Document:

EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
 CREDIT AGREEMENT

 dated as of 
 March 25,
2020 
 among 
 INTERNATIONAL
PAPER COMPANY, 
 The LENDERS From Time to Time Party Hereto 

and 
 SUMITOMO MITSUI BANKING
CORPORATION, 
 as Administrative Agent 
  

 
 SUMITOMO MITSUI
BANKING CORPORATION, 
 as Sole Lead Arranger and Bookrunner 

$750,000,000 
  

 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	ARTICLE I	  			
		
	DEFINITIONS	  			
		
	 SECTION 1.01 Defined Terms
	  	 	1	 
	 SECTION 1.02 Classification of Loans and Borrowings
	  	 	16	 
	 SECTION 1.03 Terms Generally
	  	 	16	 
	 SECTION 1.04 Accounting Terms and Determinations
	  	 	16	 
	 SECTION 1.05 Divisions
	  	 	17	 
		
	ARTICLE II	  			
		
	THE CREDITS	  			
		
	 SECTION 2.01 The Commitments
	  	 	17	 
	 SECTION 2.02 Loans and Borrowings
	  	 	18	 
	 SECTION 2.03 Requests for Borrowings
	  	 	18	 
	 SECTION 2.04 [Intentionally Omitted]
	  	 	19	 
	 SECTION 2.05 Funding of Borrowings
	  	 	19	 
	 SECTION 2.06 Interest Elections
	  	 	19	 
	 SECTION 2.07 Changes of Commitments
	  	 	20	 
	 SECTION 2.08 Repayment of Loans; Evidence of Debt
	  	 	21	 
	 SECTION 2.09 Prepayment of Loans
	  	 	22	 
	 SECTION 2.10 Fees
	  	 	22	 
	 SECTION 2.11 Interest
	  	 	23	 
	 SECTION 2.12 Alternate Rate of Interest
	  	 	23	 
	 SECTION 2.13 Increased Costs
	  	 	24	 
	 SECTION 2.14 Break Funding Payments
	  	 	25	 
	 SECTION 2.15 Taxes
	  	 	26	 
	 SECTION 2.16 [Intentionally Omitted]
	  	 	27	 
	 SECTION 2.17 Payments Generally; Pro Rata Treatment; Sharing of Setoffs
	  	 	27	 
	 SECTION 2.18 Mitigation Obligations; Replacement of Lenders
	  	 	28	 
	 SECTION 2.19 Defaulting Lenders
	  	 	29	 
		
	ARTICLE III	  			
		
	REPRESENTATIONS AND WARRANTIES	  			
		
	 SECTION 3.01 Corporate Existence
	  	 	30	 
	 SECTION 3.02 Financial Condition
	  	 	30	 
	 SECTION 3.03 Litigation
	  	 	31	 
	 SECTION 3.04 No Breach
	  	 	31	 
	 SECTION 3.05 Corporate Action
	  	 	31	 
	 SECTION 3.06 Approvals
	  	 	31	 
	 SECTION 3.07 Use of Loans
	  	 	31	 
	 SECTION 3.08 ERISA
	  	 	31	 
	 SECTION 3.09 Taxes
	  	 	32	 

  
 -i- 

					
	 	  	Page	 
		
	 SECTION 3.10 Investment Company Act
	  	 	32	 
	 SECTION 3.11 Credit Agreements
	  	 	32	 
	 SECTION 3.12 Hazardous Materials and Environmental Matters
	  	 	32	 
	 SECTION 3.13 Full Disclosure
	  	 	33	 
	 SECTION 3.14 Anti-Terrorism Laws and Sanctions
	  	 	33	 
	 SECTION 3.15 Affected Financial Institution
	  	 	33	 
		
	ARTICLE IV	  			
		
	[INTENTIONALLY OMITTED]	  			
		
	ARTICLE V	  			
		
	CONDITIONS	  			
		
	 SECTION 5.01 Effective Date
	  	 	34	 
	 SECTION 5.02 Each Credit Event
	  	 	35	 
		
	ARTICLE VI	  			
		
	COVENANTS OF THE COMPANY	  			
		
	 SECTION 6.01 Financial Statements
	  	 	35	 
	 SECTION 6.02 Litigation
	  	 	36	 
	 SECTION 6.03 Corporate Existence, Etc.
	  	 	37	 
	 SECTION 6.04 Insurance
	  	 	37	 
	 SECTION 6.05 Use of Proceeds
	  	 	37	 
	 SECTION 6.06 Prohibition of Fundamental Changes
	  	 	37	 
	 SECTION 6.07 Limitation on Liens
	  	 	38	 
	 SECTION 6.08 Total Debt to Total Capital Ratio
	  	 	40	 
	 SECTION 6.09 Minimum Consolidated Net Worth
	  	 	40	 
		
	ARTICLE VII	  			
		
	EVENTS OF DEFAULT	  			
		
	ARTICLE VIII	  			
		
	THE ADMINISTRATIVE AGENT	  			
		
	ARTICLE IX	  			
		
	MISCELLANEOUS	  			
		
	 SECTION 9.01 Notices
	  	 	46	 
	 SECTION 9.02 Waivers; Amendments
	  	 	48	 
	 SECTION 9.03 Expenses; Indemnity; Damage Waiver
	  	 	49	 
	 SECTION 9.04 Successors and Assigns
	  	 	50	 
	 SECTION 9.05 Survival
	  	 	53	 
	 SECTION 9.06 Counterparts; Integration
	  	 	53	 
	 SECTION 9.07 Severability
	  	 	53	 

  
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	 	  	Page	 
		
	 SECTION 9.08 Right of Setoff
	  	 	54	 
	 SECTION 9.09 Governing Law; Jurisdiction; Etc.
	  	 	54	 
	 SECTION 9.10 Waiver Of Jury Trial
	  	 	55	 
	 SECTION 9.11 Headings
	  	 	55	 
	 SECTION 9.12 Treatment of Certain Information; Confidentiality
	  	 	55	 
	 SECTION 9.13 USA PATRIOT Act
	  	 	56	 
	 SECTION 9.14 Interest Rate Limitation
	  	 	56	 
	 SECTION 9.15 Acknowledgement and Consent to Bail-In of
Affected Financial Institutions
	  	 	57	 
	 SECTION 9.16 Acknowledgement Regarding Any Supported QFCs
	  	 	57	 

  

					
	SCHEDULE I	  	–	  	Commitments
	SCHEDULE II	  	–	  	Material Agreements
	SCHEDULE III	  	–	  	Existing Liens
			
	EXHIBIT A	  	–	  	Form of Assignment and Assumption
	EXHIBIT B	  	–	  	Form of Borrowing Request
	EXHIBIT C	  	–	  	Form of Interest Election Request
	EXHIBIT D	  	–	  	Form of Promissory Note
	EXHIBIT E	  	–	  	Forms of Officer’s Certificate
	EXHIBIT F	  	–	  	Form of Notice of Loan Prepayment

  
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 This CREDIT AGREEMENT (this “Agreement”), dated as of March 25, 2020,
among INTERNATIONAL PAPER COMPANY, a New York corporation (the “Company” or the “Borrower”), the LENDERS party hereto, and SUMITOMO MITSUI BANKING CORPORATION, as Administrative Agent. 

WHEREAS, the Company has requested that the Lenders (as hereinafter defined) make loans to the Company in an aggregate principal amount not
exceeding $750,000,000 at any one time outstanding. 
 WHEREAS, the Lenders are prepared to make such loans upon the terms and conditions
hereof. 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein, the parties hereto agree as
follows: 
 ARTICLE I 

DEFINITIONS 
 SECTION 1.01
Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
 “ABR,” when
used in reference to any Loan or Borrowing, refers to such Loan, or the Loans constituting such Borrowing, bearing interest at a rate determined by reference to the Base Rate. 

“Adjusted Eurodollar Rate” means, for the Interest Period for any Eurodollar Rate Borrowing, an interest rate per annum
(rounded upwards, if necessary, to the next 1/16 of 1%) equal to the higher of (i) (x) a rate based on clause (a) of the definition of “Eurodollar Rate” for such Interest Period multiplied by (y) the Statutory Reserve Rate
for such Interest Period and (ii) 0.0%. 
 “Administrative Agent” means Sumitomo Mitsui Banking Corporation, in its
capacity as Administrative Agent for the Lenders hereunder and any successor pursuant to Article VIII. 
 “Administrative
Agent’s Account” means an account designated by the Administrative Agent in a notice to the Borrower and the Lenders. 

“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent. 

“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any U.K. Financial Institution.

 “Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 “Agent Party” has
the meaning assigned to such term in Section 9.01(b). 
 “Agreement” has the meaning set forth
in the introductory section. 
 “Anti-corruption Laws” means the United States Foreign Corrupt Practices Act of 1977 and
the UK Bribery Act of 2010. 

 “Applicable Percentage” means, with respect to any Lender, the percentage
of the total Commitments represented by such Lender’s Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently in effect, giving effect to any
assignments. 
 “Applicable Margin” means, for any day, (x) with respect to Base Rate Loans, 0.15% per annum and
(y) with respect to Eurodollar Rate Loans, 1.15% per annum. 
 “Applicable Rate” means, for any day, with respect to
the commitment fees payable hereunder, 0.15% per annum. 
 “Approved Fund” means any Person (other than a natural person)
that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or
(c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Assignment and Assumption” means
an assignment and assumption entered into by a Lender and an assignee pursuant to Section 9.04, in substantially the form of Exhibit A. 

“Availability Period” means the period from and including the Effective Date to but excluding the earlier of the Commitment
Termination Date and the date of termination of the Commitments. 
 “Bail-In
Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. 

“Bail-In Legislation” means, (a) with respect to any EEA Member Country
implementing Article 55 of the Bank Recovery and Resolution Directive, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In
Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of
unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings). 

“Bank Recovery and Resolution Directive” means Directive 2014/59/EU of the European Parliament and of the Council of the
European Union. 
 “Bankruptcy Code” means title 11 of the United States Bankruptcy Code entitled “Bankruptcy,”
as now and hereafter in effect, or any successor statute. 
 “Base Rate” means, for any day, a fluctuating interest rate
per annum equal to the highest of (a) the Federal Funds Rate plus 1/2 of 1.00% (b) the rate of interest in effect for such day as publicly announced from time to time by the Administrative Agent as its “prime rate”, and
(c) the Adjusted Eurodollar Rate for a one month Interest Period plus 1.00%; and if the Base Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement. The “prime rate” is a rate set by the
Administrative Agent based upon various factors including the Administrative Agent’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at,
above, or below such announced rate. Any change in such rate announced by the Administrative Agent shall take effect at the opening of business on the day specified in the public announcement of such change. 

  
 -2- 

 “Base Rate Loan” means a Loan that bears interest at a rate based on the
definition of “Base Rate.” 
 “Basel III” means: 

(a)    the agreements on capital requirements, a leverage ratio and liquidity standards contained in
“Basel III: A global regulatory framework for more resilient banks and banking systems”, “Basel III: International framework for liquidity risk measurement, standards and monitoring” and “Guidance for national authorities
operating the countercyclical capital buffer” published by the Basel Committee on Banking Supervision in June 2011 and December 2010, each as amended, supplemented or restated; and 

(b)    any further guidance or standards published by the Basel Committee on Banking Supervision relating
to the documents referenced in clause (a) of this definition. 
 “Beneficial Ownership Certification” means a
certification regarding beneficial ownership required by the Beneficial Ownership Regulation. 
 “Beneficial Ownership
Regulation” means 31 C.F.R. § 1010.230. 
 “Benefit Plan” means any of (a) an “employee benefit
plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for
purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”. 

“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance
with, 12 U.S.C. 1841(k)) of such party. 
 “Board” means the Board of Governors of the Federal Reserve System of the
United States of America. 
 “Borrower” has the meaning assigned to such term in the introductory section. 

“Borrowing” means (a) all ABR Loans made, converted or continued on the same date or (b) all Eurodollar Rate Loans
that have the same Interest Period. 
 “Borrowing Request” means a request by the Borrower in accordance with
Section 2.03 and substantially in the form of Exhibit B, or such other form as shall be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be
approved by the Administrative Agent) appropriately completed and signed by a Responsible Officer of the Borrower. 
 “Business
Day” means any day (a) that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed and (b) if such day relates to a Eurodollar Rate Loan or a Base Rate
Loan bearing interest at a rate determined on the basis of the Adjusted Eurodollar Rate, that is also a day (other than a Saturday or Sunday) on which commercial banks are open for general business in London. 

“Capital Lease Obligations” means, as to any Person, the obligations of such Person to pay rent or other amounts under a
lease of (or other agreement conveying the right to use) real and/or personal property which obligations are required to be classified and accounted for as a capital lease on a balance sheet 

  
 -3- 

 
of such Person under GAAP (including Statement of Financial Accounting Standards No. 13 of the Financial Accounting Standards Board) and, for purposes of this Agreement, the amount of such
obligations shall be the capitalized amount thereof, determined in accordance with GAAP (including such Statement No. 13). 

“Change in Law” means (a) the adoption of any law, rule, treaty or regulation after the date of this Agreement,
(b) any change in any law, rule, treaty or regulation or in the administration, implementation, interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender (or, for
purposes of Section 2.13(b), by any lending office of such Lender or by such Lender’s holding company, if any) with any request, rule, guideline, requirement or directive (whether or not having the force of law) of any
Governmental Authority made or issued after the date of this Agreement; provided, however, that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests,
rules, guidelines, requirements and directives thereunder, issued in connection therewith or in implementation thereof, and (ii) all requests, rules, guidelines, requirements and directives promulgated by the Bank for International Settlements,
the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law” regardless
of the date enacted, adopted, issued or implemented. 
 “Charges” has the meaning assigned to such term in
Section 9.14. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time.

 “Commitment” means, with respect to each Lender, such Lender’s commitment to make Loans hereunder in the amount
set forth in Schedule I opposite such Lender’s name as such commitment may be (a) reduced from time to time pursuant to Section 2.07 and (b) reduced or increased from time to time pursuant to
assignments by or to such Lender pursuant to Section 9.04. The initial aggregate amount of the Lenders’ Commitments are $750,000,000. 

“Commitment Termination Date” means March 24, 2021. 

“Communications” has the meaning assigned to such term in Section 9.01(b). 

“Company” has the meaning assigned to such term in the introductory section. 

“Consolidated Net Worth” means, as at any time, the sum of the following for the Company and its Consolidated Subsidiaries
determined on a consolidated basis (without duplication) in accordance with GAAP: 
 (a)    the amount
of capital stock; plus 
 (b)    the amount of surplus and retained earnings (or, in the case of a
surplus or retained earnings deficit, minus the amount of such deficit); minus 
 (c)    the cost of
treasury shares; 
 provided, however, the foregoing calculation shall not take into account any (i) impairment of goodwill arising under
Accounting Standards Codification 350 regardless of whether such impairment arises prior to or after the date hereof and (ii) election to value any Indebtedness or other liabilities at “fair value,” as further described in
Section 1.04(a). 

  
 -4- 

 “Consolidated Subsidiary” means, as to any Person, each Subsidiary of such
Person (whether now existing or hereafter created or acquired) the financial statements of which shall be (or should have been) consolidated with the financial statements of such Person in accordance with GAAP. 

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

“Covered Entity” means 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). 
 “Covered Liability” has the
meaning assigned to such term in Section 9.15. 
 “Covered Party” has the meaning assigned to
such term in Section 9.16. 
 “Default” means any event or condition which constitutes an Event
of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. 
 “Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 

“Defaulting Lender” means any Lender, as reasonably determined by the Administrative Agent, that has (a) failed to fund
any portion of its Loans within three (3) Business Days of the date required to be funded by it hereunder unless such Lender’s failure to fund such Loan is based on such Lender’s good faith determination that the conditions precedent
to funding such Loan under this Agreement have not been satisfied and such Lender has notified the Administrative Agent in writing of such determination, (b) notified the Company, the Administrative Agent or any Lender in writing that it does
not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does not intend to comply with its funding obligations under (i) this Agreement or (ii) generally under
other agreements in which it is obligated to extend credit unless, in the case of this clause (ii), such obligation is the subject of a good faith dispute, (c) failed, within three (3) Business Days after request by the Administrative
Agent, to confirm that it will comply with the terms of this Agreement relating to its obligations to fund prospective Loans unless subject to a good faith dispute based on such Lender’s good faith determination that the conditions precedent to
funding such Loan under this Agreement have not been satisfied and such Lender has notified the Administrative Agent in writing of such determination, provided that any such Lender shall cease to be a Defaulting Lender under this clause
(c) upon receipt of such confirmation by the Administrative Agent, (d) otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within three (3) Business Days of
the date when due, unless the subject of a good faith dispute, or (e) (i) become or is insolvent or has a parent company that has become or is insolvent, (ii) become the subject of a bankruptcy or insolvency proceeding, or has had a
receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or custodian, 

  
 -5- 

 
appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has
become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or custodian
appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or (iii) become subject to a Bail-In Action,
unless, in the case of any Lender referred to in this clause (e) the Company and the Administrative Agent shall agree in writing that such Lender intends, and has all approvals required to enable it, to continue to perform its obligations as a
Lender hereunder; provided, that a Lender shall not become a Defaulting Lender solely as the result of (x) the acquisition or maintenance of an ownership interest in such Lender or a Person controlling such Lender or (y) the
exercise of control over a Lender or a Person controlling such Lender, in the case of each of (x) and (y), by a Governmental Authority or an instrumentality thereof. 

“Dollars” or “$” refers to lawful money of the United States of America. 

“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 and is subject to the supervision of an
EEA Resolution Authority, or (c) any financial institution established in an EEA Member Country which is a Subsidiary of an institution described in clause (a) or (b) of this definition and is subject to consolidated supervision of an EEA
Resolution Authority 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. 

“Effective Date” means the date on which the conditions specified in Section 5.01 are satisfied
(or waived in accordance with Section 9.02). 
 “Electronic System” means any electronic system,
including e-mail, e-fax, Intralinks®, ClearPar® and any
other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the Administrative Agent and the Issuing Bank and any of its respective Related Parties or any other Person, providing for access to data protected
by passcodes or other security system. 
 “Environment” means ambient air, indoor air, surface water, sediments,
groundwater, land surface and subsurface strata, and natural resources such as wetlands, flora and fauna. 
 “Environmental
Laws” means the common law and any and all Federal, state, local and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, or other governmental restrictions relating to pollution or the protection of the
Environment or to emissions, discharges, Releases or threatened Releases of Hazardous Materials, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport, or handling of Hazardous Materials.

 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and
regulations promulgated thereunder. 

  
 -6- 

 “ERISA Affiliate” means any corporation or trade or business which is a
member of the same controlled group of corporations (within the meaning of Section 414(b) of the Code) as the Company or is under common control (within the meaning of Section 414(c) of the Code) with the Company. 

“ERISA Event” means (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 existence with respect to any Plan of an “accumulated funding
deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the
minimum funding standard with respect to any Plan; (d) the incurrence by the Company or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Company or any
ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Company or any of its ERISA Affiliates of any
liability with respect to the withdrawal or partial withdrawal of the Company or any of its ERISA Affiliates from any Plan or Multiemployer Plan; or (g) the receipt by the Company or any ERISA Affiliate of any notice, or the receipt by any
Multiemployer Plan from the Company or any ERISA Affiliate of any notice, concerning the imposition upon the Company or any of its ERISA Affiliates of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be,
insolvent or in reorganization, within the meaning of Title IV of ERISA. 
 “EU Bail-In
Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. 

“Eurodollar Rate” means: 

(a)    for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the London Interbank
Offered Rate (“LIBOR”) or a comparable or successor rate, which rate is approved by the Administrative Agent and the Borrower, as published on the applicable Bloomberg screen page (or such other commercially available source
providing such quotations as may be designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the
first day of such Interest Period) with a term equivalent to such Interest Period; and 
 (b)    for any interest
calculation with respect to a Base Rate Loan on any date, the rate per annum equal to LIBOR, at or about 11:00 a.m., London time determined two Business Days prior to such date for Dollar deposits with a term of one month commencing that day; and

 (c)    if the Eurodollar Rate shall be less than zero, such rate shall be deemed zero for purposes of this
Agreement; 
 provided that to the extent a comparable or successor rate is approved by the Administrative Agent and the Borrower in connection
herewith, the approved rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the Administrative Agent, such approved rate shall
be applied in a manner as otherwise reasonably determined by the Administrative Agent. 
 “Eurodollar Rate Loan” means a
Loan that bears interest at the Adjusted Eurodollar Rate. 
 “Event of Default” has the meaning assigned to such term in
Article VII. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. 

  
 -7- 

 “Excluded Liability” means any liability that is excluded under the Bail-In Legislation from the scope of any Bail-In Action, including, without limitation, any liability excluded pursuant to Article 44 of the Bank Recovery and Resolution
Directive. 
 “Excluded Taxes” means, with respect to the Administrative Agent, any Lender or any other recipient of any
payment to be made by or on account of any obligation of the Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the United States of America, or by the jurisdiction under the laws of which such
recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, (b) any branch profits taxes imposed by the United States of America or any similar tax imposed
by any other jurisdiction in which the Borrower is located, (c) any taxes imposed on a Foreign Lender or the Administrative Agent as a result of such Lender’s or the Administrative Agent’s (in the event the Lender acting as the
Administrative Agent is a Foreign Lender) failure to comply with FATCA and (d) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 2.18(b)), any withholding tax
resulting from any law, rule, regulation or other requirement in effect at the time such Foreign Lender becomes a party to this Agreement or is attributable to such Foreign Lender’s failure or inability to comply with
Section 2.15(e), except to the extent that such Foreign Lender’s assignor (if any) was entitled, at the time of assignment, to receive additional amounts from the Borrower with respect to such withholding tax pursuant
to Section 2.15(a). 
 “FATCA” means Sections 1471 through 1474 of the Code, as in effect as of
the date of this Agreement (or any amended or successor version that is substantially comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement entered into
pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreement entered into between the United States and a non-U.S. jurisdiction in connection with any of the foregoing and any fiscal or
regulatory legislation, rules or official practices adopted pursuant to any such intergovernmental agreement. 
 “Federal District
Court” has the meaning assigned to such term in Section 9.09(b)(i) 
 “Federal Funds
Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published by the Federal Reserve Bank of New York on the Business
Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding
Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to the
Administrative Agent on such day on such transactions as determined by the Administrative Agent. Notwithstanding the foregoing, in no event will the Federal Funds Rate be less than 0.00%. 

“Foreign Jurisdiction” means any jurisdiction other than the United States of America, a State thereof, the District of
Columbia or any political subdivision of any of the foregoing. 
 “Foreign Lender” means a Lender that is organized under
the laws of a Foreign Jurisdiction. 
 “GAAP” means generally accepted accounting principles applied on a basis consistent
with those which, in accordance with Section 1.04, are to be used in making the calculations for purposes of determining compliance with the terms of this Agreement. 

“Governmental Authority” means the government of the United States of America, any other nation or any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, 

  
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regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government and any
group or body charged with setting financial accounting or regulatory capital rules or standards (including, without limitation, the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking
Supervision or any successor or similar authority to any of the foregoing). 
 “Guarantee” means a guarantee, an
endorsement, a contingent agreement to purchase or to furnish funds for the payment or maintenance of, or otherwise to be or become contingently liable under or with respect to, the Indebtedness, other obligations, net worth, working capital or
earnings of any Person, or a guarantee of the payment of dividends or other distributions upon the stock of any corporation, or an agreement to purchase, sell or lease (as lessee or lessor) property, products, materials, supplies or services
primarily for the purpose of enabling a debtor to make payment of his, her or its obligations or an agreement to assure a creditor against loss, and including causing a bank to open a letter of credit for the benefit of another Person, but excluding
endorsements for collection or deposit in the ordinary course of business. The terms “Guarantee” and “Guaranteed” used as a verb shall have a correlative meaning. 

“Hazardous Materials” means any materials, substances, chemicals, wastes, constituents, compounds, pollutants, or
contaminants, in any form, including crude oil, petroleum or petroleum distillates, asbestos, or asbestos-containing materials, regulated, or which can give rise to liability, under any Environmental Law. 

“Impacted Loans” has the meaning assigned to such term in Section 2.12(a). 

“Indebtedness” means, as to any Person: (a) indebtedness created, issued or incurred by such Person for borrowed money
(whether by loan or the issuance and sale of debt securities); (b) obligations of such Person to pay the deferred purchase or acquisition price of property or services, other than trade accounts payable (other than for borrowed money) arising, and
accrued expenses incurred, in the ordinary course of business so long as such trade accounts payable are payable within 90 days of the date the respective goods are delivered or the respective services are rendered; (c) indebtedness of others
secured by a Lien on the property of such Person, whether or not the respective indebtedness so secured has been assumed by such Person; (d) obligations of such Person in respect of letters of credit or similar instruments issued or accepted by
banks and other financial institutions for the account of such Person; (e) Capital Lease Obligations of such Person; and (f) Indebtedness of others Guaranteed by such Person. Notwithstanding anything herein to the contrary, and solely for
purposes of calculating the ratio of Total Debt to Total Capital set forth in Section 6.08, “Indebtedness” shall exclude all Nonrecourse Financial Liabilities of Special Purpose Entities as defined in the
Company’s financial statements most recently delivered pursuant to Section 6.01 (or, if prior to the date of the delivery of the first financial statements to be delivered pursuant to
Section 6.01(a) or (b), the most recent financial statements referred to in Section 3.02). 

“Indemnified Taxes” means Taxes, other than Excluded Taxes, imposed on any payment made by or on account of the Borrower
hereunder. 
 “Indemnitee” has the meaning assigned to such term in Section 9.03(b). 

“Index Debt” means senior, unsecured, long-term debt securities that is not guaranteed by any other Person or subject to any
other credit enhancement. 
 “Ineligible Institution” means (a) a natural person, (b) a Defaulting Lender or its
Lender Parent, (c) the Borrower, any of its Subsidiaries or any of its Affiliates, or (d) a company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof. 

  
 -9- 

 “Information” has the meaning assigned to such term in
Section 9.12(b). 
 “Interest Election Request” means a request by the Borrower to convert or
continue a Borrowing in accordance with Section 2.06, substantially in the form of Exhibit C, or such other form as shall be approved by the Administrative Agent (including any form on an electronic platform or
electronic transmission system as shall be approved by the Administrative Agent) appropriately completed and signed by a Responsible Officer of the Borrower. 

“Interest Payment Date” means the Maturity Date and (a) with respect to any ABR Loan, the last Business Day of
March, June, September and December in each year, commencing with the first such day after the Effective Date and (b) with respect to any Eurodollar Rate Loan, the last day of each Interest Period therefor and, in the case of any Interest
Period for a Eurodollar Rate Loan that is more than three months long, each day prior to the last day of such Interest Period that occurs at intervals of three months after the first day of such Interest Period. 

“Interest Period” means as to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate Loan is
disbursed or converted to or continued as a Eurodollar Rate Loan and ending on the date that is one week or one, two, three or six months thereafter (in each case, subject to availability), as selected by the Borrower in its Borrowing Request, or
such other period that is twelve months or less requested by the Borrower and consented to by all the Lenders; provided that: 

(i)    any Interest Period that would otherwise end on a day that is not a Business Day shall be extended
to the next succeeding Business Day unless, in the case of a Eurodollar Rate Loan, such Business Day falls in the next succeeding calendar month, in which case such Interest Period shall end on the next preceding Business Day; 

(ii)    any Interest Period pertaining to a Eurodollar Rate Loan that begins on the last Business Day of
a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and 

(iii)    no Interest Period shall extend beyond the Maturity Date. 

“IPISA” means International Paper Investments S.A., a French corporation. 

“Kwidzyn” means International Paper - Kwidzyn sp. z o.o., a Polish joint stock company. 

“Kwidzyn Entity” means (i) Kwidzyn, (ii) Kwidzyn France, as long as it holds no assets other than (A) interests in
Kwidzyn, (B) cash and cash equivalents and (C) “political risk” insurance policies with respect to Kwidzyn, and (iii) International Paper Investments (Poland), Inc., a Delaware corporation, as long as it holds no assets other
than (A) interests in and contracts with Kwidzyn, (B) unless Kwidzyn France is not then a Kwidzyn Entity, interests in Kwidzyn France and (C) cash and cash equivalents. 

“Kwidzyn France” means Celouse et Papiers de Pologne, S.A., a French corporation. 

“Lead Arranger” means Sumitomo Mitsui Banking Corporation, in its capacity as sole lead arranger and bookrunner in respect
of the credit facility hereunder. 
 “Lender Parent” means, with respect to any Lender, any Person as to which such Lender
is, directly or indirectly, a subsidiary. 

  
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 “Lenders” means the Persons listed on Schedule I and any other Person that
shall have become a party hereto pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. 

“LIBOR” when used in reference to any Loan or Borrowing, refers to such Loan, or the Loans constituting such Borrowing,
bearing interest at a rate determined by reference to the Eurodollar Rate. 
 “Lien” means, with respect to any asset, any
mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset. For purposes of this Agreement, the Company or any of its Subsidiaries shall be deemed to own subject to a Lien any asset which it has acquired or
holds subject to the interest of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement relating to such asset. 

“Loan Documents” means this Agreement and any promissory notes executed and delivered pursuant to
Section 2.08(f). 
 “Loans” means the loans made by the Lenders to the Borrower pursuant to
Section 2.01 of this Agreement. 
 “Margin Stock” means margin stock within the meaning of
Regulations U and X. 
 “Material Adverse Effect” means a material adverse change in, or material adverse effect on, the
business, results of operations or financial condition of the Company and its Subsidiaries, taken as a whole. 
 “Material
Subsidiary” means any Subsidiary of the Company (other than any Special Purpose Entity, or equivalent term, as defined in the Company’s financial statements most recently delivered pursuant to Section 6.01
(or, if prior to the date of the delivery of the first financial statements to be delivered pursuant to Section 6.01(a) or (b), the most recent financial statements referred to in
Section 3.02)) (i) which, as of the most recent fiscal quarter of the Company, for the period of four consecutive fiscal quarters then ended, for which financial statements have been delivered pursuant to
Section 6.01 (or, if prior to the date of the delivery of the first financial statements to be delivered pursuant to Section 6.01(a) or (b), the most recent financial statements referred to in
Section 3.02), contributed greater than ten percent (10%) of consolidated revenues for such period or (ii) which contributed greater than ten percent (10%) of Total Assets as of such date; provided that, if the
aggregate amount of consolidated revenues or Total Assets attributable to all Subsidiaries that are not Material Subsidiaries exceeds twenty percent (20%) of consolidated revenues for any such period or twenty percent (20%) of Total Assets as of the
end of any such fiscal quarter, the Company (or, in the event the Company has failed to do so within ten days after delivery of the most recent financial statements pursuant to Section 6.01, the Administrative Agent) shall
designate sufficient Subsidiaries as “Material Subsidiaries” to eliminate such excess, and such designated Subsidiaries shall for all purposes of this Agreement constitute Material Subsidiaries until, with respect to any such Subsidiary,
(x) (i) such Subsidiary no longer needs to constitute a “Material Subsidiary” in order for the requirements in this proviso to be satisfied or (ii) the circumstances described in this proviso are no longer applicable and
(y) the Company shall have notified the Administrative Agent of the foregoing. 
 “Maturity Date” means the
Commitment Termination Date (and if such date is not a Business Day, then the next preceding Business Day). 
 “Maximum
Rate” has the meaning assigned to such term in Section 9.14. 
 “MNPI” has the meaning
assigned to such term in Section 9.01(c). 

  
 -11- 

 “Moody’s” means Moody’s Investors Service, Inc. 

“Multiemployer Plan” means a multiemployer plan defined as such in Section 3(37) of ERISA to which contributions have
been made by the Company or any ERISA Affiliate and which is covered by Title IV of ERISA. 
 “New York Courts” has the
meaning assigned to such term in Section 9.09(b)(i). 
 “New York Supreme Court” has the meaning
assigned to such term in Section 9.09(b)(i). 
 “Notice” has the meaning assigned to such term
in Section 9.01(b). 
 “Notice of Loan Prepayment” means a notice of prepayment with respect to
a Loan, which shall be substantially in the form of Exhibit F or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the
Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower. 
 “Other Taxes” means
any and all present or future stamp, registration, filing, court or documentary Taxes or any other excise or property Taxes arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this
Agreement, excluding any stamp duty, registration tax or other similar Taxes payable in respect of any assignment or transfer by a Lender of its rights and/or obligations under this Agreement (other than an assignment at the Borrower’s request
pursuant to Section 2.18). 
 “Participant” has the meaning assigned to such term in
Section 9.04(c)(i). 
 “Participant Register” has the meaning assigned to such term in
Section 9.04(c)(ii). 
 “Patriot Act” means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)). 
 “PBGC” means the Pension Benefit
Guaranty Corporation or any entity succeeding to any or all of its functions under ERISA. 
 “Permits” has the meaning
assigned to such term in Section 3.12(a)(i). 
 “Person” means any natural person, corporation,
limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 

“Plan” means any employee benefit or other plan established or maintained by the Company or any ERISA Affiliate and which is
covered by Title IV of ERISA, other than a Multiemployer Plan. 
 “Platform” has the meaning assigned to such term in
Section 9.01(b). 
 “Private Sider Communications” has the meaning assigned to such term in
Section 9.01(c). 
 “Private Siders” has the meaning assigned to such term in
Section 9.01(c). 
 “Project Assets” has the meaning assigned to such term in
Section 6.07(h). 

  
 -12- 

 “Project Indebtedness” means (i) Indebtedness of any Kwidzyn Entity,
(ii) Indebtedness of the Company, IPISA or International Paper S.A., a French corporation, that constitutes Indebtedness of such Person due solely to the pledge, on a non-recourse basis, by such Person of
Indebtedness or capital stock of any Kwidzyn Entity held by such Person to secure Indebtedness of any Kwidzyn Entity to any other Person or Persons or (iii) Indebtedness of the Company or any Subsidiary incurred to finance the acquisition,
construction or development of Project Assets (as defined in Section 6.07(h)); provided in the case of this clause (iii) that (x) such Indebtedness is non-recourse to any
other assets and (y) the aggregate principal amount of such Indebtedness may at no time exceed $200,000,000. 
 “PTE”
means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time. 

“Public Sider Communications” has the meaning assigned to such term in Section 9.01(c). 

“Public Siders” has the meaning assigned to such term in Section 9.01(c). 

“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in
accordance with, 12 U.S.C. 5390(c)(8)(D). 
 “QFC Credit Support” has the meaning assigned to such term in
Section 9.16. 
 “Register” has the meaning assigned to such term in
Section 9.04(b)(iv). 
 “Regulations U and X” means, respectively, Regulations U and X of the
Board (or any successor), as the same may be amended or supplemented from time to time. 
 “Related Parties” means, with
respect to any specified Person, such Person’s Affiliates and the respective directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 

“Release” means any release, spill, emission, leaking, dumping, injection, pouring, deposit, disposal, discharge, dispersal,
leaching or migration into or through the Environment, or from, into or through any building or structure. 
 “Removal Effective
Date” has the meaning assigned to such term in the sixth paragraph of Article VIII. 
 “Required Lenders”
means, at any time, Lenders having Revolving Credit Exposures and unused Commitments representing more than 50% of the sum of the total Revolving Credit Exposures and unused Commitments at such time. 

“Requirements of Law” means, collectively, any and all requirements of any Governmental Authority including any and all
laws, judgments, orders, decrees, ordinances, rules, regulations, statutes or case law. 
 “Resolution Authority” means an
EEA Resolution Authority or, with respect to any U.K. Financial Institution, a U.K. Resolution Authority. 
 “Responsible
Officer” means the chief executive officer, president, chief financial officer, treasurer, assistant treasurer or controller of the Borrower, and solely for purposes of the delivery of incumbency certificates pursuant to
Section 5.01(a), the secretary or any assistant secretary of the Borrower and, solely for purposes of notices given pursuant to Article II, any other officer or employee of the Borrower

  
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so designated by any of the foregoing officers in a notice to the Administrative Agent or any other officer or employee of the Borrower designated in or pursuant to an agreement between the
Borrower and the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer of the Borrower shall be conclusively presumed to have been authorized by all necessary corporate or other action on the part of the
Borrower and such Responsible Officer shall be conclusively presumed to have acted on behalf of the Borrower. 
 “Revolving Credit
Exposure” means, with respect to any Lender at any time, the aggregate outstanding principal amount of such Lender’s Loans at such time. 

“S&P” means Standard & Poor’s Ratings Services, a Division of The McGraw-Hill Companies, Inc. 

“Sanctions” has the meaning assigned to such term in Section 3.14. 

“Statutory Reserve Rate” means, for the Interest Period for any Eurodollar Rate Borrowing, 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 arithmetic mean, taken over each day in such Interest Period, of the aggregate of the maximum reserve percentages (including any marginal,
special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject for eurocurrency funding (currently referred to as “Eurocurrency liabilities” in Regulation D of the
Board). Such reserve percentages shall include those imposed pursuant to such Regulation D. Eurodollar Rate Loans 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. 
 “Subsidiary” means, as to any Person, (a) any corporation in which such Person and/or one
or more Subsidiaries of such Person shall have an ownership interest representing at least a majority of the outstanding shares of stock whose class or classes have by the terms thereof ordinary voting power to elect a majority of the board of
directors of such corporation (whether directly or indirectly) or (b) any partnership or other entity in which such Person and/or one or more Subsidiaries of such Person shall have an ownership interest representing more than 50% of the
ordinary voting power. “Wholly Owned Subsidiary” means any Subsidiary of which all of such shares or ownership interests, other than (in the case of a corporation) directors’ qualifying shares, are owned or controlled by such
Person and/or one or more Wholly Owned Subsidiaries of such Person. 
 “Supported QFC” has the meaning assigned to such
term in Section 9.16. 
 “Swap Agreement” means 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 Borrower or its Subsidiaries shall be a Swap Agreement. 
 “Tangible
Assets” means, at any time, Total Assets minus the sum of the items identified in clause (c) of the definition in this Section 1.01 of the term “Tangible Net Worth.” 

  
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 “Tangible Net Worth” means, as at any time, the sum of the following for
the Company and its Consolidated Subsidiaries determined on a consolidated basis (without duplication) in accordance with GAAP: 

(a)    the amount of capital stock; plus 

(b)    the amount of surplus and retained earnings (or, in the case of a surplus or retained earnings
deficit, minus the amount of such deficit); minus 
 (c)    the sum of the following: cost of treasury
shares and the book value of all assets of the Company and its Consolidated Subsidiaries which should be classified as intangibles (without duplication of deductions in respect of items already deducted in arriving at surplus and retained earnings)
but in any event including goodwill, research and development costs, trademarks, trade names, copyrights, patents and franchises, unamortized debt discount and expense, and any write-up in the book value of
assets resulting from a revaluation thereof subsequent to December 31, 2003 (other than any write-up, at the time of its acquisition, in the book value of any asset acquired subsequent to
December 31, 2003). 
 “Taxes” means any and all present or future taxes, levies, imposts, duties, deductions,
charges and similar fees, assessments or withholdings imposed by any Governmental Authority, including any interest, penalties or additions to tax applicable thereto. 

“Total Assets” means, at any time, the total assets of the Company and its Consolidated Subsidiaries at such time determined
on a consolidated basis (without duplication) in accordance with GAAP. Notwithstanding anything herein to the contrary, Total Assets shall exclude Financial Assets of Special Purpose Entities as defined in the Company’s financial statements
most recently delivered pursuant to Section 6.01 (or, if prior to the date of the delivery of the first financial statements to be delivered pursuant to Section 6.01(a) or (b), the most
recent financial statements referred to in Section 3.02). 
 “Total Capital” means, at any date,
Consolidated Net Worth plus Total Debt each determined as of such date. 
 “Total Debt” means, at any time, the aggregate
outstanding principal amount of all Indebtedness of the Company and its Consolidated Subsidiaries at such time determined on a consolidated basis (without duplication) in accordance with GAAP. 

“Transactions” means, collectively, (a) the execution, delivery and performance of this Agreement and the borrowings
hereunder and (b) the payment of all fees, commissions and expenses in connection with the foregoing. 
 “Type,” when
used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans constituting such Borrowing, is determined by reference to the Eurodollar Rate or the Base Rate. 

“U.K. Financial Institution” means 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. 

  
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 “U.K. Resolution Authority” means the Bank of England or any other public
administrative authority having responsibility for the resolution of any U.K. Financial Institution. 
 “U.S. Special Resolution
Regimes” has the meaning assigned to such term in Section 9.16. 
 “Wholly Owned
Subsidiary” has the meaning assigned to such term in the definition of “Subsidiary.” 
 “Withdrawal
Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 

“Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and
conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel,
reduce, modify or change the form of a liability of any U.K. Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any
other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that
Bail-In Legislation that are related to or ancillary to any of those powers. 
 SECTION 1.02
Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Type (e.g., a “Eurodollar Rate Loan”). Borrowings also may be classified and referred to by Type (e.g., a
“Eurodollar Rate Borrowing”). 
 SECTION 1.03 Terms Generally. The definitions of terms herein shall apply equally to the
singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall
be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” The word “law” shall be construed as referring to all
statutes, rules, regulations, codes and other laws (including official rulings and interpretations thereunder having the force of law), and all judgments, orders and decrees, of all Governmental Authorities. Unless the context requires otherwise
(a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified
(subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and permitted assigns (subject to any
restrictions on assignment set forth herein), (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular
provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and
“property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 

SECTION 1.04 Accounting Terms and Determinations. 

(a)    Accounting Terms. Except as otherwise expressly provided herein, all terms of an accounting
or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Company notifies the Administrative Agent that the Company requests an 

  
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amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the
Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof,
then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith.
Notwithstanding any other provision contained herein, (i) all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made (x) without giving effect
to any election under Accounting Standards Codification 825-10-25 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar
result or effect) to value any Indebtedness or other liabilities of the Company or any of its Subsidiaries at “fair value,” as defined therein, and (y) without giving effect to any treatment of Indebtedness in respect of convertible
debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such
Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof, (ii) the accounting for operating leases and capital leases under GAAP as in
effect on December 12, 2016 (including, without limitation, Accounting Standards Codification 840) shall apply for the purposes of determining compliance with the provisions of this Agreement, including the definition of Capital Lease
Obligations and (iii) the accounting principles with respect to balance sheet offsetting under GAAP as in effect on the date hereof (including, without limitation, Accounting Standards Codification 210) shall apply for purposes of determining
compliance with the provisions of this Agreement. 
 (b)    Descriptions of Material Variations.
The Company shall deliver to the Lenders at the same time as the delivery of any annual or quarterly financial statement under Section 6.01 a description in reasonable detail of any material variation between the
application of accounting principles employed in the preparation of such statement and the application of accounting principles employed in the preparation of the next preceding annual or quarterly financial statements as to which no objection has
been made in accordance with the last sentence of paragraph (a) above and reasonable estimates of the difference between such statements arising as a consequence thereof. 

(c)    Changes of Fiscal Years. To enable the ready and consistent determination of compliance
with the covenants set forth in Article VI, the Company will not change the last day of its fiscal year from December 31 of each year, or the last days of the first three fiscal quarters in each of its fiscal years from March 31,
June 30 and September 30 of each year, respectively, without giving prior notice of such change to each Lender and the Administrative Agent. 

SECTION 1.05 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 stock at
such time. 
 ARTICLE II 

THE CREDITS 
 SECTION 2.01
The Commitments. Subject to the terms and conditions set forth herein, each Lender (severally and not jointly) agrees to make Loans in Dollars to the Borrower from time to time 

  
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during the Availability Period in an aggregate principal amount that will not result in (i) such Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment or
(ii) the sum of the total Revolving Credit Exposures exceeding the aggregate amount of the Lenders’ Commitments as then in effect. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may
borrow, prepay and reborrow Loans. 
 SECTION 2.02 Loans and Borrowings. 

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

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

(c)    Minimum Amounts; Limitation on Number of Borrowings. Each Borrowing shall be in an
aggregate amount of $5,000,000 or a larger multiple of $1,000,000; provided that an ABR Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Commitments. Borrowings of more than one Type may be
outstanding at the same time; provided that there shall not at any time be more than a total of five Eurodollar Rate Borrowings outstanding. 

(d)    Limitations on Lengths of Interest Periods. Notwithstanding any other provision of this
Agreement, the Borrower shall not be entitled to request, or to elect to convert to or continue as a Eurodollar Rate Borrowing, any Borrowing if the Interest Period requested therefor would end after the Maturity Date. 

SECTION 2.03 Requests for Borrowings. To request a borrowing of Loans during the Availability Period, the Borrower shall deliver
irrevocable notice to the Administrative Agent, which may be given by (A) telephone, or (B) a Borrowing Request; provided that any telephonic notice must be confirmed immediately by delivery to the Administrative Agent of a
Borrowing Request. Each such Borrowing Request must be received not later than 11:00 a.m., New York City time, three (3) Business Days before the date of the proposed Borrowing, in the case of a Eurodollar Rate Borrowing, and not later than
8:00 a.m., New York City time, one (1) Business Day before the date of the proposed Borrowing, in the case of an ABR Borrowing. Each such Borrowing Request shall specify the following information in compliance with
Section 2.02: 
    (i)    the aggregate principal amount of
the requested Borrowing; 
   (ii)    the date of such Borrowing, which shall be a Business
Day; 
  (iii)    whether such Borrowing is to be an ABR Borrowing or a Eurodollar Rate Borrowing;

  (iv)    in the case of a Eurodollar Rate Borrowing, the Interest Period therefor, which shall
be a period contemplated by the definition of the term “Interest Period” and permitted under Section 2.02(d); and 

  
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  (v)    the location and number of the account to
which funds are to be disbursed, which shall comply with the requirements of Section 2.05. 
 If no election as to
the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Rate Borrowing, the Borrower will be deemed to have selected an Interest Period
of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section 2.03, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such
Lender’s Loan to be made as part of the requested Borrowing. 
 SECTION 2.04 [Intentionally Omitted]. 

SECTION 2.05 Funding of Borrowings. 

(a)    Funding by Lenders. Each Lender shall make each Loan to be made by it hereunder on the
proposed date thereof by wire transfer of immediately available funds by 10:00 a.m., New York City time, to the account of the Administrative Agent designated by it for such purpose by notice to the Lenders. The Administrative Agent will make such
Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account designated by the Borrower in the Borrowing Request. 

(b)    Presumption by the Administrative Agent. Unless the Administrative Agent shall have
received notice from a Lender prior to the proposed time of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing or Borrowings, the Administrative Agent may assume that such
Lender has made such share of the Borrowing available on such date in accordance with Section 2.05(a) and may, in reliance upon such assumption make available to the Borrower a corresponding amount. In such event, if a
Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount
with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds
Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to ABR Loans. If such Lender pays such amount to the
Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. 
 SECTION 2.06 Interest
Elections. 
 (a)    Elections by the Borrower. Each Borrowing initially shall be of the
Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Rate Borrowing, shall have the Interest Period specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a Borrowing of a
different Type or to continue such Borrowing as a Borrowing of the same Type and, in the case of a Eurodollar Rate Borrowing, may elect the Interest Period therefor, all as provided in this Section 2.06. The Borrower may
elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans constituting such Borrowing, and the Loans constituting each such
portion shall be considered a separate Borrowing. 
 (b)    Notice of Elections. To make an
election pursuant to this Section 2.06, the Borrower shall deliver irrevocable notice to the Administrative Agent, which may be given by (A) telephone, or (B) an Interest Election Request; provided
that any telephonic notice must be confirmed immediately 

  
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by delivery to the Administrative Agent of an Interest Election Request. Each such Interest Election Request must be received by the Administrative Agent not later than 1:00 p.m., New York City
time, three (3) Business Days before the date of the proposed conversion to or continuation as a Eurodollar Rate Borrowing and not later than 12:00 noon, New York City time, one (1) Business Day before the date of the proposed conversion
to an ABR Borrowing; provided that an Interest Election Request for a conversion of ABR Borrowings made on the Effective Date may be delivered at the same time as the Borrowing Request for such ABR Borrowing for a conversion to Eurodollar
Rate Borrowings three (3) Business Days later. 
 (c)    Information in Interest Election
Requests. Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02: 

(i)    the Borrowing to which such Interest Election Request applies and, if different options are being
elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) of this paragraph shall be specified for each
resulting Borrowing); 
 (ii)    the effective date of the election made pursuant to such Interest
Election Request, which shall be a Business Day; 
 (iii)    whether the resulting Borrowing is to be
an ABR Borrowing or a Eurodollar Rate Borrowing; and 
 (iv)    if the resulting Borrowing is a
Eurodollar Rate Borrowing, the Interest Period therefor after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period” and permitted under
Section 2.02(d). 
 If any such Interest Election Request requests a Eurodollar Rate Borrowing but does not
specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. 

(d)    Notice by the Administrative Agent to Lenders. Promptly following receipt of an Interest
Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 

(e)    Failure to Elect; Events of Default. If the Borrower fails to deliver a timely Interest
Election Request with respect to a Eurodollar Rate Borrowing prior to the end of the Interest Period therefor, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be continued as a
Eurodollar Rate Borrowing with a one month Interest Period. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the
Borrower, then, so long as an Event of Default is continuing (A) no outstanding Borrowing may be converted to or continued as a Eurodollar Rate Borrowing and (B) unless repaid, each Eurodollar Rate Borrowing shall be converted to an ABR
Borrowing at the end of the Interest Period therefor. 
 SECTION 2.07 Changes of Commitments. 

(a)    Scheduled Termination. Unless previously terminated the aggregate amount of the Commitments shall
terminate on the Commitment Termination Date. 
 (b)    Voluntary Termination or Reduction. The
Company may at any time terminate or from time to time reduce the Commitments; provided that (i) each reduction of the Commitments shall 

  
 -20- 

 
be in an amount that is $15,000,000 or a larger multiple of $1,000,000 and (ii) the Company shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment
of the Loans in accordance with Section 2.09, the sum of the total Revolving Credit Exposures would exceed the total Commitments then in effect. 

(c)    Notice of Voluntary Termination or Reduction.  The Company shall notify the
Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section 2.07 at least three Business Days prior to the effective date of such termination or reduction, specifying
such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Company pursuant to this
Section 2.07(c) shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Company may state that such notice is conditioned upon the effectiveness of other credit facilities or
other transactions specified therein, in which case such notice may be revoked by the Company (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. 

(d)    Effect of Termination or Reduction. Any termination or reduction of the Commitments shall
be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments. 

SECTION 2.08 Repayment of Loans; Evidence of Debt. 

(a)    Repayment. The Borrower hereby unconditionally promises to pay to the Administrative Agent
for account of the Lenders the outstanding principal amount of the Loans made to the Borrower on the Maturity Date (or such earlier date on which the Loans become due and payable pursuant to Article VII). 

(b)    Manner of Payment. Prior to any repayment or prepayment of any Borrowings hereunder, the
Borrower shall select the Borrowing or Borrowings to be paid and shall notify the Administrative Agent by delivery of a Notice of Loan Prepayment of such selection not later than 11:00 a.m., New York City time, three Business Days before the
scheduled date of such repayment; provided that each repayment of Borrowings shall be applied to repay any outstanding ABR Borrowings before any other Borrowings. If the Borrower fails to make a timely selection of the Borrowing or Borrowings
to be repaid or prepaid, such payment shall be applied, first, to pay any outstanding ABR Borrowings and, second, to other Borrowings in the order of the remaining duration of their respective Interest Periods (the Borrowing with the
shortest remaining Interest Period to be repaid first). Each payment of a Borrowing shall be applied ratably to the Loans included in such Borrowing. 

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

  
 -21- 

 (e)    Effect of Entries. The entries made in
the accounts maintained pursuant to paragraph (c) or (d) of this Section 2.08 shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any
Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. 

(f)    Promissory Notes. Any Lender may request that Loans made by it to the Borrower be evidenced
by a promissory note. In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered assigns) in the form of Exhibit
D. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form
payable to the registered payee named therein (and, if requested by the Lender, its registered assigns). 
 SECTION 2.09 Prepayment of
Loans. 
 (a)    Optional Prepayments. The Borrower shall have the right at any time and
from time to time to prepay any Borrowing made to it in whole or in part, without premium or penalty (except for breakage costs as set forth in Section 2.14) subject to the requirements of this
Section 2.09; provided that the aggregate amount of each such partial prepayment shall be an integral multiple of $1,000,000 and not less than $5,000,000 or such other lower integral multiples and minimum amounts as
may be agreed between the Borrower and the Administrative Agent. 
 (b)    Notices, Etc. The
Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy) of any optional prepayment to be made by it hereunder (i) in the case of prepayment of Eurodollar Rate Borrowing, not later than 11:00 a.m., New York City time,
two Business Days before the date of prepayment or (ii) in the case of prepayment of an ABR Borrowing, not later than 11:00 a.m., New York City time, on the date of prepayment. Each such notice shall be irrevocable and shall specify the
prepayment date, the principal amount of each Borrowing or portion thereof to be prepaid and, in the case of a mandatory prepayment, a reasonably detailed calculation of the amount of such prepayment; provided that, if a notice of prepayment
is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.07, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.07.
Promptly following receipt of any such notice, the Administrative Agent shall advise the relevant Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of a Borrowing of
the same Type as provided in Section 2.02. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest as required by
Section 2.11, together with any amounts owing to Lenders under Section 2.14, and shall be made in the manner specified in Section 2.08(b). 

SECTION 2.10 Fees. 

(a)    Commitment Fee. The Company agrees to pay to the Administrative Agent for account of each
Lender a commitment fee, which shall accrue at the Applicable Rate on the daily amount of the unused Commitment of such Lender during the period from and including the Effective Date to but excluding the earlier of the date such Commitment
terminates and the Commitment Termination Date. Accrued commitment fees shall be payable on the last Business Day of each March, June, September and December in each year, commencing June 30, 2020 and on the earlier of the date the Commitments
terminate and the Commitment Termination Date. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 

  
 -22- 

 (b)    Administrative Agent Fees. The Borrower
agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent. All fees payable pursuant to this Section 2.10(b) shall be
computed on the basis of a year of 365 days (or 366 days in a leap year) for the actual number of days elapsed (including the first day but excluding the last day). 

(c)    Payment of Fees. All fees payable hereunder shall be paid on the dates due, in immediately
available funds, to the Administrative Agent for distribution, in the case of commitment fees, to the Lenders entitled thereto. Fees paid shall not be refundable under any circumstances. 

SECTION 2.11 Interest. 

(a)    ABR Loans. The Loans constituting each ABR Borrowing shall bear interest at a rate per
annum equal to the Base Rate plus the Applicable Margin. 
 (b)    Eurodollar Rate Loans. The
Loans constituting each Borrowing of a Eurodollar Rate Loan shall bear interest at a rate per annum equal to the Adjusted Eurodollar Rate for the Interest Period for such Borrowing plus the Applicable Margin. 

(c)    Default Interest. Notwithstanding the foregoing, if any principal of or interest on any
Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal
to (i) in the case of overdue principal, interest or premium (if any) on any Loan, 2.0% per annum plus the rate otherwise applicable to such Loan as provided above or (ii) in the case of any other overdue amount, 2.0% per annum plus the non-default interest rate applicable to ABR Loans as provided in paragraph (a) of this Section 2.11, payable upon demand. 

(d)    Payment of Interest. Accrued interest on each Loan shall be payable in arrears on each
Interest Payment Date for such Loan and upon the termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section 2.11 shall be payable on demand, (ii) in
the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Rate
Borrowing prior to the end of the Interest Period therefor, accrued interest on such Borrowing shall be payable on the effective date of such conversion. 

(e)    Computation. All interest hereunder shall be computed on the basis of a year of 360 days,
except that interest computed by reference to the Base Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year); interest shall in each case be payable for the actual number of days elapsed (including the first day but
excluding the last day). The applicable Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 

SECTION 2.12 Alternate Rate of Interest. 

(a)    If in connection with any request for a Eurodollar Rate Loan or a conversion to or continuation
thereof, (i) the Administrative Agent determines that adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan or in connection with an
existing or proposed Base Rate Loan (with respect to clause (i) above, “Impacted Loans”), or (ii) the Administrative Agent is advised by the Required Lenders that for any reason the Eurodollar Rate for any requested
Interest Period with respect to a proposed 

  
 -23- 

 
Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Eurodollar Rate Loan, the Administrative Agent will promptly so notify the Borrower and each
Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended (to the extent of the affected Eurodollar Rate Loans or Interest Periods) and (y) in the event of a determination described
in the preceding sentence with respect to the Eurodollar Rate component of the Base Rate, the utilization of the Eurodollar Rate component in determining the Base Rate shall be suspended, in each case until the Administrative Agent upon the
instruction of the affected Lenders revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans (to the extent of the affected
Eurodollar Rate Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans in the amount specified therein. 

(b)    Notwithstanding the foregoing, if the Administrative Agent has made the determination described in
clause (i) of Section 2.12(a), the Administrative Agent, in consultation with the Borrower and the affected Lenders, may establish an alternative interest rate for the Impacted Loans, in which case, such
alternative rate of interest shall apply with respect to the Impacted Loans until (1) the Administrative Agent revokes the notice delivered with respect to the Impacted Loans under clause (i) of Section 2.12(a),
(2) the Administrative Agent notifies the Borrower that such alternative interest rate does not adequately and fairly reflect the cost to such Lenders of funding the Impacted Loans, or (3) any Lender determines that any Law has made it
unlawful, or that any Governmental Authority has asserted that it is unlawful, for such Lender or its applicable lending office to make, maintain or fund Loans whose interest is determined by reference to such alternative rate of interest or to
determine or charge interest rates based upon such rate or any Governmental Authority has imposed material restrictions on the authority of such Lender to do any of the foregoing and provides the Administrative Agent and the Borrower written notice
thereof. 
 SECTION 2.13 Increased Costs. 

(a)    Increased Costs Generally. If any Change in Law shall: 

(i)    impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement
(including any compulsory loan requirement or insurance charge) against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted Eurodollar Rate); or 

(ii)    impose on any Lender or the London interbank market any other condition (other than Indemnified
Taxes or Excluded Taxes) affecting this Agreement or Eurodollar Rate Loans made by such Lender; or 

(iii)    subject the Administrative Agent, any Lender or any other recipient of any payments hereunder to
any Taxes on its loans, loan principal, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto (other than (A) Indemnified Taxes, (B) Excluded Taxes and (C) Other Taxes); 

and the result of any of the foregoing shall be to increase the cost to such Person of making, continuing, converting into or maintaining any
Loan to the Borrower (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Person hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such
Person, in Dollars, such additional amount or amounts as will compensate such Person for such additional costs incurred or reduction suffered. 

  
 -24- 

 (b)    Capital Requirements. If any Lender
determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence
of this Agreement or the Loans made by such Lender to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies
of such Lender’s holding company with respect to capital adequacy and liquidity), then from time to time the Borrower will pay to such Lender, in Dollars, such additional amount or amounts as will compensate such Lender or such Lender’s
holding company for any such reduction suffered. 
 (c)    Certificates from Lenders. A
certificate of a Lender setting forth the amount or amounts, in Dollars, necessary to compensate such Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this
Section 2.13, and setting forth in reasonable detail calculations of such amount or amounts, shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount
shown as due on any such certificate within 10 days after receipt thereof. 
 (d)    Delay in
Requests. Failure or delay on the part of any Lender to demand compensation pursuant to this Section 2.13 shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the
Borrower shall not be required to compensate a Lender pursuant to this Section 2.13 for any increased costs or reductions incurred more than six months prior to the date that such Lender notifies the Borrower of the Change
in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor; provided, further, that, if the Change in Law giving rise to such increased costs or reductions is
retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof. 

SECTION 2.14 Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Rate Loan
other than on the last day of an Interest Period therefor (including as a result of an Event of Default), (b) the conversion of any Eurodollar Rate Loan other than on the last day of an Interest Period therefor, (c) the failure to borrow,
convert, continue or prepay any Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice is permitted to be revocable under Section 2.09(b) and is revoked in accordance
herewith), or (d) the assignment of any Eurodollar Rate Loan other than on the last day of an Interest Period therefor as a result of a request by the Borrower pursuant to Section 2.18, then, in any such event, the
Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. 
 In the case of a
Eurodollar Rate Loan, the loss to any Lender attributable to any such event shall be deemed to include an amount determined by such Lender to be equal to the excess, if any, of (i) the amount of interest that such Lender would pay for a deposit
equal to the principal amount of such Loan for the period from the date of such payment, conversion, failure or assignment to the last day of the then current Interest Period for such Loan (or, in the case of a failure to borrow, convert or
continue, the duration of the Interest Period that would have resulted from such borrowing, conversion or continuation) if the interest rate payable on such deposit were equal to the Adjusted Eurodollar Rate for such Interest Period, over
(ii) the amount of interest that such Lender would earn on such principal amount for such period if such Lender were to invest such principal amount for such period at the interest rate that would be bid by such Lender (or an affiliate of such
Lender) for deposits from other banks in the eurocurrency market at the commencement of such period. The Borrower shall not be responsible for losses described in this Section 2.14 arising more than six (6) months
prior to its receipt of notice of such determination by the respective Lender requesting compensation for such loss. Such notice, to be effective, shall be accompanied by a calculation of such losses in reasonable detail. A certificate of any Lender
setting forth 

  
 -25- 

 
any amount or amounts that such Lender is entitled to receive pursuant to this Section 2.14 shall be delivered to the Borrower and shall be conclusive absent manifest
error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 
 SECTION
2.15 Taxes. 
 (a)    Payments Free of Taxes. Any and all payments by or on account of
any obligation of the Borrower hereunder shall be made free and clear of and without deduction for any Taxes, except as required by applicable law; provided that if the Borrower or other applicable withholding agent shall be required to
deduct any Tax, then (i) if such Tax is an Indemnified Tax or Other Tax, the sum payable by the Borrower shall be increased as necessary so that after all required deductions have been made (including deductions applicable to additional sums
payable under this Section 2.15) the Administrative Agent or Lender (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower or other
applicable withholding agent shall make such deductions and (iii) the Borrower or other applicable withholding agent shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 

(b)    Payment of Other Taxes by the Borrower. In addition (but without duplication), the Borrower
shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 

(c)    Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent and
each Lender (without duplication), within 10 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under
this Section 2.15) paid by the Administrative Agent or such Lender, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or
Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender, or by the Administrative Agent on its own behalf or
on behalf of a Lender, shall be conclusive absent manifest error. 
 (d)    Evidence of
Payments. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority, the Borrower 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. 

(e)    Foreign Lenders. Any Foreign Lender that is and remains entitled to an exemption from or
reduction of withholding tax under the law of the United States of America, or any treaty to which the United States of America is a party, with respect to payments under this Agreement by the Borrower shall deliver to the Borrower (with a copy to
the Administrative Agent), at the time or times prescribed by applicable law or reasonably requested by the Borrower, such properly completed and executed documentation prescribed by applicable law as will permit such payments by the Borrower to be
made without withholding or at a reduced rate. 
 (f)    Indemnification by the Lenders. Each
Lender shall severally indemnify the Administrative Agent for any Taxes (but, in the case of any Indemnified Taxes or Other Taxes, only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes
or Other Taxes and without limiting the obligation of the Borrower to do so) attributable to such Lender that are paid or payable by the Administrative Agent in connection with this Agreement (including any Excluded Taxes and Taxes arising as a
result of the Lender’s failure to maintain a Participant 

  
 -26- 

 
Register) 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.
The indemnity under this Section 2.15(f) shall be paid within 10 days after the Administrative Agent delivers to the applicable Lender a certificate stating the amount of Taxes so paid or payable by the Administrative
Agent. Such certificate shall be conclusive of the amount so paid or payable absent manifest error. 
 SECTION 2.16 [Intentionally
Omitted] . 
 SECTION 2.17 Payments Generally; Pro Rata Treatment; Sharing of Setoffs. 

(a)    Payments by the Borrower. The Borrower shall make each payment required to be made by it
hereunder (whether of principal, interest or fees, or under Section 2.13, 2.14 or 2.15, or otherwise) prior to 12:00 noon, New York City time, on the date when due, in immediately available funds, without
setoff, counterclaim or other deduction. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest
thereon. All such payments shall be made to the Administrative Agent at the Administrative Agent’s Account, except that payments pursuant to Sections 2.13, 2.14, 2.15, 2.18(b) and 9.03 shall be made directly
to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on
a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments
hereunder (including commitment fees, payment required under Section 2.13, and payments required under Section 2.14) shall be made in Dollars. 

(b)    Application of Insufficient Payments. If at any time insufficient funds are received by and
available to the Administrative Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied (i) first, to pay interest and fees then due hereunder, ratably among the parties entitled thereto in
accordance with the amounts of interest and fees then due to such parties, and (ii) second, to pay principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such parties.

 (c)    Pro Rata Treatment. Except to the extent otherwise provided herein: (i) each
Borrowing shall be made from the Lenders, each payment of a commitment fee under Section 2.10 shall be made for account of the Lenders, and each termination or reduction of the amount of the Commitments under Section 2.07 shall be applied
to the respective Commitments of the Lenders, pro rata according to the amounts of their respective Commitments; (ii) each Borrowing shall be allocated pro rata among the Lenders according to the amounts of their respective Commitments (in the
case of the making of Loans) or their respective Loans (in the case of conversions and continuations of Loans); (iii) each payment or prepayment of principal of Loans shall be made for account of the Lenders pro rata in accordance with the
respective unpaid principal amounts of the Loans held by them; and (iv) each payment of interest on Loans shall be made for account of the Lenders pro rata in accordance with the amounts of interest on such Loans then due and payable to the
respective Lenders. 
 (d)    Sharing of Payments by Lenders. If any Lender shall, by exercising
any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and accrued
interest thereon then due than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the 

  
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Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued
interest on their respective Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored
to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any
payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or Participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this
paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the
Borrower’s rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. 

(e)    Presumptions of Payment. Unless the Administrative Agent shall have received notice from
the Borrower prior to the date on which any payment is due to the Administrative Agent for account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on
such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the
Administrative Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at
the Federal Funds Rate. 
 (f)    Certain Deductions by the Administrative Agent. If any Lender
shall fail to make any payment required to be made by it pursuant to Section 2.05(b) or 2.17(e), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), (i) apply any
amounts thereafter received by the Administrative Agent for 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 over which the Administrative Agent shall have exclusive control as cash collateral for, and application to, any future funding obligations of such Lender under such Sections, in the case of each of clauses (i) and (ii)
above, in any order as determined by the Administrative Agent in its discretion. 
 SECTION 2.18 Mitigation Obligations; Replacement of
Lenders. 
 (a)    Designation of a Different Lending Office. If any Lender requests
compensation under Section 2.13, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for account of any Lender pursuant to Section 2.15, then
such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of
such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.13 or 2.15, as the case may be, in the future and (ii) would not subject such Lender to any
unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(b)    Replacement of Lenders. If any Lender requests compensation under
Section 2.13 or 2.14, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for account of any Lender pursuant to Section 2.15, or if any
Lender becomes a 

  
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Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in
accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights (other than its existing rights to payment pursuant to Sections 2.13 or 2.14) and obligations under this
Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written consent of the Administrative
Agent, which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it
hereunder (including any amounts payable under Section 2.14 as a result of such assignment), from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all
other amounts), (iii) if the Lender being replaced does not execute and deliver to the Administrative Agent a duly completed Assignment and Assumption and/or any other documentation necessary to reflect such replacement by the later of (x) the
date on which the assignee Lender executed and delivered such Assignment and Assumption and/or such other documentation and (y) the time such Lender receives payment under clause (ii) above, then the Lender being replaced shall be deemed
to have executed and delivered such Assignment and Assumption and/or such other documentation as of such date and the Borrower shall be entitled (but not obligated) to execute and deliver such Assignment and Assumption and/or such other
documentation on behalf of such Lender (provided that the Borrower shall make no representation or warranty on behalf of such Lender in such Assignment and Assumption and/or such other documentation) and (iv) in the case of any such
assignment resulting from a claim for compensation under Section 2.13 or payments required to be made pursuant to Section 2.15, such assignment will result in a reduction in such compensation or
payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to
apply. 
 SECTION 2.19 Defaulting Lenders. Notwithstanding any provision of this Agreement (including
Section 2.17(c) or Section 2.17(d)) 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 daily amount of the Commitment of such Defaulting Lender
pursuant to Section 2.10; 
 (b)    the Commitment and Revolving Credit
Exposure of such Defaulting Lender shall not be included, and such Defaulting Lender shall not be deemed to be a Lender, in determining whether all Lenders or the Required Lenders have taken or may take any action hereunder (including any consent to
any amendment or waiver pursuant to Section 9.02); provided that (i) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender which affects such Defaulting Lender differently
in an adverse manner than other affected Lenders shall require the consent of such Defaulting Lender and (ii) any amendment or modification that increases, or extends the maturity of, such Defaulting Lender’s Commitment, or reduces the
principal amount of, or rate of interest on, any Loans made by such Defaulting Lender, shall require the consent of such Defaulting Lender; and 

(c)    any amount payable to such Defaulting Lender hereunder (whether on account of principal, interest
or otherwise and including any amount that would otherwise be payable to such Defaulting Lender pursuant to Section 2.17 but excluding Section 2.18(b)) shall, in lieu of being distributed to such
Defaulting Lender, be retained by the Administrative Agent in a segregated account and, subject to any applicable requirements of law, be applied at such time or times as may be determined by the Administrative Agent in the following order of
priority: (a) first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; (b) second, to the funding of any Loan in 

  
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respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; (c) third, if so determined by the
Administrative Agent and the Company, held in such account as cash collateral for future funding obligations of the Defaulting Lender in respect of any Loans required to be funded by such Lender under this Agreement; (d) fourth, to the payment
of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this
Agreement; and (e) fifth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction, provided that, with respect to this clause (e), if such payment is (x) a prepayment of the principal amount of any Loans
which such Defaulting Lender has funded and (y) made at a time when the conditions set forth in Section 5.02 are satisfied, such payment shall be applied solely to prepay the Applicable Percentage of the outstanding
principal amount of Loans of each non-Defaulting Lender prior to being applied to the prepayment of the Loans of such Defaulting Lender. 

In the event that the Administrative Agent and the Company agree in writing in their discretion that a Defaulting Lender has adequately
remedied all matters that caused such Lender to be a Defaulting Lender, then on such date such Lender shall purchase at par such of the Loans of the other Lenders and/or make such other adjustments as the Administrative Agent shall determine may be
necessary in order for such Lender to hold such Loans in accordance with its Applicable Percentage, whereupon such Lender will cease to be a Defaulting Lender and any amounts held in the segregated account referenced above shall be distributed to
such Lender, provided that except to the extent otherwise expressly agreed by the affected parties, no change hereunder in the status of Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from such
Lender having been a Defaulting Lender. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

The Company represents and warrants to the Lenders that: 

SECTION 3.01 Corporate Existence. Each of the Company and its Material Subsidiaries: (a) is a corporation duly organized and
validly existing under the laws of the jurisdiction of its incorporation (or, in the case of a Material Subsidiary that is not a corporation, is a partnership or other entity duly organized and validly existing under the laws of its jurisdiction of
organization); (b) has all requisite legal power, and has all material governmental licenses, authorizations, consents and approvals, necessary to own its assets and carry on its business as now being or as proposed to be conducted; and (c) is
qualified to do business in all jurisdictions in which the nature of the business conducted by it makes such qualification necessary and where failure so to qualify would have a Material Adverse Effect. 

SECTION 3.02 Financial Condition. The Company has heretofore furnished to the Lenders the consolidated balance sheets of the Company
and its Consolidated Subsidiaries as at December 31, 2017, December 31, 2018 and December 31, 2019 and the related consolidated statements of operations, cash flows and changes in common shareholders’ equity of the Company and
its Consolidated Subsidiaries for the three fiscal years ended December 31, 2019, with the opinion thereon of Deloitte & Touche LLP. Such financial statements fairly present, in all material respects, the consolidated financial
condition of the Company and its Consolidated Subsidiaries as at said dates and the consolidated results of their operations and cash flows for the periods presented, all in accordance with GAAP. Neither the Company nor any of its Material
Subsidiaries had on said dates any material contingent liabilities, liabilities 

  
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for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments, except as referred to or reflected or provided for in said balance sheets
as at said dates. Since December 31, 2019, there has been no event or condition that could result in a Material Adverse Effect. 

SECTION 3.03 Litigation. The legal or arbitral proceedings, and proceedings by or before any Governmental Authority, now pending or
(to the knowledge of the Company) threatened against the Company and/or any of its Material Subsidiaries will not, in the opinion of the General Counsel of the Company, result in imposition of liability or assessment against (including seizure of)
property that would result in a Material Adverse Effect. 
 SECTION 3.04 No Breach. None of the execution and delivery of this
Agreement, the consummation of the transactions herein contemplated and compliance with the terms and provisions hereof will conflict with or result in a breach of, or require any consent under, the charter or
by-laws of the Company or any of its Subsidiaries, or any applicable law or regulation, or any order, writ, injunction or decree of any Governmental Authority, or any material agreement or instrument to which
the Company or any of its Subsidiaries is a party or by which any of them is bound or to which any of them is subject, or constitute a default under any such agreement or instrument, other than immaterial conflicts under contractual obligations.

 SECTION 3.05 Corporate Action. The Company has all necessary corporate power and authority to execute, deliver and perform its
obligations under this Agreement; the execution, delivery and performance by the Company of this Agreement has been duly authorized by all necessary corporate action on its part; and this Agreement has been duly and validly executed and delivered by
the Company and constitutes the legal, valid and binding obligation of the Company, enforceable in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium or
similar laws relating to or limiting creditors’ rights generally. 
 SECTION 3.06 Approvals. No authorizations, approvals or
consents of, and no filings or registrations with, any Governmental Authority are necessary for the execution, delivery or performance by the Company of this Agreement or for the validity or enforceability thereof, except for approvals or consents
that have been obtained prior to the Effective Date. 
 SECTION 3.07 Use of Loans. Neither the Company nor any of its Subsidiaries
is engaged principally, or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock and no part of the proceeds of any Loan hereunder will
be used to buy or carry, or to extend credit to others to buy or carry, any Margin Stock. 
 SECTION 3.08 ERISA. (i) Except as
would not reasonably be expected to have a Material Adverse Effect, the Company and the ERISA Affiliates have fulfilled their respective obligations under the minimum funding standards of ERISA and the Code with respect to each Plan and are in
compliance in all material respects with the applicable provisions of ERISA and the Code, and (ii) have not incurred any liability to the PBGC or any Plan or Multiemployer Plan (other than to make contributions or scheduled payments in the
ordinary course of business) which, when taken together with all other such liabilities incurred, would reasonably be expected to result in a Material Adverse Effect. The Borrower represents and warrants as of the Effective Date that the Borrower is
not and will not be using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans or the
Commitments 

  
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 SECTION 3.09 Taxes. The Company and its Subsidiaries have filed all United States
Federal income tax returns and all other tax returns required to be filed by them and have paid all taxes due pursuant to such returns or pursuant to any assessment received by the Company or any of its Subsidiaries except (i) for those being
contested in good faith and for which adequate reserves have been established in accordance with GAAP or (ii) to the extent that such failure to file or pay such taxes would not reasonably be expected to result in a Material Adverse Effect. The
charges, accruals and reserves on the books of the Company and its Material Subsidiaries in respect of taxes and other governmental charges are, in the opinion of the Company, adequate. If the Company is a member of an affiliated group of
corporations filing consolidated returns for United States Federal income tax purposes, it is the “common parent” of such group. 

SECTION 3.10 Investment Company Act. The Company is not an “investment company,” or a company “controlled” by an
“investment company,” within the meaning of the Investment Company Act of 1940, as amended. 
 SECTION 3.11 Credit
Agreements. Schedule II is a complete and correct list, as of the date of this Agreement, of each credit agreement, loan agreement, indenture, purchase agreement, guarantee or other arrangement providing for or otherwise relating to any
Indebtedness or any extension of credit (or commitment for any extension of credit) to, or guarantee by, the Company or any of its Material Subsidiaries the aggregate principal or face amount of which equals or exceeds (or may equal or exceed)
$150,000,000 and the aggregate principal or face amount outstanding or which may become outstanding under each such arrangement is correctly described in Schedule II. 

SECTION 3.12 Hazardous Materials and Environmental Matters. 

(a)    Except as would not reasonably be expected to result in a Material Adverse Effect: 

(i)    the Company and each of its Material Subsidiaries have obtained all permits, licenses and other
authorizations (“Permits”) required under all applicable Environmental Laws, for their respective operations, businesses and assets, and such Permits are in full force and effect and the Company and each of its Material Subsidiaries
are in compliance with the terms and conditions of all such Permits; 
 (ii)    the Company and each of
its Material Subsidiaries, and their respective operations and assets, are in compliance with all applicable Environmental Laws; 

(iii)    neither the Company nor any of its Material Subsidiaries has received any written notice of
violation, alleged violation, non-compliance, liability or potential liability under any Environmental Laws, nor does the Company or any of its Material Subsidiaries have knowledge that any such notice will be
received or is being threatened; 
 (iv)    no judicial proceeding or governmental or administrative
action is pending or, to the knowledge of the Company or any of its Material Subsidiaries, threatened, under any Environmental Law to which the Company or any of its Material Subsidiaries is or will be named as a party, nor are any of them subject
to any consent decree, or consent order or other orders or judgments under any Environmental Law; 

(v)    there has been no Release or threat of Release of Hazardous Materials at, on, under or from any
properties or facilities currently, or to the knowledge of the Company or any of its Material Subsidiaries, formerly, owned or operated by any of them which would reasonably be 

  
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expected to result in a violation of or liability under any Environmental Laws on the part of any of them; and 

(vi)    neither the Company nor any of its Material Subsidiaries has contractually assumed or undertaken
responsibility for any liability or obligation of any Person arising under or relating to any Environmental Laws. 

(b)    Compliance Review. In the ordinary course of its business, the Company conducts an ongoing
review of the effect of Environmental Laws on the business, operations and properties of the Company and its Subsidiaries, in the course of which it identifies and evaluates associated liabilities and costs (including any capital or operating
expenditures required for clean-up or closure of properties presently or previously owned, any capital or operating expenditures required to achieve or maintain compliance with environmental protection
standards imposed by law or as a condition of any license, permit or contract, any related constraints on operating activities, including any periodic or permanent shutdown of any facility or reduction in the level of or change in the nature of
operations conducted thereat, any costs or liabilities in connection with off-site disposal of wastes or hazardous substances, and any actual or potential liabilities to third parties, including employees, and
any related costs and expenses). On the basis of this review, the Company has reasonably concluded that, except as expressly disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2019, such associated liabilities and costs, including the costs of compliance with Environmental Laws, are unlikely to have a Material Adverse Effect. 

SECTION 3.13 Full Disclosure. The Company has heretofore furnished to each of the Lenders a true copy of the Company’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2019 (the “Annual Report”), as filed by the Company with the Securities and Exchange Commission. Except as disclosed in writing
to the Lenders specifically referencing this Section 3.13, the annual, quarterly and other periodic reports most recently delivered to the Lenders pursuant to this Section 3.13 or
Section 3.02 do not contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not materially
misleading. As of the Effective Date, the information included in the Beneficial Ownership Certification (if any) is true and correct in all respects. 

SECTION 3.14 Anti-Terrorism Laws and Sanctions. To the extent applicable, the Company and each Material Subsidiary is in compliance,
in all material respects, with (i) the Patriot Act, (ii) the Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., as amended, and (iii) any sanctions administered by (a) the Office of Foreign Assets Control of the U.S.
Treasury Department or the U.S. Department of State, or (b) the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s Treasury of the United Kingdom or other relevant sanctions authority of the
United States, the United Nations, the European Union or the United Kingdom, which administers legally binding economic or trade sanctions (“Sanctions”). Neither the Company nor any Material Subsidiary nor, to the knowledge of the
Company, any director, officer or employee of the Company or any Material Subsidiary, is the target of any Sanctions. No proceeds of the Loans will be used by the Company or any Material Subsidiary, directly or to its knowledge indirectly, except as
otherwise permitted for a Person required to comply with Sanctions, for the purpose of funding or financing any activities or business of any Person that at the time of such funding or financing is the target of any Sanctions. 

SECTION 3.15 Affected Financial Institution. The Borrower is not an Affected Financial Institution. 

  
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 ARTICLE IV 

[Intentionally Omitted] 

ARTICLE V 
 CONDITIONS 

SECTION 5.01 Effective Date. The obligations of the Lenders to make Loans hereunder shall not become effective until the date on which
each of the following conditions shall be satisfied: 
 (a)    The Administrative Agent (or its
counsel) shall have received each of the following documents, each of which shall be satisfactory to the Administrative Agent (and to the extent specified below, to each Lender) in form and substance (or such condition shall have been waived in
accordance with Section 9.02): 
 (i)    Executed Counterpart. From
the Company, an executed counterpart of this Agreement. 
 (ii)    Opinion of Counsel to the
Company. A favorable written opinion of (i) Debevoise & Plimpton LLP, special New York counsel for the Company and (ii) internal counsel of the Company, each of which shall be reasonably satisfactory to the Administrative
Agent in form and substance (and the Company hereby instructs such counsel to deliver such opinions to the Lenders and the Administrative Agent). 

(iii)    Corporate Documents. Such documents and certificates as the Administrative Agent, the
Lead Arranger or their counsel may reasonably request relating to the organization, existence and good standing of the Company and the authorization of the borrowings hereunder by the Company, each of which shall be reasonably satisfactory to the
Lead Arranger in form and substance. 
 (iv)    Officer’s Certificate. A certificate,
dated the Effective Date appropriately completed and signed by a Responsible Officer of the Borrower, in the form of Exhibit E. 

(b)    Patriot Act. No later than three Business Days in advance of the Effective Date, (i) the
Administrative Agent shall have received all documentation and other information reasonably requested in writing by the Administrative Agent with respect to the Company at least ten Business Days in advance of the Effective Date, which documentation
or other information is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the USA Patriot Act and (ii) if the Borrower qualifies as a “legal entity
customer” under the Beneficial Ownership Regulation, it shall deliver a Beneficial Ownership Certification in relation to the Borrower. 

(c)    Fees. The Company shall have paid such fees as it shall have agreed to pay to any Lender or the
Administrative Agent in connection herewith, including the reasonable fees and expenses of one legal counsel to the Administrative Agent, in connection with the negotiation, preparation, execution and delivery of this Agreement and the Loans
hereunder (to the extent that statements for such fees and expenses have been delivered to the Company). 
 The Administrative Agent shall
notify in writing the Company and the Lenders of the Effective Date, and such notice shall be conclusive and binding. 

  
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 SECTION 5.02 Each Credit Event. The obligation of each Lender to make a Loan on the
occasion of any Borrowing is subject to the satisfaction of the following conditions: 

(a)    Representations and Warranties. The representations and warranties of the Company in
Article III (other than Section 3.03 and the last sentence of Section 3.02) shall be true and correct in all material respects or in all respects if the applicable representation or warranty
is qualified by material adverse effect or other materiality qualifiers on and as of the date of such Borrowing; 

(b)    Borrowing Request. The Administrative Agent shall have received a Borrowing Request as
required by Section 2.03; and 
 (c)    No Default. At the time of and
immediately after giving effect to such Borrowing, no Default shall have occurred and be continuing. 
 Each Borrowing shall
be deemed to constitute a representation and warranty by the Company and the respective Borrower on the date thereof as to the matters specified in the preceding sentence 

ARTICLE VI 
 COVENANTS OF
THE COMPANY 
 The Company agrees that, so long as any of the Commitments are in effect and until payment in full of all
Loans hereunder, all accrued interest thereon and all other amounts due and payable by the Borrower hereunder: 
 Part A. Affirmative
Covenants. 
 SECTION 6.01 Financial Statements. The Company shall deliver to the Administrative Agent on behalf
of the Lenders (and upon receipt thereof the Administrative Agent shall promptly deliver to the Lenders): 

(a)    as soon as available and in any event within 45 days after the end of each of the first three
quarters of each fiscal year of the Company, consolidated statements of earnings and cash flow of the Company and its Consolidated Subsidiaries for such period and for the period from the beginning of the respective fiscal year to the end of such
period, and the related consolidated balance sheet as at the end of such period, setting forth in each case in comparative form the corresponding consolidated figures for the corresponding period in the preceding fiscal year, accompanied by a
certificate of a senior financial officer of the Company which certificate shall state that said financial statements fairly present, in all material respects, the consolidated financial condition, results of operations and cash flows of the Company
and its Consolidated Subsidiaries on a consolidated basis as of and for the periods presented in accordance with GAAP consistently applied; 

(b)    as soon as available and in any event within 90 days after the end of each fiscal year of the
Company, consolidated statements of earnings, cash flows and common shareholders’ equity of the Company and its Consolidated Subsidiaries for such year and the related consolidated balance sheet as at the end of such year, setting forth in each
case in comparative form the corresponding consolidated figures for the preceding fiscal year, and accompanied by an unqualified opinion thereon of Deloitte & Touche LLP or any other independent certified public accountants of recognized
national standing, which opinion shall state that said consolidated financial statements fairly present, in all material respects, the consolidated financial condition and results of operations and cash flows of the Company and its Consolidated
Subsidiaries as at the end of, and for, such fiscal year; 

  
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 (c)    promptly upon their becoming available, notices
of the filing of all regular periodic reports which the Company shall have filed with the Securities and Exchange Commission (or any Governmental Authority substituted therefor) or any national securities exchange; 

(d)    promptly upon the mailing thereof to the shareholders of the Company generally, copies of all
financial statements, reports and proxy statements so mailed, provided that, where any such mailed copies shall also have been filed with the Securities and Exchange Commission, the requirements of this paragraph shall be satisfied by the
posting of such filings as contemplated below in the last paragraph of this Section 6.01; 

(e)    promptly after the Company knows or has reason to know that any Default has occurred, a notice of
such Default describing the same in reasonable detail and, together with such notice or as soon thereafter as possible, a description of the action that the Company has taken and proposes to take with respect thereto; 

(f)    prompt written notice to the Administrative Agent and each of the Lenders upon any officer of the
Company becoming aware of any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect; and 

(g)    from time to time such other information regarding the business, affairs or financial condition of
the Company or any of its Material Subsidiaries (including any Plan or Multiemployer Plan and any reports or other information required to be filed under ERISA and any information and documentation requested for purposes of compliance with the
Beneficial Ownership Regulation) as the Administrative Agent may reasonably request (on its own behalf or on behalf of any Lender). 

The Company will furnish to the Administrative Agent, at the time it furnishes each set of financial statements pursuant to
paragraph (a) or (b) above, a certificate of a senior financial officer of the Company (i) to the effect that no Default has occurred and is continuing (or, if any Default has occurred and is continuing, describing the same
in reasonable detail and describing the action that the Company has taken and proposes to take with respect thereto) and (ii) setting forth in reasonable detail the computations necessary to determine whether the Company is in compliance with
Sections 6.08 and 6.09 as of the end of the respective quarterly fiscal period or fiscal year. 
 Information
required to be delivered pursuant to this Section 6.01 (other than the certificate described in the preceding paragraph) shall be deemed to have been delivered in accordance with this Section 6.01
on the date on which such information has been posted (i) on the Company’s website on the Internet, (ii) at www.sec.gov or (iii) at another website identified by the Company in a notice to the Administrative Agent and accessible
by the Lenders without charge. 
 SECTION 6.02 Litigation. The Company will promptly give to the Administrative Agent (and upon
receipt thereof the Administrative Agent shall promptly give to the Lenders) notice of all legal or arbitral proceedings, and of all proceedings by or before any governmental or regulatory authority or agency, and any material development in respect
of such legal or other proceedings, affecting the Company or any of its Material Subsidiaries, except any proceeding which would not reasonably be expected to result in a Material Adverse Effect. Information required to be delivered pursuant to this
Section 6.02 shall be deemed to have been delivered in accordance with this Section 6.02 on the date on which such information has been posted (i) on the Company’s website on the
Internet, (ii) at www.sec.gov, or (iii) at another website identified by the Company in a notice to the Administrative Agent and accessible by the Lenders without charge. 

  
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 SECTION 6.03 Corporate Existence, Etc. 

(a)    The Company will, and will cause each of its Material Subsidiaries to, preserve and maintain its
legal existence and all of its material rights, privileges and franchises (provided that nothing in this Section 6.03 shall prohibit any transaction expressly permitted under Section 6.06); comply in all
material respects with the requirements of all applicable laws, rules, regulations and orders of any Governmental Authority if failure to comply with such requirements would reasonably be expected to result in a Material Adverse Effect; pay and
discharge all taxes, assessments and governmental charges or levies imposed on it or on its income or profits or on any of its property prior to the date on which material penalties attach thereto, except for (i) any such tax, assessment,
charge or levy the payment of which is being contested in good faith and by proper proceedings and against which adequate reserves are being maintained or (ii) where the failure to so pay, discharge or otherwise satisfy such tax, assessment,
charge or levy would not reasonably be expected to result in a Material Adverse Effect; maintain all of its properties used or useful in its business in good working order and condition, ordinary wear and tear excepted; provided,
however, that the Company or any Subsidiary of the Company may discontinue the maintenance of a property if such discontinuance is, in the opinion of the Company, desirable in the conduct of its business and is not likely to have a Material
Adverse Effect; keep proper books of record and account in which entries are made of all dealings and transactions in relation to its business and activities; and upon reasonable advance notice, permit representatives of any Lender or the
Administrative Agent, during normal business hours, to examine, copy and make extracts from its books and records, to inspect its properties, and to discuss its business and affairs with its officers, all to the extent reasonably requested by such
Lender or the Administrative Agent. 
 (b)    The Company will, and will cause each of its Material
Subsidiaries to, (a) comply with all applicable Environmental Laws and obtain and comply with all Permits required by applicable Environmental Laws; and (b) conduct and complete all investigations, studies, sampling and testing, and all
remedial and other corrective actions as required under any Environmental Laws unless being contested in good faith and by proper proceedings and appropriate reserves are being maintained with respect thereto in accordance with GAAP, except in each
case where failure to do so would not reasonably be expected to result in a Material Adverse Effect. 

(c)    The Company will conduct its business in material compliance with Anti-corruption Laws and
Sanctions and will be subject to, and will cause each of its Material Subsidiaries to be subject to, policies and procedures instituted and maintained by the Company designed to promote and achieve compliance with such laws. 

SECTION 6.04 Insurance. The Company will maintain, and will cause each of its Subsidiaries to maintain, insurance underwritten by
financially sound and reputable insurers, or self -insurance (in accordance with normal industry practice) in such amounts and against such risks as ordinarily is carried or maintained by owners of like businesses and properties in similar
circumstances. 
 SECTION 6.05 Use of Proceeds. The Company will use the proceeds of the Loans made to it hereunder solely for its
general corporate purposes (in compliance with all applicable legal and regulatory requirements), including acquisition financing; provided that neither the Administrative Agent nor any Lender shall have any responsibility as to the use of
any of such proceeds. 
 Part B: Negative Covenants. 

SECTION 6.06 Prohibition of Fundamental Changes. The Company will not, nor will it permit any of its Material Subsidiaries to, enter
into any transaction of merger or consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution). The Company will not, and will not permit any of its Material Subsidiaries to, convey, sell, lease,
transfer or otherwise dispose of, in one transaction or a series of transactions, all or substantially all of the business or assets of the Company and its 

  
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Material Subsidiaries (taken as a whole), whether now owned or hereafter acquired (excluding any inventory or other assets sold or disposed of in the ordinary course of business). Notwithstanding
the foregoing provisions of this Section 6.06: 
 (a)    any Subsidiary of
the Company may be merged or consolidated with or into: (i) the Company if the Company shall be the continuing or surviving corporation or (ii) any other Subsidiary; 

(b)    any Subsidiary of the Company may sell, lease, transfer or otherwise dispose of any or all of its
assets (upon voluntary liquidation or otherwise) to the Company or any other Subsidiary of the Company; 

(c)    any Subsidiary of the Company may merge or consolidate with any other Person if the surviving
Person is a Subsidiary of the Company; and 
 (d)    any Subsidiary may liquidate or dissolve if the
Company determines in good faith that such liquidation or dissolution is in the best interests of the Company and is not materially disadvantageous to the Lenders. 

SECTION 6.07 Limitation on Liens. The Company will not, nor will it permit any of its Material Subsidiaries to, create, incur, assume
or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, except: 

(a)    Liens imposed by any Governmental Authority for taxes, assessments or charges not yet due or which
are being contested in good faith and by appropriate proceedings if, unless the amount thereof is not material with respect to it or its financial condition, adequate reserves with respect thereto are maintained on the books of the Company or any of
its Material Subsidiaries, as the case may be, in accordance with GAAP; 
 (b)    carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business which are not overdue for a period of more than 30 days or which are being contested in good faith and by
appropriate proceedings; 
 (c)    pledges or deposits under workers’ compensation, unemployment
insurance and other social security legislation; 
 (d)    deposits to secure the performance of bids,
trade contracts (other than for borrowed money), leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

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

(f)    Liens on assets of Persons that become Subsidiaries of the Company on or after the date of this
Agreement, provided that such Liens are in existence at the time the respective Persons become Subsidiaries of the Company and were not created in anticipation thereof; 

  
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 (g)    Liens upon real and/or tangible personal
property acquired after the date hereof (by purchase, construction or otherwise) by the Company or any of its Material Subsidiaries, each of which Liens either (A) existed on such property before the time of its acquisition and was not created
in anticipation thereof, or (B) was created solely for the purpose of securing Indebtedness representing, or incurred to finance, refinance or refund, the cost (including the cost of construction) of the respective property; provided in
the case of clause (B) that such Lien attaches to such asset within 270 days after the acquisition or completion of construction and commencement of full operations thereof; provided further that no such Lien shall
extend to or cover any property of the Company or such Material Subsidiary other than the respective property so acquired and improvements thereon; 

(h)    Liens on assets consisting of a capital project and rights related thereto (“Project
Assets”) securing Indebtedness incurred to finance the acquisition, construction or development of such Project Assets; provided that (x) such Indebtedness is non-recourse to any other
assets; (y) the aggregate principal amount of Indebtedness secured by Liens permitted by this paragraph (h) may at no time exceed $200,000,000 and (z) such Liens attach to such Project Assets within two years after the initial
acquisition or completion of construction or development of such Project Assets; 
 (i)    Liens upon
real and/or personal property of the Company or any Material Subsidiary of the Company in favor of the United States of America or any State thereof, any department, agency or instrumentality or political subdivision of the United States of America
or any State thereof, or any bonding authority (including any authority established for the issuance of industrial revenue bonds or similar instruments) to secure partial, progress, or advance or other payments pursuant to any contract or statute or
to secure Indebtedness (including, but not limited to, industrial revenue bonds and similar instruments) incurred for the purpose of refinancing all or any part of the purchase price or cost of constructing or improving such property; 

(j)    Liens on (i) accounts receivable and related contract rights, letters of credit, accounts and
similar assets arising in connection with any securitization transaction, and (ii) promissory notes, regulatory and any other related assets in connection with any financing transaction, in each case whether denominated as sales or borrowings;

 (k)    Liens granted to provide security in substitution for collateral presently securing existing
Indebtedness, so long as such substitute collateral does not cover any property other than the property securing such existing Indebtedness; 

(l)    Liens securing judgments up to $200,000,000 for the payment of money in an amount not resulting
(whether immediately or with the passage of time) in an Event of Default under subsection (h) of Article VII; 

(m)    Liens in existence on the date hereof and listed on Schedule III; 

(n)    additional Liens upon property, assets or revenues created after the date hereof, provided
that the aggregate outstanding Indebtedness secured thereby and incurred on and after the date hereof shall not at any time exceed 10% of Tangible Assets; and 

(o)    any extension, renewal or replacement of the foregoing, provided, however, that the
Liens permitted hereunder shall not be spread to cover any additional Indebtedness or property (other than a substitution of like property); 

and provided, further, that the sale, mortgage or other transfer of timber in connection with an arrangement under which the
Company or any of its Subsidiaries is obligated to cut such timber (or any portion 

  
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thereof) in order to provide the transferee with a specified amount of money (however determined) shall not be deemed to create Indebtedness secured by a Lien hereunder. 

SECTION 6.08 Total Debt to Total Capital Ratio. The Company will not at any time permit the ratio of Total Debt to Total Capital to
exceed 0.60 to 1. 
 SECTION 6.09 Minimum Consolidated Net Worth. The Company will not at any time permit Consolidated Net Worth to
be less than $9,000,000,000. 
 ARTICLE VII 

EVENTS OF DEFAULT 
 If one or
more of the following events (herein called “Events of Default”) shall occur and be continuing: 

(a)    The Borrower shall default in the payment when due of any principal of any Loan; or the Borrower
shall default in the payment when due of any interest on any Loan or any other amount payable by it hereunder and such default shall continue unremedied for five or more Business Days; or 

(b)    Any event specified in any note, agreement, indenture or other document evidencing or relating to
any Indebtedness (other than (i) Indebtedness hereunder, (ii) Project Indebtedness, or (iii) Indebtedness owed by any Material Subsidiary to the Company or a Subsidiary of the Company) of the Company or any of its Material
Subsidiaries aggregating $200,000,000 or more shall occur, if the effect of such event is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries)
to cause, with the giving of notice or lapse of time if required, such Indebtedness to become due prior to its stated maturity (an “Acceleration”), and such time shall have lapsed and, if any notice (a “Default Notice)
shall be required to commence a grace period or declare the occurrence of any event of default before notice of Acceleration may be delivered, such Default Notice shall have been given; or 

(c)    Any representation, warranty or certification made or deemed made herein or in any other Loan
Document (or in any modification or supplement hereto or any certificate delivered pursuant hereto) by the Borrower, shall prove to have been false or misleading in any material respect as of the time made or furnished; or 

(d)    The Company shall default in the performance of any of its obligations under any of Sections
6.01(e), 6.06, 6.07, 6.08 or 6.09; or the Borrower shall default in the performance of any of its other obligations in this Agreement and such default shall continue unremedied for a period of thirty days after notice
thereof to the Borrower by the Administrative Agent or any Lender (through the Administrative Agent); or 

(e)    The Company or any of its Material Subsidiaries shall admit in writing its inability to, or be
generally unable to, pay its debts as such debts become due; or 
 (f)    The Company or any of its
Material Subsidiaries shall (i) apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of itself or of all or a substantial part of its property, (ii) make a general
assignment for the benefit of its creditors, (iii) commence a voluntary case under the Bankruptcy Code (as now or hereafter in effect), (iv) file a 

  
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petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, winding-up, or composition or readjustment of
debts, (v) fail to controvert in a timely and appropriate manner, or acquiesce in writing to, any petition filed against it in an involuntary case under the Bankruptcy Code, or (vi) take any corporate action for the purpose of effecting
any of the foregoing; or 
 (g)    A proceeding or case shall be commenced, without the application or
consent of the Company or any of its Material Subsidiaries, in any court of competent jurisdiction, seeking (i) its liquidation, reorganization, dissolution or winding-up, or the composition or
readjustment of its debts, (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of the Company or such Material Subsidiary or of all or any substantial part of its assets, or (iii) similar relief in respect of the
Company or such Material Subsidiary under any law relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts, and such proceeding or case shall continue undismissed,
or an order, judgment or decree approving or ordering any of the foregoing shall be entered and continue unstayed and in effect, for a period of 90 or more days; or an order for relief against the Company or such Material Subsidiary shall be entered
in an involuntary case under the Bankruptcy Code; or 
 (h)    A final judgment or judgments for the
payment of money in excess of $200,000,000 in the aggregate shall be rendered by a court or courts against the Company and/or any of its Material Subsidiaries and the same shall not be discharged (or provision shall not be made for such discharge),
or a stay of execution thereof shall not be procured, within 60 days from the date of entry thereof and the Company or the relevant Material Subsidiary shall not, within said period of 60 days, or such longer period during which execution of the
same shall have been stayed, appeal therefrom and cause the execution thereof to be stayed during such appeal; or 

(i)    An ERISA Event shall have occurred that, when taken together with all other ERISA Events that have
occurred, would reasonably be expected to result in a Material Adverse Effect; or 
 (j)    Any person
or group of persons (within the meaning of Section 13 or 14 of the Exchange Act, as amended, it being agreed that an employee of the Company or any Consolidated Subsidiary for whom shares are held under an employee stock ownership, employee
retirement, employee savings or similar plan and whose shares are voted in accordance with the instructions of such employee shall not be a member of a group of persons within the meaning of said Section 13 or 14 solely because such
employee’s shares are held by a trustee under said plan) shall acquire, directly or indirectly, beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities Exchange Commission
under the Exchange Act, as amended) of 35% or more of the outstanding shares of stock of the Company having by the terms thereof ordinary voting power to elect (whether immediately or ultimately) a majority of the board of directors of the Company
(irrespective of whether or not at the time stock of any other class or classes of stock of the Company shall have or might have voting power by reason of the happening of any contingency); or 

(k)    During any period of 24 consecutive calendar months, a majority of the board of directors of the
Company shall no longer be composed of individuals (i) who were members of said board of directors on the first day of such period or (ii) whose election or nomination to said board of directors was approved by individuals referred to in
clause (j) above constituting at the time of such election or nomination at least a majority of said board of directors; or 

(l)    Any “Change of Control Triggering Event” (as defined in the Supplemental Indenture dated
as of June 10, 2019 between the Company and The Bank of the New York Mellon Trust Company, N.A. (as successor to The Bank of New York Mellon (formerly known as The Bank of New York)), as trustee, as such Supplemental Indenture is in effect on
such date) shall occur; 

  
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 THEREUPON: (1) in the case of an Event of Default other than one referred to in
clause (f) or (g) of this Article VII, (a) the Administrative Agent may and, upon request of Lenders having Revolving Credit Exposures and unused Commitments representing more than 50% of the sum of the total Revolving
Credit Exposures and unused Commitments at such time shall, by notice to the Borrower, cancel the Commitments and they shall thereupon terminate and (b) the Administrative Agent may and, upon request of Lenders holding more than 50% of the
aggregate unpaid principal amount of the Loans shall, by notice to the Borrower, declare the principal amount then outstanding of, and the accrued interest on, the Loans and all other amounts payable by the Borrower hereunder (including any amounts
payable under Section 2.14) to be forthwith due and payable, whereupon such amounts shall be immediately due and payable without presentment, demand, protest or other formalities of any kind, all of which are hereby
expressly waived by the Borrower; and (2) in the case of the occurrence of an Event of Default referred to in clause (f) or (g) of this Article VII, the Commitments shall automatically be canceled and the principal
amount then outstanding of, and the accrued interest on, the Loans and all other amounts payable by the Borrower hereunder (including any amounts payable under Section 2.14) shall automatically become immediately due and
payable without presentment, demand, protest or other formalities of any kind, all of which are hereby expressly waived by the Borrower. 

ARTICLE VIII 
 THE
ADMINISTRATIVE AGENT 
 Each of the Lenders hereby irrevocably appoints the Administrative Agent as its agent and authorizes the
Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto. 

The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender
and may exercise the same as though it were not the Administrative Agent, and such Person and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate
thereof as if it were not the Administrative Agent hereunder. 
 The Administrative Agent shall not have any duties or obligations except
those expressly set forth herein. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing,
(b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that the Administrative Agent is required to
exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein); provided that the Administrative Agent shall not be required to take any action that, in
its judgment or the judgment of its counsel, may expose the Administrative Agent to liability or that is contrary to this Agreement or applicable Requirements of Law, and (c) except as expressly set forth herein, the Administrative Agent shall
not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of its
Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be expressly
provided for herein) or in the absence of its own gross negligence or willful misconduct as determined by a final nonappealable judgment of a court of competent jurisdiction. The Administrative Agent shall be deemed not to have knowledge of any
Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire

  
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into (i) any statement, warranty or representation made in or in connection with this Agreement, (ii) the contents of any certificate, report or other document delivered hereunder or in
connection herewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or any other
agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article V or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 

The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request,
certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and
believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected
by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

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

The Administrative Agent may resign at any time by notifying the Lenders and the Borrower. Upon any such resignation, the Required Lenders
shall have the right to appoint a successor, subject to the consent of the Company (which consent shall not be unreasonably withheld or delayed), provided that the Company’s consent shall not be required if an Event of Default has
occurred and is continuing. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring
Administrative Agent shall, on behalf of the Lenders, appoint a successor Administrative Agent, subject to the consent of the Company (which consent shall not be unreasonably withheld or delayed), provided that the Company’s consent
shall not be required if an Event of Default has occurred and is continuing. If the Administrative Agent notifies the Company that no Person has accepted such appointment, then such resignation shall nonetheless become effective and (1) the
retiring Administrative Agent shall be discharged from its duties and obligations hereunder and (2) the Required Lenders shall perform the duties of the Administrative Agent (and all payments and communications provided to be made by, to or
through the Administrative Agent shall instead be made by or to each Lender directly) until such time as the Required Lenders appoint a successor agent as provided for above in this paragraph. If the Person serving as Administrative Agent is a
Defaulting Lender pursuant to clause (e)(ii) of the definition thereof, the Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Company and such Person remove such Person as Administrative Agent and, subject
to the consent of the Company (which consent shall not be unreasonably withheld or delayed), provided that the Company’s consent shall not be required if an Event of Default has occurred and is continuing, appoint a successor. If no such
successor shall have been so appointed and shall have accepted such appointment within 30 days (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal
Effective Date. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring (or retired) or removed
Administrative Agent and the retiring 

  
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or removed Administrative Agent shall be discharged from its duties and obligations hereunder (if not already discharged therefrom as provided above in this paragraph). The fees payable by the
Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Company and such successor. After the Administrative Agent’s resignation or removal hereunder, the provisions
of this Article VIII and Section 9.03 shall continue in effect for the benefit of such retiring or removed 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 it was acting as Administrative Agent. 
 Each Lender
acknowledges and agrees that the extensions of credit made hereunder are commercial loans and not investments in a business enterprise or securities. Each Lender further represents that it is engaged in making, acquiring or holding commercial loans
in the ordinary course of its business and has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision
to enter into this Agreement as a Lender, and to make, acquire or hold Loans hereunder. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender 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 Borrower and its 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 related agreement or any document furnished hereunder or thereunder and in deciding whether or to the extent to which it will
continue as a lender or assign or otherwise transfer its rights, interests and obligations hereunder. 
 None of the Lenders or their
Affiliates, if any, identified in this Agreement as a Lead Arranger shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than, in the case of Lenders, those applicable to all Lenders as such. Without
limiting the foregoing, no Lead Arranger or such Lenders shall have or be deemed to have a fiduciary relationship with any Lender. Each Lender hereby makes the same acknowledgments with respect to the relevant Lenders and their Affiliates in their
respective capacities as a Lead Arranger as it makes with respect to the Administrative Agent in the preceding paragraph. 
 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 the Lead Arranger and their respective Affiliates, that at least one of the following is and will be true: 

(i)    such Lender is not using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans 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 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 Commitments and this Agreement, 

  
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 (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 Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, 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 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. 
 In addition, unless sub-clause
(i) of the immediately preceding paragraph is true with respect to a Lender or such Lender has not provided another representation, warranty and covenant as provided in sub-clause (iv) of the
immediately preceding paragraph, 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 the Lead Arranger and their respective Affiliates, that: 

(i)    none of the Administrative Agent or the Lead Arranger 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), 

(ii)     the Person making the investment decision on behalf of such Lender with respect to the entrance
into, participation in, administration of and performance of the Loans, the Commitments and this Agreement is independent (within the meaning of 29 CFR § 2510.3-21) and is a bank, an insurance carrier, an
investment adviser, a broker-dealer or other person that holds, or has under management or control, total assets of at least $50 million, in each case as described in 29 CFR §
2510.3-21(c)(1)(i)(A)-(E), 
 (iii)     the Person making the
investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement is capable of evaluating investment risks independently, both in
general and with regard to particular transactions and investment strategies (including in respect of the obligations herein), 

(iv)     the Person making the investment decision on behalf of such Lender with respect to the entrance
into, participation in, administration of and performance of the Loans, the Commitments and this Agreement is a fiduciary under ERISA or the Code, or both, with respect to the Loans, the Commitments and this Agreement and is responsible for
exercising independent judgment in evaluating the transactions hereunder, and 
 (v)    no fee or
other compensation is being paid directly to the Administrative Agent or the Lead Arranger or any their respective Affiliates for investment advice (as opposed to other services) in connection with the Loans, the Commitments or this Agreement. 

Each of the Administrative Agent and the Lead Arranger hereby informs the Lenders that each such Person is not undertaking to provide
impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial 

  
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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 Commitments and this
Agreement, (ii) may recognize a gain if it extended the Loans or the Commitments for an amount less than the amount being paid for an interest in the Loans 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, commitment fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent
or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early
termination fees or fees similar to the foregoing. 
 ARTICLE IX 

MISCELLANEOUS 
 SECTION 9.01
Notices. 
 (a)    Generally. Except in the case of notices and other communications expressly
permitted to be given by telephone (and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered
mail or sent by telecopy, as follows: 
 (i)    if to the Company, to Office of the Treasurer,
International Paper Company, 6400 Poplar Avenue, Memphis, TN 38197 (Telecopy No. (901) 214-1218; Telephone No. (901) 419-4740); with a copy to the Office of the General
Counsel, 6400 Poplar Avenue, Memphis, TN 38197 (Telecopy No. (901) 214-0647; Telephone No. (901) 419-3817); 

(ii)    if to the Administrative Agent, to Sumitomo Mitsui Banking Corporation, 277 Park Avenue, New
York, NY 10172, Attn: Kristi Wu (Telecopy No. (212) 224-4501, Telephone No. (646) 521-2337, Email: kristi_wu@smbcgroup.com / agencyservices@smbcgroup.com); with a copy
to Sumitomo Mitsui Banking Corporation, 277 Park Avenue, New York, NY 10172, Attn: Thomas Carroll (Telephone No. (212) 829-3657, Email: thomas_carroll@smbcgroup.com); and 

(iii)    if to a Lender, to it at its address (or telecopy number) set forth in its Administrative
Questionnaire. 
 Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to
the other parties hereto (or, in the case of any such change by a Lender, by notice to the Borrower and the Administrative Agent). All notices and other communications given to any party hereto in accordance with the provisions of this Agreement
shall be deemed to have been given on the date of receipt; provided, if any notice or other communication is received after a recipient’s normal business hours, such notice or other communication shall be deemed received upon the opening of the
next Business Day. 
 Notices and other communications to the Lenders hereunder may be delivered or furnished by using Electronic Systems
pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender. The
Administrative Agent or the Borrower may, in its discretion, agree 

  
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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. 
 (b)    Platform. The Borrower further agrees that
Administrative Agent may make all information, documents and other materials that it is obligated to furnish to the Administrative Agent or the Lenders pursuant to this Agreement, including all notices, demands, communications, requests, documents,
financial statements, financial and other reports, certificates and other information materials (collectively, the “Communications”) available to the Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak,
ClearPar or a substantially similar Electronic System (the “Platform”). The Platform is provided “as is” and “as available.” The Agent Parties do not warrant the accuracy or completeness of the Communications, or
the adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications. No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a
particular purpose, non-infringement of third party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications or the Platform. In no event shall the
Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender or any other Person 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 the Borrower’s or the Administrative Agent’s transmission of Communications through the Platform, except to the extent the liability of such
Person is found in a final non-appealable judgment by a court of competent jurisdiction to have resulted from such Person’s gross negligence or willful misconduct. 

Each Lender agrees that notice to it (as provided in the next sentence) (a “Notice”) specifying that any Communications have
been posted to the Platform shall constitute effective delivery of such information, documents or other materials to such Lender for purposes of this Agreement; provided that if requested by any Lender the Administrative Agent shall deliver a
copy of the Communications to such Lender by email or telecopier. Each Lender agrees (i) to notify the Administrative Agent in writing of such Lender’s e-mail address to which a Notice may be sent by
electronic transmission (including by electronic communication) on or before the date such Lender becomes a party to this Agreement (and from time to time thereafter to ensure that the Administrative Agent has on record an effective e-mail address for such Lender) and (ii) that any Notice may be sent to such e-mail address. 

(c)    Public/Private. The Company hereby authorizes the Administrative Agent to distribute
(i) to Private Siders all Communications and (ii) to Public Siders such Communications and only such Communications that the Company clearly identifies in writing as being available for communication to Public Siders (“Public Sider
Communications”). The Company represents and warrants that no Public Sider Communication contains or will contain any MNPI. “Private Siders” means Lenders’ employees and representatives who have declared that they are
authorized to receive MNPI. “Public Siders” means Lenders’ employees and representatives who have not declared that they are authorized to receive MNPI; it being understood that Public Siders may be engaged in investment and
other market-related activities with respect to the Company or its Affiliates’ securities or loans. “MNPI” means material non-public information (within the meaning of United States
federal securities laws) with respect to the Company, its Affiliates and any of their respective securities. 
 Each Lender acknowledges
that United States federal and state securities laws prohibit any Person from purchasing or selling securities on the basis of material, non-public information concerning the issuer of such securities or,
subject to certain limited exceptions, from communicating such information to any other Person. Each Lender confirms that it has developed procedures to ensure compliance with these securities laws. 

  
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 Each Lender acknowledges that circumstances may arise that require it to refer to
Communications that may contain MNPI (“Private Sider Communications”). Accordingly, each Lender agrees that it will designate at least one individual to receive Private Sider Communications on its behalf in compliance with its
procedures and applicable law and identify such designee (including such designee’s contact information) on such Lender’s Administrative Questionnaire. Each Lender agrees to notify the Administrative Agent from time to time of such
Lender’s designee’s e-mail address to which notice of the availability of Private Sider Communications may be sent by electronic transmission. 

Each Lender that elects not to be given access to Private Sider Communications does so voluntarily and, by such election, acknowledges and
agrees that the Administrative Agent and other Lenders may have access to Private Sider Communications that such electing Lender does not have, and takes sole responsibility for the consequences of, and waives any and all claims based on or arising
out of, not having access to Private Sider Communications. 
 SECTION 9.02 Waivers; Amendments. 

(a)    No Deemed Waivers; Remedies Cumulative. No failure or delay by the Administrative Agent 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 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 the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section 9.02, and then
such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless of
whether the Administrative Agent or any Lender may have had notice or knowledge of such Default at the time. 

(b)    Amendments. Neither this Agreement nor any provision hereof may be waived, amended or modified except
pursuant to an agreement or agreements in writing entered into by (x) the Borrower and (y) the Required Lenders or 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 reduce the rate of interest thereon, or reduce any fees
payable hereunder, without the written consent of each Lender directly affected thereby, 

(iii)    postpone the scheduled date of payment of the principal amount of any Loan, 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)    alter the manner in which payments or prepayments of principal, interest or other amounts
hereunder, or reductions of Commitments, shall be applied as among the Lenders or Types of Loans, without the written consent of each Lender affected thereby, 

  
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 (v)    change any of the provisions of this
Section 9.02 or the percentage in the definition of the term “Required 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; 
 and provided, further, that no such
agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent hereunder without the prior written consent of the Administrative Agent. 

(c)    Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with the written consent of
the Required Lenders, the Administrative Agent and the Borrower (x) to add one or more credit facilities to this Agreement and to permit extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect
thereof to share ratably in the benefits of this Agreement with the Loans and the accrued interest and fees in respect thereof and (y) to include appropriately the Lenders holding such credit facilities in any determination of the Required
Lenders and Lenders. 
 SECTION 9.03 Expenses; Indemnity; Damage Waiver. 

(a)    Costs and Expenses. The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent, the Lead Arranger and their respective Affiliates, including the reasonable fees, charges and disbursements of one primary counsel (in addition to
one local counsel per jurisdiction) for the Administrative Agent and the Lead Arranger, in connection with the syndication and distribution (including, without limitation, via the internet or through a service such as Intralinks) of the credit
facilities provided for herein, the preparation and administration of this Agreement or any proposed or effective amendments, modifications or waivers of the provisions hereof (whether or not the transactions contemplated hereby or thereby shall be
consummated) and (ii) all out-of-pocket expenses incurred by the Administrative Agent, the Lead Arranger or any Lender, including the fees, charges and
disbursements of any counsel for the Administrative Agent, the Lead Arranger or any Lender, in connection with the enforcement or protection of its rights in connection with this Agreement, including its rights under this
Section 9.03, or in connection with the Loans made hereunder, including in connection with any workout, restructuring or negotiations in respect thereof. 

(b)    Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent, the Lead Arranger
and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and to hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related
expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement or
any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the transactions contemplated hereby, (ii) any Loan or the use of the proceeds therefrom,
(iii) any actual or alleged presence or Release of Hazardous Materials on, at, under or from any property or facility owned or operated by the Borrower or any of its Subsidiaries, or any liability arising under any Environmental Law related in
any way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether
any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction
by final and nonappealable judgment to have resulted from the gross negligence, bad faith or willful misconduct of such Indemnitee. This Section 9.03(b) shall not apply with respect to Taxes other than any Taxes that
represent losses or damages arising from any non-Tax claim. 

  
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 (c)    Reimbursement by Lenders. To the extent that the Borrower
fails to pay any amount required to be paid by it to the Administrative Agent and the Lead Arranger under paragraph (a) or (b) of this Section 9.03, each Lender severally agrees to pay to the
Administrative Agent and the Lead Arranger such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount (it being understood that the
Borrower’s failure to pay any such amount shall not relieve the Borrower of any default in the payment thereof); provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be,
was incurred by or asserted against the Administrative Agent and the Lead Arranger, as applicable, in their respective capacities as such. 

(d)    Waiver of Consequential Damages, Etc. To the extent permitted by applicable law, the Borrower shall not
assert, and hereby waives, any claim against any Indemnitee (i) for any damages arising from the use by others of information or other materials obtained through telecommunications, electronic or other information transmission systems
(including the Internet), except to the extent of direct or actual damages that have resulted from the willful misconduct, bad faith or gross negligence of such Indemnitee or any Related Party of such Indemnitee (as determined by a court of
competent jurisdiction in a final and nonappealable judgment), or (ii) 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 or any agreement or instrument contemplated hereby, the transactions contemplated hereby, any Loan or the use of the proceeds thereof. 

(e)    Payments. All amounts due under this Section 9.03 shall be payable promptly after
written demand therefor. 
 SECTION 9.04 Successors and Assigns. 

(a)    Successors Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns permitted hereby, except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior consent of each Lender (and any
attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this
Section 9.04. 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, the Lead Arranger,
Participants (to the extent provided in paragraph (c) of this Section 9.04) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Lead Arranger and the
Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b)    Assignments
by Lenders. 
 (i)    Assignments Generally. Subject to the conditions set forth in
paragraph (b)(ii) below, any Lender may assign to one or more 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 and the Loans at
the time owing to it) with the prior written consent of: 
 (A)    the Borrower (such consent not to be
unreasonably withheld; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object 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 shall be required (x) for an assignment to a Lender, an Affiliate of a Lender, an Approved 

  
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Fund, or (y) if an Event of Default referred to in clause (a), (e), (f) or (g) of Article VII has occurred and is continuing; and 

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

(ii)    Certain Conditions to Assignments. Assignments shall be subject to the following additional
conditions: 
 (A)    except in the case of an assignment to a Lender or an Affiliate (or Approved
Fund) of a Lender or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the
Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000, unless each of the Borrower and the Administrative Agent otherwise consent, provided that no such consent
of the Borrower shall be required if an Event of Default has occurred and is continuing, 
 (B)    each
partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement, 

(C)    the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment
and Assumption, together with a processing and recordation fee of $3,500, and 
 (D)    the assignee,
if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 

(iii)    Effectiveness of Assignments. Subject to acceptance and recording thereof pursuant to
paragraph (b)(iv) of this Section 9.04, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by
such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement in addition to any rights and obligations theretofore held by it as a Lender, and the assigning Lender thereunder shall, to the extent of the interest
assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender
shall cease to be a party hereto but shall continue to be entitled to the benefits of and subject to the obligations of Sections 2.13, 2.14, 2.15, 9.03 and 9.12). Any assignment or transfer by a Lender of rights or
obligations under this Agreement that does not comply with this paragraph (b) shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph
(c) of this Section 9.04. 
 (iv)    Maintenance of Register.
The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices in The City of New York 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 owing to, each Lender pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to

  
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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 and any Lender,
at any reasonable time and from time to time upon reasonable prior notice. 
 (v)    Acceptance of
Assignments by Administrative Agent. Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be
a Lender hereunder), the processing and recordation fee referred to in paragraph (b)(ii)(C) of this Section 9.04 and any written consent to such assignment required by paragraph (b)(i) of this
Section 9.04, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has
been recorded in the Register as provided in this paragraph. 
 (c)    Participations. 

(i)    Participations Generally. Any Lender may, without the consent of the Borrower or the
Administrative Agent 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 obligations under this Agreement
(including all or a portion of its Commitment and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other
parties hereto for the performance of such obligations and (C) the Borrower, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations
under this Agreement. 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 9.02(b), that affects such Participant. Subject to paragraph (c)(ii) of this Section 9.04, the Borrower agrees that each Participant shall be entitled to the benefits of and subject
to the obligations under Sections 2.13, 2.14 and 2.15 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section 9.04;
provided that such Participant agrees to be subject to the provisions of Sections 2.17 and 2.18 as if it were an assignee under paragraph (b) of this Section 9.04. 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 2.18(b) with respect to any Participant. To the extent
permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.17(d) as though it
were a Lender. 
 (ii)    Limitations on Rights of Participants. A Participant shall not be
entitled to receive any greater payment under Section 2.13 or 2.15 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the
participation to such Participant is made with the Borrower’s prior written consent. A Participant shall not be entitled to the benefits of Section 2.15 unless the Borrower is notified of the participation sold to such
Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 2.15(e) as though it were a Lender (it being understood that the documentation required under
Section 2.15 shall be delivered to the participating Lender). Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower,
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

  
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this Agreement (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person
(including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans or its other obligations under any this Agreement) except to the extent that such disclosure is necessary to establish
that such Commitment, Loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent
manifest error, and such Lender and, to the extent the Participant Register is shown to any other party hereto, such party hereto 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. 
 (d)    Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve
Bank or any other central bank having jurisdiction over such Lender, and this Section 9.04 shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a
security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

SECTION 9.05 Survival. All covenants, agreements, representations and warranties made by the Borrower herein and in the certificates
or other instruments delivered in connection with or pursuant to this Agreement 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,
regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent 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 and so long as the
Commitments have not expired or terminated. The provisions of Sections 2.13, 2.14, 2.15 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions
contemplated hereby, the repayment of the Loans, the expiration or termination of the Commitments or the termination of this Agreement or any provision hereof. 

SECTION 9.06 Counterparts; Integration. This Agreement may be executed in counterparts (and by different parties hereto on different
counterparts), including by facsimile or other electronic transmission, each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and any separate letter agreements with
respect to fees payable to the Administrative Agent constitute the entire contract between and among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the
subject matter hereof. Except as provided in Section 5.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received
counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an
executed counterpart of a signature page of this Agreement by telecopy, e-mailed.pdf or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery
of a manually executed counterpart of this Agreement. This Agreement may be executed by way of facsimile or electronic signature, and if so, shall be considered an original; and a signed copy of this electronic transmission shall be deemed to have
the same legal effect as delivery of an original executed copy of this Agreement. 
 SECTION 9.07 Severability. Any provision of
this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, 

  
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illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular
jurisdiction shall not invalidate such provision in any other jurisdiction. 
 SECTION 9.08 Right of Setoff. If an Event of Default
shall have occurred and be continuing, each Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final)
at any time held and other indebtedness at any time owing by such Lender to or for the credit or the account of the Borrower against any of and all the obligations of the Borrower now or hereafter existing under this Agreement held by such Lender,
irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. Each Lender shall notify the Borrower and the Administrative Agent promptly of any such set-off and the application of the proceeds thereof; provided that the failure to give such notice shall not affect the validity of such set-off and application. The
rights of each Lender under this Section 9.08 are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. 

SECTION 9.09 Governing Law; Jurisdiction; Etc. 

(a)    Governing Law. This Agreement shall be construed in accordance with and governed by the law of the State of
New York. 
 (b)    Submission to Jurisdiction; Waivers. Each party hereto hereby irrevocably and
unconditionally: 
 (i)    submits for itself and its property in any legal action or proceeding
relating to this Agreement and the other Loan Documents to which it is a party to the exclusive general jurisdiction of the Supreme Court of the State of New York for the County of New York, Borough of Manhattan (the “New York Supreme
Court”), and the United States District Court for the Southern District of New York (the “Federal District Court,” and together with the New York Supreme Court, the “New York Courts”) and appellate courts
from either of them; provided that nothing in this Agreement shall be deemed or operate to preclude (i) any party from bringing any legal action or proceeding in any jurisdiction for the recognition and enforcement of any judgment,
(ii) if all such New York Courts decline jurisdiction over any Person, or decline (or in the case of the Federal District Court, lack) jurisdiction over any subject matter of such action or proceeding, a legal action or proceeding may be
brought with respect thereto in another court having jurisdiction and (iii) in the event a legal action or proceeding is brought against any party hereto or involving any of its assets or property in another court (without any collusive
assistance by such party or any of its Subsidiaries or Affiliates), such party from asserting a claim or defense (including any claim or defense that this Section 9.09(b)(i) would otherwise require to be asserted in a legal
proceeding in a New York Court) in any such action or proceeding; 
 (ii)    consents that any such
action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient forum and
agrees not to plead or claim the same; 
 (iii)    agrees that service of process in any such action or
proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to the Borrower, the applicable Lender and/or the Administrative Agent, as the case may be, at the
address specified in Section 9.01(a) or at such other address of which 

  
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the Administrative Agent, any such Lender and the Borrower shall have been notified pursuant thereto; and 

(iv)    agrees that nothing herein shall affect the right to effect service of process in any other
manner permitted by law or (subject to Section 9.09(b)(i) above) shall limit the right to sue in any other jurisdiction. 

SECTION 9.10 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 9.10. 

SECTION 9.11 Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are
not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

SECTION 9.12 Treatment of Certain Information; Confidentiality. 

(a)    Treatment of Certain Information. The Borrower acknowledges that from time to time financial advisory,
investment banking and other services may be offered or provided to the Borrower or one or more of its Subsidiaries (in connection with this Agreement or otherwise) by any Lender or by one or more subsidiaries or affiliates of such Lender and the
Borrower hereby authorizes each Lender to share any information delivered to such Lender by the Borrower and its Subsidiaries pursuant to this Agreement, or in connection with the decision of such Lender to enter into this Agreement, to any such
subsidiary or affiliate, it being understood that any such subsidiary or affiliate receiving such information shall be bound by the provisions of paragraph (b) of this Section 9.12 as if it were a Lender
hereunder. Such authorization shall survive the repayment of the Loans, the expiration or termination of the Commitments or the termination of this Agreement or any provision hereof. 

(b)    Confidentiality. Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of
the Information (as defined below), except that Information may be disclosed (i) 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), (ii) to the extent requested by any regulatory authority or self-regulatory body
(including any self-regulatory authority, such as the National Association of Insurance Commissioners), (iii) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (iv) to any other party to this
Agreement, (v) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (vi) subject to an agreement containing provisions substantially
the same as those of this paragraph, to any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement, to any credit insurance provider or direct, indirect, actual or
prospective counterparty (and its advisor) to any swap, derivative or securitization transaction related to the obligations under this Agreement, 

  
 -55- 

 
(vii) with the consent of the Borrower or (viii) to the extent such Information (A) becomes publicly available other than as a result of a breach of this paragraph or
(B) becomes available to the Administrative Agent or any Lender on a nonconfidential basis from a source other than the Borrower. For the purposes of this paragraph, “Information” means all information received from the
Borrower relating to the Borrower or any of its Subsidiaries (or their business) or obtained by the Administrative Agent or any Lender from a review of the books and records of the Borrower or any of its Subsidiaries, other than any such information
that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower; provided that, in the case of information received from the Borrower 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 9.12 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. 

EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.12(b) FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND ITS 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. 
 ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER 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 AND ITS RELATED PARTIES OR ITS
SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWER 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. 
 SECTION
9.13 USA PATRIOT Act. Each Lender that is subject to the Patriot Act and the Administrative Agent (for itself and not on behalf of any Lender) hereby notify the Borrower that pursuant to the “know your customer” regulations and the
requirements of the Patriot Act, they are required to obtain, verify and record information that identifies the Borrower, which information includes the name, address and tax identification number (and other identifying information in the event this
information is insufficient to complete verification) that will allow such Lender or the Administrative Agent, as applicable, to verify the identity of the Borrower. This information must be delivered to the Lenders and the Administrative Agent no
later than three Business days prior to the Effective Date and thereafter promptly upon request. This notice is given in accordance with the requirements of the Patriot Act and is effective as to the Lenders and the Administrative Agent. 

SECTION 9.14 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

  
 -56- 

 
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 9.14 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 Federal Funds Rate to the date of repayment, shall have been received by such Lender. 

SECTION 9.15 Acknowledgement and Consent to Bail-In of Affected Financial Institutions.
Notwithstanding anything to the contrary herein, each party hereto acknowledges that any liability of any party hereto that is an Affected Financial Institution arising hereunder, to the extent such liability is unsecured (all such liabilities,
other than any Excluded Liability, the “Covered Liabilities”), may be subject to Write-down and Conversion Powers and agrees and consents to, and acknowledges and agrees to be bound by: 

(a)    the application of Write-Down and Conversion Powers to any Covered Liability 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 Covered Liability, including, if applicable: 

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

(ii)    a conversion of all, or a portion of, such Covered 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 Covered Liability under this Agreement; or 
 (iii)    the variation of the
terms of such Covered Liability in connection with the exercise of Write-Down and Conversion Powers. 
 Notwithstanding anything to the
contrary herein, nothing contained in this Section 9.15 shall modify or otherwise alter the rights or obligations under this Agreement with respect to any liability that is not a Covered Liability. 

SECTION 9.16 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 

  
 -57- 

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

[Signature Pages Follow] 

  
 -58- 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first above written. 
  

			
	 INTERNATIONAL PAPER COMPANY,
 as the
Company and the Borrower

 
			
		
	By:	 	 /s/ Tim Nicholls

		 	Name: Tim S. Nicholls
		 	Title: Senior Vice President and Chief Financial Officer

  
 [Signature Page –
Credit Agreement] 

 
			
	 SUMITOMO MITSUI BANKING CORPORATION,

as Administrative Agent and individually as a Lender

 
			
		
	By:	 	 /s/ Michael Maguire

		 	Name: Michael Maguire
		 	Title: Managing Director

  
 [Signature Page –
Credit Agreement] 

 
			
	 BANCO BILBAO VIZCAYA ARGENTARIA S.A.,

NEW YORK BRANCH,
 as a
Lender

 
			
		
	By:	 	 /s/ Brian Crowley

		 	Name: Brian Crowley
		 	Title: Managing Director

 
			
		
	By:	 	 /s/ Miriam Trautmann

		 	Name: Miriam Trautmann
		 	Title: Senior Vice President

  
 [Signature Page –
Credit Agreement] 

 
			
	 BNP PARIBAS,
 as a
Lender

 
			
		
	By:	 	 /s/ Brendan Heneghan

		 	Name: Brendan Heneghan
		 	Title: Director

 
			
		
	By:	 	 /s/ Ade Adedeji

		 	Name: Ade Adedeji
		 	Title: Director

  
 [Signature Page –
Credit Agreement] 

 
			
	 CREDIT AGRICOLE CORPORATE AND

INVESTMENT BANK,
 as a
Lender

 
			
		
	By:	 	 /s/ Gordon Yip

		 	Name: Gordon Yip
		 	Title: Director

 
			
		
	By:	 	 /s/ Francois Coussot

		 	Name: Francois Coussot
		 	Title: Managing Director

  
 [Signature Page –
Credit Agreement] 

 SCHEDULE I 

Commitments 
  

							
	 Name of Lender
	  	Commitment	 	  	Percentage
			
	 Sumitomo Mitsui Banking Corporation
	  	$	187,500,000	 	  	25%
			
	 Banco Bilbao Vizcaya Argentaria S.A., New York Branch
	  	$	187,500,000	 	  	25%
			
	 BNP Paribas
	  	$	187,500,000	 	  	25%
			
	 Credit Agricole Corporate and Investment Bank
	  	$	187,500,000	 	  	25%
			
	 Total
	  	$	750,000,000	 	  	100%

  
 I-1 

 SCHEDULE II 

Material Agreements 
  

			
	 	  	 Indentures and Related Notes

	1.	  	Indenture, dated as of April 12, 1999, between International Paper Company and The Bank of New York, as Trustee (the “1999 Indenture”).
	2.	  	Supplemental Indenture to the 1999 Indenture, dated as of June 4, 2008, between International Paper Company and The Bank of New York, as Trustee (the “2008 Supplement”).
	3.	  	8.70% Notes due 2038 of International Paper Company in an aggregate principal amount of $300 million issued pursuant to the 1999 Indenture as supplemented by the 2008 Supplement.
	4.	  	Supplemental Indenture to the 1999 Indenture, dated as of August 10, 2009, between International Paper Company and The Bank of New York Mellon, as Trustee (the “August 2009 Supplement”).
	5.	  	7.5% Notes due 2021 of International Paper Company in an aggregate principal amount of $1 billion issued pursuant to the 1999 Indenture as supplemented by the August 2009 Supplement.
	6.	  	Supplemental Indenture to the 1999 Indenture, dated as of December 7, 2009, between International Paper Company and The Bank of New York Mellon, as Trustee (the “December 2009 Supplement”).
	7.	  	7.3% Notes due 2039 of International Paper Company in an aggregate principal amount of $750 million issued pursuant to the 1999 Indenture as supplemented by the December 2009 Supplement.
	8.	  	Supplemental Indenture to the 1999 Indenture, dated as of November 16, 2011, between International Paper Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “2011
Supplement”).
	9.	  	6.00% Notes due 2041 of International Paper Company in an aggregate principal amount of $600 million issued pursuant to the 1999 Indenture as supplemented by the 2011 Supplement.
	10.	  	Supplemental Indenture to the 1999 Indenture, dated as of June 10, 2014, between International Paper Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “2014 Supplement”).
	11.	  	3.65% Notes due 2024 of International Paper Company in an aggregate principal amount of $800 million issued pursuant to the 1999 Indenture as supplemented by the 2014 Supplement.
	12.	  	4.80% Notes due 2044 of International Paper Company in an aggregate principal amount of $800 million issued pursuant to the 1999 Indenture as supplemented by the 2014 Supplement.
	13.	  	Supplemental Indenture to the 1999 Indenture, dated as of May 26, 2015 between International Paper Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “2015 Supplement”).
	14.	  	3.800% Notes due 2026 of International Paper Company in an aggregate principal amount of $700 million issued pursuant to the 1999 Indenture as supplemented by the 2015 Supplement
	15.	  	5.000% Notes due 2035 of International Paper Company in an aggregate principal amount of $600 million issued pursuant to the 1999 Indenture as supplemented by the 2015 Supplement
	16.	  	5.150% Notes due 2046 of International Paper Company in an aggregate principal amount of $700 million issued pursuant to the 1999 Indenture as supplemented by the 2015 Supplement
	17.	  	Supplemental Indenture to the 1999 Indenture, dated as of August 11, 2016 between International Paper Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “2016
Supplement”).
	18.	  	3.000% Notes due 2027 of International Paper Company in an aggregate principal amount of $1.100 billion issued pursuant to the 1999 Indenture as supplemented by the 2016 Supplement
	19.	  	4.400% Notes due 2047 of International Paper Company in an aggregate principal amount of $1.200 billion issued pursuant to the 1999 Indenture as supplemented by the 2016
Supplement

  
 II-1 

			
	20.	  	Supplemental Indenture to the 1999 Indenture, dated as of August 9, 2017 between International Paper Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “2017 Supplement”).
	21.	  	4.350% Notes due 2048 of International Paper Company in an aggregate principal amount of $1.000 billion issued pursuant to the 1999 Indenture as supplemented by the 2017 Supplement
	22.	  	Supplemental Indenture to the 1999 Indenture, dated as of June 10, 2019 between International Paper Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “2019 Supplement”).
	23.	  	3.550% Notes due 2029 of International Paper Company in an aggregate principal amount of $200.00 million issued pursuant to the 1999 Indenture as supplemented by the 2019 Supplement.
		
	 	  	 Bank Facilities

	1.	  	Red Bird Accounts Receivable Financing (Up to $600 million):
	a.	  	Second Amended and Restated Credit and Security Agreement, dated as of March 13, 2008 (as amended, most recently by Amendment No. 14 to the Second Amended and Restated Credit Agreement, dated as of December 4,
2019), among Red Bird Receivables, LLC, as Borrower, International Paper Company, as Servicer, the Conduits and Liquidity Banks from time to time party thereto, Credit Agricole Corporate and Investment Bank, as Atlantic Agent, Mizuho Bank, Ltd, as
WCM Agent and as Administrative Agent (in each case, as defined therein).
	b.	  	Receivables Sale and Contribution Agreement, dated as of March 13, 2008 (as amended, most recently by Amendment #10 to Receivables Sale and Contribution Agreement, dated as of December 1, 2017), between International
Paper Company and Red Bird Receivables, LLC.
	2.	  	5-Year Credit Agreement, dated as of December 12, 2016, among International Paper Company, as borrower, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as
administrative agent for the lenders.

  
 II-2 

 SCHEDULE III 

Existing Liens 
 None. 

  
 III-1Exhibit 4.2

 

EXECUTION VERSION

 

DATED AS OF MARCH 26, 2020

 

 

ALEXANDRIA
REAL ESTATE EQUITIES, INC.,
 as Issuer, 

 

ALEXANDRIA
REAL ESTATE EQUITIES, L.P.
 as Guarantor,

 

and

 

BRANCH BANKING AND
TRUST COMPANY,
 as
Trustee

 

 

  SUPPLEMENTAL INDENTURE NO. 12
 $700,000,000
 4.900% SENIOR NOTES DUE 2030

 

     

     

    

 

Contents

 

	Clause	 	Page
	Article I RELATION TO BASE INDENTURE	3
	Section 1.1.	Relation to Base Indenture	3
	Article II DEFINITIONS	3
	Section 2.1.	Definitions	3
	Article III THE SERIES OF NOTES	9
	Section 3.1.	Title of the Securities	9
	Section 3.2.	Price	9
	Section 3.3.	Issuance	9
	Section 3.4.	Limitation on Aggregate Principal Amount	10
	Section 3.5.	Interest and Interest Rates; Maturity Date of
    Notes	10
	Section 3.6.	Method of Payment	11
	Section 3.7.	Currency	11
	Section 3.8.	No Sinking Fund	11
	Section 3.9.	No Conversion or Exchange Rights	11
	Section 3.10.	No Personal Liability of Directors, Officers,
    Employees and Stockholders	11
	Section 3.11.	Registered Securities; Global Form	12
	Section 3.12.	Transfer and Exchange	12
	Section 3.13.	General Provisions Relating to Transfers and
    Exchanges	15
	Article IV REDEMPTION	16
	Section 4.1.	Optional Redemption	16
	Section 4.2.	Notice of Optional Redemption; Selection of
    Notes	17
	Section 4.3.	Payment of Notes Called for Redemption by the
    Company	18
	Article V GUARANTEE	18
	Section 5.1.	Guarantee	19
	Section 5.2.	Execution and Delivery of Guarantee	20
	Section 5.3.	Limitation of Guarantor's Liability; Certain
    Bankruptcy Events	20
	Section 5.4.	Application of Certain Terms and Provisions
    to the Guarantor	21

 

     

     

    

 

	Article VI ADDITIONAL COVENANTS	21
	Section 6.1.	Maintenance of Office or Agency	22
	Section 6.2.	Appointments to Fill Vacancies in Trustee's
    Office	22
	Section 6.3.	Limitations on Incurrence of Debt	22
	Section 6.4.	Provision of Financial Reporting Information	24
	Article VII DEFAULTS AND REMEDIES	24
	Section 7.1.	Events of Default	24
	Section 7.2.	Acceleration of Maturity; Rescission and Annulment	26
	Section 7.3.	Limitation on Suits	26
	Section 7.4.	Notice of Defaults	27
	Article VIII AMENDMENTS AND WAIVERS	27
	Section 8.1.	Without Consent of Holders	27
	Article IX MEETINGS OF HOLDERS OF NOTES	28
	Section 9.1.	Purposes for Which Meetings May Be Called	28
	Section 9.2.	Call, Notice and Place of Meetings	28
	Section 9.3.	Persons Entitled to Vote at Meetings	29
	Section 9.4.	Quorum; Action	29
	Section 9.5.	Determination of Voting Rights; Conduct and
    Adjournment of Meetings	30
	Section 9.6.	Counting Votes and Recording Action of Meetings	30
	Article X MISCELLANEOUS PROVISIONS	31
	Section 10.1.	Ratification of Indenture	31
	Section 10.2.	Governing Law	31
	Section 10.3.	Counterparts	31
	Section 10.4.	Notices to Holders	31
	Section 10.5.	Successors and Assigns	31
	Section 10.6.	Time of the Essence	31
	Section 10.7.	Rights of Holders Limited	31
	Section 10.8.	Rights and Duties of Trustee	32
	Section 10.9.	Notices	32
	Section 10.10.	Headings, etc.	33
	Section 10.11.	Conflicts	33
	Section 10.12.	Trust Indenture Act Controls	33

 

     

     

    

 

SUPPLEMENTAL
INDENTURE NO. 12, dated as of March 26, 2020 (this “Twelfth Supplemental Indenture”), among ALEXANDRIA
REAL ESTATE EQUITIES, INC., a Maryland corporation (the “Company”), Alexandria
Real Estate Equities, L.P., a Delaware limited partnership (the “Guarantor”) and BRANCH
BANKING AND TRUST COMPANY, as trustee (the “Trustee”).

 

R E C I T A L S

 

WHEREAS, the Company,
the Guarantor and the Trustee have heretofore entered into an Indenture dated as of March 3, 2017 (the “Base Indenture”),
providing for the issuance from time to time of unsecured debentures, notes or other evidences of indebtedness (the “Securities”)
of the Company in one or more series;

 

WHEREAS, the Company,
the Guarantor and the Trustee executed the first supplemental indenture, dated as of March 3, 2017, pursuant to which the Company
issued $350,000,000 in aggregate principal amount of its 3.95% Senior Notes due 2028 on March 3, 2017 (the “2028 Notes”);

 

WHEREAS, the Company,
the Guarantor and the Trustee executed the second supplemental indenture, dated as of November 20, 2017, pursuant to which the
Company issued $600,000,000 in aggregate principal amount of its 3.45% Senior Notes due 2025 on November 20, 2017 (the “2025
Notes”);

 

WHEREAS, the Company,
the Guarantor and the Trustee executed the third supplemental indenture, dated as of June 21, 2018, pursuant to which the Company
issued $450,000,000 in aggregate principal amount of its 4.000% Senior Notes due 2024 on June 21, 2018 (the “Existing
2024 Notes”);

 

WHEREAS,
the Company, the Guarantor and the Trustee executed the fourth supplemental indenture, dated as of June 21, 2018, pursuant to which
the Company issued $450,000,000 in aggregate principal amount of its 4.700% Senior Notes due 2030 on June 21, 2018 (the
 “2030 Notes”);

 

WHEREAS,
the Company, the Guarantor and the Trustee executed the fifth supplemental indenture, dated as of March 21, 2019, pursuant to which
the Company issued $350,000,000 in aggregate principal amount of its 3.800% Senior Notes due 2026 on March 21, 2019 (the
 “2026 Notes”);

 

WHEREAS,
the Company, the Guarantor and the Trustee executed the sixth supplemental indenture, dated as of March 21, 2019, pursuant to which
the Company issued $300,000,000 in aggregate principal amount of its 4.850% Senior Notes due 2049 on March 21, 2019 (the
 “2049 Notes”);

 

WHEREAS, the Company,
the Guarantor and the Trustee executed the seventh supplemental indenture, dated as of March 21, 2019, pursuant to which the Company
issued, as part of the Existing 2024 Notes series, $200,000,000 in aggregate principal amount of its 4.000% Senior Notes due 2024
on March 21, 2019 (the “New 2024 Notes” and collectively, with the Existing 2024 Notes, the “2024 Notes”);

 

    - 1 -

     

    

 

WHEREAS, the Company,
the Guarantor and the Trustee executed the eighth supplemental indenture, dated as of July 15, 2019, pursuant to which the Company
issued $750,000,000 in aggregate principal amount of its 3.375% Senior Notes due 2031 on July 15, 2019 (the “2031 Notes”);

 

WHEREAS, the Company,
the Guarantor and the Trustee executed the ninth supplemental indenture, dated as of July 15, 2019, pursuant to which the Company
issued $500,000,000 in aggregate principal amount of its 4.000% Senior Notes due 2050 on July 15, 2019 (the “Existing
2050 Notes”);

 

WHEREAS,
the Company, the Guarantor and the Trustee executed the tenth supplemental indenture, dated as of September 12, 2019, pursuant
to which the Company issued $400,000,000 in aggregate principal amount of its 2.750% Senior Notes due 2029 on September
12, 2019 (the “2029 Notes”);

 

WHEREAS,
the Company, the Guarantor and the Trustee executed the eleventh supplemental indenture, dated as of September 12, 2019, pursuant
to which the Company issued $200,000,000 in aggregate principal amount of its 4.000% Senior Notes due 2050 on September
12, 2019 (the “New 2050 Notes”, and collectively, with the Existing 2050 Notes, the “2050 Notes”);

 

WHEREAS, Section 9.1(6)
and (7) of the Base Indenture provides, among other things, that, without the consent of the Holders of the Securities, one or
more indentures supplemental to the Base Indenture may be entered into (i) to establish the form or terms of Securities of any
series or (ii) to add to, change or eliminate any of the provisions of the Base Indenture in respect of one or more series of Securities;
provided that any such addition, change or elimination shall become effective only when there is no such Security Outstanding;

 

WHEREAS,
each of the Company and the Guarantor desires to execute this Twelfth Supplemental Indenture to establish the form and to provide
for the issuance of a series of the Company’s senior notes designated as its 4.900% Senior Notes due 2030 (the “Notes”)
in an initial aggregate principal amount of $700,000,000;

 

WHEREAS, the Guarantor
will guarantee the due and punctual payment of the principal, premium, if any, and interest on the Notes pursuant to Article V
of this Twelfth Supplemental Indenture;

 

WHEREAS, the Board
of Directors of the Company (the “Board of Directors”) has duly adopted resolutions authorizing the Company
to create and issue the Notes and to execute and deliver this Twelfth Supplemental Indenture;

 

WHEREAS, the Board
of Directors of ARE-QRS Corp., as sole general partner of the Guarantor, has duly adopted resolutions authorizing the Guarantor
to execute and deliver this Twelfth Supplemental Indenture;

 

    - 2 -

     

    

 

WHEREAS, concurrently
with the execution hereof, the Company has delivered to the Trustee an Officers’ Certificate and has caused its counsel to
deliver to the Trustee an Opinion of Counsel or a reliance letter upon an Opinion of Counsel satisfying the requirements of Sections 1.2, 3.3
and 9.3 of the Base Indenture; and

 

WHEREAS, all other
conditions and requirements necessary to make this Twelfth Supplemental Indenture, when duly executed and delivered, a valid and
binding agreement in accordance with its terms and for the purposes herein expressed, have been performed and fulfilled.

 

NOW, THEREFORE, THIS
INDENTURE WITNESSETH:

 

For and in consideration
of the premises and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each of
the Company, the Guarantor and the Trustee agrees as follows:

 

Article
I

RELATION TO BASE INDENTURE

 

Section
1.1.          Relation to Base Indenture. This Twelfth Supplemental
Indenture constitutes an integral part of the Base Indenture. Notwithstanding any other provision of this Twelfth Supplemental
Indenture, all provisions of this Twelfth Supplemental Indenture are expressly and solely for the benefit of the Holders of the
Notes and any such provisions shall not be deemed to apply to any other Securities issued under the Base Indenture and shall not
be deemed to amend, modify or supplement the Base Indenture for any purpose other than with respect to the Notes.

 

Article
II

DEFINITIONS

 

Section
2.1.          Definitions. For all purposes of this Twelfth Supplemental
Indenture, except as otherwise expressly provided for or unless the context otherwise requires:

 

(a)          
capitalized terms used but not defined herein shall have the respective meanings assigned to them in the Base Indenture;

 

(b)          
all references herein to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections
of this Twelfth Supplemental Indenture; and

 

(c)          
as used herein the following terms have the following meanings:

 

“2024
Notes” has the meaning set forth in the recitals hereof.

 

“2025 Notes”
has the meaning set forth in the recitals hereof.

 

“2026 Notes”
has the meaning set forth in the recitals hereof.

 

“2028 Notes”
has the meaning set forth in the recitals hereof.

 

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“2029 Notes”
has the meaning set forth in the recitals hereof.

 

“2030 Notes”
has the meaning set forth in the recitals hereof.

 

“2031 Notes”
has the meaning set forth in the recitals hereof.

 

“2049 Notes”
has the meaning set forth in the recitals hereof.

 

“2050
Notes” has the meaning set forth in the recitals hereof.

 

“Acquired
Debt” means Debt of a person (1) existing at the time such person becomes a Subsidiary or (2) assumed in connection
with the acquisition of assets from such person, in each case, other than Debt incurred in connection with, or in contemplation
of, such person becoming a Subsidiary or such acquisition. Acquired Debt shall be deemed to be incurred on the date of the related
acquisition of assets from any person or the date the acquired person becomes a Subsidiary.

 

“Additional
Notes” means additional Notes (other than the Initial Notes) issued under the Indenture in accordance with Section 3.4
hereof, as part of the same series as the Initial Notes.

 

“Applicable
Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules
and procedures of the Depository, Euroclear and Clearstream that apply to such transfer or exchange.

 

“Bankruptcy
Law” means title 11, U.S. Code or any similar Federal or State law for the relief of debtors.

 

“Benefited
Party” has the meaning set forth in Section 5.1 hereof.

 

“Clearstream”
means Clearstream Banking, S.A.

 

“Confidential
Datasite” has the meaning set forth in Section 6.4 hereof.

 

“Consolidated
EBITDA” means, for any period of time, the net income (loss) of the Company and its Subsidiaries, determined on a consolidated
basis in accordance with GAAP for such period, before deductions for (without duplication):

 

		(1)	Interest Expense;

 

		(2)	taxes;

 

		(3)	depreciation and amortization (including depreciation and amortization with respect to interests
in joint ventures and partially owned entity investments), amortization of deferred charges, and all other non-cash items, as determined
reasonably and in good faith by the Company;

 

		(4)	impairments, prepayment penalties and all costs or fees incurred in connection with any debt financing
or amendment thereto, acquisition, disposition, recapitalization or similar transaction (regardless of whether such transaction
is completed);

 

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		(5)	extraordinary items, the effect of any charge resulting from a change in accounting principles
in determining net income (loss), non-recurring items or other unusual items, as determined reasonably and in good faith by the
Company;

 

		(6)	noncontrolling interests;

 

		(7)	amounts related to swap ineffectiveness or attributable to transactions involving derivative instruments
that do not qualify for hedge accounting in accordance with GAAP; and

 

		(8)	gains or losses on dispositions of real estate investments or property valuation losses.

 

For purposes of calculating
Consolidated EBITDA, GAAP is not applicable with respect to the determination of all non-cash and non-recurring items, which shall
be determined reasonably and in good faith by the Company.

 

“Debt”
means any of the Company’s or any of its Subsidiaries’ indebtedness, whether or not contingent, in respect of (without
duplication) (1) borrowed money evidenced by bonds, notes (including the Notes, the 2024 Notes, the 2025 Notes, the 2026 Notes,
the 2028 Notes, the 2029 Notes, the 2030 Notes, the 2031 Notes, the 2049 Notes and the 2050 Notes), debentures or similar
instruments, (2) obligations secured by any mortgage, pledge, lien, charge, encumbrance or any security interest existing
on property owned by the Company or any of its Subsidiaries, but only to the extent of the lesser of (a) the amount of obligations
so secured and (b) the fair market value (determined in good faith by the board of directors of such person (as evidenced
by an Officers’ Certificate to the Trustee) or, in the case of the Company or a Subsidiary of the Company, by the Board of
Directors (as evidenced by an Officers’ Certificate delivered to the Trustee) of the property subject to such mortgage, pledge,
lien, charge, encumbrance or security interest, (3) the reimbursement obligations, contingent or otherwise, in connection
with any letters of credit actually issued or amounts representing the balance deferred and unpaid of the purchase price of any
property or services, except any such balance that constitutes an accrued expense or trade payable, or all conditional sale obligations
or obligations under any title retention agreement, or (4) any lease of property by the Company or any of its Subsidiaries
as lessee which is reflected on the Company’s consolidated balance sheet as a capitalized lease (finance lease) in accordance
with GAAP; but only to the extent, in the case of items of indebtedness under (1) through (3) above, that any such items (other
than letters of credit) would appear as a liability on the Company’s consolidated balance sheet in accordance with GAAP.
The term “Debt” also includes, to the extent not otherwise included, any obligation of the Company or any of its Subsidiaries
to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary course of
business or for the purposes of guaranteeing the payment of all amounts due and owing pursuant to leases to which the Company or
any of its Subsidiaries are a party and have assigned its or their interest, provided that such assignee of the Company
or its Subsidiary is not in default of any amounts due and owing under such leases), Debt of another person (other than the Company
or any of its Subsidiaries) (it being understood that Debt shall be deemed to be incurred by the Company or any of its Subsidiaries
whenever the Company or such Subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof).

 

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“Default”
means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.

 

“Defaulted
Interest” has the meaning set forth in Section 3.6 hereof.

 

“Definitive
Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 3.13
hereof, substantially in the form of Exhibit A hereof except that such Note shall not bear the Global Note legend and shall
not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto.

 

“Depository”
means, with respect to the Notes, The Depository Trust Company and any successor thereto.

 

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

 

“Euroclear”
means Euroclear Bank, S.A./N.V., as operator of the Euroclear system.

 

“Event of
Default” has the meaning set forth in Section 7.1 hereof.

 

“Existing
2024 Notes” has the meaning set forth in the recitals hereof.

 

“Existing
2050 Notes” has the meaning set forth in the recitals hereof.

 

“GAAP”
means generally accepted accounting principles in the United States of America as in effect from time to time; provided that if,
as of a particular date as of which compliance with the covenants contained in this Indenture is being determined, there have been
changes in accounting principles generally accepted in the United States of America from those that applied to the Company’s
consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2019, the Company
may, in its sole discretion, determine compliance with the covenants contained in this Indenture using accounting principles generally
accepted in the United States of America as in effect as of the end of any calendar quarter selected by the Company, in the Company’s
sole discretion, that is on or after December 31, 2019 and prior to the date as of which compliance with the covenants in this
Indenture is being determined (“Fixed GAAP”), and, solely for purposes of calculating the covenants as of such
date, “GAAP” shall mean Fixed GAAP.

 

“Global Note”
means, individually and collectively, each of the Notes in the form established pursuant to Section 3.11 issued to the Depository
or its nominee, substantially in the form of Exhibit A.

 

“Guarantee
Obligations” has the meaning set forth in Section 5.1 hereof.

 

“Indenture”
means the Base Indenture, as supplemented, amended or restated, from time to time.

 

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“Indirect
Participant” means a person who holds a beneficial interest in a Global Note through a Participant.

 

“Initial
Notes” means the first $700,000,000 aggregate principal amount of Notes issued under this Twelfth Supplemental
Indenture on the date hereof.

 

“Initial Original
Principal Amount” has the meaning set forth in Section 3.4 hereof.

 

“Intercompany
Debt” means Debt to which the only parties are any of the Company, the Guarantor and any Subsidiary of the Company or
the Guarantor; provided, however, that with respect to any such Debt of which the Company or the Guarantor
is the borrower, such Debt is subordinate in right of payment to the Notes.

 

“Interest
Expense” means, for any period of time, the aggregate amount of interest expense determined on a consolidated
basis in accordance with GAAP for such period by the Company and its Subsidiaries, but excluding (i) interest reserves funded
from the proceeds of any loan, (ii) prepayment penalties, (iii) amortization of deferred financing costs, and (iv) swap ineffectiveness
charges or charges attributable to transactions involving derivative instruments that do not qualify for hedge accounting in accordance
with GAAP.

 

“Interest
Payment Date” has the meaning set forth in Section 3.5 hereof.

 

“Make-Whole
Amount” means, in connection with any optional redemption of the Notes, the excess, if any, as determined by the Company,
of:

 

		(1)	the aggregate present value as of the date of such redemption of each dollar of principal being
redeemed or paid and the amount of interest (exclusive of interest accrued to the date of redemption) that would have been payable
in respect of such principal amount through September 15, 2030 as if such redemption or accelerated payment had not been made,
determined by discounting, on a semi-annual basis, such principal and interest at the Reinvestment Rate (determined by the Company
on the third Business Day preceding the date a notice of redemption is given) from the respective dates on which such principal
and interest would have been payable (or, in the case of accrued interest as of September 15, 2030, from such date) as if such
redemption or payment had not been made, over

 

		(2)	the aggregate principal amount of the Notes being redeemed or paid.

 

The Trustee shall have no duty
to calculate or verify the Company’s calculations of the Make-Whole Amount.

 

“Maturity
Date” has the meaning set forth in Section 3.5 hereof.

 

“New 2024
Notes” has the meaning set forth in the recitals hereof.

 

“New 2050
Notes” has the meaning set forth in the recitals hereof.

 

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“Notes”
has the meaning specified in the fourteenth whereas clause hereof. The Initial Notes and the Additional Notes shall be treated
as a single class for all purposes under the Indenture, and unless the context otherwise requires, all references to the Notes
shall include the Initial Notes and any Additional Notes.

 

“Officer”
means the Executive Chairman, the Chief Executive Officer (or any Co-Chief Executive Officer), the Chief Financial Officer, the
President (or any Co-President), any Vice-President, the Treasurer, the Secretary, any Assistant Treasurer or any Assistant Secretary
of the Company.

 

“Participant”
means, with respect to the Depository, Euroclear or Clearstream, a person who has an account with the Depository, Euroclear or
Clearstream, respectively.

 

“Prospectus”
means the base prospectus, dated December 18, 2017, included as part of a registration statement on Form S-3 under Securities Act,
filed by the Company with the Commission on December 18, 2017 (File No. 333-222136), as supplemented by a prospectus supplement,
dated March 23, 2020 filed by the Company with the Commission pursuant to Rule 424(b) under the Securities Act.

 

“Record Date”
has the meaning set forth in Section 3.5 hereof.

 

“Redemption
Date” means, with respect to any Note or portion thereof to be redeemed in accordance with the provisions of Section 4.1
hereof, the date fixed for such redemption in accordance with the provisions of Section 4.1 hereof.

 

“Redemption
Price” has the meaning specified in Section 4.1 hereof.

 

“Reinvestment
Rate” means 0.500% plus the weekly yield for the most recent week set forth in the most recent Statistical
Release for the constant maturity U.S. Treasury security (rounded to the nearest month) corresponding to the remaining life
to maturity (assuming, for the purposes of this definition, that the Notes mature on September 15, 2030), as of the payment date
of the principal being redeemed or paid. If no maturity exactly corresponds to such maturity, yields for the two published maturities
most closely corresponding to such maturity shall be calculated pursuant to the immediately preceding sentence and the Reinvestment
Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods
to the nearest month. For the purpose of calculating the Reinvestment Rate, the most recent Statistical Release published prior
to the date of determination of the Make-Whole Amount shall be used. If the format or content of the Statistical Release changes
in a manner that precludes determination of the yield in the above manner, then the yield will be determined in the manner that
most closely approximates the above manner, as the Company reasonably determines.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as in effect
from time to time.

 

“Significant
Subsidiary” means each Subsidiary that is a “significant subsidiary,” if any, of the Company, as such term
is defined in Regulation S-X under the Securities Act.

 

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“Statistical
Release” means that statistical release designated “H.15” or any successor publication that is published
weekly by the Federal Reserve System and that establishes annual yields on actively traded U.S. government securities adjusted
to constant maturities, or, if such statistical release is not published at the time of any determination under the Indenture,
then such other reasonably comparable index the Company designates. If the format or content of the Statistical Release changes
in a manner that precludes determination of the Treasury yield in the above manner, then the Treasury yield shall be determined
in the manner that most closely approximates the above manner, as reasonably determined by the Company.

 

“Total Assets”
as of any date means the sum of (1) the Company’s and all of its Subsidiaries’ Undepreciated Real Estate Assets
and (2) all of the Company’s and all of its Subsidiaries’ other assets determined in accordance with GAAP (but
excluding accounts receivable and acquisition intangibles, including goodwill).

 

“Undepreciated
Real Estate Assets” as of any date means the cost (original cost plus capital improvements) of the Company’s and
its Subsidiaries’ real estate assets on such date, before depreciation and amortization determined on a consolidated basis
in accordance with GAAP.

 

“Unencumbered
Total Asset Value” as of any date means the sum of (1) those Undepreciated Real Estate Assets not encumbered by any mortgage,
lien, charge, pledge or security interest and (2) all of the Company’s and its Subsidiaries’ other assets on a
consolidated basis determined in accordance with GAAP (but excluding accounts receivable and acquisition intangibles, including
goodwill), in each case which are unencumbered by any mortgage, lien, charge, pledge or security interest; provided, however,
that in determining Unencumbered Total Asset Value for purposes of this Twelfth Supplemental Indenture, all investments
by the Company and any of its Subsidiaries in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated
limited liability companies and other unconsolidated entities accounted for financial reporting purposes using the equity method
of accounting in accordance with GAAP shall be excluded from Unencumbered Total Asset Value.

 

Article
III

THE SERIES OF NOTES

 

Section
3.1.          Title of the Securities. There shall be a series of Securities
designated the 4.900% Senior Notes due 2030.

 

Section
3.2.          Price. The Initial Notes shall be issued at a public offering
price of 99.933% of the principal amount thereof, other than any offering discounts pursuant to the initial offering and resale
of the Notes.

 

Section
3.3.          Issuance. 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. The registered Holder of
a Note will be treated as its owner for all purposes.

 

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Section
3.4.          Limitation on Aggregate Principal Amount. The aggregate
principal amount of the Notes shall initially be limited to $700,000,000 (the “Initial Original Principal Amount”).
Notwithstanding the foregoing, the Company, without notice to or the consent of the Holders of the Notes, by Board Resolutions
or indentures supplemental to the Base Indenture from time to time may increase the principal amount of the Notes by issuing Additional
Notes in the future on the same terms and conditions as the Initial Notes except for any difference in the issue price and interest
accrued prior to the issue date of the Additional Notes, and with the same CUSIP number as the Initial Notes so long as such Additional
Notes are fungible for U.S. income tax purposes with the Initial Notes (as determined by the Company). Except as provided in this
Section 3.4, any such Board Resolutions or indentures supplemental to the Base Indenture and Sections 2.1 and 3.1 of the Base
Indenture, the Company shall not execute and the Trustee shall not authenticate or deliver Notes in excess of the Initial Original
Principal Amount.

 

Nothing contained in
this Section 3.4 or elsewhere in this Twelfth Supplemental Indenture, or in the Notes, is intended to or shall limit execution
by the Company or authentication or delivery by the Trustee of the Notes under the circumstances contemplated in Sections 3.3,
3.4, 3.6 and 11.7 of the Base Indenture.

 

Section
3.5.          Interest and Interest Rates; Maturity Date of Notes. The
Notes will bear interest at a rate of 4.900% per annum from March 26, 2020 or from the immediately preceding Interest Payment Date
to which interest has been paid or duly provided for, payable semi-annually in arrears on June 15 and December 15 of each year,
commencing June 15, 2020 (each, an “Interest Payment Date”), to the person in whose name such Note is registered
at the close of business on the June 1 or December 1 (whether or not a Business Day), as the case may be, immediately preceding
such Interest Payment Date (each, a “Record Date”). Interest will be computed on the basis of a 360-day year
composed of twelve 30-day months.

 

If any Interest Payment
Date, Maturity Date 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 for the
period from and after such Interest Payment Date, Maturity Date or Redemption Date, as the case may be.

 

The
Notes will mature on December 15, 2030 (the “Maturity Date”).

 

Section
3.6.          Method of Payment. The Company covenants and agrees that
it will duly and punctually pay or cause to be paid when due the principal of (including the Redemption Price upon redemption pursuant
to Article IV, if applicable), and interest on each of the Securities at the places, at the respective times and in the manner
provided herein and in the Securities; provided that the Company may withhold from payments of interest and upon redemption
pursuant to Article IV hereof, if applicable, maturity or otherwise, any amounts the Company is required to withhold by law. Interest
shall be payable at the office of the Company maintained by the Company for such purposes, which shall initially be an office or
agency of the Trustee. The Company shall pay interest (i) on any Notes in certificated form by check mailed to the address
of the person entitled thereto as it appears in the register; provided, however, that a Holder of any Notes
in certificated form in the aggregate principal amount of more than $2.0 million may specify by written notice to the Company
that it pay interest by wire transfer of immediately available funds to the account specified by the Holder in such notice, or
(ii) on any Global Note by wire transfer of immediately available funds to the account of the Depository or its nominee. Any
interest on any Note which is payable, but is not punctually paid or duly provided for, on any June 15 or December 15 (herein called
 “Defaulted Interest”) shall forthwith cease to be payable to the Holder registered as such on the relevant Record
Date, and such Defaulted Interest shall be paid by the Company, at its election in each case, as provided in clause (a) or
(b) below:

 

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(a)          
The Company may elect to make payment of any Defaulted Interest to the persons in whose names the Notes are registered at
5:00 p.m., New York City time, on a special record date for the payment of such Defaulted Interest, which shall be fixed in
the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on
each Note and the date of the proposed payment (which shall be not less than twenty-five (25) calendar days after the receipt
by the Trustee of such notice), and at the same time the Company shall deposit with the Trustee an amount of monies equal to the
aggregate amount to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such
deposit on or prior to the date of the proposed payment, such monies when deposited to be held in trust for the benefit of the
persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Company shall fix a special record date for
the payment of such Defaulted Interest which shall be not more than fifteen (15) calendar days and not less than ten (10) calendar
days prior to the date of the proposed payment, and not less than ten (10) calendar days after the receipt by the Trustee
of the notice of the proposed payment. The Company shall promptly notify the Trustee of such special record date and, in the name
and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record
date therefor to be delivered to each Holder at its address as it appears in the register, not less than ten (10) calendar
days prior to such special record date. Notice of the proposed payment of such Defaulted Interest and the special record date therefor
having been so mailed, such Defaulted Interest shall be paid to the persons in whose names the Notes are registered at 5:00 p.m.,
New York City time, on such special record date and shall no longer be payable pursuant to the following clause (b) of this
Section 3.6.

 

(b)          
The Company may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements
of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, and upon
such notice as may be required by such exchange or automated quotation system, if, after notice given by the Company to the Trustee
of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.

 

Section
3.7.          Currency. Principal and interest on the Notes shall be
payable in Dollars.

 

Section
3.8.          No Sinking Fund. The provisions of Article XII of
the Base Indenture shall not be applicable to the Notes.

 

Section
3.9.          No Conversion or Exchange Rights. The Notes will not be
convertible into or exchangeable for any capital stock of the Company.

 

Section
3.10.      No Personal Liability of Directors, Officers, Employees and Stockholders. No
director, officer, employee or stockholder (past or present) of the Company or the Guarantor, as such, will have any liability
for any of the Company’s or the Guarantor’s obligations under the Notes, the Guarantee or the 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.

 

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Section
3.11.      Registered Securities; Global Form. The Notes will be issued in the form of one
or more fully-registered Global Notes in book-entry form, which will be deposited with, or on behalf of, the Depository. The Notes
shall not be issuable in Definitive Notes except as provided in Section 3.12 of this Twelfth Supplemental Indenture. The Notes
and the Trustee’s certificate of authentication shall be substantially in the form attached as Exhibit A hereto. The
Company shall execute each Global Note and each Definitive Note, if any. The Trustee shall, in accordance with Section 3.3
of the Base Indenture, authenticate and hold each Global Note as custodian for the Depository, and authenticate each Definitive
Note, if any. Each Global Note will represent such of the outstanding Notes as will be specified therein and each shall provide
that it represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate
principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect
exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate
principal amount of outstanding Notes represented thereby will be made by the Trustee or a custodian at the direction of the Trustee.
The terms and provisions contained in the form of Note attached as Exhibit A hereto shall constitute, and are hereby expressly
made, a part of the Indenture and, to the extent applicable, the Company and the Trustee, by their execution and delivery of this
Twelfth Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby.

 

Section
3.12.      Transfer and Exchange.

 

(a)          
Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depository to
a nominee of the Depository, by a nominee of the Depository to the Depository or to another nominee of the Depository, or by the
Depository or any such nominee to a successor Depository or a nominee of such successor Depository. All Global Notes will be exchanged
by the Company for Definitive Notes if:

 

(i)            
the Company delivers to the Trustee notice from the Depository that it is unwilling or unable to continue to act as Depository
or that it is no longer a clearing agency registered under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and, in either case, a successor Depository is not appointed by the Company within ninety (90) days after the
date of such notice from the Depository; or

 

(ii)           
the Company in its sole discretion determines that the Global Notes (in whole but not in part) should be exchanged for Definitive
Notes and delivers a written notice to such effect to the Trustee.

 

Upon the occurrence
of either of the preceding events in (i) or (ii) above, Definitive Notes shall be issued in such names as the Depository shall
instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 3.4 and
3.6 of the Base Indenture. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion
thereof, pursuant to this Section 3.12 or Sections 3.4 and 3.6 of the Base Indenture, shall be authenticated and delivered
in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this
Section 3.12(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 3.12(c)
or (d) hereof.

 

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(b)          
Legend. Any Global Note issued under this Twelfth Supplemental Indenture shall bear a legend in substantially the
following form:

 

“THIS GLOBAL NOTE IS HELD BY
THE DEPOSITORY (AS DEFINED IN THE BASE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS
HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 3.12 OF THE TWELFTH SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 3.12 OF THE TWELFTH SUPPLEMENTAL INDENTURE, (III) THIS GLOBAL
NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 3.9 OF THE BASE INDENTURE AND (IV) THIS GLOBAL NOTE
MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITORY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

 

UNLESS AND UNTIL IT IS EXCHANGED IN
WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE
OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO
THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
 & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.”

 

(c)          
Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests
in the Global Notes will be effected through the Depository, in accordance with the provisions of the Indenture and the Applicable
Procedures. Transfers of beneficial interests in the Global Notes will require compliance with either subparagraph (i) or
(ii) below, as applicable:

 

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(i)            
Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Global Note may be transferred
to persons who take delivery thereof in the form of a beneficial interest in a Global Note. No written orders or instructions shall
be required to be delivered to the Security Registrar to effect the transfers described in this Section 3.12(c)(i).

 

(ii)           
All Other Transfers of Beneficial Interests in Global Notes. In connection with all transfers of beneficial interests
that are not subject to Section 3.12(c)(i) above, the transferor of such beneficial interest must deliver to the Security
Registrar both:

 

(A)            
a written order from a Participant or an Indirect Participant given to the Depository in accordance with the Applicable
Procedures directing the Depository to credit or cause to be credited a beneficial interest in another Global Note in an amount
equal to the beneficial interest to be transferred or exchanged; and

 

(B)             
instructions given in accordance with the Applicable Procedures containing information regarding the Participant account
to be credited with such increase.

 

Upon satisfaction of
all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in the Indenture and the Notes
or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s)
pursuant to Section 3.12(g) hereof.

 

(d)          
Transfer and Exchange of Beneficial Interests in Global Notes for Definitive Notes. If any holder of a beneficial
interest in a Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest
to a person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in
Section 3.12(c)(ii) hereof and receipt of a Company Order, the Trustee will cause the aggregate principal amount of the applicable
Global Note to be reduced accordingly pursuant to Section 3.12(g) hereof, and the Company will execute and the Trustee will
authenticate and deliver to the person designated in the instructions a Definitive Note in the appropriate principal amount. Any
Definitive Note issued in exchange for a beneficial interest pursuant to this Section 3.12(d) will be registered in such name
or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions
to the Security Registrar from or through the Depository and the Participant or Indirect Participant. The Trustee will deliver
such Definitive Notes to the persons in whose names such Notes are so registered.

 

(e)          
Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes. A Holder of a Definitive Note
may exchange such Note for a beneficial interest in a Global Note or transfer such Definitive Notes to a person who takes delivery
thereof in the form of a beneficial interest in a Global Note at any time. Upon receipt of a written request for such an exchange
or transfer, the Trustee will cancel the applicable Definitive Note and increase or cause to be increased the aggregate principal
amount of one of the Global Notes.

 

    - 14 -

     

    

 

If any such exchange
or transfer from a Definitive Note to a beneficial interest is effected pursuant to the previous paragraph at a time when a Global
Note has not yet been issued, the Company will issue and, upon receipt of a Company Order in accordance with Section 3.12
hereof, the Trustee will authenticate one or more Global Notes in an aggregate principal amount equal to the principal amount of
Definitive Notes so transferred.

 

(f)           
Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and
such Holder’s compliance with the provisions of this Section 3.12(f), the Security Registrar will register the transfer
or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder will present or surrender
to the Security Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory
to the Security Registrar duly executed by such Holder or by his attorney, duly authorized in writing. A Holder of Definitive Notes
may transfer such Notes to a person who takes delivery thereof in the form of a Definitive Note. Upon receipt of a written request
to register such a transfer, the Security Registrar shall register the Definitive Notes pursuant to the instructions from the Holder
thereof.

 

(g)          
Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note
have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not
in part, each such Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 3.9
of the Base Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or
transferred to a person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive
Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made
on such Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect such reduction; and if the beneficial
interest is being exchanged for or transferred to a person who will take delivery thereof in the form of a beneficial interest
in another Global Note, such other Global Note will be increased accordingly and an endorsement will be made on such Global Note
by the Trustee or by the Depository at the direction of the Trustee to reflect such increase.

 

Section
3.13.         General Provisions Relating to Transfers and Exchanges.

 

(a)          
To permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes
and Definitive Notes upon receipt of a Company Order in accordance with Section 3.12 hereof.

 

(b)          
No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note
for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax
or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge
payable upon exchange or transfer pursuant to Sections 3.4 and 9.6 of the Base Indenture).

 

    - 15 -

     

    

 

(c)          
The Security Registrar will not be required to register the transfer of or exchange of any Note selected for redemption
in whole or in part, except the unredeemed portion of any Note being redeemed in part.

 

(d)          
All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive
Notes will be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under the Indenture,
as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

 

(e)          
Neither the Security Registrar nor the Company will be required:

 

(i)            
to issue or register the transfer or exchange of any Note during a period beginning at the opening of business fifteen (15)
days before any selection of Notes for redemption under Article IV hereof and ending at the close of business on the earliest date
on which the relevant notice of redemption is deemed to have been given to all Holders of Notes to be so redeemed; or

 

(ii)           
to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed
portion of any Note being redeemed in part; or

 

(iii)          
to register the transfer of or to exchange a Note between a Record Date and the next succeeding Interest Payment Date.

 

(f)           
Prior to due presentment for the registration of a transfer of any Note, the Trustee and the Company may deem and treat
the person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal
of and interest on such Notes and for all other purposes, and none of the Trustee or the Company shall be affected by notice to
the contrary.

 

(g)          
The Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 3.3 of
the Base Indenture.

 

(h)          
All certifications, certificates and Opinions of Counsel required to be submitted to the Security Registrar pursuant to
this Article III to effect a registration of transfer or exchange may be submitted by facsimile.

 

Article
IV

REDEMPTION

 

The provisions of Article XI
of the Base Indenture, as amended by the provisions of this Twelfth Supplemental Indenture, shall apply to the Notes.

 

Section
4.1.          Optional Redemption.

 

(a)          
At any time before December 15, 2030, the Company shall have the right to redeem the Notes at its option and in its sole
discretion, in whole or from time to time in part. The redemption price (“Redemption Price”) shall be equal
to the sum of (1) the principal amount of the Notes being redeemed, (2) accrued and unpaid interest thereon to, but excluding,
the Redemption Date, and (3) the Make-Whole Amount, if any (subject to the right of holders of record on the relevant Record
Date to receive interest due on the relevant Interest Payment Date). Notwithstanding the foregoing, the Redemption Price for any
redemption of the Notes on or after September 15, 2030 shall be equal to the sum of (1) the principal amount of the Notes
being redeemed and (2) accrued and unpaid interest thereon to, but excluding, the Redemption Date.

 

    - 16 -

     

    

 

(b)          
The Company shall not redeem the Notes pursuant to Section 4.1(a) hereof 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 (except in the case
of an acceleration resulting from a default by the Company in the payment of the Redemption Price with respect to the Notes to
be redeemed).

 

Section
4.2.          Notice of Optional Redemption; Selection of Notes. In
case the Company shall desire to exercise the right to redeem all or, as the case may be, any part of the Notes pursuant to Section 4.1
hereof, it shall fix a date for redemption and it or, at its written request received by the Trustee not fewer than five (5) Business
Days prior (or such shorter period of time as may be acceptable to the Trustee) to the date the notice of redemption is to be delivered,
the Trustee in the name of and at the expense of the Company, shall deliver or cause to be delivered a notice of such redemption
not fewer than thirty (30) calendar days nor more than sixty (60) calendar days prior to the Redemption Date to each
Holder of Notes so to be redeemed in whole or in part at its last address as the same appears on the register; provided that
if the Company makes such request of the Trustee, it shall, together with such request, also give written notice of the Redemption
Date to the Trustee; provided further that the text of the notice shall be prepared by the Company. The notice, if delivered
in the manner herein provided, shall be conclusively presumed to have been duly given, whether or not the Holder receives such
notice. In any case, failure to give such notice or any defect in the notice to the Holder of any Note designated for redemption
as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. Any such notice of
redemption may, in the Company’s sole discretion, be conditioned on the occurrence of one or more events, facts and circumstances.

 

Each such notice of
redemption shall specify: (i) the aggregate principal amount of Notes to be redeemed, (ii) the CUSIP number or numbers,
if any, of the Notes being redeemed, (iii) the Redemption Date (which shall be a Business Day), (iv) the Redemption Price
at which Notes are to be redeemed, (v) the place or places of payment and that payment will be made upon presentation and
surrender of such Notes and (vi) that interest accrued and unpaid to, but excluding, the Redemption Date will be paid as specified
in said notice, and that, unless the Company defaults in the payment of the Redemption Price, on and after said date interest thereon
or on the portion thereof to be redeemed will cease to accrue. If fewer than all the Notes are to be redeemed, the notice of redemption
shall identify the Notes to be redeemed (including CUSIP numbers, if any). In case any Note is to be redeemed in part only, the
notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall state that, on and after
the Redemption Date, upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion thereof
will be issued.

 

    - 17 -

     

    

 

Whenever any Notes
are to be redeemed, the Company will give the Trustee written notice of the Redemption Date as to the aggregate principal amount
of Notes to be redeemed not fewer than thirty (30) calendar days prior to the Redemption Date.

 

On or prior to the
Redemption Date specified in the notice of redemption given as provided in this Section 4.2, the Company will deposit with
the Paying Agent an amount of monies in immediately available funds sufficient to redeem on the Redemption Date all the Notes (or
portions thereof) so called for redemption at the appropriate Redemption Price; provided that if such payment is made on
the Redemption Date, it must be received by the Paying Agent, by 11:00 a.m., New York City time, on such date.

 

If less than all of
the outstanding Notes are to be redeemed, the Trustee shall select the Notes or portions thereof of the Global Note or the Notes
in certificated form to be redeemed (in principal amounts of $2,000 and integral multiples of $1,000 in excess thereof), on a pro
rata basis or such other method the Trustee deems fair and appropriate or is required by the Depository. The Notes (or portions
thereof) so selected for redemption shall be deemed duly selected for redemption for all purposes hereof.

 

Section
4.3.          Payment of Notes Called for Redemption by the Company.
If notice of redemption has been given as provided in Section 4.2 hereof, the Notes or portion of Notes with respect to which
such notice has been given shall become due and payable on the Redemption Date and at the place or places stated in such notice
at the Redemption Price, and unless the Company shall default in the payment of such Notes at the Redemption Price, so long as
the Paying Agent holds funds sufficient to pay the Redemption Price of the Notes to be redeemed on the Redemption Date, then (a) such
Notes will cease to be outstanding on and after the Redemption Date, (b) interest on the Notes or portion of Notes so called
for redemption shall cease to accrue on and after the Redemption Date, (c) on and after the Redemption Date (unless the Company
shall default in the payment of the Redemption Price), such Notes will cease to be entitled to any benefit or security under this
Indenture, and (d) the Holders of the Notes shall have no right in respect of such Notes except the right to receive the Redemption
Price thereof. On presentation and surrender of such Notes at a place of payment in said notice specified, the said Notes or the
specified portions thereof shall be paid and redeemed by the Company at the Redemption Price.

 

Upon presentation of
any Note redeemed in part only, the Company shall execute and the Trustee shall authenticate and make available for delivery to
the Holder thereof, at the expense of the Company, a new Note or Notes, of authorized denominations, in principal amount equal
to the unredeemed portion of the Notes so presented.

 

Article
V

GUARANTEE

 

This Article V shall
replace Article XIV of the Base Indenture with respect to the Notes only.

 

    - 18 -

     

    

 

Section
5.1.          Guarantee. By its execution hereof, the Guarantor acknowledges
and agrees that the Notes shall be entitled to the benefits of a Guarantee. Accordingly, subject to the provisions of this Article
V, the Guarantor hereby unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee or its successor
or assign, and to the Trustee and its successors and assigns that: (i) the principal of (including the Redemption Price upon
redemption pursuant to Article IV hereof), premium, if any, and interest, if any, on the Notes shall be duly and punctually paid
in full when due, whether at the Maturity Date, upon acceleration, upon redemption or otherwise, and interest on overdue principal,
premium, if any, and (to the extent permitted by law) interest on any interest, if any, on the Notes and all other obligations
of the Company to the Holders or the Trustee hereunder or under the Notes (including fees, expenses or other) shall be promptly
paid in full or performed, all in accordance with the terms hereof; and (ii) in case of any extension of time of payment or
renewal of any Notes or any of such other obligations, the same shall be promptly paid in full when due or performed in accordance
with the terms of the extension or renewal, whether at the Maturity Date, by acceleration, call for redemption or otherwise, subject,
however, in the case of clauses (i) and (ii) above, to the limitations set forth in this Article V (collectively, the “Guarantee
Obligations”).

 

Subject to the provisions
of this Article V, the Guarantor hereby agrees that its Guarantee hereunder shall be unconditional, irrespective of the validity,
regularity or enforceability of the Notes or the Indenture, the absence of any action to enforce the same, any waiver or consent
by any Holder of the Notes with respect to any thereof, the entry of any judgment against the Company, any action to enforce the
same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of the Guarantor. The
Guarantor hereby waives and relinquishes: (a) any right to require the Trustee, the Holders or the Company (each, a “Benefited
Party”) to proceed against the Company or any other person or to proceed against or exhaust any security held by a Benefited
Party at any time or to pursue any other remedy in any secured party’s power before proceeding against the Guarantor; (b) any
defense that may arise by reason of the incapacity, lack of authority, death or disability of any other person or persons or the
failure of a Benefited Party to file or enforce a claim against the estate (in administration, bankruptcy or any other proceeding)
of any other person or persons; (c) demand, protest and notice of any kind (except as expressly required by the Indenture),
including but not limited to notice of the existence, creation or incurring of any new or additional indebtedness or obligation
or of any action or non-action on the part of the Guarantor, any Benefited Party, any creditor of the Guarantor or the Company
or on the part of any other person whomsoever in connection with any obligations the performance of which are hereby guaranteed;
(d) any defense based upon an election of remedies by a Benefited Party, including but not limited to an election to proceed
against the Guarantor for reimbursement; (e) any defense based upon any statute or rule of law which provides that the obligation
of a surety must be neither larger in amount nor in other respects more burdensome than that of the principal; (f) any defense
arising because of a Benefited Party’s election, in any proceeding instituted under the Bankruptcy Law, of the application
of Section 1111(b)(2) of the Bankruptcy Law; and (g) any defense based on any borrowing or grant of a security interest
under Section 364 of the Bankruptcy Law. The Guarantor hereby covenants that, except as otherwise provided therein, the Guarantee
shall not be discharged except by payment in full of all Guarantee Obligations, including, but not limited to, the principal, premium,
if any, and interest on the Notes and all other costs provided for under the Indenture.

 

    - 19 -

     

    

 

If any Holder or the
Trustee is required by any court or otherwise to return to either the Company or the Guarantor, or any trustee or similar official
acting in relation to either the Company or the Guarantor, any amount paid by the Company or the Guarantor to the Trustee or such
Holder, the Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. The Guarantor agrees
that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any Guarantee Obligations hereby
until payment in full of all such obligations guaranteed hereby. The Guarantor agrees that, as between it, on the one hand, and
the Holders of Notes and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated
as provided in Article V of the Base Indenture for the purposes hereof, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the Guarantee Obligations, and (y) in the event of any acceleration of such obligations
as provided in Article V of the Base Indenture, such Guarantee Obligations (whether or not due and payable) shall forthwith
become due and payable by the Guarantor for the purpose of the Guarantee.

 

Section
5.2.          Execution and Delivery of Guarantee.

 

(a)          
To evidence the Guarantee set forth in Section 5.1 hereof, the Guarantor agrees that a Notation of Guarantee substantially
in the form included in Exhibit B hereto shall be endorsed on each Note authenticated and delivered by the Trustee and that
this Twelfth Supplemental Indenture shall be executed on behalf of the Guarantor by an Officer of the sole general partner of the
Guarantor.

 

(b)          
The Guarantor agrees that the Guarantee set forth in this Article V shall remain in full force and effect and apply to all
the Notes notwithstanding any failure to endorse on each Note a notation of the Guarantee.

 

(c)          
If an Officer whose facsimile signature is on a Note or a notation of Guarantee no longer holds that office at the time
the Trustee authenticates the Note on which the Guarantee is endorsed, the Guarantee shall be valid nevertheless.

 

(d)          
The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the
Guarantee set forth in this Twelfth Supplemental Indenture on behalf of the Guarantor.

 

Section
5.3.          Limitation of Guarantor’s Liability; Certain Bankruptcy
Events.

 

(a)          
The Guarantor, and by its acceptance hereof each Holder, hereby confirms that it is the intention of all such parties that
the Guarantee Obligations of the Guarantor pursuant to its Guarantee not constitute a fraudulent transfer or conveyance for purposes
of any Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state
law. To effectuate the foregoing intention, the Holders and the Guarantor hereby irrevocably agree that the Guarantee Obligations
of the Guarantor under this Article V shall be limited to the maximum amount as shall, after giving effect to all other contingent
and fixed liabilities of the Guarantor, result in the Guarantee Obligations of the Guarantor under the Guarantee not constituting
a fraudulent transfer or conveyance.

 

    - 20 -

     

    

 

(b)          
The Guarantor hereby covenants and agrees, to the fullest extent that it may do so under applicable law, that in the event
of the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Company, the Guarantor shall not file (or join
in any filing of), or otherwise seek to participate in the filing of, any motion or request seeking to stay or to prohibit (even
temporarily) execution on the Guarantee and hereby waives and agrees not to take the benefit of any such stay of execution, whether
under Section 362 or 105 of the Bankruptcy Law or otherwise.

 

Section
5.4.          Application of Certain Terms and Provisions to the Guarantor.

 

(a)          
For purposes of any provision of the Indenture which provides for the delivery by the Guarantor of an Officers’ Certificate
and/or an Opinion of Counsel, the definitions of such terms in Section 2.1 hereof shall apply to the Guarantor as if references
therein to the Company or the Guarantor, as applicable, were references to the Guarantor; provided that, in the case of any Officers’
Certificate delivered by the Guarantor, the definition of the term “Officer” shall be deemed to include the general
partner of the Guarantor.

 

(b)          
Upon any demand, request or application by the Guarantor to the Trustee to take any action under the Indenture, the Guarantor
shall furnish to the Trustee such certificates and opinions as are required in Section 1.2 of the Base Indenture, as if all
references therein to the Company were references to the Guarantor.

 

Article
VI

ADDITIONAL COVENANTS

 

The following additional
covenants shall apply with respect to the Notes so long as any of the Notes remain outstanding.

 

Section
6.1.          Maintenance of Office or Agency. The Company will maintain
an office or agency in the United States where the Notes may be surrendered for registration of transfer or exchange or for presentation
for payment or redemption and where notices and demands to or upon the Company in respect of the Notes and the Indenture may be
served. As of the date of the Indenture, such office shall be the Corporate Trust Office and, at any other time, at such other
address as the Trustee may designate from time to time by notice to the Company. The Company will give prompt written notice to
the Trustee of the location, and any change in the location, of such office or agency not designated or appointed by the Trustee.
If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with
the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office; provided
that the Corporate Trust Office shall not be an office for service of legal process on the Company or any Guarantor.

 

The Company may also
from time to time designate co-registrars and one or more offices or agencies where the Notes may be presented or surrendered for
any or all such purposes and may from time to time rescind such designations. The Company will give prompt written notice to the
Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

 

    - 21 -

     

    

 

The Company hereby
initially designates the Trustee as Paying Agent and Security Registrar and the Corporate Trust Office shall be considered as one
such office or agency of the Company for each of the aforesaid purposes.

 

Section
6.2.          Appointments to Fill Vacancies in Trustee’s Office.
The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, upon the terms and conditions
and otherwise as provided in Section 6.11 of the Base Indenture, a Trustee, so that there shall at all times be a Trustee
hereunder.

 

Section
6.3.          Limitations on Incurrence of Debt.

 

(a)          
The Company will not, and will not permit any of its Subsidiaries to, incur any Debt, other than Intercompany Debt and guarantees
of Debt incurred by the Company or its Subsidiaries in compliance with this Indenture, if, immediately after giving effect to the
incurrence of such Debt and the application of the proceeds thereof, the aggregate principal amount of all of the Company’s
and its Subsidiaries’ outstanding Debt on a consolidated basis determined in accordance with GAAP is greater than 60% of
the sum of (without duplication) (1) Total Assets as of the end of the calendar quarter covered in the Company’s Annual
Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, most recently filed with the Commission (or,
if such filing is not permitted under the Exchange Act, with the Trustee) prior to the incurrence of such additional Debt and (2) the
purchase price of any real estate assets or mortgages receivable acquired, and the 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
Company or any of its Subsidiaries since the end of such calendar quarter, including those proceeds obtained in connection with
the incurrence of such additional Debt.

 

(b)          
The Company will not, and will not permit any of its Subsidiaries to, incur any Debt, other than Intercompany Debt and guarantees
of Debt incurred by the Company or its Subsidiaries in compliance with this Indenture, secured by any mortgage, lien, charge, pledge,
encumbrance or security interest of any kind upon any of the Company’s or any of its Subsidiaries’ property if, immediately
after giving effect to the incurrence of such Debt and the application of the proceeds thereof, the aggregate principal amount
of all of the Company’s and its Subsidiaries’ outstanding Debt on a consolidated basis which is secured by any mortgage,
lien, charge, pledge, encumbrance or security interest on the Company’s or its Subsidiaries’ property is greater than
40% of the sum of (without duplication) (1) Total Assets as of the end of the calendar quarter covered in the Company’s
Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, most recently filed with the Commission
(or, if such filing is not permitted under the Exchange Act, with the Trustee) prior to the incurrence of such additional Debt
and (2) the purchase price of any real estate assets or mortgages receivable acquired, and the 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 Company or any of its Subsidiaries since the end of such calendar quarter, including those proceeds obtained in connection
with the incurrence of such additional Debt; provided that for purposes of this limitation, the amount of obligations under
capital leases shown as a liability on the Company’s consolidated balance sheet shall be deducted from Debt and from Total
Assets.

 

    - 22 -

     

    

 

(c)          
The Company will not, and will not permit any of its Subsidiaries to, incur any Debt, other than Intercompany Debt and guarantees
of Debt by the Company or its Subsidiaries in compliance with this Indenture, if the ratio of Consolidated EBITDA to Interest Expense
for the four consecutive fiscal quarters most recently ended prior to the date on which such additional Debt is to be incurred
shall have been less than 1.5 to 1.0, on an unaudited pro forma basis after giving effect to the incurrence of such additional
Debt and to the application of the proceeds therefrom, and calculated on the assumption that: (1) such Debt and any other
Debt incurred by the Company and its Subsidiaries since the first day of such four-quarter period and the application of the proceeds
therefrom, including to refinance other Debt, had occurred at the beginning of such period (except that, in making such computation,
the amount of Debt under any revolving credit facility shall be computed based on the average daily balance of such Debt during
such period); (2) the repayment or retirement of any other Debt by the Company and its Subsidiaries since the first day of
such four-quarter period had been repaid or retired at the beginning of such period (except that, in making such computation, the
amount of Debt under any revolving credit facility shall be computed based upon the average daily balance of such Debt during such
period); (3) in the case of Acquired Debt or Debt incurred in connection with any acquisition since the first day of such
four-quarter period, the related acquisition had occurred as of the first day of such period, with the appropriate adjustments
with respect to such acquisition being included in such unaudited pro forma calculation; and (4) in the case of any acquisition
or disposition by the Company or its Subsidiaries of any asset or group of assets or other placement of any assets in service or
removal of any assets from service by the Company 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, such acquisition, disposition, placement in service or removal from
service, or any related repayment of Debt 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 unaudited pro forma
calculation and determined reasonably and in good faith by the Company. If the Debt giving rise to the need to make the foregoing
calculation or any other Debt incurred after the first day of the relevant four-quarter period bears interest at a floating rate
then, for purposes of calculating the Interest Expense, the interest rate on such Debt shall be computed on a pro forma basis as
if the average interest rate which would have been in effect during the entire such four-quarter period had been the applicable
rate for the entire such period.

 

(d)          
The Company, together with its Subsidiaries, will at all times maintain an Unencumbered Total Asset Value in an amount not
less than 150% of the aggregate outstanding principal amount of all the Company’s and its Subsidiaries’ unsecured Debt,
taken as a whole.

 

(e)          
The Company will, and will cause each of its Subsidiaries to, maintain insurance with financially sound and reputable insurance
companies against such risks and in such amounts as is customarily maintained by persons engaged in similar businesses or as may
be required by applicable law.

 

    - 23 -

     

    

 

Section
6.4.          Provision of Financial Reporting Information. For so long
as the Notes are outstanding, if at any time the Company is not subject to the periodic reporting requirements of the Exchange
Act for any reason, the Company shall, at its option, (i) post on a publicly available website, (ii) post on IntraLinks or any
comparable password protected online data system requiring user identification and a confidentiality acknowledgement (any such
data system, a “Confidential Datasite”), or (iii) deliver to the Trustee and the Holders of the Notes, in each
case 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 “Management’s Discussion
and Analysis of Financial Condition and Results of Operations” that would have been required to be contained in annual reports
on Form 10-K and quarterly reports on Form 10-Q, respectively, had the Company been subject to such Exchange Act reporting requirements.
The Trustee shall have no obligation to determine whether or not such reports, information, statements or documents have been filed,
posted or delivered. Delivery of such reports, information, statements and documents to the Trustee is for informational purposes
only, and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Company’s compliance with any of its covenants under the Indenture.
If the Company elects to furnish such reports via a Confidential Datasite, access to the Confidential Datasite will be provided
upon request to the Holders and the beneficial owners of and bona fide potential investors in the Notes.

 

Article
VII

DEFAULTS AND REMEDIES

 

Sections 7.1,
7.2, 7.3 and 7.4 hereof shall replace Sections 5.1, 5.2, 5.7, and 6.2 respectively, of the Base Indenture with respect to
the Notes only.

 

Section
7.1.          Events of Default.

 

“Event of
Default,” wherever used herein or in the Base Indenture with respect to the Notes, means any one of the following events:

 

(a)          
default in the payment of any interest on the Notes when it becomes due and payable, and continuance of that default for
a period of thirty (30) days (unless the entire amount of the payment is deposited by the Company with the Trustee or with a Paying
Agent prior to the expiration of such 30-day period);

 

(b)          
default in the payment of principal of, premium on or Redemption Price due with respect to, the Notes when the same become
due and payable;

 

(c)          
failure to pay any Debt of the Company, the Guarantor or any Significant Subsidiary in an outstanding principal amount in
excess of $50,000,000 at final maturity or upon acceleration after the expiration of any applicable grace period, which Debt is
not discharged, or such default in payment or acceleration is not cured or rescinded, within sixty (60) calendar days after written
notice to the Company from the Trustee (or to the Company and the Trustee from Holders of at least 25% in aggregate principal amount
of the Notes then outstanding);

 

    - 24 -

     

    

 

(d)          
except as permitted by the Indenture and the Notes, the Guarantee by the Guarantor shall cease to be in full force and effect
or the Guarantor shall deny or disaffirm its obligations with respect thereto;

 

(e)          
default in the performance or breach of any other covenant or warranty by the Company or the Guarantor in the Indenture
(other than a covenant or warranty that has been included in the Indenture solely for the benefit of a series of debt securities
other than the Notes), which default continues uncured for a period of ninety (90) calendar days after the Company receives written
notice from the Trustee or the Company and the Trustee receive written notice from the Holders of at least 25% in aggregate principal
amount of the Notes then outstanding; and

 

(f)           
the Company, the Guarantor or any Significant Subsidiary pursuant to or under or within meaning of any Bankruptcy Law:

 

(i)            
commences a voluntary case or proceeding seeking liquidation, reorganization or other relief with respect to the Company,
the Guarantor or a Significant Subsidiary or its debts or seeking the appointment of a trustee, receiver, liquidator, custodian
or other similar official of the Company, the Guarantor or a Significant Subsidiary or any substantial part of the property of
the Company, the Guarantor or a Significant Subsidiary; or

 

(ii)           
consents to any such relief or to the appointment of or taking possession by any such official in an involuntary case or
other proceeding commenced against the Company, the Guarantor or a Significant Subsidiary; or

 

(iii)          
consents to the appointment of a Custodian of it or for all or substantially of its property; or

 

(iv)          
makes a general assignment for the benefit of creditors; or

 

(v)          
generally is unable to pay its debts as the same become due, or

 

(g)          
an involuntary case or other proceeding shall be commenced against the Company, the Guarantor or any Significant Subsidiary
seeking liquidation, reorganization or other relief with respect to the Company, the Guarantor or a Significant Subsidiary or its
debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee,
receiver, liquidator, custodian or other similar official of the Company, the Guarantor or a Significant Subsidiary or any substantial
part of the property of the Company, the Guarantor or a Significant Subsidiary, and such involuntary case or other proceeding shall
remain undismissed and unstayed for a period of sixty (60) calendar days; or

 

    - 25 -

     

    

 

(h)          
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that

 

(i)            
is for relief against the Company, the Guarantor or any of Significant Subsidiary in an involuntary case or proceeding;

 

(ii)           
appoints a Custodian of the Company, the Guarantor or a Significant Subsidiary or any substantial part of the property of
the Company, the Guarantor or a Significant Subsidiary; or

 

(iii)         
orders the liquidation of the Company, the Guarantor or a Significant Subsidiary; and, in each case in this clause (h),
the order or decree remains unstayed and in effect for sixty (60) calendar days.

 

The term “Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

Section
7.2.          Acceleration of Maturity; Rescission and Annulment. If
an Event of Default with respect to the Notes at the time outstanding occurs and is continuing (other than an Event of Default
referred to in Section 7.1 (f), (g) or (h) hereof), then in every such case the Trustee or the Holders of not less than 25%
in principal amount of the outstanding Notes may, by a notice in writing to the Company (and to the Trustee if given by the Holders),
declare to be due and payable immediately the principal of, and accrued and unpaid interest, if any, on all of the Notes, and upon
any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately
due and payable. If an Event of Default specified in Section 7.1 (f), (g) or (h) hereof shall occur, the principal amount
(or specified amount) of and accrued and unpaid interest, if any, on all outstanding Notes will automatically become and be immediately
due and payable without any declaration or other act on the part of the Trustee or any Holder of outstanding Notes.

 

At any time after a
declaration of acceleration with respect to 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 a majority in principal amount of the outstanding Notes, by written notice to the
Company and the Trustee, may rescind and annul such declaration and the acceleration if all Events of Default, other than the non-payment
of accelerated principal and interest, if any, with respect to the Notes, have been cured or waived as provided in Section 5.13
of the Base Indenture. No such rescission and annulment shall extend to or shall affect any subsequent default or Event of Default,
or shall impair any right consequent thereon.

 

Section
7.3.          Limitation on Suits. No Holder of the Notes shall have
any right to institute any proceeding, judicial or otherwise, with respect to the Indenture or for the appointment of a receiver
or trustee, or for any remedy under the Indenture, unless:

 

(a)          
such Holder has previously given to the Trustee written notice of a continuing Event of Default with respect to the Notes;

 

(b)          
the Holders of at least 25% in principal amount of the outstanding Notes shall have made written request to the Trustee
to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder,

 

(c)          
such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and
liabilities to be incurred in compliance with such request;

 

    - 26 -

     

    

 

(d)          
the Trustee for sixty (60) days after its receipt of such notice, request and offer of indemnity has failed to institute
any such proceeding; and

 

(e)          
no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders
of at least 25% in principal amount of the outstanding Notes.

 

Section
7.4.          Notice of Defaults. If an Event of Default occurs and
is continuing with respect to the Notes and if it is actually known to a Responsible Officer of the Trustee, the Trustee will send
to Holders of Notes a notice of the Default or Event of Default within 90 days after it occurs, unless such default shall have
been cured or waived. Except in the case of a Default or Event of Default in payment of principal of, premium, if any, or interest
on the Notes, the Trustee may withhold the notice if and so long as a Responsible Officer determines that withholding the notice
is in the interests of the Holders of the Notes.

 

Article
VIII

AMENDMENTS AND WAIVERS

 

Section 8.1 hereof
shall replace Section 9.1 of the Base Indenture with respect to the Notes only.

 

Section
8.1.          Without Consent of Holders. The Company, when authorized
by the resolutions of the Board of Directors, the Guarantor and the Trustee may, from time to time, and at any time enter into
an indenture or indentures supplemental without the consent of the Holders of the Notes hereto for one or more of the following
purposes:

 

(a)          
to cure any ambiguity, defect or inconsistency in the Indenture; provided that this action shall not adversely affect
the interests of the Holders of the Notes in any material respect, as determined by the Board of Directors of the Company;

 

(b)          
to evidence a successor to the Company as obligor or to the Guarantor as guarantor in accordance with Section 8.4 of the
Base Indenture;

 

(c)          
to make any change that does not adversely affect the interests of the Holders of any Notes then outstanding;

 

(d)          
to provide for the issuance of Additional Notes in accordance with the limitations set forth in the Indenture;

 

(e)          
to provide for the acceptance of appointment of a successor Trustee or facilitate the administration of the trusts under
the Indenture by more than one Trustee;

 

(f)           
to comply with the requirements of the Commission in order to effect or maintain the qualification of the Indenture under
the Trust Indenture Act;

 

    - 27 -

     

    

 

(g)          
to reflect the release of the Guarantor as guarantor, in accordance with the Indenture;

 

(h)          
to secure the Notes;

 

(i)            
to add guarantors with respect to the Notes; and

 

(j)            
to conform the text of the Indenture, any Guarantee or the Notes to any provision of the description thereof set forth in
the Prospectus to the extent that such provision in the Prospectus was intended to be a verbatim recitation of a provision of the
Indenture, such Guarantee or the Notes (as certified in an Officers’ Certificate).

 

Upon the written request
of the Company, accompanied by a copy of the resolutions of each of the Board of Directors of the Company and the Board of Directors
of the sole general partner of the Guarantor authorizing the execution of any supplemental indenture and the delivery of the documents
required by Section 9.3 of the Base Indenture, the Trustee is hereby authorized to join with the Company and the Guarantor in the
execution of any such supplemental indenture, to make any further appropriate agreements and stipulations that may be therein contained
and to accept the conveyance, transfer and assignment of any property thereunder, but the Trustee shall not be obligated to, but
may in its discretion, enter into any supplemental indenture that affects the Trustee’s own rights, duties or immunities
under the Indenture or otherwise.

 

Any supplemental indenture
authorized by the provisions of this Section 8.1 may be executed by the Company, the Guarantor and the Trustee without the
consent of the Holders of any of the Notes at the time outstanding, notwithstanding any of the provisions of Section 9.2 of
the Base Indenture.

 

Article
IX

MEETINGS OF HOLDERS OF NOTES

 

Section
9.1.          Purposes for Which Meetings May Be Called. A meeting of
Holders may be called at any time and from time to time pursuant to this Article IX to make, give or take any request, demand,
authorization, direction, notice, consent, waiver or other act provided by the Indenture to be made, given or taken by Holders.

 

Section
9.2.          Call, Notice and Place of Meetings.

 

(a)          
The Trustee may at any time call a meeting of Holders for any purpose specified in Section 9.1 hereof, to be held at
such time and at such place as the Trustee shall determine. Notice of every meeting of Holders, setting forth the time and the
place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided
in Section 1.6 of the Base Indenture, not less than twenty-one (21) nor more than one hundred eighty (180) days prior
to the date fixed for the meeting.

 

    - 28 -

     

    

 

(b)          
In case at any time the Company, the Guarantor or the Holders of at least 25% in principal amount of the outstanding Notes
shall have requested the Trustee to call a meeting of the Holders for any purpose specified in Section 9.1 hereof, by written
request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed
notice of or made the first publication of the notice of such meeting within twenty-one (21) days after receipt of such request
or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company, the Guarantor, if applicable,
or the Holders in the amount above specified, as the case may be, may determine the time and the place for such meeting and may
call such meeting for such purposes by giving notice thereof as provided in clause (a) of this Section.

 

Section
9.3.          Persons Entitled to Vote at Meetings. To be entitled to
vote at any meeting of Holders, a person shall be (1) a Holder of one or more outstanding Notes, or (2) a person appointed
by an instrument in writing as proxy for a Holder or Holders of one or more outstanding Notes by such Holder or Holders; provided,
that none of the Company, any other obligor upon the Notes or any Affiliate of the Company shall be entitled to vote at
any meeting of Holders or be counted for purposes of determining a quorum at any such meeting in respect of any Notes owned by
such persons. The only persons who shall be entitled to be present or to speak at any meeting of Holders shall be the persons entitled
to vote at such meeting and their counsel, any representatives of the Trustee and its counsel, any representatives of the Guarantor
and its counsel and any representatives of the Company and its counsel.

 

Section
9.4.          Quorum; Action. The persons entitled to vote a majority
in principal amount of the outstanding Notes shall constitute a quorum for a meeting of Holders; 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, the persons holding or representing the specified
percentage in principal amount of the outstanding Notes will constitute a quorum. In the absence of a quorum within thirty (30) minutes
after the time appointed for any such meeting, the meeting shall, if convened at the request of Holders, be dissolved. In any other
case the meeting may be adjourned for a period of not less than ten (10) days as determined by the chairman of the meeting prior
to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further
adjourned for a period of not less than ten (10) days as determined by the chairman of the meeting prior to the adjournment of
such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 9.2 hereof,
except that such notice need be given only once not less than five (5) days prior to the date on which the meeting is scheduled
to be reconvened. Notice of the reconvening of an adjourned meeting shall state expressly the percentage, as provided above, of
the principal amount of the outstanding Notes which shall constitute a quorum.

 

Except as limited by
Section 9.2 of the Base Indenture, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum
is present as aforesaid may 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 limited by Section 9.2 of the Base Indenture, any resolution
with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which the Indenture expressly
provides 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 as
aforesaid by the affirmative vote of the Holders of such specified percentage in principal amount of the outstanding Notes.

 

    - 29 -

     

    

 

Any resolution passed
or decision taken at any meeting of Holders duly held in accordance with this Section 9.4 shall be binding on all the Holders,
whether or not such Holders were present or represented at the meeting.

 

Section
9.5.          Determination of Voting Rights; Conduct and Adjournment of
Meetings.

 

(a)          
Notwithstanding any other provisions of the Indenture, the Trustee may make such reasonable regulations as it may deem advisable
for any meeting of Holders in regard to proof of the holding of Notes and of the appointment of proxies and in regard to the appointment
and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote,
and such other matters concerning the conduct of the meeting as it shall deem appropriate.

 

(b)          
The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have
been called by the Company or by Holders as provided in Section 9.2(b) hereof, in which case the Company, the Guarantor or
the Holders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and
a permanent secretary of the meeting shall be elected by vote of the persons entitled to vote a majority in principal amount of
the outstanding Notes of such series represented at the meeting.

 

(c)          
At any meeting, each Holder or proxy shall be entitled to one (1) vote for each $1,000 principal amount of Notes held
or represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect
of any Note challenged as not outstanding and ruled by the chairman of the meeting to be not outstanding. The chairman of the meeting
shall have no right to vote, except as a Holder or proxy.

 

(d)          
Any meeting of Holders duly called pursuant to Section 9.2 hereof at which a quorum is present may be adjourned from
time to time by persons entitled to vote a majority in principal amount of the outstanding Notes represented at the meeting; and
the meeting may be held as so adjourned without further notice.

 

Section
9.6.          Counting Votes and Recording Action of Meetings. The vote
upon any resolution submitted to any meeting of Holders shall be by written ballots on which shall be subscribed the signatures
of the Holders or of their representatives by proxy and the principal amounts and serial numbers of the outstanding Notes held
or represented by them. The permanent chairman of the meeting shall appoint two (2) inspectors of votes who shall count all
votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified
written reports in triplicate of all votes cast at the meeting. A record, at least in triplicate, of the proceedings of each meeting
of Holders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of
the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the facts
setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 9.2 hereof
and, if applicable, Section 9.4 hereof. Each copy shall be signed and verified by the affidavits of the permanent chairman
and secretary of the meeting and one (1) such copy shall be delivered to the Company and the Guarantor, and another to the
Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed
and verified shall be conclusive evidence of the matters therein stated.

 

    - 30 -

     

    

 

Article
X

MISCELLANEOUS PROVISIONS

 

Section
10.1.      Ratification of Indenture. Except as expressly modified or amended hereby, the
Indenture continues in full force and effect and is in all respects confirmed and preserved.

 

Section
10.2.      Governing Law. This Twelfth Supplemental Indenture shall be governed by and construed
in accordance with the laws of the State of New York. This Twelfth Supplemental Indenture is subject to the provisions of the Trust
Indenture Act and shall, to the extent applicable, be governed by such provisions.

 

Section
10.3.      Counterparts. This Twelfth Supplemental Indenture may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute
but one and the same instrument. The exchange of copies of this Twelfth Supplemental Indenture and of signature pages by facsimile
or PDF transmission shall constitute effective execution and delivery of this Twelfth Supplemental Indenture as to the parties
hereto and may be used in lieu of an original of this Twelfth Supplemental Indenture and signature pages for all purposes.

 

Section
10.4.      Notices to Holders. Except as otherwise provided in the Indenture, notices to
Holders of the Notes will be given by mail to the addresses of Holders of the Notes as they appear in the Note register; provided
that notices given to Holders holding Notes in book-entry form may be given electronically through the facilities of the Depository
or any successor depository.

 

Section
10.5.      Successors and Assigns. This Twelfth Supplemental Indenture shall be binding
upon the Company and each Guarantor, and their respective successors and assigns and inure to the benefit of the respective successors
and assigns of the Trustee and the Holders.

 

Section
10.6.      Time of the Essence. Time is of the essence with regard to the Company’s
and the Guarantors’ performance of their respective obligations hereunder.

 

Section
10.7.      Rights of Holders Limited. Notwithstanding anything herein to the contrary, the
rights of Holders with respect to this Twelfth Supplemental Indenture and the Guarantee shall be limited in the manner and to the
extent the rights of Holders are limited under the Indenture with respect to the Indenture and the Securities.

 

    - 31 -

     

    

 

Section
10.8.      Rights and Duties of Trustee. The rights and duties of the Trustee shall be determined
by the express provisions of the Base Indenture and, except as expressly set forth in this Twelfth Supplemental Indenture, nothing
in this Twelfth Supplemental Indenture shall in any way modify or otherwise affect the Trustee’s rights and duties thereunder.
The Trustee makes no representation or warranty, express or implied, as to the validity of this Twelfth Supplemental Indenture
and, except insofar as relates to the validity hereof with respect to the Trustee specifically, the Trustee shall not be liable
in connection therewith. The Trustee makes no representation or warranty, express or implied, as to the accuracy or completeness
of any information contained in any offering or disclosure document related to the sale of the Notes, except for such information
that specifically pertains to the Trustee itself, or any information incorporated therein by reference as it relates specifically
to the Trustee. If and when the Trustee shall be or become a creditor of the Company (or any other obligor upon the Notes), excluding
any creditor relationship listed in Trust Indenture Act Section 311(b), the Trustee shall be subject to the provisions of
the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor). If the Trustee has
or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such
interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and
the Indenture.

 

Section
10.9.      Notices. Any notice or communication by the Company, the Guarantor or the Trustee
made pursuant to the provisions of the Indenture or the Notes shall be in writing, including facsimile, and delivered in person,
delivered by commercial courier service or mailed by first-class mail, postage prepaid, addressed as follows:

 

if to the Company or the Guarantor:

 

Alexandria Real Estate Equities, Inc.

26 North Euclid Avenue

Pasadena, California 91101

Attention: General Counsel

Telephone: (626) 578-0777

Facsimile: (626) 578-0770

 

if to the Trustee:

 

Branch Banking and Trust Company

223 West Nash Street

Wilson, North Carolina 27893

Attention: Greg Yanok

Telephone: 252-246-4679

Facsimile: 252-246-4303

 

Any notice or communication
by the Company, the Guarantor or the Trustee to the Company or the Guarantor, or by a Holder of the Notes to the Company or the
Guarantor, shall be deemed given or made as of the date delivered if delivered in the manner provided above. Notwithstanding any
other provision herein, any notice or communication to the Trustee shall only be deemed delivered upon receipt.

 

    - 32 -

     

    

 

The Company, the Guarantor
or the Trustee by written notice to the other may designate additional or different addresses for subsequent notices or communications.

 

Any notice or communication
to a Holder of the Notes shall be delivered to his address shown on the register kept by the Security Registrar. Failure to mail
a notice or communication to a Holder of the Notes or any defect in it shall not affect its sufficiency with respect to other Holders
of the Notes or any other series of Securities.

 

If a notice or communication
is delivered in the manner provided above, within the time prescribed, it is duly given, whether or not the Holder receives it.
If a notice or communication is delivered in person, by courier or by facsimile transmission (with confirmation of receipt) within
the time prescribed, it is duly given.

 

If the Company or the
Guarantor mails a notice or communication to Holders, it shall mail a copy to the Trustee at the same time.

 

Section
10.10.  Headings, etc. The headings of the Articles and Sections of this Twelfth Supplemental Indenture have
been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict
any of the terms or provisions hereof.

 

Section
10.11.  Conflicts. In the event of any conflict between the terms of this Twelfth Supplemental Indenture and
the terms of the Indenture, the terms of this Twelfth Supplemental Indenture shall control.

 

Section
10.12.  Trust Indenture Act Controls. If any provision of this Twelfth Supplemental Indenture limits, qualifies,
or conflicts with another provision that is required or deemed to be included in this Twelfth Supplemental Indenture by the Trust
Indenture Act, such required or deemed provision shall control.

 

    - 33 -

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Twelfth Supplemental Indenture to be duly executed by their respective officers hereunto duly
authorized, all as of the day and year first written above.

 

	 	ALEXANDRIA REAL ESTATE EQUITIES, INC.,

 as Issuer
	 	 	 
	 	 	 
	 	By:	/s/ Dean A. Shigenaga
	 	 	Name: Dean A. Shigenaga
	 	 	Title: Co-President and Chief Financial Officer
	 	 	 
	 	 	 
	 	ALEXANDRIA REAL ESTATE EQUITIES, L.P., 

as Guarantor
	 	 	 
	 	By:	ARE-QRS Corp.,
	 	 	its General Partner
	 	 	 
	 	 	 
	 	By:	/s/ Dean A. Shigenaga
	 	 	Name: Dean A. Shigenaga
	 	 	Title: Co-President and Chief Financial Officer
	 	 	 
	 	 	 
	 	BRANCH BANKING AND TRUST COMPANY,
	 	as Trustee
	 	 
	 	 
	 	By:	/s/ Gregory Yanok

	 	 	Name:
Gregory Yanok
	 	 	Title: Vice President 

 

[Signature Page to Twelfth Supplemental Indenture]

 

     

     

    

 

EXHIBIT A

 

THIS GLOBAL NOTE IS
HELD BY THE DEPOSITORY (AS DEFINED IN THE BASE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE
BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE
SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 3.12 OF THE TWELFTH SUPPLEMENTAL INDENTURE, (2) THIS GLOBAL NOTE
MAY BE EXCHANGED IN WHOLE OR IN PART PURSUANT TO SECTION 3.12 OF THE TWELFTH SUPPLEMENTAL INDENTURE, (3) THIS GLOBAL NOTE
MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 3.9 OF THE BASE INDENTURE AND (4) THIS GLOBAL NOTE MAY
BE TRANSFERRED TO A SUCCESSOR DEPOSITORY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

 

UNLESS AND UNTIL IT
IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY
TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE
DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”),
TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.

 

    A-1

     

    

 

ALEXANDRIA
REAL ESTATE EQUITIES, INC.

4.900% SENIOR NOTES DUE 2030

 

No. [·]

 

CUSIP
No.: 015271 AU3

 

ISIN:
US015271AU38

 

$[·]

 

Alexandria
Real Estate Equities, Inc., a Maryland corporation (herein called the “Company,” which term includes any
successor entity under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to Cede &
Co., or its registered assigns, the principal sum of [·] DOLLARS ($[·]),
or such lesser amount as is set forth in the Schedule of Exchanges of Interests in the Global Note on the other side of this Note,
on December 15, 2030 at the office or agency of the Company maintained for that purpose in accordance with the terms of the Indenture,
in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public
and private debts, and to pay interest, semi-annually on June 15 and December 15 of each year, commencing June 15, 2020, on said
principal sum at said office or agency, in like coin or currency, at the rate per annum of 4.900%, from the June 15 or December
15, as the case may be, next preceding the date of this Note to which interest has been paid or duly provided for, unless no interest
has been paid or duly provided for on the Notes, in which case from March 26, 2020 until payment of said principal sum has been
made or duly provided for. The Company shall pay interest to Holders of record of the Notes on the June 1 or December 1 preceding
the applicable June 15 or December 15 interest payment date, respectively, in accordance with the terms of the Indenture. The Company
shall pay interest on any Notes in certificated form by check mailed to the address of the person entitled thereto as it appears
in the register; provided, however, that a Holder of any Notes in certificated form in the aggregate principal
amount of more than $2.0 million may specify by written notice to the Company that it pay interest by wire transfer of immediately
available funds to the account specified by the Holder in such notice, or on any Global Note by wire transfer of immediately available
funds to the account of the Depository or its nominee.

 

The
Company promises to pay interest on overdue principal, premium, if any, and (to the extent that payment of such interest is enforceable
under applicable law) interest at the rate of 1.0% per annum above the rate borne by the Notes.

 

Reference is made to
the further provisions of this Note set forth on the reverse hereof and the Indenture governing this Note. Such further provisions
shall for all purposes have the same effect as though fully set forth at this place.

 

This Note shall not
be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed manually by
the Trustee or a duly authorized authenticating agent under the Indenture.

 

    A-2

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Note to be duly executed.

 

Dated: _________, 2020

 

	 	ALEXANDRIA REAL ESTATE EQUITIES, INC.
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name: Dean A. Shigenaga
	 	 	Title: Co-President and Chief Financial Officer

 

    A-3

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes described in the
within-named Indenture.

 

Dated: _________, 2020

 

	 	Branch Banking and Trust Company, as Trustee
	 	 	 
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-4

     

    

 

[FORM OF REVERSE SIDE OF NOTE]

 

ALEXANDRIA
REAL ESTATE EQUITIES, INC.

4.900% SENIOR NOTES DUE 2030

 

This
Note is one of a duly authorized issue of Securities of the Company, designated as its 4.900% Senior Notes due 2030 (herein
called the “Notes”), issued under and pursuant to an Indenture dated as of March 3, 2017 (herein called the
 “Base Indenture”), among the Company, the Guarantor and Branch Banking and Trust Company, as trustee (herein
called the “Trustee”), as supplemented by the Supplemental Indenture No. 12, dated as of March 26, 2020 (herein
called the “Twelfth Supplemental Indenture,” and, together with the Base Indenture, the “Indenture”),
to which Indenture and any indentures supplemental thereto reference is hereby made for a description of the rights, limitations
of rights, obligations, duties and immunities thereunder of the Trustee, the Company, the Guarantor and the Holders of the Notes.
Capitalized terms used but not otherwise defined in this Note shall have the respective meanings ascribed thereto in the Indenture.
In the event of any conflict between the terms of this Note and the terms of the Indenture, the terms of the Indenture control.

 

If an Event of Default
(other than an Event of Default specified in Sections 7.1(f), 7.1(g) and 7.1(h) of the Twelfth Supplemental Indenture) occurs
and is continuing, the principal of, premium, if any, and accrued and unpaid interest on all Notes may be declared to be due and
payable by either the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, and,
upon said declaration the same shall be immediately due and payable. If an Event of Default specified in Sections 7.1(f),
7.1(g) and 7.1(h) of the Twelfth Supplemental Indenture occurs, the principal of and premium, if any, and interest accrued and
unpaid on all the Notes shall be immediately and automatically due and payable without necessity of further action.

 

The Indenture contains
provisions permitting the Company and the Trustee, with the consent of the Holders of not less than a majority in aggregate principal
amount of the Notes at the time outstanding, to execute supplemental indentures adding any provisions to or changing in any manner
or eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of
the Holders of the Notes, subject to exceptions set forth in Section 9.2 of the Base Indenture. Subject to the provisions
of the Indenture, the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding may,
on behalf of the Holders of all of the Notes, waive any past Default or Event of Default, subject to exceptions set forth in the
Indenture.

 

No reference herein
to the Indenture and no provision of this Note or of the Indenture shall impair, as among the Company and the Holder of the Notes,
the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, on and interest on
this Note at the place, at the respective times, at the rate and in the coin or currency prescribed herein and in the Indenture.

 

Interest on the Notes
shall be computed on the basis of a 360-day year of twelve 30-day months.

 

    A-5

     

    

 

The Notes are issuable
in fully registered book-entry form, without coupons, in minimum denominations of $2,000 and integral multiples of $1,000 in excess
thereof. At the office or agency of the Company referred to on the face hereof, and in the manner and subject to the limitations
provided in the Indenture, without payment of any service charge but with payment of a sum sufficient to cover any tax, assessment
or other governmental charge that may be imposed in connection with any registration or exchange of Notes, Notes may be exchanged
for a like aggregate principal amount of Notes of any other authorized denominations.

 

The Company shall have
the right to redeem the Notes under certain circumstances as set forth in Article IV of the Twelfth Supplemental Indenture.

 

The Notes are not subject
to redemption through the operation of any sinking fund.

 

Except as expressly
provided in Article V of the Twelfth Supplemental Indenture, no recourse for the payment of the principal of or any premium or
interest on this Note, or for any claim based hereon or otherwise in respect hereof, and no recourse under or upon any obligation,
covenant or agreement of the Company in the Indenture or any supplemental indenture or in any Note, or because of the creation
of any indebtedness represented thereby, shall be had against any incorporator, stockholder, limited partner, member, manager,
employee, agent, officer, director or subsidiary, as such, past, present or future, of the Guarantor, the Company or any of the
Company’s Subsidiaries or of any successor thereto, either directly or through the Guarantor, the Company or any of the Company’s
Subsidiaries or of any successor thereto, whether by virtue of any constitution, statute or rule of law, or by the enforcement
of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and
released as a condition of, and as consideration for, the execution of the Indenture and the issue of this Note.

 

    A-6

     

    

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

	(I) or (we) assign and transfer this Note to:	 

(Insert assignee’s legal
name)

 

 

(Insert assignee’s soc. sec. or tax
I.D. no.)

 

 

(Print or type assignee’s name, address
and zip code)

 

and

irrevocably

appoint                                                                                                                                                                                                                                               

to transfer this Note on the books of the Company. The agent may substitute another to act for him.

 

Date:

 

	 	 	Your 	 
	 	 	Signature: 	          
	 	 	(Sign exactly as your name appears on the face of this Note)
	 	 	 	 
	Signature Guarantee*: 	 	 	 	 

 

 

		*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor
acceptable to the Trustee).

 

    A-7

     

    

 

SCHEDULE OF EXCHANGES OF INTERESTS IN
THE GLOBAL NOTE

 

The following exchanges
of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another
Global Note or Definitive Note for an interest in this Global Note, have been made:

 

	Date of Exchange	 	Amount of decrease in

 principal amount at

 maturity of this Global

 Note	 	Amount of increase in

 principal amount at

 maturity of this Global

 Note	 	Principal amount at

 maturity of this Global

 Note following such

 decrease (or increase)	 	Signature of authorized

 signatory of Trustee or

 Custodian
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    A-8

     

    

 

EXHIBIT B

 

NOTATION OF GUARANTEE

 

The
Guarantor listed below (hereinafter referred to as the “Guarantor,” which term includes any successors or assigns
under the Indenture, dated as of March 3, 2017, among the Guarantor, the Company and Branch Banking and Trust Company, as trustee
(the “Base Indenture”), as supplemented by the Supplemental Indenture No. 12, dated as of the date hereof (the
 “Twelfth Supplemental Indenture” and, together with the Base Indenture, the “Indenture”),
has fully, unconditionally and absolutely guaranteed on a senior basis the Guarantee Obligations (as defined in Section 5.1
of the Twelfth Supplemental Indenture), which include (i) the due and punctual payment of the principal of, premium, if any,
and interest, if any, on the 4.900% Senior Notes due 2030 (the “Notes”) to which this notation is affixed,
whether at maturity, by acceleration, call for redemption or otherwise, the due and punctual payment of interest on the overdue
principal and premium, if any, and (to the extent permitted by law) interest on any interest on the Notes, and the due and punctual
performance of all other obligations of the Company, to the Holders of the Notes or the Trustee all in accordance with the terms
set forth in Article V of the Twelfth Supplemental Indenture, and (ii) in case of any extension of time of payment or renewal
of any Notes or any such other obligations, that the same shall be promptly paid in full when due or performed in accordance with
the terms of the extension or renewal, whether at maturity, by acceleration, call for redemption or otherwise.

 

The obligations of
such Guarantor to the Holders of Notes to which this notation is affixed and to the Trustee pursuant to the Guarantee and the Indenture
are expressly set forth in Article V of the Twelfth Supplemental Indenture and reference is hereby made to the Indenture for the
precise terms of the Guarantee.

 

No past, present or
future director, officer, limited partner, employee, incorporator or stockholder (direct or indirect) of the Guarantor (or any
such successor entity), as such, shall have any liability for any obligations of the Guarantor under this Guarantee or the Indenture
or for any claim based on, in respect of, or by reason of, such obligations or their creation.

 

The Guarantor hereby
waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of the Company,
any right to require a proceeding first against the Company, the benefit of discussion, protest or notice with respect to the Notes
and all demands whatsoever.

 

This is a continuing
Guarantee and shall remain in full force and effect and shall be binding upon the Guarantor and its successors and assigns until
full and final payment of all of the Company’s obligations under the Notes and Indenture or until legally discharged in accordance
with the Indenture and shall inure to the benefit of the successors and assigns of the Trustee and the Holders of the Notes, and,
in the event of any transfer or assignment of rights by any Holder of the Notes or the Trustee, the rights and privileges herein
conferred upon that party shall automatically extend to and be vested in such transferee or assignee, all subject to the terms
and conditions hereof. This is a Guarantee of payment and performance and not of collectability.

 

    B-1

     

    

 

This Guarantee shall
not be valid or obligatory for any purpose until the certificate of authentication on the Note upon which this Guarantee is noted
shall have been executed by the Trustee under the Indenture by the manual signature of one of its authorized officers.

 

The obligations of
the Guarantor under this Guarantee shall be limited to the extent necessary to insure that it does not constitute a fraudulent
conveyance under applicable law. This Guarantee shall be governed by and construed in accordance with the laws of the State of
New York.

 

THE TERMS OF ARTICLE
V OF THE TWELFTH SUPPLEMENTAL INDENTURE ARE INCORPORATED HEREIN BY REFERENCE.

 

Capitalized terms used
herein have the same meanings given in the Indenture unless otherwise indicated.

 

	 	ALEXANDRIA REAL ESTATE EQUITIES, L.P.
	 	 
	 	 
	 	By: ARE-QRS Corp., its general partner
	 	 
	 	 
	Dated: _________, 2020	By:	 
	 	 	Name: Dean A. Shigenaga
	 	 	Title: Co-President and Chief Financial Officer

 

    B-2

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