percent (50%) of the sum of (a) the aggregate unpaid principal amount of the Term Loans plus (b) the Total Revolving Commitments then in effect or, if the Revolving Commitments have been terminated, the Total Revolving Extensions of Credit then outstanding; provided that, the Total Revolving Extensions of Credit of any Lender that is a Swingline Lender shall be deemed to exclude any amount of its Swingline Extensions of Credit in excess of its Revolving Percentage of all outstanding Swingline Loans, adjusted to give effect to any reallocation under Section 2.24 of the Swingline Extensions of Credits of Defaulting Lenders in effect at such time. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img078.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 64 "Required Revolving Lenders": at any time, subject to Section 2.24(b), the holders of more than fifty percent (50%) of the Total Revolving Commitments then in effect or, if the Revolving Commitments have been terminated, the Total Revolving Extensions of Credit then outstanding; provided that, the Total Revolving Extensions of Credit of any Lender that is a Swingline Lender shall be deemed to exclude any amount of its Swingline Extensions of Credit in excess of its Revolving Percentage of all outstanding Swingline Loans, adjusted to give effect to any reallocation under Section 2.24 of the Swingline Extensions of Credits of Defaulting Lenders in effect at such time. "Required Tranche Lenders": at any time, subject to Section 2.24(b), (i) with respect to the Alternative Currency Tranche One Facility, the holders of more than fifty percent (50%) of the Total Alternative Currency Tranche One Commitments then in effect or, if the Total Alternative Currency Tranche One Commitments have been terminated, the Total Alternative Currency Tranche One Extensions of Credit then outstanding, (ii) with respect to the Alternative Currency Tranche Two Facility, the holders of more than fifty percent (50%) of the Total Alternative Currency Tranche Two Commitments then in effect or, if the Total Alternative Currency Tranche Two Commitments have been terminated, the Total Alternative Currency Tranche Two Extensions of Credit then outstanding, and (iii) with respect to the Dollar Tranche Facility, the holders of more than fifty percent (50%) of the Dollar Tranche Commitments then in effect or, if the Total Dollar Tranche Commitments have been terminated, the Total Dollar Tranche Extensions of Credit then outstanding; provided that, the Total Alternative Currency Tranche One Extensions of Credit and Total Alternative Currency Tranche Two Extensions of Credit of any Lender that is a Swingline Lender shall, in each case, be deemed to exclude any amount of its Swingline Extensions of Credit in excess of its Revolving Percentage of all outstanding Swingline Loans, adjusted to give effect to any reallocation under Section 2.24 of the Swingline Extensions of Credits of Defaulting Lenders in effect at such time. "Requirement of Law": as to any Person, the 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 to which such Person or any of its property is subject. "Resolution Authority": an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority. "Responsible Officer": the chief executive officer, president, chief financial officer, chief operating officer, managing director, controller, treasurer, vice president or secretary of Parent Company or a Guarantor, the sole member of the general partner of the Borrower Representative, but in any event, with respect to financial matters, the chief financial officer or controller of Parent Company or a Guarantor, the sole member of the general partner of the Borrower Representative. "Restricted Payments": as defined in Section 7.6. "Reuters": means, as applicable, Thomson Reuters Corp., Refinitiv, or any successor thereto. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img079.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 65 "Revaluation Date": (a) with respect to any Loan, each of the following: (i) each date of a borrowing of a Loan denominated in an Alternative Currency, (ii) (A) with respect to any Term Benchmark Loan, each date of a continuation of a Loan denominated in an Alternative Currency pursuant to Section 2.12 and (B) with respect to any RFR Loan denominated in an Alternative Currency, each date that is one month after the borrowing of such Loan (or, if there is no such numerically corresponding day in such month, then the last day of such month), and (iii) such additional dates as the Administrative Agent shall determine or the Required Lenders shall require; and (b) with respect to any Letter of Credit, each of the following: (i) each date of issuance of a Letter of Credit denominated in an Alternative Currency, (ii) each date of an amendment of any such Letter of Credit having the effect of increasing the amount thereof, (iii) each date of any payment by the Issuing Lender under any Letter of Credit denominated in an Alternative Currency, and (iv) such additional dates as the Administrative Agent or the Issuing Lender shall determine or the Required Lenders shall require. "Revolving Commitment": the Alternative Currency Tranche One Commitment, the Alternative Currency Tranche Two Commitment, the Dollar Tranche Commitment, and/or the Swingline Commitment, as the context may require. "Revolving Commitment Period": the period from and including the Funding Date to the Revolving Termination Date. "Revolving Extensions of Credit": the Alternative Currency Tranche One Extensions of Credit, the Alternative Currency Tranche Two Extensions of Credit, and/or the Dollar Tranche Extensions of Credit, as the context may require. "Revolving Facility": the Alternative Currency Tranche One Facility, the Alternative Currency Tranche Two Facility and/or the Dollar Tranche Facility, as the context may require. "Revolving Lenders": the Alternative Currency Tranche One Lenders, the Alternative Currency Tranche Two Lenders and the Dollar Tranche Lenders. "Revolving Loans": the Alternative Currency Tranche One Loans, the Alternative Currency Tranche Two Loans and the Dollar Tranche Loans. "Revolving Percentage": as to any Revolving Lender and Tranche at any time, the percentage which such Lender's Revolving Commitment for such Tranche then constitutes of the aggregate Revolving Commitments of such Tranche; provided that in the case of Section 2.24 when a Defaulting Lender which is a Revolving Lender of such Tranche shall exist, "Revolving Percentage" shall mean the percentage which such Lender's Revolving Commitment for such Tranche then constitutes of the aggregate Revolving Commitment of such Tranche (disregarding any Defaulting Lender's Revolving Commitment). With respect to any Revolving Lender whose Revolving Commitments for any Tranche shall have expired or terminated, "Revolving Percentage" shall mean the percentage which the aggregate principal amount of such Lender's Revolving Loans of such Tranche then outstanding constitutes of the aggregate principal amount of the Revolving Loans of such Tranche then outstanding. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img080.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 66 "Revolving Termination Date": February 15, 2028, subject to extension as provided in Section 2.25. "RFR": for any RFR Loan denominated in (a) Sterling, SONIA, (b) CHF, SARON, (c) SGD, SORA, (d) Dollars, Daily Effective SOFR and (e) CAD, Daily Simple CORRA. "RFR Borrowing": as to any Borrowing, the RFR Loans comprising such Borrowing. "RFR Business Day": for any Loan denominated in (a) Sterling, any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which banks are closed for general business in London, (b) CHF, any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which banks are closed for the settlement of payments and foreign exchange transactions in Zurich, (c) SGD, a day (other than a Saturday or a Sunday or a gazette public holiday or a bank holiday) on which banks are open for general business in Singapore, (d) Dollars, a U.S. Government Securities Business Day and (e) CAD, any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which commercial banks in Toronto are authorized or required by law to remain closed. "RFR Interest Day": has the meaning specified in the definition of "Daily Simple RFR". "RFR Loan": a Loan that bears interest at a rate based on Daily Simple RFR. "Sanctioned Country": at any time, a country, region or territory which is the subject or target of any Sanctions (as of the Closing Date, the so - called Donetsk People's Republic, the so - called Luhansk People's Republic, the Crimea Region of Ukraine, the Kherson and Zaporizhzhia regions of Ukraine, Cuba, Iran, North Korea and Syria). "Sanctioned Person": at any time, any Person (a) that is the subject of Sanctions or listed in any Sanctions-related list of designated Persons maintained by OFAC or the U.S. Department of State, the European Union, the United Nations, His Majesty's Treasury, the Hong Kong Monetary Authority, or any Governmental Authority with jurisdiction over any Loan Party, (b) operating, organized or resident in a Sanctioned Country, (c) that is publicly identified as prohibited from doing business with the United States under the International Emergency Economic Powers Act, the Trading With the Enemy Act, or any other Requirement of Law, (d) that is a Canadian Blocked Person, or (e) owned or controlled by any such Person or Persons. "Sanctions": economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the U.S. government, including those administered by OFAC or the U.S. Department of State, the European Union, the United Nations, His Majesty's Treasury, the federal government of Canada, the government of Singapore, the Hong Kong Monetary Authority, and sanctions under other similar Requirements of Law of other jurisdictions in which a Person conducts its business. "S&P": S&P Global Ratings, a division of S&P Global Inc., and any successor to its rating agency business. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img081.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 67 "SARON": with respect to any Business Day, a rate per annum equal to the Swiss Average Rate Overnight for such Business Day published by the SARON Administrator on the SARON Administrator's Website. "SARON Administrator": the SIX Swiss Exchange AG (or any successor administrator of the Swiss Average Rate Overnight). "SARON Administrator's Website": SIX Swiss Exchange AG's website, currently at https://www.six-group.com, or any successor source for the Swiss Average Rate Overnight identified as such by the SARON Administrator from time to time. "Screen Rate": the Term SOFR Reference Rate, the EURIBOR Screen Rate, Term CORRA, and the Local Screen Rates, collectively and individually as the context may require. "SEC": the Securities and Exchange Commission, any successor thereto and any analogous Governmental Authority. "SEK": the lawful currency of Sweden. "Secured Indebtedness": with respect to any Person, Indebtedness of such Person that is secured by a Lien. Indebtedness of Parent Company or a Subsidiary secured solely by a pledge of Equity Interests in one or more Subsidiaries shall not be treated as Secured Indebtedness but shall be treated as Unsecured Indebtedness. "Secured Leverage Ratio": as defined in Section 7.1(b)(iv). "Secured Obligations": all Obligations, together with all (a) Cash Management Services and (b) Swap Obligations owing; provided, however, that the definition of "Secured Obligations" shall not create any guarantee by any Guarantor of (or grant of security interest by any Guarantor to support, as applicable) any Excluded Swap Obligations of such Guarantor for purposes of determining any obligations of any Guarantor. "Securities": any stock, shares, partnership interests, voting trust certificates, certificates of interest or participation in any profit-sharing agreement or arrangement, options, warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as "securities" or any certificates of interest, shares or participations in temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing. "SGD": the lawful currency of Singapore. "Singapore Borrower": a Foreign Borrower incorporated in Singapore. "SOFR": a rate equal to the secured overnight financing rate as administered by the SOFR Administrator. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img082.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 68 "SOFR Administrator": the NYFRB (or a successor administrator of the secured overnight financing rate). "SOFR Administrator's Website": the NYFRB's Website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time. "SOFR Determination Date": has the meaning specified in the definition of "Daily Effective SOFR". "SOFR Rate Day": has the meaning specified in the definition of "Daily Effective SOFR". "Solvent": with respect to any Person, as of any date of determination, (a) the amount of the "present fair saleable value" (determined on a going concern basis) of the assets of such Person will, as of such date, exceed the amount of all "liabilities of such Person, contingent or otherwise", as of such date, as such quoted terms are determined in accordance with applicable federal and state laws governing determinations of the insolvency of debtors, (b) the present fair saleable value (determined on a going concern basis) of the assets of such Person will, as of such date, be greater than the amount that will be required to pay the liability of such Person on its debts as such debts become absolute and matured in the ordinary course, (c) such Person will not have, as of such date, an unreasonably small amount of capital with which to conduct its business as contemplated on the date hereof, (d) such Person will be able to pay its debts as they mature or fall due in the ordinary course, (e) such Person (if a Canadian resident) shall not be an insolvent person as such term is defined in the Bankruptcy and Insolvency Act (Canada) and (f) such Person (if incorporated in Guernsey) satisfies the solvency test for the purposes of section 527 of the Companies (Guernsey) Law, 2008. "SONIA": with respect to any Business Day, a rate per annum, rounded (and not truncated) to four (4) decimal points, equal to the Sterling Overnight Index Average for such Business Day published by the SONIA Administrator on the SONIA Administrator's Website on the immediately succeeding Business Day. "SONIA Administrator": the Bank of England (or any successor administrator of the Sterling Overnight Index Average). "SONIA Administrator's Website": the Bank of England's website, currently at http://www.bankofengland.co.uk, or any successor source for the Sterling Overnight Index Average identified as such by the SONIA Administrator from time to time. "SORA" means the Singapore Overnight Rate Average published by the SORA Administrator on the SORA Administrator's Website, and in any case, if SORA is less than zero, SORA shall be deemed to be zero. "SORA Administrator": the Monetary Authority of Singapore (or any successor administrator of the Singapore Overnight Rate Average). |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img083.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 69 "SORA Administrator's Website": the Monetary Authority of Singapore's website, currently at http://www.mas.gov.sg, or any successor source for the Singapore Overnight Rate Average identified as such by the SORA Administrator (or as published by its authorised distributors) from time to time. "Specified Default": an Event of Default pursuant to Section 8(a) or Section 8(h). "Specified Jurisdictions": the United States, Canada, Mexico, Australia, New Zealand, England and Wales, Scotland, Guernsey, Netherlands, Belgium, Luxembourg, Norway, Denmark, Poland, Sweden, Singapore, Spain, Greece, Italy, Germany, France, Ireland, Portugal, Austria, Finland; and such other jurisdictions as may be agreed after the Closing Date by the Borrower Representative, the Administrative Agent and the Required Lenders. "Specified Time": (i) in relation to a Loan in AUD, as of 11:00 A.M., Sydney, Australia time; (ii) in relation to a Loan in Euros, 11:00 A.M. Brussels time; (iii) in relation to a Loan in DKK, SEK or NOK, as of 11:00 A.M., London time; (iv) in relation to a Loan in PLN, as of 11:00 A.M., Warsaw time; and (v) in relation to a Loan in NZD, as of 11:00 A.M., Wellington, New Zealand time. "Stabilized Property" has the meaning specified in the definition of "Development Property". "Statutory Reserve Rate": a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board or other applicable governmental body to which the Administrative Agent is subject with respect to the EURIBOR Rate for eurocurrency funding (currently referred to as "Eurocurrency Liabilities" in Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to such Regulation D or any comparable regulation. Term Benchmark Loans for which the associated Benchmark is adjusted by reference to the Statutory Reserve Rate (per the related definition of such Benchmark) shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. "Sterling" and "GBP": the lawful currency of the United Kingdom. "STIBOR Screen Rate": with respect to any Interest Period, the Stockholm interbank offered rate administered by the Swedish Bankers' Association (or any other person that takes over the administration of that rate) for deposits in Swedish Kroner with a term equivalent to such Interest Period as displayed on the Reuters screen page that displays such rate (or, in the event such rate does not appear on such Reuters page, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion) as of 11:00 a.m. London time two business days prior to the |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img084.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 70 commencement of such Interest Period. If the STIBOR Screen Rate shall be less than 1%, the STIBOR Screen Rate shall be deemed to be 1% for purposes of this Agreement. "Subsidiary": as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise qualified, all references to a "Subsidiary" or to "Subsidiaries" in this Agreement shall refer to a Subsidiary or Subsidiaries of Parent Company. "Sustainability Agent": the financial institution listed as "Sustainability Agent" on the cover page of this Agreement. "Swap Agreement": any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the Loan Parties or any of their Subsidiaries shall be a "Swap Agreement". "Swap Obligations": with respect to any Person, any and all obligations of such Person, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (a) any and all Lender Swap Agreements, and (b) any and all cancellations, buy backs, reversals, terminations or assignments of any Lender Swap Agreement transaction, including any obligation to pay or perform under any agreement, contract or transaction that constitutes a "swap" within the meaning of section 1a(47) of the Commodity Exchange Act. "Swap Termination Value": in respect of any one or more Swap Agreements, after taking into account the effect of any netting agreements relating to such Swap Agreements (to the extent, and only to the extent, such netting agreements are legally enforceable in a bankruptcy or insolvency proceeding against the applicable counterparty obligor thereunder), (i) for any date on or after the date such Swap Agreements have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (ii) for any date prior to the date referenced in preceding clause (i), the amount(s) determined as the mark-to-market value(s) for such Swap Agreements, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Agreements (which may include a Lender or any Affiliate of a Lender). "Swingline Commitment" means as to any Lender (i) the amount set forth opposite such Lender's name on Schedule 1.1G attached hereto or (ii) if such Lender has entered into an Assignment and Assumption or has otherwise assumed a Swingline Commitment after the date |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img085.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 71 hereof, the amount set forth for such Lender as its Swingline Commitment in the Register maintained by the Administrative Agent pursuant to Section 10.4(b)(v). "Swingline Extensions of Credit" means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time. The Swingline Extensions of Credit of any Lender at any time shall be the sum of (a) its Revolving Percentage of the aggregate principal amount of all Swingline Loans outstanding at such time (excluding, in the case of any Lender that is a Swingline Lender, Swingline Loans made by it that are outstanding at such time to the extent that the other Lenders shall not have funded their participations in such Swingline Loans), adjusted to give effect to any reallocation under Section 2.24 of the Swingline Extensions of Credit of Defaulting Lenders in effect at such time, and (b) in the case of any Lender that is a Swingline Lender, the aggregate principal amount of all Swingline Loans made by such Lender outstanding at such time, less the amount of participations funded by the other Lenders in such Swingline Loans. "Swingline Lenders" means JPMorgan Chase Bank, N.A. and any other Lender that agrees to act as an Swingline Lender (or in each case, any of its designated branch offices or affiliates), each in its capacity as a lender of Swingline Loans hereunder. "Swingline Loan" means a Loan made pursuant to Section 2.6. All Swingline Loans shall be denominated in CAD. "Syndication Agent": as defined in the preamble hereto. "Tangible Net Worth": as of any date of determination, Total Asset Value less Total Indebtedness. "TARGET2": the real time gross settlement system operated by the Eurosystem, or any successor system. "TARGET Day": any day on which TARGET2 (or, if such payment system ceases to be operative, such other payment system, if any, determined by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euro. "Taxes": all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. "Tax Confirmation": a confirmation by a Lender that the person beneficially entitled to interest payable to that Lender in respect of an advance under a Loan Document is either: (a) a company resident in the United Kingdom for United Kingdom tax purposes; (b) a partnership each member of which is: (i) a company so resident in the United Kingdom; or |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img086.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 72 (ii) a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in computing its chargeable profits (within the meaning of section 19 of the CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the CTA; or (c) a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account interest payable in respect of that advance in computing the chargeable profits (within the meaning of section 19 of the CTA) of that company. "Term Benchmark": when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted Term SOFR Rate, the Adjusted EURIBOR Rate, the Adjusted Term CORRA Rate, or the Local Rate. "Term Benchmark Tranche": the collective reference to Term Benchmark Loans the then current Interest Periods with respect to all of which begin on the same date and end on the same later date (whether or not such Loans shall originally have been made on the same day). "Term Commitments": as to any Lender, its U.S. Term Commitment. "Term CORRA": for any calculation with respect to any Term Benchmark Borrowing denominated in CAD, the Term CORRA Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the "Periodic Term CORRA Determination Day") 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; provided, however, that if as of 1:00 p.m. (Toronto time) on any Periodic Term CORRA Determination Day 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 five (5) Business Days prior to such Periodic Term CORRA Determination Day. "Term CORRA Administrator": Candeal Benchmark Administration Services Inc., TSX Inc., or any successor administrator. "Term CORRA Notice": a notification by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term CORRA Reelection Event. "Term CORRA Rate": for purposes of any calculation, the rate per annum equal to Term CORRA for such calculation; provided that if the Term CORRA Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img087.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 73 "Term CORRA Reelection Event": the determination by the Administrative Agent that (a) Term CORRA has been recommended for use by the Relevant Governmental Body, (b) the administration of Term CORRA is administratively feasible for the Administrative Agent and (c) a Benchmark Transition Event, has previously occurred resulting in a Benchmark Replacement in accordance with Section 2.8(b) that is not Term CORRA. "Term CORRA Reference Rate": the forward-looking term rate based on CORRA. "Term Facilities": the U.S. Term Facility. "Term Loans": the U.S. Term Loans. "Term Loan Maturity Date": February 15, 2029. "Term Percentage": the U.S. Term Percentage. "Term SOFR Determination Day": has the meaning assigned to it under the definition of Term SOFR Reference Rate. "Term SOFR Rate": with respect to any Term Benchmark Borrowing denominated in Dollars and for any tenor comparable to the applicable Interest Period, the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time, two U.S. Government Securities Business Days prior to the commencement of such tenor comparable to the applicable Interest Period, as such rate is published by the CME Term SOFR Administrator; provided that if the Term SOFR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement. "Term SOFR Reference Rate": for any day and time (such day, the "Term SOFR Determination Day"), with respect to any Term Benchmark Borrowing denominated in Dollars and for any tenor comparable to the applicable Interest Period, the rate per annum published by the CME Term SOFR Administrator and identified by the Administrative Agent as the forward-looking term rate based on SOFR. If by 5:00 pm (New York City time) on such Term SOFR Determination Day, the "Term SOFR Reference Rate" for the applicable tenor has not been published by the CME Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Rate has not occurred, then, so long as such day is otherwise a U.S. Government Securities Business Day, the Term SOFR Reference Rate for such Term SOFR Determination Day will be the Term SOFR Reference Rate as published in respect of the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate was published by the CME Term SOFR Administrator, so long as such first preceding U.S. Government Securities Business Day is not more than five (5) U.S. Government Securities Business Days prior to such Term SOFR Determination Day. "Total Asset Value": on any date, without duplication, the sum of: (a) with respect to Real Property (other than Newly Acquired Properties, Development Properties, Newly Stabilized Properties and undeveloped land) that is (x) owned or ground leased or (y) a Leased Asset as of such date by Parent Company or any Subsidiary, the sum of the Eligible Values at such time of each such Real Property; provided that the |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img088.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 74 manufacturing EBITDA from the Centralia, Washington facility and the high pressure processing EBITDA from the Allentown, Pennsylvania facility shall be valued as Real Property pursuant to this clause (a); (b) with respect to the transportation and other ancillary businesses (including the Refrigerated Railcar Business) as of such date of Parent Company or any Subsidiary, the sum of the portion of EBITDA attributable to each such business segment for the most recently ended period of four (4) consecutive fiscal quarters multiplied by 9.0; provided, that with respect to any such business segment of Parent Company or such Subsidiary that has been owned for less than four full quarters as of such date, the purchase price paid for such business segment; (c) with respect to any Newly Acquired Property (other than a Development Property, a Newly Stabilized Property or undeveloped land), EBITDA for the period of four (4) consecutive fiscal quarters then ended for such Real Property, divided by the applicable Capitalization Rate (but in no event less than zero); (d) with respect to any (i) Development Property (until such Development Property becomes a Stabilized Property), (ii) Newly Stabilized Property that has been a Newly Stabilized Property for less than one full fiscal quarter as of such date and (iii) undeveloped land, the lesser of (x) cost (including the cost of the land and all hard and soft costs) or (y) book value in accordance with GAAP; (e) with respect to any Newly Stabilized Property that has been a Newly Stabilized Property for at least one full fiscal quarter but less than two full fiscal quarters as of such date, an amount equal to the portion of EBITDA for the most recent full fiscal quarter ended on or prior to such date in respect of which financial statements for such quarter or fiscal year have been or are required to be delivered that is attributable to such Newly Stabilized Property multiplied by 4, divided by the applicable Capitalization Rate (but in no event less than zero); (f) with respect to any Newly Stabilized Property that has been a Newly Stabilized Property for at least two full fiscal quarters but less than three full fiscal quarters as of such date, an amount equal to the portion of EBITDA for the most recent period of two full fiscal quarters ended on or prior to such date (taken as one accounting period) in respect of which financial statements for such each quarter or fiscal year in such period have been or are required to be delivered that is attributable to such Newly Stabilized Property multiplied by 2, divided by the applicable Capitalization Rate (but in no event less than zero); (g) with respect to any Newly Stabilized Property that has been a Newly Stabilized Property for at least three full fiscal quarters but less than four full fiscal quarters as of such date, an amount equal to the portion of EBITDA for the most recent period of three full fiscal quarters ended on or prior to such date (taken as one accounting period) in respect of which financial statements for each quarter or fiscal year in such period have been or are required to be delivered that is attributable to such Newly Stabilized Property multiplied by 4/3, divided by the applicable Capitalization Rate (but in no event less than zero); |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img089.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 75 (h) unrestricted cash and Cash Equivalents and unrestricted marketable securities of Parent Company and its Subsidiaries in excess of $25,000,000; (i) the sum of (x) the book value of other assets consisting of inventory, accounts receivable not more than 90 days past due or otherwise in payment default, and other tangible assets of Parent Company and its Subsidiaries minus (y) the book value of accounts payable of Parent Company and its Subsidiaries; and (j) solely with respect to the calculation of Total Leverage Ratio herein, the amount of cash contributions that the direct or indirect owners of the Equity Interests of Parent Company have irrevocably committed to contribute to Parent Company when requested by Parent Company pursuant to subscription agreements or similar agreements, which commitments were received on or prior to the date of delivery of the applicable Compliance Certificate pursuant to Section 6.2(a), or on or prior to the date of the applicable pro forma financial covenant calculation, as applicable, but have not yet funded; provided that not more than 15% of the Total Asset Value at any time may be attributable to undeveloped land and Development Properties, with any excess over such limit being excluded from the Total Asset Value. Parent Company's pro rata share of assets held by Joint Ventures will be included in the calculation of Total Asset Value consistent with the above-described treatment for assets owned by Subsidiaries. "Total Alternative Currency Tranche One Commitments": at any time, the aggregate amount of the Alternative Currency Tranche One Commitments then in effect. "Total Alternative Currency Tranche One Extensions of Credit": at any time, the aggregate amount of the Alternative Currency Tranche One Extensions of Credit of the Alternative Currency Tranche One Lenders outstanding at such time. "Total Alternative Currency Tranche Two Commitments": at any time, the aggregate amount of the Alternative Currency Tranche Two Commitments then in effect. "Total Alternative Currency Tranche Two Extensions of Credit": at any time, the aggregate amount of the Alternative Currency Tranche Two Extensions of Credit of the Alternative Currency Tranche Two Lenders outstanding at such time. "Total Dollar Tranche Commitments": at any time, the aggregate amount of the Dollar Tranche Commitments then in effect. "Total Dollar Tranche Extensions of Credit": at any time, the aggregate amount of the Dollar Tranche Extensions of Credit of the Dollar Tranche Lenders outstanding at such time. "Total Indebtedness": the sum of all Indebtedness of Parent Company and its consolidated Subsidiaries on a consolidated basis and the pro rata share of all Indebtedness of Joint Ventures. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img090.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 76 "Total Leverage Ratio": as defined in Section 7.1(i). "Total Revolving Commitments": at any time, the aggregate amount of the Revolving Commitments then in effect. "Total Revolving Extensions of Credit": at any time, the aggregate amount of the Revolving Extensions of Credit of the Revolving Lenders outstanding at such time. "Total Secured Indebtedness": the portion of Total Indebtedness that is Secured Indebtedness. "Total Unsecured Indebtedness": the portion of Total Indebtedness that is Unsecured Indebtedness. "Traded Securities": any debt or equity Securities issued pursuant to a public offering or Rule 144A offering or other similar private placement. "Tranche": the applicable tranche, as the context may require, relating to (i) the Alternative Currency Tranche One Commitments and the Alternative Currency Tranche One Loans, (ii) the Alternative Currency Tranche Two Commitments and the Alternative Currency Tranche Two Loans, (iii) the Swingline Commitments and the Swingline Loans, or (iv) the Dollar Tranche Commitments, the Dollar Tranche Loans, and L/C Obligations. "Transaction Costs": all fees, costs and expenses incurred by Parent Company and its Subsidiaries in connection with the Transactions. "Transactions": the collective reference to (a) the execution, delivery and performance by each Loan Party of the Loan Documents (including this Agreement), the borrowing of the Loans, the use of proceeds thereof and the issuance of Letters of Credit hereunder, (b) the Refinancing and (c) the payment of the Transaction Costs. "Type": when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted Term SOFR Rate, the Adjusted EURIBOR Rate, the Adjusted Term CORRA Rate, the Adjusted Daily Simple RFR, the Local Rate or the ABR. "UK Borrower": a Borrower incorporated in the United Kingdom. "UK Financial Institutions": any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from 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 Non-Bank Lender": any Lender which meets and is relying on limb (a)(ii) of UK Qualifying Lender to be a UK Qualifying Lender. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img091.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 77 "UK Qualifying Lender": (a) a Lender which is beneficially entitled to interest payable to that Lender in respect of an advance under a Loan Document and is: (i) a Lender: (A) which is a bank (as defined for the purpose of section 879 of the ITA) making an advance under a Loan Document and is within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of that advance or would be within such charge as respects such payments apart from section 18A of the CTA; or (B) in respect of an advance made under a Loan Document by a person that was a bank (as defined for the purpose of section 879 of the ITA) at the time that that advance was made and within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of that advance; or (ii) a Lender which is: (A) a company resident in the United Kingdom for United Kingdom tax purposes; (B) a partnership each member of which is: (1) a company so resident in the United Kingdom; or (2) a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in computing its chargeable profits (within the meaning of section 19 of the CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the CTA; (C) a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account interest payable in respect of that advance in computing the chargeable profits (within the meaning of section 19 of the CTA) of that company; or (iii) a UK Treaty Lender; or |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img092.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 78 (b) a Lender which is a building society (as defined for the purposes of section 880 of the ITA) making an advance under a Loan Document. "UK Resolution Authority": the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution. "UK Treaty Lender": a Lender which is treated as a resident of a Treaty State for the purposes of the Treaty; does not carry on a business in the United Kingdom through a permanent establishment with which that Lender's participation in the Loan is effectively connected; and meets all other conditions in the Treaty for full exemption from tax imposed by the United Kingdom on interest, subject to the completion of procedural formalities. "UK Treaty State": a jurisdiction having a double taxation agreement (a "Treaty") with the United Kingdom which makes provision for full exemption from tax imposed by the United Kingdom on interest. "Unadjusted Benchmark Replacement": the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment. "Unencumbered Asset Value": as of the last day of any fiscal quarter, without duplication, the sum of: (a) (i) Unencumbered NOI for Qualified Assets that are not Newly Acquired Properties, Development Properties, Newly Stabilized Properties or undeveloped land for the period of four (4) consecutive fiscal quarters then ended, divided by (ii) the applicable Capitalization Rate; provided that the manufacturing EBITDA from the Centralia, Washington facility and the high pressure processing EBITDA from the Allentown, Pennsylvania facility shall be valued as Real Property pursuant to this clause (a); (b) with respect to any Qualified Asset that is a Newly Acquired Property (other than a Development Property or a Newly Stabilized Property), the EBITDA for the period of four (4) consecutive fiscal quarters then ended for such Qualified Asset, divided by the applicable Capitalization Rate (but in no event less than zero); (c) with respect to Qualified Asset that is a (i) Development Property (until such Development Property becomes a Stabilized Property), a (ii) Newly Stabilized Property that has been a Newly Stabilized Property for less than one full fiscal quarter as of such date or (iii) undeveloped land, the lesser of (x) cost or (y) book value in accordance with GAAP; (d) with respect to any Qualified Asset that has been a Newly Stabilized Property for at least one full fiscal quarter but less than two full fiscal quarters as of such date, an amount equal to the portion of EBITDA for the most recent full fiscal quarter ended on or prior to such date in respect of which financial statements for such quarter or fiscal year have been or are required to be delivered that is attributable to such Newly Stabilized Property multiplied by 4, divided by the applicable Capitalization Rate (but in no event less than zero); (e) with respect to any Qualified Asset that has been a Newly Stabilized Property for at least two full fiscal quarters but less than three full fiscal quarters as of such date, |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img093.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 79 an amount equal to the portion of EBITDA for the most recent period of two full fiscal quarters ended on or prior to such date (taken as one accounting period) in respect of which financial statements for each quarter or fiscal year in such period have been or are required to be delivered that is attributable to such Newly Stabilized Property multiplied by 2, divided by the applicable Capitalization Rate (but in no event less than zero); (f) with respect to any Qualified Asset that has been a Newly Stabilized Property for at least three full fiscal quarters but less than four full fiscal quarters as of such date, an amount equal to the portion of EBITDA for the most recent period of three full fiscal quarters ended on or prior to such date (taken as one accounting period) in respect of which financial statements for each quarter or fiscal year in such period have been or are required to be delivered that is attributable to such Newly Stabilized Property multiplied by 4/3, divided by the applicable Capitalization Rate (but in no event less than zero); (g) unrestricted cash and cash equivalents and marketable securities of Parent Company and its Subsidiaries in excess of $25,000,000; and (h) with respect to the Refrigerated Railcar Business as of such date, the sum of the portion of the EBITDA attributable to the Refrigerated Railcar Business for the most recently ended period of four (4) consecutive fiscal quarters multiplied by 9.0; provided that with respect to any Refrigerated Railcar Business that has been owned for less than four full quarters as of such date, the purchase price paid for such Refrigerated Railcar Business; and provided further that not more than 15% of the Unencumbered Asset Value at any time may be attributable to the Refrigerated Railcar Business, with any excess over such limit being excluded from the Unencumbered Asset Value; provided that: (i) not more than 20% of the Unencumbered Asset Value at any time may be attributable to Qualified Assets located in jurisdictions outside the Specified Jurisdictions, Qualified Assets that are owned or leased by a non-Wholly Owned Subsidiary of Parent Company, and undeveloped land and Development Properties, with any excess over such limit being excluded from the Unencumbered Asset Value; and (ii) not more than 25% of the Unencumbered Asset Value at any time may be attributable to Eligible Leased Assets, with any excess over such limit being excluded from the Unencumbered Asset Value; (iii) not more than 10% of the Unencumbered Asset Value at any time may be attributable to Qualified Assets that are owned or leased by a Subsidiary which (together with any other Subsidiary that is the direct or indirect holder of Equity Interests in such Subsidiary, referred to as the "Parent Subsidiary") has outstanding Recourse Indebtedness for borrowed money at such time (unless such Subsidiary or Parent Subsidiary is a U.S. Loan Party or the lender of such Indebtedness is a party to the Intercreditor Agreement), with any excess over such limit being excluded from the Unencumbered Asset Value; and (iv) not more than the lesser of (x) $400,000,000 or (y) 5% of the Unencumbered Asset Value at any time may be attributable to Qualified Assets and assets set |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img094.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 80 forth in clauses (g) and (h) of this definition of a Qualified Asset Owner described in clause (b) of the definition thereof, with any excess over such limit being excluded from the Unencumbered Asset Value. "Unencumbered NOI": as of the last day of any fiscal quarter, the aggregate portion of EBITDA for the period of four (4) consecutive fiscal quarters then ended that is attributable to Qualified Assets. "United States": the United States of America. "Unliquidated Obligations": at any time, any Secured Obligations (or portion thereof) that are contingent in nature or unliquidated at such time, including any Secured Obligation that is: (a) an obligation to reimburse a bank for drawings not yet made under a letter of credit issued by it; (b) any other obligation (including any guarantee) that is contingent in nature at such time; or (c) an obligation to provide collateral to secure any of the foregoing types of obligations. "Unsecured Indebtedness": with respect to any Person, Indebtedness of such Person that is not Secured Indebtedness. "U.S. Borrower": (i) as of the Closing Date, the Company and each Subsidiary of Holdings set forth on Schedule 1.1C hereof (the "Closing Date US Borrowers"); provided, (A) as of the Closing Date each Closing Date U.S. Borrower shall be permitted to borrow only the currencies set forth on Schedule 1.1C and (B) after the Closing Date, prior to any U.S. Borrower becoming entitled to borrow Loans in any currency other than the currencies set forth on Schedule 1.1C, the Administrative Agent and the applicable Lenders shall have received the Required Information for such U.S. Borrower and currency and (ii) thereafter, the Closing Date US Borrowers and each Designated Borrower that is a Domestic Subsidiary. "U.S. Government Securities Business Day": 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. Guarantor": at any time, the Guarantors and each other Person that is a Guarantor at such time pursuant to the Guarantee Agreement, including by way of its joinder thereto. "U.S. Loan Party": at any time, a U.S. Borrower or a U.S. Guarantor at such time. "U.S. Person": (i) for purposes of Sections 4.27 and 7.17 hereof, any United States citizen, lawful permanent resident, entity organized under the laws of the United States or any jurisdiction within the United States, including any foreign branch of any such entity, or any person in the United States and (ii) for all other purposes, a "United States person" within the meaning of Section 7701(a)(30) of the Code. "U.S. Tax Compliance Certificate": as defined in Section 2.19(f)(ii)(B)(3). |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img095.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 81 "U.S. Term Borrowers": the Company and Lineage Logistics Services, LLC, a Delaware limited liability company. "U.S. Term Commitment": as to any Lender, (a) the obligation of such Lender, if any, to make a U.S. Term Loan to one or more of the U.S. Borrowers in a principal amount not to exceed the amount set forth under the heading "U.S. Term Commitment" opposite such Lender's name on Schedule 1.1A or (b) any incremental Commitments of such Lender to make New Term Loans pursuant to Section 2.23. The initial aggregate amount of the U.S. Term Commitments is $1,000,000,000. "U.S. Term Facility": the U.S. Term Commitments and the U.S. Term Loans made thereunder. "U.S. Term Lender": each Lender that has a U.S. Term Commitment or that holds a U.S. Term Loan. "U.S. Term Loan": as defined in Section 2.1(a) and including any incremental U.S. Term Loans made pursuant to Section 2.23. "U.S. Term Percentage": as to any U.S. Term Lender at any time, the percentage which such Lender's U.S. Term Commitment then constitutes of the aggregate U.S. Term Commitments (or, at any time after the Funding Date, the percentage which the aggregate principal amount of such Lender's U.S. Term Loans then outstanding constitutes of the aggregate principal amount of all of the U.S. Term Loans then outstanding). "Wholly Owned Subsidiary": as to any Person, any other Person all of the Equity Interests of which (other than directors' qualifying shares required by law) is owned by such Person directly and/or through other Wholly Owned Subsidiaries; provided that, (i) at any time prior to the merger or consolidation of Holdings with or into Lineage OP, any Wholly Owned Subsidiary of Holdings will be deemed to be a Wholly Owned Subsidiary of each of Parent Company and Lineage OP and (ii) at any time after to the merger or consolidation of Holdings with or into Lineage OP, any Wholly Owned Subsidiary of Lineage OP will be deemed to be a Wholly Owned Subsidiary of Parent Company. "WIBOR Screen Rate": with respect to any Interest Period, the Warsaw interbank offered rate administered by the GPW Benchmark S.A. (or any other Person that takes over the administration of such rate) for PLN with a tenor equal in length to such Interest Period as displayed on page WIBOR of the Reuters screen (or, in the event such rate does not appear on such Reuters page on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion) as of 11:00 a.m. Warsaw time two business days prior to the commencement of such Interest Period. If the WIBOR Screen Rate shall be less than 0%, the WIBOR Screen Rate shall be deemed to be 0% for purposes of this Agreement. "Write-Down and Conversion Powers": (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 |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img096.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 82 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. 1.2 Other Definitional Provisions. (a) Unless otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in the other Loan Documents or any certificate or other document made or delivered pursuant hereto or thereto. (b) As used herein and in the other Loan Documents, and any certificate or other document made or delivered pursuant hereto or thereto, (i) accounting terms relating to any Group Member not defined in Section 1.1 and accounting terms partly defined in Section 1.1, to the extent not defined, shall have the respective meanings given to them under GAAP, (ii) the words "include", "includes" and "including" shall be deemed to be followed by the phrase "without limitation", (iii) the word "incur" shall be construed to mean incur, create, issue, assume, become liable in respect of or suffer to exist (and the words "incurred" and "incurrence" shall have correlative meanings), (iv) 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, Equity Interests, securities, revenues, accounts, leasehold interests and contract rights, and (v) references to agreements or other Contractual Obligations shall, unless otherwise specified, be deemed to refer to such agreements or Contractual Obligations as amended, supplemented, restated or otherwise modified from time to time. (c) The words "hereof", "herein" and "hereunder" and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule and Exhibit references are to this Agreement unless otherwise specified. (d) For all purposes pursuant to which the interpretation or construction of a Loan Document may be subject to the laws of the Province of Quebec or a court or tribunal exercising jurisdiction in the Province of Québec, (a) "personal property" shall include "movable property", (b) "real property" or "real estate" shall include "immovable property", (c) "tangible property" shall include "corporeal property", (d) "intangible property" shall include "incorporeal property", (e) "security interest" and "lien" shall include a "hypothec", "right of retention", "prior claim", "reservation of ownership" and a resolutory clause, (f) all references to filing, perfection, priority, remedies, registering or recording under the Uniform Commercial Code or the Canadian PPSA shall include publication under the Civil Code of Quebec, (g) all references to "perfection" of or "perfected" liens or security interest shall include a reference to an "opposable" or "set up" lien or security interest as against third parties, (h) any "right of offset", "right of setoff" or similar expression shall include a "right of compensation", (i) "goods" shall include "corporeal movable property" other than chattel paper, documents of title, instruments, money and securities, (j) an "agent" shall include a "mandatary", (k) "construction liens" or "mechanics, materialmen, repairmen, construction contractors or other like Liens" shall include |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img097.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 83 "legal hypothecs" and "legal hypothec in favour of Persons having taken part in the construction or renovation of an immovable", (l) "joint and several" shall include "solidary", (m) "gross negligence or willful misconduct" shall be deemed to be "intentional or gross fault", (n) "beneficial ownership" shall include "ownership on behalf of another as mandatary", (o) "easement" shall include "servitude", (p) "priority" shall include "prior claim", as applicable, (q) "survey" shall include "certificate of location and plan", (r) "state" shall include "province" or "territory", (s) "fee simple title" shall include "absolute ownership", (t) "accounts" shall include "claims", (u) "legal title" shall include "holding title on behalf of an owner as mandatory or prête-nom", (v) "leasehold interest" shall include a "valid lease", (w) "lease" shall include a "leasing contract" and (x) "guarantee" and "guarantor" shall include "suretyship" and "surety", respectively. The parties hereto have expressly required that this Agreement and all deeds, documents and notices relating thereto be drafted in the English language. Les parties aux présentes ont expressément exigé que la présente convention et tous les autres contrats, documents ou avis qui y sont afférents soient rédigés en langue anglaise. (e) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. 1.3 Exchange Rates; Currency Equivalents. (a) The relevant rate of exchange shall be determined in accordance with the definition of "Dollar Equivalent" as of each Revaluation Date to be used for calculating Dollar Equivalent amounts of Loans and Letters of Credit denominated in Alternative Currencies. Such rate of exchange shall become effective as of such Revaluation Date and shall be the rate of exchange employed in converting any amounts between the applicable currencies until the next Revaluation Date to occur. Except for purposes of financial statements delivered by Loan Parties 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. (b) Wherever in this Agreement in connection with a borrowing, conversion, continuation or prepayment of a 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 Dollar Equivalent (rounded to the nearest unit of such Alternative Currency, with 0.5 of a unit being rounded upward), as determined by the Administrative Agent or the Issuing Lender, as the case may be. (c) 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 definition of "Term SOFR Rate", "Daily Simple RFR", "EURIBOR Rate", "Term CORRA", or "Local Rate" or with respect to any comparable or successor rate thereto. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img098.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 84 1.4 Additional Alternative Currencies. (a) The Borrower Representative may from time to time request that Alterative Currency Tranche One Loans and Alternative Currency Tranche Two Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of "Alternative Currency Tranche One Currencies", "Alternative Currency Tranche Two Currencies", and "Alternative Currencies", respectively; provided that such requested currency is a lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars and, in the case of Term Benchmark Loans, subject to Section 2.16, for which Reuters (or a successor thereto, or a substitute service selected by the Administrative Agent) reports a Relevant Rate. In the case of any such request with respect to the making of Loans, such request shall be subject to the approval of the Administrative Agent and all of the Lenders under the applicable Tranche; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent, the Issuing Lender and all of the Dollar Tranche Lenders. (b) Any such request shall be made to the Administrative Agent not later than 11:00 A.M., twenty (20) Business Days prior to the date of the desired Loan or Letter of Credit (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the Issuing Lender, in its or their sole discretion). In the case of any such request pertaining to Loans, the Administrative Agent shall promptly notify each Lender under the applicable Tranche thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the Issuing Lender thereof. Each Lender under the applicable Tranche (in the case of any such request pertaining to Loans) or the Issuing Lender (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 A.M., ten (10) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Loans or the issuance of Letters of Credit, as the case may be, in such requested currency. (c) Any failure by a Lender of such Tranche or the Issuing Lender, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Lender or the Issuing Lender, as the case may be, to permit Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Lenders under such Tranche consent to making Loans in such requested currency, the Administrative Agent shall so notify the Borrower Representative and such currency shall thereupon be deemed for all purposes to be an "Alternative Currency Tranche One Currencies" or "Alternative Currency Tranche Two Currencies", as applicable, hereunder for purposes of any borrowings of Loans under the applicable Tranche; and if the Administrative Agent and the Issuing Lender consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrower Representative and such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.4, the Administrative Agent shall promptly so notify the Borrower Representative. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img099.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 85 1.5 Change of Currency. (a) Each obligation of a Borrower to make a payment denominated in the national currency unit of any member state of the European Union that adopts the Euro as its lawful currency after the date hereof shall be redenominated into Euro at the time of such adoption. If, in relation to the currency of any such member state, the basis of accrual of interest expressed in this Agreement in respect of that currency shall be inconsistent with any convention or practice in the London interbank market for the basis of accrual of interest in respect of the Euro, such expressed basis shall be replaced by such convention or practice with effect from the date on which such member state adopts the Euro as its lawful currency; provided that if any borrowing in the currency of such member state is outstanding immediately prior to such date, such replacement shall take effect, with respect to such borrowing, at the end of the then current Interest Period. (b) Each provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time specify to be appropriate to reflect the adoption of the Euro by any member state of the European Union and any relevant market conventions or practices relating to the Euro. (c) Each provision of this Agreement also shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time specify to be appropriate to reflect a change in currency of any other country and any relevant market conventions or practices relating to the change in currency. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img100.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 86 1.6 Times of Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable). 1.7 Letter of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the Dollar Equivalent of the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the Dollar Equivalent of the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time. 1.8 Interest Rates; Benchmark Notification. The interest rate on a Loan denominated in Dollars or an Alternative Currency may be derived from an interest rate benchmark that may be discontinued or is, or may in the future become, the subject of regulatory reform. Upon the occurrence of a Benchmark Transition Event or a Term CORRA Reelection Event, Section 2.16 provides a mechanism for determining an alternative rate of interest. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission, performance or any other matter related to any interest rate used in this Agreement, or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the existing interest rate being replaced or have the same volume or liquidity as did any existing interest rate prior to its discontinuance or unavailability. The Administrative Agent and its affiliates and/or other related entities may engage in transactions that affect the calculation of any interest rate used in this Agreement or any alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to the Borrowers. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrowers, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service. 1.9 Divisions. For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction's laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized and acquired on the first date of its existence by the holders of its Equity Interests at such time. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img101.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 87 1.10 Limited Condition Transactions. In connection with the establishment of any New Term Commitments and the availability of borrowings under such New Term Commitments solely in connection with a Limited Condition Transaction, for purposes of (a) determining compliance with the Financial Covenants, (b) determining the accuracy of representations and warranties and (c) determining whether a Default or Event of Default shall have occurred and be continuing, in each case, at the option of the Borrower Representative (the Borrower Representative's election to exercise such option in connection with such a Limited Condition Transaction, an "LCT Election"), the date of determination of any such compliance, accuracy or occurrence of a Default or Event of Default hereunder shall be deemed to be the date the definitive agreements with respect to such Limited Condition Transaction are entered into (in each case, 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 Debt or Liens and the use of proceeds thereof) as if they had occurred at the beginning of the most recent period of four consecutive fiscal quarters ending on or prior to the LCT Test Date (or, if such date is not the last day of any fiscal quarter, the most recently completed fiscal quarter for which financial statements are required to have been delivered pursuant to Section 6.1(a) or (b)), the Borrowers could have taken such action on the relevant LCT Test Date in compliance with the Financial Covenants or requirement with respect to the accuracy of representations and warranties or absence of Defaults or Events of Default, such Financial Covenants or requirement shall be deemed to have been complied with. If the Borrower Representative has made an LCT Election for any Limited Condition Transaction, then, in connection with any subsequent calculation of the Financial Covenants 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 without consummation of such Limited Condition Transaction, any such Financial Covenant shall be calculated on a pro forma basis assuming such Limited Condition Transaction and other transactions in connection therewith (including any incurrence of Debt or Liens and the use of proceeds thereof) have been consummated. 1.11 Foreign Terms. (a) Australian Terms. Without prejudice to the generality of any provision of this Agreement, in this Agreement, where it relates to an Australian Loan Party, a reference to: (i) "security interest" also includes a "security interest" as defined in section 12 of the Australian PPSA but excludes a "security interest" as defined in section 12(3) of the Australian PPSA which does not in substance secure the payment or performance of an obligation; and (ii) "Controller", "receiver" or "receiver and manager" has the meaning given to it in section 9 of the Australian Corporations Act. (b) Belgian Terms. Without prejudice to the generality of any provision of this Agreement, in this Agreement, where it relates to a Belgian Loan Party or the context so requires, a reference to: |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img102.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 88 (i) gross negligence means zware fout/faute grave; (ii) a liquidator, compulsory manager, receiver, administrative receiver, administrator or similar officer includes any vereffeningsdeskundige/praticien de la liquidation, herstructureringsdeskundige/praticien de la réorganisation, curator/curateur, vereffenaar/liquidateur, gedelegeerd rechter/juge délégué, gerechtsmandataris/mandataire de justice, voorlopig bewindvoerder/administrateur provisoire, gerechtelijk bewindvoerder/administrateur judiciaire, mandataris ad hoc/mandataire ad hoc and ondernemingsbemiddelaar/médiateur d'entreprise, as applicable; (iii) Collateral includes any mortgage (hypotheek/hypothèque), pledge (pand/gage), any mandate to grant a mortgage, a pledge or any other real security (mandaat/mandat), privilege (voorrecht/privilège), reservation of title arrangement (eigendomsvoorbehoud/réserve de propriété), any real security (zakelijke zekerheid/sûreté réelle) and any transfer by way of security (overdracht ten titel van zekerheid/transfert à titre de garantie); (iv) a person being unable to pay its debts is that person being in a state of cessation of payments (staking van betaling/cessation de paiements); (v) a composition, compromise, assignment or arrangement includes a settlement agreement outside judicial reorganisation (minnelijk akkoord buiten gerechtelijke reorganisatie/accord amiable hors réorganisation judiciaire), a judicial reorganisation (gerechtelijke reorganisatie/réorganisation judiciaire) (including openbare gerechtelijke reorganisatie door een minnelijk akkoord/réorganisation judiciaire publique par accord amiable, openbare gerechtelijke reorganisatie door een collectief akkoord/réorganisation judiciaire publique par un accord collectif, besloten gerechtelijke reorganisatie door een minnelijk akkoord/réorganisation judiciaire privée par accord amiable, or besloten gerechtelijke reorganisatie door een collectief akkoord/réorganisation judiciaire privée par un accord collectif), or a transfer under judicial authority (overdracht onder gerechtelijk gezag/transfert sous autorité judiciaire) pursuant to Book XX, Titles IV, V/I or V/II of the Belgian Code of Economic Law (Wetboek van economisch recht/Code de droit économique); (vi) winding-up, administration or dissolution includes any vereffening/liquidation, ontbinding/dissolution, faillissement/faillite, besloten voorbereiding van het faillissement/preparation privée d'une faillite and sluiting van een onderneming/ fermeture d'une enterprise; (vii) insolvency includes any insolventieprocedure/procedure d'insolvabilité, gerechtelijke reorganisatie/réorganisation judiciaire, overdracht onder gerechtelijk gezag/transfert sous autorité judiciaire, besloten voorbereiding van het faillissement/préparation privée d'une faillite, faillissement/faillite and any other concurrence between creditors (samenloop van schuldeisers/concours des créanciers); |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img103.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 89 (viii) an expropriation attachment, sequestration, distress, execution or analogous process includes any onteigening/ expropriation, uitvoerend beslag/saisie exécutoire, sekwester/séquestre and bewarend beslag/saisie conservatoire; (ix) an amalgamation, demerger, merger, consolidation or corporate reconstruction includes a overdracht van algemeenheid/transfert d'universalité, overdracht van bedrijfstak/transfert de branche d'activité, splitsing/scission and fusie/fusion and an assimilated transaction (gelijkgestelde verrichting/opération assimilée) in accordance with the Belgian Code of Companies and Associations; (x) a Loan Party being incorporated in Belgium or of which its jurisdiction of incorporation is Belgium, means that such Loan Party has its statutory seat in Belgium; and (xi) a successor means an algemene rechtsopvolger/successeur universel.". (c) Danish terms. In the context of any Foreign Subsidiary located in Denmark a reference to: (i) a composition, assignment or similar arrangement with any creditor includes a forebyggende rekonstruktion med fyldestgørelsesforbud, rekonstruktion or konkursbehandling under Part IA, IB or II of the Danish Bankruptcy Act (konkursloven); (ii) a receiver, compulsory manager, trustee or administrator includes a rekonstruktør, a kurator or likvidator under Danish law; (iii) gross negligence means grov uagtsomhed under Danish law; (iv)a guarantee includes any garanti under Danish law which is independent from the debt to which it relates and any kaution under Danish law which is accessory to or dependent on the debt to which it relates; (v) a merger includes any fusion implemented in accordance with Chapter 15 or Chapter 16 (as the case may be) of the Danish Companies Act (in Danish: selskabsloven); (vi)a reorganisation includes any contribution of part of its business in consideration of shares (in Danish: apportindskud) and any demerger (in Danish: spaltning) implemented in accordance with Chapter 15 or Chapter 16 (as the case may be) of the Danish Companies Act (in Danish: selskabsloven); (vii) a winding up, administration, liquidation or dissolution includes a likvidation, opløsning på grundlag af betalingserklæring or tvangsopløsning ved likvidationsbehandling under Chapter 14 of the Danish Companies Act (selskabsloven); and |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img104.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 90 (viii) its constitutional documents include its articles of association and the certificate of registration issued by the Danish Business Authority (in Danish: Erhvervsstyrelsen) as in force from time to time. (d) Dutch Terms. Under any Loan Document or, where it relates to a Dutch person or the context so requires, a reference to: (i) the Netherlands means the European part of the Kingdom of the Netherlands and Dutch means in or of the Netherlands; (ii) works council means each works council (ondernemingsraad) or central or group works council (centrale of groeps ondernemingsraad) having jurisdiction over that person; (iii) necessary action to authorise includes any action required to comply with the Works Councils Act of the Netherlands (Wet op de ondernemingsraden) followed by an unconditional positive advice (advies) from the works council of that person; (iv)constitutional documents means the articles of association (statuten) and deed of incorporation (akte van oprichting) and an up-to-date extract of registration of the Trade Register of the Dutch Chamber of Commerce; (v) a security interest or security includes any mortgage (hypotheek), pledge (pandrecht), retention of title arrangement (eigendomsvoorbehoud), right of retention (recht van retentie), right of reclamation (recht van reclame) and any right in rem (beperkt recht) created for the purpose of granting security (goederenrechtelijke zekerheid); (vi)a winding-up, administration or dissolution includes declared bankrupt (failliet verklaard) or dissolved (ontbonden); (vii) a moratorium includes (voorlopig) surseance van betaling and a moratorium is declared includes surseance verleend; (viii) any procedure or step taken in connection with insolvency proceedings includes that person having filed a notice under Section 36 of the Tax Collection Act of the Netherlands (Invorderingswet 1990); (ix)a liquidator includes a curator or a beoogd curator; (x) an administrator includes a bewindvoerder or a beoogd bewindvoerder; and (xi)an "attachment" includes a conservatoir beslag or executoriaal beslag; |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img105.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 91 (xii) financial assistance includes any act contemplated by article 2:98c of the Dutch Civil Code; (xiii) an easement includes erfdienstbaarheid within the meaning of article 5:70 of the Dutch Civil Code; (xiv) ground lease includes any right of ground lease (erfpacht) or subleasehold (ondererfpacht) in connection with any real property within the meaning of article 5:85 of the Dutch Civil Code or article 5:93 of the Dutch Civil Code respectively according to which the lessor or the sublessor may hold and use the property; (xv) lease includes huur within the meaning of article 7:201 of the Dutch Civil Code; (xvi) real property means the land including any buildings and works erected thereon as well as any right in rem giving a right to use that land and/or any building and/or works erected thereon (onroerend goed); (xvii) a unit includes a unit for which the Dutch (i) residential lease regime (huur woonruimte) within the meaning of article 7:232 of the Dutch Civil Code, (ii) the lease of retail space (huur winkelruimte en andere bedrijfsruimte) within the meaning of article 7:290 of the Dutch Civil Code or (iii) the lease of business space (huur kantoorruimte en andere bedrijfsruimte) within the meaning of article 7:230a of the Dutch Civil Code applies; and (xviii) a right in rem means zakelijk recht including, without limitation, groundlease, apartment right, building right and servitude. (xix) a "director" means a managing director (bestuurder) and board of directors means its managing board (bestuur); and (xx) a subsidiary includes a dochtermaatschappij as defined in article 2:24a of the Dutch Civil Code. (e) Luxembourg terms. In this Agreement and to the extent it relates to a Luxembourg Loan Party, a reference to: (i) a liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrative receiver, administrator, conservator or similar officer includes any: (A) juge-commissaire and/or insolvency receiver (curateur) appointed under the Luxembourg Commercial Code; (B) liquidateur appointed under Articles 1100-1 to 1100-15 of the Luxembourg act of 10 August 1915 on commercial companies, as amended; |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img106.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 92 (C) juge-commissaire and/or liquidateur appointed under Article 1200-1 of the Luxembourg act dated 10 August 1915 on commercial companies, as amended; and (D) conciliateur d'entreprise, mandataire de justice, juge délégué or administrateur provisoire appointed under the Luxembourg Business Continuity Act; (ii) a "security interest" includes any hypothèque, nantissement, gage, privilège, accord de transfert de propriété à titre de garantie, gage sur fonds de commerce, sûreté réelle, droit de retention whatsoever whether granted or arising by operation of law and any type of real security or agreement or arrangement having a similar effect and any transfer of title by way of security; (iii) a "winding-up", "administration", "reorganization", "insolvency" or "dissolution" includes, without limitation, bankruptcy (faillite), liquidation, administrative dissolution without liquidation (dissolution administrative sans liquidation), a judicial reorganisation (réorganisation judiciaire), negotiation or conclusion of an amicable agreement (accord amiable) or similar proceedings affecting the rights of creditors generally under Luxembourg law, and shall be construed so as to include any equivalent or analogous liquidation or reorganisation proceedings; (iv)a reorganisation includes, without limitation, judicial reorganisation (réorganisation judiciaire); (v) commencing negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness includes any such negotiations conducted in order to reach an amicable agreement (accord amiable) with creditors pursuant to theLuxembourg Business Continuity Act; (vi)an "agent" includes, without limitation, a "mandataire"; (vii) a "matured obligation" includes, without limitation, any exigible, certaine and liquide obligation; (viii) a person being "unable to pay its debts" or "admitting inability to pay its debts" includes, without limitation, that person being in a state of cessation of payments (cessation de paiements); (ix)a "person being solvent" means that it is not in a state of cessation of payments (cessation des paiements) and has not lost its creditworthiness (ébranlement de crédit); (x) a "creditors' process" means a fraudulent conveyance action (action paulienne), an executory attachment (saisie exécutoire) or conservatory attachment (saisie conservatoire); |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img107.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 93 (xi)"by-laws" or "constitutional documents" includes its up-to-date (restated) articles of association (statuts coordonnés), if available and any shareholders' agreement if any; and (xii) a "director" or a "manager" means a gérant or an administrateur. (f) Guernsey terms. (i) In this Agreement, a reference to: (A) "Debtor Relief Laws" shall include, for the avoidance of doubt, désastre and saisie; and (B) "Lien" or "security interest" shall include any security interest created pursuant to the Security Interests (Guernsey) Law, 1993. (ii) Each Loan Party waives any and all of its rights under the existing or future laws of Guernsey whether by virtues of the droit de division of otherwise to require that any liability under or in connection with any Loan Document be divided or apportioned with any other person or reduced in any manner whatsoever and whether by virtue of the droit de discussion or otherwise to require that recourse be had to the assets of any other person before any claim is enforced against it. (g) New Zealand Terms. Without prejudice to the generality of any provision of this Agreement, in this Agreement where it relates to an NZ Loan Party, a reference to a "security interest" also includes a "security interest" as defined in section 17(1)(a) of the NZ PPSA in respect of which the relevant person is the debtor but excludes a "security interest" for purposes of section 17(1)(b) of the NZ PPSA that does not secure payment or the performance of an obligation. (h) Polish terms. As used in this Agreement, where it relates to any Loan Party incorporated in Poland and unless the context requires otherwise a reference to: (i) an agent includes an attorney (pełnomocnik), delivery agent (pełnomocnik do doręczeń), pledge administrator (administrator zastawu), mortgage administrator (administrator hipoteki) and mandatory (zleceniobiorca) of a person; (ii) a composition, assignment or similar arrangement with any creditor includes a układ concluded or approved during insolvency proceedings under Polish Bankruptcy Law or restructuring proceedings (postępowanie restrukturyzacyjne) under Polish Restructuring Law. This also includes a partial composition (układ częściowy); (iii) a compulsory manager, receiver or administrator includes a tymczasowy nadzorca sądowy, tymczasawy zarządca, nadzorca, syndyk, zarządca or zarządca przymusowy, as defined in Polish Bankruptcy Law or Polish Restructuring Law. This also includes the officeholders established under Art. 27 of the Polish Act on |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img108.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 94 Registered Pledges or Art. 931 or Art. 10641 of the Polish Civil Procedure Code dated 17 November 1964, as amended; (iv)a winding up includes a declaration of bankruptcy. (v) a Security or security interest includes any mortgage (hipoteka), pledge (including, ordinary pledge (zastaw zwykły), financial pledge (zastaw finansowy), registered pledge (zastaw rejestrowy) and treasury pledge (zastaw skarbowy)), assignment by way of security (przelew na zabezpieczenie), transfer of title by way of security (przewłaszczenie na zabezpieczenie), retention right (prawo zatrzymania), right to reclaim sold goods (zastrzeżenie własności rzeczy sprzedanej), cash collateral (kaucja) any other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect; and (vi)a Quasi Security means any power of attorney granted for security purposes, any power of attorney to bank accounts (pełnomocnictwo do rachunków bankowych) and voluntary submission to enforcement (oświadczenie o poddaniu się egzekucji). |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img109.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 95 SECTION 2. AMOUNT AND TERMS OF COMMITMENTS 2.1 Term Commitments. Subject to the terms and conditions hereof, each U.S. Term Lender severally agrees to make a term loan (a "U.S. Term Loan") to the U.S. Term Borrowers in Dollars in a single borrowing on the Funding Date in an amount not to exceed the amount of the U.S. Term Commitment of such Lender. The U.S. Term Loans may from time to time be Term Benchmark Loans or ABR Loans, as determined by the Borrower Representative and notified to the Administrative Agent in accordance with Sections 2.2 and 2.12. The U.S. Term Lenders' commitments to make the U.S. Term Loan shall expire upon the making of the U.S. Term Loans on the Funding Date. Amounts paid or prepaid in respect of U.S. Term Loans may not be reborrowed. 2.2 Procedure for U.S. Term Loan Borrowing. The Borrower Representative shall give the Administrative Agent irrevocable notice in the form of Exhibit D (which notice must be received by the Administrative Agent prior to 11:00 A.M., New York City time, one Business Day prior to the Funding Date) requesting that the U.S. Term Lenders make the U.S. Term Loans on the Funding Date, specifying the amount to be borrowed and whether such U.S. Term Loan shall be Term Benchmark Loans or ABR Loans and, in the case of Term Benchmark Loans, the initial Interest Period applicable thereto, which shall be a period contemplated by the definition of "Interest Period"; provided, such notice may be conditioned on the occurrence of the Funding Date. Upon receipt of such notice the Administrative Agent shall promptly notify each U.S. Term Lender thereof. Not later than 11:00 A.M., New York City time, on the Funding Date each U.S. Term Lender shall make available to the Administrative Agent at the Funding Office an amount in Dollars in immediately available funds equal to the U.S. Term Loan to be made by such Lender. The Administrative Agent shall credit the account of the relevant U.S. Borrowers on the books of such office of the Administrative Agent with the aggregate of the amounts made available to the Administrative Agent by the U.S. Term Lenders in immediately available funds. If no election as to the Type of U.S. Term Loan is specified, then the requested U.S. Term Loan shall be an ABR Loan. If no Interest Period is specified with respect to any requested Term Benchmark Tranche, then Borrower shall be deemed to have selected an Interest Period of one month's duration. Promptly following receipt of a borrowing request in the form of Exhibit D and in accordance with this Section, the Administrative Agent shall advise each U.S. Term Lender of the details thereof and of the amount of such U.S. Term Lender's U.S. Term Loan to be made. Each U.S. Term Loan shall be made by the U.S. Term Lenders ratably in accordance with their applicable U.S. Term Commitments; provided that the failure of any U.S. Term Lender to make its U.S. Term Loan shall not in itself relieve any other U.S. Term Lender of its obligation to lend hereunder (it being understood, however, that no U.S. Term Lender shall be responsible for the failure of any other U.S. Term Lender to make any U.S. Term Loan required to be made by such other U.S. Term Lender). ABR Loans comprising any U.S. Term Loan shall be in an aggregate principal amount that is an integral multiple of $1,000,000 and not less than $5,000,000, or in each case, the remainder of such Tranche. Term Benchmark Loans comprising any U.S. Term Loan shall be in an aggregate principal amount that is an integral multiple of $1,000,000 and not less than $5,000,000 or in each case, the remainder of such Tranche. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img110.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 96 Subject to Sections 2.16 and 2.18, each Term Benchmark Tranche shall be comprised entirely of Term Benchmark Loans as Borrower may request in accordance herewith. Each U.S. Term Lender may at its option make any Term Benchmark Loan by causing any domestic or foreign branch or Affiliate of such U.S. Term Lender to make such U.S. Term Loan; provided that any exercise of such option shall not affect the obligation of Borrower to repay such U.S. Term Loan in accordance with the terms of this Agreement. Borrowings of U.S. Term Loans of more than one Type may be outstanding at the same time, subject to Section 2.13. For purposes of the foregoing, Term Benchmark Tranches having different Interest Periods, regardless of whether they commence on the same date, shall be considered separate borrowings. Notwithstanding any other provision of this Agreement, a Borrower shall not be entitled to request, or to elect to convert or continue, any Term Benchmark Tranche if the Interest Period requested with respect thereto would end after the Term Loan Maturity Date. 2.3 [Reserved]. 2.4 Revolving Commitments. (a) Subject to the terms and conditions hereof, each Alternative Currency Tranche One Lender severally agrees to make revolving credit loans to the Borrowers in Alternative Currency Tranche One Currencies ("Alternative Currency Tranche One Loans") from time to time during the Revolving Commitment Period in an aggregate principal amount at any one time outstanding which, does not exceed the amount of such Lender's Alternative Currency Tranche One Commitment; provided that after giving effect to any such Alternative Currency Tranche One Loans, (x) the Total Alternative Currency Tranche One Extensions of Credit shall not exceed the Total Alternative Currency Tranche One Commitments and (y) the Total Revolving Extensions of Credit shall not exceed the Total Revolving Commitment. During the Revolving Commitment Period the Borrowers may use the Alternative Currency Tranche One Commitments by borrowing, prepaying the Alternative Currency Tranche One Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. (b) Subject to the terms and conditions hereof, each Alternative Currency Tranche Two Lender severally agrees to make revolving credit loans to the Borrowers in Alternative Currency Tranche Two Currencies ("Alternative Currency Tranche Two Loans") from time to time during the Revolving Commitment Period in an aggregate principal amount at any one time outstanding which, does not exceed the amount of such Lender's Alternative Currency Tranche Two Commitment; provided that after giving effect to any such Alternative Currency Tranche Two Loans, (x) the Total Alternative Currency Tranche Two Extensions of Credit shall not exceed the Total Alternative Currency Tranche Two Commitments and (y) the Total Revolving Extensions of Credit shall not exceed the Total Revolving Commitment. During the Revolving Commitment Period the Borrowers may use the Alternative Currency Tranche Two Commitments by borrowing, prepaying the Alternative Currency Tranche Two Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. (c) Subject to the terms and conditions hereof, each Dollar Tranche Lender severally agrees to make revolving credit loans to the U.S. Borrowers in US Dollars ("Dollar Tranche Loans") from time to time during the Revolving Commitment Period in an aggregate |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img111.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 97 principal amount at any one time outstanding which, when added to such Dollar Tranche Lender's Dollar Tranche Percentage of the L/C Obligations then outstanding, does not exceed the amount of such Lender's Dollar Tranche Commitment; provided that after giving effect to any such Dollar Tranche Loans, (x) the Total Dollar Tranche Extensions of Credit shall not exceed the Total Dollar Tranche Commitments and (y) the Total Revolving Extensions of Credit shall not exceed the Total Revolving Commitment. During the Revolving Commitment Period the Borrowers may use the Dollar Tranche Commitments by borrowing, prepaying the Dollar Tranche Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. The Dollar Tranche Loans may from time to time be Term Benchmark Loans, RFR Loans or ABR Loans, as determined by the Borrower Representative and notified to the Administrative Agent in accordance with Sections 2.5 and 2.12. (d) Notwithstanding the foregoing, subject to Section 10.19(e), (i) the Total Revolving Extensions of Credit to Foreign Borrowers organized in Norway shall not exceed (A) $5,000,000 and (ii) the Total Revolving Extensions of Credit to Foreign Borrowers organized in Guernsey shall not exceed $5,000,000. (e) Unless previously terminated, the Revolving Commitments shall terminate on the Revolving Termination Date. The Borrowers shall repay all outstanding Revolving Loans on the Revolving Termination Date. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img112.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 98 2.5 Procedure for Revolving Loan Borrowing. (a) The Borrowers may borrow under any of the Revolving Commitments during the Revolving Commitment Period on any Business Day, provided that the Borrower Representative shall give the Administrative Agent irrevocable notice in the form of Exhibit D (which notice must be received by the Administrative Agent prior to 11:00 A.M., New York City time, (i) three U.S. Government Securities Business Days prior to the requested Borrowing Date, in the case of Term Benchmark Loans denominated in Dollars, CAD or Mexican Pesos, (ii) four Business Days prior to the requested Borrowing Date, in the case of Term Benchmark Loans or RFR Loans denominated in Alternative Currencies (other than Term Benchmark Loans denominated in CAD and Mexican Pesos and other than RFR Loans denominated in CHF or SGD, and except that the Borrower Representative may give notice prior to 11:00 A.M., London time, three Business Days prior to the requested Borrowing Date, in the case of Term Benchmark Loans denominated in Euros), (iii) five (5) RFR Business Days prior to the requested Borrowing Date, in the case of RFR Loans denominated in CHF or SGD (or CAD, if a Benchmark Replacement Date with respect to Term CORRA has occurred), (iv) two Business Days prior to the requested Borrowing Date, in the case of RFR Loans denominated in Dollars to a Borrower organized in Singapore, (v) on the requested Borrowing Date, in the case of RFR Loans denominated in Dollars to any Borrower other than a Borrower organized in Singapore, and (vi) one Business Day prior to the requested Borrowing Date, in the case of ABR Loans) (provided that any such notice of a borrowing of ABR Loans under the Dollar Tranche Facility to finance payments required by Section 3.5 may be given not later than 10:00 A.M., New York City time, on the date of the proposed borrowing), specifying (A) the Borrower, (B) the Tranche of Revolving Loans, (C) the currency, amount and Type of Revolving Loans to be borrowed, (D) the requested Borrowing Date, (E) in the case of Term Benchmark Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Period therefor and (F) certifying that the conditions set forth in Section 5.2 are satisfied. Each such notice of a borrowing shall be irrevocable and shall be signed by a Responsible Officer of the Borrower Representative; provided that, if such notice of a borrowing is submitted through an Approved Borrower Portal, the foregoing signature requirement may be waived at the sole discretion of the Administrative Agent. Each borrowing under the Revolving Commitments shall be in an amount equal to (x) in the case of ABR Loans or RFR Loans denominated in Dollars, $1,000,000 and $500,000 multiples in excess thereof (or, if the then aggregate Available Dollar Tranche Commitments are less than $1,000,000, such lesser amount), (y) in the case of Term Benchmark Loans or RFR Loans denominated in an Alternative Currency, the Dollar Equivalent of $5,000,000 or a whole multiple of the Dollar Equivalent of $1,000,000 in excess thereof, and (z) in the case of Swingline Loans, the Dollar Equivalent of $500,000 or a whole multiple of the Dollar Equivalent of $100,000 in excess thereof. Upon receipt of any such notice from the Borrower Representative, the Administrative Agent shall promptly notify each Lender in the applicable Tranche thereof. Each Lender under the applicable Tranche will make the amount of its pro rata share of each borrowing available to the Administrative Agent in funds immediately available to the Administrative Agent for the account of the applicable Borrower at the Funding Office prior to 12:00 Noon, New York City time, on the Borrowing Date requested by the Borrower Representative; provided, that Swingling Loans shall be made as provided in Section 2.6. Such borrowing will then be made available to the applicable Borrower by the Administrative Agent crediting the account of the applicable Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders of the applicable Tranche and in like funds as received by |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img113.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 99 the Administrative Agent. (b) Subject to Sections 2.16 and 2.18, (i) each borrowing of Alternative Currency Tranche One Loans or Alternative Currency Tranche Two Loans denominated in Alternative Currencies shall be comprised entirely of Term Benchmark Loans or RFR Loans, as applicable, (ii) each borrowing of (x) Alternative Currency Tranche One Loans or Alternative Currency Tranche Two Loans denominated in Dollars or (y) Dollar Tranche Loans, in each case, shall be comprised entirely of ABR Loans, RFR Loans or Term Benchmark Loans as the Borrower Representative may request in accordance herewith, and (iii) each Swingline Loan shall be comprised entirely of Canadian Prime Rate Loans denominated in CAD. (c) If the Borrower Representative fails to specify a currency in the notice for any Revolving Loans, then such Revolving Loans shall be made in Dollars. If the Borrower Representative fails to specify a Tranche in the notice for any Revolving Loans then such Revolving Loans shall be (i) if in Dollars, Dollar Tranche Loans, (ii) if in Alternative Currency Tranche One Currencies (other than Dollars), Alternative Currency Tranche One Loans, and (iii) if in Alternative Currency Tranche Two Currencies (other than Alternative Currency Tranche One Currencies), Alternative Currency Tranche Two Loans. (d) Each Revolving Lender may at its option make any Term Benchmark Loan by causing any domestic or foreign branch or Affiliate of such Revolving Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of this Agreement. Borrowings of Loans of more than one Type may be outstanding at the same time, subject to Section 2.13. For purposes of the foregoing, Term Benchmark Tranches having different Interest Periods, regardless of whether they commence on the same date, shall be considered separate borrowings. 2.6 Swingline Loans. (a) Subject to the terms and conditions set forth herein, from time to time during the Revolving Commitment Period, each Swingline Lender severally agrees to make Swingline Loans to the Canadian Borrowers in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Swingline Loans made by such Swingline Lender exceeding such Swingline Lender's Swingline Commitment , (ii) the aggregate principal amount of outstanding Swingline Loans exceeding $15,000,000, or (iii) any Lender's Revolving Extensions of Credit exceeding its Revolving Commitment; provided that a Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, the Canadian Borrowers may borrow, prepay and reborrow Swingline Loans. (b) To request a Swingline Loan, a Canadian Borrower shall submit a written notice to the Administrative Agent by telecopy or electronic mail (or transmit by electronic communication including an Approved Borrower Portal, if arrangements for such transmission have been approved by the Administrative Agent) not later than 11:00 a.m., New York City time, on the day of a proposed Swingline Loan. Each such notice shall be in a form approved by the Administrative Agent, shall be irrevocable and shall specify the requested |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img114.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 100 date (which shall be a Business Day) and amount of the requested Swingline Loan. The Administrative Agent will promptly advise the Swingline Lenders of any such notice received from the Canadian Borrower. Each Swingline Lender shall make its ratable portion of the requested Swingline Loan (such ratable portion to be calculated based upon such Swingline Lender's Swingline Commitment to the total Swingline Commitments of all of the Swingline Lenders) available to the Canadian Borrowers by means of a credit to an account of the Canadian Borrower with the Administrative Agent designated for such purpose by 3:00 p.m., New York City time, on the requested date of such Swingline Loan. (c) The failure of any Swingline Lender to make its ratable portion of a Swingline Loan shall not relieve any other Swingline Lender of its obligation hereunder to make its ratable portion of such Swingline Loan on the date of such Swingline Loan, but no Swingline Lender shall be responsible for the failure of any other Swingline Lender to make the ratable portion of a Swingline Loan to be made by such other Swingline Lender on the date of any Swingline Loan. (d) Any Swingline Lender may by written notice given to the Administrative Agent require the Alternative Currency Tranche One Lenders and/or the Alternative Currency Tranche Two Lenders, as applicable, to acquire participations in all or a portion of its Swingline Loans outstanding. Such notice shall specify the aggregate amount of Swingline Loans in which such Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each such Lender, specifying in such notice such Lender's Revolving Percentage of such Swingline Loans. Each Alternative Currency Tranche One Lenders and Alternative Currency Tranche Two Lender hereby absolutely and unconditionally agrees, promptly upon receipt of such notice from the Administrative Agent (and in any event, if such notice is received by 11:00 a.m., New York City time], on a Business Day no later than 5:00 p.m. New York City time on such Business Day and if received after 11:00 a.m., New York City time, on a Business Day shall mean no later than 10:00 a.m. New York City time on the immediately succeeding Business Day), to pay to the Administrative Agent, for the account of such Swingline Lenders, such Lender's Revolving Percentage of such Swingline Loans. Each Alternative Currency Tranche One Lender and Alternative Currency Tranche Two Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Revolving Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Alternative Currency Tranche One Lender and Alternative Currency Tranche Two Lender shall comply with its obligation under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.5 with respect to Loans made by such Lender (and Section 2.5 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to such Swingline Lenders the amounts so received by it from such Lenders. The Administrative Agent shall notify the Borrower Representative of any participations in any Swingline Loan acquired pursuant to this paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to such Swingline Lenders. Any amounts received by a Swingline Lender from a Canadian Borrower (or other party on behalf of a Canadian Borrower) in respect of a Swingline Loan after receipt by such Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to the |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img115.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 101 Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Lenders that shall have made their payments pursuant to this paragraph and to such Swingline Lenders, as their interests may appear; provided that any such payment so remitted shall be repaid to such Swingline Lender or to the Administrative Agent, as applicable, if and to the extent such payment is required to be refunded to a Canadian Borrower for any reason. The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve any Borrower of any default in the payment thereof. (e) Any Swingline Lender may be replaced at any time by written agreement among the Borrower Representative, the Administrative Agent, the replaced Swingline Lender and the successor Swingline Lender. The Administrative Agent shall notify the Lenders of any such replacement of a Swingline Lender. At the time any such replacement shall become effective, the Borrower shall pay all unpaid interest accrued for the account of the replaced Swingline Lender pursuant to Section 2.14(c). From and after the effective date of any such replacement, (x) the successor Swingline Lender shall have all the rights and obligations of the replaced Swingline Lender under this Agreement with respect to Swingline Loans made thereafter and (y) references herein to the term "Swingline Lender" shall be deemed to refer to such successor or to any previous Swingline Lender, or to such successor and all previous Swingline Lenders, as the context shall require. After the replacement of a Swingline Lender hereunder, the replaced Swingline Lender shall remain a party hereto and shall continue to have all the rights and obligations of a Swingline Lender under this Agreement with respect to Swingline Loans made by it prior to its replacement, but shall not be required to make additional Swingline Loans. (f) Subject to the appointment and acceptance of a successor Swingline Lender, any Swingline Lender may resign as a Swingline Lender at any time upon thirty days' prior written notice to the Administrative Agent, the Borrower and the Lenders, in which case, such Swingline Lender shall be replaced in accordance with Section 2.6(e) above. 2.7 [Reserved]. 2.8 Commitment Fees, Facility Fees, etc. (a) Until the Debt Rating Pricing Election Date, (i) the Borrowers agree to pay to the Administrative Agent for the account of each Alternative Currency Tranche One Lender a commitment fee in Dollars for the period from and including the date hereof to the last day of the Revolving Commitment Period, computed at the Commitment Fee Rate on the daily unused amount of the Alternative Currency Tranche One Commitment of such Alternative Currency Tranche One Lender during the period for which payment is made, payable quarterly in arrears on each Fee Payment Date, commencing on the first such date to occur after the date hereof; (ii) the Borrowers agree to pay to the Administrative Agent for the account of each Alternative Currency Tranche Two Lender a commitment fee in Dollars for the period from and including the date hereof to the last day of the Revolving Commitment Period, computed at the Commitment Fee Rate on the daily unused amount of the |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img116.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 102 Alternative Currency Tranche Two Commitment of such Alternative Currency Tranche Two Lender during the period for which payment is made, payable quarterly in arrears on each Fee Payment Date, commencing on the first such date to occur after the date hereof; and (iii) the Borrowers agree to pay to the Administrative Agent for the account of each Dollar Tranche Lender a commitment fee in Dollars for the period from and including the date hereof to the last day of the Revolving Commitment Period, computed at the Commitment Fee Rate on the daily unused amount of the Dollar Tranche Commitment of such Dollar Tranche Lender during the period for which payment is made, payable quarterly in arrears on each Fee Payment Date, commencing on the first such date to occur after the date hereof. (b) From and after the Debt Rating Pricing Election Date, (i) the Borrowers agree to pay the Administrative Agent, for the account of each Alternative Currency Tranche One Lender, a facility fee (the "Alternative Currency Tranche One Facility Fee") in Dollars equal to the then applicable Facility Fee Rate on the Total Alternative Currency Tranche One Commitments, such fee being payable quarterly in arrears on each Fee Payment Date, commencing on the first day of the fiscal quarter next succeeding the Debt Rating Pricing Election Date; (ii) the Borrowers agree to pay the Administrative Agent, for the account of each Alternative Currency Tranche Two Lender, a facility fee (the "Alternative Currency Tranche Two Facility Fee") in Dollars equal to the then applicable Facility Fee Rate on the Total Alternative Currency Tranche Two Commitments, such fee being payable quarterly in arrears on each Fee Payment Date, commencing on the first day of the fiscal quarter next succeeding the Debt Rating Pricing Election Date; and (iii) the Borrowers agree to pay the Administrative Agent, for the account of each Dollar Tranche Lender, a facility fee (the "Dollar Tranche Facility Fee" and together with the Alternative Currency Tranche One Facility Fee and the Alternative Currency Tranche Two Facility Fee, the "Facility Fee") in Dollars equal to the then applicable Facility Fee Rate on the Total Dollar Tranche Commitments, such fee being payable quarterly in arrears on each Fee Payment Date, commencing on the first day of the fiscal quarter next succeeding the Debt Rating Pricing Election Date. (c) The Borrowers agree to pay to the Administrative Agent the fees in the amounts and on the dates as set forth in any fee agreements with the Administrative Agent and to perform any other obligations contained therein. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img117.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 103 2.9 Termination or Reduction of Revolving Commitments. The Borrower Representative shall have the right to terminate any of the Revolving Commitments or, from time to time, to reduce the amount of any of the Revolving Commitments (applied to each Tranche of Revolving Commitments as designated by the Borrower Representative); provided that no such termination or reduction of Revolving Commitments shall be permitted if, after giving effect thereto and to any prepayments of the Revolving Loans made on the effective date thereof, (w) the Total Revolving Extensions of Credit would exceed the Total Revolving Commitments, (x) with respect to the Alternative Currency Tranche One Facility, the Total Alternative Currency Tranche One Extensions of Credit would exceed the Total Alternative Currency Tranche One Commitments, (y) with respect to the Alternative Currency Tranche Two Facility, the Total Alternative Currency Tranche Two Extensions of Credit would exceed the Total Alternative Currency Tranche Two Commitments, and (z) with respect to the Dollar Tranche Facility, the Total Dollar Tranche Extensions of Credit would exceed the Total Dollar Tranche Commitments. Any such reduction shall be in an amount equal to the Dollar Equivalent of $10,000,000, or a whole multiple thereof, and shall reduce permanently the applicable Revolving Commitments (and respective Tranche thereof) then in effect, and no such reduction shall reduce the Total Revolving Commitments to an amount less than $100,000,000. The Borrower Representative shall notify the Administrative Agent of any election to terminate or reduce any of the Revolving Commitments under this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Revolving Lenders of the contents thereof. Each notice delivered by the Borrower Representative pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by the Borrower Representative may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower Representative (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Commitments shall be permanent. Each reduction of the Revolving Commitments shall be made ratably among the Revolving Lenders of such Tranche in accordance with their respective Revolving Commitments under such Tranche. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img118.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 104 2.10 Prepayments. (a) The Borrowers may at any time and from time to time prepay the Loans, in whole or in part, without premium or penalty (except as set forth below), upon irrevocable notice delivered to the Administrative Agent (and, in the case of prepayment of Swingline Loans, the Swingline Lenders) by telephone (confirmed by telecopy or electronic communication, including an Approved Borrower Portal, if arrangements for doing so have been approved by the Administrative Agent and, if relevant, the respective Swingline Lenders) no later than 11:00 A.M., New York City time, (i) three Business Days prior thereto, in the case of Term Benchmark Loans denominated in Dollars, CAD or Mexican Pesos, (ii) four Business Days prior thereto, in the case of Term Benchmark Loans denominated in Alternative Currencies (other than CAD or Mexican Pesos), (iii) five (5) RFR Business Days prior thereto, in the case of RFR Loans denominated in Sterling, CHF or SGD, (iv) one Business Day prior thereto, in the case of ABR Loans and RFR Loans denominated in Dollars, and (v) not later than 12:00 noon, New York City time, on the date of prepayment, in the case of prepayment of a Swingline Loan, which notice shall specify the date and amount of prepayment and whether the prepayment is of Term Benchmark Loans, RFR Loans, ABR Loans or Swingline Loans; provided, that if a Term Benchmark Loan is prepaid on any day other than the last day of the Interest Period applicable thereto, the applicable Borrower shall also pay any amounts owing pursuant to Section 2.20. With respect to a prepayment of Revolving Loans, each prepayment notice shall specify the Tranche for prepayment; provided, if no Tranche is specified, each prepayment shall be allocated to prepay the Tranches in the following order as applicable for the currency of such prepayment, (i) first, the Alternative Currency Tranche Two Loans, (ii) second, the Alternative Currency Tranche One Loans, and (iii) third, the Dollar Tranche Loans. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with (except in the case of Revolving Loans that are ABR Loans) accrued interest to such date on the amount prepaid. Partial prepayments of Term Loans shall be in an aggregate principal Dollar Equivalent amount of $10,000,000 or a whole multiple of $1,000,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding, and partial prepayments of Revolving Loans shall be in an aggregate principal Dollar Equivalent amount of $1,000,000 or $500,000 multiples in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. (b) The Administrative Agent shall calculate the Dollar Equivalent amount of all Revolving Extensions of Credit denominated in Alternative Currencies at the time of each borrowing thereof, on the last Business Day of each month and at such other times as the Administrative Agent may elect. If the Administrative Agent notifies the Borrower Representative at such times that the outstanding Dollar Equivalent amount of all Alternative Currency Tranche One Extensions of Credit denominated in Alternative Currencies at such time exceeds an amount equal to 103% of the Alternative Currency Tranche One Commitment then in effect, then, within five (5) Business Days after receipt of such notice, the Borrowers shall prepay Alternative Currency Tranche One Loans in an aggregate amount sufficient to reduce such Alternative Currency Tranche One Extensions of Credit as of such date of payment to an amount not to exceed 100% of the Alternative Currency Tranche One Commitment then in effect. If the Administrative Agent notifies the Borrower Representative at such times that the outstanding Dollar Equivalent amount of all Alternative Currency Tranche Two Extensions of Credit denominated in Alternative Currencies at such time exceeds an amount equal to 103% of the Alternative Currency Tranche Two Commitment then in effect, then, within five (5) Business |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img119.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 105 Days after receipt of such notice, the Borrowers shall prepay Alternative Currency Tranche Two Loans in an aggregate amount sufficient to reduce such Alternative Currency Tranche Two Extensions of Credit as of such date of payment to an amount not to exceed 100% of the Alternative Currency Tranche Two Commitment then in effect. (c) In addition, if the Administrative Agent notifies the Borrower Representative that (x) at any time that the outstanding Dollar Equivalent amount of all Revolving Extensions of Credit at such time exceeds an amount equal to 103% of the Total Revolving Commitments or (y) at any time that the outstanding Dollar Equivalent amount of all Revolving Extensions of Credit under any Tranche thereof at such time exceeds an amount equal to 103% of the aggregate Revolving Commitments of such Tranche then in effect, then, in each case, within five (5) Business Days after receipt of such notice, the Borrowers shall prepay Revolving Loans in an aggregate amount sufficient to reduce Revolving Extensions of Credit of such Tranche as of such date of payment to an amount not to exceed 100% of the aggregate Revolving Commitments of such Tranche then in effect. 2.11 Repayment of Loans. (a) Subject to Section 2.27, the Borrowers promise to repay (i) all outstanding Revolving Loans on the Revolving Termination Date or such earlier date as required herein, and (ii) to the Administrative Agent for the account of the Swingline Lenders the then unpaid principal amount of each Swingline Loan on the earlier of the Maturity Date and the tenth (10th) day after such Swingline Loan is made; provided that on each date that an Alternative Currency Tranche One Loan or Alternative Currency Tranche Two Loan is made, as applicable, the Borrowers shall repay all Swingline Loans then outstanding and the proceeds of any such Borrowing shall be applied by the Administrative Agent to repay any Swingline Loans outstanding. The U.S. Term Borrowers promise to repay all outstanding U.S. Term Loans on the Term Loan Maturity Date or such earlier date as required herein. (b) Amounts to be applied in connection with prepayments of Revolving Loans made pursuant to Section 2.10 shall be applied, first, to the prepayment of Revolving Loans (without any corresponding reduction of the Revolving Commitments), and second, to cash collateralize Letters of Credit by depositing an amount in cash in a cash collateral account established with the Administrative Agent for the benefit of the Dollar Tranche Lenders on terms and conditions satisfactory to the Administrative Agent. The application of any prepayment pursuant to Section 2.11 of Loans shall be made, first, to ABR Loans, and second to Term Benchmark Loans and RFR Loans. Each prepayment of the Loans under Section 2.11 (except in the case of Revolving Loans that are ABR Loans and RFR Loans denominated in Dollars) shall be accompanied by accrued interest to the date of such prepayment on the amount prepaid. (c) For greater certainty, all repayments and prepayments of Loans shall be made in the currency of the original Loan being so repaid or prepaid. (d) No Foreign Borrower shall be liable for, or deemed a surety of, any obligation of a U.S. Borrower. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img120.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 106 2.12 Conversion and Continuation Options. (a) (i) The Borrower Representative may elect from time to time to convert Term Benchmark Loans denominated in Dollars to ABR Loans or RFR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Term Benchmark Loans may only be made on the last day of an Interest Period with respect thereto. (ii) The Borrower Representative may elect from time to time to convert ABR Loans or RFR Loans to Term Benchmark Loans denominated in Dollars by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan or RFR Loan under a particular Facility may be converted into a Term Benchmark Loan when any Event of Default has occurred and is continuing and the Majority Term Lenders or the Majority Dollar Tranche Lenders, as applicable, have notified the Administrative Agent not to permit such conversions. (iii) The Borrower Representative may elect from time to time to convert ABR Loans to RFR Loans denominated in Dollars by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion date, provided that no ABR Loan may be converted into an RFR Loan when any Event of Default has occurred and is continuing and the Majority Term Lenders or the Majority Dollar Tranche Lenders, as applicable, have notified the Administrative Agent not to permit such conversions. (iv)Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. (b) Any Term Benchmark Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower Representative giving irrevocable notice to the Administrative Agent by the time that a borrowing request would be required to be delivered under Section 2.5, in accordance with the applicable provisions of the term "Interest Period" set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans (or, if none is specified, one month), which notice shall identify the applicable Facility and/or Tranche, provided that no Term Benchmark Loan under a particular Term Facility or Tranche may be continued as such when any Event of Default has occurred and is continuing and the Majority Facility Lenders or Required Tranche Lenders in respect of such Facility or Tranche, as applicable, have notified the Administrative Agent not to permit such continuations, and provided, further, that if the Borrower Representative shall fail to give any required notice as described above in this paragraph or if such continuation is not permitted pursuant to the preceding proviso then (i) such Loans denominated in Dollars shall be |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img121.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 107 automatically continued as Term Benchmark Loans with an Interest Period of one month on the last day of such then expiring Interest Period (unless such continuation is not permitted pursuant to the preceding proviso, in which case such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period) and (ii) such Loans denominated in an Alternative Currency shall be continued as Term Benchmark Loans in their original currency with an Interest Period of one month. Upon receipt of any such notice (or any such automatic conversion or continuation) the Administrative Agent shall promptly notify each relevant Lender thereof. No Loan may be converted into or continued as a Loan denominated in a different currency, but instead must be repaid in the original currency and reborrowed in the other currency. This Section 2.12 shall not apply to Swingline Borrowings, which may not be converted or continued. (c) Each such notice under this Section 2.12 shall be irrevocable and shall be signed by a Responsible Officer of the Borrower Representative; provided that, if such notice is submitted through an Approved Borrower Portal, the foregoing signature requirement may be waived at the sole discretion of the Administrative Agent. 2.13 Limitations on Term Benchmark Tranches. Notwithstanding anything to the contrary in this Agreement, all borrowings, conversions and continuations of Term Benchmark Loans and all selections of Interest Periods shall be in such amounts and be made pursuant to such elections so that, no more than thirty (30) Term Benchmark Tranches shall be outstanding at any one time. 2.14 Interest Rates and Payment Dates. (a) Each Term Benchmark Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Adjusted Term SOFR Rate, the Adjusted EURIBOR Rate, the Adjusted Term CORRA Rate, or the Local Rate, as applicable, for the applicable Interest Period plus the Applicable Margin. (b) Each ABR Loan shall bear interest at a rate per annum equal to the ABR plus the Applicable Margin. (c) Each Swingline Loan shall bear interest at a rate per annum equal to the Canadian Prime Rate plus the Applicable Margin. (d) Each RFR Loan shall bear interest at a rate per annum equal to the applicable Adjusted Daily Simple RFR plus the Applicable Margin. (e) (i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise) or if an Event of Default pursuant to Section 8(h) has occurred, all overdue outstanding principal with respect to Loans and Reimbursement Obligations shall bear interest at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2% or (y) in the case of Reimbursement Obligations, the rate applicable to ABR Loans under the Revolving Facility plus 2%, and (ii) if all or a portion of any interest payable on any Loan or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img122.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 108 acceleration or otherwise) or if an Event of Default pursuant to Section 8(h) has occurred, such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans under the relevant Facility plus 2% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to ABR Loans under the Revolving Facility plus 2%), in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (as well after as before judgment). In addition, at the request of the Required Lenders during the existence of any other Event of Default, all outstanding Obligations shall bear interest at the interest rate applicable to ABR Loans under the relevant Facility plus 2% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to ABR Loans under the Revolving Facility plus 2%) and shall be payable upon demand. (f) Interest shall be payable in arrears on each Interest Payment Date, provided that interest accruing pursuant to paragraph (e) of this Section shall be payable from time to time on demand of the Administrative Agent. 2.15 Computation of Interest and Fees. (a) Interest and fees payable pursuant hereto shall be calculated on the basis of a 360-day year for the actual days elapsed, except that, (i) with respect to ABR Loans the rate of interest on which is calculated on the basis of the Prime Rate, the interest thereon shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed and (ii) with respect to Loans denominated in AUD, CAD, NZD, SGD and Sterling, the interest thereon shall be calculated on the basis of a 365-day year for the actual days elapsed. Any change in the interest rate on a Loan resulting from a change in the ABR or the Statutory Reserve Rate shall become effective as of the opening of business on the day on which such change becomes effective. (b) Each determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement shall be conclusive and binding on the applicable Borrower and the Lenders in the absence of manifest error. (c) For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest or fees to which the rates of interest or fees provided in this Agreement and the other Loan Documents (and stated herein or therein, as applicable, to be computed on the basis of 360 days or any other period of time less than a calendar year) are equivalent are the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 360 or such other period of time, respectively. 2.16 Alternate Rate of Interest. (a) Subject to clauses (b), (c), (d), (e) and (f) of this Section 2.16, if: (i) the Administrative Agent determines (which determination shall be conclusive absent manifest error) (A) prior to the commencement of any Interest Period for a Term Benchmark Borrowing, that adequate and reasonable means do not exist for ascertaining the Adjusted Term SOFR Rate, the Adjusted EURIBOR Rate, Adjusted Term CORRA Rate, or the Local Rate (including because the Relevant Screen Rate is not |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img123.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 109 available or published on a current basis), for the applicable Agreed Currency and such Interest Period, or (B) at any time, that adequate and reasonable means do not exist for ascertaining the applicable Adjusted Daily Simple RFR for the applicable Agreed Currency; or (ii) the Administrative Agent is advised by the Required Lenders that (A) prior to the commencement of any Interest Period for a Term Benchmark Borrowing, the Adjusted Term SOFR Rate, the Adjusted EURIBOR Rate, Adjusted Term CORRA Rate, or the Local Rate for the applicable Agreed Currency and such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for the applicable Agreed Currency and such Interest Period or (B) at any time, the applicable Adjusted Daily Simple RFR for the applicable Agreed Currency will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for the applicable Agreed Currency; then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone, telecopy or electronic mail as promptly as practicable thereafter and, until (x) the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrower delivers a new conversion or continuation request (an "Interest Election Request") in accordance with the terms of Section 2.12 or a new borrowing request in accordance with the terms of Section 2.5, (A) for Loans denominated in Dollars, (1) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Term Benchmark Borrowing and any borrowing request that requests a Term Benchmark Borrowing shall instead be deemed to be an Interest Election Request or a borrowing request, as applicable, for (x) an RFR Borrowing denominated in Dollars so long as the Adjusted Daily Simple RFR for Dollar Borrowings is not also the subject of Section 2.16(a)(i) or (ii) above or (y) an ABR Borrowing if the Adjusted Daily Simple RFR for Dollar Borrowings also is the subject of Section 2.16(a)(i) or (ii) above and (2) any borrowing request that requests an RFR Borrowing shall instead be deemed to be a borrowing request, as applicable, for an ABR Borrowing and (B) for Loans denominated in an Alternative Currency, any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Term Benchmark Borrowing and any borrowing request that requests a Term Benchmark Borrowing or an RFR Borrowing, in each case, for the relevant Benchmark, shall (1) in the case of a Loan denominated in CAD, be made at the Canadian Prime Rate and (2) in the case of a Loan denominated in an Alternative Currency other than CAD, be ineffective; provided that if the circumstances giving rise to such notice affect only one Type of Borrowings, then all other Types of Borrowings shall be permitted. Furthermore, if any Term Benchmark Loan or RFR Loan in any Agreed Currency is outstanding on the date of the Borrower's receipt of the notice from the Administrative Agent referred to in this Section 2.16(a) with respect to a Relevant Rate applicable to such Term Benchmark Loan or RFR Loan, then until (x) the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrower delivers a new Interest Election Request in accordance with the terms of Section 2.12 or a new borrowing request in accordance with the terms of Section 2.5, (A) for Loans denominated in Dollars, (1) any Term Benchmark Loan shall on the last day of the Interest Period applicable to such Loan, be converted by the Administrative |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img124.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 110 Agent to, and shall constitute, (x) an RFR Borrowing denominated in Dollars so long as the Adjusted Daily Simple RFR for Dollar Borrowings is not also the subject of Section 2.16(a)(i) or (ii) above or (y) an ABR Loan if the Adjusted Daily Simple RFR for Dollar Borrowings also is the subject of Section 2.16(a)(i) or (ii) above, on such day, and (2) any RFR Loan shall on and from such day be converted by the Administrative Agent to, and shall constitute an ABR Loan and (B) for Loans denominated in an Alternative Currency, (1) any Term Benchmark Loan shall, on the last day of the Interest Period applicable to such Loan bear interest at (x) if denominated in CAD, the Canadian Prime Rate or (y) if denominated in any other Alternative Currency, the Central Bank Rate for the applicable Alternative Currency plus the CBR Spread; provided that, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Alternative Currency cannot be determined, any outstanding affected Term Benchmark Loans denominated in any Alternative Currency shall, at the Borrower's election prior to such day: (A) be prepaid by the Borrower on such day or (B) solely for the purpose of calculating the interest rate applicable to such Term Benchmark Loan, such Term Benchmark Loan denominated in any Alternative Currency shall be deemed to be a Term Benchmark Loan denominated in Dollars and shall accrue interest at the same interest rate applicable to Term Benchmark Loans denominated in Dollars at such time and (2) any RFR Loan shall bear interest at the Central Bank Rate for the applicable Alternative Currency plus the CBR Spread; provided that, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Alternative Currency cannot be determined, any outstanding affected RFR Loans denominated in any Alternative Currency, at the Borrower's election, shall either (A) be converted into ABR Loans denominated in Dollars (in an amount equal to the Dollar Equivalent of such Alternative Currency) immediately or (B) be prepaid in full immediately. (b) Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) of the definition of "Benchmark Replacement" with respect to CAD for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan 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 Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (2) of the definition of "Benchmark Replacement" with respect to any Agreed Currency for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan 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 of each affected class. (c) Notwithstanding anything to the contrary herein or in any other Loan Document, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img125.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 111 in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document. Notwithstanding anything to the contrary herein or in any other Loan Document and subject to the proviso below in this paragraph, with respect to a Loan denominated in CAD, if a Term CORRA Reelection Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder or under any Loan 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 Loan Document; provided that, this clause (c) shall not be effective unless the Administrative Agent has delivered to the Lenders and the Borrower a Term CORRA Notice. For the avoidance of doubt, the Administrative Agent shall not be required to deliver a Term CORRA Notice after the occurrence of a Term CORRA Reelection Event and may do so in its sole discretion. (d) The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (e) below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.16, 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 Loan Document, except, in each case, as expressly required pursuant to this Section 2.16. (e) Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Rate, EURIBOR Rate, Term CORRA or a Local Rate) and either (a) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (b) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of "Interest Period" for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of "Interest Period" for all Benchmark settings at or after such time to reinstate such previously removed tenor. (f) Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a Term Benchmark |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img126.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 112 Borrowing or RFR Borrowing of, conversion to or continuation of Term Benchmark Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, either (x) the Borrower will be deemed to have converted any request for (1) a Term Benchmark Borrowing denominated in Dollars into a request for a Borrowing of or conversion to (A) an RFR Borrowing denominated in Dollars so long as the Adjusted Daily Simple RFR for Dollar Borrowings is not the subject of a Benchmark Transition Event or (B) an ABR Borrowing if the Adjusted Daily Simple RFR for Dollar Borrowings is the subject of a Benchmark Transition Event or (y) (1) the Borrower will be deemed to have converted any request for a Term Benchmark Borrowing denominated in CAD into a request for a Borrowing or conversion to a Loans bearing interest at the Canadian Prime Rate and (2) any Term Benchmark Borrowing or RFR Borrowing denominated in any other Alternative Currency shall be ineffective. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of ABR based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of ABR. Furthermore, if any Term Benchmark Loan or RFR Loan in any Agreed Currency is outstanding on the date of the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period with respect to a Relevant Rate applicable to such Term Benchmark Loan or RFR Loan, then until such time as a Benchmark Replacement for such Agreed Currency is implemented pursuant to this Section 2.16, (A) for Loans denominated in Dollars (1) any Term Benchmark Loan shall on the last day of the Interest Period applicable to such Loan be converted by the Administrative Agent to, and shall constitute, (x) an RFR Borrowing denominated in Dollars so long as the Adjusted Daily Simple RFR for Dollar Borrowings is not the subject of a Benchmark Transition Event or (y) an ABR Loan if the Adjusted Daily Simple RFR for Dollar Borrowings is the subject of a Benchmark Transition Event, on such day and (2) any RFR Loan shall on and from such day be converted by the Administrative Agent to, and shall constitute an ABR Loan and (B) for Loans denominated in an Alternative Currency, (1) any Term Benchmark Loan shall, on the last day of the Interest Period applicable to such Loan bear interest at (x) if such Loan is denominated in CAD, the Canadian Prime Rate, or (y) if such Loan is denominated in any other Alternative Currency, the Central Bank Rate for the applicable Alternative Currency plus the CBR Spread; provided that, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Alternative Currency cannot be determined, any outstanding affected Term Benchmark Loans denominated in any Alternative Currency shall, at the Borrower's election prior to such day: (A) be prepaid by the Borrower on such day or (B) solely for the purpose of calculating the interest rate applicable to such Term Benchmark Loan, such Term Benchmark Loan denominated in any Alternative Currency shall be deemed to be a Term Benchmark Loan denominated in Dollars and shall accrue interest at the same interest rate applicable to Term Benchmark Loans denominated in Dollars at such time and (2) any RFR Loan shall bear interest at the Central Bank Rate for the applicable Alternative Currency plus the CBR Spread; provided that, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Alternative Currency cannot be determined, any outstanding affected RFR Loans denominated in any Alternative Currency, at the Borrower's election, shall either (A) be converted into ABR Loans denominated in Dollars (in an amount equal to the Dollar Equivalent of such Alternative Currency) immediately or (B) be prepaid in full immediately. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img127.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 113 (g) If any Lender determines that any Requirement of Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable lending office to make, maintain, or fund Loans whose interest is determined by reference to the Term Benchmark Rate or the RFR Rate, or to determine or charge interest rates based upon the Term Benchmark Rate or RFR Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars or any Alternative Currency in the London or other applicable offshore interbank market for the applicable currency, then, upon notice thereof by such Lender to the Borrower (through the Administrative Agent), (a) any obligation of such Lender to make or continue Term Benchmark Loans or RFR Loans in the affected currency or currencies or, in the case of Term Benchmark Loans denominated in Dollars, to convert ABR Loans to Term Benchmark Loans shall be suspended, and (b) if such notice asserts the illegality of such Lender making or maintaining ABR Loans the interest rate on which is determined by reference to the Term SOFR Rate component of the ABR, the interest rate on which ABR Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to clause (c) of the definition of "ABR", in each case until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice,(i) the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, (x) convert all Term Benchmark Loans denominated in Dollars of such Lender to ABR Loans or (y) convert all Term Benchmark Loans or RFR Loans denominated in an Alternative Currency to ABR Loans denominated in Dollars (in an amount equal to the Dollar Equivalent of such Alternative Currency) (in each case, the interest rate on which ABR Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to clause (c) of the definition of "ABR"), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Term Benchmark Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Term Benchmark Loans or RFR Loans and (ii) if such notice asserts the illegality of such Lender determining or charging interest rates based upon the Term Benchmark Rate, the Administrative Agent shall during the period of such suspension compute the ABR applicable to such Lender without reference to clause (c) of the definition of "ABR" until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the Term Benchmark Rate. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted, together with any additional amounts required pursuant to Section 2.20. 2.17 Pro Rata Treatment and Payments. (a) Each borrowing by a Borrower from the Lenders hereunder, each payment by a Borrower on account of any commitment or facility fee and any reduction of the Commitments of the Lenders, in each case with respect to any Facility or Tranche, shall be made pro rata according to the respective applicable Term Percentages or Revolving Percentages of the applicable Lenders of such Facility or Tranche. (b) Each payment (including each prepayment) by the U.S. Borrowers on account of principal of and interest on the U.S. Term Loans shall be made pro rata according to |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img128.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 114 the respective outstanding principal amounts of the U.S. Term Loans then held by the U.S. Term Lenders. Amounts repaid or prepaid on account of the U.S. Term Loans may not be reborrowed. (c) Each payment (including each prepayment) by the Borrowers on account of principal of and interest on the Revolving Loans of a Tranche shall be made pro rata according to the respective outstanding principal amounts of the Revolving Loans of such Tranche then held by the Revolving Lenders of such Tranche. (d) All payments (including prepayments) to be made by a Borrower hereunder, whether on account of principal, interest, fees or otherwise, shall be made without setoff or counterclaim. Except with respect to principal and interest on Loans denominated in an Alternative Currency, all payments shall be made prior to 12:00 Noon, New York City time, on the due date thereof to the Administrative Agent, for the account of the Lenders, at the Funding Office, in Dollars and in immediately available funds. Except as otherwise expressly provided herein, all payments by a Borrower hereunder with respect to principal and interest on Loans denominated in an Alternative Currency shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the Funding Office in such Alternative Currency (except payments to be made directly to Swingline Lenders as expressly provided herein) and in immediately available funds not later than the Applicable Time specified by the Administrative Agent on the dates specified herein. Without limiting the generality of the foregoing, the Administrative Agent may require that any payments due under this Agreement be made in the United States. If, for any reason, the applicable Borrower is prohibited by any Requirement of Law from making any required payment hereunder in an Alternative Currency, the applicable Borrower shall make such payment in Dollars in the Dollar Equivalent of the Alternative Currency payment amount. The Administrative Agent shall distribute such payments to the applicable Lenders promptly upon receipt in like funds as received. If any payment hereunder (other than payments on the Term Benchmark Loans) becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day. If any payment on a Term Benchmark Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day. In the case of any extension of any payment of principal pursuant to the preceding two sentences, interest thereon shall be payable at the then applicable rate during such extension. (e) Unless the Administrative Agent shall have been notified in writing by any Lender prior to a borrowing that such Lender will not make the amount that would constitute its share of such borrowing available to the Administrative Agent, the Administrative Agent may assume that such Lender is making such amount available to the Administrative Agent, and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower a corresponding amount. If such amount is not made available to the Administrative Agent by the required time on the Borrowing Date therefor, such Lender shall pay to the Administrative Agent, on demand, such amount with interest thereon, at a rate equal to the greater of (i) the Federal Funds Effective Rate and (ii) a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, for the period until such Lender makes such amount immediately available to the Administrative Agent. A certificate of the Administrative Agent submitted to any Lender with respect to any amounts |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img129.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 115 owing under this paragraph shall be conclusive in the absence of manifest error. If such Lender's share of such borrowing is not made available to the Administrative Agent by such Lender within three Business Days after such Borrowing Date, the Administrative Agent shall also be entitled to recover such amount with interest thereon at the rate per annum applicable to ABR Loans, on demand, from the Borrower. (f) Unless the Administrative Agent shall have been notified in writing by the Borrower Representative prior to the date of any payment due to be made by the Borrowers hereunder that the Borrowers will not make such payment to the Administrative Agent, the Administrative Agent may assume that the Borrowers are making such payment, and the Administrative Agent may, but shall not be required to, in reliance upon such assumption, make available to the Lenders their respective pro rata shares of a corresponding amount. If such payment is not made to the Administrative Agent by the Borrowers within three Business Days after such due date, the Administrative Agent shall be entitled to recover, on demand, from each Lender to which any amount which was made available pursuant to the preceding sentence, such amount with interest thereon at the rate per annum equal to the daily average Federal Funds Effective Rate. Nothing herein shall be deemed to limit the rights of the Administrative Agent or any Lender against the Borrowers. (g) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.5, Section 2.7(b), Section 2.7(c), Section 2.17(d), Section 2.17(e), Section 3.4(a) or Section 9.7, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), (i) apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender's obligations under such Sections until all such unsatisfied obligations are fully paid and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application to, any future funding obligations of such Lender under such Sections; in the case of each of (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion. 2.18 Requirements of Law. (a) If any Change in Law: (i) shall subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (h) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; (ii) shall impose, modify or hold applicable any reserve, special deposit, liquidity, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender or the Issuing Lender that is not otherwise included in the determination of the Adjusted Term SOFR Rate, the Adjusted Daily Simple RFR, the Adjusted Term CORRA Rate or the Adjusted EURIBOR Rate, as applicable; or |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img130.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 116 (iii) shall impose on such Lender or the Issuing Lender or the London interbank market any other condition, cost or expense (other than Taxes); and the result of any of the foregoing is to increase the cost to such Lender or the Issuing Lender, by an amount that such Lender or the Issuing Lender deems to be material, of making, converting into, continuing or maintaining Loans or issuing or participating in Letters of Credit, or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the applicable Borrower shall promptly pay such Lender or the Issuing Lender, upon its demand, any additional amounts necessary to compensate such Lender or the Issuing Lender for such increased cost or reduced amount receivable. If any Lender or the Issuing Lender becomes entitled to claim any additional amounts pursuant to this paragraph, it shall promptly notify the Borrower Representative (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. (b) If any Lender or the Issuing Lender shall have determined that any Change in Law regarding capital or liquidity requirements or ratios shall have the effect of reducing the rate of return on such Lender's or the Issuing Lender's capital or on the capital of such Lender's or Issuing Lender's holding company, if any, as a consequence of its obligations hereunder or under or in respect of any Letters of Credit to a level below that which such Lender or the Issuing Lender or such Lender's or Issuing Lender's holding company could have achieved but for such Change in Law (taking into consideration such Lender's or the Issuing Lender's or such holding company's policies with respect to capital adequacy) by an amount deemed by such Lender or the Issuing Lender to be material, then from time to time, after submission by such Lender or the Issuing Lender to the Borrower Representative (with a copy to the Administrative Agent) of a written request therefor, the Borrowers shall pay to such Lender or the Issuing Lender such additional amount or amounts as will compensate such Lender or the Issuing Lender or such holding company for such reduction. (c) A certificate as to any additional amounts payable pursuant to this Section submitted by any Lender or the Issuing Lender to the Borrower Representative (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. Notwithstanding anything to the contrary in this Section, the Borrowers shall not be required to compensate a Lender or the Issuing Lender pursuant to this Section for any amounts incurred more than nine months prior to the date that such Lender or the Issuing Lender notifies the Borrower Representative of such Lender's or the Issuing Lender's intention to claim compensation therefor; provided that, if the circumstances giving rise to such claim have a retroactive effect, then such nine-month period shall be extended to include the period of such retroactive effect. The obligations of the Borrowers pursuant to this Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 2.19 Taxes. (a) Payments Free of Taxes. Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such payment by a withholding agent, then the |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img131.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 117 applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then an additional amount is payable by the applicable Loan Party as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 2.19) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made. (b) Payment of Other Taxes by Loan Parties. The Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. (c) Evidence of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this Section 2.19, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. (d) Indemnification by Loan Parties. The Loan Parties shall jointly and severally indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by or on behalf of such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority; provided, that the indemnification provided by any Foreign Borrower under this subparagraph (d) shall be in respect only of its own obligations or those of any other Foreign Borrower, and not those of any U.S. Loan Party. A certificate as to the amount of such payment or liability delivered to the Borrower Representative by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. (e) Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such Lender's failure to comply with the provisions of Section 10.4 relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img132.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 118 or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (e). (f) Status of Lenders. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower Representative and the Administrative Agent, at the time or times reasonably requested by the Borrower Representative or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower Representative or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower Representative or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower Representative or the Administrative Agent as will enable the Borrower Representative or the Administrative Agent to determine whether or not such Lender is subject to withholding, including backup withholding or information reporting requirements. 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 Section 2.19(f)(ii)(A), (ii)(B) and (ii)(D) below) 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. (ii) Without limiting the generality of the foregoing, in the event that any Borrower is a U.S. Borrower, (A) any Lender to such U.S. Borrower that is a U.S. Person shall deliver to the Borrower Representative and the Administrative Agent on or prior to the date on which such Lender becomes a Lender to such U.S. Borrower under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower Representative or the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. Federal backup withholding tax; (B) any Foreign Lender to such U.S. Borrower shall, to the extent it is legally entitled to do so, deliver to the Borrower Representative and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower Representative or the Administrative Agent), whichever of the following is applicable: (1) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the "interest" article of such tax treaty and (y) with respect to any other |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img133.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 119 applicable payments under any Loan Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the "business profits" or "other income" article of such tax treaty; (2) executed copies of an IRS Form W-8ECI; (3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit F-1 to the effect that such Foreign Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, a "10 percent shareholder" of such U.S. Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code (a "U.S. Tax Compliance Certificate") and (y) executed copies of an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable; or (4) to the extent a Foreign Lender is not the beneficial owner, an executed copy of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit F-2 or Exhibit F-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit F-4 on behalf of each such direct and indirect partner; (C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower Representative and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower Representative or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. Federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower Representative or the Administrative Agent to determine the withholding or deduction required to be made; and (D) if a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed by FATCA if |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img134.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 120 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 Borrower Representative and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower Representative 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 Borrower Representative or the Administrative Agent as may be necessary for the Loan Parties and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), "FATCA" shall include any amendments made to FATCA after the date of this Agreement. (iii) Without limiting the generality of the foregoing, in the event that the Borrower is incorporated in Poland, (A) each Lender other than a Polish tax resident Lender or the Lender indicated in point (B), below, lending to a Polish Borrower shall deliver to the Borrower Representative and the Administrative Agent at least 5 Business Days prior to the date on which the first interest payment is due to be paid to such Lender the following documents and/or information if required by the Polish Borrower to make payments without withholding or to make filings required by law: (1) the original (or a notarised copy) of a valid certificate of tax residency issued by the relevant tax authorities; then, a new certificate of tax residency within 30 (thirty) business days after: (i) the tax residency of the Lender changes, or (ii) the request of the Borrower Representative in other situations where the Polish tax laws provide for expiry of the previously issued tax residency certificate) (which requirement, in the case of a Lender tax resident in the United States, will be deemed satisfied by a valid IRS Form 6166); (2) original of a statement confirming that such Lender is the beneficial owner of any interest payments to be made to that Lender under this Agreement by the relevant Borrower and it carries out actual business activity in its country of residence for income tax purposes and that activity is connected with those payments (if this is the case); and (B) each Lender, which carries on business in Poland through a permanent establishment with which the payments due to that Lender are |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img135.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 121 effectively connected shall deliver to the Borrower Representative and the Administrative Agent at least 5 Business Days prior to the date on which the first interest payment is due to be paid to such Lender the following documents and/or information if required by the Polish Borrower to make payments without withholding or to make filings required by law: (1) the original (or a notarised copy) of a valid certificate of tax residency issued by the relevant tax authorities; then, a new certificate of tax residency within 30 (thirty) business days after: (i) the tax residency of the Lender changes, or (ii) the request of the Borrower Representative in other situations where the Polish tax laws provide for expiry of the previously issued tax residency certificate); and (2) the original of a statement confirming that the interest payment referred to in this clause (B) is effectively connected with activity carried out in Poland by that permanent establishment. (iv)Without limiting the generality of the foregoing, in the event that the Borrower is a UK Borrower, (A) each Lender which is a UK Treaty Lender that is a party to this Agreement at the date when a UK Borrower becomes a party to this Agreement or when it becomes a Designated Borrower, and which holds a passport under the HMRC DT Treaty Passport scheme, and wishes that scheme to apply to this Agreement, shall confirm its scheme reference number and its jurisdiction of tax residence promptly to such UK Borrower; (B) each Lender which is a UK Treaty Lender and which becomes a party to this Agreement after the date when a UK Borrower becomes a party to this Agreement or becomes a Designated Borrower, and which holds a passport under the HMRC DT Treaty Passport scheme, and wishes that scheme to apply to this Agreement, shall confirm its scheme reference number and its jurisdiction of tax residence promptly to that UK Borrower or Designated Borrower on becoming a party as a Lender; (C) each Lender which is a party to this Agreement at the date when a UK Borrower becomes a party to this Agreement or becomes a Designated Borrower shall promptly confirm to that UK Borrower/Designated Borrower, which of the following categories it falls in: (i) not a UK Qualifying Lender, (ii) a UK Qualifying Lender (other than a UK Treaty Lender); or (iii) a UK Treaty Lender. (For the avoidance of doubt, the documentation which a Lender executes on becoming a party |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img136.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 122 as a Lender shall not be invalidated by any failure of a Lender to company with this paragraph (C)); (D) each Lender which becomes a party to this Agreement after the date when a UK Borrower becomes a party to this Agreement or becomes a Designated Borrower, shall confirm to that UK Borrower or Designated Borrower promptly on becoming a party, which of the following categories it falls in: (i) not a UK Qualifying Lender, (ii) a UK Qualifying Lender (other than a UK Treaty Lender); or (iii) a UK Treaty Lender. (For the avoidance of doubt, the documentation which a Lender executes on becoming a party as a Lender shall not be invalidated by any failure of a Lender to company with this paragraph (D)); and (E) each Lender which is a UK Non-Bank Lender and which (i) is a party to this Agreement at the date when a UK Borrower becomes a party to this Agreement or becomes a Designated Borrower, or (ii) becomes a party to this Agreement after the date when a UK Borrower becomes a party to this Agreement or becomes a Designated Borrower, shall promptly provide a Tax Confirmation to that UK Borrower or Designated Borrower. Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower Representative and the Administrative Agent in writing of its legal inability to do so. (g) Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.19 (including by the payment of additional amounts pursuant to this Section 2.19), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 2.19 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party 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 paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img137.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 123 (h) Survival. Each party's obligations under this Section 2.19 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 any Loan Document. (i) Defined Terms. For purposes of this Section 2.19, the term "Lender" includes any Issuing Lender and the term "applicable law" includes FATCA. (j) New Zealand Resident Withholding Tax. If a Lender is a NZ Lender: (i) it shall notify the Borrower Representative and the Administrative Agent that it is a NZ Lender; (ii) it confirms that, at the date of this Agreement or at the date that it becomes party to this Agreement, it has RWT-exempt status (as defined in section YA 1 of the Income Tax Act 2007 (NZ)); and (iii) provided it is lawfully able to do so, undertakes to use reasonable endeavors to maintain RWT-exempt status throughout the term of this Agreement. (k) Belgian Taxes. As at the date of this Agreement, each Lender represents that (i) it is not incorporated, having its place of effective management, or acting through an office, as the case may be, located in a Belgian Non-Cooperative Jurisdiction and (ii) the bank accounts to which payments to which that Lender is entitled have been or will be made, are not (a) managed or held by a person or persons incorporated, resident or established in a Belgian Non-Cooperative Jurisdiction or by the permanent establishment of a non-resident of Belgium situated in a Belgian Non-Cooperative Jurisdiction or (b) managed by, or opened with, (A) a financial institution incorporated, resident or established in a Belgian Non-Cooperative Jurisdiction or (B) a branch or office of a financial institution situated in a Belgian Non-Cooperative Jurisdiction. (l) Each Lender which becomes a party to this Agreement, after the date of this Agreement (including for the avoidance of doubt any new Lender) shall indicate, in the documentation which it executes on becoming a party, (i) whether it is incorporated, having its place of effective management, or acting through an office, as the case may be, located in a Belgian Non-Cooperative Jurisdiction and (ii) whether the bank accounts to which payments to which that Lender is entitled have been or will be made, are not (a) managed or held by a person or persons incorporated, resident or established in a Belgian Non-Cooperative Jurisdiction or by the permanent establishment of a non-resident of Belgium situated in a Belgian Non-Cooperative Jurisdiction or (b) managed by, or opened with, (A) a financial institution incorporated, resident or established in a Belgian Non-Cooperative Jurisdiction or (B) a branch or office of a financial institution situated in a Belgian Non-Cooperative Jurisdiction. (m) Each Lender (including for the avoidance of doubt any new Lender) shall notify the Belgian Loan Party if, at any time: |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img138.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 124 (i) the State or territory in which it is incorporated, resident or established or where its office is established, becomes a Belgian Non-Cooperative Jurisdiction; or (ii) the bank account(s) to which payments to which that Lender is entitled has/have been or will be made are: (A) managed or held by a person or persons incorporated, resident or established in a Belgian Non-Cooperative Jurisdiction or by the permanent establishment of a non-resident of Belgium situated in a Belgian Non-Cooperative Jurisdiction; or (B) managed by or opened with: (1) a financial institution incorporated, resident or established in a Belgian Non-Cooperative Jurisdiction; or (2) a branch or office of a financial institution situated in a Belgian Non-Cooperative Jurisdiction; in each case at such time or during such period or in connection with such payments, as indicated by the Belgian Loan Party in a request to make such notification. The Lender shall make such notification within fifteen (15) Business Days of demand of the Belgian Loan Party. (n) Each Lender (including for the avoidance of doubt any new Lender) shall provide information as is reasonably requested by the Belgian Loan Party demonstrating that it cannot be considered as an artificial construction within the meaning of article 198, §1, 10° of the Belgian Income Tax Code 1992 if: (i) the State or territory in which it is incorporated, resident or established or where its Facility Office or office is established, becomes a Belgian Non-Cooperative Jurisdiction; or (ii) the bank account(s) to which payments to which that Lender is entitled has/have been or will be made are: (A) managed or held by a person or persons incorporated, resident or established in a Belgian Non-Cooperative Jurisdiction or by the permanent establishment of a non-resident of Belgium situated in a Belgian Non-Cooperative Jurisdiction; or (B) managed by or opened with: (1) a financial institution incorporated, resident or established in a Belgian Non-Cooperative Jurisdiction; or (2) a branch or office of a financial institution situated in a Belgian Non-Cooperative Jurisdiction; |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img139.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 125 The Lender shall provide such information fifteen (15) Business Days following the receipt of a demand by the Belgian Loan Party (which demand shall refer to this clause). Such demand can be made by the Belgian Loan Party prior to each date on which an interest is payable under a Loan Document. 2.20 Indemnity. (a) The U.S. Borrowers agree to indemnify each Lender for, and to hold each Lender harmless from, any loss, cost or expense (including any foreign exchange losses) that such Lender may sustain or incur as a consequence of (a) default by the U.S. Borrowers in making a borrowing of, conversion into or continuation of Term Benchmark Loans or RFR Loans after the Borrower Representative has given a notice requesting the same in accordance with the provisions of this Agreement, (b) default by the U.S. Borrowers in making any prepayment of or conversion from Term Benchmark Loans or RFR Loans after the Borrower Representative has given a notice thereof in accordance with the provisions of this Agreement, (c) the making of a prepayment of Term Benchmark Loans or RFR Loans on a day that is not the last day of an Interest Period (or the Interest Payment Date, in the case of RFR Loans) with respect thereto, (d) the assignment of any Term Benchmark Loan other than on the last day of an Interest Period pursuant to a request by the Borrower Representative under Section 2.22, or (e) any failure by the U.S. Borrowers to make payment of any Loan or drawing under any Letter of Credit (or interest due thereon) denominated in an Alternative Currency on its scheduled due date or any payment thereof in a different currency. In the case of a Term Benchmark Loan or RFR Loan, such indemnification shall be deemed to include the amount equal to the excess, if any, of (i) the amount of interest that would have accrued on the amount so prepaid, or not so borrowed, converted or continued, at the Adjusted Term SOFR Rate or Adjusted EURIBOR Rate, as applicable, that would have been applicable for the period from the date of such prepayment or of such failure to borrow, convert or continue to the last day of such Interest Period (or, in the case of a failure to borrow, convert or continue, the Interest Period that would have commenced on the date of such failure) in each case at the applicable rate of interest for such Loans provided for herein (excluding, however, the Applicable Margin included therein, if any) over (ii) the amount of interest (as reasonably determined by such Lender) that would have accrued to such Lender on such amount by placing such amount on deposit for a comparable period with leading banks in the interbank eurodollar market. A certificate as to any amounts payable pursuant to this Section submitted to the Borrower Representative by any Lender shall be conclusive in the absence of manifest error. (b) The Foreign Borrowers agree to indemnify each Lender for, and to hold each Lender harmless from, any loss, cost or expense (including any foreign exchange losses) that such Lender may sustain or incur as a consequence of (a) default by the Foreign Borrowers in making a borrowing of, conversion into or continuation of Term Benchmark Loans or RFR Loans after the Borrower Representative has given a notice requesting the same in accordance with the provisions of this Agreement, (b) default by the Foreign Borrowers in making any prepayment of or conversion from Term Benchmark Loans or RFR Loans after the Borrower Representative has given a notice thereof in accordance with the provisions of this Agreement, (c) the making of a prepayment of Term Benchmark Loans or RFR Loans on a day that is not the last day of an Interest Period with respect thereto, (d) the assignment of any Term Benchmark |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img140.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 126 Loan or RFR Loan other than on the last day of an Interest Period pursuant to a request by the Borrower Representative under Section 2.22, or (e) any failure by the Foreign Borrowers to make payment of any Loan or drawing under any Letter of Credit (or interest due thereon) denominated in an Alternative Currency on its scheduled due date or any payment thereof in a different currency. In the case of a Term Benchmark Loan or RFR Loan, such indemnification shall be deemed to include the amount equal to the excess, if any, of (i) the amount of interest that would have accrued on the amount so prepaid, or not so borrowed, converted or continued, at the Adjusted Term SOFR Rate or Adjusted EURIBOR Rate, as applicable, that would have been applicable for the period from the date of such prepayment or of such failure to borrow, convert or continue to the last day of such Interest Period (or, in the case of a failure to borrow, convert or continue, the Interest Period that would have commenced on the date of such failure) in each case at the applicable rate of interest for such Loans provided for herein (excluding, however, the Applicable Margin included therein, if any) over (ii) the amount of interest (as reasonably determined by such Lender) that would have accrued to such Lender on such amount by placing such amount on deposit for a comparable period with leading banks in the interbank eurodollar market. A certificate as to any amounts payable pursuant to this Section submitted to the Borrower Representative by any Lender shall be conclusive in the absence of manifest error. (c) This covenant shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. This Section 2.20 shall not apply with respect to Taxes other than Taxes that represent losses, costs, expenses, claims or damages arising from any non-Tax claims. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img141.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 127 2.21 Change of Lending Office. Each Lender agrees that, upon the occurrence of any event giving rise to the operation of Section 2.18 or 2.19 with respect to such Lender, it will, if requested by the Borrowers, use reasonable efforts (subject to overall policy considerations of such Lender) to designate another lending office for any Loans affected by such event with the object of avoiding the consequences of such event; provided, that such designation is made on terms that, in the sole judgment of such Lender, cause such Lender and its lending office(s) to suffer no economic, legal or regulatory disadvantage, and provided, further, that nothing in this Section shall affect or postpone any of the obligations of the Borrowers or the rights of any Lender pursuant to Section 2.18 or 2.19(a). 2.22 Replacement of Lenders. The Borrowers shall be permitted to replace any Lender that (a) requests reimbursement for amounts owing pursuant to Section 2.18 or 2.19 or (b) becomes a Defaulting Lender or a Non-Consenting Lender, with a replacement financial institution; provided that (i) such replacement does not conflict with any Requirement of Law, (ii) no Event of Default shall have occurred and be continuing at the time of such replacement, (iii) if applicable, prior to any such replacement, such Lender shall have taken no action under Section 2.21 so as to eliminate the continued need for payment of amounts owing pursuant to Section 2.18 or 2.19, (iv) the replacement financial institution shall purchase, at par, all Loans and other amounts owing to such replaced Lender on or prior to the date of replacement, (v) the Borrowers shall be liable to such replaced Lender under Section 2.20 if any Term Benchmark Loan owing to such replaced Lender shall be purchased other than on the last day of the Interest Period relating thereto, (vi) if not already a Lender, the Administrative Agent shall have consented to the replacement financial institution if such consent would otherwise be required pursuant to Section 10.4(b)(i)(B), (vii) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 10.4 (provided that the Borrowers shall be obligated to pay the registration and processing fee referred to therein), (viii) until such time as such replacement shall be consummated, the Borrowers shall pay all additional amounts (if any) required pursuant to Section 2.18 or 2.19, as the case may be, and (ix) any such replacement shall not be deemed to be a waiver of any rights that the Borrowers, the Administrative Agent or any other Lender shall have against the replaced Lender. In case of assignment, transfer or novation by the existing Lender to a new Lender of all or any part of its rights and obligations under any of the Loan Documents, the existing Lender and the new Lender hereby expressly accept, confirm and agree that, for the purposes of Article 1278 and 1281 of the Luxembourg Civil Code (to the extent applicable), the security interests created under this Agreement, any other the Loan Documents and any guarantee given under or in connection with this Agreement, securing the rights assigned, transferred or novated thereby, will be preserved for the benefit of the new Lender. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img142.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 128 2.23 Incremental Commitments. On one or more occasions at any time after the Closing Date, the Borrower Representative may by written notice to the Administrative Agent elect to request (A) an increase to the existing Revolving Commitments (with a corresponding increase to the Tranche(s) of the Revolving Commitments designated by the Borrower Representative) (any such increase, the "New Revolving Commitments") and/or (B) the establishment of one or more new term loan commitments denominated in Dollars or Alternative Currencies (the "New Term Commitments", together with the New Revolving Commitments, the "Incremental Commitments"), by up to an aggregate amount not to exceed the Dollar Equivalent of $500,000,000 for all Incremental Commitments entered into after the Closing Date (so that the sum of the Total Revolving Commitments plus the principal amount of Term Loans made hereunder does not exceed $5,000,000,000). Each such notice shall specify the date (each, an "Increased Amount Date") on which the Borrower Representative proposes that such Incremental Commitments shall be effective. The Administrative Agent and/or its Affiliates shall use commercially reasonable efforts, with the assistance of the Borrower, to arrange a syndicate of Lenders or other Persons that are Eligible Assignees willing to hold the requested Incremental Commitments; provided that (x) any Incremental Commitments on any Increased Amount Date shall be in the minimum aggregate amount of $25,000,000, (y) any Lender approached to provide all or a portion of the Incremental Commitments may elect or decline, in its sole discretion, to provide an Incremental Commitment, and (z) any Lender or other Person that is an Eligible Assignee (each, including any existing Lender that provides Incremental Commitments, a "New Revolving Lender" or "New Term Lender," as applicable) to whom any portion of such Incremental Commitment shall be allocated shall be subject to the approval of the Borrower Representative and the Administrative Agent (such approval not to be unreasonably withheld or delayed) to the extent such consent would otherwise be required pursuant to Section 10.4(b), and, in the case of a New Revolving Commitment in respect of the Dollar Tranche Facility, the Issuing Lender (such approval not to be unreasonably withheld), unless such New Revolving Lender is an existing Lender (other than a Defaulting Lender) with a Revolving Commitment at such time or such New Term Lender is an existing Lender or an Affiliate of an existing Lender. Except for arrangement, structuring or similar fees (which shall be agreed between the Borrower Representative and the New Revolving Lenders), the terms and provisions of any New Revolving Commitments shall be identical to the existing Revolving Commitments (and Tranche thereof). The terms and provisions of any New Term Commitments and any New Term Loans shall (a) provide that at the time of incurrence of such New Term Loan Commitments, the maturity date of any New Term Loan that is a separate tranche shall be no earlier than the Term Loan Maturity Date for the existing Term Loans and the weighted average life to maturity of such New Term Loans shall not be shorter than the weighted average life to maturity of the existing Term Loans, and such New Term Loans shall not have any scheduled amortization payments, (b) share ratably in any prepayments of the existing Term Facility, unless the Borrower Representative and the New Term Lenders in respect of such New Term Loans elect lesser payments and (c) except for arrangement, underwriting, structuring and similar fees (which shall be agreed between the Borrower Representative and the New Term Lender), otherwise be identical to the existing Term Loans or reasonably acceptable to the Administrative Agent, the Borrower Representative and each New Term Lender. The effectiveness of any Incremental Commitments and the availability of any borrowings under any such Incremental Commitments shall be subject to the satisfaction of the |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img143.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 129 following conditions precedent: (x) after giving pro forma effect to such Incremental Commitments and borrowings and the use of proceeds thereof, (i) no Default or Event of Default shall exist (or, solely with respect to any Incremental Commitments requested and incurred in connection with an acquisition or investment, in each case, permitted hereunder, then no Specified Default shall exist; provided, that any such request for Incremental Commitments by the Borrower Representative shall specify that such condition is to apply) and (ii) as of the last day of the most recent calendar quarter for which financial statements have been delivered pursuant to Section 6.1, the Borrowers would have been in compliance with the financial covenants set forth in Section 7.1; (y) subject to customary "SunGard" or other "certain funds" conditionality provisions solely with respect to any Incremental Commitments requested and incurred in connection with an acquisition or investment, in each case, permitted hereunder (provided, that any such request for Incremental Commitments by the Borrower Representative shall specify the conditionality provisions that are to apply), the representations and warranties made or deemed made by the Borrower in any Loan Document shall be true and correct in all material respects (other than any representation or warranty qualified as to "materiality", "Material Adverse Effect" or similar language, which shall be true and correct in all respects) on the effective date of such Incremental Commitments except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date); and (z) the Administrative Agent shall have received each of the following, in form and substance reasonably satisfactory to the Administrative Agent: (i) if not previously delivered to the Administrative Agent, copies certified by the Secretary or Assistant Secretary of all corporate or other necessary action taken by the applicable Borrowers to authorize such Incremental Commitments; and (ii) a customary opinion of counsel to the applicable Borrowers (which may be in substantially the same form as delivered on the Closing Date), and addressed to the Administrative Agent and the New Revolving Lenders or the New Term Lenders, as applicable, and (iii) if requested by any Lender, new Notes executed by the applicable Borrowers, payable to any new Lender, and replacement Notes executed by the Borrower, payable to any existing Lenders. On any Increased Amount Date on which New Revolving Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Revolving Lenders of such Tranche shall assign to each of the New Revolving Lenders, and each of the New Revolving Lenders shall purchase from each of the Revolving Lenders of such Tranche, at the principal amount thereof (together with accrued interest), such interests in the Revolving Loans of such Tranche outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, such Revolving Loans of such Tranche will be held by existing Revolving Lenders of such Tranche and New Revolving Lenders ratably in accordance with their Revolving Commitments under such Tranche after giving effect to the addition of such New Revolving Commitments to the Revolving Commitments of such Tranche, (b) each New Revolving Commitment shall be deemed for all purposes a Revolving Commitment and a commitment under the applicable Tranche and each Loan made under such Tranche shall be deemed, for all purposes, a Revolving Loan and a Loan under such Tranche and (c) each New Revolving Lender shall become a Lender under the applicable Tranche with respect to its New Revolving Commitment and all matters relating thereto. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img144.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 130 On any Increased Amount Date on which any New Term Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (i) each New Term Lender shall make a Loan to the Borrower (a "New Term Loan") in an amount equal to its New Term Commitment, and (ii) each New Term Lender shall become a Term Lender hereunder with respect to the New Term Commitment and the New Term Loans made pursuant thereto. The Administrative Agent shall notify the Lenders promptly upon receipt of the Borrower Representative's notice of each Increased Amount Date and in respect thereof (y) the New Revolving Commitments (and Tranche thereof) and the New Revolving Lenders or the New Term Commitments and the New Term Lenders, as applicable, and (z) in the case of each notice to any Revolving Lender, the respective interests in such Revolving Lender's Revolving Loans, in each case subject to the assignments contemplated by this paragraph. The fees (if any) payable by the applicable Borrower to the Administrative Agent upon any such Incremental Commitments shall be agreed upon by the Administrative Agent and Borrower Representative at the time of such increase. The Incremental Commitments shall be evidenced pursuant to one or more Additional Credit Extension Amendments executed and delivered by the applicable Borrowers, the New Revolving Lenders or New Term Lenders, as applicable, and the Administrative Agent, and each of which shall be recorded in the Register. Each Additional Credit Extension Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provisions of this Section 2.23, subject to the approval of the Borrower Representative (which approval shall not be unreasonably withheld or delayed). 2.24 Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: (a) fees shall cease to accrue on the unused portion of the Revolving Commitment (and Tranche thereof) of such Defaulting Lender pursuant to Section 2.8; (b) the Commitments, Term Loans, and Revolving Extensions of Credit of such Defaulting Lender shall not be included in determining whether all Lenders, the Majority Facility Lenders, the Majority Dollar Tranche Lenders, the Majority Term Lenders, Required Tranche Lenders, or the Required Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section 10.1), provided that any waiver, amendment or modification that increases the Commitment of a Defaulting Lender, forgives all or any portion of the principal amount of any Loan or Reimbursement Obligation or interest thereon owing to a Defaulting Lender, reduces the Applicable Margin on the underlying interest rate options owing to a Defaulting Lender or extends the Revolving Termination Date or a Term Loan Maturity Date applicable to such Defaulting Lender shall require the consent of such Defaulting Lender; (c) if any L/C Exposure exists with respect to a Lender at the time such Lender becomes a Defaulting Lender then: |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img145.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 131 (i) all or any part of such L/C Exposure shall be reallocated among the non-Defaulting Lenders in accordance with their respective Dollar Tranche Percentages but only to the extent (x) the sum of all non-Defaulting Lenders' Dollar Tranche Extensions of Credit plus such Defaulting Lender's L/C Exposure does not exceed the total of all non-Defaulting Lenders' Dollar Tranche Commitments, (y) the sum of each non-Defaulting Lender's Dollar Tranche Extensions of Credit would not exceed its Dollar Tranche Commitment and (z) the conditions set forth in Section 5.2 are satisfied at such time; and (ii) if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall, within ten (10) Business Days following notice by the Administrative Agent, cash collateralize such Defaulting Lender's L/C Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) by depositing amounts into the collateral account in accordance with the procedures set forth in Section 8 for so long as such L/C Exposure is outstanding; (iii) if the Borrower cash collateralizes any portion of such Defaulting Lender's L/C Exposure pursuant to Section 2.24(c), the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 3.3(a) with respect to such Defaulting Lender's L/C Exposure during the period such Defaulting Lender's L/C Exposure is cash collateralized; (iv)if the L/C Exposure of the non-Defaulting Lenders is reallocated pursuant to Section 2.24(c), then the fees payable to the Lenders pursuant to Section 3.3(a) shall be adjusted in accordance with such non-Defaulting Lenders' Dollar Tranche Percentages; or (v) if any Defaulting Lender's L/C Exposure is neither cash collateralized nor reallocated pursuant to Section 2.24, then, without prejudice to any rights or remedies of the Issuing Lender or any Lender hereunder, all letter of credit fees payable under Section 3.3(a) with respect to such Defaulting Lender's L/C Exposure shall be payable to the Issuing Lender until such L/C Exposure is cash collateralized and/or reallocated; (d) so long as any Lender is a Defaulting Lender, the Issuing Lender shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure will be one hundred percent (100%) covered by the Dollar Tranche Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in the amount of the Defaulting Lender's L/C Exposure in accordance with Section 2.24, and participating interests in any such newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.24(c)(i) (and Defaulting Lenders shall not participate therein); and (e) In the event that the Administrative Agent, the Borrower and the Issuing Lender each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the L/C Exposure of the Dollar Tranche Lenders shall be readjusted to reflect the inclusion of such Dollar Tranche Lender's Dollar Tranche Commitment and on such date such Dollar Tranche Lender shall purchase at par such of the |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img146.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 132 Dollar Tranche Loans of the other Dollar Tranche Lenders as the Administrative Agent shall determine may be necessary in order for such Dollar Tranche Lender to hold such Dollar Tranche Loans in accordance with its Dollar Tranche Percentage. (f) If any Swingline Extensions of Credit exist at the time such Lender becomes a Defaulting Lender, then all or any part of the Swingline Extensions of Credit of such Defaulting Lender (other than, in the case of a Defaulting Lender that is a Swingline Lender, the portion of such Swingline Extensions of Credit referred to in clause (b) of the definition of such term) shall be reallocated among the non-Defaulting Lenders in accordance with their respective Revolving Percentages but only to the extent that such reallocation does not, as to any non-Defaulting Lender, cause such non-Defaulting Lender's (x) Alternative Currency Tranche One Extensions of Credit to exceed its Alternative Currency Tranche One Commitment, or (y) Alternative Currency Tranche Two Extensions of Credit to exceed its Alternative Currency Tranche Two Commitment. (g) so long as such Lender is a Defaulting Lender, no Swingline Lender shall be required to fund any Swingline Loan unless it is satisfied that the related exposure will be 100% covered by the Revolving Commitments of the non-Defaulting Lenders, and Swingline Extensions of Credit related to any newly made Swingline Loan shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.24(f) (and such Defaulting Lender shall not participate therein). |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img147.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 133 2.25 Extension of Revolving Termination Date. The Borrower Representative may, by written notice to the Administrative Agent (which shall promptly notify each of the Lenders) given at least thirty (30) days but not more than ninety (90) days prior to the then current Revolving Termination Date, extend the then current Revolving Termination Date two (2) times for up to six (6) months per extension so long as (A) no Event of Default shall have occurred and be continuing on the date of such written notice and on the last day of the then current Revolving Termination Date, and (B) the Borrowers pay an aggregate extension fee for each extension equal to 0.075% of the then existing Revolving Commitments to the Administrative Agent for the ratable benefit of the extending Revolving Lenders. 2.26 Cash Management Services and Swap Agreements. Each Cash Management Bank and each Lender or Affiliate thereof having Swap Agreements with, any Loan Party or any Subsidiary of a Loan Party shall deliver to the Administrative Agent, promptly after entering into such Cash Management Services or Swap Agreements, written notice setting forth the aggregate amount of all Cash Management Services and Swap Obligations of such Loan Party or Subsidiary thereof to such Cash Management Bank, Lender or Affiliate (whether matured or unmatured, absolute or contingent). In addition, each such Cash Management Bank, Lender or Affiliate thereof shall deliver to the Administrative Agent, from time to time after a significant change therein or upon a request therefor, a summary of the amounts due or to become due in respect of such Cash Management Services and Swap Obligations. The most recent information provided to the Administrative Agent shall be used in determining the amounts to be applied in respect of such Cash Management Services and/or Swap Obligations pursuant to Section 8. For the avoidance of doubt, so long as JPMCB or its Affiliate is the Administrative Agent, neither JPMCB nor any of its Affiliates providing Cash Management Services for, or having Swap Agreements with, any Loan Party or any Subsidiary of a Loan Party shall be required to provide any notice described in this Section 2.26 in respect of such Cash Management Services or Swap Agreements. 2.27 Joint and Several Liability. (a) U.S. Borrowers. (i) Each of the U.S. Borrowers is accepting joint and several liability hereunder in consideration of the financial accommodation to be provided by the Lenders under this Agreement, for the mutual benefit, directly and indirectly, of each of the U.S. Borrowers and in consideration of the undertakings of each of the U.S. Borrowers to accept joint and several liability for the obligations of each of them. (ii) Each of the U.S. Borrowers hereby irrevocably and unconditionally accepts, not merely as a surety but also as a co debtor, joint and several liability with the other U.S. Borrowers with respect to the payment and performance of all of the Secured Obligations, it being the intention of the parties hereto that all of the Secured Obligations shall be the joint and several obligations of each of the U.S. Borrowers without preferences or distinction among them. (iii) If and to the extent that any of the U.S. Borrowers shall fail to make any payment with respect to any of the obligations hereunder as and when due or to |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img148.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 134 perform any of such obligations in accordance with the terms thereof, then in each such event, the other U.S. Borrowers will make such payment with respect to, or perform, such obligation. (iv)The obligations of each U.S. Borrower under the provisions of this Section 2.27(a) constitute full recourse obligations of such U.S. Borrower, enforceable against it to the full extent of its properties and assets, irrespective of the validity, regularity or enforceability of this Agreement or any other circumstances whatsoever. (v) Except as otherwise expressly provided herein, each U.S. Borrower hereby waives notice of acceptance of its joint and several liability, notice of occurrence of any Default or Event of Default (except to the extent notice is expressly required to be given pursuant to the terms of this Agreement) or of any demand for any payment under this Agreement (except to the extent demand is expressly required to be given pursuant to the terms of this Agreement), notice of any action at any time taken or omitted by the Lenders under or in respect of any of the Secured Obligations, any requirement of diligence and, generally, all demands, notices and other formalities of every kind in connection with this Agreement. Each U.S. Borrower hereby assents to, and waives notice of, any extension or postponement of the time for the payment of any of the Secured Obligations, the acceptance of any partial payment thereon, any waiver, consent or other action or acquiescence by the Lenders at any time or times in respect of any default by any Borrower in the performance or satisfaction of any term, covenant, condition or provision of this Agreement, any and all other indulgences whatsoever by the Lenders in respect of any of the Secured Obligations, and the taking, addition, substitution or release, in whole or in part, at any time or times, of any security for any of such Secured Obligations or the addition, substitution or release, in whole or in part, of any Borrower. Without limiting the generality of the foregoing, each U.S. Borrower assents to any other action or delay in acting or any failure to act on the part of the Lenders, including, without limitation, any failure strictly or diligently to assert any right or to pursue any remedy or to comply fully with applicable laws or regulations thereunder which might, but for the provisions of this Section 2.27(a), afford grounds for terminating, discharging or relieving such U.S. Borrower, in whole or in part, from any of its obligations under this Section 2.27(a), it being the intention of each U.S. Borrower that, so long as any of the Secured Obligations remain unsatisfied, the obligations of such U.S. Borrower under this Section 2.27(a) shall not be discharged except by performance and then only to the extent of such performance. The obligations of each U.S. Borrower under this Section 2.27(a) shall not be diminished or rendered unenforceable by any winding up, reorganization, arrangement, liquidation, reconstruction or similar proceeding with respect to any reconstruction or similar proceeding with respect to any Borrower or any Lender. The joint and several liability of the U.S. Borrowers hereunder shall continue in full force and effect notwithstanding any absorption, merger, amalgamation or any other change whatsoever in the name, membership, constitution or place of formation of any Borrower or any Lender. (vi)The provisions of this Section 2.27(a) are made for the benefit of the Administrative Agent and the Lenders and their respective successors and assigns, and may be enforced by any such Person from time to time against any of the U.S. Borrowers |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img149.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 135 as often as occasion therefor may arise and without requirement on the part of any Lender first to marshal any of its claims or to exercise any of its rights against any of the other Borrowers or to exhaust any remedies available to it against any of the other Borrowers or to resort to any other source or means of obtaining payment of any of the Secured Obligations or to elect any other remedy. The provisions of this Section 2.27(b) shall remain in effect until all of the Secured Obligations hereunder shall have been Paid in Full. If at any time, any payment, or any part thereof, made in respect of any of the Secured Obligations, is rescinded or must otherwise be restored or returned by the Lenders upon the insolvency, bankruptcy or reorganization of any of the Borrowers, or otherwise, the provisions of this Section 2.27(a) will forthwith be reinstated and in effect as though such payment had not been made. (vii) Notwithstanding any provision to the contrary contained herein or in any other Loan Document, the obligations of each U.S. Borrower hereunder shall be limited to an aggregate amount equal to the largest amount that would not render its obligations hereunder subject to avoidance under Section 548 of the Bankruptcy Code or any comparable provisions of any applicable state law or any Debtor Relief Laws. (viii) The U.S. Borrowers hereby agree as among themselves that, in connection with payments made hereunder, each such Person shall have a right of contribution from each other Borrower in accordance with applicable Laws. Such contribution rights shall be subordinate and subject in right of payment to the Secured Obligations until such time as the Secured Obligations have been Paid in Full, and none of the U.S. Borrowers shall exercise any such contribution rights until the Secured Obligations have been Paid in Full. (b) Foreign Borrowers. (i) Each of the Foreign Borrowers is accepting joint and several liability hereunder in consideration of the financial accommodation to be provided by the Lenders under this Agreement (it being acknowledged by each of the Foreign Borrowers that this constitutes valuable and sufficient consideration), for the mutual benefit, directly and indirectly, of each of the Foreign Borrowers and in consideration of the undertakings of each of the Foreign Borrowers to accept joint and several liability for the obligations of each of them. Such joint and several liability in respect of any Foreign Borrower organized in accordance with laws of Mexico is accepted and acknowledged in accordance with article 4 of the Mexican General Law of Negotiable Instruments and Credit Transactions (Ley General de Títulos y Operaciones de Crédito) and articles 1987, 1988 and 1989 of the Mexican Federal Civil Code (Código Civil Federal). (ii) Each of the Foreign Borrowers hereby irrevocably and unconditionally accepts, not merely as a surety but also as a co debtor, joint and several liability with the other Foreign Borrowers with respect to the payment and performance of all of the Foreign Secured Obligations, it being the intention of the parties hereto that all of the Foreign Secured Obligations shall be the joint and several obligations of each of the Foreign Borrowers without preferences or distinction among them. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img150.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 136 (iii) If and to the extent that any of the Foreign Borrowers shall fail to make any payment with respect to any of the obligations hereunder as and when due or to perform any of such obligations in accordance with the terms thereof, then in each such event, the other Foreign Borrowers will make such payment with respect to, or perform, such obligation. (iv)The obligations of each Foreign Borrower under the provisions of this Section 2.27(b) constitute full recourse obligations of such Foreign Borrower, enforceable against it to the full extent of its properties and assets, irrespective of the validity, regularity or enforceability of this Agreement or any other circumstances whatsoever. (v) Except as otherwise expressly provided herein, each Foreign Borrower hereby waives notice of acceptance of its joint and several liability, notice of occurrence of any Default or Event of Default (except to the extent notice is expressly required to be given pursuant to the terms of this Agreement) or of any demand for any payment under this Agreement (except to the extent demand is expressly required to be given pursuant to the terms of this Agreement), notice of any action at any time taken or omitted by the Lenders under or in respect of any of the Foreign Secured Obligations, any requirement of diligence and, generally, all demands, notices and other formalities of every kind in connection with this Agreement. Each Foreign Borrower hereby assents to, and waives notice of, any extension or postponement of the time for the payment of any of the Foreign Secured Obligations, the acceptance of any partial payment thereon, any waiver, consent or other action or acquiescence by the Lenders at any time or times in respect of any default by any Borrower in the performance or satisfaction of any term, covenant, condition or provision of this Agreement, any and all other indulgences whatsoever by the Lenders in respect of any of the Foreign Secured Obligations, and the taking, addition, substitution or release, in whole or in part, at any time or times, of any security for any of such Foreign Secured Obligations or the addition, substitution or release, in whole or in part, of any Borrower. Without limiting the generality of the foregoing, each Foreign Borrower assents to any other action or delay in acting or any failure to act on the part of the Lenders, including, without limitation, any failure strictly or diligently to assert any right or to pursue any remedy or to comply fully with applicable laws or regulations thereunder which might, but for the provisions of this Section 2.27(b), afford grounds for terminating, discharging or relieving such Foreign Borrower, in whole or in part, from any of its obligations under this Section 2.27(b), it being the intention of each Foreign Borrower that, so long as any of the Foreign Secured Obligations remain unsatisfied, the obligations of such Foreign Borrower under this Section 2.27(b) shall not be discharged except by performance and then only to the extent of such performance. Subject to mandatory provisions of Polish law with respect to Foreign Borrowers incorporated in Poland, the obligations of each Foreign Borrower under this Section 2.27(b) shall not be diminished or rendered unenforceable by any winding up, reorganization, arrangement, liquidation, reconstruction, dissolution, judicial management or similar proceeding with respect to any reconstruction or similar proceeding with respect to any Borrower or any Lender. The joint and several liability of the Foreign Borrowers hereunder shall continue in full force and effect notwithstanding |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img151.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 137 any absorption, merger, amalgamation or any other change whatsoever in the name, membership, constitution or place of formation of any Borrower or any Lender. (vi)The provisions of this Section 2.27(b) are made for the benefit of the Administrative Agent and the Lenders and their respective successors and assigns, and may be enforced by any such Person from time to time against any of the Foreign Borrowers as often as occasion therefor may arise and without requirement on the part of any Lender first to marshal any of its claims or to exercise any of its rights against any of the other Borrowers or to exhaust any remedies available to it against any of the other Borrowers or to resort to any other source or means of obtaining payment of any of the Foreign Secured Obligations or to elect any other remedy. The provisions of this Section 2.27(b) shall remain in effect until all of the Foreign Secured Obligations hereunder shall have been Paid in Full. If at any time, any payment, or any part thereof, made in respect of any of the Foreign Secured Obligations, is rescinded or must otherwise be restored or returned by the Lenders upon the insolvency, bankruptcy, dissolution, judicial management or reorganization of any of the Borrowers, or otherwise, the provisions of this Section 2.27(b) will forthwith be reinstated and in effect as though such payment had not been made. (vii) Notwithstanding any provision to the contrary contained herein or in any other Loan Document, the obligations of each Foreign Borrower hereunder shall be limited to an aggregate amount equal to the largest amount that would not render its obligations hereunder subject to avoidance under Section 548 of the Bankruptcy Code or any comparable provisions of any applicable state law or any Debtor Relief Laws. (viii) The Foreign Borrowers hereby agree as among themselves that, in connection with payments made hereunder, each such Person shall have a right of contribution from each other Borrower in accordance with applicable Laws. Such contribution rights shall be subordinate and subject in right of payment to the Foreign Secured Obligations until such time as the Foreign Secured Obligations have been Paid in Full, and none of the Foreign Borrowers shall exercise any such contribution rights until the Foreign Secured Obligations have been Paid in Full. (ix)Notwithstanding any other provision contained herein or in any other Loan Document, if a "secured creditor" (as that term is defined under the Bankruptcy and Insolvency Act (Canada) is determined by a court of competent jurisdiction not to include a Person to whom obligations are owed on a joint and several basis, then such Person's Foreign Secured Obligations (and the Foreign Secured Obligations of each other Canadian domiciled Loan Party or any other applicable Loan Party), to the extent such Foreign Secured Obligations are secured, shall be several obligations and not joint and several obligations. (x) Notwithstanding any other provision contained herein or in any other Loan Document, the joint and several liability referred to hereunder shall be limited to the extent required so that such liability does not and cannot result in: in relation to a Polish Borrower: |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img152.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 138 (A) a breach of the restrictions on the return to a direct shareholder(s) of contributions (wkład) covering the share capital as provided for under Article 189 § 1 of the Polish Commercial Companies Code; (B) a payment to a direct shareholder(s) leading to a reduction of the assets (majątek) required to cover the total nominal capital pursuant to Article 189 § 2 of the Polish Commercial Companies Code; (C) a breach of the restrictions on the return to a direct shareholder(s) of share contributions (wpłaty na akcje) as provided for under Article 344 § 1 of the Polish Commercial Companies Code; (D) a breach of the restrictions concerning financial assistance as provided for under Article 345 of the Polish Commercial Companies Code; (E) insolvency within the meaning of Article 11 section 2 of the Polish Bankruptcy Law. The limitation set out in this subparagraph will not apply if one or more of the following circumstances occurs and continues: (i) an Event of Default occurs and is outstanding, irrespective of whether it occurs before or after the Polish Borrower concerned becomes insolvent within the meaning of Article 11 §2 of the Polish Bankruptcy Law; or (ii) the Polish Borrower's liabilities (except for Foreign Secured Obligations) result in its insolvency within the meaning of Article 11 §2 of the Polish Bankruptcy Law; in relation to a Danish Borrower and of any Foreign Borrower which is, directly or indirectly, a Subsidiary of that Danish Borrower: (F) notwithstanding any provision of this Agreement or any other Loan Document, the obligations expressed to be assumed in this Agreement or any other Loan Document (a) shall be deemed not to be assumed by any Danish Borrower and of any Foreign Borrower which is, directly or indirectly, a Subsidiary of that Danish Borrower (and any security created in relation thereto shall be limited) if and to the extent required to comply with Danish statutory provisions on unlawful financial assistance including, but not limited to, sections 206 through 212 of the Danish Companies Act (in Danish: selskabsloven) as amended and supplemented from time to time and (b) shall, in relation to obligations not incurred as a result of borrowings under this Agreement or any other Loan Document by the Danish Borrower, further be limited to an amount equal to the greater of (A) the equity of the Danish Borrower at the date of this Agreement or, as the case may be, the date of the Danish Borrower's accession to this Agreement and (B) the equity at the date when a claim for payment is made against the Danish Borrower under this Agreement or any other Loan Document, in each case calculated in accordance with the |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img153.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 139 Danish Borrower's generally accepted accounting principles at the relevant time (including, if applied by the Danish Borrower, IFRS), however, adjusted upwards by adding back obligations (in the amounts outstanding at the time when a claim for payment is made) of the Danish Borrower (and its direct or indirect Subsidiaries) in respect of any intercompany loan owing by the Danish Borrower (or its direct or indirect Subsidiaries) to a Borrower and originally borrowed by that Borrower under this Agreement and on-lent (directly or indirectly) by that Borrower to the Danish Borrower (or its direct or indirect Subsidiaries) provided always that any payment made by the Danish Borrower under this Agreement or any other Loan Document in respect of such liabilities shall reduce pro tanto the outstanding amount of the intercompany loan owing by the Danish Borrower (or its direct or indirect Subsidiaries). The above limitations shall apply to any security by guarantee, indemnity, collateral or otherwise and to subordination of rights and claims, subordination or turnover of rights of recourse, application of proceeds and any other means of direct and indirect financial assistance; and in relation to a Norwegian Borrower: (G) Notwithstanding any provision of this Agreement or any other Loan Document, the obligations expressed to be assumed in this Agreement or any other Loan Document by a Norwegian Borrower shall be limited if (and only if) required by the mandatory provisions of the Norwegian Limited Companies Act of 13 June 1997 No. 44 (Nw. aksjeloven) (the "Norwegian Companies Act"), including Sections 8-7 and 8-10 cf. Sections 1-3, regulating unlawful financial assistance and other restrictions on a Norwegian limited liability company's ability to grant guarantees, loans or security interests. It is understood that the obligations and liabilities of a Norwegian Borrower hereunder shall always be interpreted so as to make each Norwegian Borrower liable to the fullest extent permitted by the above provisions of the Norwegian Companies Act. (collectively, this clause (x), the "Foreign Borrower Guarantee Limitations"). |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img154.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 140 2.28 Sustainability Adjustments Amendment. (a) Prior to the 12 month anniversary of the Closing Date, the Company, in consultation with the Sustainability Agent, may in its sole discretion seek to establish specified key performance indicators with respect to certain environmental, social and governance ("ESG") goals of the Parent Company and its Subsidiaries (such indicators or ratings, "KPI Metrics") and thresholds or targets with respect thereto (in either case, such thresholds or targets, "SPTs"). The Administrative Agent and the Company (each acting reasonably and in consultation with the Sustainability Structuring Agent) may propose an amendment to this Agreement (such amendment, an "ESG Amendment") solely for the purpose of incorporating the KPI Metrics, the SPTs and other related provisions (the "ESG Pricing Provisions") into this Agreement. Any such ESG Amendment shall become effective upon (i) receipt by the Lenders of a lender presentation in regard to the KPI Metrics and SPTs from the Company no later than five (5) Business Days before the proposed effective date of such proposed ESG Amendment, (ii) the posting of such proposed ESG Amendment to all Lenders and the Company, (iii) the identification, and engagement at the Company's cost and expense, of a sustainability assurance provider, which shall be a qualified external reviewer of nationally recognized standing, independent of the Company and its Affiliates and (iv) the receipt by the Administrative Agent of executed signature pages and consents to such ESG Amendment from the Borrowers, the Administrative Agent and Lenders comprising at least the Required Lenders. Upon the effectiveness of any such ESG Amendment, based on the Company's performance against the KPI Metrics and SPTs, certain adjustments (increase, decrease or no adjustment) (such adjustments, the "ESG Applicable Margin Adjustments") to the otherwise applicable Applicable Margin and/or the Facility Fee Rate) may be made; provided that (x) the amount of any such adjustments made pursuant to an ESG Amendment shall not result in a decrease or an increase of more than (A) for Revolving Loans (1) prior to the Debt Rating Pricing Election Date, 0.05% in the Applicable Margin for Term Benchmark Loans and RFR Loans and Applicable Margin for ABR Loans set forth in the definition of "Applicable Margin" for Revolving Loans and (2) from and after the Debt Rating Pricing Election Date 0.01% in the Facility Fee Rate and 0.04% in the Applicable Margin for Term Benchmark Loans and RFR Loans and Applicable Margin for ABR Loans, in each case set forth in the definition of "Applicable Margin" for Revolving Loans and/or (B) for Term Loans, 0.05% in the Applicable Margin for Term Benchmark Loans and RFR Loans and Applicable Margin for ABR Loans set forth in the definition of "Applicable Margin" for Term Loans, in each case, during any fiscal year, which pricing adjustments shall be applied in accordance with the terms as further described in the ESG Pricing Provisions and (y) in no event shall any Applicable Margin or the Facility Fee Rate be less than zero (the provisions of this proviso, the "Sustainability Adjustment Limitations"). For the avoidance of doubt, the ESG Applicable Margin Adjustments shall not be cumulative year-over-year and shall only apply until the date on which the next adjustment is due to take place. The KPI Metrics, the Company's performance against the KPI Metrics, and any related ESG Applicable Margin Adjustments resulting therefrom, will be determined based on certain Company certificates, reports and other documents, in each case, setting forth the KPI Metrics in a manner that is aligned with the Sustainability Linked Loan Principles (as last published in February 2023 by the Loan Market Association, Asia Pacific Loan Market Association and Loan Syndications & Trading Association, and as further amended, revised or updated from time to time, the "SLL Principles"), including with respect to the selection, setting, calculation, certification and measurement thereof. Following the effectiveness of an ESG Amendment, any modification to the ESG Pricing Provisions shall be subject only to the consent |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img155.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 141 of the Company, the Administrative Agent and the Required Lenders so long as such modification does not have the effect of (1) increasing or decreasing the Sustainability Adjustment Limitations set forth in the ESG Amendment or (2) reducing any Applicable Margin or the Facility Fee Rate to less than zero. (b) The Borrowers, the Sustainability Structuring Agent, the Administrative Agent and the Lenders agree that none of the Facilities are and none of the Facilities shall be a sustainability-linked loan unless and until the effectiveness of any ESG Amendment. Prior to the effectiveness of an ESG Amendment, the Loan Parties will not publish any materials or statements (including on any website of the Loan Parties, in the financial statements or annual reports of the Loan Parties or in any press release or public announcement issued by the Loan Parties) which refer to this Agreement being a sustainability-linked loan. (c) Other than (i) increasing or decreasing the Sustainability Adjustment Limitations or (ii) reducing any Applicable Margin or the Facility Fee Rate to less than zero (which, for the avoidance of doubt, shall be subject to the written consent of "each Lender affected thereby" and/or the Issuing Lenders, as applicable, in accordance with Section 10.2), this Section 2.28 shall supersede any other clause or provision in Section 10.2 to the contrary, including any provision of Section 10.2 requiring the consent of "each Lender affected thereby" and/or the Issuing Lenders, as applicable, for reductions in interest rates or fees payable thereunder. SECTION 3. LETTERS OF CREDIT 3.1 L/C Commitment. (a) Subject to the terms and conditions hereof, the Borrower Representative may request the issuance of Letters of Credit for its own account or for the account of another Borrower denominated in an Agreed Currency as the applicant thereof for the support of its or its Subsidiaries' obligations, the Issuing Lenders, in reliance on the agreements of the other Dollar Tranche Lenders set forth in Section 3.4(a), shall issue standby letters of credit ("Letters of Credit") for the account of the Borrowers denominated in Dollars or any Alternative Currency on any Business Day during the Revolving Commitment Period in such form as may be approved from time to time by the Issuing Lender; provided that the Issuing Lender shall have no obligation to issue any Letter of Credit if, after giving effect to such issuance, (i) the L/C Obligations would exceed the L/C Commitment, (ii) the aggregate amount of the Dollar Tranche Commitments would be less than zero, (iii) the Total Revolving Extensions of Credit would exceed the Total Revolving Commitments. or (iv) unless such Issuing Lender otherwise consents, the L/C Obligations with respect to Letters of Credit issued by any Issuing Lender would exceed the Issuing Lender Commitment of such Issuing Lender. Each Letter of Credit shall (i) be denominated in Dollars or any Alternative Currency and (ii) expire no later than the earlier of (x) the first anniversary of its date of issuance and (y) the date that is five Business Days prior to the Revolving Termination Date, provided that any Letter of Credit with a one-year term may provide for the automatic extension thereof for additional one-year periods (which shall in no event extend beyond the date referred to in clause (y) above) so long as such Letter of Credit permits the Issuing Lender 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 |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img156.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 142 prior notice to the beneficiary thereof 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. Once an automatic extension Letter of Credit has been issued, the Dollar Tranche Lenders shall be deemed to have authorized the Issuing Lender to permit the extension of such Letter of Credit at any time to an expiry date not later than the date referred to in clause (y) above; provided, however, that the Issuing Lender shall not permit any such extension if 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 that a Default or Event of Default has occurred and is continuing directing the Issuing Lender not to permit such extension. Notwithstanding the foregoing, a Letter of Credit may have an expiration date that is not more than twelve (12) months after the Revolving Termination Date so long as (x) the Borrowers shall provide cash collateral to the Administrative Agent pursuant to and in accordance with the provisions below (or other credit support satisfactory to the Administrative Agent and Issuing Lenders in their sole discretion) on or prior to (1) the date of issuance of such Letter of Credit or (2) if such Letter of Credit has an automatic renewal provision, forty-five (45) days before the date of the automatic extension, in each case in an amount equal to 103% of the L/C Exposure with respect to all such Letters of Credit with expiry dates after the Revolving Termination Date, (y) the obligations of the Borrowers under this Section 3.1 in respect of such Letters of Credit shall survive the Revolving Termination Date and shall remain in effect until no such Letters of Credit remain outstanding and (z) each Revolving Lender shall remain obligated hereunder, to the extent any such cash collateral (or other credit support), the application thereof or reimbursement in respect thereof is required to be returned to the Borrowers by the Administrative Agent after the Revolving Termination Date until no such Letters of Credit remain outstanding. Such cash collateral shall be held in a cash collateral account opened by the Administrative Agent. Amounts held in such cash collateral account shall be held as collateral for the payment and performance of the L/C Obligations and shall be applied by the Administrative Agent to the payment of drafts drawn under such Letters of Credit, and the unused portion thereof after all such Letters of Credit shall have expired or been fully drawn upon, if any, shall be (x) if an Event of Default exists, applied to repay other obligations of the Borrowers hereunder and under the other Loan Documents and (y) if no Default or Event of Default exists, returned to the Borrowers. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrowers' risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. The letters of credit outstanding under the Existing Credit Agreement and described in Schedule 3.1(a) hereto shall become Letters of Credit hereunder on the Funding Date and thereafter be Letters of Credit hereunder for all purposes. (b) The Issuing Lender shall not at any time be obligated to issue any Letter of Credit if such issuance would conflict with, or cause the Issuing Lender or any L/C Participant to exceed any limits imposed by, any applicable Requirement of Law or would violate such Issuing Lender's internal policies or procedures. Notwithstanding anything herein to the contrary, (i) the Issuing Lender shall have no obligation hereunder to issue any Letter of Credit the proceeds of which would be made to any Person (A) to fund any prohibited activity or business of or with any Sanctioned Person, or in any country or territory, that at the time of such funding is the subject of any Sanctions or (B) in any manner that would result in a violation of any Sanctions by |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img157.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 143 any party to this Agreement and (ii) there shall not be more than thirty-five (35) Letters of Credit outstanding under this Agreement unless the Issuing Lenders otherwise consent. 3.2 Procedure for Issuance of Letter of Credit. The Borrower Representative may from time to time request that the Issuing Lender issue a Letter of Credit by hand delivering to theor telecopying (or transmitting by electronic communication, including an Approved Borrower Portal, if arrangements for doing so have been approved by the respective Issuing Lender) to an Issuing Lender selected by it and to the Administrative Agent at their address for notices specified herein(reasonably in advance of the requested date of issuance, amendment or extension, but in any event no less than three Business Days) a request and an Application therefor, completed to the satisfaction of the Issuing Lender, and such other certificates, documents and other papers and information as the Issuing Lender may request. Upon receipt of any Application, the Issuing Lender will process such Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and, unless it has received written notice from the Administrative Agent or a Loan Party at least one (1) Business Day prior to the requested date of issuance that a Default or Event of Default has occurred and is continuing, shall promptly issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than three Business Days after its receipt of the Application therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed to by the Issuing Lender and the Borrower Representative. The Issuing Lender shall furnish a copy of such Letter of Credit to the applicable Borrower promptly following the issuance thereof. The Issuing Lender shall promptly furnish to the Administrative Agent, which shall in turn promptly furnish to the Dollar Tranche Lenders, notice of the issuance of each Letter of Credit (including the amount thereof). Each U.S. Letter of Credit shall be issued in Dollars for the account of a U.S. Borrower. Each Foreign Letter of Credit shall be issued in any Agreed Currency for the account of a Foreign Borrower. 3.3 Fees and Other Charges. (a) The U.S. Borrowers will pay to the Administrative Agent for the account of the Dollar Tranche Lenders a fee on all outstanding Letters of Credit at a per annum rate equal to the Applicable Margin under the Revolving Facility then in effect with respect to Term Benchmark Loans on the actual daily amount of the L/C Obligations (excluding any portion thereof attributable to unreimbursed drawings), shared ratably among the Dollar Tranche Lenders and payable in Dollars quarterly in arrears on each Fee Payment Date after the issuance date. In addition, each Borrower shall pay to the Issuing Lender for its own account a fronting fee of 0.125% per annum on the actual daily amount of the L/C Obligations (excluding any portion thereof attributable to unreimbursed drawings) issued on account of such Borrower, payable in Dollars quarterly in arrears on each Fee Payment Date after the issuance date. Participation fees and fronting fees in respect of Letters of Credit denominated in Dollars shall be paid in Dollars, and participation fees and fronting fees in respect of Letters of Credit denominated in an Alternative Currency shall be paid in such Alternative Currency. (b) In addition to the foregoing fees, the Borrower shall pay or reimburse the Issuing Lender in Dollars for such normal and customary costs and expenses as are incurred or |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img158.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 144 charged by the Issuing Lender in issuing, negotiating, effecting payment under, amending or otherwise administering any Letter of Credit. 3.4 L/C Participations. (a) The Issuing Lender irrevocably agrees to grant and hereby grants to each L/C Participant, and, to induce the Issuing Lender to issue Letters of Credit, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from the Issuing Lender, on the terms and conditions set forth below, for such L/C Participant's own account and risk an undivided interest equal to such L/C Participant's Dollar Tranche Percentage in the Issuing Lender's obligations and rights under and in respect of each Letter of Credit and the amount of each draft paid by the Issuing Lender thereunder. Such participation interest shall be in the currency of the applicable underlying Letter of Credit. Each L/C Participant agrees with the Issuing Lender that, if a draft is paid under any Letter of Credit for which the Issuing Lender is not reimbursed in full by the Borrower in accordance with the terms of this Agreement, such L/C Participant shall pay to the Administrative Agent, for the account of the Issuing Lender, upon demand at the Administrative Agent's address for notices specified herein an amount equal to such L/C Participant's Dollar Tranche Percentage of the amount of such draft, or any part thereof, that is not so reimbursed. Each L/C Participant's obligation to pay such amount shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment, defense or other right that such L/C Participant may have against the Issuing Lender, the Borrower or any other Person for any reason whatsoever, (ii) the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified in Section 5, (iii) any adverse change in the condition (financial or otherwise) of the Borrower, (iv) any breach of this Agreement or any other Loan Document by the Borrower, any other Loan Party or any other L/C Participant or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. (b) If any amount is required to be paid by any L/C Participant for the account of the Issuing Lender pursuant to Section 3.4(a) in respect of any unreimbursed portion of a payment made by the Issuing Lender under any Letter of Credit, the Administrative Agent shall notify each L/C Participant of the amount of the unreimbursed drawing and the portion thereof payable by each L/C Participant. Within (x) one (1) Business Day after receipt of such notice with respect to a Letter of Credit denominated in Dollars and (y) three (3) Business Days after receipt of such notice with respect to a Letter of Credit denominated in an Alternative Currency, each L/C Participant shall pay to the Administrative Agent the amount specified for such L/C Participant in such notice, and the Administrative Agent shall promptly pay to the Issuing Lender the amounts so received by it from the L/C Participants. If any such amount required to be paid by any L/C Participant pursuant to Section 3.4(a) is not made available to the Administrative Agent by such L/C Participant within three Business Days after the date such payment is due, the Issuing Lender shall be entitled to recover from such L/C Participant, on demand, such amount with interest thereon calculated from such due date at the rate per annum applicable to ABR Loans under the Revolving Facility. A certificate of the Issuing Lender submitted to the Administrative Agent and any L/C Participant with respect to any amounts owing under this Section shall be conclusive in the absence of manifest error. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img159.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 145 (c) Whenever, at any time after the Issuing Lender has made payment under any Letter of Credit and has received from any L/C Participant its pro rata share of such payment in accordance with Section 3.4(a), the Issuing Lender receives any payment related to such Letter of Credit (whether directly from the Borrower or otherwise, including proceeds of collateral applied thereto by the Issuing Lender), or any payment of interest on account thereof, the Issuing Lender will distribute to the Administrative Agent, for the account of such L/C Participant, its pro rata share thereof; provided, however, that in the event that any such payment received by the Issuing Lender shall be required to be returned by the Issuing Lender, such L/C Participant shall return to the Issuing Lender the portion thereof previously distributed by the Issuing Lender to it. 3.5 Reimbursement Obligation of the Borrowers. If any drawing is paid under any Letter of Credit, the U.S. Borrowers shall reimburse the Administrative Agent for the amount of (a) the drawing so paid and in the applicable currency and (b) any taxes, fees, charges or other costs or expenses incurred by the Issuing Lender in connection with such payment, not later than (x) in the case of any Letter of Credit to be reimbursed in Dollars 12:00 Noon, New York City time, on (i) the Business Day that the Borrower Representative receives notice of such drawing, if such notice is received on such day prior to 10:00 A.M., New York City time, or (ii) if clause (i) above does not apply, the Business Day immediately following the day that the applicable Borrower receives such notice or (y) in the case of a Letter of Credit to be reimbursed in an Alternative Currency, the Applicable Time specified by the Issuing Lender on the date of any payment by the Issuing Lender (each such date, an "Honor Date"); provided that the Borrower Representative may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.5 and the provisions below that such payment to be reimbursed in Dollars be financed with an ABR Revolving Loan in an equivalent amount and, to the extent so financed, the Borrowers' obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Loan. Each such payment shall be made to the Administrative Agent at its address for notices referred to herein in the applicable currency and in immediately available funds. Promptly following receipt by the Administrative Agent of any payment from the U.S. Borrowers pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender. Interest shall be payable on any such amounts from the date on which the relevant drawing is paid until payment in full at the rate set forth in (x) until the Business Day next succeeding the date of the relevant notice, Section 2.14(b) and (y) thereafter, Section 2.14(d). In the case of a Letter of Credit denominated in an Alternative Currency, the Borrowers shall reimburse the Administrative Agent, for the account of the Issuing Lender, in such Alternative Currency, unless the Issuing Lender (at its option) shall have specified in such notice that it will require reimbursement in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the Issuing Lender shall notify the Administrative Agent and the Borrower Representative of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. In the event that (A) a drawing denominated in an Alternative Currency is to be reimbursed in Dollars pursuant to the first sentence of this paragraph and (B) the Dollar amount paid by the Borrowers, whether on or after the Honor Date, shall not be adequate on the date of that payment to purchase in accordance with normal banking procedures a sum denominated in the Alternative Currency equal to the drawing, the Borrowers agree, as a separate and independent obligation, to indemnify the Issuing |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img160.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 146 Lender for the loss resulting from its inability on that date to purchase the Alternative Currency in the full amount of the drawing. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img161.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 147 3.6 Obligations Absolute. The U.S. Borrowers' obligations under this Section 3 shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the Issuing Lender under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff (including, for the purposes of Luxembourg law, statutory set-off) against, the Borrowers' obligations hereunder. Neither the Administrative Agent, the Lenders nor the Issuing Lenders, nor any of their Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing Lender; provided that the foregoing shall not be construed to excuse the Issuing Lender from liability to the Borrowers to the extent of any direct damages (as opposed to special, indirect, consequential or punitive damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrowers that are caused by the Issuing Lender's failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of the Issuing Lender (as finally determined by a court of competent jurisdiction), the Issuing Lender shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Lender may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit. 3.7 Letter of Credit Payments. If any documents shall be presented for payment under any Letter of Credit, the Issuing Lender shall promptly notify the Borrower Representative of the date and amount thereof. The responsibility of the Issuing Lender to the Borrowers in connection with any documents presented for payment under any Letter of Credit shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be limited to determining that the documents delivered under such Letter of Credit in connection with such presentment are substantially in conformity with such Letter of Credit. 3.8 Applications. To the extent that any provision of any Application related to any Letter of Credit is inconsistent with the provisions of this Section 3, the provisions of this Section 3 shall apply. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img162.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 148 3.9 Replacement of the Issuing Lender. (i) Any Issuing Lender may be replaced at any time by written agreement among the Borrower Representative, the Administrative Agent, the replaced Issuing Lender and the successor Issuing Lender. The Administrative Agent shall notify the Lenders of any such replacement of an Issuing Lender. At the time any such replacement shall become effective, the Borrowers shall pay all unpaid fees accrued for the account of the replaced Issuing Lender pursuant to Section 3.3. From and after the effective date of any such replacement, (x) the successor Issuing Lender shall have all the rights and obligations of the Issuing Lender under this Agreement with respect to Letters of Credit to be issued thereafter and (y) references herein to the term "Issuing Lender" shall be deemed to refer to such successor or to any previous Issuing Lender, or to such successor and all previous Issuing Lenders, as the context shall require. After the replacement of an Issuing Lender hereunder, the replaced Issuing Lender shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Lender under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. (ii) Any Issuing Lender may resign as an Issuing Lender at any time upon thirty days' prior written notice to the Administrative Agent, the Borrower Representative and the Lenders, in which case, such Issuing Lender shall be replaced in accordance with Section 3.9(i) above. SECTION 4. REPRESENTATIONS AND WARRANTIES To induce the Administrative Agent and the Lenders to enter into this Agreement and to make the Loans or to issue or participate in the Letters of Credit, Parent Company, each other Guarantor and each Borrower hereby jointly and severally represent and warrant to the Administrative Agent and each Lender that: 4.1 Financial Condition. (a) The audited financial statements of Holdings and its consolidated Subsidiaries as at December 31, 2022 (i) present fairly, in all material respects, the consolidated financial condition of the Holdings and its consolidated Subsidiaries as of the date of such financial statement and (ii) have been prepared in accordance with GAAP applied consistently throughout the period covered thereby except as otherwise expressly noted therein. (b) The unaudited consolidated balance sheet of Holdings and its consolidated Subsidiaries as at September 30, 2023 delivered pursuant to Section 7.1(b) and the related consolidated statements of income or operations, shareholder's equity and cash flows for the fiscal quarter ended on that date (i) present fairly, in all material respects, the consolidated financial condition of Holdings and its consolidated Subsidiaries as of the date of such financial statement and (ii) have been prepared in accordance with GAAP applied consistently throughout the period covered thereby except to the extent provided in the notes to such financial statements, subject to year-end audit adjustments. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img163.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 149 4.2 No Change. Since December 31, 2022, there has been no development or event that, individually or in the aggregate, has had or could reasonably be expected to have a Material Adverse Effect. 4.3 Existence; Compliance with Law. Each Group Member (a) is duly organized, incorporated, validly existing and in good standing (to the extent such concept is applicable in the relevant jurisdiction) under the laws of the jurisdiction of its organization except as otherwise permitted by Section 7.4 or Section 7.5 or, solely with respect to good standing (other than good standing of Parent Company, each other Guarantor, the Company or the Borrowers), where the failure to be in good standing could not reasonably be expected to have a Material Adverse Effect, (b) has the corporate, limited liability or limited partnership, as applicable, power and authority, and the legal right, to own and operate its property, to lease the property it operates as lessee and to conduct the business in which it is currently engaged except for where failure to do so could not reasonably be expected to have a Material Adverse Effect, (c) is duly qualified to do business in, and in good standing (to the extent such concept is applicable in the relevant jurisdiction) under the laws of, each jurisdiction where its ownership, lease or operation of property or the conduct of its business requires such qualification except for where failure to do so could not reasonably be expected to have a Material Adverse Effect, and (d) is in compliance with all Requirements of Law except to the extent that the failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 4.4 Power; Authorization; Enforceable Obligations. Each Loan Party has the corporate, limited liability or limited partnership, as applicable, power and authority, and the legal right, to enter into and perform the Loan Documents to which it is a party and, in the case of each Borrower, to obtain extensions of credit hereunder. Each Loan Party has taken all necessary organizational action to authorize the execution, delivery and performance of the Loan Documents to which it is a party and, in the case of each Borrower, to authorize the extensions of credit on the terms and conditions of this Agreement. No consent or authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority or any other Person is required in connection with the extensions of credit hereunder or with the execution, delivery, performance, validity or enforceability of this Agreement or any of the Loan Documents to which any Loan Party is a party, except consents, authorizations, filings, notices and other acts that (i) have been obtained or made and are in full force and effect or (ii) are contemplated pursuant to Section 4.23. Each Loan Document has been duly executed and delivered on behalf of each Loan Party party thereto. This Agreement constitutes, and each other Loan Document upon execution will constitute, a legal, valid and binding obligation of each Loan Party party thereto, enforceable against each such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or similar laws relating to or affecting the enforcement of creditors' rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img164.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 150 4.5 No Legal Bar. The execution, delivery and performance by the applicable Loan Party of this Agreement and the other Loan Documents to which such Loan Party is a party, the borrowings hereunder and the use of the proceeds thereof will not (i) violate any Requirement of Law, any indenture, agreement or other instrument binding on a Loan Party or its assets, or any Governing Document of any Loan Party, except where such violation could not reasonably be expected to have a Material Adverse Effect, and (ii) will not result in, or require, the creation or imposition of any Lien on any of their respective properties or revenues pursuant to any such indenture, agreement or other instrument. 4.6 Litigation. No action, litigation, arbitration, suit, investigation or proceeding of or claim before any arbitrator or Governmental Authority is pending or, to the knowledge of any Loan Party, threatened in writing against any Loan Party or any of their respective Subsidiaries or against any of their respective property as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 4.7 No Default. No Default or Event of Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document to which any Loan Party is a party. 4.8 Ownership of Property; Liens; Qualified Assets; Casualty. (a) Subject to Liens not prohibited by Section 7.3, each Group Member has good and valid title to, or a valid leasehold interest in, all of its Real Property that is material to the operation of its business, and good title to, or a valid leasehold interest in or the right to use, all its other property that is material to the operation of its business, in each case other than (x) minor defects in title that do not materially interfere with its ability to conduct its business as currently conducted or as proposed to be conducted or to utilize such properties for their intended purposes, or (y) where the failure to have such title, interest or other right to use would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. None of the Qualified Assets or the Equity Interests of any Qualified Asset Owner is subject to any Lien except Permitted Encumbrances and Permitted Equity Encumbrances. Each Qualified Asset included in any calculation of the Financial Covenants satisfied, at the time of such calculation, all of the Eligibility Criteria with respect to the applicable category of Qualified Assets. Neither the businesses nor the properties of any Group Member are affected by any fire, explosion, accident, strike, lockout or other labor dispute, drought, storm, hail, earthquake, embargo, act of God or of the public enemy or other casualty that, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img165.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 151 4.9 Intellectual Property. Each Group Member owns, or is licensed to use, all Intellectual Property necessary for the conduct of its business as currently conducted, except to the extent that the failure to so own or license such Intellectual Property, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. No claim has been asserted against any Group Member and is pending by any Person challenging or questioning the use of any Intellectual Property or the validity or effectiveness of any Intellectual Property in each case that could reasonably be expected to have a Material Adverse Effect, nor does any Borrower know of any valid basis for any such claim in each case that could reasonably be expected to have a Material Adverse Effect. The use of Intellectual Property by each Group Member does not infringe on the rights of any Person except to the extent that such infringements, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 4.10 Taxes. Each Group Member has filed or caused to be filed all federal, state and other material tax returns and reports that are required to have been filed and has paid all Taxes on any assessments made against it or any of its property, and all other material Taxes, fees or other charges imposed on it or any of its property by any Governmental Authority (other than any Taxes the amount or validity of which are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of the relevant Group Member), in each case, except where the failure to file or pay, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. No Tax Lien has been filed with respect to any Qualified Asset that is not a Permitted Encumbrance, and as of the Closing Date, to the knowledge of the Company or any Borrower, no claim is being asserted with respect to any such Taxes, fees or other charges of any Loan Party that could reasonably be expected to have a Material Adverse Effect. 4.11 Federal Regulations. (a) No part of the proceeds of any Loans or Letters of Credit, and no other extensions of credit hereunder, will be used by any Loan Party (i) for the purpose, whether immediate or ultimate, of "buying" or "carrying" any "margin stock" within the respective meanings of each of the quoted terms under Regulation U as now and from time to time hereafter in effect or (ii) for any purpose that violates the provisions of the Regulations of the Board. No Loan Party nor any Subsidiary is engaged or will engage, principally or as one of its important activities, in the business of "buying" or "carrying" any "margin stock" within the respective meanings of each of the quoted terms under Regulation U as now and from time to time hereafter in effect or extending credit for the purpose of "buying" or "carrying" "margin stock". |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img167.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 153 used, treated or stored at, on or under any of the Properties in violation of Environmental Law or in a manner that would reasonably be expected to give rise to any Environmental Liability; (d) no claim, proceeding, suit, action or, to the knowledge of Parent Company, any Guarantor or any Borrower, investigation is pending or, to the knowledge of Parent Company, any Guarantor or any Borrower, threatened, under any Environmental Law to which any Group Member is or, to the knowledge of Parent Company, any Guarantor or any Borrower, will be named as a party, nor are there any judicial decrees, consent decrees, consent orders, administrative orders or other governmental orders outstanding under any Environmental Law with respect to any Group Member, the Properties or the Business; (e) there has been no Release of or exposure to nor, to the knowledge of any Borrower, threat of Release of Materials of Environmental Concern at, in, on, under or from the Properties or any other location that would reasonably be expected to give rise to any Environmental Liability; (f) neither the Group Members nor their respective operations at the Properties have failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law; and (g) no Group Member has retained or assumed (by contract or operation of law) any Environmental Liability of any other Person or with respect to any former or predecessor operations or properties. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img168.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 154 4.18 Accuracy of Information, etc. (a) All written factual information contained in this Agreement, any other Loan Document or any other document or certificate heretofore furnished by or on behalf of any Loan Party to the Administrative Agent, the Letter of Credit Issuers or the Lenders, or any of them, for use in connection with the transactions contemplated by this Agreement or the other Loan Documents, other than projections, estimates, budgets, forward looking statements and information of a general economic or industry nature concerning the Loan Parties and their Subsidiaries, taken as a whole, does not and will not, when furnished, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein (taken as a whole) not materially misleading in light of the circumstances under which such statements were or are made, supplemented or updated from time to time. The projections contained in the materials referenced above will have been prepared in good faith based upon reasonable assumptions believed by management of the Loan Parties to be reasonable at the time made and at the time such projections are made, it being recognized by the Administrative Agent, the Letter of Credit Issuers and the Lenders that such projections are not to be viewed as facts or a guarantee of performance and are subject to significant uncertainties and contingencies many of which are beyond the control of the Loan Parties, that no assurance can be given that any particular projections will be realized and that actual results during the period or periods covered by any such projections may differ from the projected results, and such differences may be material. (b) As of the Closing Date, to the best knowledge of the Borrowers, the information included in the Beneficial Ownership Certification provided on or prior to the Closing Date to any Lender in connection with this Agreement is true and correct in all respects. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img169.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 155 4.19 Anti-Corruption Laws and Sanctions. Parent Company, each other Guarantor and the Borrowers have implemented and maintain in effect policies and procedures designed to ensure compliance in all material respects by Parent Company, each other Guarantor, the Borrowers, the other Group Members and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and Parent Company, the other Guarantors, the other Group Members and their respective officers and employees and, to the knowledge of Parent Company, the Guarantors and the Borrowers after reasonable due diligence, their respective directors and agents, are in compliance with Anti-Terrorism Laws, Anti-Corruption Laws and applicable Sanctions in all material respects. None of Parent Company, each other Guarantor, any of the Borrowers, any of their respective Subsidiaries or, to the knowledge of Parent Company, any Borrower, any other Guarantor or any such Subsidiary, any of their respective directors, officers or employees, (i) is a Sanctioned Person, (ii) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any Sanctioned Person, (iii) deals in, or otherwise engages in any transaction related to, any property or interests in property blocked pursuant to any Anti-Terrorism Law or (iii) engages in or conspires to engage in any transaction that evades or avoids, or has the purposes of evading or avoiding, or attempts to violate any Anti-Terrorism Laws. All borrowings, use of proceeds and other transactions contemplated by this Agreement will comply with applicable Sanctions in all material respects, and no borrowing, use of proceeds or other transaction contemplated by this Agreement will violate Anti-Corruption Laws (including the Foreign Corrupt Practices Act of 1977 and the UK Bribery Act of 2010). Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement shall require Parent Company or any of its Subsidiaries or any director, officer, employee, agent or Affiliate of Parent Company or any of its Subsidiaries that are registered or incorporated under the laws of Canada or a province thereof to commit an act or omission that contravenes the Foreign Extraterritorial Measures (United States) Order, 1992. This clause shall not be interpreted or applied in relation to it or any other person or for the benefit of the Administrative Agent, any Arranger, any Syndication Agent, any Documentation Agent, any Sustainability Agent, any Issuing Lender and any Lender and any Lender-Related Person to the extent that the representations made pursuant to this clause violate or expose such entity or party or any director, officer or employee thereof to any liability under any applicable anti-boycott or blocking law, regulation or statute that is in force from time to time in the European Union (and/or any of its member states). 4.20 Solvency. As of the Closing Date, the Company and its Subsidiaries, and Parent Company and its Subsidiaries, in each case taken as a whole and on a consolidated basis, immediately after the consummation of the Transactions, are Solvent. 4.21 Plan Assets; Prohibited Transactions. None of Parent Company nor any of its Subsidiaries is an entity deemed to hold "plan assets" (within the meaning of the Plan Asset Regulations), and, assuming and provided that the Lenders' representations and covenants set forth in any of Sections 9.9(a)(i)-(iii) are and continue to be true, neither the execution, delivery nor performance of the transactions contemplated under this Agreement, including the making of any Loan and the issuance of any Letter of Credit hereunder, will give rise to a non-exempt Prohibited Transaction under Section 406 of ERISA or Section 4975 of the Code. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img170.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 156 4.22 REIT Status. Parent Company (i) qualifies as a REIT for U.S. Federal income tax purposes, (ii) has elected to be treated as a REIT beginning with its taxable year ended December 31, 2020 and (iii) is in compliance with all other requirements and conditions imposed under the Code to allow it to maintain its status as a REIT. 4.23 [Reserved]. 4.24 Affected Financial Institutions. No Loan Party is an Affected Financial Institution, or, with respect to any Danish Loan Party its registered office is located in Denmark. 4.25 COMI. For the purposes of European Union Council Regulation number 2015/848 of 20 May 2015 on insolvency proceedings (recast) (the "COMI Regulation"), each Foreign Borrower which is incorporated or formed under the laws of a Participating Member State's center of main interests (as that term is used in Section 3(1) of the COMI Regulations) is its jurisdiction or incorporation or formation, as applicable, and it has no establishment (as that term is used in Article 2(10) of the COMI Regulation) in any other jurisdiction. 4.26 Domiciliation and Sectorial Laws. Each Luxembourg Loan Party complies with the provisions of the Luxembourg act dated 31 May 1999 concerning the domiciliation of companies, as amended and is not subject to any sectorial laws. 4.27 Outbound Investment Rules. No Borrower nor any of the Borrowers' Subsidiaries is a 'covered foreign person' as that term is used in the Outbound Investment Rules. No Borrower nor any of the Borrowers' Subsidiaries currently engages, or has any present intention to engage in the future, directly or indirectly, in (i) a "covered activity" or a "covered transaction", as each such term is defined in the Outbound Investment Rules, (ii) any activity or transaction that would constitute a "covered activity" or a "covered transaction", as each such term is defined in the Outbound Investment Rules, if the applicable Borrower were a U.S. Person or (iii) any other activity that would cause the Administrative Agent or any Lender to be in violation of the Outbound Investment Rules or cause the Administrative Agent or any Lender to be legally prohibited by the Outbound Investment Rules from performing under this Agreement. SECTION 5. CONDITIONS PRECEDENT 5.1 Conditions to Initial Extension of Credit. The agreement of each Lender to make the initial extension of credit requested to be made by it is subject to the satisfaction, prior to or concurrently with the making of such extension of credit on the Funding Date, of the following conditions precedent: (a) Credit Agreement; Guarantee Agreement. The Administrative Agent shall have received (i) this Agreement, executed and delivered by the Administrative Agent, the Guarantors, the Company and each Borrower listed on Schedules 1.1C and 1.1D, and (ii) the Guarantee Agreement, executed and delivered by the Guarantors. (b) Financial Statements. The Lenders shall have received (i) audited consolidated financial statements of Holdings and its Subsidiaries for the 2021 and 2022 fiscal year and (ii) unaudited interim consolidated financial statements of Holdings and its Subsidiaries |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img171.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 157 for each fiscal quarter in 2023 ended at least 60 days prior to the Closing Date, and such financial statements shall not, in the reasonable judgment of the Lenders, reflect any material adverse change in the consolidated financial condition of Holdings and its Subsidiaries, as reflected in the financial statements. (c) Projections. The Lenders shall have received satisfactory projections through 2025. (d) Approvals. All material governmental and third party approvals necessary in connection with the continuing operations of the Group Members and the transactions contemplated hereby shall have been obtained and be in full force and effect, and all applicable waiting periods shall have expired without any action being taken or threatened by any competent authority that would restrain, prevent or otherwise impose adverse conditions on the financing contemplated hereby. (e) Lien Searches. The Administrative Agent shall have received the results of a recent lien search in each of the jurisdictions where the U.S. Loan Parties are organized. (f) Fees. The Lenders and the Administrative Agent shall have received all fees required to be paid, and all reasonable and documented expenses for which invoices have been presented (including the reasonable and documented fees and expenses of a single legal counsel for the Lenders, the Administrative Agent and the Lead Arrangers, taken as a whole, and if reasonably necessary one local counsel in each applicable material jurisdiction for the Lenders, the Administrative Agent and the Lead Arrangers, taken as a whole), at least two (2) Business Day before the Funding Date. Unless otherwise agreed by the Administrative Agent, all such amounts will be paid with proceeds of Loans made on the Funding Date and will be reflected in the funding instructions given by the Borrowers to the Administrative Agent on or before the Funding Date. (g) Legal Opinions. The Administrative Agent and the Lenders shall have received a legal opinion of: (i) Latham & Watkins LLP, counsel to the Loan Parties, with respect to New York law and the U.S. Loan Parties organized under the laws of Delaware; (ii) Venable LLP, counsel to the Parent Company, with respect to Maryland law; (iii) Allen & Overy, counsel to the Credit Parties, with respect to the Foreign Borrowers organized under the laws of The Netherlands; (iv) Gorrissen Federspiel, counsel to the Credit Parties, with respect to the Foreign Borrowers organized under the laws of the Kingdom of Denmark; (v) Norton Rose Fulbright, counsel to the Credit Parties, with respect to the Foreign Borrowers incorporated under the laws of Australia; |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img172.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 158 (vi)Morgan Lewis & Bockius LLP, counsel to the Credit Parties, with respect to the Foreign Borrowers organized under the laws of England and Wales; (vii) Bell Gully, counsel to the Credit Parties, with respect to the Foreign Borrowers organized under the laws of New Zealand; (viii) Morgan Lewis Stamford LLC, counsel to the Credit Parties, with respect to the Foreign Borrowers organized under the laws of Singapore; and (ix)McCarthy Tétrault LLP, counsel to the Loan Parties, with respect to the Foreign Borrowers organized under the laws of Canada. (h) Secretary's Certificates. The Administrative Agent shall have received (i) a certificate of each Loan Party in a form customary in the jurisdiction of organization of that Loan Party, dated the Closing Date and executed by its Secretary, Assistant Secretary, manager, director, or other authorized officer, which shall to the extent applicable in the relevant jurisdiction (A) certify the resolutions of its board of directors, members or other body authorizing the execution, delivery and performance of the Loan Documents to which it is a party, (B) identify by name and title and bear the signatures of the officers of such Loan Party authorized to sign the Loan Documents to which it is a party and (C) contain appropriate attachments, including the certificate or articles of incorporation, organization or registration (or like document in the applicable Specified Jurisdiction) of each Loan Party certified by the relevant authority of the jurisdiction of organization of such Loan Party and a true and correct copy of its by-laws or operating, management or partnership agreement, articles of association or other organizational or governing documents, and (ii) with respect to each U.S. Loan Party and Canadian Loan Party only, a good standing certificate for such U.S. Loan Party or Canadian Loan Party from its jurisdiction of organization or the substantive equivalent available in the jurisdiction of organization for each such Loan Party from the appropriate governmental officer in such jurisdiction. (i) Know-Your-Customer Requirements. (i) The Administrative Agent shall have received, at least three days prior to the Closing Date to the extent requested at least five business days prior to the Closing Date, all documentation and other information regarding the Borrowers (including the Closing Date Excluded Borrowers) and the U.S. Guarantors requested in connection with applicable "know your customer" and anti-money laundering rules and regulations, including the Patriot Act, the Proceeds of Crime Act and Beneficial Ownership Regulation and the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 of Singapore, and (ii) the Administrative Agent and each requesting Lender shall have received, at least three days prior to the Closing Date, in connection with applicable "beneficial ownership" rules and regulations, a customary Beneficial Ownership Certification regarding beneficial ownership or control of each Borrower that qualifies as a "legal entity customer" in a form reasonably satisfactory to the Administrative Agent and each requesting Lender. (j) Closing Certificate. The Lenders shall have received a certificate of a Responsible Officer of a Guarantor (i) certifying as to compliance with the Financial Covenants set forth in Section 7.1 on a pro-forma basis on the Funding Date after giving effect to the |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img173.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 159 incurrence of the Loans, which certificate shall include calculations in reasonable detail demonstrating such compliance, including as to the calculations of Unencumbered Asset Value and Total Asset Value, and (ii) confirming compliance with the conditions set forth in Section 5.2 as of the Closing Date. (k) Solvency Certificate. The Administrative Agent shall have received a solvency certificate from a Responsible Officer of a Guarantor certifying that, as of the Closing Date, Parent Company and its Subsidiaries, and the Company and its Subsidiaries, in each case taken as a whole and on a consolidated basis, immediately after the consummation of the Transactions, are Solvent. (l) [Reserved]. (m) Borrowing Request; Letter of Direction. The Administrative Agent shall have received a completed borrowing request substantially in the form of Exhibit D and a letter of direction for the U.S. Term Loans to be disbursed on the Closing Date, in each case executed by a Responsible Officer of the Company. For purposes of determining compliance with the conditions specified in this Section 5.1, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender. 5.2 Conditions to Each Extension of Credit. The agreement of each Lender to make any extension of credit requested to be made by it on any date (including its initial extension of credit), and of the Issuing Lender to issue, amend or extend any Letter of Credit, is subject to the satisfaction of the following conditions precedent: (a) Representations and Warranties. Each of the representations and warranties made by any Loan Party in or pursuant to the Loan Documents shall be true and correct in all material respects (other than any representation or warranty qualified as to "materiality", "Material Adverse Effect" or similar language, which shall be true and correct in all respects) on and as of such date as if made on and as of such date, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true and correct on and as of such earlier date. (b) No Default. No Default or Event of Default shall have occurred and be continuing on such date or after giving effect to the extensions of credit requested to be made on such date. (c) Alternative Currency. In the case of Loans or Letters of Credit to be denominated in an Alternative Currency, there shall not have occurred any change in national or international financial, political or economic conditions or currency exchange rates or exchange controls which in the reasonable opinion of the Administrative Agent, the Required Lenders (in the case of any Loans to be denominated in an Alternative Currency) or the Issuing Lender (in the case of any Letter of Credit to be denominated in an Alternative Currency) would make it |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img174.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 160 impracticable for such Loan or Letter of Credit to be denominated in the relevant Alternative Currency. Each borrowing by and issuance of a Letter of Credit on behalf of the Borrower hereunder shall constitute a representation and warranty by the Borrower as of the date of such extension of credit that the conditions contained in Section 5.2(a) and (b) have been satisfied. SECTION 6. AFFIRMATIVE COVENANTS Parent Company, the other Guarantors and the Borrowers hereby jointly and severally agree that, so long as the Commitments remain in effect, any Letter of Credit remains outstanding (except to the extent cash collateralized on a basis reasonably acceptable to the Administrative Agent) or any Loan or other amount is owing to any Lender or the Administrative Agent hereunder (other than contingent indemnification obligations as to which no claim has been asserted), each of Parent Company, the other Guarantors and the Borrowers shall and shall cause each of its Subsidiaries to: 6.1 Financial Statements. Furnish to the Administrative Agent (which shall promptly make such information available to the Lenders in accordance with customary practices): (a) within 120 days (or (x) 150 days for the fiscal year ended December 31, 2023 and for the first such financial statements after a Qualified IPO and (y) 90 days for all subsequent financial statements after a Qualified IPO) after the end of each fiscal year of Parent Company (commencing with the fiscal year ended December 31, 2023), Parent Company's audited consolidated balance sheet and related statements of operations, stockholders' equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by KPMG or other independent public accountants of recognized national standing (certified without qualification as to "going concern" or scope of the audit and without a "going concern" explanatory note (other than a "going concern" explanatory note or qualification resulting from (i) the maturity of the Loans or the loans under any Indebtedness of any Group Member permitted hereunder occurring within one year from the time such opinion is delivered or (ii) anticipated (but not actual) covenant non-compliance hereunder or under Indebtedness of any Group Member permitted hereunder)) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of Parent Company and its Subsidiaries on a consolidated basis in accordance with GAAP consistently applied and accompanied by a certificate of the accounting firm addressed to the Board of Directors of Parent Company or any direct or indirect parent of Parent Company, that reported on such financial statements stating that in the course of its regular audit of the business of Parent Company and its consolidated Subsidiaries, which audit was conducted in accordance with generally accepted auditing standards, such accounting firm has obtained no knowledge of any Event of Default relating to the Financial Covenants that has occurred and is continuing or, if in the opinion of such accounting firm such an Event of Default has occurred and is continuing, a statement as to the nature thereof (which certificate may be limited to the extent required by accounting rules or guidelines); and |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img175.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 161 (b) within 45 days after the end of each of the first three fiscal quarters of the fiscal year of (i) prior to December 31, 2023, Holdings and (ii) from and after December 31, 2023, Parent Company (and with respect to the first three financial statements after a Qualified IPO, 60 days after the end of such fiscal quarter), its consolidated balance sheet and related statements of operations, stockholders' equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by Financial Officer of Holdings or Parent Company, as applicable, as presenting fairly in all material respects the financial condition and results of operations of Holdings or Parent Company, as applicable, and its Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes. Any financial statement or other document, reports, proxy statements or other materials required to be delivered pursuant to this Section 6.1 or Section 6.2 (to the extent any such financial statement or document, reports, proxy statements or other materials included in materials otherwise filed with the SEC, including Form 8-K, 10-K or 10-Q of Parent Company or any other Guarantor (or any direct or indirect parent thereof) may be delivered electronically and, if so delivered, shall be deemed to have been delivered on the date (i) such financial statements and/or other documents are posted on the SEC's website on the Internet at www.sec.gov, (ii) on which Parent Company, a Guarantor or the Company (or any direct or indirect parent entity thereof) posts such documents, or provides a link thereto, on Parent Company's, a Guarantor's or the Company's (or any such direct or indirect parent entity's) website address listed on Schedule 6.1(b) or (iii) on which such documents are posted on Parent Company's, a Guarantor's or the Company's behalf on an Internet or Intranet website, if any, to which the Administrative Agent and each Lender has access (whether a commercial third-party website or a website sponsored by the Administrative Agent), provided that (A) Parent Company, a Guarantor or the Company shall, at the request of the Administrative Agent or any Lender, continue to deliver copies (which delivery may be by electronic transmission (including Adobe pdf copy)) of such documents to the Administrative Agent or such Lender until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender and (B) Parent Company, a Guarantor or the Company shall notify (which notification may be by facsimile or electronic transmission (including Adobe pdf copy)) the Administrative Agent of the posting of any such documents on any website. The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by Parent Company, the Guarantors or the Company with any request by a Lender for delivery, and 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. 6.2 Certificates; Other Information. Furnish to the Administrative Agent (which shall promptly make such information available to the Lenders in accordance with customary practices): (a) concurrently with the delivery of any financial statements pursuant to Section 6.1(a) or (b) (which delivery may, unless the Administrative Agent, or a Lender requests executed originals, be by electronic communication including fax or email and shall be deemed |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img176.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 162 to be an original authentic counterpart thereof for all purposes) (x) a duly completed Compliance Certificate signed by a Financial Officer of Parent Company or another Guarantor, as applicable, which Compliance Certificate shall (i) include a certification as to whether a Default or Event of Default has occurred and if a Default or Event of Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) set forth a narrative discussion and analysis of the financial condition and results of operations of Parent Company and its Subsidiaries (on a consolidated basis) for the reporting period then ended and for the period from the beginning of the then current fiscal year to the end of such period, and (iii) set forth reasonably detailed calculations demonstrating compliance with the Financial Covenants (including reasonably detailed calculations that confirm the computations of Unencumbered Asset Value and Total Asset Value that were utilized in calculating the Financial Covenants reflect the concentration limits included in the proviso to Unencumbered Asset Value or Total Asset Value, as applicable), and (y) together with such Compliance Certificate, each in form and detail reasonably satisfactory to the Administrative Agent (it being agreed and acknowledged that any such form and detail consistent with that provided to the Administrative Agent prior to the Closing Date shall be deemed satisfactory to the Administrative Agent), (i) a statement of the EBITDA contribution by each component of Unencumbered Asset Value and Total Asset Value for the twelve month period ending at the end of the most recent fiscal quarter and summary Occupancy Rate reports for Development Properties and location of each Qualified Asset, (ii) a certification that all assets utilized in determining clauses (a) through (f) of Unencumbered Asset Value qualified as of the applicable Financial Covenant test date for which the Compliance Certificate is being delivered as Qualified Assets under the applicable Eligibility Criteria and (iii) a summary of all acquisitions, dispositions or other removals of Qualified Assets completed during the most recently ended calendar quarter. (b) [reserved]; (c) [reserved]; (d) [reserved]; (e) promptly after the same are available, and only to the extent not publicly available on EDGAR, copies of each annual report, proxy, financial statement or other periodic report sent to the stockholders of Parent Company or any Guarantor, as applicable, in respect of any public securities of Parent Company or any Guarantor, as applicable, and copies of all annual, regular, periodic and special reports and registration statements which Parent Company or a Guarantor or the Company may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934, and not otherwise required to be delivered to the Administrative Agent pursuant hereto; (f) promptly after the furnishing thereof, copies of any notice of default received from or furnished to any holder of debt securities of any Loan Party or Subsidiary thereof pursuant to the terms of any material indenture, loan or credit or similar agreement and not otherwise required to be furnished to the Lenders pursuant to Section 6.1, Section 6.8 or any other clause of this Section 6.2; |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img177.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 163 (g) [reserved]; and (h) promptly, such additional financial and other information regarding the operations, business affairs and financial condition of Parent Company, the Guarantors, the Company and their Subsidiaries as any Lender may from time to time reasonably request; provided that none of Parent Company, the Guarantors, the Company nor any Subsidiary will be required to disclose or permit the inspection or discussion of, any document, information or other matter (i) that constitutes trade secrets or similar commercially sensitive information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their representatives or contractors) is prohibited by law, would violate the fiduciary duties owed by the disclosing party or would violate any binding agreement or (iii) that is subject to attorney client or similar privilege or constitutes attorney work product. Each Borrower, Parent Company and each Guarantor and each Lender acknowledge that (a) the Administrative Agent, any Bookrunner and/or any Lead Arranger may, but shall not be obligated to, make available to the Lenders and the Issuing Lenders materials and/or information provided by or on behalf of such Loan Party hereunder (collectively, "Borrower Materials") by posting the Borrower Materials on IntraLinks, Syndtrak, ClearPar, or a substantially similar electronic transmission system (the "Platform") and (b) certain of the Lenders may be Public Lenders and, if documents or notices required to be delivered pursuant to this Section 6.2 or otherwise are being distributed through the Platform, any document or notice that any Borrower has indicated contains Private-Side Information shall not be posted on that portion of the Platform designated for such Public Lenders. Each Borrower agrees to clearly and conspicuously mark "PUBLIC" (which, at a minimum means that the word "PUBLIC" shall appear prominently on the first page thereof) on all Borrower Materials provided to the Administrative Agent by or on behalf of such Borrower which contains only Public-Side Information, and by doing so the Administrative Agent, the Bookrunners, the Lead Arrangers, the Issuing Lenders and the Lenders shall be deemed to have been authorized to treat such Borrower Materials as containing only Public-Side Information. If none of any Borrower, Parent Company or any Guarantor has indicated whether a document or notice delivered pursuant to this Section 6.2 contains Private-Side Information, the Administrative Agent reserves the right to post such document or notice solely on that portion of the Platform designated for Private Lenders. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img178.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 164 6.3 [Reserved]. 6.4 Taxes. File or cause to be filed all federal, state and other tax returns and reports that are required to be filed and pay all Taxes on any assessments made against it or any of its property, and all other Taxes, fees or other charges imposed on it or any of its property by any Governmental Authority (other than (a) the amount or validity of which are contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP are provided on the books of the relevant Group Member or (b) where the failure to file or pay, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect). 6.5 Maintenance of Existence; Compliance with Law. (a)(i) Preserve, renew and keep in full force and effect its organizational existence and good standing (to the extent such concept is applicable in the relevant jurisdiction) under the laws of the jurisdiction of its organization and (ii) take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business, except, in each case, as otherwise permitted by Section 7.4 or Section 7.5 and except, in the case of clause (i) (solely with respect to good standing of Group Members other than Parent Company, the other Guarantors, the Company and the Borrowers) and clause (ii) above, to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; (b) comply with all Requirements of Law except to the extent that failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect; and (c) maintain in effect and enforce policies and procedures reasonably designed to ensure compliance in all material respects by the Company, the Borrowers, the other Group Members and their respective directors, officers and employees with Anti-Terrorism Laws, Anti-Corruption Laws and applicable Sanctions. 6.6 Maintenance of Property; Insurance. (a) Except where failure to do so could not reasonably be expected to have a Material Adverse Effect, keep Qualified Assets in good working order and condition, ordinary wear and tear, casualty and condemnation excepted and (b) maintain with insurance companies that the Company believes (in the good faith judgment of the management of the Company) are financially sound and reputable or with a Captive Insurance Subsidiary, insurance on all its property in at least such amounts and against at least such risks (but including in any event public liability, product liability and business interruption) as are usually (as determined in the good faith judgment of the management of the Company) insured against in the same general area by similarly situated companies either (x) engaged in the same or a similar business or (y) with comparable EBITDA. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img179.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 165 6.7 Inspection of Property; Books and Records; Discussions. (a) Keep proper books of records and account in which full, true and correct entries in all material respects in conformity with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to its business and activities (it being understood and agreed that any Foreign Subsidiary may maintain additional individual books and records in a manner that permits preparation of its financial statements in accordance with the generally accepted accounting principles that are applicable in its jurisdiction of organization and that such maintenance shall not constitute a breach of the representations, warranties or covenants hereunder) and (b) permit representatives of the Administrative Agent once each calendar year upon reasonable prior notice and at a time mutually agreed with the Company (or, after the occurrence and during the continuation of a Default or an Event of Default, at any time or frequency) to visit and inspect its properties (to the extent it is within such Person's control to permit such inspection), to examine and make extracts from its books and records (other than materials (i) that constitute trade secrets or similar commercially sensitive information, (ii) in respect of which disclosure to the Administrative Agent (or its representatives or contractors) is prohibited by law, would violate the fiduciary duties owed by the disclosing party or would violate any binding agreement or (iii) that is subject to attorney client or similar privilege or constitutes attorney work product), and to discuss its affairs, finances and condition with its officers, in each case, at the expense of the Borrowers once each calendar year (or, after the occurrence and during the continuation of a Default or an Event of Default, at any time). 6.8 Notices. Promptly give notice to the Administrative Agent (for further distribution to each Lender) of: (a) the occurrence of any Default or Event of Default; (b) any litigation, investigation or proceeding by or before any arbitrator or Governmental Authority (including any investigation by the SEC regarding financial results or other operational results of any Loan Party) against or affecting any Group Member that, if adversely determined, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect; (c) any action, suit, investigation or proceeding against any Group Member (i) that, if adversely determined, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect or (ii) which relates to any Loan Document; (d) the occurrence of any ERISA Event or any Canadian Pension Event that, alone or together with any other ERISA Events or Canadian Pension Events that have occurred, could reasonably be expected to result in liability to a Group Member in an aggregate amount exceeding $50,000,000; (e) any transaction or occurrence that results in the material damage, destruction or rendering unfit for normal use of any of the facilities and properties owned, leased or operated by any Group Member, that could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect; |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img180.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 166 (f) any pending or threatened notice or claim, administrative, regulatory or judicial action, suit, judgment, demand or other written communication by any other Person alleging or asserting the liability of any Group Member for investigatory costs, clean-up costs, governmental response costs, damages to natural resources or other property, personal injuries, fines or penalties or seeking injunctive relief, in each case relating to the presence, use or Release of any Material of Environmental Concern or the violation, or alleged violation, of any Environmental Law, that, if adversely determined, could reasonably be expected to have a Material Adverse Effect; (g) any development or event that has had or could reasonably be expected to have a Material Adverse Effect; (h) of any material change in accounting policies or financial reporting practices by any Loan Party or any Subsidiary thereof; and (i) of any announcement by S&P, Moody's or Fitch of any change in a Debt Rating. Each notice pursuant to this Section 6.8 (other than Section 6.8(i)) shall be accompanied by a statement of a Responsible Officer of Parent Company, a Guarantor or the Company setting forth details of the occurrence referred to therein and stating what action the Loan Parties have taken and propose to take with respect thereto. Each notice pursuant to Section 6.8(a) shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached. 6.9 Environmental Laws. (a) 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 take commercially reasonable steps to ensure that all tenants and subtenants obtain and comply in all material respects with and maintain, any and all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws, in each case, except for such non-compliance and failure to obtain and maintain that could not reasonably be expected to have a Material Adverse Effect; (b) Except where failure to do so could not reasonably be expected to have a Material Adverse Effect, (i) conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under Environmental Laws and (ii) promptly comply with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws, other than such orders and directives which are being timely contested in good faith by proper proceedings. 6.10 [Reserved]. 6.11 Use of Proceeds and Letters of Credit. (a) Use the proceeds of the Loans and Letters of Credit solely for general corporate purposes of the Parent Company and its Subsidiaries including to consummate the |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img181.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 167 Refinancing and for working capital and other lawful corporate purposes, in each case not in contravention of the Loan Documents or applicable law. (b) Notwithstanding the foregoing, no Borrower will request any Borrowing or Letter of Credit, and no Borrower shall use, and shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, directly or indirectly, the proceeds of any Borrowing or any Letter of Credit (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws or Anti-Terrorism Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, (iii) in any manner that would result in a violation by any individual or entity (including any individual or entity participating in the transaction, whether as Lender, Bookrunner, Lead Arranger, Administrative Agent, Issuing Lender, or otherwise) of Sanctions, or (iv) (A) for the purpose, whether immediate or ultimate, of "buying" or "carrying" any "margin stock" within the respective meanings of each of the quoted terms under Regulation U as now and from time to time hereafter in effect or (B) for any purpose that violates the provisions of the Regulations of the Board. 6.12 Know Your Customer. Promptly following a request by the Administrative Agent, any Issuing Lender or any Lender, provide all documentation and other reasonably available information that the Administrative Agent, such Issuing Lender or such Lender reasonably requests in order to comply with its ongoing obligations under applicable "know your customer" and anti-money laundering rules and regulations, including the Patriot Act, the Proceeds of Crime Act and the Beneficial Ownership Regulation and the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 of Singapore. 6.13 Maintenance of REIT Status; Further Assurances. (a) Cause Parent Company to continue to be treated as a REIT. (b) Promptly upon reasonable request by the Administrative Agent, or any Lender through the Administrative Agent, (a) correct any material defect or manifest error that may be discovered in any Loan Document, and (b) do, execute, acknowledge, deliver, record, and take any and all such further acts, certificates, assurances and other instruments as the Administrative Agent, or any Lender through the Administrative Agent, may reasonably require from time to time in order to carry out more effectively the intention of the Loan Documents. 6.14 [Reserved]. . |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img182.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 168 6.16 Accuracy of Information. Parent Company, the other Guarantors and the Borrowers will ensure that any written factual information, including financial statements or other documents, furnished on behalf of any Loan Party to the Administrative Agent or the Lenders in connection with this Agreement or any amendment or modification hereof or waiver hereunder, other than projections, estimates, forecasts, budgets, forward-looking information or information of a general economic or industry nature, when taken as a whole, contains no material misstatement of fact or omits to state any material fact necessary to make the statements therein, taken as a whole and in the light of the circumstances under which they were made, not materially misleading. SECTION 7. NEGATIVE COVENANTS The Guarantors and the Borrowers hereby jointly and severally agree that, so long as the Commitments remain in effect, any Letter of Credit remains outstanding (except to the extent cash collateralized on a basis reasonably acceptable to the Administrative Agent) or any Loan or other amount is owing to any Lender or the Administrative Agent hereunder (other than contingent indemnification obligations as to which no claim has been asserted), each of the Guarantors and the Borrowers shall not, and shall not permit any of its Subsidiaries to, directly or indirectly (provided, that the second paragraph in Section 7.16 shall only apply to the Guarantors): 7.1 Financial Covenants. The Borrowers shall not permit: (i) Total Leverage Ratio. As at the end of any fiscal quarter, the ratio of Total Indebtedness to Total Asset Value (the "Total Leverage Ratio") to exceed 60%; provided, that the Borrower Representative may elect that such ratio be permitted to exceed 60% as of the last day of the four (4) consecutive fiscal quarters immediately following a Material Acquisition, but in no event shall the Total Leverage Ratio exceed 65% as of the last day of any fiscal quarter. (ii) Fixed Charge Coverage Ratio. As at the end of any fiscal quarter, the ratio of (a) (i) EBITDA minus (ii) Maintenance Capital Expenditures to (b) Fixed Charges, each from the period of four fiscal quarters then ended, to be less than 1.5 to 1.0. (iii) Unsecured Leverage Ratio. As at the end of any fiscal quarter, the ratio of Total Unsecured Indebtedness to Unencumbered Asset Value (the "Unencumbered Leverage Ratio") to exceed 60%; provided, that the Borrower Representative may elect that such ratio be permitted to exceed 60% as of the last day of the four (4) consecutive fiscal quarters immediately following a Material Acquisition, but in no event shall the Unencumbered Leverage Ratio exceed 65% as of the last day of any fiscal quarter. (iv)Secured Leverage Ratio. As at the end of any fiscal quarter, the ratio of Total Secured Indebtedness to Total Asset Value (the "Secured Leverage Ratio") to exceed 40%; provided, that the Borrower Representative may elect that such ratio be permitted to exceed 40% as of the last day of the four (4) consecutive fiscal quarters |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img183.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 169 immediately following a Material Acquisition, but in no event shall the Secured Leverage Ratio exceed 45% as of the last day of any fiscal quarter. 7.2 Indebtedness. Create, issue, incur, assume, become liable in respect of or suffer to exist any Indebtedness (including any Capital Lease Obligations, securitizations and similar obligations to the extent constituting Indebtedness), other than Permitted Indebtedness, unless at the time of such creation, issuance, incurrence, assumption or sufferance thereof (a) no Default or Event of Default shall have occurred and is continuing or would result therefrom and (b) after giving effect to the incurrence of such Indebtedness on a Pro Forma Basis Parent Company and its Subsidiaries are in compliance with the Financial Covenants. 7.3 Liens. Directly or indirectly, create, incur, assume or suffer to exist any Lien on: (a) any Qualified Asset, other than Permitted Encumbrances; (b) any Equity Interests of any Loan Party or any Qualified Asset Owner, other than Permitted Equity Encumbrances; and (c) any income or revenues from, or proceeds of, any of the foregoing; or sign, file or authorize under the Uniform Commercial Code (of any jurisdiction) or the Canadian PPSA, a financing statement that includes in its collateral description any portion of any Qualified Asset or the Equity Interests of any Loan Party or any Qualified Asset Owner, or any income or revenue from, or proceeds of, any of the foregoing. 7.4 Fundamental Changes. Enter into any merger, demerger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or reorganize itself, in the case of a Domestic Subsidiary, in any non-U.S. jurisdiction, and in the case of a Foreign Subsidiary, under the laws of any other non-U.S. jurisdiction, or Dispose (whether in one transaction or in a series of transactions and whether effected pursuant to a Division or otherwise) of all or substantially all of the property or business of the Group Members (taken as a whole), except that: (a) any Domestic Subsidiary may merge, consolidate, amalgamate or liquidate with or into the Company in a transaction in which the Company is the surviving Person, any Domestic Subsidiary other than the Company may merge, consolidate, amalgamate or liquidate with or into a U.S. Borrower (other than the Company) in a transaction in which the U.S. Borrower shall be the continuing or surviving entity; and any Foreign Subsidiary may merge, consolidate, amalgamate or liquidate with or into a Foreign Borrower in a transaction in which the Foreign Borrower, or a successor by merger, consolidation or amalgamation that becomes a Foreign Borrower upon such merger, consolidation or amalgamation, shall be the continuing or surviving entity; (b) any Person other than Parent Company or Lineage OP may merge, consolidate, amalgamate or liquidate with or into the Company in a transaction in which the Company is the surviving entity, if at the time thereof and immediately after giving effect thereto on a Pro Forma Basis (a) no Default or Event of Default shall have occurred and be continuing or |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img184.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 170 would result therefrom immediately before and after giving effect to such transaction and (b) Parent Company and its Subsidiaries are in compliance with the Financial Covenants; (c) any Person other than the Company, Parent Company or Lineage OP may merge, consolidate, amalgamate or liquidate with or into any other Subsidiary in a transaction in which the continuing or surviving entity is a Subsidiary, if (x) at the time thereof and immediately after giving effect thereto on a Pro Forma Basis (a) no Default or Event of Default shall have occurred and be continuing or would result therefrom immediately before and after giving effect to such transaction and (b) Parent Company and its Subsidiaries are in compliance with the Financial Covenants or (y) if both of the parties to such merger, consolidation, amalgamation or liquidation are Subsidiaries but only one party is a Loan Party, the Loan Party or a successor by such merger, consolidation, amalgamation or liquidation that becomes the Loan Party upon such merger, consolidation, amalgamation or liquidation shall be the continuing or surviving entity (and, in the case where the other party to such merger or amalgamation is a Qualified Asset Owner, either the continuing or surviving entity shall be a Qualified Asset Owner or successor by amalgamation that becomes the Qualified Asset Owner or all Qualified Assets owned or leased by such Qualified Asset Owner shall, contemporaneously with such merger, consolidation, amalgamation or liquidation cease to be included as Qualified Assets in any calculations hereunder); provided, (1) no Domestic Subsidiary will merge, consolidate, amalgamate or liquidate into a Foreign Subsidiary, (2) if both parties to such merger or amalgamation are Loan Parties and one of the parties thereto is a Qualified Asset Owner, either the Qualified Asset Owner or a successor by amalgamation that becomes the Qualified Asset Owner shall be the continuing or surviving entity or all Qualified Assets owned or leased by such Qualified Asset Owner shall, contemporaneously with such merger, cease to be included as Qualified Assets in any calculations hereunder), and (3) for the avoidance of doubt, Subsidiaries of Parent Company may merge, consolidate, amalgamate, or liquidate with or into another Subsidiary in a transaction that constitutes an Investment that is permitted by Section 7.8 (other than pursuant to clause (o) of the definition of Permitted Investment); (d) (A) any Domestic Subsidiary may Dispose of its assets to the Company or to another Domestic Subsidiary; provided that, if one of the parties to such transaction is a U.S. Loan Party, either (1) the U.S. Loan Party shall be the transferee or (2) the transaction is permitted by Section 7.5; and (B) any Foreign Subsidiary may Dispose of its assets to the Company or to another Foreign Subsidiary; provided that, if one of the parties to such transaction is a Foreign Borrower, either (1) the Foreign Borrower shall be the transferee or (2) the transaction is permitted by Section 7.5; (e) any Subsidiary which is not a Loan Party or a Qualified Asset Owner may liquidate or dissolve itself if the Borrower Representative determines in good faith that such liquidation or dissolution is in the best interests of the Borrowers or the Group Members; and (f) Holdings may merge, consolidate, amalgamate or liquidate with or into Lineage OP in a transaction in which Lineage OP is the surviving entity. Upon completion of the transaction contemplated by the foregoing sentence, all references herein to Holdings shall be deemed to refer to Lineage OP. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img185.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 171 7.5 Disposition of Property. Dispose of any property or asset, including Equity Interests owned by it and including pursuant to any sale-leaseback transaction, other than a Permitted Disposition, unless immediately before and after giving effect to such Disposition (a) no Default or Event of Default shall have occurred and be continuing or would result from such Disposition and (b) on a Pro Forma Basis Parent Company and its Subsidiaries are in compliance with the Financial Covenants. 7.6 Restricted Payments. Declare or pay any dividend on, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement, cancellation, termination or other acquisition of, any Equity Interests of any Group Member, whether now or hereafter outstanding, or make any other distribution in respect thereof, whether in cash or property (collectively, "Restricted Payments"), directly or indirectly, except that: (a) the Company and any Subsidiary may declare and pay dividends with respect to its Equity Interests payable solely in additional limited liability company interests or its common stock (or their respective equivalents in any jurisdiction), (b) Parent Company, Lineage OP or Holdings may declare and pay dividends with respect to its Equity Interests payable solely in additional Equity Interests, (c) Subsidiaries may declare and pay dividends or distributions ratably with respect to their Equity Interests, (d) Parent Company or any Subsidiary may make Restricted Payments (including for the purposes of effectuating repurchases of Equity Interests) pursuant to and in accordance with stock option plans or other benefit plans for management or employees of Parent Company, Lineage OP, Holdings and its Subsidiaries, (e) Parent Company, Lineage OP, Holdings, the Company and any Subsidiary may consummate any Qualified IPO, engage in any restructuring activity of any Group Member in connection with a Qualified IPO and may make any Restricted Payment, distribution in cash or in-kind securities in connection with any disposition of legacy Equity Interests following a Qualified IPO, or take any other actions to effect the disposition of legacy Equity Interests in connection with or following a Qualified IPO, (f) Parent Company, Lineage OP, Holdings, the Company and their Subsidiaries may make Restricted Payments to their owners (A) so long as no Event of Default has occurred and is continuing or would occur after giving effect thereto, in an amount not to exceed the sum of (1) 95% of Normalized Adjusted FFO attributable to the period of four consecutive fiscal quarters then ended plus (2) any additional minimum amount reasonably necessary to enable Parent Company and any REIT Subsidiary to make distributions to maintain Parent Company's and such REIT Subsidiary's status as a REIT and avoid the imposition of U.S federal income or excise taxes on Parent Company or such REIT Subsidiary and (B) if an Event of Default has occurred and is continuing or would occur after giving effect thereto, in an amount not to exceed the sum of (1) the minimum amount reasonably necessary to enable Parent Company and any REIT Subsidiary to make distributions to maintain Parent Company's and |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img186.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 172 such REIT Subsidiary's status as a REIT and avoid the imposition of U.S federal income or excise taxes on Parent Company or such REIT Subsidiary, plus (2) $60,000,000 per fiscal year, plus (3) management fees payable by Parent Company pursuant to the Operating Agreement in an amount not to exceed $35,000,000 per fiscal year, (g) Parent Company, Lineage OP or Holdings may make Restricted Payments with any amounts received by it from the Company pursuant to clause (f) of this Section, (h) Restricted Payments to Parent Company, Lineage OP or Holdings in such amounts as are necessary or appropriate to pay (i) administrative expenses (including, but not limited to, reasonable directors' fees, employee compensation and benefits, customary indemnity payments and payroll, social security or similar taxes) payable by Parent Company or Holdings (or any direct or indirect parent thereof), (ii) nominal expenses to maintain the corporate existence of Parent Company, Lineage OP or Holdings (or any direct or indirect parent thereof), (iii) premiums and other charges necessary to maintain the insurance required under the terms of this Agreement and other commercially reasonable insurance acquired and maintained by Parent Company, Lineage OP or Holdings (or any direct or indirect parent thereof), including director and officer, employment practices and other similar liability insurance and (iv) the payment of business related expenses which are incurred by Parent Company, Lineage OP or Holdings (or any direct or indirect parent thereof) in the ordinary course of business, in each case, to the extent the incurrence of such expenses and other obligations, the taking of such actions, and the payment of such expenses and other obligations, as applicable are permitted by this Agreement, (i) Restricted Payments, the proceeds of which shall be used by Parent Company, Lineage OP or Holdings to make (or to make a payment to any direct or indirect parent of Parent Company, Lineage OP or Holdings to enable it to make) cash payments in lieu of the issuance of fractional shares in connection with the exercise of warrants, options or other securities convertible into or exchangeable for Equity Interests of Parent Company, Lineage OP or Holdings or any direct or indirect parent thereof, (j) repurchases of Equity Interests in Parent Company, Lineage OP or Holdings (or any direct or indirect parent company of Parent Company, Lineage OP or Holdings), or any of its subsidiaries, deemed to occur upon "cashless" exercise of stock options or warrants, (k) Restricted Payments the proceeds of which shall be used by Parent Company, Lineage OP or Holdings or any direct or indirect parent thereof to pay fees and expenses (other than to Affiliates) related to any unsuccessful equity or debt offering not prohibited by this Agreement (in the case of any such parent or indirect parent, only to the extent such parent or indirect parent does not hold material assets other than those relating to Parent Company, Lineage OP or Holdings and its subsidiaries), (l) (i) the redemption, repurchase, retirement or other acquisition of any Equity Interests ("Retired Capital Stock") of Parent Company, Lineage OP or Holdings or any direct or indirect parent of Parent Company, Lineage OP or Holdings in exchange for, or out of the proceeds of, the substantially concurrent sale of, Equity Interests of Parent Company, Lineage OP or Holdings or any direct or indirect parent of Parent Company, Lineage OP or |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img187.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 173 Holdings or contributions to the equity capital of Parent Company, Lineage OP or Holdings (other than any Disqualified Equity Interests or any Equity Interests sold to a subsidiary of Parent Company, Lineage OP or Holdings) (collectively, including any such contributions, "Refunding Capital Stock") and (ii) the declaration and payment of dividends on the Retired Capital Stock out of the proceeds of the substantially concurrent sale (other than to a subsidiary of Parent Company, Lineage OP or Holdings) of Refunding Capital Stock; provided that in, each of the causes of clause (i) and (ii), such Restricted Payment must be made within 90 days of the receipt of the proceeds from the issuance of such Equity Interests, (m) Restricted Payments to Parent Company, Lineage OP or Holdings to finance any Investment permitted to be made pursuant to Section 7.8; provided, that such Restricted Payment shall be made substantially concurrently with the closing or consummation of such Investment, (n) to the extent constituting Restricted Payments, transactions expressly permitted by Section 7.4, Section 7.8, and Section 7.10 (other than Section 7.10(a), (h), (j) (to the extent relating to stock option plans) and (o)), (o) for any taxable period in which (A) Parent Company, Lineage OP, Holdings, Borrowers or any of their respective Subsidiaries is a member of a consolidated, combined, unitary or similar tax group (or comparable group under foreign law), or (B) any of Parent Company, Lineage OP, Holdings, Borrowers or any of their respective Subsidiaries is a pass-through entity for income tax purposes (including under foreign tax law), Parent Company, Lineage OP, Holdings, Borrowers or their respective applicable Subsidiaries may make Restricted Payments in amounts required for such of its direct or indirect owners as are members of such group, or as are required to include the income of such pass-through entity in income for Tax purposes, to pay any Taxes imposed directly on such owners, to the extent such Taxes are attributable to the income, assets or activities of such entity and only after taking into account all available credits and deductions; provided, that no such entity shall make any Restricted Payment under this provision in any amount greater than the share of such Taxes arising out of such entity's net income calculated as if such entity filed tax returns on a standalone basis, and (p) the redemption of units in (i) Holdings by Lineage OP and (ii) Lineage OP by Lineage OP or Parent Company, in each case, in accordance with the Operating Agreement. In any event and notwithstanding anything to the contrary contained in this Agreement, to the extent any Subsidiary is permitted to make a Restricted Payment to Parent Company, Lineage OP or Holdings for any of the foregoing purposes, such Subsidiary may, alternatively, make any such payment directly to the applicable obligee or payee of Parent Company, Lineage OP or Holdings on its behalf, and such payment shall be treated, for all purposes of this Agreement and the other Loan Documents, as a permitted Restricted Payment. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img188.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 174 7.7 [Reserved]. 7.8 Investments. Make or allow any Investment, other than a Permitted Investment, unless immediately before and after giving effect to such Investment, (i) no Default or Event of Default shall have occurred and be continuing or would result therefrom and (ii) on a Pro Forma Basis Parent Company and its Subsidiaries are in compliance with the Financial Covenants. 7.9 Amendments to Governing Documents. Directly or indirectly, consent to, approve, authorize or otherwise suffer or permit any waiver, amendment, supplement, cancellation, termination or other modification of any Governing Document of Parent Company, any Borrower, any Guarantor or any Qualified Asset Owner, in each case if such waiver, amendment, supplement, cancellation, termination or modification would reasonably be expected to (a) adversely affect any Loan Party's ability to repay the Secured Obligations or (b) impair the rights or interests of the Administrative Agent or any Credit Party hereunder or under any Loan Document; provided that the foregoing shall not prohibit any such modifications to facilitate any Qualified IPO. 7.10 Transactions with Affiliates. Enter into any transaction, including any purchase, sale, lease or exchange of property, the rendering of any service or the payment of any management, advisory or similar fees, with any Affiliate, except transactions among the Loan Parties and except: (a) Restricted Payments permitted by Section 7.6; (b) pursuant to the reasonable requirements of the business of Parent Company, any Guarantor or such Subsidiary upon fair and reasonable terms not materially less favorable to Parent Company, any Guarantor or such Subsidiary than would be obtained in a comparable arm's length transaction with a Person not an Affiliate of Parent Company, any Guarantor or such Subsidiary; (c) entering into employment and severance arrangements between Parent Company (or any direct or indirect parent thereof), any Subsidiary and any of their respective officers and employees, as determined in good faith by the board of directors or senior management of the relevant Person; (d) the payment of customary fees and reimbursement of reasonable out-of-pocket costs of, and customary indemnities provided to or on behalf of, directors, officers, management, consultants and employees of Parent Company (or any direct or indirect parent thereof), Holdings, Borrowers and their respective Subsidiaries in the ordinary course of business; (e) the payment of fees, expenses, indemnities or other payments pursuant to, and transactions pursuant to any agreements in existence on the Closing Date and set forth on Schedule 7.10 or any amendment thereto to the extent such an amendment is not materially more disadvantageous to the Lenders than the original agreement in effect on the Closing Date; (f) transactions between or among (i) Subsidiaries that are not Loan Parties, (ii) between or among Parent Company and its Subsidiaries that are Loan Parties (on the one |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img189.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 175 hand) and any Subsidiaries that are not Loan Parties (on the other hand) or (iii) Parent Company and its Subsidiaries; (g) the issuance or transfer of Equity Interests in Parent Company or a Guarantor (other than any Disqualified Equity Interests) to the Investor or any Affiliate thereof, or to any current, former or future director, manager, employee or consultant (or any Affiliate of the foregoing) of Parent Company, a Guarantor, any of its subsidiaries or any direct or indirect parent thereof or any Affiliate of Parent Company or a Guarantor; (h) transactions contemplated by customary shareholders' agreements entered into with holders of the Equity Interests of Parent Company; (i) the payment of reasonable out-of-pocket costs and expenses related to registration rights and indemnities provided to shareholders under any shareholders' agreement referred to in clause (h) above; (j) payments or loans (or cancellation of loans) or advances to employees, officers, directors, members of management or consultants (or the estate, heirs, family members, spouse, former spouse, domestic partner or former domestic partner or any of the foregoing) of Parent Company or a Guarantor, any direct or indirect parent companies or any of its subsidiaries and employment agreements, consulting arrangements, severance arrangements, stock option plans and other similar arrangements with such employees, officers, directors, members of management or consultants (or the estate, heirs, family members, spouse, former spouse, domestic partner or former domestic partner of any of the foregoing); (k) the entering into of any Tax sharing agreement or arrangement to the extent payments under such agreement or arrangement would otherwise be permitted under this Agreement; (l) transactions permitted under Section 7.5 and/or Section 7.8 solely for the purpose of (a) reorganizing to facilitate any initial public offering of securities of Parent Company, a Guarantor, or any direct or indirect parent company (b) forming a holding company, or (c) reincorporating Parent Company, Lineage OP, Holdings or any Borrower in a new jurisdiction; (m) the formation and maintenance of any consolidated group or subgroup for Tax, accounting or cash pooling or management purposes in the ordinary course of business including making payments to an Affiliate to pay any Taxes due by such group that are permitted by Section 7.6; (n) transactions for cash management and other management services for Parent Company and its Subsidiaries on customary terms; (o) transactions contemplated by the Operating Agreement; (p) the issuance of securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment arrangements, stock option and stock ownership plans or similar employee benefit plans approved by the board of directors |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img190.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 176 or manager of Parent Company or any direct or indirect parent company of Parent Company or a Subsidiary of Parent Company, as appropriate, in good faith; and (q) Transactions between or among any of Parent Company, Lineage OP, Holdings, the Company and any Subsidiary in connection with the consummation of any Qualified IPO, restructuring activity of any Group Member in connection with a Qualified IPO and the distribution in cash or in-kind securities in connection with any disposition of legacy Equity Interests following a Qualified IPO, or any other actions to effect the disposition of legacy Equity Interests in connection with or following a Qualified IPO. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img191.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 177 7.11 [Reserved]. 7.12 Swap Agreements. Enter into or become obligated in respect of Swap Agreements other than Swap Agreements entered into (or guaranteed) by Parent Company, the Guarantors, the Company, any Loan Party or any such Subsidiary, which establish, or were intended to establish, an effective hedge in respect of liabilities, commitments or assets held or reasonably anticipated by Parent Company, such Guarantor, the Company, such other Loan Party or such other Subsidiary. 7.13 [Reserved]. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img192.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 178 7.14 Negative Pledge Clauses. Directly or indirectly, enter into, incur or permit to exist any Contractual Obligation (other than any Loan Document) that prohibits, restricts or imposes any condition upon the ability of (a) any Group Member to create, incur or permit to exist any Lien upon any of its property or assets (including the Equity Interests owned by such Group Member), (b) any Group Member to make Restricted Payments to the Company or any other Loan Party or to make or repay loans or advances to the Company or any other Loan Party or to guarantee the Obligations or (c) Group Member to otherwise transfer (including by way of a pledge) property to a Borrower or a Loan Party; provided that (i) the foregoing shall not apply to prohibitions, restrictions and conditions imposed by Requirements of Law or by Contractual Obligations in effect as of the Closing Date (and any extensions, renewals or modifications thereof) (and, for the avoidance of doubt, such restrictions do not apply to any Qualified Asset or to the Equity Interests of any Loan Party or any Qualified Asset Owner), (ii) the foregoing shall not apply to customary prohibitions, restrictions and conditions contained in agreements relating to the sale of a Subsidiary or its assets pending such sale, provided such restrictions and conditions apply only to the Subsidiary or assets that is to be sold and such sale is permitted hereunder, (iii) the foregoing shall not apply to prohibitions, restrictions or conditions imposed by any agreement relating to Secured Indebtedness permitted by this Agreement (including mortgage financings and CMBS Financings) if such prohibitions, restrictions or conditions apply only to the property or assets securing such Indebtedness (and, for the avoidance of doubt, such restrictions do not apply to any Qualified Asset or to the Equity Interests of any Loan Party or any Qualified Asset Owner, except to the extent permitted by clause (x) below), (iv) the foregoing shall not apply to prohibitions, restrictions or conditions in joint venture agreements and other similar agreements applicable to Joint Ventures that are applicable solely to such Joint Venture and entered into in the ordinary course of business, (v) the foregoing shall not apply to prohibitions, restrictions or conditions that are customary prohibitions, restrictions or conditions on leases, subleases, licenses or asset sale agreements otherwise permitted hereby so long as such prohibitions, restrictions or conditions solely relate to the assets subject thereto, (vi) clause (a) of the foregoing shall not apply to customary restrictions or conditions restricting assignment of any agreement entered into in the ordinary course of business, (vii) the foregoing shall not apply to provisions restricting the granting of a security interest in intellectual property contained in licenses or sublicenses by the Company and its Subsidiaries of such intellectual property, which licenses and sublicenses were entered into in the ordinary course of business (in which case such prohibition or restriction shall relate only to such intellectual property), (viii) the foregoing shall not apply to restrictions on cash or other deposits or minimum net worth requirements imposed by customers under contracts entered into in the ordinary course of business, (ix) the foregoing shall not apply to prohibitions, restrictions or conditions contained in any agreement that evidences Indebtedness permitted by this Agreement that are substantially similar to, or not materially more restrictive than, those prohibitions, restrictions or conditions contained in the Loan Documents, (x) the foregoing clause (a) shall not apply to prohibitions, restrictions or conditions contained in any mortgage financing, CMBS Financing or other financing on the pledge of Equity Interests in the direct or indirect parent of a Loan Party (other than a Qualified Asset Owner), Group Member (other than a Qualified Asset Owner) or a Qualified Asset Owner, (xi) the foregoing shall not apply to assets subject to retention of title and (xii) the foregoing shall not apply to any prohibitions, restrictions or conditions imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (i) |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img193.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 179 through (x) above; provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Borrower Representative, no more restrictive in any material respect with respect to such prohibitions, restrictions or conditions than those in place prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 7.15 Payments of Subordinate Debt. Make or offer to make any payment, prepayment, repurchase or redemption of or otherwise optionally or voluntarily defease or segregate funds (whether scheduled or voluntary) with respect to principal or interest on any Indebtedness which is subordinate in right of payment to the Secured Obligations pursuant to its express terms or a written agreement if an Event of Default has occurred and is continuing or would occur after giving effect thereto. 7.16 Lines of Business. Engage in any material line of business substantially different from those lines of business conducted by Parent Company, Lineage OP, Holdings and its Subsidiaries on the Closing Date or other business activities which are extensions thereof or otherwise incidental, reasonably related or ancillary thereto. Parent Company and the other Guarantors shall not engage in any material business activities or own any material assets other than (a) direct or indirect ownership of the Equity Interests of the Company and other Subsidiaries, ownership of Equity Interests held pursuant to Investments permitted by this Agreement and ownership of commercially reasonable insurance policies, including director and officer, employment practices and similar liability insurance, (b) activities and contractual rights and obligations incidental to maintenance of its corporate existence (including the payment of accounting and other professional fees and expenses), (c) activities related to the payment of tax liabilities of Parent Company and its Subsidiaries in the ordinary course of business, (d) entering into confidentiality agreements, (e) entering into any transactions not prohibited under this Agreement (including activities undertaken in connection with a Qualified IPO), (f) the performance of its obligations under the Loan Documents and, to the extent not prohibited by this Agreement or any other Loan Document, agreements for other Indebtedness permitted by this Agreement, management agreements, transaction fee agreements, director indemnification agreements, unit appreciation rights agreements and acquisition agreements, (g) entering into, making and performing guaranties, option agreements, shareholder agreements and other incentive compensation agreements, in each case, to which Parent Company or another Guarantor is a party, (h) the Transactions on the Closing Date, and (i) other activities incidental to or in furtherance of any of the foregoing. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img194.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 180 7.17 Outbound Investment Rules. No Borrower will, nor will any Borrower permit any of its Subsidiaries to, (a) be or become a "covered foreign person", as that term is defined in 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) any activity or transaction that would constitute a "covered activity" or a "covered transaction", as each such term is defined in the Outbound Investment Rules, if the applicable Borrower were a U.S. Person, or (iii) any other activity that would cause the Administrative Agent or any Lender to be in violation of the Outbound Investment Rules or cause the Administrative Agent or any Lender to be legally prohibited by the Outbound Investment Rules from performing under this Agreement. SECTION 8. EVENTS OF DEFAULT If any of the following events shall occur and be continuing: (a) (i) the Borrowers or any other Loan Party shall fail to pay any principal of any Loan or any unreimbursed L/C Obligations, when due in accordance with the terms hereof and in the currency required hereunder; or (ii) the Borrowers or any other Loan Party shall fail to pay any interest on any Loan or any fee payable hereunder or under any other Loan Document within five (5) Business Days after any such interest on any Loan, or any fee payable hereunder or under any other Loan Document becomes due in accordance with the terms hereof; or (iii) the Borrowers or any other Loan Party shall fail to pay any other amount payable hereunder or under any other Loan Document not otherwise specified in the foregoing clauses (i) or (ii) within ten (10) Business Days after any such other amount payable hereunder or under any other Loan Document becomes due in accordance with the terms hereof; or (b) any representation, warranty, certification or statement of fact made or deemed made by or on behalf of any Loan Party herein or in any other Loan Document or that is contained in any certificate or other document furnished by it at any time under or in connection with this Agreement or any such other Loan Document shall prove to have been inaccurate or misleading in any material respect on or as of the date made or deemed made (or, to the extent qualified by materiality, shall be inaccurate or misleading in any respect after giving effect to such qualification when made or deemed made); or (c) the Company or any Loan Party shall default in the observance or performance of any agreement contained in (i) Section 6.1(a) or (b), Section 6.2(a)(x), Section 6.5(a)(i) (solely with respect to the existence of the Company, any Borrower, any Qualified Asset Owner, or any Guarantor), Section 6.8, Section 6.10, Section 6.13 or Section 6.17 or Section 7 of this Agreement, or (ii) Section 6.2(a) (not specified in clause (i) above) and such default shall continue unremedied for a period of 15 days; or (d) [intentionally omitted]; or (e) any Group Member shall default in the observance or performance of any agreement contained in Section 6.11; or |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img195.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 181 (f) any Loan Party shall default in the observance or performance of any other agreement contained in this Agreement or any other Loan Document (other than as provided in paragraphs (a) through (e) above), and such default shall continue unremedied for a period of 30 days after the earlier of (i) the date upon which an officer of the Company or any Loan Party obtains knowledge of such default or (ii) the date upon which the Borrower Representative has received written notice of such default from the Administrative Agent or the Required Lenders; provided, that, if such default is capable of being cured but cannot be cured within such 30 day period and so long as the applicable Loan Party shall have commenced to cure such default within such 30 day period and shall be diligently pursuing such cure, the applicable Loan Party shall have an additional 30 day period to cure such default; or (g) any Group Member shall (i) default in making any payment when due, after the expiration of any applicable grace or cure periods (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) in respect of any Indebtedness (excluding any Indebtedness hereunder and any Non-Recourse Indebtedness) having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of (or, with respect to any Swap Agreements, a Swap Termination Value of) more than $100,000,000; or (ii) default in the observance or performance of any other agreement or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or beneficiary of such Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) or, in the case of a Swap Agreement, the applicable counterparty, to cause, with the giving of notice if required and after giving effect to any applicable grace periods thereunder, such Indebtedness to be demanded or to become due (or to be terminated) or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity or, in the case of any such Indebtedness constituting a Guarantee Obligation, to become payable or cash collateral in respect thereof to be demanded, or, in the case of a Swap Agreement, to cause the termination thereof or an Early Termination Date (as defined in such Swap Agreement) results therefrom; provided that clauses (i) (other than in the case of clause (x) below) and (ii) shall not apply to (x) Secured Indebtedness that becomes due as a result of the Disposition or transfer of the property or assets securing such Indebtedness, if such Disposition or transfer is permitted hereunder and under the documents providing for such Indebtedness and (y) Indebtedness that is convertible into Equity Interests and has been converted to Equity Interests in accordance with its terms and such conversion is not prohibited hereunder; or (h) (i) any Loan Party or Material Subsidiary shall commence or consent to the institution of any case, proceeding or other action (A) under any Debtor Relief Law, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, reconstruction, voluntary arrangement, scheme or arrangement, adjustment, administration, winding-up, liquidation, dissolution, judicial management, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, receiver and manager, administrative receiver, interim receiver, monitor, trustee, custodian, conservator, liquidator, interim liquidator, rehabilitator, Controller, administrator, statutory manager, judicial manager, interim judicial manager, nominee (which |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img196.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 182 has the meaning given under section 273(1) of the Insolvency, Restructuring and Dissolution Act 2018 of Singapore) or other similar official for it or for all or any material part of its property; or (ii) there shall be commenced against any Loan Party or Material Subsidiary any case, proceeding or other action of a nature referred to in clause (i) above that (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, unstayed or undischarged for a period of 60 days, or (C) declaring any Loan Party or Material Subsidiary at risk pursuant to the Corporations (Investigation and Management) Act 1989 (NZ); or (iii) there shall be commenced against any Loan Party or Material Subsidiary any case, proceeding or other action seeking issuance of a writ or warrant of attachment, execution, distraint or similar process against all or any material part of its property that results in the entry of an order for any such relief that shall not have been released, vacated, discharged, or stayed or fully bonded pending appeal within 60 days from the entry thereof; or (iv) any Loan Party or Material Subsidiary shall become unable or admit in writing its inability or fails generally to pay its debts as they become due (or, in respect of any Loan Party or Material Subsidiary organized and existing under the laws of Australia (or any of its jurisdictions), is presumed under the Australian Corporations Act to be unable to pay its debts as they become due and payable whether at stated maturity or otherwise); or (v) any Loan Party or Material Subsidiary shall make a general assignment for the benefit of its creditors; or (i) an ERISA Event or a Canadian Pension Event in connection with any Canadian Defined Benefit Plan shall have occurred that, when taken together with all other ERISA Events or Canadian Pension Events, respectively, that have occurred, could reasonably be expected to result in a Material Adverse Effect; or (j) (i) one or more final monetary judgments or decrees shall be entered against any Group Member involving in the aggregate a liability (to the extent not covered by insurance or third-party indemnities as to which the relevant insurance company or third party has not denied coverage) of $100,000,000 or more (excluding judgments or decrees with respect to Non-Recourse Indebtedness) or (ii) one or more non-monetary final judgments or decrees shall be entered against any Group Member that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case, (x) enforcement proceedings are commenced by any creditor upon such judgment or decree, or (y) there is a period of 45 consecutive days during which such judgment or decree is not vacated, discharged, stayed or bonded pending appeal; or (k) any Loan Party is declared by the Minister of Finance of Singapore to be a company to which Part 9 of the Companies Act 1967 of Singapore applies; or (l) (i) any material provision of any Loan Document, including the Guarantee Obligations contained in the Guarantee Agreement, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Secured Obligations, ceases to be in full force and effect or (ii) any Loan Party or any of their respective Subsidiaries or Affiliates contests in any manner the validity or enforceability of any material provision of any Loan Document; or any Loan Party denies in writing that it has any or further liability or obligation under any Loan Document, or purports to revoke, terminate or rescind any material provision of any Loan Document; or |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img197.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 183 (m) a Change in Control; then, and in any such event, (A) if such event is an Event of Default specified in clause (i), (ii), (iii), (v) or (vi) of paragraph (h) above with respect to the Borrower, automatically the Commitments shall immediately terminate and the Loans (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents (including all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) shall immediately become due and payable (and the obligation to deposit cash collateral for Letters of Credit described below shall become effectively immediately and such deposits shall become immediately due and payable), and (B) if such event is any other Event of Default, either or both of the following actions may be taken: (i) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower Representative declare the Commitments to be terminated forthwith, whereupon the Commitments shall immediately terminate; and (ii) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower Representative, declare the Loans (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents (including all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) to be due and payable forthwith, whereupon the same shall immediately become due and payable. In addition, upon the occurrence of any Event of Default, the Administrative Agent may, with the consent of the Required Lenders, and shall at the request of the Required Lenders, exercise all rights and remedies available under the Loan Documents and applicable law. With respect to all Letters of Credit with respect to which presentment for honor shall not have occurred at the time of an acceleration pursuant to this paragraph, the Borrower shall at such time deposit in a cash collateral account opened by the Administrative Agent an amount equal to the aggregate then undrawn and unexpired amount of such Letters of Credit. Amounts held in such cash collateral account shall be held as collateral for the payment and performance of the Secured Obligations and shall be applied by the Administrative Agent to the payment of drafts drawn under such Letters of Credit, and the unused portion thereof after all such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay other obligations of the Borrowers hereunder and under the other Loan Documents. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrowers' risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. After all such Letters of Credit shall have expired or been fully drawn upon, all Reimbursement Obligations shall have been satisfied and all other obligations of the Borrowers hereunder and under the other Loan Documents shall have been paid in full, the balance, if any, in such cash collateral account shall be returned to the Borrower Representative (or such other Person as may be lawfully entitled thereto). Except as expressly provided above in this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived by the Borrowers. In the event that following the occurrence or during the continuance of any Event of Default, the Administrative Agent or any Lender, as the case may be, receives any monies in |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img198.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 184 connection with the enforcement of any the Loan Documents, such monies shall be distributed for application as follows: (1) First, to the payment of, or (as the case may be) the reimbursement of the Administrative Agent for or in respect of, all reasonable costs, expenses, disbursements and losses which shall have been incurred or sustained by the Administrative Agent in connection with the collection of such monies by the Administrative Agent, for the exercise, protection or enforcement by the Administrative Agent of all or any of the rights, remedies, powers and privileges of the Administrative Agent under this Agreement or any of the other Loan Documents or in support of any provision of adequate indemnity to the Administrative Agent against any taxes or liens which by law shall have, or may have, priority over the rights of the Administrative Agent to such monies; (2) Second, to pay any fees or expense reimbursements then due to the Lenders from the Loan Parties; (3) Third to pay interest then due and payable on the Loans and Reimbursement Obligations ratably, (4) Fourth, to payment of (i) Secured Obligations constituting principal on the Loans and Reimbursement Obligations, (ii) an amount to the Administrative Agent equal to one hundred five percent (105%) of the aggregate undrawn face amount of all outstanding Letters of Credit and the aggregate amount of any unpaid Reimbursement Obligations, to be held as cash collateral for such Secured Obligations, and (iii) obligations under Cash Management Services and Lender Swap Agreements due to the Administrative Agent or any Lender or any Affiliate of the Administrative Agent or any Lender (or other Person entitled thereto) by the Loan Parties or any Subsidiary of a Loan Party, in each in this clause (iii) up to and including the amount most recently provided to the Administrative Agent pursuant to Section 2.26, in each case ratably among the Lenders, the Administrative Agent and their Affiliates (or other Person entitled thereto) in proportion to the amounts described in this clause Fourth payable to them; (5) Fifth, to the payment of any other Secured Obligation due to the Administrative Agent or any Lender or any Affiliate of the Administrative Agent or any Lender by the Loan Parties; and (6) Sixth, the remainder (if any) to the Borrowers. Notwithstanding the foregoing, (x) amounts received from any Guarantor shall not be applied to any Excluded Swap Obligation of such Guarantor, but appropriate adjustments shall be made with respect to payments from other Loan Parties to preserve the allocation otherwise set forth in clauses (4) and (5) above, and (y) the application of monies described above is subject to the terms of the Intercreditor Agreement. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img199.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 185 SECTION 9. THE AGENTS 9.1 Authorization and Action. (a) Each Lender and each Issuing Lender hereby irrevocably appoints the entity named as Administrative Agent in the heading of this Agreement and its successors and assigns to serve as the administrative agent under the Loan Documents and each Lender and each Issuing Lender authorizes the Administrative Agent to take such actions as agent on its behalf and to exercise such powers under this Agreement and the other Loan Documents as are delegated to the Administrative Agent under such agreements and to exercise such powers as are reasonably incidental thereto. Without limiting the foregoing, each Lender and each Issuing Lender hereby authorizes the Administrative Agent to execute and deliver, and to perform its obligations under, each of the Loan Documents to which the Administrative Agent is a party, and to exercise all rights, powers and remedies that the Administrative Agent may have under such Loan Documents. Each Lender hereunder (and by its acceptance of the benefits of the Loan Documents, each other Credit Party) authorizes and instructs Administrative Agent to enter into the intercreditor agreement dated as of April 7, 2014, among the Administrative Agent (as successor by joinder), and WILMINGTON TRUST, NATIONAL ASSOCIATION, solely in its capacity as Trustee, for the benefit of the Holders of the Cold Storage Trust 2017-ICE3, Commercial Mortgage Pass-Through Certificates, Series 2007-ICE3, as lender, (and their respective permitted successors and assigns). Without limiting the powers of the Administrative Agent, for the purposes of holding any hypothec granted to the Attorney (as defined below) pursuant to the laws of the Province of Québec to secure the prompt payment and performance of any and all Secured Obligations by any Loan Party, each of the Credit Parties hereby irrevocably appoints and authorizes the Administrative Agent and, to the extent necessary, ratifies the appointment and authorization of the Administrative Agent, to act as the hypothecary representative of the creditors as contemplated under Article 2692 of the Civil Code of Québec (in such capacity, the "Attorney"), and to enter into, to take and to hold on their behalf, and for their benefit, any hypothec, and to exercise such powers and duties that are conferred upon the Attorney under any related deed of hypothec. The Attorney shall: (a) have the sole and exclusive right and authority to exercise, except as may be otherwise specifically restricted by the terms hereof, all rights and remedies given to the Attorney pursuant to any such deed of hypothec and applicable law, and (b) benefit from and be subject to all provisions hereof with respect to the Administrative Agent mutatis mutandis, including, without limitation, all such provisions with respect to the liability or responsibility to and indemnification by the Credit Parties and Loan Parties. Any person who becomes a Credit Party shall, by its execution of an Assignment and Acceptance Agreement, be deemed to have consented to and confirmed the Attorney as the person acting as hypothecary representative holding the aforesaid hypothecs as aforesaid and to have ratified, as of the date it becomes a Secured Party, all actions taken by the Attorney in such capacity. The substitution of the Administrative Agent pursuant to the provisions of this Section 9.1(a) also constitute the substitution of the Attorney. (b) As to any matters not expressly provided for herein and in the other Loan Documents (including enforcement or collection), the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or such other number or percentage of the Lenders as shall be |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img200.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 186 necessary, pursuant to the terms in the Loan Documents), and, unless and until revoked in writing, such instructions shall be binding upon each Lender and each Issuing Lender; provided, however, that the Administrative Agent shall not be required to take any action that (i) the Administrative Agent in good faith believes exposes it to liability unless the Administrative Agent receives an indemnification and is exculpated in a manner satisfactory to it from the Lenders and the Issuing Lenders with respect to such action or (ii) is contrary to this Agreement or any other Loan Document or applicable law, including any action that may be in violation of the automatic stay under any requirement of law relating to bankruptcy, insolvency, reconstruction, dissolution, judicial management or reorganization or relief of debtors or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any requirement of law relating to bankruptcy, insolvency, dissolution, judicial management or reorganization or relief of debtors; provided, further, that the Administrative Agent may seek clarification or direction from the Required Lenders prior to the exercise of any such instructed action and may refrain from acting until such clarification or direction has been provided. Except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to Parent Company, the other Guarantors, the Borrowers, any Subsidiary or any Affiliate of any of the foregoing that is communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates in any capacity. Nothing in this Agreement shall require the Administrative Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. (c) In performing its functions and duties hereunder and under the other Loan Documents, the Administrative Agent is acting solely on behalf of the Lenders and the Issuing Lenders (except in limited circumstances expressly provided for herein relating to the maintenance of the Register), and its duties are entirely mechanical and administrative in nature. Without limiting the generality of the foregoing: (i) the Administrative Agent does not assume and shall not be deemed to have assumed any obligation or duty or any other relationship as the agent, fiduciary or trustee of or for any Lender, Issuing Lender or holder of any other obligation other than as expressly set forth herein and in the other Loan Documents, regardless of whether a Default or an Event of Default has occurred and is continuing (and it is understood and agreed that the use of the term "agent" (or any similar term) herein or in any other Loan Document with reference to the Administrative Agent is not intended to connote any fiduciary duty or other implied (or express) obligations arising under agency doctrine of any applicable law, and that such term is used as a matter of market custom and is intended to create or reflect only an administrative relationship between contracting parties); additionally, each Lender agrees that it will not assert any claim against the Administrative Agent based on an alleged breach of fiduciary duty by the Administrative Agent in connection with this Agreement and/or the transactions contemplated hereby; (ii) where the Administrative Agent is required or deemed to act as a trustee or agent in respect of any collateral over which a security interest has been created pursuant to a Loan Document expressed to be governed by the laws of each Specified |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img201.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 187 Jurisdiction, or is required or deemed to hold any collateral "on trust" or as agent pursuant to the foregoing, the obligations and liabilities of the Administrative Agent to the Credit Parties in its capacity as trustee shall be excluded to the fullest extent permitted by applicable law; (iii) [reserved]; (iv)to the extent that English law is applicable to the duties of the Administrative Agent under any of the Loan Documents, Part 1 of the Trustee Act 2000 of the United Kingdom shall not apply to the duties of the Administrative Agent in relation to the trusts constituted by that Loan Document; where there are inconsistencies between the Trustee Act 1925 or the Trustee Act 2000 of the United Kingdom and the provisions of this Agreement or such Loan Document, the provisions of this Agreement shall, to the extent permitted by applicable law, prevail and, in the case of any inconsistency with the Trustee Act 2000 of the United Kingdom, the provisions of this Agreement shall constitute a restriction or exclusion for the purposes of that Act; (v) to the extent that Singapore law is applicable to the duties of the Administrative Agent under any of the Loan Documents, Part 1A of the Trustee Act 1967 of Singapore shall not apply to the duties of the Administrative Agent in relation to the trusts constituted by that Loan Document; where there are inconsistencies between the Trustee Act 1967 of Singapore and the provisions of this Agreement or such Loan Document, the provisions of this Agreement shall, to the extent permitted by applicable law, prevail and, in the case of any inconsistency with the Trustees Act 1967 of Singapore, the provisions of this Agreement shall constitute a restriction or exclusion for the purposes of that Act; (vi)in respect of any of the Loan Documents governed by Danish law, each Credit Party (other than the Administrative Agent) irrevocably and unconditionally appoints the Administrative Agent to hold the security interests governed by Danish law and act as agent and representative (in Danish: fuldmægtig og repræsentant) for the Credit Parties in accordance with Section 18(1), cf. Section 1(2) of the Danish Act on Capital Markets (in Danish: lov om kapitalmarkeder). Further, each Credit Party (other than the Administrative Agent) acknowledges that all actions taken by the Administrative Agent in accordance with the provisions of the Loan Documents governed by Danish law will be deemed to be taken by the Administrative Agent on behalf of the Credit Parties or any of them; (vii) to the extent that Guernsey law is applicable to the duties of the Administrative Agent under any of the Loan Documents, sections 22 to 27 (inclusive) of the Trusts (Guernsey) law, 2007 shall not apply to the duties of the Administrative Agent in relation to the trusts constituted by that Loan Document; and (viii) nothing in this Agreement or any Loan Document shall require the Administrative Agent to account to any Lender for any sum or the profit element of any sum received by the Administrative Agent for its own account. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img202.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 188 (d) The Administrative Agent may perform any of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any of their respective duties and exercise their respective rights and powers through their respective Related Parties. The exculpatory provisions of this Section shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities pursuant to this Agreement. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agent except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agent. (e) None of any Syndication Agent, any Documentation Agent, any Sustainability Agent or any Arranger shall have obligations or duties whatsoever in such capacity under this Agreement or any other Loan Document and shall incur no liability hereunder or thereunder in such capacity, but all such persons shall have the benefit of the indemnities provided for hereunder. (f) In case of the pendency of any proceeding with respect to any Loan Party under any Federal, state or foreign bankruptcy, insolvency, reconstruction, receivership, dissolution, judicial management or similar law now or hereafter in effect, the Administrative Agent (irrespective of whether the principal of any Loan or any Reimbursement Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrowers) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise: (i) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, LC Disbursements and all other Secured Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Issuing Lenders and the Administrative Agent (including without limitation any claim under Sections 2.8, 2.14, 2.19 and 10.3) allowed in such judicial proceeding; and (ii) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, interim receiver, judicial manager, interim judicial manager, nominee (which has the meaning given under section 273(1) of the Insolvency, Restructuring and Dissolution Act 2018 of Singapore), monitor, assignee, trustee, liquidator, sequestrator or other similar official in any such proceeding is hereby authorized by each Lender, each Issuing Lender and each other Credit Party to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, the Issuing Lenders or the other Credit Parties, to pay to the Administrative Agent any amount due to it, in its capacity as the Administrative Agent, under the Loan Documents (including under Section 10.3). Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or Issuing Lender any plan of reorganization, arrangement, adjustment or composition affecting the |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img203.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 189 Secured Obligations or the rights of any Lender or Issuing Lender or to authorize the Administrative Agent to vote in respect of the claim of any Lender or Issuing Lender in any such proceeding. (g) The provisions of this Section (other than Section 9.5) are solely for the benefit of the Administrative Agent, the Lenders and the Issuing Lenders, and, except solely to the extent of the Borrowers' rights to consent pursuant to and subject to the conditions set forth in this Section, none of the Loan Parties or any Subsidiary, or any of their respective Affiliates, shall have any rights as a third party beneficiary under any such provisions. Each Credit Party, whether or not a party hereto, will be deemed, by its acceptance of the benefits of the collateral security and guarantee provided under the Loan Documents, to have agreed to the provisions of this Section. 9.2 Administrative Agent's Reliance, Limitation of Liability, Etc. (a) Neither the Administrative Agent nor any of its Related Parties shall be (i) liable to any of the Secured Parties for any action taken or omitted to be taken by such party, the Administrative Agent or any of its Related Parties under or in connection with this Agreement or the other Loan Documents (x) with the consent of or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith to be necessary, under the circumstances as provided in the Loan Documents) or (y) in the absence of its own gross negligence or willful misconduct (such absence to be presumed unless otherwise determined by a court of competent jurisdiction by a final and non-appealable judgment) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document (including, for the avoidance of doubt, in connection with the Administrative Agent's reliance on any Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page) or for any failure of any Loan Party to perform its obligations hereunder or thereunder. (b) The Administrative Agent shall be deemed not to have knowledge of any (i) notice of any of the events or circumstances set forth or described in Section 6.2 unless and until written notice thereof stating that it is a "notice under Section 6.2" in respect of this Agreement and identifying the specific clause under said Section is given to the Administrative Agent by the Borrower Representative, or (ii) notice of any Default or Event of Default unless and until written notice thereof (stating that it is a "notice of Default" or a "notice of an Event of Default") is given to the Administrative Agent by the Borrower, a Lender or an Issuing Lender. Further, the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered thereunder or in connection therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document or the occurrence of any Default or Event of Default, (iv) the sufficiency, validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, (v) the satisfaction of any |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img204.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 190 condition set forth in Section 5 or elsewhere in any Loan Document, other than to confirm receipt of items (which on their face purport to be such items) expressly required to be delivered to the Administrative Agent or satisfaction of any condition that expressly refers to the matters described therein being acceptable or satisfactory to the Administrative Agent, or (vi) the creation, perfection or priority of Liens granted pursuant to the Loan Documents. Notwithstanding anything herein to the contrary, the Administrative Agent shall not be liable for, or be responsible for any Liabilities, costs or expenses suffered by any Loan Party, any Subsidiary, any Lender or any Issuing Lender as a result of, any determination of the Revolving Extensions of Credit or of any Tranche thereof, any of the component amounts thereof or any portion thereof attributable to each Lender or Issuing Lender, or any Dollar Equivalent. The Administrative Agent shall not be responsible or have any liability for, or have any duty to ascertain, inquire into or monitor compliance with the provisions hereof relating to Disqualified Institutions. Without limiting the generality of the foregoing, the Administrative Agent shall not (x) be obligated to ascertain, monitor or inquire as to whether any Lender or Participant or prospective Lender or Participant is a Disqualified Institution or (y) have any liability with respect to or arising out of any assignment or participation of Loans, or disclosure of confidential information, to any Disqualified Institution. (c) Without limiting the foregoing, the Administrative Agent (i) may treat the payee of any promissory note as its holder until such promissory note has been assigned in accordance with Section 10.4, (ii) may rely on the Register to the extent set forth in Section 10.4(b), (iii) may consult with legal counsel (including counsel to the Borrowers), independent public accountants and other experts selected by it, and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts, (iv) makes no warranty or representation to any Lender or Issuing Lender and shall not be responsible to any Lender or Issuing Lender for any statements, warranties or representations made by or on behalf of any Loan Party in connection with this Agreement or any other Loan Document, (v) in determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an Issuing Lender, may presume that such condition is satisfactory to such Lender or Issuing Lender unless the Administrative Agent shall have received notice to the contrary from such Lender or Issuing Lender sufficiently in advance of the making of such Loan or the issuance of such Letter of Credit and (vi) shall be entitled to rely on, and shall incur no liability under or in respect of this Agreement or any other Loan Document by acting upon, any notice, consent, certificate or other instrument or writing (which writing may be a fax, any electronic message, Internet or intranet website posting or other distribution) or any statement made to it orally or by telephone and believed by it to be genuine and signed or sent or otherwise authenticated by the proper party or parties (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the maker thereof). (d) In the event that the Administrative Agent performs its duties hereunder through J.P. Morgan SE (formerly known as J.P. Morgan AG) ("JPMSE"), each of the Lenders hereby exempts the JPMSE from the restrictions pursuant to section 181 Civil Code (Bürgerliches Gesetzbuch) and similar restrictions applicable to it pursuant to any other applicable law, in each case to the extent legally possible to such Lender. A Lender which cannot grant such exemption shall notify the Administrative Agent accordingly and, upon request of the Administrative Agent, either act in accordance with the terms of this Agreement and/or any other |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img205.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 191 Loan Document as required pursuant to this Agreement and/or such other Loan Document or grant a special power of attorney to a party acting on its behalf, in a manner that is not prohibited pursuant to section 181 of the German Civil Code (Bürgerliches Gesetzbuch) and/or any other applicable laws. 9.3 Posting of Communications. (a) The Borrowers agree that the Administrative Agent may, but shall not be obligated to, make any Communications available to the Lenders and the Issuing Lenders by posting the Communications on IntraLinks™, DebtDomain, SyndTrak, ClearPar or any other electronic platform chosen by the Administrative Agent to be its electronic transmission system (the "Approved Electronic Platform"). (b) Although the Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Closing Date, a user ID/password authorization system) and the Approved Electronic Platform is secured through a per-deal authorization method whereby each user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders, each of the Issuing Lenders and the Borrowers acknowledge and agree that the distribution of material through an electronic medium is not necessarily secure, that the Administrative Agent is not responsible for approving or vetting the representatives or contacts of any Lender that are added to the Approved Electronic Platform, and that there may be confidentiality and other risks associated with such distribution. Each of the Lenders, each of the Issuing Lenders and each of the Borrowers hereby approves distribution of the Communications through the Approved Electronic Platform and understands and assumes the risks of such distribution. (c) THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED "AS IS" AND "AS AVAILABLE". THE APPLICABLE PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED ELECTRONIC PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS. 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 THE APPLICABLE PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT, ANY ARRANGER, ANY DOCUMENTATION AGENT, ANY SUSTAINABILITY AGENT, ANY SYNDICATION AGENT OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, "APPLICABLE PARTIES") HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER, ANY ISSUING LENDER OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY LOAN PARTY'S OR THE ADMINISTRATIVE AGENT'S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED ELECTRONIC PLATFORM. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img206.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 192 "Communications" means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender or any Issuing Lender by means of electronic communications pursuant to this Section, including through an Approved Electronic Platform. (d) Each Lender and each Issuing Lender agrees that notice to it (as provided in the next sentence) specifying that Communications have been posted to the Approved Electronic Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents. Each Lender and Issuing Lender agrees (i) to notify the Administrative Agent in writing (which could be in the form of electronic communication) from time to time of such Lender's or Issuing Lender's (as applicable) email address to which the foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such email address. (e) Each of the Lenders, each of the Issuing Lenders and each of the Borrowers agrees that the Administrative Agent may, but (except as may be required by applicable law) shall not be obligated to, store the Communications on the Approved Electronic Platform in accordance with the Administrative Agent's generally applicable document retention procedures and policies. (f) Nothing herein shall prejudice the right of the Administrative Agent, any Lender or any Issuing Lender to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img207.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 193 9.4 The Administrative Agent Individually. With respect to its Commitment, Loans (including Swingline Loans), Letter of Credit Commitments and Letters of Credit, the Person serving as the Administrative Agent shall have and may exercise the same rights and powers hereunder and is subject to the same obligations and liabilities as and to the extent set forth herein for any other Lender or Issuing Lender, as the case may be. The terms "Issuing Lenders", "Lenders", "Required Lenders" and any similar terms shall, unless the context clearly otherwise indicates, include the Administrative Agent in its individual capacity as a Lender, Issuing Lender or as one of the Required Lenders, as applicable. The Person serving as the Administrative Agent and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of banking, trust or other business with, the Borrowers, any Subsidiary or any Affiliate of any of the foregoing as if such Person was not acting as the Administrative Agent and without any duty to account therefor to the Lenders or the Issuing Lenders. 9.5 Successor Administrative Agent. (a) The Administrative Agent may resign at any time by giving 30 days' prior written notice thereof to the Lenders, the Issuing Lenders and the Borrower Representative, whether or not a successor Administrative Agent has been appointed. Upon any such resignation, the Required Lenders shall have the right to appoint a successor Administrative Agent. If no successor Administrative Agent shall have been so appointed by the Required Lenders, and shall have accepted such appointment, within 30 days after the retiring Administrative Agent's giving of notice of resignation, then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Lenders, appoint a successor Administrative Agent, which shall be a bank with an office in New York, New York or an Affiliate of any such bank. In either case, (other than if the Administrative Agent appoints one of its Affiliates acting through an office in the European Union as a successor Administrative Agent pursuant to clause (i) above), such appointment shall be subject to the prior written approval of the Borrower Representative (which approval may not be unreasonably withheld and shall not be required while an Event of Default has occurred and is continuing). Upon the acceptance of any appointment as Administrative Agent by a successor Administrative Agent, such successor Administrative Agent shall succeed to, and become vested with, all the rights, powers, privileges and duties of the retiring Administrative Agent. Upon the acceptance of appointment as Administrative Agent by a successor Administrative Agent, the retiring Administrative Agent shall be discharged from its duties and obligations under this Agreement and the other Loan Documents. Prior to any retiring Administrative Agent's resignation hereunder as Administrative Agent, the retiring Administrative Agent shall take such action as may be reasonably necessary to assign to the successor Administrative Agent its rights as Administrative Agent under the Loan Documents. (b) Notwithstanding paragraph (a) of this Section, in the event no successor Administrative Agent shall have been so appointed and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its intent to resign, the retiring Administrative Agent may give notice of the effectiveness of its resignation to the Lenders, the Issuing Lenders and the Borrower, whereupon, on the date of effectiveness of such resignation stated in such notice, (i) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents; provided that, solely for purposes of maintaining any security interest granted to the Administrative Agent under any Loan Document for the benefit of the Credit Parties, the retiring Administrative Agent shall |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img208.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 194 continue to be vested with such security interest as collateral agent for the benefit of the Credit Parties, and continue to be entitled to the rights set forth in such Loan Documents, and, in the case of any collateral in the possession of the Administrative Agent, shall continue to hold such collateral, in each case until such time as a successor Administrative Agent is appointed and accepts such appointment in accordance with this Section (it being understood and agreed that the retiring Administrative Agent shall have no duty or obligation to take any further action under any Loan Document, including any action required to maintain the perfection of any such security interest), and (ii) the Required Lenders shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent; provided that (A) all payments required to be made hereunder or under any other Loan Document to the Administrative Agent for the account of any Person other than the Administrative Agent shall be made directly to such Person and (B) all notices and other communications required or contemplated to be given or made to the Administrative Agent shall directly be given or made to each Lender and each Issuing Lender. Following the effectiveness of the Administrative Agent's resignation from its capacity as such, the provisions of this Section and Section 10.3, as well as any exculpatory, reimbursement and indemnification provisions set forth in any other Loan Document, shall continue in effect for the benefit of such retiring Administrative 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 Administrative Agent was acting as Administrative Agent and in respect of the matters referred to in the proviso under clause (i) above. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img209.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 195 9.6 Acknowledgements of Lenders and Issuing Lenders. (a) Each Lender and each Issuing Lender represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending facility, (ii) it is engaged in making, acquiring or holding commercial loans and in providing other facilities set forth herein as may be applicable to such Lender or Issuing Lender, in each case in the ordinary course of business, and not for the purpose of purchasing, acquiring or holding any other type of financial instrument (and each Lender and each Issuing Lender agrees not to assert a claim in contravention of the foregoing), (iii) it has, independently and without reliance upon the Administrative Agent, any Arranger, any Syndication Agent, any Documentation Agent, any Sustainability Agent or any other Lender or Issuing Lender, or any of the Related Parties of any of the foregoing, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Loans hereunder, and (iv) it is sophisticated with respect to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender or such Issuing Lender, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities. Each Lender and each Issuing Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, any Arranger, any Syndication Agent, any Documentation Agent, any Sustainability Agent or any other Lender or Issuing Lender, or any of the Related Parties of any of the foregoing, and based on such documents and information (which may contain material, non-public information within the meaning of the United States securities laws concerning the Borrowers and their respective Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. (b) Each Lender, by delivering its signature page to this Agreement on the Closing Date, or delivering its signature page to an Assignment and Assumption or any other Loan Document pursuant to which it shall become a Lender hereunder, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be delivered to, or be approved by or satisfactory to, the Administrative Agent or the Lenders on the Closing Date. (c) (i) Each Lender and each Issuing Lender hereby agrees that (x) if the Administrative Agent notifies such Lender or Issuing Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender or Issuing 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, a "Payment") were erroneously transmitted to such Lender or Issuing Lender (whether or not known to such Lender or Issuing Lender), and demands the return of such Payment (or a portion thereof), such Lender or Issuing Lender shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such 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 Payment (or portion thereof) was received by such Lender or Issuing Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img210.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 196 with banking industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable law, such Lender or Issuing 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 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 or any Issuing Lender under this Section 9.6(c) shall be conclusive, absent manifest error. Each Lender that fails to return such amounts under this clause (i) to the Administrative Agent within one (1) Business Day after receipt of such notice shall be a Defaulting Lender for all purposes under this Agreement. (ii) Each Lender and each Issuing Lender hereby further agrees that if it receives a 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 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 Payment. Each Lender and each Issuing Lender agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender or Issuing 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 one Business Day thereafter, return to the Administrative Agent the amount of any such 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 Payment (or portion thereof) was received by such Lender or Issuing Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. Each Lender that fails to return such amounts under this clause (ii) to the Administrative Agent within one (1) Business Day after receipt of such notice shall be a Defaulting Lender for all purposes under this Agreement. (iii) The Borrowers and each other Loan Party hereby agrees that (x) in the event an erroneous Payment (or portion thereof) are not recovered from any Lender or Issuing Lender that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender or Issuing Lender with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrowers or any other Loan Party. (iv)Each party's obligations under this Section 9.6(c) shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender or Issuing Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations under any Loan Document. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img211.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 197 9.7 Guarantee and Collateral Matters. (a) Except with respect to the exercise of setoff rights in accordance with Section 10.8 or with respect to a Credit Party's right to file a proof of claim in an insolvency proceeding, no Credit Party shall have any right individually to realize upon any collateral or to enforce any Guarantee of the Secured Obligations, it being understood and agreed that all powers, rights and remedies under the Loan Documents may be exercised solely by the Administrative Agent on behalf of the Credit Parties in accordance with the terms thereof. (b) In furtherance of the foregoing and not in limitation thereof, no arrangements in respect of Cash Management Services and no Lender Swap Agreement, will create (or be deemed to create) in favor of any Cash Management Bank or Credit Party that is a party thereto any rights in connection with the management or release of any collateral or of the obligations of any Loan Party under any Loan Document. By accepting the benefits of the Loan Documents, each Cash Management Bank and each Credit Party that is a party to any such arrangement in respect of Swap Agreements shall be deemed to have appointed the Administrative Agent to serve as administrative agent and collateral agent under the Loan Documents and agreed to be bound by the Loan Documents as a Credit Party thereunder, subject to the limitations set forth in this paragraph. (c) The Credit Parties irrevocably authorize the Administrative Agent, at its option and in its discretion, to subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien on such property that is permitted by Section 7.3(a). The Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence, value or collectability of any collateral, the existence, priority or perfection of the Administrative Agent's Lien thereon or any certificate prepared by any Loan Party in connection therewith, nor shall the Administrative Agent be responsible or liable to the Lenders or any other Credit Party for any failure to monitor or maintain any portion of any collateral. 9.8 [Reserved]. 9.9 Certain ERISA Matters. (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, for the benefit of, the Administrative Agent, and each Arranger and their respective Affiliates, and, except as set forth in Section 4.21, not, for the avoidance of doubt, to or for the benefit of any Borrower or any other Loan Party, that at least one of the following is and will be true: (i) such Lender is not using "plan assets" (within the meaning of the Plan Asset Regulations) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments, (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 |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img212.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 198 exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, (iii) (A) such Lender is an investment fund managed by a "Qualified Professional Asset Manager" (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or (iv)such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender. (b) In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has provided another representation, warranty and covenant as provided in 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 each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrowers or any other Loan Party, that none of the Administrative Agent, or any Arranger, any Syndication Agent, any Documentation Agent, any Sustainability Agent or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or thereto). (c) The Administrative Agent, and each Arranger, Syndication Agent, Documentation Agent and Sustainability Agent hereby informs the Lenders that each such Person is not undertaking to provide investment advice or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments, this Agreement and any other Loan Documents (ii) may recognize a gain if it extended the Loans, the Letters of Credit or the Commitments for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit or the Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img213.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 199 fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker's acceptance fees, breakage or other early termination fees or fees similar to the foregoing. 9.10 [Reserved]Borrower Communications. (a) The Administrative Agent, the Lenders and the Issuing Lenders agree that the Borrowers may, but shall not be obligated to, make any Borrower Communications to the Administrative Agent through an electronic platform chosen by the Administrative Agent to be its electronic transmission system (the "Approved Borrower Portal"). (b) Although the Approved Borrower Portal and its primary web portal are secured with generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Closing Date, a user ID/password authorization system), each of the Lenders, each of the Issuing Lenders and the Borrowers acknowledge and agree that the distribution of material through an electronic medium is not necessarily secure, that the Administrative Agent is not responsible for approving or vetting the representatives or contacts of the Borrowers that are added to the Approved Borrower Portal, and that there may be confidentiality and other risks associated with such distribution. Each of the Lenders, each of the Issuing Lenders and the Borrowers hereby approves distribution of Borrower Communications through the Approved Borrower Portal and understands and assumes the risks of such distribution. (c) THE APPROVED BORROWER PORTAL IS PROVIDED "AS IS" AND "AS AVAILABLE". THE APPLICABLE PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER COMMUNICATION, OR THE ADEQUACY OF THE APPROVED BORROWER PORTAL AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED BORROWER PORTAL AND THE BORROWER COMMUNICATIONS. 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 THE APPLICABLE PARTIES IN CONNECTION WITH THE BORROWER COMMUNICATIONS OR THE APPROVED BORROWER PORTAL. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT, ANY ARRANGER, ANY DOCUMENTATION AGENT, ANY SYNDICATION AGENT, ANY SUSTAINABILITY AGENT OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, "APPLICABLE PARTIES") HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER, ANY ISSUING LENDER OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY BORROWER'S TRANSMISSION OF BORROWER COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED BORROWER PORTAL. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img216.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 202 Administrative Agent or Swingline Lender: JPMorgan Chase Bank, N.A. 131 S Dearborn St, Floor 04 Chicago, IL, 60603-5506 Attention: Loan and Agency Servicing Email: jpm.agency.cri@jpmorgan.com Agency Withholding Tax Inquiries: Email: agency.tax.reporting@jpmorgan.com Agency Compliance/Financials/Virtual Data rooms:: Email: covenant.compliance@jpmchase.com To any Loan Party: With a copy to (for requests relating to Loans and Letters of Credit denominated in PLN or NOK or to a Norwegian domiciled Borrower): J.P.Morgan Europe Limited 25 Bank Street, Canary Wharf London E14 5JP With a copy to: Lineage Logistics Holdings, LLC 46500 Humboldt Drive Novi, MI 48377 Attention: Michelle Domas Email: MDomas@onelineage.com Latham & Watkins LLP 355 South Grand Avenue, Suite 100 Los Angeles, California 90071 Attention: Mark Morris Email: Mark.Morris@lw.com (o) A defect affecting a Credit Party Claim against a Foreign Borrower will not affect any Administrative Agent Claim. (p) If the Administrative Agent returns to any Foreign Borrower, whether in any kind of insolvency proceedings or otherwise, any recovery in respect of which it has made a payment to a Credit Party, that Credit Party shall pay an amount equal to that recovery to the Administrative Agent. SECTION 10. MISCELLANEOUS 10.1 Notices. (a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy or e-mail, as follows: |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img217.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 203 Telephone: (480) 377-6875 To an Issuing Lender: To any other Lender: to it at (A) in the case of JPMorgan Chase Bank, N.A. JPMorgan Chase Bank, N.A. 131 S Dearborn St, Floor 04 Chicago, IL, 60603-5506 Attention: LC Agency Team Tel: 800-364-1969 Fax: 856-294-5267 Email: chicago.lc.agency.activity.team@jpmchase.com With a copy to: JPMorgan Chase Bank, N.A. 131 S Dearborn St, Floor 04 Chicago, IL, 60603-5506 Attention: Loan and Agency Servicing Email: jpm.agency.cri@jpmorgan.com and (B) in the case of Wells Fargo Bank, National Association, 333 S Grand Ave., 9th Floor Los Angeles, CA 90071 Telephone 213-358-7529 Attention: Nina Johnnie Nina.C.Johnnie@wellsfargo.com with a copy to Jade Ramirez, Jade.C.Ramirez@wellsfargo.com to it at its address (or telecopy number) set forth in its Administrative Questionnaire. Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices delivered through Approved Electronic Platforms or Approved Borrower Attention: Ryan Dempsey Attention of The Manager, Loan & Agency Services Telecopy No. +44 207 777 2360, Email: loan_and_agency_london@jpmorgan.com With a copy to: JPMorgan Chase Bank, N.A. 8501 N Scottsdale Rd Ste 240, Floor 02 Scottsdale, AZ, 85253 |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img218.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 204 Portals, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b). (b) Notices and other communications to the Borrowers, any Loan Party, the Lenders, the Administrative Agent and the Issuing Lenders hereunder may be delivered or furnished by using Approved Electronic Platforms or Approved Borrower Portals (as applicable), in each case, pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Section 2 unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications. (c) Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender's receipt of an acknowledgement from the intended recipient (such as by the "return receipt requested" function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address therefor. (d) Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto. 10.2 Waivers; Amendments. (a) No failure or delay by the Administrative Agent, any Issuing Lender or any Lender in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Issuing Lenders and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by Parent Company, the other Guarantors or the Borrowers therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or any Issuing Lender may have had notice or knowledge of such Default at the time. (b) Subject to Section 2.16(b), (c) and (d), Section 10.19(a) and Section 10.2(c) and (d) below, neither this Agreement nor any other Loan Document nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower Representative and the Required Lenders or by the Borrower Representative and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or L/C |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img219.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 205 Obligation or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender affected thereby (except (x) in connection with the waiver of applicability of any post-default increase in interest rates (which waiver shall be effective with the consent of the Required Lenders) and (y) any amendment or modification of defined terms used in the Financial Covenants shall not constitute a reduction in the rate of interest or fees for purposes of this clause (ii)), (iii) except as provided in Section 2.25, postpone the scheduled date of payment of the principal amount of any Loan or L/C Obligation, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender affected thereby, (iv) change Section 2.9 or 2.17(a), (b) or (c) in a manner that would alter the ratable reduction of Commitments or the pro rata sharing of payments required thereby, without the written consent of each Lender, (v) change the allocation, reallocation and payment waterfall provisions of Section 2.24 or Section 8 without the written consent of each Lender, (vi) change any of the provisions of this Section or the definition of "Required Lenders", "Required Tranche Lenders", "Majority Facility Lenders", "Majority Dollar Tranche Lenders" or "Majority Term Lenders" or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender, (vii) release any Guarantee provided by Parent Company, Holdings, Lineage OP or the Company without the written consent of each Lender, (viii) [reserved], (ix) waive any condition set forth in Section 5.2 as to any Tranche of a Revolving Loan without the written consent of the Required Tranche Lenders of such Tranche, or (x) extend the expiry date of any Letter of Credit beyond the Revolving Termination Date without the written consent of each Dollar Tranche Lender; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, the Swingline Lenders or the Issuing Lenders hereunder without the prior written consent of the Administrative Agent, the Swingline Lenders or the Issuing Lenders, as the case may be; provided further that no such agreement shall amend or modify the provisions of Section 3 without the prior written consent of the Administrative Agent and the Issuing Lenders; provided further that no consent of the Lenders shall be required to effectuate the addition of any Alternative Currency approved by the applicable Lenders pursuant to Section 1.4 hereof; and provided further that any amendment, waiver or other modification of this Agreement that by its terms affects the rights or duties under this Agreement or any other Loan Document of the Lenders of a particular Class or Tranche (but not the Lenders of any other Class or Tranche), may be effected solely by an agreement or agreements in writing entered into by the Borrower Representative and the required number or percentage in interest of the affected Class or Tranche of Lenders that would be required to consent thereto under this Section if such Class or Tranche of Lenders were the only Class or Tranche of Lenders hereunder at the time. (c) The Lenders and the Issuing Lender hereby irrevocably authorize the Administrative Agent to (and the Administrative Agent shall) release any Guarantees provided by the Loan Parties and all Obligations of the Borrowers (A) upon the Payment in Full of all Secured Obligations and (B) upon a Borrower ceasing to be a Borrower pursuant to Section 10.19(d) hereof or pursuant to a transaction permitted pursuant to Section 7.4 or Section 7.5 hereof; and Any such release shall not in any manner discharge, affect, or impair the Secured Obligations (other than those expressly being released) upon (or obligations of the Loan Parties in respect of) |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img220.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 206 all interests retained by the Loan Parties. At the request and expense of the Borrowers, the Administrative Agent shall execute, deliver and/or file any documents or instruments reasonably necessary to effect the foregoing. Any execution and delivery by the Administrative Agent of documents in connection with any such release shall be without recourse to or warranty by the Administrative Agent. (d) If the Administrative Agent and the Borrower Representative together identify any ambiguity, omission, mistake, typographical error or other defect in any provision of this Agreement or any other Loan Document, then the Administrative Agent and the Borrower Representative shall be permitted to amend, modify or supplement such provision to cure such ambiguity, omission, mistake, typographical error or other defect, and such amendment shall become effective without any further action or consent of any other party to this Agreement. 10.3 Expenses; Limitation of Liability; Indemnity; Etc. (a) Expenses. The U.S. Borrowers shall pay (i) all reasonable and documented out of pocket expenses incurred by the Administrative Agent, the Arrangers and their respective Affiliates, including the reasonable fees, charges and disbursements of one counsel for the Administrative Agent and the Arrangers taken as a whole, and if reasonably necessary, one local counsel in each applicable material jurisdiction for the Administrative Agent and the Arrangers, taken as a whole, in connection with the syndication of the credit facilities provided for herein, the preparation and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable and documented out-of-pocket expenses incurred by any Issuing Lender in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, and (iii) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, any Issuing Lender or any Lender, including the fees, charges and disbursements of any counsel for the Administrative Agent, any Issuing Lender or any Lender (including the fees, disbursements and other charges of one counsel for the Administrative Agent, the Lenders and the Issuing Lenders taken as a whole, and if reasonably necessary, one local counsel in each applicable material jurisdiction for the Administrative Agent, the Lenders and the Issuing Lenders, taken as a whole, and, in the case of an actual or perceived conflict of interest where the Person affected by such conflict informs the Borrower Representative of such conflict and thereafter retains its own counsel, of another firm of counsel (and, if reasonably necessary, one firm of local counsel in each relevant jurisdiction) for such affected Person (or similarly affected Persons taken as a whole)), in connection with the enforcement or protection of its rights in connection with this Agreement and the other Loan Documents, including its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. (b) Limitation of Liability. To the extent permitted by applicable law (i) no Borrower or Loan Party shall assert, and each Borrower and each Loan Party hereby waives, any claim against the Administrative Agent, any Arranger, any Syndication Agent, any Documentation Agent, any Sustainability Agent, any Issuing Lender, any Swingline Lender and any Lender, and any Related Party of any of the foregoing Persons (each such Person being called a "Lender-Related Person") for any Liabilities arising from the use by others of information or other materials (including, without limitation, any personal data) obtained through |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img221.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 207 telecommunications, electronic or other information transmission systems (including the Internet, any Approved Electronic Platform and any Approved Borrower Portal), except as a result of the gross negligence of such Lender-Related Person as determined by a court of competent jurisdiction in a final and non-applicable judgment, and (ii) no party hereto (and their Affiliates and their respective officers, directors, employees, advisors and agents) shall assert, and each such party hereby waives, any Liabilities against any other party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document, or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof; provided that, nothing in this Section 10.3(b) shall relieve any Borrower or any Loan Party of any obligation it may have to indemnify an Indemnitee, as provided in Section 10.3(c), against any special, indirect, consequential or punitive damages asserted against such Indemnitee by a third party. (c) Indemnity. The U.S. Borrowers shall indemnify the Administrative Agent, each Arranger, each Syndication Agent, each Documentation Agent, each Sustainability Agent, each Issuing Lender and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an "Indemnitee") against, and hold each Indemnitee harmless from, any and all Liabilities and related expenses (including the reasonable and documented fees, disbursement and other charges of one counsel for the Administrative Agent, the Lenders and the Issuing Lenders taken as a whole, and if reasonably necessary, one local counsel in each applicable material jurisdiction for the Administrative Agent, the Lenders and the Issuing Lenders, taken as a whole, and in the event of a conflict of interest, of one additional counsel for each group of similarly situated affected Indemnified Persons) incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document, or any agreement or instrument contemplated hereby or thereby, (ii) the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the Transactions or any other transactions contemplated hereby, (iii) any action taken in connection with this Agreement, including, but not limited to, the payment of principal, interest and fees (other than any erroneous Payment as set forth under Section 9.6(c)), (iv) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by an Issuing Lender to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (v) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by Parent Company, the Company or any of their Subsidiaries, or any Environmental Liability resulting from the handling of Hazardous Materials or violation of Environmental Laws, related in any way to Parent Company, the Company or any of their Subsidiaries, and (vi) any actual or prospective claim, litigation, investigation, arbitration or administrative, judicial or regulatory action or proceeding (each, a "Proceeding") relating to any of the foregoing (including in relation to enforcing the terms of the limitation of liability and indemnification referred to above), regardless of whether or not any Indemnitee is a party thereto and whether or not such Proceeding is brought by Parent Company, any Guarantor, the Company, their respective Affiliates or equity holders or any other Person; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such Liabilities or related expenses (A) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted primarily from (x) the gross negligence, bad faith or willful misconduct of such Indemnitee in performing its activities or in furnishing its |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img222.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 208 commitments or services under the Loan Documents, or (y) the material breach by such Indemnitee of its obligations under the Loan Documents, (B) result from a claim not involving an act or omission of Parent Company, the Guarantors, the Company or any of their Subsidiaries and that is brought by an Indemnitee against another Indemnitee (other than an Arranger or the Administrative Agent in its capacity as such), or (C) relate to Taxes other than any Taxes that represent losses, costs, expenses, claims or damages arising from any non-Tax claim. (d) Lender Reimbursement. Each Lender severally agrees to pay any amount required to be paid by the Borrowers under paragraphs (a), (b) or (c) of this Section 10.3 to the Administrative Agent, each Swingline Lender and each Issuing Lender, and each Related Party of any of the foregoing Persons (each, an "Agent-Related Person") (to the extent not reimbursed by the Borrowers and without limiting the obligation of the Borrowers to do so), ratably according to their respective Aggregate Exposure Percentage in effect on the date on which such payment is sought under this Section (or, if such payment 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 such Aggregate Exposure Percentage immediately prior to such date), from and against any and all Liabilities and related expenses, including the fees, charges and disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted against such Agent-Related Person in any way relating to or arising out of the Commitments, this Agreement, any of the other Loan 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 such Agent-Related Person under or in connection with any of the foregoing; provided that the unreimbursed expense or Liability or related expense, as the case may be, was incurred by or asserted against such Agent-Related Person in its capacity as such; provided further that no Lender shall be liable for the payment of any portion of such Liabilities, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted primarily from such Agent-Related Party's gross negligence, bad faith or willful misconduct. The agreements in this Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. (e) Payments. All amounts due under this Section 10.3 shall be payable promptly after written demand therefor. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img223.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 209 10.4 Successors and Assigns. (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 (including any Affiliate of an Issuing Lender that issues any Letter of Credit), except that (i) Parent Company, the other Guarantors and the Borrowers may not assign or otherwise transfer any of their respective rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by Parent Company, a Guarantor or a Borrower without such consent shall be null and void (except (a) pursuant to any additional Designated Borrower or the release of any Borrower (other than the Company) pursuant to Section 10.19 hereof or (b) pursuant to a transaction permitted by Section 7.4 or Section 7.5)) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. 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 (including any Affiliate of an Issuing Lender that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing Lenders and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Persons (other than an Ineligible Institution) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment, participations in Letters of Credit and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or delayed) of: (A) the Borrower Representative; provided that, the Borrower Representative shall be deemed to have consented to any such assignment unless it shall have objected thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof provided that no consent of the Borrower Representative shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other Eligible Assignee; provided that no such consent of the Borrower Representative shall be required if an Event of Default has occurred and is continuing; (B) the Administrative Agent; provided that no consent of the Administrative Agent shall be required for an assignment of all or any portion of (1) a Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund or (2) a Revolving Commitment to a Lender with a Revolving Commitment immediately prior to giving effect to such assignment; (C) solely with respect to the assignment of Dollar Tranche Commitments and Dollar Tranche Loans, each Issuing Lender; and |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img224.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 210 (D) solely with respect to the assignment of Swingline Commitments and Swing line Loans, each Swingline Lender. (ii) Assignments shall be subject to the following additional conditions: (A) except in the case of an assignment to a Lender, an Affiliate of a Lender, 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 Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $10,000,000 unless each of the Borrower Representative and the Administrative Agent otherwise consent; (B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement; provided that this clause shall not be construed to prohibit the assignment of a proportionate part of all the assigning Lender's rights and obligations in respect of one Class of Commitments or Loans; (C) the parties to each assignment shall execute and deliver to the Administrative Agent (x) an Assignment and Assumption or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are participants, together with a processing and recordation fee of $3,500; and (D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee designates one or more Credit Contacts to whom all syndicate-level information (which may contain material non-public information about the Borrowers, the Loan Parties and their related parties or their respective securities) will be made available and who may receive such information in accordance with the assignee's compliance procedures and applicable laws, including Federal and state securities laws. (iii) No assignment shall be made to (x) any Disqualified Institution, (y) any Defaulting Lender or any of its subsidiaries, or (z) any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing persons described in this clause (iii). To the extent any assignment is purported to be made to a Person prohibited by this clause (iii), (A) such Person shall be required to immediately (and in any event within five Business Days) assign all Loans and Commitments then owned by such Person to another Lender (other than a Defaulting Lender) or a Person other than an Ineligible Institution and the Borrowers shall be entitled to seek specific performance in |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img225.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 211 any applicable court of law or equity to enforce this sentence, (B) no Disqualified Institution shall be permitted to (x) receive any information or reporting provided by the Borrowers, the Administrative Agent or any other Lender, (y) attend or participate in meetings attended by the Lenders and the Administrative Agent or (z) access any electronic site established for the Lenders or confidential communications from counsel to or financial advisors of the Administrative Agent or the Lenders, (C) for purposes of voting, any Loans, Commitments or participations held by such Disqualified Institution shall be deemed not to be outstanding and such Disqualified Institution shall have no voting or consent rights with respect to "Required Lender" or Class votes or consents, in each case notwithstanding the provisions herein, (D) for purposes of any matter requiring the vote or consent of each Lender affected by any amendment or waiver, such Disqualified Institution shall be deemed to have voted or consented to approve such amendment or waiver if a majority of the affected Class so approves and (E) such Disqualified Institution shall not be entitled to any expense reimbursement or indemnification rights ordinarily afforded to Lenders or Participants hereunder or in any Loan Document and such Disqualified Institution shall be treated in all other respects as a Defaulting Lender; provided, that if any Lender becomes a Disqualified Institution after the time such Lender initially became a Lender hereunder, and any assignment is made to such Lender after the time such Lender became a Disqualified Institution, the Commitments assigned to such Lender after the time such Lender became a Disqualified Institution (but no other Commitments of such Lender) shall be treated as an assignment to a Disqualified Institution other than with respect to clause (B) above. The Administrative Agent shall have the right, and the Borrowers hereby expressly authorize the Administrative Agent, to provide the list of Disqualified Institutions to each Lender requesting the same (including through the Electronic System). (iv)Subject to acceptance and recording thereof pursuant to paragraph (b)(v) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.18, 2.19, 2.20 and 10.3). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section. (v) The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices in the United States a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount (and stated interest) of the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the "Register"). The entries in the Register shall be |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img226.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 212 conclusive, absent manifest error, and the Borrowers, the Administrative Agent, the Issuing Lenders and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower Representative, any Issuing Lender and any Lender, at any reasonable time and from time to time upon reasonable prior notice. (vi)Upon its receipt of (x) a duly completed Assignment and Assumption executed by an assigning Lender and an assignee or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are participants, the assignee's completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to Sections 3.4, 2.17(e) or 10.3(d), the Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. (c) Any Lender may, without the consent of, or notice to, the Borrower Representative, the Administrative Agent, the Swingline Lenders or the Issuing Lenders, sell participations to one or more banks or other entities (a "Participant"), other than an Ineligible Institution, in all or a portion of such Lender's rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (A) such Lender's obligations under this Agreement shall remain unchanged; (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations; and (C) the Borrowers, the Administrative Agent, the Issuing Lenders and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 10.2(b) that affects such Participant. The Borrowers agree that each Participant shall be entitled to the benefits of Sections 2.18, 2.19 (subject to the requirements and limitations therein, including the requirements under Sections 2.19(f) (it being understood that the documentation required under Section 2.19(f) shall be delivered to the participating Lender)) and 2.20 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Section 2.19 as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under Section 2.18 or 2.19, with respect to any participation, than its participating Lender would |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img227.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 213 have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrower's request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 2.19(b) with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.8 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.17 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant's interest in the Loans or other obligations under the Loan Documents (the "Participant Register"); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any Commitments, Loans, Letters of Credit or its other obligations under any Loan Document) to any Person 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 Sections 5f.103-1(c) and 1.163-5 of the United States Treasury Regulations. 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 for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. (d) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central bank having jurisdiction over it, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall (i) release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto, or (ii) be permitted to be made to a Disqualified Lender. (e) Each party to this Agreement agrees that in case of a transfer or assignment pursuant to this Section 10.4 (Successors and Assigns) and for the purpose of any applicable law, any collateral granted by a Person under the Loan Documents shall be preserved for the benefit of the Administrative Agent, the assignee and the remaining Lenders and Issuing Lenders. (f) Any person who becomes a Lender after the date of this Agreement expressly waives any priority of ranking they may have in connection with the Loan Documents pursuant to Article 4 of the Belgian Mobilisation Law. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img228.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 214 10.5 Survival. All covenants, agreements, representations and warranties made by the Loan Parties herein and in the other Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Documents shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, any Issuing Lender or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The provisions of Sections 2.18, 2.19, 2.20 and 10.3 and Section 9 shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any provision hereof. 10.6 Counterparts; Integration; Effectiveness; Electronic Execution. (a) This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to (i) fees payable to the Administrative Agent and (ii) the reductions of the Letter of Credit Commitment of any Issuing Lender constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 5.1, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. (b) Delivery of an executed counterpart of a signature page of (x) this Agreement, (y) any other Loan Document and/or (z) any document, amendment, approval, consent, information, notice (including, for the avoidance of doubt, any notice delivered pursuant to Section 10.1), certificate, request, statement, disclosure or authorization related to this Agreement, any other Loan Document and/or the transactions contemplated hereby and/or thereby (each an "Ancillary Document") that is an Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement, such other Loan Document or such Ancillary Document, as applicable. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this Agreement, any other Loan Document and/or any Ancillary Document shall be deemed to include Electronic Signatures, deliveries or the keeping of records in any electronic form (including deliveries by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page), 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; provided that nothing herein shall |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img229.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 215 require the Administrative Agent to accept Electronic Signatures in any form or format without its prior written consent and pursuant to procedures approved by it; provided, further, without limiting the foregoing, (i) to the extent the Administrative Agent has agreed to accept any Electronic Signature, the Administrative Agent and each of the Lenders shall be entitled to rely on such Electronic Signature purportedly given by or on behalf of the Borrowers or any other Loan Party without further verification thereof and without any obligation to review the appearance or form of any such Electronic signature and (ii) upon the request of the Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by a manually executed counterpart. Without limiting the generality of the foregoing, the Borrowers and each Loan Party hereby (i) agrees that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders, the Borrowers and the Loan Parties, Electronic Signatures transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page and/or any electronic images of this Agreement, any other Loan Document and/or any Ancillary Document shall have the same legal effect, validity and enforceability as any paper original, (ii) the Administrative Agent and each of the Lenders may, at its option, create one or more copies of this Agreement, any other Loan Document and/or any Ancillary Document in the form of an imaged electronic record in any format, which shall be deemed created in the ordinary course of such Person's business, and destroy the original paper document (and all such electronic records shall be considered an original for all purposes and shall have the same legal effect, validity and enforceability as a paper record), (iii) waives any argument, defense or right to contest the legal effect, validity or enforceability of this Agreement, any other Loan Document and/or any Ancillary Document based solely on the lack of paper original copies of this Agreement, such other Loan Document and/or such Ancillary Document, respectively, including with respect to any signature pages thereto and (iv) waives any claim against any Lender-Related Person for any Liabilities arising solely from the Administrative Agent's and/or any Lender's reliance on or use of Electronic Signatures and/or transmissions by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page, including any Liabilities arising as a result of the failure of the Borrowers and/or any Loan Party to use any available security measures in connection with the execution, delivery or transmission of any Electronic Signature. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img230.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 216 10.7 Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 10.8 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, each Issuing Lender, and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to setoff and apply any and all deposits (general or special, time or demand, provisional or final) at any time held, and other obligations at any time owing, by such Lender, such Issuing Lender or any such Affiliate, to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Agreement or any other Loan Document to such Lender or such Issuing Lender or their respective Affiliates, irrespective of whether or not such Lender, Issuing Lender or Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower may be contingent or unmatured or are owed to a branch office or Affiliate of such Lender or such Issuing Lender different from the branch office or Affiliate holding such deposit or obligated on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so setoff shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.24 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the Issuing Lenders, and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Secured Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, each Issuing Lender and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, such Issuing Lender or their respective Affiliates may have. Each Lender and Issuing Lender agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application. 10.9 Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement (other than in respect of Section 9.10) and the other Loan Documents (unless expressly stated to the contrary therein) shall be construed in accordance with and governed by the law of the State of New York; provided, however, that if the laws of any jurisdiction other than New York shall govern in regard to the validity, perfection or effect of perfection of any lien or in regard to procedural matters affecting enforcement of any liens in collateral, such laws of such other jurisdictions shall continue to apply to that extent. (b) Each of the Lenders and the Administrative Agent hereby irrevocably and unconditionally agrees that, notwithstanding the governing law provisions of any applicable Loan Document, any claims brought against the Administrative Agent by any Credit Party relating to this Agreement, any other Loan Document, or the consummation or administration of the transactions contemplated hereby or thereby shall be construed in accordance with and governed by the law of the State of New York. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img231.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 217 (c) Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the United States District Court for the Southern District of New York sitting in the Borough of Manhattan (or if such court lacks subject matter jurisdiction, the Supreme Court of the State of New York sitting in the Borough of Manhattan), and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan Document (unless expressly stated to the contrary therein) or the transactions relating hereto or thereto, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may (and any such claims, cross-claims or third party claims brought against the Administrative Agent or any of its Related Parties may only) be heard and determined in such Federal (to the extent permitted by law) or New York State court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or in any other Loan Document shall affect any right that the Administrative Agent, any Issuing Lender or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against any Borrower, any Loan Party or its properties in the courts of any jurisdiction. (d) Each of the parties hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in paragraph (c) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. Notwithstanding the provisions of clause (c) above, in respect of any action or proceeding arising out of or relating to this Agreement or the transactions relating hereto, in each case, involving a Loan Party incorporated or organized under the laws of Mexico, the parties hereto irrevocably waive any right to submit such action or proceeding to any courts other than the United States District Court for the Southern District of New York sitting in the Borough of Manhattan (or if such court lacks subject matter jurisdiction, the Supreme Court of the State of New York sitting in the Borough of Manhattan) and any appellate court from any thereof. (e) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 10.1. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. (f) For the avoidance of doubt and insofar as Belgian law would apply, the designation by each Belgian Loan Party of an agent to receive service of process constitutes an election of domicile within the meaning of Article 111 of the Belgian Civil Code. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img232.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 218 10.10 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 10.11 Headings. Section headings and the **Table of Contents** used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img233.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 219 10.12 Confidentiality. Each of the Administrative Agent, the Issuing Lenders and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates' directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any Governmental Authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder or under any other Loan Document, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrowers and their obligations, (g) on a confidential basis to (1) any rating agency in connection with rating the Borrowers or their Subsidiaries or the credit facilities provided for herein or (2) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of identification numbers with respect to the credit facilities provided for herein, (h) with the consent of the Borrower or (i) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent, any Issuing Lender or any Lender on a non-confidential basis from a source other than the Borrowers. For the purposes of this Section, "Information" means all information received from the Borrowers relating to the Borrowers or their business, other than any such information that is available to the Administrative Agent, any Issuing Lender or any Lender on a non-confidential basis prior to disclosure by the Borrower and other than information pertaining to this Agreement routinely provided by arrangers to data service providers, including league table providers, that serve the lending industry; provided that, in the case of information received from the Borrowers after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 10.13 Material Non-Public Information. (a) EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 10.12 FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWERS AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img234.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 220 (b) ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWERS OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWERS AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW. 10.14 Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the "Charges"), shall exceed the maximum lawful rate (the "Maximum Rate") which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges 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 NYFRB Rate to the date of repayment, shall have been received by such Lender. Without limiting the generality of the foregoing provisions of Section 10.14, if any provision of any of the Loan Documents would obligate any Canadian domiciled Loan Party to make any payment of interest with respect to the Foreign Secured Obligations in an amount or calculated at a rate which would be prohibited by applicable law or would result in the receipt of interest with respect to the Foreign Secured Obligations at a criminal rate (as such terms are construed under the Criminal Code (Canada)), then notwithstanding such provision, such amount or rates 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 or so result in a receipt by the applicable recipient of interest with respect to the Foreign Secured Obligations at a criminal rate, such adjustment to be effected, to the extent necessary, as follows: (i) first, by reducing the amount or rates of interest required to be paid by the Canadian domiciled Loan Parties to the applicable recipient under the Loan Documents; and (ii) thereafter, by reducing any fees, commissions, premiums and other amounts required to be paid by the Canadian domiciled Loan Parties to the applicable recipient which would constitute interest with respect to the Foreign Secured Obligations for purposes of Section 347 of the Criminal Code (Canada). Notwithstanding the foregoing, and after giving effect to all adjustments contemplated thereby, if the applicable recipient shall have received an amount in excess of the maximum permitted by that section of the Criminal Code (Canada), then Canadian domiciled Loan Parties shall be entitled, by notice in writing to Administrative Agent, to obtain reimbursement from the applicable recipient in an amount equal to such excess, and pending such reimbursement, such amount shall be deemed to be an amount payable by the applicable recipient to the applicable |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img235.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 221 Canadian domiciled Loan Party. Any amount or rate of interest with respect to the Foreign Secured Obligations referred to in this Section 10.14 shall be determined in accordance with generally accepted actuarial practices and principles as an effective annual rate of interest over the term that any Loans to Canadian domiciled Borrower remains outstanding on the assumption that any charges, fees or expenses that fall within the meaning of "interest" (as defined in the Criminal Code (Canada)) shall, if they relate to a specific period of time, be pro rated over that period of time and otherwise be pro rated over the period from the Closing Date to the date of full payment of the Foreign Secured Obligations, and, in the event of a dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by Agent shall be conclusive for the purposes of such determination. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img236.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 222 10.15 No Fiduciary Duty, etc. (a) Each Borrower acknowledges and agrees, and acknowledges its Subsidiaries' understanding, that no Credit Party will have any obligations except those obligations expressly set forth herein and in the other Loan Documents and each Credit Party is acting solely in the capacity of an arm's length contractual counterparty to the Borrowers with respect to the Loan Documents and the transactions contemplated herein and therein and not as a financial advisor or a fiduciary to, or an agent of, the Borrowers or any other person. Each Borrower agrees that it will not assert any claim against any Credit Party based on an alleged breach of fiduciary duty by such Credit Party in connection with this Agreement and the transactions contemplated hereby. Additionally, each Borrower acknowledges and agrees that no Credit Party is advising the Borrowers as to any legal, tax, investment, accounting, regulatory or any other matters in any jurisdiction. Each Borrower shall consult with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated herein or in the other Loan Documents, and the Credit Parties shall have no responsibility or liability to the Borrowers with respect thereto. Each Borrower further acknowledges and agrees, and acknowledges its Subsidiaries' understanding, that each Credit Party, together with its Affiliates, is a full service securities or banking firm engaged in securities trading and brokerage activities as well as providing investment banking and other financial services. In the ordinary course of business, any Credit Party may provide investment banking and other financial services to, and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations) of, the Borrowers and other companies with which the Borrowers may have commercial or other relationships. With respect to any securities and/or financial instruments so held by any Credit Party or any of its customers, all rights in respect of such securities and financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion. In addition, each Borrower acknowledges and agrees, and acknowledges its Subsidiaries' understanding, that each Credit Party and its affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other companies in respect of which the Borrowers may have conflicting interests regarding the transactions described herein and otherwise. No Credit Party will use confidential information obtained from the Borrowers by virtue of the transactions contemplated by the Loan Documents or its other relationships with the Borrowers in connection with the performance by such Credit Party of services for other companies, and no Credit Party will furnish any such information to other companies. Each Borrower also acknowledges that no Credit Party has any obligation to use in connection with the transactions contemplated by the Loan Documents, or to furnish to the Borrowers, confidential information obtained from other companies. 10.16 USA PATRIOT Act. Each Lender that is subject to the requirements of the Patriot Act and the Beneficial Ownership Regulation hereby notifies the Borrowers that pursuant to the requirements of the Patriot Act and the Beneficial Ownership Regulation, it is required to obtain, verify and record information that identifies the Borrowers, which information includes the name and address of the Borrowers and other information that will allow such Lender to identify the Borrowers in accordance with the Patriot Act and the Beneficial Ownership Regulation. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img237.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 223 10.17 Acknowledgement and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: (a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and (b) the effects of any Bail-In Action on any such liability, including, if applicable: (i) a reduction in full or in part or cancellation of any such liability; (ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or (iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority. 10.18 Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap Agreements or any other agreement or instrument that is a QFC (such support "QFC Credit Support" and each such QFC a "Supported QFC"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "U.S. Special Resolution Regimes") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States): In the event a Covered Entity that is party to a Supported QFC (each, a "Covered Party") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img238.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 224 proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support. 10.19 Designated Borrowers. (a) The Borrower Representative may at any time by notice from the Borrower Representative to the Administrative Agent request that a Wholly-Owned Subsidiary of Holdings organized in a Specified Jurisdiction (or with the consent of the Administrative Agent and the Revolving Lenders of the applicable Tranches, any other jurisdiction) (an "Applicant Borrower") be designated as a Designated Borrower to receive Revolving Loans under a specified Tranche or Tranches or incur Incremental Commitments or loans under Incremental Commitments hereunder by delivering to the Administrative Agent a duly executed notice and agreement in substantially the form of Exhibit G (a "Designated Borrower Request and Assumption Agreement"); provided that any Applicant Borrower shall be subject to the approval of the Administrative Agent, and the Administrative Agent may condition such approval upon the establishment of a sublimit of Loans to such Applicant Borrower. The Administrative Agent shall promptly notify the Term Lenders and/or the Revolving Lenders of the applicable Tranche(s), as applicable, of each such designation by the Borrower Representative and the identity and jurisdiction of the Applicant Borrower. Following delivery of a Designated Borrower Request and Assumption Agreement, the Borrower Representative shall promptly upon the request of the Administrative Agent or any applicable Lender provide all documentation and other information concerning such Applicant Borrower that the Administrative Agent or such Lender reasonably requests in order to comply with its obligations under applicable "know your customer" and anti-money-laundering rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation and the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 of Singapore. The parties hereto acknowledge and agree that prior to any Applicant Borrower becoming entitled to utilize the credit facilities provided for herein the Administrative Agent and the Lenders shall have received (i) all documentation and other information concerning such Applicant Borrower that the Administrative Agent or any applicable Lender reasonably requests in order to comply with its obligations under applicable "know your customer" and anti-money laundering rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation and the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 of Singapore (the "Required Information"), (ii) such supporting resolutions, notarized power of attorney granted by the Applicant Borrower to the Borrower Representative (if required or customary in the jurisdiction of organization of the Applicant Borrower), incumbency certificates, opinions of counsel and other documents or information, in form, content and scope reasonably satisfactory to the Administrative Agent, as may be required by the Administrative Agent in its reasonable discretion, (iii) one or more Notes signed by such Applicant Borrower to the extent any applicable Lenders so require, and (iv) an updated Schedule 1.1D or Schedule 1.1E, as applicable. Notwithstanding anything to the contrary contained in this Agreement, in the |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img239.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 225 event that either (x) the results of any such "know your customer" or similar investigation conducted by the Administrative Agent or any applicable Lender with respect to any Applicant Borrower is not reasonably satisfactory to the Administrative Agent or any applicable Lender or (y) an Applicant Borrower is organized in Spain, Italy, Greece, Germany, France, Ireland, Portugal, Austria, Finland or a Specified Jurisdiction that was approved by the Majority Lenders after the Closing Date and it is unlawful or impossible under any applicable law or regulation for any applicable Lender (any such Lender, a "Restricted Jurisdictional Lender") under a specific Tranche or Tranches to make loans to a Person organized in such Specified Jurisdiction, then such Applicant Borrower shall not be permitted to become a Designated Borrower with respect to such Tranche or Tranches. To the extent any Lender is a Restricted Jurisdictional Lender pursuant to the prior sentence, the Borrower Representative and the Administrative Agent may amend this Agreement without the consent of any Lender to create a new Tranche or Tranches on the same terms as the applicable existing Tranches, in the same or lower commitment amounts as such applicable existing Tranche or Tranches, and with the same Lenders except for any Restricted Jurisdictional Lenders. (b) Promptly following receipt, but in no event earlier than ten (10) Business Days following receipt by the Administrative Agent and the applicable Lenders of the Required Information with respect to an Applicant Borrower organized under the laws of the United States (or such earlier date as the Administrative Agent may agree) and within such time period as may be agreed by the Administrative Agent and the Borrower Representative following receipt by the Administrative Agent and the applicable Lenders of the Required Information with respect to any other Applicant Borrower, the Administrative Agent shall send a notice in substantially the form of Exhibit H (a "Designated Borrower Notice") to the Borrower Representative and the applicable Lenders specifying the effective date upon which, subject to receipt of all resolutions, incumbency certificates, opinions of counsel and other documents or information requested or required pursuant to Section 10.19(a), the Applicant Borrower shall constitute a Designated Borrower for purposes hereof, whereupon each of the Lenders under the applicable Tranche(s) agree to permit such Designated Borrower to receive Revolving Loans under such Tranche(s) hereunder or Incremental Term Loans, as applicable, on the terms and conditions set forth herein, and each of the parties agrees that such Designated Borrower otherwise shall be a Borrower for all purposes of this Agreement. (c) Each Designated Borrower hereby irrevocably appoints and consents to the Borrower Representative as its agent for all purposes relevant to this Agreement and each of the other Loan Documents in accordance with Section 11.1 (and the Borrower Representative hereby accepts such appointment for service)). Any notice, demand, consent, acknowledgement, direction, certification or other communication delivered to the Borrower Representative in accordance with the terms of this Agreement shall be deemed to have been delivered to each Designated Borrower. (d) The Borrower Representative may from time to time, upon not less than 5 Business Days' notice from the Borrower Representative to the Administrative Agent (or such shorter period as may be agreed by the Administrative Agent in its sole discretion), terminate a Borrower's (other than the Company's) status as such by delivering to the Administrative Agent a duly executed notice in substantially the form of Exhibit I (a "Borrower Termination Notice"), provided that there are no outstanding Loans payable by such Borrower, or other amounts |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img240.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 226 payable by such Borrower on account of any Loans or other extensions of credit made to it, as of the effective date of such termination. The Administrative Agent will promptly notify the applicable Lenders of any such termination of a Borrower's status. Notwithstanding the foregoing, the delivery of a Borrower Termination Notice with respect to any Borrower shall not terminate (i) any obligation of such Borrower that remains unpaid at the time of such delivery (including without limitation any obligation arising thereafter in respect of such Borrower in accordance with the terms hereof) or (ii) the obligations of the other Loan Parties under the applicable Loan Document with respect to any such unpaid obligations; provided, this clause (e) shall not apply to any Borrower released pursuant to Section 10.2(c)(B). (e) The Administrative Agent and the Lenders agree that each of Lineage Norway Holdings I AS, Norwegian company, Lineage UK Holdings Limited, a Guernsey company, Lineage Customs Brokerage, LLC, a Washington limited liability company, or Preferred Freezer Logistics, LLC, a New Jersey limited liability company (collectively, the "Closing Date Excluded Borrowers"), shall be terminated and released as a Borrower hereunder simultaneously with such Closing Date Excluded Borrower's release as an "Obligor" under and as defined in each Note Purchase Agreement for the Borrower's Guaranteed Senior Notes that constitute Pari Passu Capital Markets Indebtedness. Notwithstanding any Closing Date Excluded Borrower's status as a Borrower hereunder, no Closing Date Excluded Borrower shall be permitted to borrow any Loans until the Administrative Agent shall have received (i) any additional documentation and other information concerning such Closing Date Excluded Borrower that the Administrative Agent or any applicable Lender reasonably requests in order to comply with its obligations under applicable "know your customer" and anti-money laundering rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation and the Corruption, (ii) such supporting resolutions, notarized power of attorney granted by the Closing Date Excluded Borrower to the Borrower Representative (if required or customary in the jurisdiction of organization of the Closing Date Excluded Borrower), incumbency certificates, opinions of counsel and other documents or information, in form, content and scope reasonably satisfactory to the Administrative Agent, as may be required by the Administrative Agent in its reasonable discretion, and (iii) one or more Notes signed by such Closing Date Excluded Borrower to the extent any applicable Lenders so require. (f) Clauses (a) through (c) of this Section 10.19 shall not apply to the Post-Closing Foreign Borrowers. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img241.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 227 10.20 Australian Banking Code of Practice. Each of the parties hereto agrees that the Australian Banking Code of Practice does not apply to this Agreement and the transactions in connection herewith. 10.21 Canadian Anti-Money Laundering Legislation. (a) Each Loan Party acknowledges that, pursuant to the Canadian Anti-Money Laundering & Anti-Terrorism Legislation, Canadian Economic Sanctions and Export Control Laws and "know your client" laws, the Lenders may be required to obtain, verify and record information regarding the Loan Parties and their respective directors, authorized signing officers, direct or indirect shareholders or other Persons in control of the Loan Parties, and the transactions contemplated hereby. Each Loan Party shall promptly provide all such information, including supporting documentation and other evidence, as may be reasonably requested by any Lender or any prospective assignee or participant of a Lender, any Issuing Lender or the Administrative Agent, in order to comply with any applicable Canadian Anti-Money Laundering & Anti-Terrorism Legislation, Canadian Economic Sanctions and Export Control Laws and "know your client" laws, whether now or hereafter in existence. (b) If the Administrative Agent has ascertained the identity of any Loan Party or any authorized signatories of the Loan Parties for the purposes of applicable Canadian Anti-Money Laundering & Anti-Terrorism Legislation, Canadian Economic Sanctions and Export Control Laws and "know your client" laws, then the Administrative Agent: (i) shall be deemed to have done so as an agent for each Lender, and this Agreement shall constitute a "written agreement" in such regard between each Lender and the Administrative Agent within the meaning of the applicable Canadian Anti-Money Laundering & Anti-Terrorism Legislation, Canadian Economic Sanctions and Export Control Laws and "know your client" laws; and (ii) shall provide to each Lender copies of all information obtained in such regard without any representation or warranty as to its accuracy or completeness. (c) Notwithstanding the preceding sentence and except as may otherwise be agreed in writing, each of the Lenders agrees that the Administrative Agent does not have any obligation to ascertain the identity of the Loan Parties or any authorized signatories of the Loan Parties on behalf of any Lender, or to confirm the completeness or accuracy of any information it obtains from any Loan Party or any such authorized signatory in doing so. 10.22 Personal Data Protection under the Personal Data Protection Act 2012 of Singapore. (a) If any Singapore Borrower provides any Lender with personal data of any individual as required by, pursuant to, or in connection with the Loan Documents, that Singapore Borrower represents and warrants to such Lender that it has, to the extent required by the Personal Data Protection Act 2012 of Singapore (i) notified the relevant individual of the purposes for which data will be collected, processed, used or disclosed; and (ii) has the lawful right to, or has obtained such individual's consent for, and hereby consents on behalf of such individual to, the collection, processing, use and disclosure of his/her personal data by the |

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| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img242.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 228 Lender, in each case, in accordance with or for the purposes of the Loan Documents, and confirms that it is authorized by such individual to provide such consent on his/her behalf. (b) Each Singapore Borrower agrees and undertakes to notify any Lender promptly upon it becoming aware of the withdrawal by the relevant individual of his/her consent to the collection, processing, use and/or disclosure by such Lender of any personal data provided by that Singapore Borrower to such Lender. Any consent given pursuant to this Agreement in relation to personal data shall, subject to all applicable laws and regulations, survive death, incapacity, bankruptcy or insolvency of any such individual and the termination or expiration of this Agreement. (c) In this Section 10.22, "personal data" has the meaning given to that term in the Personal Data Protection Act 2012 of Singapore. 10.23 Judgment Currency. If for the purpose of obtaining judgment in any court it is necessary to convert an amount due hereunder in the currency in which it is due (the "Original Currency") into another currency (the "Second Currency"), the rate of exchange applied shall be that at which, in accordance with normal banking procedures, the Administrative Agent could purchase in the New York foreign exchange market, the Original Currency with the Second Currency on the date two (2) Business Days preceding that on which judgment is given. Each Borrower agrees that its obligation in respect of any Original Currency due from it hereunder shall, notwithstanding any judgment or payment in such other currency, be discharged only to the extent that, on the Business Day following the date the Administrative Agent receives payment of any sum so adjudged to be due hereunder in the Second Currency, the Administrative Agent may, in accordance with normal banking procedures, purchase, in the New York foreign exchange market, the Original Currency with the amount of the Second Currency so paid; and if the amount of the Original Currency so purchased or could have been so purchased is less than the amount originally due in the Original Currency, each Borrower agrees as a separate obligation and notwithstanding any such payment or judgment to indemnify the Administrative Agent against such loss. The term "rate of exchange" in this Section 10.23 means the spot rate at which the Administrative Agent, in accordance with normal practices, is able on the relevant date to purchase the Original Currency with the Second Currency, and includes any premium and costs of exchange payable in connection with such purchase. 10.24 Transitional Arrangements. (a) Existing Credit Agreement Superseded. This Agreement shall supersede the Existing Credit Agreement in its entirety, except as provided in this Section 10.24. On the Closing Date, (i) the Loans and Letters of Credit outstanding under the Existing Credit Agreement shall become Loans and Letters of Credit hereunder, respectively, (ii) the rights and obligations of the parties under each of the Existing Credit Agreement and the "Notes" defined therein shall be subsumed within and be governed by this Agreement and the Notes; provided however, that for purposes of this clause (ii) any of the "Obligations" (as defined in the Existing Credit Agreement) outstanding under the Existing Credit Agreement shall, for purposes of this Agreement, be Obligations hereunder, (iii) this Agreement shall not in any way release or impair the rights, duties or Obligations created pursuant to the Existing Credit Agreement or any other |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img243.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 229 Loan Document or affect the relative priorities thereof, in each case to the extent in force and effect thereunder as of the Closing Date, except as modified hereby or by documents, instruments and agreements executed and delivered in connection herewith, and all of such rights, duties and Obligations are assumed, ratified and affirmed by the Borrower; (iv) the Obligations incurred under the Existing Credit Agreement shall, to the extent outstanding on the Closing Date, continue outstanding under this Agreement and shall not be deemed to be paid, released, discharged or otherwise satisfied by the execution of this Agreement, and this Agreement shall not constitute a refinancing, substitution or novation of such Obligations or any of the other rights, duties and obligations of the parties hereunder; and (v) the execution, delivery and effectiveness of this Agreement shall not operate as a waiver of any right, power or remedy of Lenders or the Administrative Agent under the Existing Credit Agreement, nor constitute a waiver of any covenant, agreement or obligation under the Existing Credit Agreement, except to the extent that any such covenant, agreement or obligation is no longer set forth herein or is modified hereby. The Lenders' interests in such Obligations, and participations in such Letters of Credit, shall be reallocated on the Closing Date in accordance with each Lender's applicable Commitments hereunder. On the Closing Date, (a) the "Commitments" (as defined in the Existing Credit Agreement) of each Lender that is a party to the Existing Credit Agreement but is not a party to this Agreement (an "Exiting Lender") shall be terminated, all outstanding Obligations owing to the Exiting Lenders under the Existing Credit Agreement on the Closing Date shall be paid in full, and each Exiting Lender shall cease to be a Lender under this Agreement, and (b) each Person listed on Schedule 1.1A attached to this Agreement shall be a Lender under this Agreement with the Commitments set forth opposite its name on such Schedule 1.1A. (b) Interest and Fees under Existing Credit Agreement. All interest and all commitment, facility and other fees and expenses owing or accruing under or in respect of the Existing Credit Agreement shall be calculated as of the Closing Date (prorated in the case of any fractional periods), and shall be paid on the Closing Date in accordance with the method specified in the Existing Credit Agreement as if such agreement were still in effect. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2532793d2_ex10-18img244.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 163670358.1163670358.5 230 SECTION 11. THE BORROWER REPRESENTATIVE. 11.1 Appointment; Nature of Relationship. The Company is hereby appointed by each of the Borrowers as its contractual representative (herein referred to as the "Borrower Representative") hereunder and under each other Loan Document, and each of the Borrowers irrevocably authorizes the Borrower Representative to act as the contractual representative of such Borrower with the rights and duties expressly set forth herein and in the other Loan Documents. The Borrower Representative agrees to act as such contractual representative upon the express conditions contained in this Section 11. The Administrative Agent and the Lenders, and their respective officers, directors, agents or employees, shall not be liable to the Borrower Representative or any Borrower for any action taken or omitted to be taken by the Borrower Representative or the Borrowers pursuant to this Section 11.1. 11.2 Powers. The Borrower Representative shall have and may exercise such powers under the Loan Documents as are specifically delegated to the Borrower Representative by the terms of each thereof, together with such powers as are reasonably incidental thereto. The Borrower Representative shall have no implied duties to the Borrowers, or any obligation to the Lenders to take any action thereunder except any action specifically provided by the Loan Documents to be taken by the Borrower Representative. 11.3 Employment of Agents. The Borrower Representative may execute any of its duties as the Borrower Representative hereunder and under any other Loan Document by or through authorized officers. 11.4 Successor Borrower Representative. Upon the prior written consent of the Administrative Agent, the Borrower Representative may resign at any time, such resignation to be effective upon the appointment of a successor Borrower Representative. The Administrative Agent shall give prompt written notice of such resignation to the Lenders. 11.5 Execution of Loan Documents. The Borrowers hereby empower and authorize the Borrower Representative, on behalf of the Borrowers, to execute and deliver to the Administrative Agent and the Lenders the Loan Documents and all related agreements, certificates, documents, notices, or instruments as shall be necessary or appropriate to effect the purposes of the Loan Documents, including, without limitation, any amendments to the Loan Documents, the Borrowing Requests, notices under Sections 2.9, 2.10 and 2.12, and Compliance Certificates. Each Borrower agrees that any action taken by the Borrower Representative or the Borrowers in accordance with the terms of this Agreement or the other Loan Documents, and the exercise by the Borrower Representative of its powers set forth therein or herein, together with such other powers that are reasonably incidental thereto, shall be binding upon all of the Borrowers. 11.6 Waiver of Limitations. Each Borrower hereby relieves the Borrower Representative to the fullest extent possible from the restrictions of Article 108 of the Polish Civil Code and similar restrictions applicable pursuant to any other applicable law. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] |

---

## Exhibit 21.1

**Exhibit 21.1**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;<br> **Company Name** | &nbsp;&nbsp;**Jurisdiction of Organization** | &nbsp;&nbsp;**DBA Name (if any)** |
| &nbsp;&nbsp;2957-8002 Quebec Inc. | &nbsp;&nbsp;Quebec | &nbsp;&nbsp;- |
| &nbsp;&nbsp;A.B. Oxford Cold Storage Company No. 2 Pty | &nbsp;&nbsp;Australia | &nbsp;&nbsp;- |
| &nbsp;&nbsp;A.B. Oxford Cold Storage Company Pty Ltd | &nbsp;&nbsp;Australia | &nbsp;&nbsp;Oxford Logistics Group |
| &nbsp;&nbsp;Aasheim Eiendom AS | &nbsp;&nbsp;Norway | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Allansford Trust | &nbsp;&nbsp;Australia | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Auscold Logistics Pty Limited | &nbsp;&nbsp;Australia | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Avon Solar, LLC | &nbsp;&nbsp;Massachusetts | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Bayside Canadian Railway Company Ltd. | &nbsp;&nbsp;New Brunswick | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Berlin Invest Netherlands B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Bigstreet Pty Ltd | &nbsp;&nbsp;Australia | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Boreas Logistics Holdings B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Bradford Way Trust | &nbsp;&nbsp;Australia | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Cold Storage Nelson Limited | &nbsp;&nbsp;New Zealand | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Columbia Colstor, Inc. | &nbsp;&nbsp;Washington | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Cool Port Oakland DRE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Cool Port Oakland Freight, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Cool Port Oakland Holdings, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Cool Port Oakland Intermediate Holdings, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Cool Port Oakland, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Credo Holding NV | &nbsp;&nbsp;Belgium | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Cryo-Trans, LLC | &nbsp;&nbsp;Maryland | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Crystal Creek Logistics, L.L.C. | &nbsp;&nbsp;Washington | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Daalimpex Harlingen B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Daalimpex Velsen B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;DPA Nederland B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;Dutch Port Agency |
| &nbsp;&nbsp;Edinburgh Trust | &nbsp;&nbsp;Australia | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Emergent Cold (Private) Ltd | &nbsp;&nbsp;Sri Lanka | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Emergent Cold (Vic) Propco Pty Ltd. | &nbsp;&nbsp;Australia | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Emergent Cold (Vic) Pty Ltd. | &nbsp;&nbsp;Australia | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Emergent Cold Bidco Pty Ltd | &nbsp;&nbsp;Australia | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Emergent Cold Holdings Pty Ltd | &nbsp;&nbsp;Australia | &nbsp;&nbsp;John Swire & Sons |
| &nbsp;&nbsp;Emergent Cold Midco 2 Pty Ltd. | &nbsp;&nbsp;Australia | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Emergent Cold Midco 3 Pty Ltd. | &nbsp;&nbsp;Australia | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Emergent Cold Midco Pty Ltd. | &nbsp;&nbsp;Australia | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Emergent Cold Pty Ltd | &nbsp;&nbsp;Australia | &nbsp;&nbsp;Frigomobile Cold Chain Logistics |
| &nbsp;&nbsp;Emergent Cold Topco Pty Ltd. | &nbsp;&nbsp;Australia | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Emergent Cold Vietnam Company Limited | &nbsp;&nbsp;Vietnam | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Entrepôt Du Nord Inc. | &nbsp;&nbsp;Quebec | &nbsp;&nbsp;- |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Erweda Holdings B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;ESMAPF-60, LLC | &nbsp;&nbsp;Massachusetts | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Every Bear Investments LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;FAIS US, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Ferin Sp zoo | &nbsp;&nbsp;Poland | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Festing Coldstores B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Flexible Automation Innovative Solutions NV | &nbsp;&nbsp;Belgium | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Fundy Stevedoring Inc. | &nbsp;&nbsp;New Brunswick | &nbsp;&nbsp;- |
| &nbsp;&nbsp;H&S Coldstores Holding B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Ha Noi Steel Pipe Joint Stock Company | &nbsp;&nbsp;Vietnam | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Harley International Properties Limited | &nbsp;&nbsp;Virgin Islands, British | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Haugesund Næringspark AS | &nbsp;&nbsp;Norway |  |
| &nbsp;&nbsp;Henningsen Cold Storage Co., LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Ice Cold Storage Holding B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Integrated Railcar Services, LLC | &nbsp;&nbsp;Maryland | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Kennedy Transportation Incorporated | &nbsp;&nbsp;Washington | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Kloosbeheer B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Kloosterboer BLG Coldstore GmbH | &nbsp;&nbsp;Germany | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Kloosterboer Group B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Kloosterboer IJmuiden B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Kloosterboer Vlissingen B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;Kloosterboer Container Logistics Lineage Vlissingen |
| &nbsp;&nbsp;Kurnall Trust | &nbsp;&nbsp;Australia | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage AFS Master RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage AL Attalla RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage AP Holdings Pty Ltd | &nbsp;&nbsp;Australia | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage AP Holdings, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage AP Intermediate Holdings Pty Ltd | &nbsp;&nbsp;Australia | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage AP Topco, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Arras Propco S.A.S.U. | &nbsp;&nbsp;France | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Arras S.A.S.U. | &nbsp;&nbsp;France | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Asten Propco B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage AUS RE Holdings, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage AUS TRS Pty Ltd | &nbsp;&nbsp;Australia | &nbsp;&nbsp;Lineage Food Australia Lineage Foods |
| &nbsp;&nbsp;Lineage B REIT Assets, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage B TRS Assets, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage BCS Orchard, LLC | &nbsp;&nbsp;Delaware |  |
| &nbsp;&nbsp;Lineage BE TRS BV | &nbsp;&nbsp;Belgium | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Bedford Park RE 2, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Belgium Bidco BV | &nbsp;&nbsp;Belgium | &nbsp;&nbsp;- |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Lineage Beneden-Leeuwen B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Beneden-Leeuwen PropCo B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Bergen op Zoom B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Bluebird Debtco, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Bremerhaven GmbH | &nbsp;&nbsp;Germany | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Bremerhaven PropCo B. V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Columbia Mezz, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage CS LP | &nbsp;&nbsp;Ontario |  |
| &nbsp;&nbsp;Lineage Customs Brokerage, LLC | &nbsp;&nbsp;Washington | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Danish Bidco 5 ApS | &nbsp;&nbsp;Denmark | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Danish Bidco II ApS | &nbsp;&nbsp;Denmark | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage DE TRS GmbH | &nbsp;&nbsp;Germany | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Direct-to-Consumer, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage DR Master RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Dutch Bidco 4 B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Dutch Bidco 5 B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Dutch Bidco 6 B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Dutch Bidco 8 B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Dutch Bidco II B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Dutch Bidco III B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Dutch Cooperatief U.A. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Dutch Holdco 1 B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Dutch Holdco 2 B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Dutch Holdco 3 B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Dutch Holdings III B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage EC LP | &nbsp;&nbsp;Ontario | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Eemhaven PropCo B. V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Europe Finco B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Food Solutions Pte. Ltd. | &nbsp;&nbsp;Singapore | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Foodservice Solutions, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage France Holdings B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage France S.A.S.U. | &nbsp;&nbsp;France | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Freight Forwarding Europe B. V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Freight Forwarding Germany GmbH | &nbsp;&nbsp;Germany | &nbsp;&nbsp;- |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Lineage Freight Forwarding Netherlands B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;UTI Forwarding Unsworth Transport International Forwarding B.V. Lineage Freight Forwarding Export |
| &nbsp;&nbsp;Lineage Freight Forwarding South Africa (Pty) | &nbsp;&nbsp;South Africa | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Freight Forwarding, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Freight Forwarding Poland Sp z o.o. | &nbsp;&nbsp;Poland | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage GA Albany 12 RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage GA Albany RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage GA Forsyth RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage GA Macon RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage GA Master RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage GA Port Wentworth RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage GA Savannah RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Gameren B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Germany Holding GmbH | &nbsp;&nbsp;Germany | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Germany Holdings B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Gloucester Ltd. | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Harnes Propco S.A.S.U. | &nbsp;&nbsp;France | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Harnes S.A.S. | &nbsp;&nbsp;France | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage HCS Master RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage HCS Mezz, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage HCS PA Scranton RE Holdings, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage HCS PA Scranton RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Hong Kong Holdings Limited | &nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Hoogerheide B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage IA Cedar Rapids RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Ieper BV | &nbsp;&nbsp;Belgium | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage IJmuiden PropCo B. V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage IL Bartlett RE Holdings, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage IL Bartlett RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage IL Batavia RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage IL Bedford Park RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage IL Chicago & Lyons RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage IL Geneva RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Italian Bidco S.r.l. | &nbsp;&nbsp;Italy | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Italy S.r.l. | &nbsp;&nbsp;Italy | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Jiuheng Logistics (HK) Group Company | &nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage KS Olathe RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Larvik AS | &nbsp;&nbsp;Norway | &nbsp;&nbsp;- |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Lineage Lelystad B. V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Logistics AFS, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Logistics Canada Holdings Ltd. | &nbsp;&nbsp;Ontario | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Logistics Canada Holdings, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Logistics CC Holdings, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Logistics HCS, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Logistics Holdings, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Logistics Mandai Pte. Ltd. | &nbsp;&nbsp;Singapore | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Logistics MTC, LLC | &nbsp;&nbsp;Maryland | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Logistics MVI Ltd. | &nbsp;&nbsp;Quebec | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Logistics New Zealand | &nbsp;&nbsp;New Zealand | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Logistics ORS Ltd. | &nbsp;&nbsp;Ontario | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Logistics ORS TRS LP | &nbsp;&nbsp;Ontario | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Logistics ORS TRS, GP Ltd. | &nbsp;&nbsp;Ontario | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Logistics PFS, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Logistics SCS, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Logistics Services, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Logistics Singapore Holdings, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Logistics Singapore Intermediate Holdings Pte. Ltd. | &nbsp;&nbsp;Singapore | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Logistics Singapore Pte. Ltd. | &nbsp;&nbsp;Singapore | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Logistics VLS GP Ltd. | &nbsp;&nbsp;Ontario | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Logistics, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Maasvlakte PropCo B. V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Master RE 3, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Master RE 4, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Master RE 5, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Master RE 6, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Master RE 7, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Master RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage MD Reisterstown RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Mezz 10, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Mezz 11, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Mezz 12, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Mezz 2, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Mezz 6, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Mezz 7, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Mezz 8, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Mezz, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Milagro, S.L. | &nbsp;&nbsp;Spain | &nbsp;&nbsp;- |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Lineage Murcia, S.L.U. | &nbsp;&nbsp;Spain | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage NE Gomez RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage NE Grand Island RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage NE Lincoln RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage NE Renfro RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Nederland PropCo B. V | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage NL 3 TRS B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage NL TRS B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage NOCS Master RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Noord Scharwoude Propco B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Noord-Scharwoude B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Norway Holdings 2 AS | &nbsp;&nbsp;Norway | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Norway Holdings 3 AS | &nbsp;&nbsp;Norway | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Norway Holdings I AS | &nbsp;&nbsp;Norway | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage NZ (CSN Holdings) | &nbsp;&nbsp;New Zealand | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage NZ Holdings | &nbsp;&nbsp;New Zealand | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage NZ Holdings, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage NZ OpCo Holdings GP Limited | &nbsp;&nbsp;New Zealand | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage NZ OpCo Holdings LP | &nbsp;&nbsp;New Zealand | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage NZ TRS Limited | &nbsp;&nbsp;New Zealand | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage OP, LP | &nbsp;&nbsp;Maryland | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage PA Allentown RE Holding, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage PA Allentown RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage PA Bethlehem RE Holding, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage PA Bethlehem RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage PA Hazleton RE Holding, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage PA Hazleton RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage PA RE 2, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage PA RE Holdco 2, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage PA RE Holdco, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage PA RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage PA TRS 2, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage PA TRS, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage PFS Chicago RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage PFS IL Chicago III RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage PFS MA Westfield RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage PFS TX Houston RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage PFS WA Richland RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Redistribution, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Lineage Rijkevorsel BV | &nbsp;&nbsp;Belgium | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Rijkevorsel Propco BV | &nbsp;&nbsp;Belgium | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Road Transport Gameren B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Road Transport Service Bommelerwaard | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Romans-sur-Isere | &nbsp;&nbsp;France | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Rotterdam Cool Port B. V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Rotterdam Cool Port II B. V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Rotterdam CoolPort PropCo B. V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Rotterdam Eemhaven B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Rotterdam Maasvlakte B. V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Rotterdam PropCo B. V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage SE RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Seafreeze Leasehold RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Spain Holdings I, S.L. | &nbsp;&nbsp;Spain | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage TN Arlington RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Transportation Holdings, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Transportation, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;Lineage Transportation of CA, LLC |
| &nbsp;&nbsp;Lineage Treasury Europe B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage UK Admin Limited | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage UK Holdings Limited | &nbsp;&nbsp;Guernsey | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage UK Intermediate Holdings Limited | &nbsp;&nbsp;Guernsey | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage UK Services Limited | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage UK T&F Holdings Limited | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage UK Transport Limited | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage UK TRS Limited | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage UK Warehousing Holdings Limited | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage UK Warehousing Limited | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage USG RE 1, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage VA Chester RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage VA Portsmouth RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage VA Richmond RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage VA Sandston RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Velsen PropCo B. V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Venlo B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Vlissingen Holding B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Vlissingen PropCo B. V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage WA Algona RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage WA Centralia RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage WA Columbia RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage WA POS RE 2, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage WA POS RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Lineage Waalwijk B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Waalwijk II B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Wauwatosa RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage Wisbech Ltd. | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage, Inc. | &nbsp;&nbsp;Maryland | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage's Heerenberg B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lineage's Heerenberg Propco B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;LL Cold ApS | &nbsp;&nbsp;Denmark | &nbsp;&nbsp;- |
| &nbsp;&nbsp;LL Cold TRS ApS | &nbsp;&nbsp;Denmark | &nbsp;&nbsp;- |
| &nbsp;&nbsp;LLH MRS Master RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;LLH MRS McDonough RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;LLH Topco Holdings TRS, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;LLH TRS FSS RE Holdings, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Luik Natie Coldstore NV | &nbsp;&nbsp;Belgium | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Luik Natie Forwarding NV | &nbsp;&nbsp;Belgium | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Luik Natie Storage NV | &nbsp;&nbsp;Belgium | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Luik Natie Transport NV | &nbsp;&nbsp;Belgium | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lundsoe Kol & Frys A/S | &nbsp;&nbsp;Denmark | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lytton I Trust | &nbsp;&nbsp;Australia | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lytton II Trust | &nbsp;&nbsp;Australia | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Mandai Link Logistics Pte Ltd | &nbsp;&nbsp;Singapore | &nbsp;&nbsp;- |
| &nbsp;&nbsp;New Orleans Cold Storage and Warehouse Company, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;NOCS South Atlantic Cold Storage & Warehouse, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;NOCS West Gulf, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Pago Sp Z o.o. | &nbsp;&nbsp;Poland | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Pago TRS sp Z o.o. | &nbsp;&nbsp;Poland | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Partner Logistics Holding Belgium BV | &nbsp;&nbsp;Belgium | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Perishable Shipping Solutions, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Permanor AS | &nbsp;&nbsp;Norway |  |
| &nbsp;&nbsp;Permanor Brumunddal AS | &nbsp;&nbsp;Norway |  |
| &nbsp;&nbsp;Pin Corporation Pte Ltd | &nbsp;&nbsp;Singapore | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Polar Holdco, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Preferred Freezer Holdings, Inc. | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Preferred Freezer Logistics, LLC | &nbsp;&nbsp;New Jersey | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Preferred Freezer Services - Antara Holdings (Asia) Limited | &nbsp;&nbsp;Virgin Islands, British | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Preferred Freezer Services (Vietnam) Ltd | &nbsp;&nbsp;Vietnam | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Preferred Freezer Services China Holdings, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Preferred Freezer Services of Oakland, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Preferred Freezer Services, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Real Estate Gloucester Ltd. | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Real Estate Waalwijk B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Reefer Stevedoring IJmuiden B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Rotterdam Juice Terminal B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;SK Logistics Investment Joint Stock Company | &nbsp;&nbsp;Vietnam | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Solomon Trust | &nbsp;&nbsp;Australia | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Tax & Customs Services Tiel B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Terminal Freezers, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Turvo India Pvt. Ltd. | &nbsp;&nbsp;India | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Turvo, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;UP LL RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;- |
| &nbsp;&nbsp;VersaCold Logistics Services | &nbsp;&nbsp;Ontario | &nbsp;&nbsp;Lineage |
| &nbsp;&nbsp;VersaCold Logistics Services GP Limited | &nbsp;&nbsp;Ontario | &nbsp;&nbsp;Lineage<br> Lineage Logistics |
| &nbsp;&nbsp;Vriescentrale Asten B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;Lineage Asten |
| &nbsp;&nbsp;Wisbech Propco Ltd. | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;- |
| &nbsp;&nbsp;WK II B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Woodstock Cold Storage (1990) Ltd. | &nbsp;&nbsp;New Brunswick | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Yearsley CS Limited | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Yearsley Food Limited | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Yearsley Group Limited | &nbsp;&nbsp;Guernsey | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Y-Frost BV | &nbsp;&nbsp;Belgium | &nbsp;&nbsp;- |

---

## Exhibit 22.1

**Exhibit 22.1**

The following subsidiaries of Lineage, Inc. (the "Company") (i) are the issuer or guarantors, as applicable (and as described below), of the 5.250% Senior Notes due 2030 (the "USD Notes") and (ii) are the issuer or guarantors, as applicable (and as described below), of the 4.125% Senior Notes due 2031 (the "Euro Notes"):

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Subsidiary** | &nbsp;&nbsp;**Role** | &nbsp;&nbsp;**Jurisdiction of Organization** |
| &nbsp;&nbsp;Lineage OP, LP | &nbsp;&nbsp;Issuer of the USD Notes and guarantor of the Euro Notes | &nbsp;&nbsp;Maryland |
| &nbsp;&nbsp;Lineage Europe Finco B.V. | &nbsp;&nbsp;Issuer of the Euro Notes and guarantor of the USD Notes | &nbsp;&nbsp;Netherlands |
| &nbsp;&nbsp;Lineage Logistics Holdings, LLC | &nbsp;&nbsp;Guarantor of the USD Notes and the Euro Notes | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Lineage Logistics, LLC | &nbsp;&nbsp;Guarantor of the USD Notes and the Euro Notes | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Lineage Logistics Services, LLC | &nbsp;&nbsp;Guarantor of the USD Notes and the Euro Notes | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Lineage Logistics Canada Holdings, LLC | &nbsp;&nbsp;Guarantor of the USD Notes and the Euro Notes | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Lineage AUS RE Holdings, LLC | &nbsp;&nbsp;Guarantor of the USD Notes and the Euro Notes | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Columbia Colstor, Inc. | &nbsp;&nbsp;Guarantor of the USD Notes and the Euro Notes | &nbsp;&nbsp;Washington |
| &nbsp;&nbsp;Lineage Columbia Mezz, LLC | &nbsp;&nbsp;Guarantor of the USD Notes and the Euro Notes | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Lineage Logistics MTC, LLC | &nbsp;&nbsp;Guarantor of the USD Notes and the Euro Notes | &nbsp;&nbsp;Maryland |
| &nbsp;&nbsp;Lineage WA Columbia RE, LLC | &nbsp;&nbsp;Guarantor of the USD Notes and the Euro Notes | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Lineage Treasury Europe B.V. | &nbsp;&nbsp;Guarantor of the USD Notes and the Euro Notes | &nbsp;&nbsp;Netherlands |
| &nbsp;&nbsp;Boreas Logistics Holdings B.V. | &nbsp;&nbsp;Guarantor of the USD Notes and the Euro Notes | &nbsp;&nbsp;Netherlands |
| &nbsp;&nbsp;Lineage Logistics Canada Holdings Ltd. | &nbsp;&nbsp;Guarantor of the USD Notes and the Euro Notes | &nbsp;&nbsp;Ontario, Canada |
| &nbsp;&nbsp;Emergent Cold Midco Pty Ltd | &nbsp;&nbsp;Guarantor of the USD Notes and the Euro Notes | &nbsp;&nbsp;Australia |

---

## Exhibit 23.7

**Exhibit 23.7**

---

| | |
|:---|:---|
| ![](tm2532793d2_ex23-7img001.jpg) |  |
|  | KPMG LLP <br> Suite 1900<br> 150 West Jefferson<br> Detroit, MI 48226 |

---

**Consent of Independent Registered Public Accounting Firm**

We consent to the use of our report dated February 26, 2025, with respect to the consolidated financial statements of Lineage, Inc., incorporated herein by reference, and to the reference to our firm under the heading "Experts" in the prospectus.

/s/ KPMG LLP

Detroit, Michigan<br> December 18, 2025

KPMG LLP, a Delaware limited liability partnership and a member firm of

the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.

## Exhibit 25.1

**Exhibit 25.1**

**securities and exchange commission**

**Washington, D.C. 20549**

**FORM T-1**

**Statement of Eligibility Under**

**The Trust Indenture Act of 1939 of a**

**Corporation Designated to Act as Trustee**

Check if an Application to Determine Eligibility of

a Trustee Pursuant to Section 305(b)(2) ◻

**U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION**

(Exact name of Trustee as specified in its charter)

**91-1821036**

I.R.S. Employer Identification No.

800 Nicollet Mall Minneapolis, Minnesota <u> 55402</u> <br> <u>(Address of principal executive offices)</u> <u>(Zip Code)</u>

Bradley E. Scarbrough

U.S. Bank Trust Company, National Association

633 West 5<sup>th</sup> Street, 24<sup>th</sup> Floor

Los Angeles, CA 90071

(213) 615-6047

(Name, address and telephone number of agent for service)

**Lineage OP, LP**

(Issuer with respect to the Securities)

Maryland <u>61-1863533</u> <br> <u>(State or other jurisdiction of incorporation or organization)</u> <u>(I.R.S. Employer Identification No.)</u> <br>    

46500 Humboldt Drive Novi, Michigan <u>48377</u> <br> <u>(Address of Principal Executive Offices)</u> <u>(Zip Code)</u>

**Lineage Europe Finco B.V.**

(Exact name of obligor as specified in its charter)

Netherlands <u>98-1893231</u> <br> <u>(State or other jurisdiction of incorporation or <br> organization)</u> <u> (I.R.S. Employer Identification No.)</u>

46500 Humboldt Drive Novi, Michigan <u>48377</u> <br> <u>(Address of Principal Executive Offices)</u> <u>(Zip Code)</u>

**Debt Securities and Guarantees of Debt Securities**

**(Title of the Indenture Securities)**

**TABLE OF ADDITIONAL REGISTRANT GUARANTORS OF DEBT ISSUANCE**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Exact Name of Registrant as Specified in<br> its Charter** | &nbsp;&nbsp;**State or Other<br> Jurisdiction of<br> Incorporation or<br> Organization** | &nbsp;&nbsp;**I.R.S. Employer<br> Identification<br> Number** | &nbsp;&nbsp;**Address of Registrants Principal Executive Offices** |
| &nbsp;&nbsp;Lineage, Inc. | &nbsp;&nbsp;Maryland | &nbsp;&nbsp;82-1271188 | &nbsp;&nbsp;46500 Humboldt Drive, Novi, Michigan 48377 |
| &nbsp;&nbsp;Lineage Logistics Holdings, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;30-0707700 | &nbsp;&nbsp;46500 Humboldt Drive, Novi, Michigan 48377 |
| &nbsp;&nbsp;Lineage Logistics, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;38-3899873 | &nbsp;&nbsp;46500 Humboldt Drive, Novi, Michigan 48377 |
| &nbsp;&nbsp;Lineage Logistics Services, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;83-2072741 | &nbsp;&nbsp;46500 Humboldt Drive, Novi, Michigan 48377 |
| &nbsp;&nbsp;Lineage Logistics Canada Holdings, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;85-2232173 | &nbsp;&nbsp;46500 Humboldt Drive, Novi, Michigan 48377 |
| &nbsp;&nbsp;Lineage AUS RE Holdings, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;— | &nbsp;&nbsp;46500 Humboldt Drive, Novi, Michigan 48377 |
| &nbsp;&nbsp;Columbia Colstor, Inc. | &nbsp;&nbsp;Washington | &nbsp;&nbsp;91-1204627 | &nbsp;&nbsp;46500 Humboldt Drive, Novi, Michigan 48377 |
| &nbsp;&nbsp;Lineage Columbia Mezz, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;— | &nbsp;&nbsp;46500 Humboldt Drive, Novi, Michigan 48377 |
| &nbsp;&nbsp;Lineage Logistics MTC, LLC | &nbsp;&nbsp;Maryland | &nbsp;&nbsp;52-0411970 | &nbsp;&nbsp;46500 Humboldt Drive, Novi, Michigan 48377 |
| &nbsp;&nbsp;Lineage WA Columbia RE, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;— | &nbsp;&nbsp;46500 Humboldt Drive, Novi, Michigan 48377 |
| &nbsp;&nbsp;Lineage Treasury Europe B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;98-1576057 | &nbsp;&nbsp;46500 Humboldt Drive, Novi, Michigan 48377 |
| &nbsp;&nbsp;Boreas Logistics Holdings B.V. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;98-1372557 | &nbsp;&nbsp;46500 Humboldt Drive, Novi, Michigan 48377 |
| &nbsp;&nbsp;Lineage Logistics Canada Holdings Ltd. | &nbsp;&nbsp;Ontario, Canada | &nbsp;&nbsp;98-1669890 | &nbsp;&nbsp;46500 Humboldt Drive, Novi, Michigan 48377 |
| &nbsp;&nbsp;Emergent Cold Midco Pty Ltd | &nbsp;&nbsp;Australia | &nbsp;&nbsp;98-1545556 | &nbsp;&nbsp;46500 Humboldt Drive, Novi, Michigan 48377 |

---

**<u>FORM T-1</u>**

---

| | |
|:---|:---|
| **Item** **1.** | **GENERAL INFORMATION*.*** Furnish the following information as to the Trustee. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) *Name and address of each examining or supervising authority to which it is subject.* 

Comptroller of the Currency

Washington, D.C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) *Whether it is authorized to exercise corporate trust powers.* 

Yes

**Item 2.** **AFFILIATIONS WITH THE OBLIGOR.** *If the obligor is an affiliate of the Trustee, describe each such affiliation.*

None

---

| | |
|:---|:---|
| **Items** **3-15** | *Items 3-15 are not applicable because to the best of the Trustee's knowledge, the obligor is not in default under any Indenture for which the Trustee acts as Trustee.* |

---

**Item 16.** **LIST OF EXHIBITS:** *List below all exhibits filed as a part of this statement of eligibility and qualification.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of the Articles
 of Association of the Trustee, attached as Exhibit 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A copy of the certificate
 of authority of the Trustee to commence business, attached as Exhibit 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A copy of the authorization
 of the Trustee to exercise corporate trust powers, included as Exhibit 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A copy of the existing bylaws of the Trustee, attached as Exhibit 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A copy of each Indenture referred to in Item 4. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The consent of the Trustee required by Section 321(b) of
 the Trust Indenture Act of 1939, attached as Exhibit 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Report of Condition of the Trustee as of September 30, 2025,
 published pursuant to law or the requirements of its supervising or examining authority,
 attached as Exhibit 7.

**SIGNATURE**

Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the Trustee, U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility and qualification to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of Los Angeles, State of California on the 18th of December 2025.

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| | |
|:---|:---|
| By: | /s/ Bradley E. Scarbrough |
|  | Bradley E. Scarbrough |
|  | Vice President |

---

**<u>Exhibit 1</u>**

**ARTICLES OF ASSOCIATION**

**OF**

**U. S. BANK TRUST COMPANY, NATIONAL ASSOCIATION**

For the purpose of organizing an association (the "Association") to perform any lawful activities of national banks, the undersigned enter into the following Articles of Association:

**FIRST.** The title of this Association shall be U. S. Bank Trust Company, National Association.

**SECOND.** The main office of the Association shall be in the city of Portland, county of Multnomah, state of Oregon. The business of the Association will be limited to fiduciary powers and the support of activities incidental to the exercise of those powers. The Association may not expand or alter its business beyond that stated in this article without the prior approval of the Comptroller of the Currency.

**THIRD.** The board of directors of the Association shall consist of not less than five nor more than twenty-five persons, the exact number to be fixed and determined from time to time by resolution of a majority of the full board of directors or by resolution of a majority of the shareholders at any annual or special meeting thereof. Each director shall own common or preferred stock of the Association or of a holding company owning the Association, with an aggregate par, fair market, or equity value of not less than $1,000, as of either (i) the date of purchase, (ii) the date the person became a director, or (iii) the date of that person's most recent election to the board of directors, whichever is more recent. Any combination of common or preferred stock of the Association or holding company may be used.

Any vacancy in the board of directors may be filled by action of a majority of the remaining directors between meetings of shareholders. The board of directors may increase the number of directors up to the maximum permitted by law. Terms of directors, including directors selected to fill vacancies, shall expire at the next regular meeting of shareholders at which directors are elected, unless the directors resign or are removed from office. Despite the expiration of a director's term, the director shall continue to serve until his or her successor is elected and qualified or until there is a decrease in the number of directors and his or her position is eliminated.

Honorary or advisory members of the board of directors, without voting power or power of final decision in matters concerning the business of the Association, may be appointed by resolution of a majority of the full board of directors, or by resolution of shareholders at any annual or special meeting. Honorary or advisory directors shall not be counted to determined the number of directors of the Association or the presence of a quorum in connection with any board action, and shall not be required to own qualifying shares.

**FOURTH.** There shall be an annual meeting of the shareholders to elect directors and transact whatever other business may be brought before the meeting. It shall be held at the main office or any other convenient place the board of directors may designate, on the day of each year specified therefor in the Bylaws, or if that day falls on a legal holiday in the state in which the Association is located, on the next following banking day. If no election is held on the day fixed or in the event of a legal holiday on the following banking day, an election may be held on any subsequent day within 60 days of the day fixed, to be designated by the board of directors, or, if the directors fail to fix the day, by shareholders representing two-thirds of the shares issued and outstanding. In all cases, at least 10 days' advance notice of the meeting shall be given to the shareholders by first-class mail.

In all elections of directors, the number of votes each common shareholder may cast will be determined by multiplying the number of shares he or she owns by the number of directors to be elected. Those votes may be cumulated and cast for a single candidate or may be distributed among two or more candidates in the manner selected by the shareholder. On all other questions, each common shareholder shall be entitled to one vote for each share of stock held by him or her.

A director may resign at any time by delivering written notice to the board of directors, its chairperson, or to the Association, which resignation shall be effective when the notice is delivered unless the notice specifies a later effective date.

A director may be removed by the shareholders at a meeting called to remove him or her, when notice of the meeting stating that the purpose or one of the purposes is to remove him or her is provided, if there is a failure to fulfill one of the affirmative requirements for qualification, or for cause; provided, however, that a director may not be removed if the number of votes sufficient to elect him or her under cumulative voting is voted against his or her removal.

**FIFTH.** The authorized amount of capital stock of the Association shall be 1,000,000 shares of common stock of the par value of ten dollars ($10) each; but said capital stock may be increased or decreased from time to time, according to the provisions of the laws of the United States. The Association shall have only one class of capital stock.

No holder of shares of the capital stock of any class of the Association shall have any preemptive or preferential right of subscription to any shares of any class of stock of the Association, whether now or hereafter authorized, or to any obligations convertible into stock of the Association, issued, or sold, nor any right of subscription to any thereof other than such, if any, as the board of directors, in its discretion, may from time to time determine and at such price as the board of directors may from time to time fix.

Transfers of the Association's stock are subject to the prior written approval of a federal depository institution regulatory agency. If no other agency approval is required, the approval of the Comptroller of the Currency must be obtained prior to any such transfers.

Unless otherwise specified in the Articles of Association or required by law, (1) all matters requiring shareholder action, including amendments to the Articles of Association must be approved by shareholders owning a majority voting interest in the outstanding voting stock, and (2) each shareholder shall be entitled to one vote per share.

Unless otherwise specified in the Articles of Association or required by law, all shares of voting stock shall be voted together as a class, on any matters requiring shareholder approval.

Unless otherwise provided in the Bylaws, the record date for determining shareholders entitled to notice of and to vote at any meeting is the close of business on the day before the first notice is mailed or otherwise sent to the shareholders, provided that in no event may a record date be more than 70 days before the meeting.

The Association, at any time and from time to time, may authorize and issue debt obligations, whether subordinated, without the approval of the shareholders. Obligations classified as debt, whether subordinated, which may be issued by the Association without the approval of shareholders, do not carry voting rights on any issue, including an increase or decrease in the aggregate number of the securities, or the exchange or reclassification of all or part of securities into securities of another class or series.

**SIXTH.** The board of directors shall appoint one of its members president of this Association and one of its members chairperson of the board and shall have the power to appoint one or more vice presidents, a secretary who shall keep minutes of the directors' and shareholders' meetings and be responsible for authenticating the records of the Association, and such other officers and employees as may be required to transact the business of this Association. A duly appointed officer may appoint one or more officers or assistant officers if authorized by the board of directors in accordance with the Bylaws.

The board of directors shall have the power to:

(1) Define the duties of the officers,
 employees, and agents of the Association.

(2) Delegate
 the performance of its duties, but not the responsibility for its duties, to the officers,
 employees, and agents of the Association.

(3) Fix the
 compensation and enter employment contracts with its officers and employees upon reasonable
 terms and conditions consistent with applicable law.

(4) Dismiss officers and employees.

(5) Require bonds from officers and employees
 and to fix the penalty thereof.

(6) Ratify
 written policies authorized by the Association's management or committees of the board.

(7) Regulate
 the manner any increase or decrease of the capital of the Association shall be made; provided
 that nothing herein shall restrict the power of shareholders to increase or decrease the
 capital of the Association in accordance with law, and nothing shall raise or lower from
 two-thirds the percentage required for shareholder approval to increase or reduce the capital.

(8) Manage and administer the business
 and affairs of the Association.

(9) Adopt initial Bylaws, not inconsistent
 with law or the Articles of Association, for managing the business and regulating the affairs
 of the Association.

(10) Amend or repeal Bylaws, except to
 the extent that the Articles of Association reserve this power in whole or in part to the
 shareholders.

(11) Make contracts.

(12) Generally perform all acts that
 are legal for a board of directors to perform.

**SEVENTH.** The board of directors shall have the power to change the location of the main office to any authorized branch within the limits of the city of Portland, Oregon, without the approval of the shareholders, or with a vote of shareholders owning two-thirds of the stock of the Association for a location outside such limits and upon receipt of a certificate of approval from the Comptroller of the Currency, to any other location within or outside the limits of the city of Portland, Oregon, but not more than thirty miles beyond such limits. The board of directors shall have the power to establish or change the location of any office or offices of the Association to any other location permitted under applicable law, without approval of shareholders, subject to approval by the Comptroller of the Currency.

**EIGHTH.** The corporate existence of this Association shall continue until termination according to the laws of the United States.

**NINTH.** The board of directors of the Association, or any shareholder owning, in the aggregate, not less than 25 percent of the stock of the Association, may call a special meeting of shareholders at any time. Unless otherwise provided by the Bylaws or the laws of the United States, or waived by shareholders, a notice of the time, place, and purpose of every annual and special meeting of the shareholders shall be given by first-class mail, postage prepaid, mailed at least 10, and no more than 60, days prior to the date of the meeting to each shareholder of record at his/her address as shown upon the books of the Association. Unless otherwise provided by the Bylaws, any action requiring approval of shareholders must be effected at a duly called annual or special meeting.

**TENTH.** These Articles of Association may be amended at any regular or special meeting of the shareholders by the affirmative vote of the holders of a majority of the stock of the Association, unless the vote of the holders of a greater amount of stock is required by law, and in that case by the vote of the holders of such greater amount; provided, that the scope of the Association's activities and services may not be expanded without the prior written approval of the Comptroller of the Currency. The Association's board of directors may propose one or more amendments to the Articles of Association for submission to the shareholders.

In witness whereof, we have hereunto set our hands this 11<sup>th</sup> of June, 1997.

---

| |
|:---|
| /s/ Jeffrey T. Grubb |
| Jeffrey T. Grubb |
| /s/ Robert D. Sznewajs |
| Robert D. Sznewajs |
| /s/ Dwight V. Board |
| Dwight V. Board |
| /s/ P. K. Chatterjee |
| P. K. Chatterjee |
| /s/ Robert Lane |
| Robert Lane |

---

**<u>Exhibit 2</u>**

![](tm2532793d2_ex25-1img001.jpg)

**<u>Exhibit 4</u>**

**U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION**

**<u>AMENDED AND RESTATED BYLAWS</u>**

<u>ARTICLE I</u>

<u>Meetings of Shareholders</u>

Section 1.1. <u>Annual Meeting</u>. The annual meeting of the shareholders, for the election of directors and the transaction of any other proper business, shall be held at a time and place as the Chairman or President may designate. Notice of such meeting shall be given not less than ten (10) days or more than sixty (60) days prior to the date thereof, to each shareholder of the Association, unless the Office of the Comptroller of the Currency (the "OCC") determines that an emergency circumstance exists. In accordance with applicable law, the sole shareholder of the Association is permitted to waive notice of the meeting. If, for any reason, an election of directors is not made on the designated day, the election shall be held on some subsequent day, as soon thereafter as practicable, with prior notice thereof. Failure to hold an annual meeting as required by these Bylaws shall not affect the validity of any corporate action or work a forfeiture or dissolution of the Association.

Section 1.2. <u>Special Meetings</u>. Except as otherwise specially provided by law, special meetings of the shareholders may be called for any purpose, at any time by a majority of the board of directors (the "Board"), or by any shareholder or group of shareholders owning at least ten percent of the outstanding stock. Every such special meeting, unless otherwise provided by law, shall be called upon not less than ten (10) days nor more than sixty (60) days prior notice stating the purpose of the meeting.

Section 1.3. <u>Nominations for Directors</u>. Nominations for election to the Board may be made by the Board or by any shareholder.

Section 1.4. <u>Proxies</u>. Shareholders may vote at any meeting of the shareholders by proxies duly authorized in writing. Proxies shall be valid only for one meeting and any adjournments of such meeting and shall be filed with the records of the meeting.

Section 1.5. <u>Record Date</u>. The record date for determining shareholders entitled to notice and to vote at any meeting will be thirty days before the date of such meeting, unless otherwise determined by the Board.

Section 1.6. <u>Quorum and Voting</u>. A majority of the outstanding capital stock, represented in person or by proxy, shall constitute a quorum at any meeting of shareholders, unless otherwise provided by law, but less than a quorum may adjourn any meeting, from time to time, and the meeting may be held as adjourned without further notice. A majority of the votes cast shall decide every question or matter submitted to the shareholders at any meeting, unless otherwise provided by law or by the Articles of Association.

Section 1.7. <u>Inspectors</u>. The Board may, and in the event of its failure so to do, the Chairman of the Board may appoint Inspectors of Election who shall determine the presence of quorum, the validity of proxies, and the results of all elections and all other matters voted upon by shareholders at all annual and special meetings of shareholders.

Section 1.8. <u>Waiver and Consent</u>. The shareholders may act without notice or a meeting by a unanimous written consent by all shareholders.

Section 1.9. <u>Remote Meetings</u>. The Board shall have the right to determine that a shareholder meeting not be held at a place, but instead be held solely by means of remote communication in the manner and to the extent permitted by the General Corporation Law of the State of Delaware.

<u>ARTICLE II</u>

<u>Directors</u>

Section 2.1. <u>Board of Directors</u>. The Board shall have the power to manage and administer the business and affairs of the Association. Except as expressly limited by law, all corporate powers of the Association shall be vested in and may be exercised by the Board.

Section 2.2. <u>Term of Office</u>. The directors of this Association shall hold office for one year and until their successors are duly elected and qualified, or until their earlier resignation or removal.

Section 2.3. <u>Powers</u>. In addition to the foregoing, the Board shall have and may exercise all of the powers granted to or conferred upon it by the Articles of Association, the Bylaws and by law.

Section 2.4. <u>Number</u>. As provided in the Articles of Association, the Board of this Association shall consist of no less than five nor more than twenty-five members, unless the OCC has exempted the Association from the twenty-five- member limit. The Board shall consist of a number of members to be fixed and determined from time to time by resolution of the Board or the shareholders at any meeting thereof, in accordance with the Articles of Association. Between meetings of the shareholders held for the purpose of electing directors, the Board by a majority vote of the full Board may increase the size of the Board but not to more than a total of twenty-five directors, and fill any vacancy so created in the Board; provided that the Board may increase the number of directors only by up to two directors, when the number of directors last elected by shareholders was fifteen or fewer, and by up to four directors, when the number of directors last elected by shareholders was sixteen or more. Each director shall own a qualifying equity interest in the Association or a company that has control of the Association in each case as required by applicable law. Each director shall own such qualifying equity interest in his or her own right and meet any minimum threshold ownership required by applicable law.

Section 2.5. <u>Organization Meeting</u>. The newly elected Board shall meet for the purpose of organizing the new Board and electing and appointing such officers of the Association as may be appropriate. Such meeting shall be held on the day of the election or as soon thereafter as practicable, and, in any event, within thirty days thereafter, at such time and place as the Chairman or President may designate. If, at the time fixed for such meeting, there shall not be a quorum present, the directors present may adjourn the meeting until a quorum is obtained.

Section 2.6. <u>Regular Meetings</u>. The regular meetings of the Board shall be held, without notice, as the Chairman or President may designate and deem suitable.

Section 2.7. <u>Special Meetings</u>. Special meetings of the Board may be called at any time, at any place and for any purpose by the Chairman of the Board or the President of the Association, or upon the request of a majority of the entire Board. Notice of every special meeting of the Board shall be given to the directors at their usual places of business, or at such other addresses as shall have been furnished by them for the purpose. Such notice shall be given at least twelve hours (three hours if meeting is to be conducted by conference telephone) before the meeting by telephone or by being personally delivered, mailed, or electronically delivered. Such notice need not include a statement of the business to be transacted at, or the purpose of, any such meeting.

Section 2.8. <u>Quorum and Necessary Vote</u>. A majority of the directors shall constitute a quorum at any meeting of the Board, except when otherwise provided by law; but less than a quorum may adjourn any meeting, from time to time, and the meeting may be held as adjourned without further notice. Unless otherwise provided by law or the Articles or Bylaws of this Association, once a quorum is established, any act by a majority of those directors present and voting shall be the act of the Board.

Section 2.9. <u>Written Consent</u>. Except as otherwise required by applicable laws and regulations, the Board may act without a meeting by a unanimous written consent by all directors, to be filed with the Secretary of the Association as part of the corporate records.

Section 2.10. <u>Remote Meetings</u>. Members of the Board, or of any committee thereof, may participate in a meeting of such Board or committee by means of conference telephone, video or similar communications equipment by means of which all persons participating in the meeting can hear each other and such participation shall constitute presence in person at such meeting.

Section 2.11. <u>Vacancies</u>. When any vacancy occurs among the directors, the remaining members of the Board may appoint a director to fill such vacancy at any regular meeting of the Board, or at a special meeting called for that purpose.

<u>ARTICLE III</u>

<u>Committees</u>

Section 3.1. <u>Advisory Board of Directors</u>. The Board may appoint persons, who need not be directors, to serve as advisory directors on an advisory board of directors established with respect to the business affairs of either this Association alone or the business affairs of a group of affiliated organizations of which this Association is one. Advisory directors shall have such powers and duties as may be determined by the Board, provided, that the Board's responsibility for the business and affairs of this Association shall in no respect be delegated or diminished.

Section 3.2. <u>Trust Audit Committee</u>. At least once during each calendar year, the Association shall arrange for a suitable audit (by internal or external auditors) of all significant fiduciary activities under the direction of its trust audit committee, a function that will be fulfilled by the Audit Committee of the financial holding company that is the ultimate parent of this Association. The Association shall note the results of the audit (including significant actions taken as a result of the audit) in the minutes of the Board. In lieu of annual audits, the Association may adopt a continuous audit system in accordance with 12 C.F.R. § 9.9(b).

The Audit Committee of the financial holding company that is the ultimate parent of this Association, fulfilling the function of the trust audit committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Must not include any officers of the Association or an affiliate who participate significantly in the administration of the Association's fiduciary activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Must consist of a majority of members who are not also members of any committee to which the Board has delegated power to manage and control the fiduciary activities of the Association.

Section 3.3. <u>Executive Committee</u>. The Board may appoint an Executive Committee which shall consist of at least three directors and which shall have, and may exercise, to the extent permitted by applicable law, all the powers of the Board between meetings of the Board or otherwise when the Board is not meeting.

Section 3.4. <u>Trust Management Committee</u>. The Board of this Association shall appoint a Trust Management Committee to provide oversight of the fiduciary activities of the Association. The Trust Management Committee shall determine policies governing fiduciary activities. The Trust Management Committee or such sub-committees, officers or others as may be duly designated by the Trust Management Committee shall oversee the processes related to fiduciary activities to assure conformity with fiduciary policies it establishes, including ratifying the acceptance and the closing out or relinquishment of all trusts. The Trust Management Committee will provide regular reports of its activities to the Board.

Section 3.5. <u>Other Committees</u>. The Board may appoint, from time to time, committees of one or more persons who need not be directors, for such purposes and with such powers as the Board may determine; however, the Board will not delegate to any committee any powers or responsibilities that it is prohibited from delegating under any law or regulation. In addition, either the Chairman or the President may appoint, from time to time, committees of one or more officers, employees, agents or other persons, for such purposes and with such powers as either the Chairman or the President deems appropriate and proper. Whether appointed by the Board, the Chairman, or the President, any such committee shall at all times be subject to the direction and control of the Board.

Section 3.6. <u>Meetings, Minutes and Rules</u>. An advisory board of directors and/or committee shall meet as necessary in consideration of the purpose of the advisory board of directors or committee, and shall maintain minutes in sufficient detail to indicate actions taken or recommendations made; unless required by the members, discussions, votes or other specific details need not be reported. An advisory board of directors or a committee may, in consideration of its purpose, adopt its own rules for the exercise of any of its functions or authority.

<u>ARTICLE IV</u>

<u>Officers</u>

Section 4.1. <u>Chairman of the Board</u>. The Board may appoint one of its members to be Chairman of the Board to serve at the pleasure of the Board. The Chairman shall supervise the carrying out of the policies adopted or approved by the Board; shall have general executive powers, as well as the specific powers conferred by these Bylaws; and shall also have and may exercise such powers and duties as from time to time may be conferred upon or assigned by the Board.

Section 4.2. <u>President</u>. The Board may appoint one of its members to be President of the Association. In the absence of the Chairman, the President shall preside at any meeting of the Board. The President shall have general executive powers, and shall have and may exercise any and all other powers and duties pertaining by law, regulation or practice, to the office of President, or imposed by these Bylaws. The President shall also have and may exercise such powers and duties as from time to time may be conferred or assigned by the Board.

Section 4.3. <u>Vice President</u>. The Board may appoint one or more Vice Presidents who shall have such powers and duties as may be assigned by the Board and to perform the duties of the President on those occasions when the President is absent, including presiding at any meeting of the Board in the absence of both the Chairman and President.

Section 4.4. <u>Secretary</u>. The Board shall appoint a Secretary, or other designated officer who shall be Secretary of the Board and of the Association, and shall keep accurate minutes of all meetings. The Secretary shall attend to the giving of all notices required by these Bylaws to be given; shall be custodian of the corporate seal, records, documents and papers of the Association; shall provide for the keeping of proper records of all transactions of the Association; shall, upon request, authenticate any records of the Association; shall have and may exercise any and all other powers and duties pertaining by law, regulation or practice, to the Secretary, or imposed by these Bylaws; and shall also perform such other duties as may be assigned from time to time by the Board. The Board may appoint one or more Assistant Secretaries with such powers and duties as the Board, the President or the Secretary shall from time to time determine.

Section 4.5. <u>Other Officers</u>. The Board may appoint, and may authorize the Chairman, the President or any other officer to appoint, any officer as from time to time may appear to the Board, the Chairman, the President or such other officer to be required or desirable to transact the business of the Association. Such officers shall exercise such powers and perform such duties as pertain to their several offices, or as may be conferred upon or assigned to them by these Bylaws, the Board, the Chairman, the President or such other authorized officer. Any person may hold two offices.

Section 4.6. <u>Tenure of Office</u>. The Chairman or the President and all other officers shall hold office until their respective successors are elected and qualified or until their earlier death, resignation, retirement, disqualification or removal from office, subject to the right of the Board or authorized officer to discharge any officer at any time.

<u>ARTICLE V</u>

<u>Stock</u>

Section 5.1. The Board may authorize the issuance of stock either in certificated or in uncertificated form. Certificates for shares of stock shall be in such form as the Board may from time to time prescribe. If the Board issues certificated stock, the certificate shall be signed by the President, Secretary or any other such officer as the Board so determines. Shares of stock shall be transferable on the books of the Association, and a transfer book shall be kept in which all transfers of stock shall be recorded. Every person becoming a shareholder by such transfer shall, in proportion to such person's shares, succeed to all rights of the prior holder of such shares. Each certificate of stock shall recite on its face that the stock represented thereby is transferable only upon the books of the Association properly endorsed. The Board may impose conditions upon the transfer of the stock reasonably calculated to simplify the work of the Association for stock transfers, voting at shareholder meetings, and related matters, and to protect it against fraudulent transfers.

<u>ARTICLE VI</u>

<u>Corporate Seal</u>

Section 6.1. The Association shall have no corporate seal; provided, however, that if the use of a seal is required by, or is otherwise convenient or advisable pursuant to, the laws or regulations of any jurisdiction, the following seal may be used, and the Chairman, the President, the Secretary and any Assistant Secretary shall have the authority to affix such seal:

<u>ARTICLE VII</u>

<u>Miscellaneous Provisions</u>

Section 7.1. <u>Execution of Instruments</u>. All agreements, checks, drafts, orders, indentures, notes, mortgages, deeds, conveyances, transfers, endorsements, assignments, certificates, declarations, receipts, discharges, releases, satisfactions, settlements, petitions, schedules, accounts, affidavits, bonds, undertakings, guarantees, proxies and other instruments or documents may be signed, countersigned, executed, acknowledged, endorsed, verified, delivered or accepted on behalf of the Association, whether in a fiduciary capacity or otherwise, by any officer of the Association, or such employee or agent as may be designated from time to time by the Board by resolution, or by the Chairman or the President by written instrument, which resolution or instrument shall be certified as in effect by the Secretary or an Assistant Secretary of the Association. The provisions of this section are supplementary to any other provision of the Articles of Association or Bylaws.

Section 7.2. <u>Records</u>. The Articles of Association, the Bylaws as revised or amended from time to time and the proceedings of all meetings of the shareholders, the Board, and standing committees of the Board, shall be recorded in appropriate minute books provided for the purpose. The minutes of each meeting shall be signed by the Secretary, or other officer appointed to act as Secretary of the meeting.

Section 7.3. <u>Trust Files</u>. There shall be maintained in the Association files all fiduciary records necessary to assure that its fiduciary responsibilities have been properly undertaken and discharged.

Section 7.4. <u>Trust Investments</u>. Funds held in a fiduciary capacity shall be invested according to the instrument establishing the fiduciary relationship and according to law. Where such instrument does not specify the character and class of investments to be made and does not vest in the Association a discretion in the matter, funds held pursuant to such instrument shall be invested in investments in which corporate fiduciaries may invest under law.

Section 7.5. <u>Notice</u>. Whenever notice is required by the Articles of Association, the Bylaws or law, such notice shall be by mail, postage prepaid, e- mail, in person, or by any other means by which such notice can reasonably be expected to be received, using the address of the person to receive such notice, or such other personal data, as may appear on the records of the Association.

Except where specified otherwise in these Bylaws, prior notice shall be proper if given not more than 30 days nor less than 10 days prior to the event for which notice is given.

<u>ARTICLE VIII</u>

<u>Indemnification</u>

Section 8.1. The Association shall indemnify such persons for such liabilities in such manner under such circumstances and to such extent as permitted by Section 145 of the Delaware General Corporation Law, as now enacted or hereafter amended. The Board may authorize the purchase and maintenance of insurance and/or the execution of individual agreements for the purpose of such indemnification, and the Association shall advance all reasonable costs and expenses (including attorneys' fees) incurred in defending any action, suit or proceeding to all persons entitled to indemnification under this Section 8.1. Such insurance shall be consistent with the requirements of 12 C.F.R. § 7.2014 and shall exclude coverage of liability for a formal order assessing civil money penalties against an institution-affiliated party, as defined at 12 U.S.C. § 1813(u).

Section 8.2. Notwithstanding Section 8.1, however, (a) any indemnification payments to an institution-affiliated party, as defined at 12 U.S.C. § 1813(u), for an administrative proceeding or civil action initiated by a federal banking agency, shall be reasonable and consistent with the requirements of 12 U.S.C. § 1828(k) and the implementing regulations thereunder; and (b) any indemnification payments and advancement of costs and expenses to an institution-affiliated party, as defined at 12 U.S.C. § 1813(u), in cases involving an administrative proceeding or civil action not initiated by a federal banking agency, shall be in accordance with Delaware General Corporation Law and consistent with safe and sound banking practices.

<u>ARTICLE IX</u>

<u>Bylaws: Interpretation and Amendment</u>

Section 9.1. These Bylaws shall be interpreted in accordance with and subject to appropriate provisions of law, and may be added to, altered, amended, or repealed, at any regular or special meeting of the Board.

Section 9.2. A copy of the Bylaws and all amendments shall at all times be kept in a convenient place at the principal office of the Association, and shall be open for inspection to all shareholders during Association hours.

<u>ARTICLE X</u>

<u>Miscellaneous Provisions</u>

Section 10.1. <u>Fiscal Year</u>. The fiscal year of the Association shall begin on the first day of January in each year and shall end on the thirty-first day of December following.

Section 10.2. <u>Governing Law</u>. This Association designates the Delaware General Corporation Law, as amended from time to time, as the governing law for its corporate governance procedures, to the extent not inconsistent with Federal banking statutes and regulations or bank safety and soundness.

\*\*\*

(February 8, 2021)

**<u>Exhibit 6</u>**

**CONSENT**

In accordance with Section 321(b) of the Trust Indenture Act of 1939, the undersigned, U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION hereby consents that reports of examination of the undersigned by Federal, State, Territorial or District authorities may be furnished by such authorities to the Securities and Exchange Commission upon its request therefor.

Dated: December 18, 2025

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| | |
|:---|:---|
| By: | /s/ Bradley E. Scarbrough |
|  | Bradley E. Scarbrough |
|  | Vice President |

---

**<u>Exhibit 7</u>**

**U.S. Bank Trust Company, National Association**

**Statement of Financial Condition**

**as of 9/30/2025**

**($000's)**

---

| | |
|:---|:---|
|  | **9/30/2025** |
| **Assets** | |
| &nbsp;&nbsp;&nbsp;Cash and Balances Due From Depository Institutions | $1949886 |
| &nbsp;&nbsp;&nbsp;Securities | 4656 |
| &nbsp;&nbsp;&nbsp;Federal Funds | 0 |
| &nbsp;&nbsp;&nbsp;Loans & Lease Financing Receivables | 0 |
| &nbsp;&nbsp;&nbsp;Fixed Assets | 713 |
| &nbsp;&nbsp;&nbsp;Intangible Assets | 574611 |
| &nbsp;&nbsp;&nbsp;Other Assets | 162279 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | $**2692145** |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;Deposits | $0 |
| &nbsp;&nbsp;&nbsp;Fed Funds | 0 |
| &nbsp;&nbsp;&nbsp;Treasury Demand Notes | 0 |
| &nbsp;&nbsp;&nbsp;Trading Liabilities | 0 |
| &nbsp;&nbsp;&nbsp;Other Borrowed Money | 0 |
| &nbsp;&nbsp;&nbsp;Acceptances | 0 |
| &nbsp;&nbsp;&nbsp;Subordinated Notes and Debentures | 0 |
| &nbsp;&nbsp;&nbsp;Other Liabilities | 222254 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | $**222254** |
| **Equity** |  |
| &nbsp;&nbsp;&nbsp;Common and Preferred Stock | 200 |
| &nbsp;&nbsp;&nbsp;Surplus | 1171635 |
| &nbsp;&nbsp;&nbsp;Undivided Profits | 1298056 |
| &nbsp;&nbsp;&nbsp;Minority Interest in Subsidiaries | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Equity Capital** | $**2469891** |
| **Total Liabilities and Equity Capital** | $**2692145** |

---

## Exhibit 99.1

**Exhibit 99.1**

**LETTER OF TRANSMITTAL**

**Offer to Exchange**

**$500,000,000** **Aggregate Principal Amount of 5.250% Senior Notes due 2030 of Lineage OP, LP (CUSIP No. 53567Y AB5 and ISIN No. US53567YAB56), Which Have Been Registered Under the Securities Act, for any and all Outstanding 5.250% Senior Notes due 2030 of Lineage OP, LP (Regulation S CUSIP No. U5348A AA2 and ISIN No. USU5348AAA26 and Rule 144A CUSIP No. 53567Y AA7 and ISIN No. US53567YAA73)**

**€700,000,000 Aggregate Principal Amount of 4.125% Senior Notes due 2031 of Lineage Europe Finco B.V. (ISIN No. XS3260287894), Which Have Been Registered Under the Securities Act, for €700,000,000 Aggregate Principal Amount of 4.125% Senior Notes due 2031 of Lineage Europe Finco B.V. (Regulation S ISIN No. XS3237166502 and Rule 144A ISIN No. XS3237166767)**

------

**Pursuant to the Prospectus dated , 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**THE EXCHANGE OFFER WILL EXPIRE AT 11:59 P.M., NEW YORK CITY TIME, ON , 2026, UNLESS EXTENDED (SUCH TIME AND DATE, AS THE SAME MAY BE EXTENDED FROM TIME TO TIME, THE "EXPIRATION DATE"). TENDERS MAY BE WITHDRAWN AT ANY TIME PRIOR TO THE EXPIRATION DATE.**

*The Exchange Agents are:*

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| | |
|:---|:---|
| &nbsp;&nbsp; **U.S. Bank Trust Company, National Association**<br> (the "USD Exchange Agent")<br> **By overnight delivery, courier or hand or certified or registered mail:**<br> U.S. Bank Trust Company, National Association<br> 111 Fillmore Avenue E<br> St. Paul, Minnesota 55107<br> Attention: Corporate Action - Specialized Finance<br> **By facsimile**<br> **(for eligible institutions only):**<br> (651) 466-7367<br> **For information or confirmation by telephone:**<br> (800) 934-6802 | &nbsp;&nbsp; **U.S. Bank Europe DAC**<br> (the "Euro Exchange Agent" and, together with the USD Exchange Agent, the "Exchange Agents" and each, an "Exchange Agent")<br> **By overnight delivery, courier or hand or certified or registered mail:**<br> U.S. Bank Europe DAC<br> Block F1, Cherrywood Business Park<br> Cherrywood, Dublin 18<br> D18 W2X7, Ireland<br> Attention: Relationship Management<br> **By facsimile**<br> **(for eligible institutions only):**<br> +44 (0)207 365 2577<br> **For information or confirmation by telephone:**<br> +44 (0) 207 330 2000 |

---

**DELIVERY OF THIS LETTER OF TRANSMITTAL TO AN ADDRESS OTHER THAN AS SET FORTH ABOVE OR TRANSMISSION TO A FACSIMILE NUMBER OTHER THAN AS SET FORTH ABOVE WILL NOT CONSTITUTE VALID DELIVERY.**

**THE INSTRUCTIONS SET FORTH IN THIS LETTER OF TRANSMITTAL SHOULD BE READ CAREFULLY BEFORE THIS LETTER OF TRANSMITTAL IS COMPLETED.**

By execution hereof, the undersigned acknowledges receipt of the prospectus dated , 2025 (the "Prospectus"), of Lineage OP, LP, a Maryland limited partnership (the "Operating Partnership"), and Lineage Europe Finco B.V., a private limited liability company (*besloten vennootschap met beperkte aansprakelijkheid*) organized under the laws of the Netherlands ("Lineage Europe") and this letter of transmittal and the instructions hereto (the "Letter of Transmittal"), which together constitute the offer to exchange (the "Exchange Offer"), in accordance with the provisions of the Securities Act of 1933, as amended (the "Securities Act"), by the Operating Partnership of up to $500,000,000 aggregate principal amount of its 5.250% Senior Notes due 2030 (the "USD Exchange Notes"), and related guarantees, which have been registered under the Securities Act, for up to $500,000,000 aggregate principal amount of its outstanding 5.250% Senior Notes due 2030 (the "Old USD Notes") and related guarantees and by Lineage Europe of up to €700,000,000 aggregate principal amount of its 4.125% Senior Notes due 2031 (the "Euro Exchange Notes" and, together with the USD Exchange Notes, the "Exchange Notes"), and related guarantees, which have been registered under the Securities Act, for up to €700,000,000 aggregate principal amount of its outstanding 4.125% Senior Notes due 2031 (the "Old Euro Notes" and, together with the Old USD Notes, the "Old Notes"). The terms of the Exchange Notes and related guarantees will be identical in all material respects to the terms of the Old Notes and related guarantees, except that the Exchange Notes will be registered under the Securities Act, and the transfer restrictions, registration rights and certain provisions regarding additional interest relating to Old Notes will not apply to the Exchange Notes. Recipients of the Prospectus should read the requirements described in the Prospectus with respect to eligibility to participate in the Exchange Offer. Capitalized terms used but not defined herein have the meaning given to them in the Prospectus.

**PLEASE READ THIS ENTIRE LETTER OF TRANSMITTAL CAREFULLY BEFORE CHECKING ANY BOX BELOW.**

The Old Euro Notes are held in book-entry form through Euroclear Bank SA/NV ("Euroclear") or Clearstream Banking, S.A. ("Clearstream"). A holder of Old Euro Notes with Euroclear or Clearstream wishing to participate in the Exchange Offer should submit, or arrange to have submitted on its behalf, an electronic exchange instruction (an "Electronic Consent Instruction") through the relevant clearing system in accordance with the procedures of, and within the time limits specified by, the relevant clearing system for receipt by the Euro Exchange Agent. If delivery is made through an Electronic Consent Instruction, Euroclear or Clearstream will send an agent's message to the Euro Exchange Agent. By using the Electronic Consent Instruction procedures to exchange the Old Euro Notes, holders will be deemed to have agreed to the terms of this Letter of Transmittal. For the avoidance of doubt, a holder of Old Euro Notes wishing to participate in the Exchange Offer should not complete this Letter of Transmittal, and should follow the procedures set forth in the section titled "The Exchange Offer—Procedures for Tendering Old Notes—Procedures for Tendering Old Euro Notes" of the Prospectus.

This Letter of Transmittal is to be used by a holder of Old USD Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if certificates representing tendered Old USD Notes are to be forwarded herewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if a tender of certificates for Old USD Notes is to be made by book-entry transfer to the account maintained by the USD Exchange Agent
at the Depository Trust Company ("DTC") pursuant to the procedures set forth in "The Exchange Offer" section of
the Prospectus; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if a tender is made pursuant to the guaranteed delivery procedures in the section of the Prospectus entitled "The Exchange Offer—
Guaranteed Delivery Procedures."

Holders of Old USD Notes that are tendering by book-entry transfer to the account maintained by the USD Exchange Agent at DTC can execute the tender through the Automated Tender Offer Program ("ATOP") for which the Exchange Offer will be eligible. DTC participants that are accepting the Exchange Offer must transmit their acceptance to DTC, which will verify the acceptance and execute a book-entry delivery to the USD Exchange Agent's account at DTC. DTC will then send an agent's message forming part of a book-entry transfer in which the participant agrees to be bound by the terms of the Letter of Transmittal (an "Agent's Message") to the USD Exchange Agent for its acceptance. The term "Agent's Message" means a message which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· is transmitted by DTC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· is received by the USD Exchange Agent and forms part of the book-entry transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· states that DTC has received an express acknowledgment from a participant in DTC that is tendering Old USD Notes that are the subject
of the book-entry transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· states that the participant has received and agrees to be bound by all of the terms of the Letter of Transmittal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· states that the Operating Partnership may enforce the agreement against the participant.

In order to properly complete this Letter of Transmittal, a holder of Old USD Notes must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· complete the box entitled, "Description of Old Notes Tendered;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if appropriate, check and complete the boxes relating to book-entry transfer, guaranteed delivery, Special Issuance Instructions and

Special Delivery Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· sign the Letter of Transmittal by completing the box entitled "Sign Here to Tender Your Old Notes in the Exchange Offer;"
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· complete the Internal Revenue Service ("IRS") Form W-9 attached as Annex A (or provide an appropriate IRS Form W-8,
if applicable). See Instruction 10.

Each holder of Old Notes should carefully read the detailed instructions below prior to completing the Letter of Transmittal.

Holders of Old Notes who desire to tender their Old Notes for exchange, but:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· such holder's Old Notes are not immediately available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· such holder cannot deliver their Old Notes and, in the case of the Old USD Notes, this Letter of Transmittal and all other documents
required hereby, to the applicable Exchange Agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· prior to the Expiration Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· such holder cannot complete the procedures for book-entry transfer prior to the Expiration Date;

may effect a tender according to the guaranteed delivery procedures set forth in this Letter of Transmittal.

**DELIVERY OF DOCUMENTS TO DTC, EUROCLEAR OR CLEARSTREAM DOES NOT CONSTITUTE DELIVERY TO THE APPLICABLE EXCHANGE AGENT. IN ORDER TO ENSURE PARTICIPATION IN THE EXCHANGE OFFER, OLD NOTES MUST BE PROPERLY TENDERED PRIOR TO THE EXPIRATION DATE.**

Holders of Old USD Notes who wish to tender their Old USD Notes for exchange must complete columns (1) through (3) in the box below entitled "Description of Old Notes Tendered," and sign the box below entitled "Sign Here to Tender Your Old Notes in the Exchange Offer." If only those columns are completed, such holder of Old USD Notes will have tendered for exchange all Old USD Notes listed in column (3) below. If the holder of Old USD Notes wishes to tender for exchange less than all of such Old USD Notes, column (4) must be completed in full. In such case, such holder of Old USD Notes should refer to Instruction 5.

The Exchange Offer may be extended, terminated or amended, as provided in the Prospectus. During any such extension of the Exchange Offer, all Old Notes previously tendered and not validly withdrawn pursuant to the Exchange Offer will remain subject to such Exchange Offer.

The undersigned hereby tenders for exchange the Old USD Notes described in the box entitled "Description of Old Notes Tendered" below pursuant to the terms and conditions described in the Prospectus and this Letter of Transmittal.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**DESCRIPTION OF OLD NOTES TENDERED** | &nbsp;&nbsp;**DESCRIPTION OF OLD NOTES TENDERED** | &nbsp;&nbsp;**DESCRIPTION OF OLD NOTES TENDERED** | &nbsp;&nbsp;**DESCRIPTION OF OLD NOTES TENDERED** |
| &nbsp;&nbsp;**(1)<br> Name(s) and Address(es) of registered <br> holder(s) (Please fill in, if blank)** | &nbsp;&nbsp;**(2)<br> Certificate Number(s)** | &nbsp;&nbsp;**(3)<br> Aggregate Principal<br> Amount Represented by <br> Certificate(s) (A)** | &nbsp;&nbsp;**(4)<br> Principal Amount Tendered<br> for Exchange (if less than <br> all) (B)** |
| &nbsp;&nbsp;**Total Principal Amount of Old Notes Tendered** | &nbsp;&nbsp;**Total Principal Amount of Old Notes Tendered** | &nbsp;&nbsp;**Total Principal Amount of Old Notes Tendered** | &nbsp;&nbsp;**Total Principal Amount of Old Notes Tendered** |

---

(A) Unless otherwise indicated in this column, any tendering holder will be deemed to have tendered the entire principal amount represented
by the Old Notes indicated in the column labeled "Aggregate Principal Amount Represented by Certificate(s)."

(B) Old USD Notes tendered must be in minimum denominations of $2,000 in principal amount and integral multiples of $1,000 in excess thereof.
See Instruction 5.

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| | |
|:---|:---|
| ◻ | **CHECK HERE IF TENDERED OLD NOTES ARE ENCLOSED HEREWITH.** |

---

---

| | |
|:---|:---|
| ◻ | **CHECK HERE IF TENDERED OLD NOTES ARE BEING DELIVERED BY DTC TO THE USD EXCHANGE AGENT'S ACCOUNT AT DTC AND COMPLETE THE FOLLOWING:** |

---

---

| |
|:---|
| Name of Tendering Institution: |
| DTC Book-Entry Number: |
| Transaction Code Number: |

---

---

| | |
|:---|:---|
| ◻ | **CHECK HERE IF TENDERED OLD NOTES ARE BEING DELIVERED PURSUANT TO A NOTICE OF GUARANTEED DELIVERY AND COMPLETE THE FOLLOWING (FOR USE BY ELIGIBLE INSTITUTIONS ONLY):** |

---

Name(s) of Registered Holders:  

Window Ticket Number (if any):  

Date of Execution of Notice of Guaranteed Delivery:  

Name of Eligible Guarantor Institution (as defined below) that Guaranteed Delivery:  

Name of Tendering Institution:  

DTC Book-Entry Number:  

Transaction Code Number:  

---

| | |
|:---|:---|
| ◻ | **CHECK HERE IF YOU ARE A BROKER-DEALER WHO HOLDS OLD NOTES ACQUIRED FOR YOUR OWN ACCOUNT AS A RESULT OF MARKET-MAKING OR OTHER TRADING ACTIVITIES AND WISH TO RECEIVE COPIES OF THE PROSPECTUS AND COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO FOR USE IN CONNECTION WITH RESALES OF EXCHANGE NOTES RECEIVED FOR YOUR OWN ACCOUNT IN EXCHANGE FOR SUCH OLD NOTES.** |

---

Name:

Address:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate Principal Amount of Old Notes so Held:

Only registered holders are entitled to tender their Old Notes for exchange in the Exchange Offer. Any financial institution that is a participant in DTC's system and whose name appears on a security position listing as the record owner of the Old Notes and who wishes to make book-entry delivery of Old Notes as described above must complete and execute a participant's letter (which will be distributed to participants by DTC) instructing DTC's nominee to tender such Old Notes for exchange.

Persons who are beneficial owners of Old Notes but are not registered holders and who seek to tender Old Notes should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· promptly contact the registered holder of such Old Notes and instruct such registered holder to tender on his, her or its behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· obtain and include with this Letter of Transmittal, Old Notes properly endorsed for transfer by the registered holder or accompanied
by a properly completed bond power from the registered holder, with signatures on the endorsement or bond power guaranteed by a bank,
broker, dealer, credit union, savings association, clearing agency or other institution, each an "Eligible Guarantor Institution"
that is a member of a recognized signature guarantee medallion program within the meaning of Rule 17Ad-15 under the Exchange Act;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· effect a record transfer of such Old Notes from the registered holder to such beneficial owner and comply with the requirements applicable
to registered holders for tendering Old Notes prior to the Expiration Date.

See the section entitled "The Exchange Offer—Procedures for Tendering Old Notes—Procedures for Tendering Old USD Notes" (with respect to the Old USD Notes) and "The Exchange Offer—Procedures for Tendering Old Notes—Procedures for Tendering Old Euro Notes" (with respect to the Old Euro Notes) in the Prospectus.

In order to exchange Old Euro Notes for New Euro Notes, a holder of Old Euro Notes need not submit this Letter of Transmittal. However, in order for a tender to be considered valid, a holder of Old Euro Notes must deliver an electronic confirmation of acceptance of the Exchange Offer to Euroclear or Clearstream before the deadlines specified in their notifications. A holder of Old Euro Notes wishing to participate in the Exchange Offer should follow the procedures set forth in the section titled "The Exchange Offer—Procedures for Tendering Old Notes—Procedures for Tendering Old Euro Notes" of the Prospectus.

**SIGNATURES MUST BE PROVIDED BELOW.**

**PLEASE READ THE ACCOMPANYING INSTRUCTIONS CAREFULLY.**

Ladies and Gentlemen:

Upon the terms and subject to the conditions of the Exchange Offer, the undersigned hereby tenders to the Operating Partnership for exchange the aggregate principal amount of Old USD Notes or to Lineage Europe for exchange the aggregate principal amount of Old Euro Notes, as applicable, indicated in this Letter of Transmittal. Subject to, and effective upon, the acceptance for exchange of the Old Notes tendered herewith, the undersigned hereby sells, assigns, transfers and exchanges to, or upon the order of, the Operating Partnership or Lineage Europe, as applicable, all right, title and interest in and to all such Old USD Notes or Old Euro Notes, as applicable, tendered for exchange hereby. The undersigned hereby irrevocably constitutes and appoints the applicable Exchange Agent as the true and lawful agent and attorney-in-fact of the undersigned (with full knowledge that the USD Exchange Agent and the Euro Exchange Agent also act as agent of the Operating Partnership and Lineage Europe, respectively) with respect to such Old Notes, with full power of substitution and resubstitution (such power of attorney being deemed to be an irrevocable power coupled with an interest) to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· deliver such Old Notes in registered certificated form, or transfer ownership of such Old Notes through book-entry transfer at the
book-entry transfer facility, to or upon the order of the Operating Partnership or Lineage Europe, as applicable, upon receipt by the
applicable Exchange Agent, as the undersigned's Agent, of the same aggregate principal amount of the Exchange Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· present and deliver such Old Notes for transfer on the books of the Operating Partnership or Lineage Europe, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· receive all benefits or otherwise exercise all rights and incidents of beneficial ownership of such Old Notes, all in accordance with
the terms of the Exchange Offer.

The undersigned represents and warrants that it has full power and authority to tender, sell, assign, exchange, and transfer the Old Notes tendered hereby and that the Operating Partnership or Lineage Europe, as applicable, will acquire good, marketable and unencumbered title to the tendered Old Notes, free and clear of all security interests, liens, restrictions, charges and encumbrances, conditional sale agreements or other obligations relating to their sale or transfer, and not subject to any adverse claim when the same are accepted by the Operating Partnership or Lineage Europe, as applicable. The undersigned also warrants that it will, upon request, execute and deliver any additional documents deemed by the applicable Exchange Agent or the Operating Partnership or Lineage Europe, as applicable, to be necessary or desirable to complete the exchange, assignment and transfer of tendered Old Notes or transfer ownership of such Old Notes on the account books maintained by the book-entry transfer facility. If the undersigned is tendering Old USD Notes, the undersigned further agrees that acceptance of any and all validly tendered Old USD Notes by the Operating Partnership and the issuance of USD Exchange Notes in exchange therefor shall constitute performance in full by the Operating Partnership of its obligations under the registration rights agreement entered into with the initial purchasers named therein on June 17, 2025 (the "USD Registration Rights Agreement"). If the undersigned is tendering Old Euro Notes, the undersigned further agrees that acceptance of any and all validly tendered Old Euro Notes by Lineage Europe and the issuance of Euro Exchange Notes in exchange therefor shall constitute performance in full by Lineage Europe of its obligations under the registration rights agreement entered into with the initial purchasers named therein on November 26, 2025 (the "Euro Registration Rights Agreement" and, together with the USD Registration Rights Agreement, the "Registration Rights Agreements").

By tendering, each holder of Old Notes represents that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Exchange Notes to be acquired in connection with the Exchange Offer by the holder and each beneficial owner of the Old Notes are
being acquired by the holder and each beneficial owner in the ordinary course of business of the holder and each beneficial owner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the holder and each beneficial owner are not participating, do not intend to participate, and have no arrangement or understanding
with any person to participate, in the distribution of the Exchange Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the holder and each beneficial owner acknowledge and agree that any person participating in the Exchange Offer for the purpose of
distributing the Exchange Notes must comply with the registration and prospectus delivery requirements of the Securities Act in connection
with a secondary resale transaction of the Exchange Notes acquired by such person and cannot rely on the position of the staff of the
Securities and Exchange Commission (the "Commission") set forth in the applicable no action letters; see "The Exchange
Offer—Resale of Exchange Notes" in the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if the holder is a broker-dealer that acquired Old Notes as a result of market making or other trading activities, it will comply
with the applicable provisions of the Securities Act and the applicable no action positions of the Commission and it will deliver a prospectus
in connection with any resale of Exchange Notes acquired in the Exchange Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the holder has full corporate (or similar) power and authority to transfer the Old Notes in exchange for the Exchange Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the holder and each beneficial owner understand that a secondary resale transaction described above should either be exempt under
the applicable securities laws or be covered by an effective registration statement containing the selling security holder information
required by Item 507 or 508, as applicable, of Regulation S-K of the Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· neither the holder nor any beneficial owner is an "affiliate," as defined under Rule 144 of the Securities Act, of
the Operating Partnership or Lineage Europe, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· in connection with a book-entry transfer, each participant confirms that it makes the representations and warranties set forth in
this Letter of Transmittal on the date of tender.

The undersigned also acknowledges that the Operating Partnership and Lineage Europe are making this Exchange Offer in reliance on the position of the staff of the Commission, as set forth in several no action letters addressed to third parties in other transactions. Based on the Commission interpretations, the Operating Partnership and Lineage Europe believe that the Exchange Notes issued in exchange for the Old Notes pursuant to the Exchange Offer may be offered for resale, resold and otherwise transferred by holders thereof (other than a broker-dealer who purchased Old Notes directly from the Operating Partnership or Lineage Europe, as applicable, for resale pursuant to Rule 144A under the Securities Act or any other available exemption under the Securities Act or any such holder that is an "affiliate" of the Operating Partnership or Lineage Europe, as applicable, within the meaning of Rule 144 under the provisions of the Securities Act) without further compliance with the registration and prospectus delivery provisions of the Securities Act; provided that such Exchange Notes are acquired in the ordinary course of such holders' business and such holders are not engaged in, and do not intend to engage in, a distribution of such Exchange Notes and have no arrangement with any person to participate in the distribution of such Exchange Notes. However, neither the Operating Partnership nor Lineage Europe intends to request the Commission to consider, and the Commission has not considered, the Exchange Offer in the context of a no action letter, and there can be no assurance that the staff of the Commission would make a similar determination with respect to the Exchange Offer as in other circumstances.

If the undersigned is not a broker-dealer, the undersigned represents that it is not engaged in, and does not intend to engage in, a distribution of Exchange Notes and has no arrangement or understanding to participate in a distribution of Exchange Notes. If any holder is an affiliate of the Operating Partnership or Lineage Europe, as applicable, is engaged in or intends to engage in or has any arrangement or understanding with respect to the distribution of the Exchange Notes to be acquired pursuant to the Exchange Offer, such holder (i) could not rely on the applicable interpretations of the staff of the Commission and (ii) must comply with the registration and prospectus delivery requirements of the Securities Act in connection with any resale transaction. If the undersigned is a broker-dealer that will receive Exchange Notes for its own account in exchange for Old Notes, the undersigned represents that the Old Notes were acquired for its own account as a result of market-making activities or other trading activities and it acknowledges that it will deliver a prospectus meeting the requirements of the Securities Act in connection with any resale of Exchange Notes received in respect of such Old Notes pursuant to the Exchange Offer; however, by so acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit that it is an "underwriter" within the meaning of the Securities Act.

Each of the Operating Partnership and Lineage Europe has agreed that, subject to the provisions of the applicable Registration Rights Agreement, for a period of 180 days after the Expiration Date, the Operating Partnership and Lineage Europe, as applicable, will make the Prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange Notes received in exchange for Old Notes which were acquired by such broker-dealer for its own account as a result of market-making or other trading activities, for a period ending 180 days after the Expiration Date. Pursuant to the terms of each Registration Rights Agreement, the Operating Partnership and Lineage Europe may, upon delivering notice to the holders of notes, suspend the availability of the registration statement of which the Prospectus is a part for certain periods of time under certain circumstances. See "The Exchange Offer—Suspension Actions" in the Prospectus. The Operating Partnership and Lineage Europe may suspend the availability of the registration statement if there is a possible acquisition or business combination or other transaction, business development or event involving the Operating Partnership or its subsidiaries, or Lineage Europe or its subsidiaries, as applicable, that the Operating Partnership or Lineage Europe, as applicable, determines in good faith may require disclosure in the registration statement or Prospectus and the Operating Partnership or Lineage Europe, as applicable, determines that such disclosure is not in its best interest or obtaining any financial statements relating to any such acquisition or business combination required to be included in the registration statement or Prospectus would be impracticable. In connection with any Suspension Action, each holder, including each broker-dealer, who tenders Old Notes and executes this Letter of Transmittal (or delivers an Agent's Message or Electronic Consent Instruction, as the case may be), agrees that, upon receipt of such notice from the Operating Partnership or Lineage Europe, as applicable, such holder will discontinue disposition of the Exchange Notes pursuant to the Prospectus until the date on which it has received a supplemented or amended prospectus for use for such resale, or has been advised by the Operating Partnership or Lineage Europe, as applicable, in writing that the use of the Prospectus may be resumed. If the Operating Partnership or Lineage Europe gives such notice to suspend the sale of the applicable series of Exchange Notes, it shall extend the 180-day period referred to above during which broker-dealers are entitled to use the Prospectus in connection with the resale of such Exchange Notes by the number of days during the period from and including the date of the giving of such notice to and including the date when broker-dealers shall have received copies of the supplemented or amended Prospectus necessary to permit resales of the Exchange Notes or to and including the date on which the Operating Partnership or Lineage Europe, as applicable, has given notice that the sale of the applicable series of Exchange Notes may be resumed, as the case may be (which extension shall be the holder's sole remedy for the occurrence of a Suspension Action).

All authority conferred or agreed to be conferred pursuant to this Letter of Transmittal and every obligation of the undersigned hereunder shall be binding upon the successors, assigns, heirs, executors, administrators, trustees in bankruptcy, and personal and legal representatives of the undersigned and shall not be affected by, and shall survive, the death or incapacity of the undersigned. Old Notes properly tendered may be withdrawn at any time prior to the Expiration Date in accordance with the terms of this Letter of Transmittal.

The Exchange Offer is subject to certain conditions, which may be waived or modified by the Operating Partnership or Lineage Europe (to the extent legally permitted to do so), in whole or in part, at any time and from time to time, prior to the expiration of the Exchange Offer, as described in the Prospectus under the caption "The Exchange Offer—Conditions to the Exchange Offer." The undersigned recognizes that as a result of such conditions neither the Operating Partnership nor Lineage Europe may be required to accept for exchange, or to issue Exchange Notes in exchange for, any of the Old Notes properly tendered hereby. In such event, the tendered Old Notes not accepted for exchange will be returned to the undersigned without cost to the undersigned at the address shown below the undersigned's signature(s) unless otherwise indicated under "Special Issuance Instructions" below.

Unless otherwise indicated under "Special Issuance Instructions" below, please return any certificates representing Old Notes not tendered or not accepted for exchange in the name(s) of the holders appearing under "Description of Old Notes Tendered." Similarly, unless otherwise indicated under "Special Delivery Instructions," please mail any certificates representing Old Notes not tendered or not accepted for exchange (and accompanying documents as appropriate) to the address(es) of the holders appearing under "Description of Old Notes Tendered." In the event that both the "Special Issuance Instructions" and the "Special Delivery Instructions" are completed, please issue the certificates representing the Exchange Notes issued in exchange for the Old Notes accepted for exchange in the name(s) of, and return any Old Notes not tendered or not accepted for exchange to, the person or persons so indicated. Unless otherwise indicated under "Special Issuance Instructions," in the case of a book-entry delivery of Old Notes, please credit the account maintained at DTC with any Old Notes not tendered or not accepted for exchange. The undersigned recognizes that the Operating Partnership does not have any obligation pursuant to the "Special Issuance Instructions," to transfer any Old Notes from the name of the holder thereof if the Operating Partnership does not accept for exchange any of the Old Notes so tendered or if such transfer would not be in compliance with any transfer restrictions applicable to such Old Notes.

**SPECIAL ISSUANCE INSTRUCTIONS<br> (SEE INSTRUCTIONS 1, 6, AND 7)**

To be completed ONLY if (i) Exchange Notes issued in exchange for Old Notes, certificates for Old Notes in a principal amount not exchanged for Exchange Notes, or Old Notes (if any) not tendered for exchange are to be issued in the name of someone other than the undersigned, or (ii) Old Notes tendered by book-entry transfer that are not exchanged are to be returned by credit to an account maintained at DTC other than the account indicated above in the box entitled, "Description of Old Notes Tendered."

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| | |
|:---|:---|
| Issue to: |  |
| Name: |  |
|  | &nbsp;&nbsp;**(Please Print)** |
| Address: |  |
|  | &nbsp;&nbsp;**(Include Zip Code)** |

---

Taxpayer Identification or Social Security Number:  

Credit Old Notes not exchanged and delivered by book-entry transfer to the DTC account set forth below:

**(Account Number)**

**SPECIAL ISSUANCE INSTRUCTIONS<br> (SEE INSTRUCTIONS 1, 6, AND 7)**

To be completed ONLY if the Exchange Notes issued in exchange for Old Notes, certificates for Old Notes in a principal amount not exchanged for Exchange Notes, or Old Notes (if any) not tendered for exchange are to be sent to someone other than the undersigned or to the undersigned at an address other than that shown above in the box entitled, "Description of Old Notes Tendered."

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| | |
|:---|:---|
| Mail to: |  |
| Name: |  |
|  | &nbsp;&nbsp;**(Please Print)** |
| Address: |  |
|  | &nbsp;&nbsp;**(Include Zip Code)** |

---

Taxpayer Identification or Social Security Number:  

**SIGN HERE TO TENDER YOUR OLD NOTES IN THE EXCHANGE OFFER**

**SIGNATURE(S) OF HOLDERS OF OLD NOTES**

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| | |
|:---|:---|
| X | Date: |
| X | Date: |
| Signature of Owner | |

---

This Letter of Transmittal must be signed by the registered holders of Old Notes exactly as the name(s) appear(s) on certificate(s) representing the Old Notes or on a security position listing or by person(s) authorized to become registered holders by certificates and documents transmitted herewith. If signature is by attorney-in-fact, executor, administrator, trustee, guardian, officer of a corporation or other person acting in a fiduciary or representative capacity, please provide the following information and see Instruction 6.

Name(s):   Address:   <br> (Signature of Owner) (Include Zip Code)

Capacity:   Telephone Number:   <br> (Full Title) (Include Area Code)

**GUARANTEE OF SIGNATURE(S)<br> (If required—see Instructions 1 and 6)**

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| | |
|:---|:---|
| Signature (s) Guaranteed by: |  |
|  | (Authorized Signature) |
| <br> (Title of Officer Signing this Guarantee) | <br> (Title of Officer Signing this Guarantee) |
| <br> (Name of Eligible Guarantor Institution Guaranteeing Signatures – Please Print) | <br> (Name of Eligible Guarantor Institution Guaranteeing Signatures – Please Print) |
| <br> (Address and Telephone Number of Eligible Guarantor Institution Guaranteeing Signatures) | <br> (Address and Telephone Number of Eligible Guarantor Institution Guaranteeing Signatures) |

---

Date:

**INSTRUCTIONS**

**Forming Part of the Terms and Conditions of the Exchange Offer**

**1. Guarantee of Signatures**. Signatures on this Letter of Transmittal need not be guaranteed if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· tendered Old Notes are registered in the name of the signer of the Letter of Transmittal, unless such holder has completed either
the box entitled "Special Issuance Instructions" or the box entitled "Special Delivery Instructions;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Exchange Notes to be issued in exchange for the Old Notes are to be issued in the name of the holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any untendered Old Notes are to be reissued in the name of the holder.

In any other case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the certificates representing the tendered Old Notes must be properly endorsed for transfer by the registered holder or be accompanied
by a properly completed bond power from the registered holder or appropriate powers of attorney, in form satisfactory to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the tendered Old Notes must be duly executed by the holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· signatures on the endorsement, bond power or powers of attorney must be guaranteed by an Eligible Guarantor Institution.

If the Exchange Notes and/or Old Notes not exchanged are to be delivered to an address other than that of the registered holder appearing on the note registrar for the Old Notes, the signature in the Letter of Transmittal must be guaranteed by an Eligible Guarantor Institution.

Persons who are beneficial owners of Old Notes but are not the registered holder and who seek to tender Old Notes for exchange should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· promptly contact the registered holder of such Old Notes and instruct such registered holders to tender on his, her or its behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· obtain and include with this Letter of Transmittal, Old Notes properly endorsed for transfer by the registered holder or accompanied
by a properly completed bond power from the registered holder, with signatures on the endorsement or bond power guaranteed by an Eligible
Guarantor Institution; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· effect a record transfer of such Old Notes from the registered holder to such beneficial owner and comply with the requirements applicable
to registered holders for tendering Old Notes prior to the Expiration Date. See Instruction 6.

**DO NOT SEND THIS LETTER OF TRANSMITTAL OR ANY OLD NOTES TO THE OPERATING PARTNERSHIP OR LINEAGE EUROPE.**

**2. Delivery of this Letter of Transmittal and Certificates for Old Notes or Book-Entry Confirmations; Guaranteed Delivery Procedures**. This Letter of Transmittal is to be completed by registered holders if certificates representing Old Notes are to be forwarded herewith. All physically delivered Old Notes, as well as a properly completed and duly executed Letters of Transmittal (or manually signed facsimiles thereof) and any other required documents, must be received by the applicable Exchange Agent at its address set forth on the cover of this Letter of Transmittal prior to the Expiration Date or the tendering holder must comply with the guaranteed delivery procedures set forth below. Delivery of the documents to DTC or Euroclear or Clearstream, as applicable, does not constitute delivery to the applicable Exchange Agent.

**THE METHOD OF DELIVERY OF THIS LETTER OF TRANSMITTAL, OLD NOTES AND ALL OTHER REQUIRED DOCUMENTS TO THE APPLICABLE EXCHANGE AGENT IS AT THE ELECTION AND RISK OF THE HOLDER THEREOF. IF SUCH DELIVERY IS BY MAIL, IT IS SUGGESTED THAT HOLDERS USE PROPERLY INSURED REGISTERED MAIL, RETURN RECEIPT REQUESTED, AND THAT THE MAILING BE SUFFICIENTLY IN ADVANCE OF THE EXPIRATION DATE, TO PERMIT DELIVERY TO THE APPLICABLE EXCHANGE AGENT PRIOR TO SUCH DATE. EXCEPT AS OTHERWISE PROVIDED BELOW, THE DELIVERY WILL BE DEEMED MADE WHEN ACTUALLY RECEIVED OR CONFIRMED BY THE APPLICABLE EXCHANGE AGENT. THIS LETTER OF TRANSMITTAL AND OLD NOTES TENDERED FOR EXCHANGE SHOULD BE SENT ONLY TO THE APPLICABLE EXCHANGE AGENT, NOT TO THE OPERATING PARTNERSHIP OR LINEAGE EUROPE.**

If a holder desires to tender Old Notes pursuant to the Exchange Offer and such holder's Old Notes are (i) not immediately available; (ii) such holder cannot deliver their Old Notes and, in the case of Old USD Notes, this Letter of Transmittal and all other documents required hereby to the applicable Exchange Agent prior to the Expiration Date; or (iii) such holder cannot complete the procedures for book-entry transfer prior to the Expiration Date, such holder may effect a tender of such Old Notes in accordance with the guaranteed delivery procedures set forth in the Prospectus under "The Exchange Offer—Guaranteed Delivery Procedures."

Pursuant to the guaranteed delivery procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· your tender of Old Notes must be made by or through an Eligible Guarantor Institution and you must properly complete and duly execute
a Notice of Guaranteed Delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· prior to the Expiration Date, the applicable Exchange Agent must have received from you and the Eligible Guarantor Institution a properly
completed and duly executed Notice of Guaranteed Delivery (by facsimile transmission, mail or hand delivery) setting forth the name and
address of the holder, the certificate number or numbers of the tendered Old Notes, and the principal amount of tendered Old Notes, stating
that the tender is being made thereby and guaranteeing that, within three (3) business days after the date of delivery of the Notice
of Guaranteed Delivery, the tendered Old Notes, a duly executed Letter of Transmittal (in the case of the Old USD Notes) and any other
required documents, will be deposited by the Eligible Guarantor Institution with the applicable Exchange Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· such properly completed and executed documents required by the Letter of Transmittal, in the case of the Old USD Notes, and the tendered
Old Notes in proper form for transfer (or confirmation of a book-entry transfer of such Old Notes into the USD Exchange Agent's
account at DTC (with respect to the Old USD Notes) or the Euro Exchange Agent's account at Euroclear or Clearstream (with respect
to the Old Euro Notes)) must be received by the applicable Exchange Agent within three (3) business days after the Expiration Date.

Any holder who wishes to tender their Old Notes pursuant to the guaranteed delivery procedures described above must ensure that the applicable Exchange Agent receives the Notice of Guaranteed Delivery relating to such Old Notes prior to 11:59 p.m., New York City time, on the Expiration Date.

Unless Old Notes being tendered by the above-described method are deposited with the applicable Exchange Agent, a tender will be deemed to have been received as of the date when the tendering holder's properly completed and duly signed Letter of Transmittal, or a properly transmitted Agent's Message (in the case of Old USD Notes) or an Electronic Consent Instruction (in the case of Old Euro Notes), accompanied by the Old Notes or a confirmation of book-entry transfer of the Old Notes into the Exchange Agent's account at the book-entry transfer facility is received by the applicable Exchange Agent.

Issuances of Exchange Notes in exchange for Old Notes tendered pursuant to a notice of guaranteed delivery will be made only against deposit of this Letter of Transmittal (in the case of the Old USD Notes) and any other required documents and the tendered Old Notes or a confirmation of book-entry and an Agent's Message.

All tendering holders, by execution of this Letter of Transmittal, waive any right to receive any notice of the acceptance of their Old Notes for exchange.

A holder of Old Euro Notes with Euroclear or Clearstream wishing to participate in the Exchange Offer should submit, or arrange to have submitted on its behalf, an Electronic Consent Instruction through the relevant clearing system in accordance with the procedures of, and within the time limits specified by, the relevant clearing system for receipt by the Euro Exchange Agent. If delivery is made through an Electronic Consent Instruction, Euroclear or Clearstream will send an agent's message to the Euro Exchange Agent. By using the Electronic Consent Instruction procedures to exchange the Old Euro Notes, holders will be deemed to have agreed to the terms of this Letter of Transmittal. Old Euro Notes tendered hereby must be in denominations of €100,000 and any integral multiple €1,000 in excess thereof. For the avoidance of doubt, a holder of Old Euro Notes wishing to participate in the Exchange Offer should not complete this Letter of Transmittal, and should follow the procedures set forth in the section titled "The Exchange Offer—Procedures for Tendering Old Notes—Procedures for Tendering Old Euro Notes" of the Prospectus.

**3. Inadequate Space**. If the space provided in the box entitled "Description of Old Notes Tendered" above is inadequate, the certificate numbers and principal amounts of Old Notes tendered should be listed on a separate signed schedule affixed hereto.

**4. Withdrawal of Tenders**. A tender of Old Notes may be withdrawn at any time prior to the Expiration Date by delivery of written or facsimile (receipt confirmed by telephone) notice of withdrawal to the applicable Exchange Agent at the address set forth on the cover of this Letter of Transmittal. To be effective, a notice of withdrawal must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· specify the name of the person having tendered the Old Notes to be withdrawn (the "Depositor");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· identify the Old Notes to be withdrawn (including the certificate number or numbers and principal amount of such Old Notes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· specify the principal amount of Old Notes to be withdrawn;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· include a statement that such holder is withdrawing his or her election to have such Old Notes exchanged; be signed by the holder
in the same manner as the original signature on the Letter of Transmittal by which such Old Notes were tendered or as otherwise described
above (including any required signature guarantees) or be accompanied by documents of transfer sufficient to have the trustee under the
Indenture register the transfer of such Old Notes into the name of the person withdrawing the tender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· specify the name in which any such Old Notes are to be registered, if different from that of the Depositor.

The applicable Exchange Agent will return the properly withdrawn Old Notes promptly following receipt of notice of withdrawal. If Old Notes have been tendered pursuant to the procedure for book-entry transfer, any notice of withdrawal must specify the name and number of the account at the book-entry transfer facility. All questions as to the validity of notices of withdrawals, including time of receipt, will be determined by the Operating Partnership or Lineage Europe, as applicable, and such determination will be final and binding on all parties.

Any Old Notes so withdrawn will be deemed not to have been validly tendered for exchange for purposes of the Exchange Offer. Any Old Notes that have been tendered for exchange but that are not exchanged for any reason will be returned to the holder thereof without cost to such holder (or, in the case of Old Notes tendered by book-entry transfer into the applicable Exchange Agent's account at the book-entry transfer facility pursuant to the book-entry transfer procedures described above, such Old Notes will be credited to an account with such book-entry transfer facility specified by the holder) as soon as practicable after withdrawal, rejection of tender or termination of the Exchange Offer. Properly withdrawn Old Notes may be re-tendered by following one of the procedures described under the caption "The Exchange Offer—Procedures for Tendering Old Notes—Procedures for Tendering Old USD Notes" (with respect to the Old USD Notes) and "The Exchange Offer—Procedures for Tendering Old Notes—Procedures for Tendering Old Euro Notes" (with respect to the Old Euro Notes) in the Prospectus at any time prior to the Expiration Date.

**5. Partial Tenders (Not Applicable To Holders Of Old Notes That Tender By Book-Entry Transfer)**. Holders may tender some or all of their Old Notes in connection with the Exchange Offer, but only in (i) principal amounts of $2,000 or integral multiples of $1,000 in excess thereof in the case of the Old USD Notes and (ii) principal amounts of €100,000 and integral multiples of €1,000 in excess thereof in the case of the Old Euro Notes. Holders who tender less than all of their Old USD Notes must continue to hold Old USD Notes in at least a minimum denomination of $2,000. Holders who tender less than all of their Old Euro Notes must continue to hold Old Euro Notes in at least a minimum denomination of €100,000.

If a tender for exchange is to be made with respect to less than the entire principal amount of Old Notes, fill in the principal amount of Old Notes to be tendered for exchange in column (4) of the box entitled "Description of Old Notes Tendered," as more fully described in the footnotes thereto. In the case of a partial tender for exchange, a new certificate, in fully registered form, for the remainder of the principal amount of the Old Notes, will be sent to the holders of Old Notes unless otherwise indicated in the boxes entitled "Special Issuance Instructions" or "Special Delivery Instructions" above, as soon as practicable after the expiration or termination of the Exchange Offer.

**6. Signatures on This Letter of Transmittal; Bond Powers and Endorsements**. If this Letter of Transmittal is signed by the registered holder of the Old Notes tendered for exchange hereby, the signature(s) must correspond exactly with the name(s) as written on the face of the certificate(s) without alteration, enlargement or any change whatsoever.

If any of the Old Notes tendered hereby are owned of record by two or more joint owners, all such owners must sign this Letter of Transmittal. If any tendered Old Notes are registered in different names on several certificates, it will be necessary to complete, sign and submit as many separate copies of this Letter of Transmittal and any necessary or required documents as there are names in which certificates are held.

If this Letter of Transmittal or any certificates or bond powers are signed by trustees, executors, administrators, guardians, attorneys-in-fact, officers of corporations or others acting in a fiduciary or representative capacity, such persons should so indicate when signing, and proper evidence satisfactory to the Operating Partnership or Lineage Europe, as applicable, of their authority so to act must be submitted, unless waived by the Operating Partnership or Lineage Europe, as applicable.

If this Letter of Transmittal is signed by the registered holder of the Old Notes listed and transmitted hereby, no endorsements of certificates or separate bond powers are required unless certificates for Old Notes not tendered or not accepted for exchange are to be issued or returned in the name of a person other than for the registered holder thereof. Signatures on such certificates must be guaranteed by an Eligible Guarantor Institution (unless signed by an Eligible Guarantor Institution).

**7. Special Issuance and Delivery Instructions**. Tendering holders of Old Notes should indicate in the applicable box the name and address to which the Exchange Notes issued pursuant to the Exchange Offer and any substitute certificates evidencing the Old Notes not exchanged are to be issued or sent, if different from the name or address of the person signing this Letter of Transmittal. In the case of issuance in a different name, the Employer Identification or Social Security Number of the person named must also be indicated. A holder of Old Notes tendering Old Notes by book-entry transfer may request that the Exchange Notes and the Old Notes not exchanged be credited to such account maintained at the book-entry transfer facility as such holder of Old Notes may designate. If no such instructions are given, such Exchange Notes and Old Notes not exchanged will be returned to the name or address of the person signing this Letter of Transmittal or credited to the account listed beneath the box entitled "Description of Old Notes."

**8. Irregularities**. All questions as to the forms of all documents and the validity of (including time of receipt) and acceptance of the tenders and withdrawals of Old Notes will be determined by the Operating Partnership or Lineage Europe, as applicable, in its sole discretion, which determination shall be final and binding. The Operating Partnership and Lineage Europe reserve the absolute right to reject any or all tenders of Old Notes that are not in proper form or the acceptance of which would, in the Operating Partnership's or Lineage Europe's, as applicable, opinion or the judgment of the Operating Partnership's or Lineage Europe's counsel, be unlawful. The Operating Partnership and Lineage Europe also reserve the right to waive any defects, irregularities or conditions of tender as to particular Old Notes. The Operating Partnership's and Lineage Europe's interpretations of the terms and conditions of the Exchange Offer (including the instructions in this Letter of Transmittal) will be final and binding. Any defect or irregularity in connection with tenders of Old Notes must be cured within such time as the Operating Partnership or Lineage Europe, as applicable, determines, unless waived by the Operating Partnership or Lineage Europe, as applicable. Tenders of Old Notes shall not be deemed to have been made until all defects or irregularities have been waived by the Operating Partnership or Lineage Europe, as applicable, or cured. Neither the Operating Partnership, Lineage Europe, any Exchange Agent, nor any other person will be under any duty to give notice of any defects or irregularities in tenders of Old Notes, or will incur any liability to registered holders of Old Notes for failure to give such notice.

**9. Waiver of Conditions**. To the extent permitted by applicable law, the Operating Partnership and Lineage Europe reserve the right to waive any and all conditions to the Exchange Offer as described under "The Exchange Offer—Conditions to the Exchange Offer" in the Prospectus, and accept for exchange any Old Notes tendered.

**10. Important Tax Information**. Payments made under the notes may be subject to information reporting and backup withholding of U.S. federal income tax, currently at a rate of 24%. To avoid backup withholding and penalties, U.S. holders who do not otherwise establish an exemption should complete and return the enclosed IRS Form W-9, certifying that such holder is a U.S. person, that the taxpayer identification number ("TIN") provided is correct, and that such holder is not subject to backup withholding. Non-U.S. holders may be required to complete and submit an IRS Form W-8BEN, IRS Form W- 8BEN-E or other applicable IRS Form W-8, available on the IRS website, signed under penalties of perjury, attesting to the holder's foreign status. If you provide an incorrect TIN or you are a U.S. holder that fails to provide the information requested on IRS Form W-9, you may be subject to penalties imposed by the IRS.

Backup withholding is not an additional tax. Taxpayers may be able to use amounts withheld as a credit against their U.S. federal income tax liability or may claim a refund of any excess amounts withheld by timely filing a claim for refund with the IRS. Holders are encouraged to consult with their own tax advisors regarding compliance with the backup withholding rules.

**11. Mutilated, Lost, Stolen or Destroyed Old Notes**. Any holder whose Old Notes have been mutilated, lost, stolen or destroyed should contact the applicable Exchange Agent at the address or telephone number set forth on the cover of this Letter of Transmittal for further instructions.

**12. Requests for Assistance or Additional Copies**. Requests for assistance relating to the procedure for tendering, as well as requests for additional copies of the Prospectus, this Letter of Transmittal (including the IRS Form W-9) and the Notice of Guaranteed Delivery may be directed to the applicable Exchange Agent at its address set forth on the cover of this Letter of Transmittal.

**13. No Conditional Tenders**. No alternative, conditional, irregular or contingent tenders will be accepted. All tendering holders of Old Notes, by execution of this Letter of Transmittal or acceptance of its terms (including through submission of an Electronic Consent Instruction), shall waive any right to receive notice of the acceptance of their Old Notes for exchange.

**14. No Notice of Defect**. Neither the Operating Partnership, Lineage Europe, any Exchange Agent nor any other person is obligated to give notice of any defect or irregularity with respect to any tender of Old Notes nor shall any of them incur any liability for failure to give any such notice.

**IMPORTANT—This Letter of Transmittal, together with certificates for tendered Old Notes and all other required documents, with any required signature guarantees and all other required documents must be received by the applicable Exchange Agent prior to the Expiration Date.**

## Exhibit 99.2

**Exhibit 99.2**

**NOTICE OF GUARANTEED DELIVERY FOR**

**Offer to Exchange**

**$500,000,000** **Aggregate Principal Amount of 5.250% Senior Notes due 2030 of Lineage OP, LP (CUSIP No. 53567Y AB5 and ISIN No. US53567YAB56), Which Have Been Registered Under the Securities Act, for $500,000,000 Aggregate Principal Amount of 5.250% Senior Notes due 2030 of Lineage OP, LP (Regulation S CUSIP No. U5348A AA2 and ISIN No. USU5348AAA26 and Rule 144A CUSIP No. 53567Y AA7 and ISIN No. US53567YAA73)**

**€700,000,000 Aggregate Principal Amount of 4.125% Senior Notes due 2031 of Lineage Europe Finco B.V. (ISIN No. XS3260287894), Which Have Been Registered Under the Securities Act, for €700,000,000 Aggregate Principal Amount of 4.125% Senior Notes due 2031 of Lineage Europe Finco B.V. (Regulation S ISIN No. XS3237166502 and Rule 144A ISIN No. XS3237166767)**

------

**Pursuant to the Prospectus dated , 2026**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**THE EXCHANGE OFFER WILL EXPIRE AT 11:59 P.M., NEW YORK CITY TIME, ON , 2026, UNLESS EXTENDED (SUCH TIME AND DATE, AS THE SAME MAY BE EXTENDED FROM TIME TO TIME, THE "EXPIRATION DATE"). TENDERS MAY BE WITHDRAWN AT ANY TIME PRIOR TO THE EXPIRATION DATE.**

*The Exchange Agents are:*

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| | |
|:---|:---|
| &nbsp;&nbsp; **U.S. Bank Trust Company, National Association**<br> (the "USD Exchange Agent")<br> **By overnight delivery, courier or hand or certified or registered mail:**<br> U.S. Bank Trust Company, National Association<br> 111 Fillmore Avenue E<br> St. Paul, Minnesota 55107<br> Attention: Corporate Action - Specialized Finance<br> **By facsimile**<br> **(for eligible institutions only):**<br> (651) 466-7367<br> **For information or confirmation by telephone:**<br> (800) 934-6802 | &nbsp;&nbsp; **U.S. Bank Europe DAC**<br> (the "Euro Exchange Agent" and, together with the USD Exchange Agent, the "Exchange Agents" and each, an "Exchange Agent")<br> **By overnight delivery, courier or hand or certified or registered mail:**<br> U.S. Bank Europe DAC<br> Block F1, Cherrywood Business Park<br> Cherrywood, Dublin 18<br> D18 W2X7, Ireland<br> Attention: Relationship Management<br> **By facsimile**<br> **(for eligible institutions only):**<br> +44 (0)207 365 2577<br> **For information or confirmation by telephone:**<br> +44 (0) 207 330 2000 |

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**DELIVERY OF THIS NOTICE OF GUARANTEED DELIVERY TO AN ADDRESS OTHER THAN AS SET FORTH ABOVE OR TRANSMISSION TO A FACSIMILE NUMBER OTHER THAN AS SET FORTH ABOVE WILL NOT CONSTITUTE VALID DELIVERY.**

**THIS FORM IS NOT TO BE USED TO GUARANTEE SIGNATURES. IF A SIGNATURE ON THE LETTER OF TRANSMITTAL IS REQUIRED TO BE GUARANTEED BY AN "ELIGIBLE GUARANTOR INSTITUTION" UNDER THE INSTRUCTIONS THERETO, SUCH SIGNATURE GUARANTEE MUST APPEAR IN THE APPLICABLE SPACE PROVIDED IN THE LETTER OF TRANSMITTAL.**

This form or one substantially equivalent hereto must be used by a holder of (i) the 5.250% Senior Notes due 2030 that were issued on June 17, 2025 (the "Old USD Notes") by Lineage OP, LP, a Maryland limited partnership (the "Operating Partnership"), to accept the Operating Partnership's offer to exchange (the "USD Exchange Offer"), in accordance with the provisions of the Securities Act of 1933, as amended (the "Securities Act"), up to $500,000,000 aggregate principal amount of its 5.250% Senior Notes due 2030 (the "USD Exchange Notes") and related guarantees, which have been registered under the Securities Act, for up to $500,000,000 aggregate principal amount of its outstanding Old USD Notes and related guarantees made pursuant to the Prospectus dated , 2026 (the "Prospectus") and the related Letter of Transmittal and the instructions thereto (the "Letter of Transmittal") and (ii) the 4.125% Senior Notes due 2031 that were issued on November 26, 2025 (the "Old Euro Notes" and, together with the Old USD Notes, the "Old Notes") by Lineage Europe Finco B.V., a private limited liability company (*besloten vennootschap met beperkte aansprakelijkheid*) organized under the laws of the Netherlands ("Lineage Europe" and, together with the Operating Partnership, the "Issuers" and each an "Issuer"), to accept Lineage Europe's offer to exchange (together with the USD Exchange Offer, the "Exchange Offer"), in accordance with the provisions of the Securities Act, up to €700,000,000 aggregate principal amount of its 4.125% Senior Notes due 2031 (the "Euro Exchange Notes" and, together with the USD Exchange Notes, the "Exchange Notes") and related guarantees, which have been registered under the Securities Act, for up to €700,000,000 aggregate principal amount of its outstanding Old Euro Notes and related guarantees made pursuant to the Prospectus, if (i) such holder's Old Notes are not immediately available, (ii) such holder cannot deliver its Old Notes, and in the case of the Old USD Notes, the Letter of Transmittal and all other documents required thereby, to the applicable Exchange Agent prior to the Expiration Date or (iii) such holder cannot complete the procedures for book-entry transfer prior to the Expiration Date. This form may be delivered by mail or hand delivery or transmitted, via facsimile, to the applicable Exchange Agent as set forth above. Capitalized terms used but not defined herein shall have the meaning given to them in the Prospectus or the Letter of Transmittal.

Ladies and Gentlemen:

The undersigned hereby tenders to the applicable Issuer upon the terms and subject to the conditions set forth in the Prospectus and the related Letter of Transmittal (receipt of which is hereby acknowledged) the aggregate principal amount of Old Notes specified below pursuant to the guaranteed delivery procedures set forth in the Prospectus and, in the case of the Old USD Note, in Instruction 2 of the Letter of Transmittal.

By so tendering the Old USD Notes, the undersigned does hereby make, at and as of the date hereof, the representations and warranties of a tendering holder of Old USD Notes set forth in the Letter of Transmittal.

The undersigned understands that tenders of Old USD Notes may be withdrawn pursuant to Instruction 4 of the Letter of Transmittal.

All authority conferred or agreed to be conferred by this Notice of Guaranteed Delivery shall not be affected by, and shall survive, the death or incapacity of the undersigned, and every obligation of the undersigned under this Notice of Guaranteed Delivery shall be binding upon the heirs, executors, administrators, trustees in bankruptcy, personal and legal representatives, successors and assigns of the undersigned.

The undersigned hereby tenders the Old USD Notes listed below:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name(s), Address(es) and Telephone Number(s) of Registered Holder(s)** | &nbsp;&nbsp;**Certificate Number(s)** | &nbsp;&nbsp;**Aggregate Principal Amount of<br> Old USD Notes Tendered (if less<br> than all)** |
| &nbsp;&nbsp;**Total Principal Amount of Old USD Notes Tendered** | &nbsp;&nbsp;**Total Principal Amount of Old USD Notes Tendered** |  |

---

If Old USD Notes will be delivered by book-entry transfer to the Depository Trust Company ("DTC"), please provide the account number.

Account number: _____________________________

The undersigned hereby tenders the Old Euro Notes listed below:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name(s), Address(es) and Telephone Number(s) of Registered Holder(s)** | &nbsp;&nbsp;**Certificate Number(s)** | &nbsp;&nbsp;**Aggregate Principal Amount of<br> Old Euro Notes Tendered (if less<br> than all)** |
| &nbsp;&nbsp;**Total Principal Amount of Old Euro Notes Tendered** | &nbsp;&nbsp;**Total Principal Amount of Old Euro Notes Tendered** |  |

---

If Old Euro Notes will be delivered by book-entry transfer to either Clearstream Banking, S.A. ("Clearstream") or Euroclear Bank SA/NV ("Euroclear"), please provide the account number.

Clearstream Account number (if applicable): _______

Euroclear Account number (if applicable): _______

[*Signature Page Follows*]

**PLEASE SIGN AND COMPLETE**

X   Date:   <br> X   Date:   <br> Signature(s) of Registered Holder or Authorized Signatory

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Notice of Guaranteed Delivery must be signed by the registered holders of Old Notes exactly as their name(s) appear(s) on certificate(s) representing the Old Notes or on a security position listing or by person(s) authorized to become registered holders by certificates and documents transmitted herewith.

If signature is by attorney-in-fact, executor, administrator, trustee, guardian, officer of a corporation or other person acting in a fiduciary or representative capacity, please provide the following information. See Instruction 2.

**PLEASE PRINT NAME(S) AND ADDRESS(ES)**

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| | | | |
|:---|:---|:---|:---|
| Name(s): | | Address: | |
| Capacity: | |  | |
|  | (Full Title) |  | |
|  |  |  | (Include Zip Code) |

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Name(s):   Telephone Number:   <br> Capacity: (Include Area Code) <br> (Full Title)

**THE ACCOMPANYING GUARANTEE MUST BE COMPLETED.**

**GUARANTEE<br> (NOT TO BE USED FOR SIGNATURE GUARANTEE)**

The undersigned, a participant in the Securities Transfer Agents Medallion Program, the New York Stock Exchange Medallion Signature Program or the Stock Exchanges Medallion Program or any other bank, broker, dealer, credit union, savings association, clearing agency or other institution, each an "Eligible Guarantor Institution" that is a member of a recognized signature guarantee medallion program within the meaning of Rule 17Ad-15 under the Exchange Act of 1934, as amended ("Exchange Act"), hereby (i) represents that the above-named persons are deemed to own the Old Notes tendered hereby within the meaning of Rule 14e-4 promulgated under the Exchange Act ("Rule 14e-4"), (ii) represents that such tender of Old Notes complies with Rule 14e-4 and (iii) guarantees that the Old Notes tendered hereby in proper form for transfer or confirmation of book-entry transfer of such Old Notes into the applicable Exchange Agent's account at the book-entry transfer facility, in each case together with a properly completed and duly executed Letter of Transmittal (or manually signed facsimile thereof) (in the case of the Old USD Notes) with any required signature guarantees and any other documents required by the Letter of Transmittal (in the case of the Old USD Notes), will be received by the applicable Exchange Agent at the address set forth above within three (3) business days after the date of execution hereof.

The Eligible Guarantor Institution that completes this form must communicate the guarantee to the applicable Exchange Agent and, in the case of the Old USD Notes, must deliver the Letter of Transmittal to the applicable Exchange Agent within the time period shown herein. Failure to do so could result in a financial loss to such Eligible Guarantor Institution.

**PLEASE PRINT NAME(S) AND ADDRESS(ES)**

---

| | | | |
|:---|:---|:---|:---|
| Name of Firm: |  | Address: |  |
| By: |  |  |  |
|  | Authorized Signature |  |  |
|  |  |  | (Include Zip Code) |

---

Name(s):   Telephone Number:   <br> Capacity: (Include Area Code) <br> (Full Title) Date:  

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**DO NOT SEND OLD NOTES WITH THIS FORM. OLD NOTES SHOULD BE SENT TO THE APPLICABLE EXCHANGE AGENT TOGETHER WITH A PROPERLY COMPLETED AND DULY EXECUTED LETTER OF TRANSMITTAL IN THE CASE OF OLD USD NOTES.**

**INSTRUCTIONS**

**1.** **DELIVERY OF THIS NOTICE OF GUARANTEED DELIVERY.**

A properly completed and duly executed copy of this Notice of Guaranteed Delivery and any other documents required by this Notice of Guaranteed Delivery must be received by the applicable Exchange Agent at its address set forth herein prior to the Expiration Date. The method of delivery of this Notice of Guaranteed Delivery and any other required documents to the applicable Exchange Agent is at the election and sole risk of the holder, and the delivery will be deemed made only when actually received by the applicable Exchange Agent. If delivery is by mail, registered mail with return receipt requested, properly insured, is recommended. As an alternative to delivery by mail, the holders may wish to consider using an overnight or hand delivery service. In all cases, sufficient time should be allowed to assure timely delivery.

**2. SIGNATURES ON THIS NOTICE OF GUARANTEED DELIVERY.**

If this Notice of Guaranteed Delivery is signed by the registered holder of the Old Notes tendered for exchange hereby, the signature(s) must correspond exactly with the name(s) as written on the face of the certificate without alteration, enlargement, or any change whatsoever. If this Notice of Guaranteed Delivery is signed by a participant of DTC, Clearstream or Euroclear, as applicable, whose name appears on a security position listing as the owner of the Old Notes, the signature must correspond with the name shown on the security position listing as the owner of the Old Notes.

If this Notice of Guaranteed Delivery is signed by a person other than the registered holder of the Old Notes or a participant of DTC, Clearstream or Euroclear, the certificates representing such Old Notes must be properly endorsed for transfer by the registered holder or be accompanied by a properly completed bond power from the registered holder or appropriate powers of attorney, in any case signed by such registered holder exactly as the name(s) of the registered holder of the Old Notes appear(s) on the certificates. Signatures on the endorsement or bond power must be guaranteed by an Eligible Guarantor Institution (unless signed by an Eligible Guarantor Institution).

If this Notice of Guaranteed Delivery is signed by trustees, executors, administrators, guardians, attorneys-in-fact, officers of corporations or others acting in a fiduciary or representative capacity, such persons should so indicate when signing, and proper evidence satisfactory to the applicable Issuer of its authority so to act must be submitted, unless waived by the applicable Issuer.

**3. REQUESTS FOR ASSISTANCE OR ADDITIONAL COPIES.**

Requests for assistance relating to the procedure for tendering, as well as requests for additional copies of the Prospectus and the Notice of Guaranteed Delivery may be directed to the applicable Exchange Agent at its address set forth on the cover of this Notice of Guaranteed Delivery.

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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-4**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Lineage, Inc.**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation or Carry Forward 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;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Debt | 5.250% Senior Notes due 2030 | Other | 500000000 | $500000000.00 | 0.0001381 | $69050.00 |
| Fees to be Paid | 2 | Other | Guarantees of 5.250% Senior Notes due 2030 | Other |  |  | 0.0001381 | $0.00 |
| Fees to be Paid | 3 | Debt | 4.125% Senior Notes due 2031 | Other | 821170000 | $821170000.00 | 0.0001381 | $113403.58 |
| Fees to be Paid | 4 | Other | Guarantees of 4.125% Senior Notes due 2031 | Other |  |  | 0.0001381 | $0.00 |
| Fees Previously Paid |  |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $1321170000.00  |  | $182453.58  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  | $0.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  | $182453.58  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup>  | Rule 457(f) Fee Calculation Details <br>Calculated pursuant to Rule 457(f) under the Securities Act of 1933, as amended (the "Securities Act"). Represents the aggregate principal amount of Lineage OP, LP's new 5.250% Senior Notes due 2030 to be offered in the exchange offer to which this registration statement relates. The 5.250% Senior Notes due 2030 are being issued by Lineage OP, LP. | Rule 457(f) Fee Calculation Details <br>Calculated pursuant to Rule 457(f) under the Securities Act of 1933, as amended (the "Securities Act"). Represents the aggregate principal amount of Lineage OP, LP's new 5.250% Senior Notes due 2030 to be offered in the exchange offer to which this registration statement relates. The 5.250% Senior Notes due 2030 are being issued by Lineage OP, LP. | Rule 457(f) Fee Calculation Details <br>Calculated pursuant to Rule 457(f) under the Securities Act of 1933, as amended (the "Securities Act"). Represents the aggregate principal amount of Lineage OP, LP's new 5.250% Senior Notes due 2030 to be offered in the exchange offer to which this registration statement relates. The 5.250% Senior Notes due 2030 are being issued by Lineage OP, LP. | Rule 457(f) Fee Calculation Details <br>Calculated pursuant to Rule 457(f) under the Securities Act of 1933, as amended (the "Securities Act"). Represents the aggregate principal amount of Lineage OP, LP's new 5.250% Senior Notes due 2030 to be offered in the exchange offer to which this registration statement relates. The 5.250% Senior Notes due 2030 are being issued by Lineage OP, LP. | Rule 457(f) Fee Calculation Details <br>Calculated pursuant to Rule 457(f) under the Securities Act of 1933, as amended (the "Securities Act"). Represents the aggregate principal amount of Lineage OP, LP's new 5.250% Senior Notes due 2030 to be offered in the exchange offer to which this registration statement relates. The 5.250% Senior Notes due 2030 are being issued by Lineage OP, LP. | Rule 457(f) Fee Calculation Details <br>Calculated pursuant to Rule 457(f) under the Securities Act of 1933, as amended (the "Securities Act"). Represents the aggregate principal amount of Lineage OP, LP's new 5.250% Senior Notes due 2030 to be offered in the exchange offer to which this registration statement relates. The 5.250% Senior Notes due 2030 are being issued by Lineage OP, LP. |
|  | Amount of Securities to be Received or Cancelled | Value per Share of Securities to be Received or Cancelled | Total Value of Securities to be Received or Cancelled | Cash Consideration Received by the registrant | Cash Consideration (Paid) by the registrant | Maximum Aggregate Offering Price |
|  | 500000000 | $1.00 | $500000000.00 |  |  | $500000000.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>2</sup>  | See Offering Note 1. Pursuant to Rule 457(n) under the Securities Act, no separate filing fee is required for the guarantees of the 5.250% Senior Notes due 2030. The guarantees are being issued by Lineage, Inc., Lineage Logistics Holdings, LLC, Lineage Logistics, LLC, Lineage Logistics Services, LLC, Lineage Logistics Canada Holdings, LLC, Lineage AUS RE Holdings, LLC, Columbia Colstor, Inc., Lineage Columbia Mezz, LLC, Lineage Logistics MTC, LLC, Lineage WA Columbia RE, LLC, Lineage Europe Finco B.V., Lineage Treasury Europe B.V., Boreas Logistics Holdings B.V., Lineage Logistics Canada Holdings Ltd. and Emergent Cold Midco Pty Ltd. (ACN 622 098 293). | See Offering Note 1. Pursuant to Rule 457(n) under the Securities Act, no separate filing fee is required for the guarantees of the 5.250% Senior Notes due 2030. The guarantees are being issued by Lineage, Inc., Lineage Logistics Holdings, LLC, Lineage Logistics, LLC, Lineage Logistics Services, LLC, Lineage Logistics Canada Holdings, LLC, Lineage AUS RE Holdings, LLC, Columbia Colstor, Inc., Lineage Columbia Mezz, LLC, Lineage Logistics MTC, LLC, Lineage WA Columbia RE, LLC, Lineage Europe Finco B.V., Lineage Treasury Europe B.V., Boreas Logistics Holdings B.V., Lineage Logistics Canada Holdings Ltd. and Emergent Cold Midco Pty Ltd. (ACN 622 098 293). | See Offering Note 1. Pursuant to Rule 457(n) under the Securities Act, no separate filing fee is required for the guarantees of the 5.250% Senior Notes due 2030. The guarantees are being issued by Lineage, Inc., Lineage Logistics Holdings, LLC, Lineage Logistics, LLC, Lineage Logistics Services, LLC, Lineage Logistics Canada Holdings, LLC, Lineage AUS RE Holdings, LLC, Columbia Colstor, Inc., Lineage Columbia Mezz, LLC, Lineage Logistics MTC, LLC, Lineage WA Columbia RE, LLC, Lineage Europe Finco B.V., Lineage Treasury Europe B.V., Boreas Logistics Holdings B.V., Lineage Logistics Canada Holdings Ltd. and Emergent Cold Midco Pty Ltd. (ACN 622 098 293). | See Offering Note 1. Pursuant to Rule 457(n) under the Securities Act, no separate filing fee is required for the guarantees of the 5.250% Senior Notes due 2030. The guarantees are being issued by Lineage, Inc., Lineage Logistics Holdings, LLC, Lineage Logistics, LLC, Lineage Logistics Services, LLC, Lineage Logistics Canada Holdings, LLC, Lineage AUS RE Holdings, LLC, Columbia Colstor, Inc., Lineage Columbia Mezz, LLC, Lineage Logistics MTC, LLC, Lineage WA Columbia RE, LLC, Lineage Europe Finco B.V., Lineage Treasury Europe B.V., Boreas Logistics Holdings B.V., Lineage Logistics Canada Holdings Ltd. and Emergent Cold Midco Pty Ltd. (ACN 622 098 293). | See Offering Note 1. Pursuant to Rule 457(n) under the Securities Act, no separate filing fee is required for the guarantees of the 5.250% Senior Notes due 2030. The guarantees are being issued by Lineage, Inc., Lineage Logistics Holdings, LLC, Lineage Logistics, LLC, Lineage Logistics Services, LLC, Lineage Logistics Canada Holdings, LLC, Lineage AUS RE Holdings, LLC, Columbia Colstor, Inc., Lineage Columbia Mezz, LLC, Lineage Logistics MTC, LLC, Lineage WA Columbia RE, LLC, Lineage Europe Finco B.V., Lineage Treasury Europe B.V., Boreas Logistics Holdings B.V., Lineage Logistics Canada Holdings Ltd. and Emergent Cold Midco Pty Ltd. (ACN 622 098 293). | See Offering Note 1. Pursuant to Rule 457(n) under the Securities Act, no separate filing fee is required for the guarantees of the 5.250% Senior Notes due 2030. The guarantees are being issued by Lineage, Inc., Lineage Logistics Holdings, LLC, Lineage Logistics, LLC, Lineage Logistics Services, LLC, Lineage Logistics Canada Holdings, LLC, Lineage AUS RE Holdings, LLC, Columbia Colstor, Inc., Lineage Columbia Mezz, LLC, Lineage Logistics MTC, LLC, Lineage WA Columbia RE, LLC, Lineage Europe Finco B.V., Lineage Treasury Europe B.V., Boreas Logistics Holdings B.V., Lineage Logistics Canada Holdings Ltd. and Emergent Cold Midco Pty Ltd. (ACN 622 098 293). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>3</sup>  | Rule 457(f) Fee Calculation Details <br>Calculated pursuant to Rule 457(f) under the Securities Act of 1933, as amended (the "Securities Act"). Represents the aggregate principal amount of Lineage Europe Finco B.V.'s new 4.125% Senior Notes due 2031 to be offered in the Exchange Offer. The 4.125% Senior Notes due 2031 are being issued by Lineage Europe Finco B.V. Amounts are based on the December 12, 2025 euro/U.S. dollar exchange rate of EUR1.00 = $1.1731. | Rule 457(f) Fee Calculation Details <br>Calculated pursuant to Rule 457(f) under the Securities Act of 1933, as amended (the "Securities Act"). Represents the aggregate principal amount of Lineage Europe Finco B.V.'s new 4.125% Senior Notes due 2031 to be offered in the Exchange Offer. The 4.125% Senior Notes due 2031 are being issued by Lineage Europe Finco B.V. Amounts are based on the December 12, 2025 euro/U.S. dollar exchange rate of EUR1.00 = $1.1731. | Rule 457(f) Fee Calculation Details <br>Calculated pursuant to Rule 457(f) under the Securities Act of 1933, as amended (the "Securities Act"). Represents the aggregate principal amount of Lineage Europe Finco B.V.'s new 4.125% Senior Notes due 2031 to be offered in the Exchange Offer. The 4.125% Senior Notes due 2031 are being issued by Lineage Europe Finco B.V. Amounts are based on the December 12, 2025 euro/U.S. dollar exchange rate of EUR1.00 = $1.1731. | Rule 457(f) Fee Calculation Details <br>Calculated pursuant to Rule 457(f) under the Securities Act of 1933, as amended (the "Securities Act"). Represents the aggregate principal amount of Lineage Europe Finco B.V.'s new 4.125% Senior Notes due 2031 to be offered in the Exchange Offer. The 4.125% Senior Notes due 2031 are being issued by Lineage Europe Finco B.V. Amounts are based on the December 12, 2025 euro/U.S. dollar exchange rate of EUR1.00 = $1.1731. | Rule 457(f) Fee Calculation Details <br>Calculated pursuant to Rule 457(f) under the Securities Act of 1933, as amended (the "Securities Act"). Represents the aggregate principal amount of Lineage Europe Finco B.V.'s new 4.125% Senior Notes due 2031 to be offered in the Exchange Offer. The 4.125% Senior Notes due 2031 are being issued by Lineage Europe Finco B.V. Amounts are based on the December 12, 2025 euro/U.S. dollar exchange rate of EUR1.00 = $1.1731. | Rule 457(f) Fee Calculation Details <br>Calculated pursuant to Rule 457(f) under the Securities Act of 1933, as amended (the "Securities Act"). Represents the aggregate principal amount of Lineage Europe Finco B.V.'s new 4.125% Senior Notes due 2031 to be offered in the Exchange Offer. The 4.125% Senior Notes due 2031 are being issued by Lineage Europe Finco B.V. Amounts are based on the December 12, 2025 euro/U.S. dollar exchange rate of EUR1.00 = $1.1731. |
|  | Amount of Securities to be Received or Cancelled | Value per Share of Securities to be Received or Cancelled | Total Value of Securities to be Received or Cancelled | Cash Consideration Received by the registrant | Cash Consideration (Paid) by the registrant | Maximum Aggregate Offering Price |
|  | 821170000 | $1.00 | $821170000.00 |  |  | $821170000.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>4</sup>  | See Offering Note 3. Pursuant to Rule 457(n) under the Securities Act, no separate filing fee is required for the guarantees of the 4.125% Senior Notes due 2031. The guarantees are being issued by Lineage, Inc., Lineage OP, LP, Lineage Logistics Holdings, LLC, Lineage Logistics, LLC, Lineage Logistics Services, LLC, Lineage Logistics Canada Holdings, LLC, Lineage AUS RE Holdings, LLC, Columbia Colstor, Inc., Lineage Columbia Mezz, LLC, Lineage Logistics MTC, LLC, Lineage WA Columbia RE, LLC, Lineage Treasury Europe B.V., Boreas Logistics Holdings B.V., Lineage Logistics Canada Holdings Ltd. and Emergent Cold Midco Pty Ltd. (ACN 622 098 293). | See Offering Note 3. Pursuant to Rule 457(n) under the Securities Act, no separate filing fee is required for the guarantees of the 4.125% Senior Notes due 2031. The guarantees are being issued by Lineage, Inc., Lineage OP, LP, Lineage Logistics Holdings, LLC, Lineage Logistics, LLC, Lineage Logistics Services, LLC, Lineage Logistics Canada Holdings, LLC, Lineage AUS RE Holdings, LLC, Columbia Colstor, Inc., Lineage Columbia Mezz, LLC, Lineage Logistics MTC, LLC, Lineage WA Columbia RE, LLC, Lineage Treasury Europe B.V., Boreas Logistics Holdings B.V., Lineage Logistics Canada Holdings Ltd. and Emergent Cold Midco Pty Ltd. (ACN 622 098 293). | See Offering Note 3. Pursuant to Rule 457(n) under the Securities Act, no separate filing fee is required for the guarantees of the 4.125% Senior Notes due 2031. The guarantees are being issued by Lineage, Inc., Lineage OP, LP, Lineage Logistics Holdings, LLC, Lineage Logistics, LLC, Lineage Logistics Services, LLC, Lineage Logistics Canada Holdings, LLC, Lineage AUS RE Holdings, LLC, Columbia Colstor, Inc., Lineage Columbia Mezz, LLC, Lineage Logistics MTC, LLC, Lineage WA Columbia RE, LLC, Lineage Treasury Europe B.V., Boreas Logistics Holdings B.V., Lineage Logistics Canada Holdings Ltd. and Emergent Cold Midco Pty Ltd. (ACN 622 098 293). | See Offering Note 3. Pursuant to Rule 457(n) under the Securities Act, no separate filing fee is required for the guarantees of the 4.125% Senior Notes due 2031. The guarantees are being issued by Lineage, Inc., Lineage OP, LP, Lineage Logistics Holdings, LLC, Lineage Logistics, LLC, Lineage Logistics Services, LLC, Lineage Logistics Canada Holdings, LLC, Lineage AUS RE Holdings, LLC, Columbia Colstor, Inc., Lineage Columbia Mezz, LLC, Lineage Logistics MTC, LLC, Lineage WA Columbia RE, LLC, Lineage Treasury Europe B.V., Boreas Logistics Holdings B.V., Lineage Logistics Canada Holdings Ltd. and Emergent Cold Midco Pty Ltd. (ACN 622 098 293). | See Offering Note 3. Pursuant to Rule 457(n) under the Securities Act, no separate filing fee is required for the guarantees of the 4.125% Senior Notes due 2031. The guarantees are being issued by Lineage, Inc., Lineage OP, LP, Lineage Logistics Holdings, LLC, Lineage Logistics, LLC, Lineage Logistics Services, LLC, Lineage Logistics Canada Holdings, LLC, Lineage AUS RE Holdings, LLC, Columbia Colstor, Inc., Lineage Columbia Mezz, LLC, Lineage Logistics MTC, LLC, Lineage WA Columbia RE, LLC, Lineage Treasury Europe B.V., Boreas Logistics Holdings B.V., Lineage Logistics Canada Holdings Ltd. and Emergent Cold Midco Pty Ltd. (ACN 622 098 293). | See Offering Note 3. Pursuant to Rule 457(n) under the Securities Act, no separate filing fee is required for the guarantees of the 4.125% Senior Notes due 2031. The guarantees are being issued by Lineage, Inc., Lineage OP, LP, Lineage Logistics Holdings, LLC, Lineage Logistics, LLC, Lineage Logistics Services, LLC, Lineage Logistics Canada Holdings, LLC, Lineage AUS RE Holdings, LLC, Columbia Colstor, Inc., Lineage Columbia Mezz, LLC, Lineage Logistics MTC, LLC, Lineage WA Columbia RE, LLC, Lineage Treasury Europe B.V., Boreas Logistics Holdings B.V., Lineage Logistics Canada Holdings Ltd. and Emergent Cold Midco Pty Ltd. (ACN 622 098 293). |

---

---

| | |
|:---|:---|
| | |
| **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Form Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **File Number**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Initial Effective Date**  |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

---