Document:

Exhibit 10.1

 

Execution Version

 

 

Published CUSIP Number: 05361FAC2

 

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

 

Dated as of October 3, 2014

 

among

 

AVERY DENNISON CORPORATION,

as the Borrower,

 

BANK OF AMERICA, N.A.,
 as Administrative Agent,

 

CITIBANK, N.A.,

as Syndication Agent,

 

JPMORGAN CHASE BANK, N.A.,

as Documentation Agent

 

and

 

The Other Lenders Party Hereto

 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

CITIGROUP GLOBAL MARKETS INC.

and

J.P. MORGAN SECURITIES LLC,

as

Joint Lead Arrangers and Joint Bookrunners

 

 

 

 

TABLE OF CONTENTS

 

	
Section
    	
 
    	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE I.
    	
 
    	
DEFINITIONS AND ACCOUNTING TERMS
    	
 
    	
1
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
1.01
    	
 
    	
Defined   Terms
    	
 
    	
1
    
	
1.02
    	
 
    	
Other   Interpretive Provisions
    	
 
    	
21
    
	
1.03
    	
 
    	
Accounting   Terms
    	
 
    	
21
    
	
1.04
    	
 
    	
Rounding
    	
 
    	
22
    
	
1.05
    	
 
    	
Exchange   Rates; Currency Equivalents
    	
 
    	
22
    
	
1.06
    	
 
    	
Additional   Alternative Currencies
    	
 
    	
23
    
	
1.07
    	
 
    	
Change   of Currency
    	
 
    	
23
    
	
1.08
    	
 
    	
Times   of Day
    	
 
    	
24
    
	
1.09
    	
 
    	
Amendment   and Restatement
    	
 
    	
24
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE II.
    	
 
    	
THE COMMITMENTS AND BORROWINGS
    	
 
    	
24
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
2.01
    	
 
    	
Loans
    	
 
    	
24
    
	
2.02
    	
 
    	
Borrowings,   Conversions and Continuations of Loans
    	
 
    	
24
    
	
2.03
    	
 
    	
Prepayments
    	
 
    	
26
    
	
2.04
    	
 
    	
Termination   or Reduction of Commitments
    	
 
    	
27
    
	
2.05
    	
 
    	
Repayment   of Loans
    	
 
    	
28
    
	
2.06
    	
 
    	
Interest
    	
 
    	
28
    
	
2.07
    	
 
    	
Fees
    	
 
    	
29
    
	
2.08
    	
 
    	
Computation   of Interest and Fees
    	
 
    	
29
    
	
2.09
    	
 
    	
Evidence   of Debt
    	
 
    	
29
    
	
2.10
    	
 
    	
Payments   Generally; Administrative Agent’s Clawback
    	
 
    	
30
    
	
2.11
    	
 
    	
Sharing   of Payments by Lenders
    	
 
    	
32
    
	
2.12
    	
 
    	
Extension   of Maturity Date
    	
 
    	
32
    
	
2.13
    	
 
    	
Increase   in Commitments
    	
 
    	
33
    
	
2.14
    	
 
    	
Defaulting   Lenders
    	
 
    	
34
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE III.
    	
 
    	
TAXES, YIELD PROTECTION AND ILLEGALITY
    	
 
    	
35
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
3.01
    	
 
    	
Taxes
    	
 
    	
35
    
	
3.02
    	
 
    	
Illegality
    	
 
    	
39
    
	
3.03
    	
 
    	
Inability   to Determine Rates
    	
 
    	
40
    
	
3.04
    	
 
    	
Increased   Costs; Reserves on Eurocurrency Rate Loans
    	
 
    	
41
    
	
3.05
    	
 
    	
Compensation   for Losses
    	
 
    	
43
    
	
3.06
    	
 
    	
Mitigation   Obligations; Replacement of Lenders
    	
 
    	
43
    
	
3.07
    	
 
    	
Survival
    	
 
    	
44
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE IV.
    	
 
    	
CONDITIONS PRECEDENT
    	
 
    	
44
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
4.01
    	
 
    	
Conditions   to Restatement
    	
 
    	
44
    
	
4.02
    	
 
    	
Conditions   to all Borrowings
    	
 
    	
45
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE V.
    	
 
    	
REPRESENTATIONS AND WARRANTIES
    	
 
    	
46
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
5.01
    	
 
    	
Existence   and Qualification; Power; Compliance with Law
    	
 
    	
46
    

 

i

 

	
5.02
    	
 
    	
Authority;   Compliance with Other Instruments and Government Regulations
    	
 
    	
46
    
	
5.03
    	
 
    	
No   Governmental Approvals Required
    	
 
    	
47
    
	
5.04
    	
 
    	
Subsidiaries
    	
 
    	
47
    
	
5.05
    	
 
    	
Financial   Statements
    	
 
    	
48
    
	
5.06
    	
 
    	
No   Material Adverse Change or Other Liabilities
    	
 
    	
48
    
	
5.07
    	
 
    	
Title   to Assets
    	
 
    	
48
    
	
5.08
    	
 
    	
Regulated   Industries
    	
 
    	
48
    
	
5.09
    	
 
    	
Litigation
    	
 
    	
48
    
	
5.10
    	
 
    	
Binding   Effect
    	
 
    	
48
    
	
5.11
    	
 
    	
No   Default
    	
 
    	
49
    
	
5.12
    	
 
    	
ERISA
    	
 
    	
49
    
	
5.13
    	
 
    	
Regulation   U
    	
 
    	
49
    
	
5.14
    	
 
    	
Tax   Liability
    	
 
    	
49
    
	
5.15
    	
 
    	
Copyrights,   Patents, Trademarks and Licenses, etc
    	
 
    	
49
    
	
5.16
    	
 
    	
Environmental   Matters
    	
 
    	
50
    
	
5.17
    	
 
    	
Insurance
    	
 
    	
50
    
	
5.18
    	
 
    	
Disclosure
    	
 
    	
50
    
	
5.19
    	
 
    	
OFAC
    	
 
    	
50
    
	
5.20
    	
 
    	
Anti-Corruption   Laws
    	
 
    	
50
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE VI.
    	
 
    	
AFFIRMATIVE COVENANTS
    	
 
    	
50
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
6.01
    	
 
    	
Financial   and Business Information
    	
 
    	
50
    
	
6.02
    	
 
    	
Certificates;   Other Information
    	
 
    	
51
    
	
6.03
    	
 
    	
Notices
    	
 
    	
52
    
	
6.04
    	
 
    	
Payment   of Taxes and Other Potential Liens
    	
 
    	
53
    
	
6.05
    	
 
    	
Preservation   of Existence
    	
 
    	
53
    
	
6.06
    	
 
    	
Maintenance   of Properties
    	
 
    	
53
    
	
6.07
    	
 
    	
Maintenance   of Insurance
    	
 
    	
53
    
	
6.08
    	
 
    	
Compliance   with Laws
    	
 
    	
53
    
	
6.09
    	
 
    	
Inspection   Rights
    	
 
    	
54
    
	
6.10
    	
 
    	
Keeping   of Records and Books of Account
    	
 
    	
54
    
	
6.11
    	
 
    	
ERISA   Compliance
    	
 
    	
54
    
	
6.12
    	
 
    	
Environmental   Laws
    	
 
    	
54
    
	
6.13
    	
 
    	
Use   of Proceeds
    	
 
    	
54
    
	
6.14
    	
 
    	
Anti-Corruption   Laws
    	
 
    	
54
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE VII.
    	
 
    	
NEGATIVE COVENANTS
    	
 
    	
54
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
7.01
    	
 
    	
Type   of Business
    	
 
    	
55
    
	
7.02
    	
 
    	
Liens
    	
 
    	
55
    
	
7.03
    	
 
    	
Investments
    	
 
    	
55
    
	
7.04
    	
 
    	
Contingent   Obligations
    	
 
    	
56
    
	
7.05
    	
 
    	
Subordinated   Debt
    	
 
    	
56
    
	
7.06
    	
 
    	
Sale   of Assets or Merger
    	
 
    	
56
    
	
7.07
    	
 
    	
Financial   Covenants
    	
 
    	
56
    
	
7.08
    	
 
    	
Use   of Proceeds
    	
 
    	
56
    
	
7.09
    	
 
    	
Sanctions
    	
 
    	
56
    

 

ii

 

	
ARTICLE VIIA.
    	
 
    	
LIMITATION ON SUBSIDIARY DEBT
    	
 
    	
56
    
	
ARTICLE VIII.
    	
 
    	
EVENTS OF DEFAULT AND REMEDIES UPON EVENTS OF   DEFAULT
    	
 
    	
57
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
8.01
    	
 
    	
Events   of Default
    	
 
    	
57
    
	
8.02
    	
 
    	
Remedies   Upon Event of Default
    	
 
    	
58
    
	
8.03
    	
 
    	
Application   of Funds
    	
 
    	
59
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE IX.
    	
 
    	
ADMINISTRATIVE AGENT
    	
 
    	
59
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
9.01
    	
 
    	
Appointment   and Authority
    	
 
    	
59
    
	
9.02
    	
 
    	
Rights   as a Lender
    	
 
    	
59
    
	
9.03
    	
 
    	
Exculpatory   Provisions
    	
 
    	
60
    
	
9.04
    	
 
    	
Reliance   by Administrative Agent
    	
 
    	
61
    
	
9.05
    	
 
    	
Delegation   of Duties
    	
 
    	
61
    
	
9.06
    	
 
    	
Resignation   of Administrative Agent
    	
 
    	
61
    
	
9.07
    	
 
    	
Non-Reliance   on Administrative Agent and Other Lenders
    	
 
    	
62
    
	
9.08
    	
 
    	
No   Other Duties, Etc
    	
 
    	
62
    
	
9.09
    	
 
    	
Administrative   Agent May File Proofs of Claim
    	
 
    	
63
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE X.
    	
 
    	
MISCELLANEOUS
    	
 
    	
63
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
10.01
    	
 
    	
Amendments,   Etc
    	
 
    	
63
    
	
10.02
    	
 
    	
Notices;   Effectiveness; Electronic Communication
    	
 
    	
65
    
	
10.03
    	
 
    	
No   Waiver; Cumulative Remedies; Enforcement
    	
 
    	
67
    
	
10.04
    	
 
    	
Expenses;   Indemnity; Damage Waiver
    	
 
    	
67
    
	
10.05
    	
 
    	
Payments   Set Aside
    	
 
    	
69
    
	
10.06
    	
 
    	
Successors   and Assigns
    	
 
    	
70
    
	
10.07
    	
 
    	
Treatment   of Certain Information; Confidentiality
    	
 
    	
74
    
	
10.08
    	
 
    	
Right   of Setoff
    	
 
    	
75
    
	
10.09
    	
 
    	
Interest   Rate Limitation
    	
 
    	
75
    
	
10.10
    	
 
    	
Counterparts;   Integration; Effectiveness
    	
 
    	
76
    
	
10.11
    	
 
    	
Survival   of Representations and Warranties
    	
 
    	
76
    
	
10.12
    	
 
    	
Severability
    	
 
    	
76
    
	
10.13
    	
 
    	
Replacement   of Lenders
    	
 
    	
76
    
	
10.14
    	
 
    	
Governing   Law; Jurisdiction; Etc
    	
 
    	
77
    
	
10.15
    	
 
    	
Waiver   of Jury Trial
    	
 
    	
78
    
	
10.16
    	
 
    	
California   Judicial Reference
    	
 
    	
78
    
	
10.17
    	
 
    	
No   Advisory or Fiduciary Responsibility
    	
 
    	
79
    
	
10.18
    	
 
    	
Electronic   Execution of Assignments and Certain Other Documents
    	
 
    	
79
    
	
10.19
    	
 
    	
USA   PATRIOT Act
    	
 
    	
80
    
	
10.20
    	
 
    	
Time   of the Essence
    	
 
    	
80
    
	
10.21
    	
 
    	
Judgment   Currency
    	
 
    	
80
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
SIGNATURES
    	
 
    	
S-1
    

 

iii

 

	
SCHEDULES
    
	
 
    	
 
    
	
2.01
    	
Commitments   and Applicable Percentages
    
	
5.04
    	
Subsidiaries
    
	
10.02
    	
Administrative   Agent’s Office; Certain Addresses for Notices
    
	
 
    	
 
    
	
EXHIBITS
    	
 
    
	
 
    	
Form of
    
	
 
    	
 
    
	
A
    	
Loan   Notice
    
	
B
    	
Note
    
	
C
    	
Compliance   Certificate
    
	
D
    	
Assignment   and Assumption
    
	
E
    	
U.S.   Tax Compliance Certificate
    

 

iv

 

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

 

This THIRD AMENDED AND RESTATED CREDIT AGREEMENT (“Agreement”) is entered into as of October 3, 2014, among AVERY DENNISON CORPORATION, a Delaware corporation (the “Borrower”), each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), BANK OF AMERICA, N.A., as Administrative Agent (the “Administrative Agent”), CITIBANK, N.A., as Syndication Agent (the “Syndication Agent”), and JPMORGAN CHASE BANK, N.A., as Documentation Agent (the “Documentation Agent”).

 

RECITALS

 

WHEREAS, the Borrower, certain banks and financial institutions (the “Original Lenders”), and Bank of America, N.A., as administrative agent, are parties to that certain Second Amended and Restated Revolving Credit Agreement dated as of December 21, 2011 (as amended, restated, extended, supplemented or otherwise modified in writing prior to the Restatement Date, the “Original Credit Agreement”); and

 

WHEREAS, the Borrower has requested and the Lenders, the Administrative Agent, the Syndication Agent and the Documentation Agent have agreed, subject to the terms and conditions set forth herein, to amend and restate the Original Credit Agreement in its entirety as set forth herein in order to make Loans available for working capital and other general corporate purposes as set forth herein;

 

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the Borrower, the Lenders, the Administrative Agent, the Syndication Agent and the Documentation Agent agree that the Original Credit Agreement is hereby amended and restated to read in its entirety as follows:

 

ARTICLE I.         DEFINITIONS AND ACCOUNTING TERMS

 

1.01        Defined Terms.  As used in this Agreement, the following terms shall have the meanings set forth below:

 

“Acquisition” means any transaction, or any series of related transactions, consummated after the Restatement Date, by which the Borrower and/or any of its Subsidiaries directly or indirectly (a) acquires any going business or all or substantially all of the assets of any Person or division thereof, whether through purchase of assets, merger or otherwise or (b) acquires (in one transaction or as the most recent transaction in a series of transactions) control of at least a majority in ordinary voting power of the securities of any Person which have ordinary voting power for the election of directors or (c) acquires control of at least a majority ownership interest in any Person.

 

“Additional Lender” has the meaning specified in Section 2.13(b).

 

“Administrative Agent” means Bank of America in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent.

 

1

 

“Administrative Agent’s Office” means, with respect to any currency, the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 10.02 with respect to such currency, or such other address or account with respect to such currency as the Administrative Agent may from time to time notify the Borrower and the Lenders.

 

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

 

“Affiliate” means, as to any specified Person, any other Person which directly or indirectly controls, or is under common control with, or is controlled by, such specified Person.  “Control” (including, with its correlative meanings, “controlling,” “controlled by” and “under common control with”) shall mean possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise) of a Person, provided that, in any event, any Person which owns directly or indirectly 50% or more of the securities having ordinary voting power for the election of directors or other governing body of any other Person or 50% or more of the partnership or other ownership interests of any other Person (other than as a limited partner of such other Person) will be deemed to control such other Person.

 

 “Agent Parties” has the meaning specified in Section 10.02(c).

 

“Aggregate Commitments” means the Commitments of all the Lenders.

 

“Agreement” means this Second Amended and Restated Credit Agreement.

 

“Agreement Currency” has the meaning specified in Section 10.21.

 

“Alternative Currency” means each of Euro, Sterling and each other currency (other than Dollars) that is approved in accordance with Section 1.06.

 

“Alternative Currency Equivalent” means, at any time, with respect to any amount denominated in Dollars, the equivalent amount thereof in the applicable Alternative Currency as determined by the Administrative Agent at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of such Alternative Currency with Dollars.

 

“Applicable Percentage” means with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate Commitments represented by such Lender’s Commitment at such time.  If the commitment of each Lender to make Loans has been terminated pursuant to Section 8.02 or if the Aggregate Commitments have expired, then the Applicable Percentage of each Lender shall be determined based on the Applicable Percentage of such Lender most recently in effect, giving effect to any subsequent assignments.  The initial Applicable Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable.

 

“Applicable Rate” means, from time to time, the following percentages per annum, based upon the Debt Rating as set forth below:

 

2

 

Applicable Rate

 

	
Pricing
   Level
    	
 
    	
Debt Ratings
   S&P/Moody’s
    	
 
    	
Facility Fee
    	
 
    	
Eurocurrency
   Rate
    	
 
    	
Base Rate
    
	
1
    	
 
    	
A-/A3 or better
    	
 
    	
0.090%
    	
 
    	
0.910%
    	
 
    	
0%
    
	
2
    	
 
    	
BBB+/Baa1
    	
 
    	
0.120%
    	
 
    	
1.005%
    	
 
    	
0.005%
    
	
3
    	
 
    	
BBB/Baa2
    	
 
    	
0.150%
    	
 
    	
1.100%
    	
 
    	
0.100%
    
	
4
    	
 
    	
BBB-/Baa3
    	
 
    	
0.200%
    	
 
    	
1.300%
    	
 
    	
0.300%
    
	
5
    	
 
    	
BB+/Ba1
    	
 
    	
0.250%
    	
 
    	
1.500%
    	
 
    	
0.500%
    
	
6
    	
 
    	
BB/Ba2 or worse
    	
 
    	
0.300%
    	
 
    	
1.700%
    	
 
    	
0.700%
    

 

“Debt Rating” means, as of any date of determination, the rating as determined by either S&P or Moody’s (collectively, the “Debt Ratings”) of the Borrower’s non-credit-enhanced, senior unsecured long-term debt; provided that (a) if the respective Debt Ratings issued by the foregoing rating agencies differ by one level, then the Pricing Level for the higher of such Debt Ratings shall apply (with the Debt Rating for Pricing Level 1 being the highest and the Debt Rating for Pricing Level 6 being the lowest); (b) if there is a split in Debt Ratings of more than one level, then the Pricing Level that is one level lower than the Pricing Level of the higher Debt Rating shall apply; (c) if the Borrower has only one Debt Rating, the Pricing Level that is one level lower than that of such Debt Rating shall apply; and (d) if the Borrower does not have any Debt Rating, Pricing Level 6 shall apply.

 

Initially, the Applicable Rate shall be determined based upon a Debt Rating of BBB/Baa2.  Thereafter, each change in the Applicable Rate resulting from a publicly announced change in the Debt Rating shall be effective during the period commencing on the date of the public announcement thereof and ending on the date immediately preceding the effective date of the next such change.

 

“Applicable Time” means, with respect to any borrowings and payments in any Alternative Currency, the local time in the place of settlement for such Alternative Currency as may be determined by the Administrative Agent to be necessary for timely settlement on the relevant date in accordance with normal banking procedures in the place of payment.

 

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

 

“Arrangers” means MLPFS, CGMI and J.P. Morgan Securities, in their capacities as joint lead arrangers and joint bookrunners.

 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 10.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit 

 

3

 

D or any other form (including electronic documentation generated by use of an electronic platform) approved by the Administrative Agent.

 

“Audited Financial Statements” means the audited consolidated balance sheet of the Borrower and its Subsidiaries for the fiscal year ended December 28, 2013, and the related consolidated statements of income or operations, Shareholders’ Equity and cash flows for such fiscal year of the Borrower and its Subsidiaries, including the notes thereto.

 

“Availability Period” means the period from and including the Restatement Date to the earliest of (a) the Maturity Date, (b) the date of termination of the Aggregate Commitments pursuant to Section 2.04, and (c) the date of termination of the commitment of each Lender to make Loans pursuant to Section 8.02.

 

“Bank of America” means Bank of America, N.A. and its successors.

 

“Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate,” and (c) the Eurocurrency Rate plus 1.00%.  The “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate.  Any change in such prime rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change.

 

“Base Rate Loan” means a Loan denominated in Dollars that bears interest based on the Base Rate.

 

“Borrower” has the meaning specified in the introductory paragraph hereto.

 

“Borrower Materials” has the meaning specified in Section 6.02.

 

“Borrowing” means a borrowing consisting of simultaneous Loans of the same Type, in the same currency and, in the case of Eurocurrency Rate Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01.

 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the state where the Administrative Agent’s Office with respect to Obligations denominated in Dollars is located or the State of New York or the State of California and (a) if such day relates to any interest rate settings as to a Eurocurrency Rate Loan denominated in Dollars, any fundings, disbursements, settlements and payments in Dollars in respect of any such Eurocurrency Rate Loan, or any other dealings in Dollars to be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan, means any such day that is also a London Banking Day; (b) if such day relates to any interest rate settings as to a Eurocurrency Rate Loan denominated in Euro, any fundings, disbursements, settlements and payments in Euro in respect of any such Eurocurrency Rate Loan, or any other dealings in Euro to be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan, means a TARGET Day; (c) if such

 

4

 

day relates to any interest rate settings as to a Eurocurrency Rate Loan denominated in a currency other than Dollars or Euro, means any such day on which dealings in deposits in the relevant currency are conducted by and between banks in the London or other applicable offshore interbank market for such currency; and (d) if such day relates to any fundings, disbursements, settlements and payments in a currency other than Dollars or Euro in respect of a Eurocurrency Rate Loan denominated in a currency other than Dollars or Euro, or any other dealings in any currency other than Dollars or Euro to be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan (other than any interest rate settings), means any such day on which banks are open for foreign exchange business in the principal financial center of the country of such currency.

 

“CGMI” means Citigroup Global Markets Inc. and its successors.

 

“Cash Equivalents” means, when used in connection with any Person, the Person’s Investments in:

 

(a)           Government Securities due within one year after the date of the making of the Investment;

 

(b)           certificates of deposit issued by, bank deposits in, bankers’ acceptances of, and repurchase agreements covering Government Securities executed by, any Lender or any bank doing business in and incorporated under the laws of the United States or any state thereof, or Canada and having on the date of such Investment combined capital, surplus, and undivided profits of at least $500,000,000 in each case due within one year after the date of the making of the Investment; and

 

(c)           readily marketable commercial paper of corporations doing business in and incorporated under the laws of the United States or any state thereof, Canada or any province thereof given on the date of such Investment the highest credit rating by NCO/Moody’s Commercial Paper Division of Moody’s or S&P, in each case due within six months after the date of the making of the Investment.

 

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank 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 or issued.

 

“Change of Control” means the occurrence of any of the following:

 

5

 

(a)           the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or more series of related transactions, of all or substantially all of the Borrower’s assets and the Borrower’s Subsidiaries’ assets, taken as a whole, to any person, other than the Borrower or one of the Borrower’s Subsidiaries;

 

(b)           the consummation of any transaction (including, without limitation, any merger or consolidation), the result of which is that any person becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Borrower’s outstanding Voting Stock or other Voting Stock into which the Borrower’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; or

 

(c)           the first day on which a majority of the members of the Borrower’s Board of Directors are not Continuing Directors.

 

Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (a) the Borrower becomes a direct or indirect wholly-owned Subsidiary of a holding company and (b)(1) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Borrower’s Voting Stock immediately prior to that transaction or (2) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company. The term “person,” as used in this definition, has the meaning given thereto in Section 13(d)(3) of the Exchange Act.

 

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

 

“Commitment” means, as to each Lender, its obligation to make Loans to the Borrower pursuant to Section 2.01 in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.

 

“Compliance Certificate” means a certificate substantially in the form of Exhibit C.

 

“Consolidated Debt” means, at any date, the Debt of the Borrower and the Consolidated Subsidiaries, determined on a consolidated basis as of such date.

 

“Consolidated Earnings Before Interest and Taxes” means, as of any date of determination, the earnings of the Borrower and the Consolidated Subsidiaries for the twelve month fiscal period most recently ended on or prior to such date before deducting interest expense and taxes on or measured by income charged against earnings for such period plus, without duplication, to the extent deducted in the determination of such earnings, non-cash expenses of the Borrower and the Consolidated Subsidiaries, which do not represent usage of cash in such period or any future period.

 

“Consolidated EBITDA” means, for any period, Consolidated Net Income for such period plus, without duplication, to the extent deducted in the determination of such

 

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Consolidated Net Income, (a) Consolidated Interest for such period, (b) the provision for income taxes for such period, (c) depreciation and amortization expense for such period and (d) non-cash expenses of Borrower and the Consolidated Subsidiaries reducing such Consolidated Net Income, which do not represent usage of cash in such period or any future period.

 

“Consolidated Interest” means, as of any date of determination, the interest expense of the Borrower and the Consolidated Subsidiaries for the twelve month fiscal period then ended, determined and consolidated in conformity with GAAP.

 

“Consolidated Net Income” means, for any fiscal year, the consolidated net income of the Borrower and the Consolidated Subsidiaries for that period, determined and consolidated in conformity with GAAP.

 

“Consolidated Net Worth” means, as of any date of determination, the consolidated net worth of the Borrower and the Consolidated Subsidiaries, determined in accordance with GAAP, plus Subordinated Debt in an amount up to but not exceeding 20% of the consolidated net worth of the Borrower and the Consolidated Subsidiaries (minus any Subordinated Debt carried in the treasury of the Borrower or any Subsidiary).

 

“Consolidated Subsidiary” means any Subsidiary of the Borrower whose financial statements are consolidated with the financial statements of the Borrower in conformity with GAAP.

 

“Consolidated Total Tangible Assets” means, as of any date of determination, all assets of the Borrower and the Consolidated Subsidiaries that in conformity with GAAP should be reflected in the asset side of a consolidated balance sheet of the Borrower and the Consolidated Subsidiaries as of such date of determination, excluding any Intangible Assets.

 

“Contingent Obligation” means, as to any specified Person, any guarantee of any obligation of another Person, or any agreement to become directly or indirectly responsible for an obligation of another Person, (including, without limitation, any agreement to maintain the net worth or liquidity of another Person or to purchase any obligation, goods or services of another Person, to secure the obligation of another Person by granting a Lien on the assets of such specified Person or otherwise to provide credit assurances to the holder of an obligation of another Person), or any agreement in the nature of a guarantee or having the effect of creating responsibility for the obligation of another Person, except the guarantee or agreement in the nature of a guarantee by the Borrower or a Consolidated Subsidiary of the obligations of a Consolidated Subsidiary.

 

“Continuing Directors” means, as of any date of determination, any member of the Borrower’s Board of Directors who (a) was a member of such Board of Directors on the Restatement Date or (b) was nominated for election, elected or appointed to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination, election or appointment (either by a specific vote or by approval of the Borrower’s proxy statement in which such member was named as a nominee for election as a director, without objection to such nomination).

 

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“Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound.

 

“Current Anniversary Date” has the meaning specified in Section 2.12.

 

“Debt” means, as to any Person at any date, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (c) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts payable and deferred employee compensation obligations arising in the ordinary course of business, (d) all obligations of such Person as lessee which are capitalized in accordance with GAAP, (e) all unpaid reimbursement obligations of such Person in respect of letters of credit or similar instruments but only to the extent that either (i) the issuer has honored a drawing thereunder or (ii) payment of such obligation is otherwise due under the terms thereof, (f) all Debt secured by a Lien on real property which is otherwise an obligation of such Person, (g) all Debt of others in excess of $1,000,000 guaranteed by such Person, and (h) for the purposes of Article VIIA only, all Debt secured by a lien on mixed or personal property which is otherwise an obligation of such Person.

 

“Debt Rating” has the meaning specified in the definition of “Applicable Rate.”

 

“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

 

“Declining Lender” has the meaning specified in Section 2.12.

 

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

 

“Default Rate” means an interest rate equal to (a) the Base Rate plus (b) the Applicable Rate, if any, applicable to Base Rate Loans plus (c) 2% per annum; provided, however, that with respect to a Eurocurrency Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus 2% per annum.

 

“Defaulting Lender” means, subject to Section 2.14(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded by it hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within two Business Days of the date when due, (b) has notified the Borrower or the Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement

 

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relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within two Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority, so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.  Any determination by the Administrative Agent that a Lender is a Defaulting Lender under clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.14(b)) upon delivery of written notice of such determination to the Borrower and each other Lender.

 

“Designated Jurisdiction” means any country or territory to the extent that such country or territory itself is the subject of any Sanction.

 

“Designated Officer” means the (a) chief executive officer of the Borrower, (b) chief financial officer of the Borrower, (c) vice president and treasurer of the Borrower, (d) vice president and controller of the Borrower, (e) vice president, corporate development and investments of the Borrower or (f) solely for purposes of notices given pursuant to Article II, any other officer or employee of the Borrower so designated by any of the foregoing officers in a notice to the Administrative Agent or any other officer or employee of the applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party and the Administrative Agent.  Any document delivered hereunder that is signed by a Designated Officer of the Borrower shall be conclusively presumed to have been authorized by all necessary corporate and/or other action on the part of the Borrower and such Designated Officer shall be conclusively presumed to have acted on behalf of the Borrower.

 

“Documentation Agent” has the meaning specified in the introductory paragraph.

 

“Dollar” and “$” mean lawful money of the United States.

 

“Dollar Equivalent” means, at any time, (a) with respect to any amount denominated in Dollars, such amount, and (b) with respect to any amount denominated in any Alternative Currency, the equivalent amount thereof in Dollars as determined by the Administrative Agent at

 

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such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of Dollars with such Alternative Currency.

 

“Domestic Subsidiary” means any Subsidiary that is organized under the laws of any political subdivision of the United States.

 

“Eligible Assignee” means any Person that meets the requirements to be an assignee under Section 10.06(b)(iii) and (v) (subject to such consents, if any, as may be required under Section 10.06(b)(iii)).

 

“Environmental Claims” means all claims, however asserted, by any Governmental Authority or other Person alleging potential liability or responsibility for violation of any Environmental Law, or for release or injury to the environment.

 

“Environmental Laws” means all federal, state, local and foreign laws, statutes, common law duties, rules, regulations, ordinances and codes, together with all administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authorities, in each case relating to environmental, health, safety and land use matters.

 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower or any of its Subsidiaries directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

 

“ERISA” means the Employee Retirement Income Security Act of 1974 and the regulations issued thereunder.

 

“Euro” and “EUR” mean the lawful currency of the Participating Member States.

 

“Eurocurrency Rate” means:

 

(a)  with respect to any Borrowing denominated in a LIBOR Quoted Currency, the rate per annum equal to LIBOR or a comparable or successor rate which rate is approved by the Administrative Agent, 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 deposits in the relevant currency (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period;

 

(b) with respect to any Borrowing denominated in any Non-LIBOR Quoted Currency, the rate per annum as designated with respect to such Alternative Currency at the time such

 

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Alternative Currency is approved by the Administrative Agent and the Lenders pursuant to Section 1.06(a); and

 

(c) for any rate 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 U.S. Dollar deposits with a term of one month commencing that day;

 

provided that to the extent a comparable or successor rate is approved by the Administrative Agent in connection with any rate set forth in this definition, 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.

 

Notwithstanding the foregoing, in no event shall the Eurocurrency Rate be less than 0%.

 

“Eurocurrency Rate Loan” means a Loan that bears interest at a rate based on clause (a) of the definition of “Eurocurrency Rate.”  Eurocurrency Rate Loans may be denominated in Dollars or in an Alternative Currency.  All Loans denominated in an Alternative Currency must be Eurocurrency Rate Loans.

 

“Events of Default” has the meaning specified in Section 8.01.

 

“Exchange Act” means the Securities Exchange Act of 1934.

 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 10.13) or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to Section 3.01(a) or (c), amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 3.01(e) and (d) any Taxes imposed pursuant to FATCA.

 

“Extending Lender” has the meaning specified in Section 2.12.

 

“FASB ASC” means the Accounting Standards Codification of the Financial Accounting Standards Board.

 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable), any current

 

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or future regulations or official interpretations thereof and any agreement entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to such intergovernmental agreement.

 

“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as determined by the Administrative Agent.

 

“Fee Letters” means (i) the letter agreement dated September 8, 2014, among the Borrower, the Administrative Agent and MLPFS, (ii) the letter agreement dated September 8, 2014, among the Borrower and CGMI, and (iii) the letter agreement dated September 8, 2014, among the Borrower, J.P. Morgan Securities and JPMorgan Chase Bank, N.A.

 

“Foreign Lender” means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person and (b) if the Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes.  For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.

 

“Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary.

 

“Fund” means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities.

 

“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied.

 

“Government Securities” means readily marketable direct obligations of the United States or obligations fully guaranteed by the United States.

 

“Governmental Authority” means (a) any federal, state, county or municipal government of the United States or any other nation, or of any political subdivision thereof, whether state or local, (b) any governmental or quasi-governmental agency, authority, board, bureau, commission, department, instrumentality, regulatory or public body, or (c) any court, central bank, administrative tribunal, public utility or other entity exercising executive, legislative,

 

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judicial, taxing, regulatory or administrative powers or functions or pertaining to government, in each case whether of the United States or any other nation or supranational entity (such as the European Union or the European Central Bank).

 

“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law.

 

“IFRS” means international accounting standards within the meaning of IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements delivered under or referred to herein.

 

“Increased Commitments” has the meaning specified in Section 2.13(a).

 

“Indemnified Taxes” means (a) Taxes other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes.

 

“Indemnitee” has the meaning specified in Section 10.04(b).

 

“Information” has the meaning specified in Section 10.07.

 

“Intangible Assets” means assets having no physical existence and that, in conformity with GAAP, should be classified as intangible assets, including without limitation such intangible assets as patents, trademarks, copyrights, franchises, licenses and goodwill.

 

“Interest Payment Date” means, (a) as to any Loan other than a Base Rate Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date; provided, however, that if any Interest Period for a Eurocurrency Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan, the first Business Day of each January, April, July and October and the Maturity Date.

 

“Interest Period” means as to each Eurocurrency Rate Loan, the period commencing on the date such Eurocurrency Rate Loan is disbursed or converted to or continued as a Eurocurrency Rate Loan and ending on the date one, two, three or six months thereafter, as selected by the Borrower in its Loan Notice, 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 such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;

 

(ii)           any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar

 

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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.

 

“Investment” means, when used in connection with any Person, any investment by such Person, whether by means of purchase or other acquisition of stock or other securities or by means of loan, advance, capital contribution, guarantee, or other debt or equity participation or interest in any other Person.

 

“Investment Grade” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, and the equivalent Investment Grade credit rating from any replacement Rating Agency or Rating Agencies selected by the Administrative Agent.

 

“IRS” means the United States Internal Revenue Service or any Governmental Authority succeeding to any of its principal functions.

 

“J.P. Morgan Securities” means J.P.Morgan Securities LLC and its successors.

 

“Judgment Currency” has the meaning specified in Section 10.21.

 

“Laws” means, collectively, all federal, state. local, international and foreign laws, statutes, codes, ordinances, rules, regulations and administrative or judicial precedents or authorities, including published opinions of the court of last resort in the applicable jurisdiction, and shall include, without limitation, all of the foregoing relating to environmental matters.

 

“Lender” has the meaning specified in the introductory paragraph hereto.

 

“Lending Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent, which office may include any Affiliate of such Lender or any such domestic or foreign branch of such Lender or such Affiliate.  Unless the context otherwise requires, each reference to a Lender shall include its applicable Lending Office.

 

“Leverage Ratio” means, at any date, the ratio of Consolidated Debt at such date to Consolidated EBITDA for the period of four consecutive fiscal quarters most recently ended on or prior to such date.

 

“LIBOR” means the London Interbank Offered Rate.

 

“LIBOR Quoted Currency” means each of the following currencies: Dollars, Euro, Sterling, Yen and Swiss Franc; in each case as long as there is a published LIBOR rate with respect thereto.

 

“Lien” means any mortgage, deed of trust, pledge, security interest, encumbrance, lien or charge of any kind (including any conditional sale or other title retention agreement, any lease in

 

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the nature thereof, and any financing statement filed under the Uniform Commercial Code of any jurisdiction).

 

“Loan” has the meaning specified in Section 2.01.

 

“Loan Documents” means this Agreement and all other documents executed and delivered by the Borrower to the Administrative Agent or any Lender in connection herewith.

 

“Loan Notice” means a notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other, or (c) a continuation of Eurocurrency Rate Loans, pursuant to Section 2.02(a), which shall be substantially in the form of Exhibit A 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 Designated Officer of the Borrower.

 

“London Banking Day” means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank market.

 

“MLPFS” means Merrill Lynch, Pierce, Fenner & Smith Incorporated and its successors.

 

“Margin Stock” means “margin stock” as such term is defined in Regulation U of the Board of Governors of the Federal Reserve System, or any successor thereto.

 

“Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon, the operations, business, assets, condition (financial or otherwise) of the Borrower or the Borrower and its Subsidiaries taken as a whole or (b) a material adverse effect upon the legality, validity, binding effect or enforceability against the Borrower of any Loan Document.

 

“Maturity Date” means the later of (a) the fifth anniversary of the Restatement Date and (b) if maturity is extended pursuant to Section 2.12, such extended maturity date as determined pursuant to such Section; provided, however, that, in each case, if such date is not a Business Day, the Maturity Date shall be the immediately preceding Business Day.

 

“Moody’s” means Moody’s Investors Service, Inc. and any successor thereto.

 

“Non-Consenting Lender” means any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all Lenders or all affected Lenders in accordance with the terms of Section 10.01 and (b) has been approved by the Required Lenders.

 

“Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.

 

“Non-LIBOR Quoted Currency” means any currency other than a LIBOR Quoted Currency.

 

“Note” means a promissory note made by the Borrower in favor of a Lender evidencing Loans made by such Lender, substantially in the form of Exhibit B.

 

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“Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, the Borrower arising under any Loan Document or otherwise with respect to any Loan, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against the Borrower or any of its Affiliates of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding.

 

“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury.

 

 “Organization Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity.

 

“Original Commitment” means, with respect to any Original Lender, immediately prior to the effectiveness of this Agreement, the amount of such Original Lender’s commitment to make a Loan pursuant to the Original Credit Agreement.

 

“Original Credit Agreement” has the meaning specified in the Recitals to this Agreement.

 

“Original Lenders” has the meaning specified in the Recitals to this Agreement.

 

“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment or transfer (other than an assignment made pursuant to Section 3.06).

 

“Outstanding Amount” means with respect to Loans on any date, the Dollar Equivalent amount of the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Loans occurring on such date.

 

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“Overnight Rate” means, for any day, (a) with respect to any amount denominated in Dollars, the greater of (i) the Federal Funds Rate and (ii) an overnight rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, and (b) with respect to any amount denominated in an Alternative Currency, the rate of interest per annum at which overnight deposits in the applicable Alternative Currency, in an amount approximately equal to the amount with respect to which such rate is being determined, would be offered for such day by a branch or Affiliate of Bank of America in the applicable offshore interbank market for such currency to major banks in such interbank market.

 

“Participant” has the meaning specified in Section 10.06(d).

 

“Participant Register” has the meaning specified in Section 10.06(d).

 

“Participating Member State” means any member state of the European Union that has the Euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union.

 

“Pension Plan” means any “employee pension benefit plan” (as such term is defined in ERISA) which is subject to ERISA and which is from time to time maintained by the Borrower or any of its Subsidiaries.

 

“Person” means any natural person or entity, whether an individual, trustee, corporation, partnership, limited liability company, joint stock company, trust, unincorporated organization, union, tribe, business association or firm, joint venture, Governmental Authority, or otherwise.

 

 “Platform” has the meaning specified in Section 6.02.

 

“Public Lender” means any Lender that may have personnel who do not wish to receive material non-public information with respect to the Borrower or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to any such Person’s securities.

 

“Rating Agencies” means (a) each of Moody’s and S&P; and (b) if either of Moody’s or S&P ceases to rate the Borrower’s non-credit-enhanced senior unsecured long-term debt or fails to make a rating of the Borrower’s non-credit-enhanced senior unsecured long-term debt publicly available for reasons outside of the Borrower’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Borrower (as certified by a resolution of the Borrower’s Board of Directors) as a replacement agency for Moody’s or S&P, or both of them, as the case may be.

 

“Rating Event” means the rating on the Borrower’s non-credit-enhanced senior unsecured long-term debt is lowered by each of the Rating Agencies and such non-credit-enhanced senior unsecured long-term debt is rated below Investment Grade by each the Rating Agencies on any day within the 60-day period (which 60-day period shall be extended so long as the rating of the Borrower’s non-credit-enhanced senior unsecured long-term debt is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (1) the occurrence of a Change of Control and (2) public notice of the occurrence of a Change of Control or the Borrower’s intention to effect a Change of Control; provided, however, that a

 

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Rating Event otherwise arising by virtue of a particular reduction in rating will not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Rating Event for purposes of Section 8.01(i)) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Administrative Agent in writing at the Administrative Agent’s or the Borrower’s request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control has occurred at the time of the Rating Event).

 

“Recipient” means 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.

 

“Register” has the meaning specified in Section 10.06(c).

 

“Regulation T,” “Regulation U” and “Regulation X” mean, respectively, Regulation T, Regulation U and Regulation X, in each case as at any time amended, of the Board of Governors of the Federal Reserve System or any other regulation in substance substituted therefor.

 

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

 

“Removal Effective Date” has the meaning specified in Section 9.06(b).

 

“Required Lenders” means, at any time, Lenders having Total Credit Exposures representing more than 50% of the Total Credit Exposures of all Lenders.  The Total Credit Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders at any time.

 

“Resignation Effective Date” has the meaning specified in Section 9.06(a).

 

“Restatement Date” means the first date all the conditions precedent in Section 4.01 are satisfied or waived in accordance with Section 10.01.

 

“Restricted Margin Stock” means, as of any date of determination, all of the Margin Stock owned by the Borrower and its Subsidiaries to the extent that the fair market value thereof is not more than 25% of the aggregate fair market value of the assets of the Borrower and its Subsidiaries, determined on a consolidated basis.

 

“Revaluation Date” means with respect to any Loan, each of the following:  (a) each date of a Borrowing of a Eurocurrency Rate Loan denominated in an Alternative Currency, (b) each date of a continuation of a Eurocurrency Rate Loan denominated in an Alternative Currency pursuant to Section 2.02, and (c) such additional dates as the Administrative Agent shall determine or the Required Lenders shall require.

 

“Revolving Credit Exposure” means, as to any Lender at any time, the aggregate principal amount at such time of its outstanding Loans.

 

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“Right of Others” means, as to any property in which a Person has an interest, any legal or equitable claim or other interest (other than a Lien) in or with respect to that property held by any other Person, and any option or right held by any other Person to acquire any such claim or other interest, including a Lien.

 

“S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of McGraw Hill Financial, Inc. and any successor thereto.

 

“Same Day Funds” means (a) with respect to disbursements and payments in Dollars, immediately available funds, and (b) with respect to disbursements and payments in an Alternative Currency, same day or other funds as may be determined by the Administrative Agent to be customary in the place of disbursement or payment for the settlement of international banking transactions in the relevant Alternative Currency.

 

“Sanction(s)” means any economic or financial sanction administered or enforced by the United States Government (including without limitation, OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority.

 

“SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

 

“Shareholders’ Equity” means, as of any date of determination, consolidated shareholders’ equity of the Borrower and its Subsidiaries as of that date determined in accordance with GAAP.

 

“Significant Subsidiary” means a Subsidiary of the Borrower with assets in excess of 3% of Consolidated Total Tangible Assets.

 

“Special Notice Currency” means at any time an Alternative Currency, other than the currency of a country that is a member of the Organization for Economic Cooperation and Development at such time located in North America or Europe.

 

“Spot Rate” for a currency means the rate determined by the Administrative Agent to be the rate quoted by the Person acting in such capacity as the spot rate for the purchase by such Person of such currency with another currency through its principal foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days prior to the date as of which the foreign exchange computation is made; provided that the Administrative Agent may obtain such spot rate from another financial institution designated by the Administrative Agent if the Person acting in such capacity does not have as of the date of determination a spot buying rate for any such currency.

 

“Sterling” and “£” mean the lawful currency of the United Kingdom.

 

“Subordinated Debt” means, as of any date of determination, the aggregate principal amount then outstanding of indebtedness of the Borrower that is subordinated to the Obligations, on terms that (a) prohibit any payment on that indebtedness (whether principal, premium, if any, interest, or otherwise) if:  (i) any event not waived hereunder has occurred and is continuing that is a Default or an Event of Default, or (ii) the payment would cause the occurrence of a Default

 

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or an Event of Default; and (b) require that, upon acceleration of that indebtedness or upon dissolution, liquidation, or reorganization of the Borrower, the Obligations must be paid in full before any payment (whether of principal, premium, if any, interest, or otherwise) may be made on that indebtedness.

 

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person.  Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower.

 

“Syndication Agent” has the meaning specified in the introductory paragraph.

 

“TARGET2” means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilizes a single shared platform and which was launched on November 19, 2007.

 

“TARGET Day” means any day on which TARGET2 (or, if such payment system ceases to be operative, such other payment system, if any, determined by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euro.

 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other similar charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Total Credit Exposure” means, as to any Lender at any time, the unused Commitments and Revolving Credit Exposure of such Lender at such time.

 

“Total Outstandings” means the aggregate Outstanding Amount of all Loans.

 

“Type” means, with respect to a Loan, its character as a Base Rate Loan or a Eurocurrency Rate Loan.

 

“Unrestricted Margin Stock” means, as of any date of determination, all of the Margin Stock owned by the Borrower and its Subsidiaries that is not Restricted Margin Stock.

 

“United States” and “U.S.” mean the United States of America.

 

“U.S. Borrower” means any Borrower that is a U.S. Person.

 

“U.S. Person” means any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.

 

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“U.S. Tax Compliance Certificate” has the meaning specified in Section 3.01(e)(ii)(B)(III).

 

“Voting Stock” means, with respect to any specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date, the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person.

 

“Withholding Agent” means the Borrower and the Administrative Agent.

 

“Yen” and “¥” mean the lawful currency of Japan.

 

1.02        Other Interpretive Provisions.  With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document:

 

(a)           The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.”  The word “will” shall be construed to have the same meaning and effect as the word “shall.”  Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including this Agreement and any Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors and permitted assigns, (iii) the words “hereto,” “herein,” “hereof” and “hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (vi) 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.

 

(b)           In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and including.”

 

(c)           Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document.

 

1.03        Accounting Terms.

 

(a)           Generally.  All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this

 

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Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein. Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, Debt of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded.

 

(b)           Changes in GAAP.  If at any time any change in GAAP (including the adoption of IFRS) would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (A) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (B) the Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. Without limiting the foregoing, leases shall continue to be classified and accounted for on a basis consistent with that reflected in the Audited Financial Statements for all purposes of this Agreement, notwithstanding any change in GAAP relating thereto, unless the parties hereto shall enter into a mutually acceptable amendment addressing such changes, as provided for above.

 

1.04        Rounding.  Any financial ratios required to be maintained by the Borrower pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).

 

1.05        Exchange Rates; Currency Equivalents.

 

(a)           The Administrative Agent shall determine the Spot Rates as of each Revaluation Date to be used for calculating Dollar Equivalent amounts of Borrowings and Outstanding Amounts denominated in Alternative Currencies.  Such Spot Rates shall become effective as of such Revaluation Date and shall be the Spot Rates employed in converting any amounts between the applicable currencies until the next Revaluation Date to occur.  Except for purposes of financial statements delivered by the Borrower hereunder or calculating financial covenants hereunder or except as otherwise provided herein, the applicable amount of any currency (other than Dollars) for purposes of the Loan Documents shall be such Dollar Equivalent amount as so determined by the Administrative Agent.

 

(b)           Wherever in this Agreement in connection with a Borrowing, conversion, continuation or prepayment of a Eurocurrency Rate Loan, an amount, such as a required minimum or multiple amount, is expressed in Dollars, but such Borrowing, Eurocurrency Rate Loan is denominated in an Alternative Currency, such amount shall be the relevant Alternative

 

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Currency Equivalent of such Dollar amount (rounded up or down to the nearest unit of such Alternative Currency, with a rounding up if there is no nearest unit), as determined by the Administrative Agent.

 

1.06        Additional Alternative Currencies.

 

(a)           (a)  The Borrower may from time to time request that Eurocurrency Rate Loans be made in a currency other than those specifically listed in the definition of “Alternative Currency;” provided that such requested currency is a lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars.  In the case of any such request with respect to the making of Eurocurrency Rate Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders.

 

(b)           Any such request shall be made to the Administrative Agent not later than noon, ten Business Days prior to the date of the desired Borrowing (or such other time or date as may be agreed by the Administrative Agent in its sole discretion).  In the case of any such request pertaining to Eurocurrency Rate Loans, the Administrative Agent shall promptly notify each Lender thereof.  Each Lender (in the case of any such request pertaining to Eurocurrency Rate Loans) shall notify the Administrative Agent, not later than 11:00 a.m., five Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Eurocurrency Rate Loans in such requested currency.

 

(c)           Any failure by a Lender to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Lender to permit Eurocurrency Rate Loans to be made in such requested currency.  If the Administrative Agent and all the Lenders consent to making Eurocurrency Rate Loans in such requested currency, the Administrative Agent shall so notify the Borrower and such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings of Eurocurrency Rate Loans. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.06, the Administrative Agent shall promptly so notify the Borrower.

 

1.07        Change of Currency.

 

(a)           (a)  Each obligation of the Borrower to make a payment denominated in the national currency unit of any member state of the European Union that adopts the Euro as its lawful currency after the date hereof shall be redenominated into Euro at the time of such adoption.  If, in relation to the currency of any such member state, the basis of accrual of interest expressed in this Agreement in respect of that currency shall be inconsistent with any convention or practice in the London interbank market for the basis of accrual of interest in respect of the Euro, such expressed basis shall be replaced by such convention or practice with effect from the date on which such member state adopts the Euro as its lawful currency; provided that if any Borrowing in the currency of such member state is outstanding immediately prior to such date, such replacement shall take effect, with respect to such Borrowing, at the end of the then current Interest Period.

 

(b)           Each provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time specify to be appropriate to

 

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reflect the adoption of the Euro by any member state of the European Union and any relevant market conventions or practices relating to the Euro.

 

(c)           Each provision of this Agreement also shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time specify to be appropriate to reflect a change in currency of any other country and any relevant market conventions or practices relating to the change in currency.

 

1.08        Times of Day.  Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable).

 

1.09        Amendment and Restatement.  On the Restatement Date and immediately prior to the effectiveness of this Agreement, no Loans are outstanding pursuant to the Original Credit Agreement.  On the Restatement Date, the Original Commitments shall be amended and restated in their entirety as Commitments hereunder. The parties acknowledge and agree that this Agreement and the other Loan Documents do not constitute a novation, payment and reborrowing or termination of the obligations under the Original Credit Agreement and that all such obligations are in all respects continued and outstanding as Obligations under this Agreement except to the extent such Obligations are modified from and after the Restatement Date as provided in this Agreement and the other Loan Documents.

 

ARTICLE II.       THE COMMITMENTS AND BORROWINGS

 

2.01        Loans.  Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “Loan”) to the Borrower in Dollars or in one or more Alternative Currencies from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Commitment; provided, however, that after giving effect to any Borrowing, (i) the Total Outstandings shall not exceed the Aggregate Commitments, and (ii) the Revolving Credit Exposure of any Lender shall not exceed such Lender’s Commitment.  Within the limits of each Lender’s Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.01, prepay under Section 2.03, and reborrow under this Section 2.01.  Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein.

 

2.02        Borrowings, Conversions and Continuations of Loans.

 

(a)           Each Borrowing, each conversion of Loans from one Type to the other, and each continuation of Eurocurrency Rate Loans shall be made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by (A) telephone, or (B) a Loan Notice; provided that any telephonic notice must be confirmed promptly by delivery to the Administrative Agent of a Loan Notice.  Each such Loan Notice must be received by the Administrative Agent not later than noon (i) three Business Days prior to the requested date of any Borrowing of, conversion to or continuation of Eurocurrency Rate Loans denominated in Dollars or of any conversion of Eurocurrency Rate Loans denominated in Dollars to Base Rate Loans, (ii) four Business Days (or five Business Days in the case of a Special Notice Currency) prior to the requested date of any Borrowing or continuation of Eurocurrency Rate Loans denominated in Alternative Currencies, and (iii) on the requested date of any Borrowing of Base

 

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Rate Loans; provided, however, that if the Borrower wishes to request Eurocurrency Rate Loans having an Interest Period other than one, two, three or six months in duration as provided in the definition of “Interest Period,” the applicable notice must be received by the Administrative Agent not later than noon (i) four Business Days prior to the requested date of such Borrowing, conversion or continuation of Eurocurrency Rate Loans denominated in Dollars, or (ii) five Business Days (or six Business days in the case of a Special Notice Currency) prior to the requested date of such Borrowing, conversion or continuation of Eurocurrency Rate Loans denominated in Alternative Currencies, whereupon the Administrative Agent shall give prompt notice to the Lenders of such request and determine whether the requested Interest Period is acceptable to all of them.  Not later than noon (i) three Business Days before the requested date of such Borrowing, conversion or continuation of Eurocurrency Rate Loans denominated in Dollars, or (ii) four Business Days (or five Business days in the case of a Special Notice Currency) prior to the requested date of such Borrowing, conversion or continuation of Eurocurrency Rate Loans denominated in Alternative Currencies, the Administrative Agent shall notify the Borrower (which notice may be by telephone) whether or not the requested Interest Period has been consented to by all the Lenders.  Each Borrowing of, conversion to or continuation of Eurocurrency Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof.  Each Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof.  Each Loan Notice shall specify (i) whether the Borrower is requesting a Borrowing, a conversion of Loans from one Type to the other, or a continuation of Eurocurrency Rate Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Loans to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to which existing Loans are to be converted, (v) if applicable, the duration of the Interest Period with respect thereto, and (vi) the currency of the Loans to be borrowed.  If the Borrower fails to specify a Type of Loan in a Loan Notice or if the Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Loans shall be made as, or converted to, Base Rate Loans; provided, however, that in the case of a failure to timely request a continuation of Loans denominated in an Alternative Currency, such Loans shall be continued as Eurocurrency Rate Loans in their original currency with an Interest Period of one month.  Any automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurocurrency Rate Loans.  If the Borrower requests a Borrowing of, conversion to, or continuation of Eurocurrency Rate Loans in any such Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.  No Loan may be converted into or continued as a Loan denominated in a different currency, but instead must be prepaid in the original currency of such Loan and reborrowed in the other currency.

 

(b)           Following receipt of a Loan Notice, the Administrative Agent shall promptly notify each Lender in writing of the amount (and currency) of its Applicable Percentage of the applicable Loans, and if no timely notice of a conversion or continuation is provided by the Borrower, the Administrative Agent shall notify each Lender in writing of the details of any automatic conversion to Base Rate Loans or continuation of Loans denominated in a currency other than Dollars, in each case as described in the preceding subsection.  In the case of a Borrowing, each Lender shall make the amount of its Loan available to the Administrative Agent in Same Day Funds at the Administrative Agent’s Office for the applicable currency not later than 1:00 p.m., in the case of any Loan denominated in Dollars (or in the case of Base Rate

 

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Loans, 2:00 p.m.), and not later than 1:00 p.m. in the place of payment specified by the Administrative Agent in the case of any Loan in an Alternative Currency, in each case on the Business Day specified in the applicable Loan Notice.  Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing is the initial Borrowing, Section 4.01), the Administrative Agent shall make all funds so received available to the Borrower in like funds as received by the Administrative Agent either by (i) crediting the account of the Borrower on the books of Bank of America with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower.

 

(c)           Except as otherwise provided herein, a Eurocurrency Rate Loan may be continued or converted only on the last day of an Interest Period for such Eurocurrency Rate Loan.  During the existence of a Default, no Loans may be requested as, converted to or continued as Eurocurrency Rate Loans (whether in Dollars or any Alternative Currency) without the consent of the Required Lenders, and the Required Lenders may demand that any or all of the then outstanding Eurocurrency Rate Loans denominated in an Alternative Currency be prepaid, or redenominated into Dollars in the amount of the Dollar Equivalent thereof, on the last day of the then current Interest Period with respect thereto.

 

(d)           The Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to any Interest Period for Eurocurrency Rate Loans upon determination of such interest rate.  At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the Borrower and the Lenders of any change in Bank of America’s prime rate used in determining the Base Rate promptly following the public announcement of such change.

 

(e)           After giving effect to all Borrowings, all conversions of Loans from one Type to the other, and all continuations of Loans as the same Type, there shall not be more than eight Interest Periods in effect with respect to Loans.

 

2.03        Prepayments.

 

(a)           The Borrower may, upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay Loans in whole or in part without premium or penalty; provided that (i) such notice must be in a form acceptable to the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be reasonably approved by the Administrative Agent), and received by the Administrative Agent not later than noon (A) three Business Days prior to any date of prepayment of Eurocurrency Rate Loans denominated in Dollars, (B) four Business Days (or five, in the case of prepayment of Loans denominated in Special Notice Currencies) prior to any date of prepayment of Eurocurrency Rate Loans denominated in Alternative Currencies, and (C) one Business Day prior to any date of prepayment of Base Rate Loans; and (ii) any prepayment of Eurocurrency Rate Loans denominated in Dollars shall be in a principal amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof; (iii) any prepayment of Eurocurrency Rate Loans denominated in Alternative Currencies shall be in a minimum principal amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof; and (iv) any prepayment of Base Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof or, in each

 

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case, if less, the entire principal amount thereof then outstanding.  Each such notice shall specify the date and amount of such prepayment and the Type(s) of Loans to be prepaid and, if Eurocurrency Rate Loans are to be prepaid, the Interest Period(s) of such Loans.  The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment.  If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein; provided that if such prepayment is to be made from the proceeds of another transaction that will result in the refinancing of all of the obligations and the termination of this Agreement, then such prepayment may be conditioned upon the closing of such refinancing transaction.  Any prepayment of a Eurocurrency Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05.  Subject to Section 2.14, each such prepayment shall be applied to the Loans of the Lenders in accordance with their respective Applicable Percentages.

 

(b)           If the Administrative Agent notifies the Borrower at any time that the Total Outstandings at such time exceed an amount equal to 105% of the Aggregate Commitments then in effect, then, within two Business Days after receipt of such notice, the Borrower shall prepay Loans in an aggregate amount sufficient to reduce such Outstanding Amount as of such date of payment to an amount not to exceed 100% of the Aggregate Commitments then in effect.

 

2.04        Termination or Reduction of Commitments.

 

(a)           The Borrower may, upon notice to the Administrative Agent, terminate the Aggregate Commitments, or from time to time permanently reduce the Aggregate Commitments; provided that (i) any such notice shall be received by the Administrative Agent not later than noon three Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $1,000,000 or any whole multiple of $1,000,000 in excess thereof, and (iii) the Borrower shall not terminate or reduce the Aggregate Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Aggregate Commitments.  The Administrative Agent will promptly notify the Lenders of any such notice of termination or reduction of the Aggregate Commitments.  Any reduction of the Aggregate Commitments shall be applied to the Commitment of each Lender according to its Applicable Percentage.  All fees accrued until the effective date of any termination of the Aggregate Commitments shall be paid on the effective date of such termination. A notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.

 

(b)           The Borrower shall have the right, at any time, upon at least three Business Days’ notice to a Defaulting Lender (with a copy to the Administrative Agent), to terminate in whole such Defaulting Lender’s Commitment under this Section 2.04(b). The Borrower will pay an amount equal to 100% of the outstanding principal of such Defaulting Lender’s Loans, accrued interest thereon, accrued fees and all other amounts payable to such Defaulting Lender hereunder and under the other Loan Documents and upon such payments, the obligations of such Defaulting Lender hereunder shall, by the provisions hereof, be released and discharged;

 

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provided, however, that (i) such Defaulting Lender’s rights under Section 3.04 shall survive such release and discharge as to matters occurring prior to such date and (ii) no claim that the Borrower may have against such Defaulting Lender arising out of such Defaulting Lender’s default hereunder shall be released or impaired in any way.  The aggregate amount of the Commitments of the Lenders once reduced pursuant to this Section 2.04(b) may not be reinstated.

 

2.05        Repayment of Loans.  The Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of Loans outstanding on such date.  All Loans must be repaid in the same currency in which made.

 

2.06        Interest.

 

(a)           Subject to the provisions of subsection (b) below, (i) each Eurocurrency Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurocurrency Rate for such Interest Period plus the Applicable Rate; and (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate.

 

(b)           (i)            If any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

 

(ii)           If any amount (other than principal of any Loan) payable by the Borrower under any Loan Document is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

 

(iii)          Upon the request of the Required Lenders, while any Event of Default exists (other than as set forth in clauses (b)(i) and (b)(ii) above), the Borrower shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

 

(iv)          Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.

 

(c)           Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein.  Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

 

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2.07        Fees.

 

(a)           Facility Fee.  The Borrower shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable Percentage, a facility fee in Dollars equal to the Applicable Rate times the actual daily amount of the Aggregate Commitments (or, if the Aggregate Commitments have terminated, on the Outstanding Amount of all Loans), regardless of usage, subject to adjustment as provided in Section 2.14.  The facility fee shall accrue at all times during the Availability Period (and thereafter so long as any Loans remain outstanding), including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the first Business Day of each January, April, July and October, commencing with the first such date to occur after the Restatement Date, and on the last day of the Availability Period (and, if applicable, thereafter on demand).  The facility fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect.

 

(b)           Other Fees.  The Borrower shall pay to each Arranger and the Administrative Agent for their own respective accounts, in Dollars, fees in the amounts and at the times specified in the Fee Letters.  Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

 

2.08        Computation of Interest and Fees.

 

All computations of interest for Base Rate Loans (including when the Base Rate Loan is determined by reference to the Eurocurrency Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed.  All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year), or,  in the case of interest in respect of Loans denominated in Alternative Currencies as to which market practice differs from the foregoing, in accordance with such market practice.  Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.10(a), bear interest for one day.  Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

 

2.09        Evidence of Debt.

 

The Borrowings made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of business.  The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Borrowings made by the Lenders to the Borrower and the interest and payments thereon.  Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations.  In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error.  Upon the request of any Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s Loans in

 

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addition to such accounts or records.  Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount, currency and maturity of its Loans and payments with respect thereto.

 

2.10        Payments Generally; Administrative Agent’s Clawback.

 

(a)           General.  All payments to be made by the Borrower shall be made free and clear of and without condition or deduction for any counterclaim, defense, recoupment or setoff.  Except as otherwise expressly provided herein and except with respect to principal of and interest on Loans denominated in an Alternative Currency, all payments by the Borrower hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the applicable Administrative Agent’s Office in Dollars and in Same Day Funds not later than 2:00 p.m. on the date specified herein.  Except as otherwise expressly provided herein, all payments by the Borrower hereunder with respect to principal and interest on Loans denominated in an Alternative Currency shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the applicable Administrative Agent’s Office in such Alternative Currency and in Same Day Funds not later than the Applicable Time specified by the Administrative Agent on the dates specified herein. Without limiting the generality of the foregoing, the Administrative Agent may require that any payments due under this Agreement be made in the United States.  If, for any reason, the Borrower is prohibited by any Law from making any required payment hereunder in an Alternative Currency, the Borrower shall make such payment in Dollars in the Dollar Equivalent of the Alternative Currency payment amount.  The Administrative Agent will promptly distribute to each Lender its Applicable Percentage (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office.  All payments received by the Administrative Agent (i) after 2:00 p.m., in the case of payments in Dollars, or (ii) after the Applicable Time specified by the Administrative Agent in the case of payments in an Alternative Currency, shall in each case be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue.  If any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be.

 

(b)           (i)  Funding by Lenders; Presumption by Administrative Agent.  All payments to be made by a Lender to the Administrative Agent shall be made free and clear of and without condition or deduction for any counterclaim, defense, recoupment or setoff.  Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing of Eurocurrency Rate Loans (or, in the case of any Borrowing of Base Rate Loans, prior to 1:00 p.m. on the date of such Borrowing) that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.02 (or, in the case of a Borrowing of Base Rate Loans, that such Lender has made such share available in accordance with and at the time required by Section 2.02) 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 in Same Day Funds with interest

 

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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 (A) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and the Overnight Rate, plus any administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans.  If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period.  If such Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing.  Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent.

 

(ii)           Payments by Borrower; Presumptions by Administrative Agent.  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 the account of the Lenders 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, in Same Day Funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the Overnight Rate.

 

A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount owing under this subsection (b) shall be conclusive, absent manifest error.

 

(c)           Failure to Satisfy Conditions Precedent.  If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to the applicable Borrowing set forth in Article IV are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest.

 

(d)           Obligations of Lenders Several.  The obligations of the Lenders hereunder to make Loans and to make payments pursuant to Section 10.04(c) are several and not joint.  The failure of any Lender to make any Loan or to make any payment under Section 10.04(c) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan or to make its payment under Section 10.04(c).

 

(e)           Funding Source.  Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.

 

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2.11        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 the Loans made by it resulting in such Lender’s receiving payment of a proportion of the aggregate amount of such Loans and accrued interest thereon greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans of the other Lenders, or make such other adjustments as shall be equitable, 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 and other amounts owing them, provided that:

 

(i)            if any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and

 

(ii)           the provisions of this Section shall not be construed to apply to (x) any payment made by or on behalf of the Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans, other than an assignment to the Borrower or any Affiliate thereof (as to which the provisions of this Section 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 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.

 

2.12        Extension of Maturity Date.

 

The Borrower may, upon not less than 30 days’ (but not more than 45 days’) notice prior to each anniversary of the Restatement Date from and after the second anniversary of the Restatement Date (each such anniversary, “Current Anniversary Date”) to the Administrative Agent (which shall notify each Lender of receipt of such request), propose to extend the Maturity Date for an additional one-year period measured from the Maturity Date then in effect.  Each Lender shall endeavor to respond to such request, whether affirmatively or negatively (such determination to be in the sole discretion of such Lender), by notice to the Administrative Agent in writing not less than 20 days (but not more than 30 days) prior to the Current Anniversary Date.  The Administrative Agent shall, upon not less than 15 days’ notice prior to the Current Anniversary Date, notify the Borrower in writing of the Lenders’ decisions.  No Maturity Date of any Lender shall be extended unless (i) by the date 20 days prior to the Maturity Date then in effect Banks having at least 50% in aggregate amount of the Commitments in effect at the time any such extension is requested shall have elected so to extend their Commitments and (ii) the Administrative Agent shall have received a certificate signed by a Designated Officer dated as of such extension date in form and substance satisfactory to the Administrative Agent stating that

 

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the representations and warranties contained in Article V and the other Loan Documents are true and correct in all material respects on and as of such date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, and except that for purposes of this Section 2.12, the representations and warranties contained in Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b) of Section 6.01 and the representations and warranties contained in Section 5.06 shall be deemed to refer to the most recent financial statements furnished pursuant to subsection (b) of Section 6.01, and that no Default has occurred and is continuing.  Any Lender which does not give such notice to the Administrative Agent by the date 20 days prior to the Maturity Date then in effect shall be deemed to have elected not to extend as requested, and the Commitment of each non-extending Lender shall terminate on its Maturity Date determined without giving effect to such requested extension.  If any Lender does not consent to a request for an extension of the Maturity Date, or is deemed not to have consented to the requested extension (each, a “Declining Lender”), and the Maturity Date has been extended for the other Lender(s) (the “Extending Lenders”), the Borrower may, prior to the end of the Current Anniversary Date, replace such Declining Lender in accordance with Section 10.13 with one or more Eligible Assignees or increase the Commitment of an Extending Lender, in an amount equal to the amount of the Commitments of the Declining Lenders, provided that, as provided in Section 2.13, the Extending Lenders shall have the right to increase their Commitments ratably up to the amount of the Declining Lenders’ Commitments before the Borrower will be permitted to substitute any other financial institution for the Declining Lenders.

 

2.13        Increase in Commitments.

 

(a)           On a single occasion during each year subsequent to the Restatement Date, the Borrower may, upon at least thirty (30) days’ notice to the Administrative Agent (which shall promptly provide a copy of such notice to the Lenders), propose to increase the amount of the Commitments in an aggregate minimum amount of $25,000,000 and an aggregate maximum amount for all increases pursuant to this Section 2.13 not to exceed $325,000,000 (the amount of any such increase, the “Increased Commitments”) provided that the Administrative Agent shall have received a certificate signed by a Designated Officer dated as of the date of such increase in form and substance satisfactory to the Administrative Agent stating that the representations and warranties contained in Article V are true and correct in all material respects on and as of such date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, and except that for purposes of this Section 2.13, the representations and warranties contained in Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b) of Section 6.01 and the representations and warranties contained in Section 5.06 shall be deemed to refer to the most recent financial statements furnished pursuant to subsection (b) of Section 6.01 and that no Default has occurred and is continuing.

 

(b)           The Borrower may offer the Increased Commitments to: (i) any Lender party to this Agreement; provided, that any Lender offered an Increased Commitment shall have no obligation to accept such Increased Commitment; or (ii) any other Eligible Assignee acceptable to the Administrative Agent and which agrees to become a party to this Agreement (an “Additional Lender”); provided that the Commitment of each such Lender or Additional Lender

 

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equals or exceeds $10,000,000.  The sum of (1) the aggregate amount of Commitment increases of any existing Lenders pursuant to this subsection (b) plus (2) the aggregate amount of any Commitments of Additional Lenders shall not in the aggregate exceed the total amount of the Increased Commitments.

 

(c)           An increase in the aggregate amount of the Commitments pursuant to this Section 2.13 shall become effective upon the receipt by the Administrative Agent of an agreement in form and substance satisfactory to the Administrative Agent signed by the Borrower, by each Additional Lender and by each other Lender whose Commitment is to be increased, setting forth the new Commitments of such Lenders and setting forth the agreement of each Additional Lender to become a party to this Agreement and to be bound by all the terms and provisions hereof, together with such evidence of appropriate corporate authorization on the part of the Borrower with respect to the Increased Commitments and such opinions of counsel for the Borrower with respect to the Increased Commitments as the Administrative Agent may reasonably request.

 

2.14        Defaulting Lenders.

 

(a)           Adjustments.  Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law:

 

(i)            Waivers and Amendments.  Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of “Required Lenders” and Section 10.01.

 

(ii)           Defaulting Lender Waterfall.  Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 10.08, shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, as the Borrower may request (so long as no Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; third, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement; fourth, to the payment of any amounts owing to the other Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; fifth, so long as no Default exists, 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 sixth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans in respect of which such Defaulting Lender has not fully funded its appropriate share and (y) such Loans were made at a time when the conditions set forth in Section 4.02 were satisfied or

 

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waived, such payment shall be applied solely to pay the Loans of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender until such time as all Loans are held by the Lenders pro rata in accordance with the Commitments hereunder.  Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender pursuant to this Section 2.14(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

(iii)          Certain Fees.  Each Defaulting Lender shall be entitled to receive fees payable under Section 2.07(a) for any period during which that Lender is a Defaulting Lender only to the extent allocable to the sum of the outstanding principal amount of the Loans funded by it.

 

(b)           Defaulting Lender Cure.  If the Borrower and the Administrative Agent agree in their sole discretion in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages, whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

 

ARTICLE III.     TAXES, YIELD PROTECTION AND ILLEGALITY

 

3.01        Taxes.

 

(a)           Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.  Any and all payments by or on account of any obligation of the Borrower under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable Laws.  If, taking into account the information and documentation delivered pursuant to subsection (c) below, any applicable Law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable Laws and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

 

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(b)           Payment of Other Taxes by the Borrower.  Without limiting the provisions of subsection (a) above, the Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Laws.

 

(c)           Tax Indemnifications.  (i) The Borrower shall, and does hereby, indemnify each Recipient, and shall make payment in respect thereof within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 3.01) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of any such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 

(ii)           Each Lender shall, and does hereby, severally indemnify the Borrower and the Administrative Agent, and shall make payment in respect thereof within 10 days after demand therefor, against (x) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (y) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 10.06(d) relating to the maintenance of a Participant Register and (z) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent or the Borrower in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.  Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender, as the case may be, under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this clause (ii).

 

(d)           Evidence of Payments.  As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority as provided in this Section 3.01, 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 any return required by Laws to report such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

 

(e)           Status of Lenders; Tax Documentation.

 

(i)            Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of

 

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withholding.  In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 3.01(e)(ii)(A), (e)(ii)(B) and (e)(ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

 

(ii)           Without limiting the generality of the foregoing, in the event that the Borrower is a U.S. Borrower,

 

(A)          any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of IRS Form W-9 (or any successor form) certifying that such Lender is exempt from U.S. federal backup withholding tax;

 

(B)          any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable:

 

(I)            in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party, (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN or W-8BEN-E (or any successor form) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or W-8BEN-E (or any successor form) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;

 

(II)          executed originals of IRS Form W-8ECI (or any successor form);

 

(III)        in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit E-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section

 

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881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN or W-8BEN-E (or any successor form); or

 

(IV)         to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY (or any successor form), accompanied by IRS Form W-8ECI (or any successor form), IRS Form W-8BEN or W-8BEN-E (or any successor form), a U.S. Tax Compliance Certificate substantially in the form of Exhibit E-2 or Exhibit E-3, IRS Form W-9 (or any successor form), and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit E-4 on behalf of each such direct and indirect partner;

 

(C)          any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of any other form prescribed by applicable Laws as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

 

(D)          if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable Laws (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

 

(iii)          Each Lender agrees that if any form or certification it previously delivered pursuant to this Section 3.01 expires or becomes obsolete or inaccurate in any respect, it

 

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shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.

 

(f)            Treatment of Certain Refunds.  Unless required by applicable Laws, at no time shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender, or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted from funds paid for the account of such Lender.  If the Administrative Agent or any Lender determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section 3.01, it shall pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section 3.01 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) and net of any loss or gain realized in the conversion of such funds from or to another currency incurred by the Administrative Agent or such Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that the Borrower, upon the request of the Administrative Agent or such Lender agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this subsection, in no event will the applicable Recipient be required to pay any amount to the Borrower pursuant to this subsection (f) the payment of which would place the Recipient in a less favorable net after-Tax position than such Recipient would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid.   This subsection (f) shall not be construed to require the Administrative Agent or any Lender to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the Borrower or any other Person.

 

(g)           Survival.  Each party’s obligations under this Section 3.01 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations.

 

(h)           Defined Terms.  For purposes of this Section 3.01, the term “applicable Law” includes FATCA.

 

3.02        Illegality.  If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to the Eurocurrency Rate (whether denominated in Dollars or an Alternative Currency), or to determine or charge interest rates based upon the Eurocurrency Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars or any Alternative Currency in the applicable interbank market, then, on notice thereof by such Lender to the Borrower through the Administrative Agent, (i) any obligation of such Lender to make or continue Eurocurrency Rate Loans in the affected currency or currencies or, in the case of Eurocurrency Rate Loans in Dollars, to convert Base Rate Loans to Eurocurrency Rate Loans shall be suspended, and (ii) if such notice asserts the illegality of

 

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such Lender making or maintaining the Base Rate Loans the interest rate on which is determined by reference to the Eurocurrency Rate component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurocurrency Rate component of the Base Rate, in each case until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist.  Upon receipt of such notice, (x) the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable and such Loans are denominated in Dollars, convert all Eurocurrency Rate Loans of such Lender to Base Rate Loans (the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurocurrency Rate component of the Base Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurocurrency Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurocurrency Rate Loans and (y) if such notice asserts the illegality of such Lender determining or charging interest rates based upon the Eurocurrency Rate, the Administrative Agent shall during the period of such suspension compute the Base Rate applicable to such Lender without reference to the Eurocurrency Rate component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the Eurocurrency Rate.  Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted.

 

3.03        Inability to Determine Rates.  If in connection with any request for a Eurocurrency Rate Loan or a conversion to or continuation thereof (a) (i) the Administrative Agent reasonably determines that deposits (whether in Dollars or an Alternative Currency) are not being offered to banks in the applicable offshore interbank market for such currency for the applicable amount and Interest Period of such Eurocurrency Rate Loan, or (ii) adequate and reasonable means do not exist for determining the Eurocurrency Rate for any requested Interest Period with respect to a proposed Eurocurrency Rate Loan (whether denominated in Dollars or an Alternative Currency) or in connection with an existing or proposed Base Rate Loan (in each case with respect to clause (a) above, “Impacted Loans”), or (b) the Administrative Agent or the Required Lenders reasonably determine that for any reason the Eurocurrency Rate for any requested Interest Period with respect to a proposed Eurocurrency Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify the Borrower and each Lender.  Thereafter, (x) the obligation of the Lenders to make or maintain Eurocurrency Rate Loans in the affected currency or currencies shall be suspended (to the extent of the affected Eurocurrency Rate Loans or Interest Periods), and (y) in the event of a determination described in the preceding sentence with respect to the Eurocurrency Rate component of the Base Rate, the utilization of the Eurocurrency Rate component in determining the Base Rate shall be suspended, in each case until the Administrative Agent (upon the instruction of the Required 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 Eurocurrency Rate Loans in the affected currency or currencies (to the extent of the affected Eurocurrency 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.

 

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Notwithstanding the foregoing, in the event that the Administrative Agent or Required Lenders shall make any determination of the type described in the foregoing paragraph, they shall do so in a manner consistent with the then-prevailing market practice and in a manner consistent with such Administrative Agent or Lender’s determinations with respect to loans to other similarly situated borrowers to whom it has extended credit.

 

Notwithstanding the foregoing, if the Administrative Agent has made the determination described in this section, the Administrative Agent, 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 (a) of the first sentence of this section, (2) the Required Lenders notify the Administrative Agent and the Borrower that such alternative interest rate does not adequately and fairly reflect the cost to such Lenders of funding the Impacted Loans, or (3) any Lender reasonably 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.

 

3.04        Increased Costs; Reserves on Eurocurrency Rate Loans.

 

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

 

(i)            impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated by Section 3.04(e), other than as set forth below);

 

(ii)           subject any Recipient to any Taxes (other than (A) Indemnified Taxes or (B) Excluded Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

 

(iii)          impose on any Lender or the London interbank market any other condition, cost or expense affecting this Agreement or Eurocurrency Rate Loans made by such Lender;

 

and the result of any of the foregoing shall be to increase the cost to such Lender of making, converting to, continuing or maintaining any Loan the interest of which is determined by reference to the Eurocurrency Rate (or of maintaining its obligation to make any such Loan), or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or any other amount) then, upon request of such Lender, the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered; provided that such costs are not being imposed on the Borrower disproportionately in comparison with the general treatment of other similarly situated borrowers to which such Lender has extended credit.

 

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(b)           Capital Requirements.  If any Lender determines that any Change in Law affecting such Lender or any Lending Office of such Lender or such Lender’s holding company, if any, 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, the Commitments of such Lender 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), then from time to time the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered.

 

(c)           Certificates for Reimbursement.  A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section and delivered to the Borrower 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 the foregoing provisions of this Section 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 the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than nine 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 (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof).

 

(e)           Reserves on Eurocurrency Rate Loans.  The Borrower shall pay to each Lender, (i) as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each Eurocurrency Rate Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), and (ii) as long as such Lender shall be required to comply with any reserve ratio requirement or analogous requirement of any central banking or financial regulatory authority imposed in respect of the maintenance of the Commitments or the funding of the Eurocurrency Rate Loans, such additional costs (expressed as a percentage per annum and rounded upwards, if necessary, to the nearest five decimal places) equal to the actual costs allocated to such Commitment or Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), which in each case shall be due and payable on each date on which such interest or cost is payable on or with respect to such Loan, provided the Borrower shall have received at least 10 days’ prior notice (with a copy to the Administrative Agent) of such additional interest or costs from such Lender.  If a Lender fails to give notice 10 days prior to the relevant Interest Payment Date, such additional interest or costs shall be due and payable 10 days from receipt of such notice.

 

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3.05        Compensation for Losses.  Upon written demand of any Lender (with a copy to the Administrative Agent) from time to time, which written demand shall set forth in reasonable detail the amount or amounts as necessary to compensate such Lender as specified in this Section 3.05 and be delivered to the Borrower and shall be conclusive and binding absent manifest error, the Borrower shall promptly compensate such Lender for and hold such Lender harmless from any documented loss, cost or expense incurred by it as a result of:

 

(a)           any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);

 

(b)           any failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in the amount notified by the Borrower;

 

(c)           any failure by the Borrower to make payment of any Loan (or interest due thereon) denominated in an Alternative Currency on its scheduled due date or any payment thereof in a different currency; or

 

(d)           any assignment of a Eurocurrency Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request by the Borrower pursuant to Section 10.13;

 

including any loss of anticipated profits, any foreign exchange losses and any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan, from fees payable to terminate the deposits from which such funds were obtained or from the performance of any foreign exchange contract.  The Borrower shall also pay any customary administrative fees charged by such Lender in connection with the foregoing.

 

For purposes of calculating amounts payable by the Borrower to the Lenders under this Section 3.05, each Lender shall be deemed to have funded each Eurocurrency Rate Loan made by it at the Eurocurrency Rate for such Loan by a matching deposit or other borrowing in the offshore interbank market for such currency for a comparable amount and for a comparable period, whether or not such Eurocurrency Rate Loan was in fact so funded.

 

3.06        Mitigation Obligations; Replacement of Lenders.

 

(a)           Designation of a Different Lending Office.  Each Lender may make any Loan to the Borrower through any Lending Office, provided that the exercise of this option shall not affect the obligation of the Borrower to repay the Loan in accordance with the terms of this Agreement.  If any Lender requests compensation under Section 3.04, or the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then at the request of the Borrower 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 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case,

 

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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 3.04, or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01 and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with Section 3.06(a), the Borrower may replace such Lender in accordance with Section 10.13.

 

3.07        Survival.  All of the Borrower’s obligations under this Article III shall survive termination of the Aggregate Commitments, repayment of all other Obligations hereunder, and resignation of the Administrative Agent.

 

ARTICLE IV.      CONDITIONS PRECEDENT

 

4.01        Conditions to Restatement.  The effectiveness of this Agreement is subject to satisfaction or waiver of the following conditions precedent:

 

(a)           The Administrative Agent’s receipt of the following, each of which shall be originals or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Designated Officer of the Borrower, each dated the Restatement Date (or, in the case of certificates of governmental officials, a recent date before the Restatement Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:

 

(i)            executed counterparts of this Agreement;

 

(ii)           a Note executed by the Borrower in favor of each Lender that has requested a Note at least two Business Days in advance of the Restatement Date;

 

(iii)          a certificate of the Secretary or an Assistant Secretary of the Borrower certifying as to the names, offices and true signatures of the Designated Officers of the Borrower authorized to execute and deliver this Agreement and the other Loan Documents;

 

(iv)          such documents and certifications as the Administrative Agent may reasonably require to evidence that the Borrower is duly organized, a certificate of good standing with respect to the Borrower in its jurisdiction of incorporation and a certificate of good standing showing that the Borrower is in good standing as a foreign corporation in California;

 

(v)           a favorable opinion of internal counsel to the Borrower, addressed to the Administrative Agent and each Lender, as to the matters concerning the Borrower and the Loan Documents as the Administrative Agent may reasonably request; and

 

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(vi)          a certificate signed by a Designated Officer of the Borrower (A) setting forth resolutions adopted by the Borrower’s board of directors authorizing the execution, delivery and performance of the Loan Documents by the Borrower, (B) certifying that the representations and warranties contained in Article V are true and correct in all material respects on and as of the Restatement Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, (C) no Default has occurred and is continuing and (D) the Borrower shall be in compliance with all the terms and provisions of the Loan Documents.

 

(b)           Any fees required to be paid on or before the Restatement Date shall have been paid.

 

(c)           Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented fees, charges and disbursements of a single counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced at least one Business Day prior to the Restatement Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).

 

(d)           The Restatement Date shall have occurred on or before October 20, 2014.

 

Without limiting the generality of the provisions of the last paragraph of Section 9.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Restatement Date specifying its objection thereto.

 

4.02        Conditions to all Borrowings.  The obligation of each Lender to honor any Loan Notice (other than a Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurocurrency Rate Loans) is subject to the following conditions precedent:

 

(a)           The representations and warranties of the Borrower contained in Article V (other than in Sections 5.06 and 5.09) or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects on and as of the date of such Borrowing, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, and except that for purposes of this Section 4.02, the representations and warranties contained in Section 5.05 shall be deemed to refer to the most recent financial statements furnished pursuant to subsections (a) and (b) of Section 6.01.

 

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(b)           No Default shall exist, or would result from such proposed Borrowing or from the application of the proceeds thereof.

 

(c)           The Administrative Agent shall have received a Loan Notice in accordance with the requirements hereof.

 

(d)           In the case of a Borrowing to be denominated in an Alternative Currency, there shall not have occurred any change in national or international financial, political or economic conditions or currency exchange rates or exchange controls which in the reasonable opinion of the Administrative Agent or the Required Lenders (in the case of any Loans to be denominated in an Alternative Currency) would make it impracticable for such Borrowing to be denominated in the relevant Alternative Currency.

 

Each Loan Notice (other than a Loan Notice requesting only a conversion of Loans to the other Type or a continuation of Eurocurrency Rate Loans) submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a) and (b) have been satisfied on and as of the date of the applicable Borrowing.

 

ARTICLE V.       REPRESENTATIONS AND WARRANTIES

 

The Borrower represents and warrants to the Administrative Agent and the Lenders that:

 

5.01        Existence and Qualification; Power; Compliance with Law.

 

(a)           The Borrower is a corporation duly formed, validly existing and in good standing under the laws of Delaware.  The Borrower is duly qualified or registered to transact business in California and each other jurisdiction in which the conduct of its business or the ownership of its properties make such qualification or registration necessary, except where the failure so to qualify or register would have a Material Adverse Effect.  The Borrower has all requisite corporate power and authority to conduct its business, to own and lease its properties and to execute, deliver and perform all of its obligations under the Loan Documents.

 

(b)           All outstanding shares of capital stock of the Borrower are duly authorized, validly issued, fully paid, nonassessable, and issued in compliance with all applicable state and federal securities and other laws.

 

(c)           The Borrower is in compliance with all Laws and other legal requirements applicable to its business, has obtained all authorizations, consents, approvals, orders, licenses and permits from, and has accomplished all filings, registrations and qualifications with, or obtained exemptions from any of the foregoing from, any Governmental Authority that are necessary for the transaction of its business, except where the failure so to comply, file, register, qualify or obtain exemptions would not have a Material Adverse Effect.

 

5.02        Authority; Compliance with Other Instruments and Government Regulations.  The execution, delivery, and performance by the Borrower of the Loan Documents have been duly authorized by all necessary action and do not and will not (a) require any consent or approval not heretofore obtained of any stockholder, security holder or creditor; (b) violate or conflict with any provision of the Borrower’s Organization Documents; (c) result in or require

 

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the creation or imposition of any Lien or Right of Others upon or with respect to any property now owned or leased or hereafter acquired by the Borrower; (d) violate any provision of any Laws (including without limitation Regulation U of the Board of Governors of the Federal Reserve System), order, writ, judgment, injunction, decree, determination, or award presently in effect having applicability to the Borrower; or (e) result in a breach of or constitute a default under, or cause or permit the acceleration of any obligation owed under, any indenture or loan or credit agreement or any other material agreement, lease, or instrument to which the Borrower is a party or by which the Borrower or any of its property, is bound or affected; and the Borrower is not in default under any Laws, order, writ, judgment, injunction, decree, determination, award, indenture, agreement, lease, or instrument described in Section 5.02(e) in any respect that would have a Material Adverse Effect.

 

5.03        No Governmental Approvals Required.  No authorization, consent, approval, order, license or permit from, or filing, registration, or qualification with, notice to or exemption from any of the foregoing from any Governmental Authority or any other Person is or will be necessary or required in connection with the execution, delivery, and performance by, or enforcement against, the Borrower of the Loan Documents.

 

5.04        Subsidiaries.

 

(a)           Schedule 5.04 hereto correctly sets forth as of June 30, 2014 the names, forms of legal entity and jurisdictions of formation of all Subsidiaries of the Borrower and states whether each is or is not a Consolidated Subsidiary.  Except for shares of capital stock or partnership interests in a Subsidiary required by applicable Laws to be held by a director or comparable official of that Subsidiary and unless otherwise indicated in Schedule 5.04 or where the failure to own all of the shares of capital stock or partnership interests in such Subsidiary would have a Material Adverse Effect, all of the outstanding shares of capital stock or partnership interests of each Subsidiary are owned beneficially by the Borrower, and, to the best knowledge of the Borrower, all securities and interests so owned are duly authorized, validly issued, fully paid, non-assessable, and issued in compliance with all applicable state and federal securities and other laws, and are free and clear of all Liens and Rights of Others.

 

(b)           Each Subsidiary is a corporation or other legal entity duly formed, validly existing, and in good standing under the laws of its jurisdiction of formation, is duly qualified to do business and is in good standing in each jurisdiction in which the conduct of its business or the ownership or leasing of its properties makes such qualification necessary, except where the failure to be so duly qualified and in good standing would have a Material Adverse Effect, and has all requisite legal power and authority to conduct its business and to own and lease its properties.

 

(c)           Each Subsidiary is in compliance with all Laws and other requirements applicable to its business and has obtained all authorizations, consents, approvals, orders, licenses, and permits from, and has accomplished all filings, registrations, and qualifications with, or obtained exemptions from any of the foregoing from, any Governmental Authority that are necessary for the transaction of its business, except where the failure to be in such compliance, obtain such authorizations, consents, approvals, orders, licenses, and permits, accomplish such filings,

 

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registrations, and qualifications, or obtain such exemptions, would have a Material Adverse Effect.

 

5.05        Financial Statements.  The Borrower has furnished to each Lender the following financial statements:  (i) the consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as at December 28, 2013, and the related consolidated statements of income, Shareholders’ Equity and changes in financial position for the year then ended, together with the report of PricewaterhouseCoopers on such financial statements and (ii) the consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as at June 28, 2014, and the related consolidated statements of income, Shareholder’s Equity and changes in financial position for the three months then ended.  The foregoing financial statements (i) are in accordance with the books and records of the Borrower and its Consolidated Subsidiaries, (ii) were prepared in accordance with GAAP applied consistently throughout the periods covered thereby and (iii) fairly present the consolidated financial condition and results of operations of the Borrower and the Consolidated Subsidiaries as at the dates and for the periods covered thereby.

 

5.06        No Material Adverse Change or Other Liabilities.  Since December 28, 2013, there has been no event or circumstance that has had a Material Adverse Effect.  The Borrower and the Consolidated Subsidiaries do not have any material liability or material contingent liability required to be reflected or disclosed in the financial statements or notes thereto described in Section 5.05 which is not so reflected or disclosed.

 

5.07        Title to Assets.  The Borrower has good and valid title to all of the assets reflected in the financial statements described in Section 5.05 (except for assets that are sold in transactions that are not prohibited by the terms of this Agreement) free and clear of all Liens and Rights of Others other than (a) those reflected or disclosed in such financial statements or notes thereto, (b) immaterial Liens or Rights of Others not required under GAAP to be so reflected or disclosed, and (c) Liens or Rights of Others permitted pursuant to Section 7.02.

 

5.08        Regulated Industries.  Neither the Borrower, any Person “controlling” (as such term is defined in the definition of “Affiliate”) the Borrower, nor any Subsidiary is or is required to be registered as an “investment company” under the Investment Company Act of 1940.

 

5.09        Litigation.  There are no actions, suits, proceedings or investigations pending or, to the best of the Borrower’s knowledge, threatened against or affecting the Borrower or any of its Subsidiaries or any property of any of them in any court of law or before any Governmental Authority which, (a) purport to affect or pertain to this Agreement or any other Loan Document or any of the transactions contemplated hereby, or (b) if determined adversely to any of them, would have a Material Adverse Effect, except, with respect to the foregoing subsection (b), as referred to in the Borrower’s news releases and filings with the SEC made or filed on or prior to the Restatement Date.

 

5.10        Binding Effect.  This Agreement has been, and each other Loan Document, when delivered hereunder, will have been, duly executed and delivered by the Borrower.  This Agreement constitutes, and each other Loan Document when so delivered will constitute, the legal, valid, and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency,

 

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reorganization, arrangement, moratorium or other similar laws relating to or affecting creditors’ rights generally or by equitable principles relating to the granting of specific performance and other equitable remedies as a matter of judicial discretion.

 

5.11        No Default.  No Default exists or has resulted from the incurring of any Obligations by the Borrower.  As of the Restatement Date, neither the Borrower nor any Subsidiary is in default under or with respect to any material Contractual Obligation in any respect which, individually or together with all such defaults, has had a Material Adverse Effect.

 

5.12        ERISA.  (a) The actuarial present value of all vested accrued benefits under all Pension Plans does not exceed the current fair market value of the assets determined on an ongoing basis of the Pension Plans by an amount which would materially affect the financial condition or the Borrower’s abilities to pay or perform its obligations under the Loan Documents; (b) no Pension Plan or trust created thereunder has failed to satisfy the minimum funding standards under Section 412 of the Code and Section 302 of ERISA, in each case, whether or not waived, since the effective date of ERISA; and (c) based on information received from the respective administrators of “multiemployer plans” (as defined in ERISA) to which the Borrower or any Subsidiary contributes, the aggregate present value of the unfunded vested benefits allocable to the Borrower or such Subsidiaries under all such multiemployer plans is not an amount which would materially affect the financial condition or the Borrower’s abilities to pay or perform its obligations under the Loan Documents.

 

5.13        Regulation U.  Neither the Borrower nor any of its Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for purpose of purchasing or carrying any Margin Stock within the meanings of Regulation U of the Board of Governors of the Federal Reserve System.  No part of any Borrowing will be used to buy or carry any Margin Stock, or to extend credit to others for that purpose, or for any purpose, if to do so would violate the provisions of Regulation U.

 

5.14        Tax Liability.  The Borrower and its Subsidiaries have filed or caused to be filed all income tax returns which are required to have been filed by them, and have paid, or made provision for the payment of, all Taxes which have become due pursuant to said returns or pursuant to any assessment received by the Borrower or any Subsidiary, except (a) such Taxes, if any, as are being contested in good faith and as to which adequate reserves have been established in accordance with GAAP or (b) where the failure to so file or pay would not have a Material Adverse Effect.

 

5.15        Copyrights, Patents, Trademarks and Licenses, etc.  The Borrower or its Subsidiaries own or are licensed or otherwise have the right to use all of the patents, patent rights trademarks, service marks, trade names, copyrights, contractual franchises, licenses, authorizations and other rights that are reasonably necessary for the operation of their respective businesses, where the failure to have such rights would have a Material Adverse Effect.  To the best knowledge of the Borrower, no slogan or other advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be employed, by the Borrower or any Subsidiary infringes upon any rights held by any other Person, where such infringement would create a Material Adverse Effect.

 

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5.16        Environmental Matters.  The Borrower conducts in the ordinary course of business a review of the effect of existing Environmental Laws and existing Environmental Claims on its business, operations and properties, and as a result thereof the Borrower has reasonably concluded that such Environmental Laws and Environmental Claims would not, individually or in the aggregate, have a Material Adverse Effect.

 

5.17        Insurance.  The properties of the Borrower and its Subsidiaries are insured with financially sound and reputable insurance companies not Affiliates of the Borrower, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the Borrower or such Subsidiary operates.

 

5.18        Disclosure.  No written statement made by the Borrower to the Lenders in connection with the Loan Documents or any Loan contains or will contain any untrue statement of a material fact or omits or will omit a material fact necessary to make the statements contained or made therein not misleading.  There is no fact which the Borrower has not disclosed to the Lenders in writing which materially and adversely affects nor, so far as the Borrower can now foresee, is reasonably likely to prove to affect materially and adversely the business, operations, properties, prospects, profits or condition (financial or otherwise) of the Borrower and its Subsidiaries, taken as a whole, or the ability of the Borrower to perform the Obligations.

 

5.19        OFAC.  Neither the Borrower, nor any of its Subsidiaries, nor, to the knowledge of the Borrower, any director, officer or employee of the Borrower or any of its Subsidiaries, is an individual or entity currently the subject of any Sanctions, nor is the Borrower or any Subsidiary located, organized or resident in a Designated Jurisdiction.

 

5.20        Anti-Corruption Laws.  The Borrower and its Subsidiaries have conducted their businesses in compliance with applicable anti-corruption laws and have instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.

 

ARTICLE VI.      AFFIRMATIVE COVENANTS

 

So long as any Lender shall have any Commitment hereunder or any Loan or other Obligation hereunder shall remain unpaid or unsatisfied (other than contingent indemnification obligations), the Borrower shall, and shall cause each of its Subsidiaries to, unless the Required Lenders otherwise consent in writing:

 

6.01        Financial and Business Information.  The Borrower shall deliver to the Lenders at its own expense:

 

(a)           As soon as reasonably possible, and in any event within 60 days after the close of each of the first three fiscal quarters of each fiscal year of the Borrower, (i) the consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as of the end of such quarter, setting forth in comparative form the corresponding figures for the corresponding quarter of the preceding fiscal year, if available, and (ii) the consolidated statements of profit and loss and changes in financial position of the Borrower and its Consolidated Subsidiaries for such quarter and for the portion of the fiscal year ended with such quarter, setting forth in comparative form the corresponding periods of the preceding fiscal year, all in reasonable detail, prepared in

 

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accordance with GAAP and certified by the principal financial officer of the Borrower, subject to normal year-end audit adjustments;

 

(b)           As soon as reasonably possible, and in any event within 120 days after the close of each fiscal year of the Borrower, (i) the consolidated balance sheets of the Borrower and its Consolidated Subsidiaries as at the end of such fiscal year, setting forth in comparative form the corresponding figures at the end of the preceding fiscal year and (ii) the consolidated statements of profit and loss and changes in financial position of the Borrower and its Consolidated Subsidiaries for such fiscal year, setting forth in comparative form the corresponding figures for the previous fiscal year.  Such consolidated balance sheet and statements shall be prepared in reasonable detail, in accordance with GAAP, and shall be accompanied by a report and opinion of PricewaterhouseCoopers or other independent public accountants selected by the Borrower and reasonably satisfactory to the Required Lenders, which report and opinion shall be prepared in accordance with GAAP and shall be subject only to such qualifications and exceptions as are acceptable to the Required Lenders.

 

6.02        Certificates; Other Information.  The Borrower shall deliver or make available to the Administrative Agent and the Lenders at its own expense:

 

(a)           concurrently with the delivery of the financial statements referred to in Sections 6.01(a) and (b), a Compliance Certificate executed by a Designated Officer;

 

(b)           promptly after request by the Administrative Agent or any Lender, copies of any material report filed by the Borrower or any of its Subsidiaries with any Governmental Authority unless such delivery or making such report available would violate applicable Laws; and

 

(c)           promptly after the same are available, at the Administrative Agent’s or any Lender’s request, copies of each annual report, proxy or financial statement or other material report or communication sent to all stockholders of the Borrower, and copies of all annual, regular, periodic and special reports and registration statements which the Borrower files or is required to file with the SEC or any similar or corresponding Governmental Authority or with any securities exchange.

 

Documents required to be delivered pursuant to Section 6.01(a) or (b) or Section 6.02(c) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at the website address listed on Schedule 10.02; or (ii) on which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that: (i) the Borrower shall deliver paper copies of such documents to the Administrative Agent or any Lender upon its request to the Borrower to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender and (ii) the Borrower shall notify the Administrative Agent and each Lender (by facsimile or electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents.  The Administrative

 

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Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request by a Lender for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.

 

The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Arranger will make available to the Lenders materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on DebtDomain, IntraLinks, Syndtrak, ClearPar or another similar electronic system (the “Platform”) and (b) no Lender shall be a Public Lender.

 

6.03        Notices.  The Borrower shall promptly notify the Administrative Agent and each Lender:

 

(a)           promptly upon becoming aware of the occurrence of any (i) “reportable event” (as such term is defined in Section 4043 of ERISA) or (ii) “prohibited transaction” (as such term is defined in Section 406  of ERISA) with respect to which the Borrower may be liable for excise tax under Section 4975 of the Code in connection with any Pension Plan or any trust created thereunder, in either case which may result in a Material Adverse Effect, a written notice specifying the nature thereof, what action the Borrower and/or any of its Subsidiaries is taking or proposes to take with respect thereto, and, when known, any action taken by the Internal Revenue Service with respect thereto; it being understood that for purposes of this provision, “aware” means that such event or transaction must be actually known to the chief financial officer or the treasurer of the Borrower;

 

(b)           promptly upon, and in any event within five Business Days after, becoming aware of the existence of any condition or event which constitutes a Default or an Event of Default, a written notice specifying the nature and period of existence thereof and what action the Borrower is taking or proposes to take with respect thereto; it being understood that for purposes of this provision, “aware” means that such condition or event must be actually known to the chief financial officer or the treasurer of the Borrower;

 

(c)           promptly upon becoming aware that the holder of any evidence of indebtedness or other security of the Borrower or any of its Subsidiaries that is material to the Borrower and its consolidated Subsidiaries, considered as a whole, has given notice or taken any other action with respect to a claimed default or event of default, a written notice specifying the notice given or action taken by such holder and the nature of the claimed default or event of default and what action the Borrower or its Subsidiary is taking or proposes to take with respect thereto; it being understood that for purposes of this provision, “aware” means that such notice or action must be actually known to the chief financial officer or the treasurer of the Borrower;

 

(d)           of any change in accounting policies or financial reporting practices by the Borrower or any of its consolidated Subsidiaries that is material to the Borrower and its consolidated Subsidiaries considered as a whole; and

 

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(e)           such other data and information as from time to time may be reasonably requested by any Lender.

 

6.04        Payment of Taxes and Other Potential Liens.  Pay and discharge promptly, all Taxes (including any withholding Taxes required by law to be paid by the Borrower), assessments, and governmental charges or levies imposed upon it, upon its property or any part thereof, upon its income or profits or any part thereof, in each case that, individually or in the aggregate, are material to the Borrower and its Subsidiaries, considered as a whole, or upon any right or interest of the Lenders under any Loan Document; except that the Borrower and its Subsidiaries shall not be required to pay or cause to be paid (a) any income or gross receipts Tax generally applicable to banks or (b) any Tax, assessment, charge, or levy that is not yet past due, or is being contested in good faith by appropriate proceedings, as long as the relevant entity has established and maintains adequate reserves for the payment of the same and by reason of such nonpayment no material property of the Borrower is in danger of being lost or forfeited.

 

6.05        Preservation of Existence.  Preserve and maintain their respective existence, licenses, rights, franchises, and privileges in the jurisdiction of their formation and all authorizations, consents, approvals, orders, licenses, permits, or exemptions from, or registrations with, any Governmental Authority that are necessary for the transaction of their respective businesses, and qualify and remain qualified to transact business in each jurisdiction in which such qualification is necessary in view of their respective business or the ownership or leasing of their respective properties, except that the failure to preserve and maintain any particular license, right, franchise, privilege, authorization, consent, approval, order, permit, exemption, or registration, or to qualify or remain qualified in any jurisdiction, that would not have a Material Adverse Effect will not constitute a violation of this covenant, and except that nothing in this Section 6.05 shall prevent the termination of the business or existence (corporate or otherwise) of any Subsidiary of the Borrower which in the reasonable judgment of the Board of Directors of the Borrower is no longer necessary or desirable.

 

6.06        Maintenance of Properties.  Maintain, preserve, and protect all of their respective properties and equipment in good order and condition, subject to wear and tear in the ordinary course of business and, in the case of unimproved properties, damage caused by the natural elements, and not permit any waste of their respective properties, except where a failure to maintain, preserve, and protect a particular item of property or equipment could not reasonably be expected to result in a Material Adverse Effect.

 

6.07        Maintenance of Insurance.  Maintain insurance with financially sound and reputable insurance companies in such amounts and against such risks as is usually carried by responsible companies engaged in similar businesses and owning similar assets in the general areas in which the Borrower and its Subsidiaries operate except to the extent that the Borrower or a Subsidiary is, in the reasonable opinion of a Designated Officer, adequately self-insured in a manner comparable to responsible companies engaged in similar businesses and owning similar assets in the general areas in which the Borrower and its Subsidiaries operate.

 

6.08        Compliance with Laws.  Comply with the requirements of all applicable Laws and orders, writs, injunctions and decrees of any Governmental Authority, noncompliance with which would result in a Material Adverse Effect, except that the Borrower and its Subsidiaries

 

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need not comply with a requirement then being contested by any of them in good faith by appropriate proceedings so long as no interest of the Lenders would be materially impaired thereby.

 

6.09        Inspection Rights.  At any time during regular business hours and as often as reasonably requested, permit any Lender or any employee, agent, or representative thereof to examine, audit and make copies and abstracts from the records and books of account of, and to visit and inspect the properties of the Borrower and its Subsidiaries and to discuss the affairs, finances, and accounts of the Borrower and its Subsidiaries with any of their officials, customers or vendors, and, upon request, to furnish promptly to each Lender true copies of all material financial information formally made available to the senior management of the Borrower and reasonably identifiable by the Borrower.  Nothing herein shall obligate the Borrower to disclose any information to the Lenders respecting trade secrets or similar proprietary information constituting products or processes relating to the business of the Borrower or its Subsidiaries or in violation of applicable Laws.

 

6.10        Keeping of Records and Books of Account.  Keep adequate records and books of account reflecting financial transactions in conformity with GAAP and all applicable requirements of any Governmental Authority having jurisdiction over the Borrower or any of its Subsidiaries, except where the failure to comply with GAAP or such applicable requirements would not make the records and books of accounts of the Borrower and its Subsidiaries, taken as a whole, materially misleading.

 

6.11        ERISA Compliance.  Comply with the minimum funding requirements of ERISA with respect to all Pension Plans, except where a failure to comply with such minimum funding requirements could not reasonably be expected to result in a Material Adverse Effect.

 

6.12        Environmental Laws.  Conduct its operations and keep and maintain its property in compliance with all Environmental Laws where failure to do so would have a Material Adverse Effect.

 

6.13        Use of Proceeds.  Use the proceeds of the Loans for working capital and other general corporate purposes not in contravention of any Law or of any Loan Document, including acquiring other Persons so long as the acquisition is approved by the board of directors, requisite general partners, requisite managers or other governing board or body of the Person being acquired.

 

6.14        Anti-Corruption Laws.  Conduct its business in material compliance with applicable anti-corruption laws and maintain policies and procedures designed to promote and achieve compliance with such laws.

 

ARTICLE VII.    NEGATIVE COVENANTS

 

So long as any Lender shall have any Commitment hereunder or any Loan or other Obligation hereunder shall remain unpaid or unsatisfied (other than contingent indemnification obligations), the Borrower shall not, nor shall it permit any Subsidiary to, directly or indirectly:

 

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7.01        Type of Business.  Make any substantial change in the character of the business as of the date hereof of the Borrower and its Subsidiaries, taken as a whole.

 

7.02        Liens.  Create, incur, assume or permit to exist any Lien upon any of its property or assets (other than Unrestricted Margin Stock) now owned or hereafter acquired if the aggregate obligations secured by all such Liens exceeds, or would exceed (giving effect to any proposed new Lien), an amount equal to 10% of Consolidated Net Worth, except, in both cases:

 

(a)           Liens for Taxes not delinquent or being contested in good faith by appropriate proceedings in accordance with Section 6.04;

 

(b)           Liens arising in connection with workers’ compensation, unemployment insurance or social security obligations;

 

(c)           mechanics’, workmen’s, materialmen’s, landlords’, carriers’, repairmen’s or other like Liens arising in the ordinary course of business with respect to obligations which are not due or which are being contested in good faith by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;

 

(d)           minor Liens which do not in the aggregate materially detract from the value of its property or assets or materially impair their use in the operation of the business of the Borrower or the Subsidiary owning same;

 

(e)           Liens in existence on property at the time of its acquisition by the Borrower or its Subsidiary;

 

(f)            Liens under the Loan Documents; and

 

(g)           purchase money Liens in connection with nonrecourse tax sale and leaseback transactions.

 

7.03        Investments.  Make or permit to exist any Investment in any Person, except:

 

(a)           credit extended in connection with the sale of goods or rendering of services in the ordinary course of business;

 

(b)           Investments in a Consolidated Subsidiary;

 

(c)           Acquisitions;

 

(d)           Investments consisting of Cash Equivalents;

 

(e)           Investments that individually or in the aggregate could not reasonably be expected to result in a Material Adverse Effect; and

 

(f)            Investments in corporations, joint ventures, partnerships, limited liability companies and other Persons not majority owned by the Borrower and its Subsidiaries not exceeding 12.5% of Consolidated Net Worth in the aggregate.

 

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7.04        Contingent Obligations.  Incur or permit to exist any Contingent Obligation if the aggregate of all Contingent Obligations exceeds, or would exceed (giving effect to any proposed new Contingent Obligation) an amount equal to 5% of Consolidated Net Worth, except the endorsement of negotiable instruments in the ordinary course of collection.

 

7.05        Subordinated Debt.  Make any principal prepayment on any Subordinated Debt or, if and so long as a Default exists, any payment of principal or interest on any Subordinated Debt.

 

7.06        Sale of Assets or Merger.  Sell or otherwise dispose of all or substantially all of the assets (other than Unrestricted Margin Stock), or merge with any other Person unless the Borrower or one of its Subsidiaries is the surviving Person, except that the sale of all or substantially all of the assets of a Subsidiary of the Borrower, or the merger of any Subsidiary of the Borrower when it is not the surviving Person shall not violate this Section 7.06 if the assets of such Subsidiary are not material in relation to the assets of the Borrower and its Subsidiaries, taken as a whole.

 

7.07        Financial Covenants.

 

(a)           Permit the Leverage Ratio, as of the last day of any four consecutive fiscal quarter period of the Borrower, to exceed 3.50:1.00.

 

(b)           Permit the ratio of Consolidated Earnings Before Interest and Taxes to Consolidated Interest for any period of four consecutive fiscal quarters of the Borrower to be less than 3.00:1.00.

 

7.08        Use of Proceeds.  Use any portion of the Loan proceeds, in any manner that might cause the Loan or the application of such proceeds to violate Regulation U, Regulation T or Regulation X of the Board of Governors of the Federal Reserve System or any other regulation of such Board or to violate the Exchange Act, in each case as in effect on the date or dates of such Loan and such use of proceeds.

 

7.09        Sanctions.  Use the proceeds of any Borrowing, directly, or to the knowledge of the Borrower, indirectly, or lend, contribute or otherwise make available such proceeds (a) to any Subsidiary or other Person, to fund any activities of or business with any such Subsidiary or any other Person, or in any Designated Jurisdiction, that, at the time of such funding, is the subject of Sanctions or (b) for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977 or the UK Bribery Act 2010.

 

ARTICLE VIIA. LIMITATION ON SUBSIDIARY DEBT

 

So long as any Lender shall have any Commitment hereunder or any Loan or other Obligation hereunder shall remain unpaid or unsatisfied (other than contingent indemnification obligations), the Borrower shall not permit its Subsidiaries to directly or indirectly create, incur, assume or suffer to exist any Debt, except: (a) Debt owed by any Subsidiary to the Borrower or any other Subsidiary; (b) Debt of Foreign Subsidiaries in an aggregate principal amount not to exceed $350,000,000 at any time outstanding to the extent such Foreign Subsidiaries are subject to capital requirements imposed by local laws and regulations that prohibit the repatriation of

 

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funds by such Foreign Subsidiaries to the Borrower or any Domestic Subsidiary or the repatriation of funds by such Foreign Subsidiaries to the Borrower or any Domestic Subsidiary would result in material adverse tax consequences to the Borrower or its Subsidiaries; and (c) other Debt in an aggregate principal amount not to exceed $500,000,000 at any time outstanding.

 

ARTICLE VIII.  EVENTS OF DEFAULT AND REMEDIES UPON EVENTS OF DEFAULT

 

8.01        Events of Default.  There will be a default hereunder if any one or more of the following events (“Events of Default”) occurs and is continuing, whatever the reason therefor:

 

(a)           failure of the Borrower to pay any installment of principal when due or to pay interest hereunder or any fee or other amounts due to any Lender hereunder within three Business Days after the date when due; or

 

(b)           the Borrower fails to perform or observe any term, covenant or agreement contained in Section 7.09; or

 

(c)           the Borrower fails to perform or observe any other term, covenant, or agreement (not specified in subsection (a) or (b) above) contained in any Loan Document on its part to be performed or observed within 30 days after the date performance is due; or

 

(d)           any representation or warranty in any Loan Document or in any certificate, agreement, instrument, or other document made or delivered pursuant to or in connection with any Loan Document proves to have been incorrect or misleading when made or deemed made in any material respect; or

 

(e)           the Borrower or any of its Subsidiaries (1) fails to pay the principal, or any principal installment, or any present or future indebtedness for borrowed money, or any guaranty of present or future indebtedness for borrowed money, within 10 days of the date when due (or within any longer stated grace period), whether at the stated maturity, upon acceleration, by reason of required prepayment or otherwise in excess of $50,000,000 in the aggregate, or (2) fails to perform or observe any other term, covenant, or agreement on its part to be performed or observed in connection with any present or future indebtedness for borrowed money, or any guaranty of present or future indebtedness for borrowed money, in excess of $50,000,000 in the aggregate, if as a result of such failure any holder or holders thereof (or an agent or trustee on its or their behalf) has the right to declare such indebtedness due before the date on which it otherwise would become due or such guaranty to become payable; or

 

(f)            any Loan Document, at any time after its execution and delivery and for any reason other than the agreement of the Lenders or satisfaction in full of all the Obligations, ceases to be in full force and effect or is declared by a court of competent jurisdiction to be null and void, invalid, or unenforceable in any respect which is, in the reasonable opinion of the Required Lenders, materially adverse to the interest of the Lenders; or the Borrower denies that it has any or further liability or obligation under any Loan Document or purports to revoke, terminate or rescind any provision of any Loan Document; or the Borrower or any other Person contests in any manner the validity or enforceability of any provision of any Loan Document; or

 

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(g)           one or more final judgments or orders against the Borrower or any of its Subsidiaries is entered for the payment of money in an aggregate amount (as to all such judgments or orders) in excess of $50,000,000, and remains unsatisfied without procurement of a stay of execution for 45 days after the date of entry of such judgment or order or in any event later than five days prior to the date of any proposed sale under such judgment or order; or

 

(h)           any Domestic Subsidiary, any Significant Subsidiary or the Borrower is the subject of an order for relief by a bankruptcy court, or is unable or admits in writing its inability to pay its debts as they mature, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator, or similar officer for it or for all or any part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator, or similar officer is appointed without the application or consent of that entity and the appointment continues undischarged or unstayed for 60 days; or institutes or consents to any bankruptcy, proposal in bankruptcy, insolvency, reorganization, arrangement, readjustment of debt, dissolution, custodianship, conservatorship, liquidation, rehabilitation, or similar proceeding relating to it or to all or any part of its property under the laws of any jurisdiction; or any similar proceeding is instituted without the consent of that entity and continues undismissed or unstayed for 60 days; or any judgment, writ, warrant of attachment or execution, or similar process is issued or levied against all or any part of the property of any such entity in an amount in excess of 10% of the total assets of such entity, and is not released, vacated, or fully bonded within sixty (60) days after its issue or levy, or the Borrower or any Domestic Subsidiary or any Significant Subsidiary shall take any corporate action to authorize any of the actions set forth above in this subsection (h); or

 

(i)            the occurrence of both a Change of Control and a Rating Event.

 

8.02        Remedies Upon Event of Default.  If any Event of Default occurs and is continuing, the Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders, take any or all of the following actions:

 

(a)           declare the commitment of each Lender to make Loans to be terminated, whereupon such commitments and obligation shall be terminated;

 

(b)           declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; and

 

(c)           exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents;

 

provided, however, that upon the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States, the obligation of each Lender to make Loans shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, in each case without further act of the Administrative Agent or any Lender.

 

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8.03        Application of Funds.  After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due and payable), any amounts received on account of the Obligations shall, subject to the provisions of Section 2.14, be applied by the Administrative Agent in the following order:

 

First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such;

 

Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to the Lenders (including fees, charges and disbursements of counsel to the respective Lenders and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause Second payable to them;

 

Third, to payment of that portion of the Obligations constituting accrued and interest on the Loans and other Obligations, ratably among the Lenders in proportion to the respective amounts described in this clause Third payable to them;

 

Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans, ratably among the Lenders in proportion to the respective amounts described in this clause Fourth held by them; and

 

Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Law.

 

ARTICLE IX.     ADMINISTRATIVE AGENT

 

9.01        Appointment and Authority.  Each of the Lenders hereby irrevocably appoints Bank of America to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents 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 or thereof, together with such actions and powers as are reasonably incidental thereto.  The provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders, and the Borrower shall not have rights as a third party beneficiary of any of such provisions.  It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.

 

9.02        Rights as a Lender.  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 the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity.  Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as

 

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the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.

 

9.03        Exculpatory Provisions.  The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature.  Without limiting the generality of the foregoing, the Administrative Agent:

 

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

 

(b)           shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and

 

(c)           shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as the 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 (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 10.01 and 8.02) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment.  The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given in writing to the Administrative Agent by the Borrower or a Lender.

 

The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV

 

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or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

 

9.04        Reliance by 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 (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person.  The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon.  In determining compliance with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Loan.  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.

 

9.05        Delegation of Duties.  The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent.  The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties.  The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the 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 shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non appealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

 

9.06        Resignation of Administrative Agent.

 

(a)           The Administrative Agent may at any time give notice of its resignation to the Lenders and the Borrower.  Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States.  If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to) on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above.  Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date.

 

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(b)          If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrower and such Person remove such Person as Administrative Agent and, in consultation with the Borrower, appoint a successor. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.

 

(c)           With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (1) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (2) except for any indemnity payments or other amounts then owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above.  Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or removed) Administrative Agent (other than as provided in Section 3.01(g) and other than any rights to indemnity payments or other amounts owed to the retiring or removed Administrative Agent as of the Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section 9.06).  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 Borrower and such successor.  After the retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article and Section 10.04 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 the retiring or removed Administrative Agent was acting as Administrative Agent.

 

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

 

9.08        No Other Duties, Etc.  Anything herein to the contrary notwithstanding, none of the Bookrunners, Arrangers or other titles listed on the cover page hereof shall have any powers,

 

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duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender hereunder.

 

9.09        Administrative Agent May File Proofs of Claim.  In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to the Borrower, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:

 

(a)           to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent under Sections 2.07 and 10.04) allowed in such judicial proceeding; and

 

(b)           to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.07 and 10.04.

 

Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

 

ARTICLE X.       MISCELLANEOUS

 

10.01      Amendments, Etc.  No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrower therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrower and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no such amendment, waiver or consent shall:

 

(a)           waive any condition set forth in Section 4.01(a) without the written consent of each Lender;

 

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(b)           extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.02) without the written consent of such Lender;

 

(c)           postpone any date fixed by this Agreement or any other Loan Document for any payment or mandatory prepayment of principal, interest, fees or other amounts due to the Lenders (or any of them) or any scheduled or mandatory reduction of the Aggregate Commitments hereunder or under any other Loan Document without the written consent of each Lender directly affected thereby;

 

(d)           reduce the principal of, or the rate of interest specified herein on, any Loan or (subject to clause (i) of the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document without the written consent of each Lender directly affected thereby; provided, however, that only the consent of the Required Lenders shall be necessary to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest at the Default Rate;

 

(e)           change Section 2.11 or Section 8.03 in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender;

 

(f)            amend Section 1.06 or the definition of “Alternative Currency” without the written consent of each Lender; or

 

(g)           change any provision of this Section or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender;

 

and, provided further, that (i) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; and (ii) the Fee Letters may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto.  Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender disproportionately adversely relative to other affected Lenders shall require the consent of such Defaulting Lender.

 

Notwithstanding any provision herein to the contrary, this Agreement may be amended without further consent of any Lender (other than any Lender with an Increased Commitment or any Additional Lender) to increase the Commitments in accordance with Section 2.13 and, in connection with such increase in the Commitments, to permit any Lenders providing such Increased Commitments and any Additional Lenders to participate on a ratable basis (after giving effect to such Increased Commitments and commitments of such Additional Lenders) in

 

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any required vote or action required to be approved by the Required Lenders or by any other number, percentage or class of Lenders hereunder.

 

10.02      Notices; Effectiveness; Electronic Communication.

 

(a)           Notices Generally.  Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile or other electronic imaging means (e.g. “pdf” or “tif”) as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

 

(i)            if to the Borrower or the Administrative Agent, to the address, facsimile number, electronic mail address or telephone number specified for such Person on Schedule 10.02; and

 

(ii)           if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then in effect for the delivery of notices that may contain material non-public information relating to the Borrower).

 

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

 

(b)           Electronic Communications.  Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e-mail, FpML messaging, and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication.  The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications.

 

Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing

 

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clause (i) of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii), if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice, email or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient.

 

(c)           The Platform.  THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.”  THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS.  NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM.  In no event shall the 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 losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s or the Administrative Agent’s transmission of Borrower Materials or notices through the platform, any other electronic platform or electronic messaging service, or through the Internet, other than for direct or actual damages resulting (i) from the gross negligence or willful misconduct of such Agent Party as determined by a final and nonappealable judgment of a court of competent jurisdiction or (ii) a claim brought by the Borrower against an Agent Party for breach in bad faith of such Agent Party’s obligations hereunder or under any other Loan Document, if the Borrower has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction; provided, however, that in no event shall any Agent Party have any liability to the Borrower, any Lender or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages).

 

(d)           Change of Address, Etc.  Each of the Borrower and the Administrative Agent may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the other parties hereto.  Each other Lender may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the Borrower and the Administrative Agent.  In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, facsimile number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender.

 

(e)           Reliance by Administrative Agent and Lenders.  The Administrative Agent and the Lenders shall be entitled to rely and act upon any notices (including telephonic notices and Loan Notices) purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof.  The Borrower shall indemnify the Administrative Agent, each Lender and the Related Parties of each of them from all losses, costs, expenses and

 

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liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower; excluding any such losses, costs, expenses and liabilities that are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of the Administrative Agent or the applicable Lender or Related Party. All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording.

 

10.03      No Waiver; Cumulative Remedies; Enforcement.  No failure by any Lender or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder or thereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.  The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

 

Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Borrower or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with Section 8.02 for the benefit of all the Lenders; provided, however, that the foregoing shall not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) any Lender from exercising setoff rights in accordance with Section 10.08 (subject to the terms of Section 2.14), or (c) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to the Borrower under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 2.14, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.

 

10.04      Expenses; Indemnity; Damage Waiver.

 

(a)           Costs and Expenses.  The Borrower shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges and disbursements of a single counsel for the Administrative Agent), in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), and (ii) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent or any Lender (including the fees, charges and disbursements of (A) one primary counsel for the Administrative Agent, the Arrangers and the Lenders, taken together, (B) to the extent

 

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reasonably necessary, one local counsel in each relevant jurisdiction, (C) to the extent reasonably necessary, one special or regulatory counsel in each relevant specialty and (D) in the case of any actual or perceived conflict of interest with respect to any of the counsel identified in clauses (A) through (C) above, one additional counsel to each group of affected Persons similarly situated, taken as a whole (which in the case of clause (B) shall allow for up to one additional counsel in each relevant jurisdiction)) in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans.

 

(b)           Indemnification by the Borrower.  The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof) and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the reasonable and documented fees, charges and disbursements of any counsel for any Indemnitee; provided that such legal expenses shall be limited to the reasonable fees, disbursements and other charges of one primary counsel, to the extent reasonably necessary, one local counsel in each relevant jurisdiction, to the extent reasonably necessary, one specialty counsel for each relevant specialty and one additional counsel to each group of affected Persons similarly situated if one or more conflicts of interest, or perceived conflicts of interest, arise), incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the Borrower) other than such Indemnitee and its Related Parties arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder, the consummation of the transactions contemplated hereby or thereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents (including in respect of any matters addressed in Section 3.01), (ii) any Loan or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability 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, whether brought by a third party or by the Borrower, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by the Borrower against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction.  Without limiting the provisions of Section 3.01(c), this Section 10.4(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

(c)           Reimbursement by Lenders.  To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by

 

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it to the Administrative Agent (or any sub-agent thereof) or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent) or such Related Party, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s share of the Total Credit Exposure at such time) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender), such payment to be made severally among them based on such Lenders’ Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought), provided, further 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 (or any such sub-agent) in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) in connection with such capacity.  The obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.10(d).

 

(d)           Waiver of Consequential Damages, Etc.  To the fullest extent permitted by applicable law, the Borrower shall not assert, and hereby waives, and acknowledges that no Subsidiary of the Borrower shall have, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof.  No Indemnitee referred to in subsection (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting (i) from the gross negligence or willful misconduct of such Indemnitee as determined by a final and nonappealable judgment of a court of competent jurisdiction or (ii) a claim brought by the Borrower against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction.

 

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

 

(f)            Survival.  The agreements in this Section and the indemnity provisions of Section 10.02(e) shall survive the resignation of the Administrative Agent, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations.

 

10.05      Payments Set Aside.  To the extent that any payment by or on behalf of the Borrower is made to the Administrative Agent or any Lender, or the Administrative Agent or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any

 

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proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the applicable Overnight Rate from time to time in effect, in the applicable currency of such recovery or payment.  The obligations of the Lenders under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement.

 

10.06      Successors and Assigns.

 

(a)           Successors and Assigns 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 the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way of participation in accordance with the provisions of subsection (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject to the restrictions of subsection (f) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void).  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b)           Assignments by Lenders.  Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that any such assignment shall be subject to the following conditions:

 

(i)            Minimum Amounts.

 

(A)          in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at the time owing to it or contemporaneous assignments to related Approved Funds that equal at least the amount specified in subsection (b)(i)(B) of this Section in the aggregate or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

 

(B)          in any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such

 

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assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000 or a whole multiple of $1,000,000 in excess thereof unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (such consent by the Administrative Agent not to be unreasonably withheld or delayed and each such consent to be within the sole discretion of the consenting party).

 

(ii)           Proportionate Amounts.  Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned, except that this clause (ii) shall not prohibit any Lender from assigning all or a portion of its rights and obligations among the revolving credit facility provided hereunder and any separate revolving credit facilities provided pursuant to the last paragraph of Section 10.01 on a non-pro rata basis;

 

(iii)          Required Consents.  No consent shall be required for any assignment except to the extent required by subsection (b)(i)(B) of this Section and, in addition:

 

(A)          the consent of the Borrower shall be required (which consent may be given or withheld in the Borrower’s sole discretion) (1) unless an Event of Default has occurred and is continuing at the time of such assignment or (2) if such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund unless, as a result of such assignment to a Lender, an Affiliate of a Lender or an Approved Fund, the Borrower would incur an additional cost pursuant to Article III; provided that if no consent of the Borrower is required in accordance with clause (2) of this subsection (b)(iii)(A), the assigning Lender shall give the Administrative Agent and the Borrower written notice thereof; and

 

(B)          the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required if such assignment is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender.

 

(iv)          Assignment and Assumption.  The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; provided, however, that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment.  The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

 

(v)           No Assignment to Certain Persons.  No such assignment shall be made (A) to the Borrower or any of the Borrower’s Affiliates or Subsidiaries, or (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B), or (C) to a natural Person.

 

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(vi)          Certain Additional Payments.  In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans in accordance with its Applicable Percentage.  Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

 

Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05, and 10.04 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.  Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender.  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with subsection (d) of this Section.

 

(c)           Register.  The Administrative Agent, acting solely for this purpose as an agent of the Borrower (and such agency being solely for Tax purposes), shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it (or the equivalent thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (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 absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement.   

 

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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.

 

(d)           Participations.  Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations to any Person (other than a natural Person, a Defaulting Lender or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent and the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.  For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 10.04(c) with respect to any payments made by such Lender to its Participant(s).

 

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, waiver or other modification described in the first proviso to Section 10.01 that affects such Participant.  The Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section 10.06  (it being understood that the documentation required under Section 3.01(e) shall be delivered to the Lender who sells the participation) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant agrees to be subject to the provisions of Sections 3.06 and 10.13 as if it were an assignee under paragraph (b) of this Section 10.06.  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 3.06 with respect to any Participant.  To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.08 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.11 as though it were a Lender.  Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the 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 the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under 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 shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

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(e)           Limitations upon Participant Rights.  A Participant shall not be entitled to receive any greater payment under Section 3.01 or 3.04 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 3.01 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 3.01(e) as though it were a Lender.

 

(f)            Certain Pledges.  Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central banking authority; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

10.07      Treatment of Certain Information; 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 (a) to its Affiliates and to its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process; provided that, to the extent practicable and permitted by law, written notice is delivered to the Borrower, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under this Agreement or any Eligible Assignee invited to be a Lender pursuant to Section 2.13(b) or Section 10.01 or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder, (g) on a confidential basis to (i) any rating agency in connection with rating the Borrower or its Subsidiaries or the credit facilities provided hereunder or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the credit facilities provided hereunder, (h) with the consent of the Borrower or (i) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower.  For purposes of this Section, “Information” means all information received from the Borrower or any Subsidiary relating to the Borrower or any Subsidiary or any of their respective businesses, 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 or any Subsidiary.  Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same

 

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degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

 

Each of the Administrative Agent and the Lenders acknowledges that (a) the Information may include material non-public information concerning the Borrower or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable Law, including United States Federal and state securities Laws.

 

10.08      Right of Setoff.  If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Agreement or any other Loan Document to such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower may be contingent or unmatured or are owed to a branch, office or Affiliate of such Lender different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided, that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.14 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff.  The rights of each Lender and its Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender or its Affiliates may have.  Each Lender agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and application.

 

10.09      Interest Rate Limitation.  Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”).  If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower.  In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

 

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10.10      Counterparts; Integration; Effectiveness.  This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Agreement and the other Loan Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  Except as provided in Section 4.01, 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 that, when taken together, bear the signatures of each of the other parties hereto.  Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic imaging means (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement.

 

10.11      Survival of Representations and Warranties.  All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof.  Such representations and warranties have been or will be relied upon by the Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Borrowing, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied.

 

10.12      Severability.  If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.  The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.  Without limiting the foregoing provisions of this Section 10.12, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent, then such provisions shall be deemed to be in effect only to the extent not so limited.

 

10.13      Replacement of Lenders.  If the Borrower is entitled to replace a Lender pursuant to the provisions of Section 3.06, or if any Lender is a Defaulting Lender, Declining Lender or a Non-Consenting Lender or if any other circumstance exists hereunder that gives the Borrower the right to replace a Lender as a party hereto, 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, and consents required by, Section 10.06), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that:

 

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(a)           the Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 10.06(b);

 

(b)           such Lender shall have received payment of an amount equal to 100% of the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts);

 

(c)           in the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter;

 

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

 

(e)           in the case of an assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented to the applicable amendment, waiver or consent.

 

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

 

10.14      Governing Law; Jurisdiction; Etc.

 

(a)           GOVERNING LAW.  THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF CALIFORNIA.

 

(b)           SUBMISSION TO JURISDICTION.  THE BORROWER IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF CALIFORNIA SITTING IN LOS ANGELES COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE COUNTY OF LOS ANGELES, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH CALIFORNIA STATE COURT OR, TO THE

 

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FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.  EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.  NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

(c)           WAIVER OF VENUE.  THE BORROWER IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

(d)           SERVICE OF PROCESS.  EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02.  NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

 

10.15      Waiver of Jury Trial.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

10.16      California Judicial Reference.  If any action or proceeding is filed in a court of the State of California by or against any party hereto in connection with any of the transactions contemplated by this Agreement or any other Loan Document, (a) the court shall, and is hereby directed to, make a general reference pursuant to California Code of Civil Procedure Section 638 to a referee (who shall be a single active or retired judge) to hear and determine all of the issues

 

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in such action or proceeding (whether of fact or of law) and to report a statement of decision, provided that at the option of any party to such proceeding, any such issues pertaining to a “provisional remedy” as defined in California Code of Civil Procedure Section 1281.8 shall be heard and determined by the court, and (b) without limiting the generality of Section 10.04, the Borrower shall be solely responsible to pay all fees and expenses of any referee appointed in such action or proceeding.

 

10.17      No Advisory or Fiduciary Responsibility.  In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that: (i) (A) the arranging and other services regarding this Agreement provided by the Administrative Agent, the Arrangers and the Lenders are arm’s-length commercial transactions between the Borrower and its Subsidiaries, on the one hand, and the Administrative Agent, the Arrangers and the Lenders, on the other hand, (B) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Administrative Agent, each Arranger and each Lender each is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its Subsidiaries, or any other Person and (B) none of the Administrative Agent, any Arranger nor any Lender has any obligation to the Borrower or any of its Subsidiaries with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative Agent, the Arrangers and the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and none of the Administrative Agent, any Arranger nor any Lender has any obligation to disclose any of such interests to the Borrower or its Subsidiaries.  To the fullest extent permitted by law, the Borrower hereby waives and releases any claims that it may have against the Administrative Agent, any Arranger nor any Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

 

10.18      Electronic Execution of Assignments and Certain Other Documents.  The words “execution,” “signed,” “signature,” and words of like import in any Loan Document or any other document executed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws (including those under California) based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary, the Administrative Agent is under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it.

 

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10.19      USA PATRIOT Act.  Each Lender that is subject to the Act (as hereinafter defined) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower in accordance with the Act.  The Borrower shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Act.

 

10.20      Time of the Essence.  Time is of the essence of the Loan Documents.

 

10.21      Judgment Currency.  If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given.  The obligation of the Borrower in respect of any such sum due from it to the Administrative Agent or any Lender hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent or such Lender, as the case may be, may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency.  If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent or any Lender from the Borrower in the Agreement Currency, the Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or such Lender, as the case may be, against such loss.  If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent or any Lender in such currency, the Administrative Agent or such Lender, as the case may be, agrees to return the amount of any excess to the Borrower (or to any other Person who may be entitled thereto under applicable law).

 

[Remainder of page intentionally left blank; signature pages follow.]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

 

	
 
    	
AVERY   DENNISON CORPORATION
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Todd George
    
	
 
    	
 
    	
 
    
	
 
    	
Name:   Todd George
    
	
 
    	
 
    
	
 
    	
Title:   Vice President and Treasurer
    

 

 

	
 
    	
BANK   OF AMERICA, N.A., as
    
	
 
    	
Administrative   Agent
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Anthea Del Bianco
    
	
 
    	
 
    	
 
    
	
 
    	
Name:   Anthea Del Bianco
    
	
 
    	
 
    
	
 
    	
Title:   Vice President
    

 

 

	
 
    	
BANK   OF AMERICA, N.A., as a Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Arthur Ng
    
	
 
    	
 
    	
 
    
	
 
    	
Name:   Arthur Ng
    
	
 
    	
 
    
	
 
    	
Title:   Vice President
    

 

 

	
 
    	
CITIBANK,   N.A., as a Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Susan Olsen
    
	
 
    	
 
    	
 
    
	
 
    	
Name:   Susan Olsen
    
	
 
    	
 
    
	
 
    	
Title:   Vice President
    

 

 

	
 
    	
JPMORGAN   CHASE BANK, N.A., as a Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Tony Yung
    
	
 
    	
 
    	
 
    
	
 
    	
Name:   Tony Yung
    
	
 
    	
 
    
	
 
    	
Title:   Executive Director
    

 

 

	
 
    	
STANDARD   CHARTERED BANK, as a Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Steven Aloupis
    
	
 
    	
 
    	
 
    
	
 
    	
Name:   Steven Aloupis
    
	
 
    	
 
    
	
 
    	
Title:   Managing Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Hsing H. Huang
    
	
 
    	
 
    	
 
    
	
 
    	
Name:   Hsing H. Huang
    
	
 
    	
 
    
	
 
    	
Title:   Associate Director
    

 

 

	
 
    	
HSBC   BANK USA, N.A., as a Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Steven F. Larsen
    
	
 
    	
 
    	
 
    
	
 
    	
Name:   Susan Olsen
    
	
 
    	
 
    
	
 
    	
Title:   Vice President
    

 

 

	
 
    	
THE   BANK OF TOKYO-MITSUBISHI UFJ, LTD., as a Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Lauren Hom
    
	
 
    	
 
    	
 
    
	
 
    	
Name:   Lauren Hom
    
	
 
    	
 
    
	
 
    	
Title:   Director
    

 

 

	
 
    	
WELLS   FARGO BANK, NATIONAL ASSOCIATION, as a Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Sid Khanolkar
    
	
 
    	
 
    	
 
    
	
 
    	
Name:   Sid Khanolkar
    
	
 
    	
 
    
	
 
    	
Title:   Director
    

 

 

	
 
    	
THE   ROYAL BANK OF SCOTLAND PLC, as a Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Alex Daw
    
	
 
    	
 
    	
 
    
	
 
    	
Name:   Alex Daw
    
	
 
    	
 
    
	
 
    	
Title:   Director
    

 

 

	
 
    	
SUMITOMO   MITSUI BANKING CORPORATION, as a Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   James D. Weinstein
    
	
 
    	
 
    	
 
    
	
 
    	
Name:   James D. Weinstein
    
	
 
    	
 
    
	
 
    	
Title:   Managing Director
    

 

 

	
 
    	
GOLDMAN   SACHS BANK USA, as a Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Rebecca Kratz
    
	
 
    	
 
    	
 
    
	
 
    	
Name:   Rebecca Kratz
    
	
 
    	
 
    
	
 
    	
Title:   Authorized Signatory
    

 

 

	
 
    	
THE   NORTHERN TRUST COMPANY, as a Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Brandon Rolek
    
	
 
    	
 
    	
 
    
	
 
    	
Name:   Brandon Rolek
    
	
 
    	
Title:   Senior Vice President
    

 

 

SCHEDULE 2.01

 

COMMITMENTS

 

AND APPLICABLE PERCENTAGES

 

	
Lender
    	
 
    	
Commitment
    	
 
    	
Applicable
   Percentage
    	
 
    
	
Bank of America, N.A.
    	
 
    	
$
    	
95,000,000.00
    	
 
    	
13.571428571
    	
%
    
	
Citibank, N.A.
    	
 
    	
$
    	
95,000,000.00
    	
 
    	
13.571428571
    	
%
    
	
JPMorgan Chase Bank, N.A.
    	
 
    	
$
    	
95,000,000.00
    	
 
    	
13.571428571
    	
%
    
	
Standard Chartered Bank
    	
 
    	
$
    	
70,000,000.00
    	
 
    	
10.000000000
    	
%
    
	
HSBC Bank USA, N.A.
    	
 
    	
$
    	
70,000,000.00
    	
 
    	
10.000000000
    	
%
    
	
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
    	
 
    	
$
    	
70,000,000.00
    	
 
    	
10.000000000
    	
%
    
	
Wells Fargo Bank, National Association
    	
 
    	
$
    	
50,000,000.00
    	
 
    	
7.142857143
    	
%
    
	
The Royal Bank of Scotland plc
    	
 
    	
$
    	
50,000,000.00
    	
 
    	
7.142857143
    	
%
    
	
Sumitomo Mitsui Banking Corporation
    	
 
    	
$
    	
50,000,000.00
    	
 
    	
7.142857143
    	
%
    
	
Goldman Sachs Bank USA
    	
 
    	
$
    	
30,000,000.00
    	
 
    	
4.285714286
    	
%
    
	
The Northern Trust Company
    	
 
    	
$
    	
25,000,000.00
    	
 
    	
3.571428571
    	
%
    
	
Total
    	
 
    	
$
    	
700,000,000.00
    	
 
    	
100.000000000
    	
%
    

 

 

SCHEDULE 5.04

 

SUBSIDIARIES(1)

 

	
SUBSIDIARY
    	
 
    	
JURISDICTION IN WHICH
   ORGANIZED
    
	
 
    	
 
    	
 
    
	
AVERY   DENNISON G HOLDINGS III LLC
    	
 
    	
U.S.A.
    
	
AVERY   DENNISON G INVESTMENTS 111 LIMITED
    	
 
    	
GIBRALTAR
    
	
AVERY   DENNISON G INVESTMENTS V LIMITED
    	
 
    	
GIBRALTAR
    
	
AVERY   DENNISON GROUP DANMARK ApS
    	
 
    	
DENMARK
    
	
AVERY   DENNISON GROUP SINGAPORE PTE LTD
    	
 
    	
SINGAPORE
    
	
AVERY   DENNISON GULF FZCO
    	
 
    	
UNITED   ARAB EMIRATES
    
	
AVERY   DENNISON HOLDING & FINANCE THE NETHERLANDS BV
    	
 
    	
NETHERLANDS
    
	
AVERY   DENNISON HOLDING GmbH
    	
 
    	
GERMANY
    
	
AVERY   DENNISON HOLDING LUXEMBOURG S. A. R. L.
    	
 
    	
LUXEMBOURG
    
	
AVERY   DENNISON HOLDINGS LLC
    	
 
    	
U.S.A.
    
	
AVERY   DENNISON HOLDINGS NEW ZEALAND LIMITED
    	
 
    	
NEW   ZEALAND
    
	
AVERY   DENNISON HONG KONG B.V.
    	
 
    	
NETHERLANDS
    
	
AVERY   DENNISON HONG KONG HOLDING I B.V.
    	
 
    	
NETHERLANDS
    
	
AVERY   DENNISON IBERICA, S.A.
    	
 
    	
SPAIN
    
	
AVERY   DENNISON INNOVATIONS LLC
    	
 
    	
U.S.A.
    
	
AVERY   DENNISON INTELLIGENT HEALTHCARE SOLUTIONS LLC
    	
 
    	
U.S.A.
    
	
AVERY   DENNISON INVESTMENT LUXEMBOURG II SARL
    	
 
    	
LUXEMBOURG
    
	
AVERY   DENNISON INVESTMENTS LUXEMBOURG S.a.r.l.
    	
 
    	
LUXEMBOURG
    
	
AVERY   DENNISON INVESTMENTS LUXEMBOURG III SARL
    	
 
    	
LUXEMBOURG
    
	
AVERY   DENNISON INVESTMENTS LUXEMBOURG IV SARL
    	
 
    	
LUXEMBOURG
    
	
AVERY   DENNISON INVESTMENTS LUXEMBOURG V SCA
    	
 
    	
LUXEMBOURG
    
	
AVERY   DENNISON ITALIA S.r.l.
    	
 
    	
ITALY
    
	
AVERY   DENNISON JAPAN KK
    	
 
    	
JAPAN
    
	
AVERY   DENNISON JAPAN MATERIALS COMPANY LTD.
    	
 
    	
JAPAN
    
	
AVERY   DENNISON KOREA LIMITED
    	
 
    	
KOREA
    
	
AVERY   DENNISON LABEL LIMITED
    	
 
    	
HONG   KONG
    
	
AVERY   DENNISON LANKA (PRIVATE) LIMITED
    	
 
    	
SRI   LANKA
    
	
AVERY   DENNISON LUXEMBOURG S.A.R.L.
    	
 
    	
LUXEMBOURG
    
	
AVERY   DENNISON LUXEMBOURG SALES SARL
    	
 
    	
LUXEMBOURG
    
	
AVERY   DENNISON MANAGEMENT GmbH
    	
 
    	
GERMANY
    
	
AVERY   DENNISON MANAGEMENT KGaA
    	
 
    	
LUXEMBOURG
    
	
AVERY   DENNISON MANAGEMENT LUXEMBOURG S.A.R.L.
    	
 
    	
LUXEMBOURG
    
	
AVERY   DENNISON MATERIALS EUROPE B.V.
    	
 
    	
NETHERLANDS
    
	
AVERY   DENNISON MATERIALS EUROPE GMBH
    	
 
    	
SWITZERLAND
    
	
AVERY   DENNISON MATERIALS FRANCE S.A.R.L.
    	
 
    	
FRANCE
    
	
AVERY   DENNISON MATERIALS GmbH
    	
 
    	
GERMANY
    
	
AVERY   DENNISON MATERIALS IRELAND LIMITED
    	
 
    	
IRELAND
    
	
AVERY   DENNISON MATERIALS NEDERLAND BV
    	
 
    	
NETHERLANDS
    
	
AVERY   DENNISON MATERIALS NEW ZEALAND LIMITED
    	
 
    	
NEW   ZEALAND
    
	
AVERY   DENNISON MATERIALS PTY LIMITED
    	
 
    	
AUSTRALIA
    
	
AVERY   DENNISON MATERIALS ROM SRL
    	
 
    	
ROMANIA
    
	
AVERY   DENNISON MATERIALS RUSSIA LLC
    	
 
    	
RUSSIA
    
	
AVERY   DENNISON MATERIALS SALES FRANCE S. A. S.
    	
 
    	
FRANCE
    
	
AVERY   DENNISON MATERIALS SALES GERMANY GMBH
    	
 
    	
GERMANY
    
	
AVERY   DENNISON MATERIALS SDN BHD
    	
 
    	
MALAYSIA
    
	
AVERY   DENNISON MATERIALS U.K. LIMITED
    	
 
    	
UNITED   KINGDOM
    
	
AVERY   DENNISON MATERIALS UKRAINE LLC
    	
 
    	
UKRAINE
    
	
AVERY   DENNISON MAURITIUS LTD.
    	
 
    	
MAURITIUS
    

 

(1)  Please note that each subsidiary listed on this Schedule 5.04 is a Consolidated Subsidiary.

 

 

	
SUBSIDIARY
    	
 
    	
JURISDICTION IN WHICH
   ORGANIZED
    
	
 
    	
 
    	
 
    
	
AVERY   DENNISON MOROCCO SARL
    	
 
    	
MOROCCO
    
	
AVERY   DENNISON NETHERLANDS INVESTMENT 0 BV
    	
 
    	
NETHERLANDS
    
	
AVERY   DENNISON NETHERLANDS INVESTMENT I BV
    	
 
    	
NETHERLANDS
    
	
AVERY   DENNISON NETHERLANDS INVESTMENT II B. V.
    	
 
    	
NETHERLANDS
    
	
AVERY   DENNISON NETHERLANDS INVESTMENT III BV
    	
 
    	
NETHERLANDS
    
	
AVERY   DENNISON NETHERLANDS INVESTMENT IX BV
    	
 
    	
NETHERLANDS
    
	
AVERY   DENNISON NETHERLANDS INVESTMENT NORTH AMERICA BV
    	
 
    	
NETHERLANDS
    
	
AVERY   DENNISON NETHERLANDS INVESTMENT VI BV
    	
 
    	
NETHERLANDS
    
	
AVERY   DENNISON NETHERLANDS INVESTMENT VII B.V.
    	
 
    	
NETHERLANDS
    
	
AVERY   DENNISON NETHERLANDS INVESTMENT VIII BV
    	
 
    	
NETHERLANDS
    
	
AVERY   DENNISON NETHERLANDS INVESTMENT X B V
    	
 
    	
NETHERLANDS
    
	
AVERY   DENNISON NETHERLANDS INVESTMENT XI COOPERATIEF U.A.
    	
 
    	
NETHERLANDS
    
	
AVERY   DENNISON NETHERLANDS INVESTMENT XII BV
    	
 
    	
NETHERLANDS
    
	
AVERY   DENNISON NETHERLANDS INVESTMENT XIII B.V.
    	
 
    	
NETHERLANDS
    
	
AVERY   DENNISON NETHERLANDS INVESTMENT XIV C.V.
    	
 
    	
NETHERLANDS
    
	
AVERY   DENNISON NETHERLANDS INVESTMENT XV B.V.
    	
 
    	
NETHERLANDS
    
	
AVERY   DENNISON NORDIC ApS
    	
 
    	
DENMARK
    
	
AVERY   DENNISON NTP A. S.
    	
 
    	
NORWAY
    
	
AVERY   DENNISON OFFICE ACCESSORIES U.K. LIMITED
    	
 
    	
UNITED   KINGDOM
    
	
AVERY   DENNISON OFFICE PRODUCTS (PTY.) LTD.
    	
 
    	
SOUTH   AFRICA
    
	
AVERY   DENNISON OFFICE PRODUCTS COMPANY
    	
 
    	
U.S.A.
    
	
AVERY   DENNISON OFFICE PRODUCTS HOLDINGS COMPANY
    	
 
    	
U.S.A.
    
	
AVERY   DENNISON OFFICE PRODUCTS MANUFACTURING U.K. LTD.
    	
 
    	
UNITED   KINGDOM
    
	
AVERY   DENNISON OVERSEAS CORPORATION
    	
 
    	
U.S.A.
    
	
AVERY   DENNISON PENSION TRUSTEE LIMITED
    	
 
    	
UNITED   KINGDOM
    
	
AVERY   DENNISON PERU S. R. L.
    	
 
    	
PERU
    
	
AVERY   DENNISON POLSKA SP. Z O.O.
    	
 
    	
POLAND
    
	
AVERY   DENNISON PRAHA spol. s r. o.
    	
 
    	
CZECH   REPUBLIC
    
	
AVERY   DENNISON R.I.S. FRANCE S. A. S.
    	
 
    	
FRANCE
    
	
AVERY   DENNISON R.I.S. IBERIA S.L.
    	
 
    	
SPAIN
    
	
AVERY   DENNISON R.I.S. ITALIA S.R.L.
    	
 
    	
ITALY
    
	
AVERY   DENNISON R.I.S. POLSKA sp.zo.o
    	
 
    	
POLAND
    
	
AVERY   DENNISON RBIS PTY LTD
    	
 
    	
AUSTRALIA
    
	
AVERY   DENNISON RBIS SINGAPORE PTE. LTD.
    	
 
    	
SINGAPORE
    
	
AVERY   DENNISON RETAIL INFORMATION SERVICES (PTY) LTD
    	
 
    	
SOUTH   AFRICA
    
	
AVERY   DENNISON RETAIL INFORMATION SERVICES COLOMBIA S. A.
    	
 
    	
COLOMBIA
    
	
AVERY   DENNISON RETAIL INFORMATION SERVICES de MEXICO, S. A. de C.V.
    	
 
    	
MEXICO
    
	
AVERY   DENNISON RETAIL INFORMATION SERVICES DOMINICAN REPUBLIC, S. A.
    	
 
    	
DOMINICAN   REPUBLIC
    
	
AVERY   DENNISON RETAIL INFORMATION SERVICES EL SALVADOR, LTDA. de C. V.
    	
 
    	
EL   SALVADOR
    
	
AVERY   DENNISON RETAIL INFORMATION SERVICES GUATEMALA, S. A.
    	
 
    	
GUATEMALA
    
	
AVERY   DENNISON RETAIL INFORMATION SERVICES HONDURAS, S. de R.L.
    	
 
    	
HONDURAS
    
	
AVERY   DENNISON RETAIL INFORMATION SERVICES LLC
    	
 
    	
U.S.A.
    
	
AVERY   DENNISON RETAIL INFORMATION SERVICES PERÚ SAC
    	
 
    	
PERU
    
	
AVERY   DENNISON RETAIL INFORMATION SERVICES UK LTD.
    	
 
    	
UNITED   KINGDOM
    
	
AVERY   DENNISON RFID COMPANY
    	
 
    	
U.S.A.
    
	
AVERY   DENNISON RIS KOREA LTD.
    	
 
    	
KOREA
    
	
AVERY   DENNISON RIS MALAYSIA SDN BHD.
    	
 
    	
MALAYSIA
    
	
AVERY   DENNISON RIS TAIWAN LTD.
    	
 
    	
TAIWAN
    
	
AVERY   DENNISON RIS VIETNAM CO. LTD.
    	
 
    	
VIETNAM
    
	
AVERY   DENNISON S.R.L.
    	
 
    	
ROMANIA
    
	
AVERY   DENNISON SCANDINAVIA AB
    	
 
    	
SWEDEN
    
	
AVERY   DENNISON SCANDINAVIA ApS
    	
 
    	
DENMARK
    
	
AVERY   DENNISON SCHWEIZ AG
    	
 
    	
SWITZERLAND
    
	
AVERY   DENNISON SECURITY PRINTING EUROPE ApS
    	
 
    	
DENMARK
    
	
AVERY   DENNISON SHARED SERVICES, INC.
    	
 
    	
U.S.A.
    

 

 

	
SUBSIDIARY
    	
 
    	
JURISDICTION IN WHICH
   ORGANIZED
    
	
 
    	
 
    	
 
    
	
AVERY   DENNISON SINGAPORE (PTE) LTD
    	
 
    	
SINGAPORE
    
	
AVERY   DENNISON SINGAPORE INVESTMENTS B.V.
    	
 
    	
NETHERLANDS
    
	
AVERY   DENNISON SOUTH AFRICA (PROPRIETARY) LIMITED
    	
 
    	
SOUTH   AFRICA
    
	
AVERY   DENNISON SYSTEMES d’ETIQUETAGE FRANCE S.A.S.
    	
 
    	
FRANCE
    
	
AVERY   DENNISON TEKSTIL URUNLERI SANAYI VE TICARET LIMITED SIRKETI
    	
 
    	
TURKEY
    
	
AVERY   DENNISON TREASURY MANAGEMENT BV
    	
 
    	
NETHERLANDS
    
	
AVERY   DENNISON U.K. II LIMITED
    	
 
    	
UNITED   KINGDOM
    
	
AVERY   DENNISON U.K. LIMITED
    	
 
    	
UNITED   KINGDOM
    
	
AVERY   DENNISON VERMOGENSVERWALTUNGS GmbH & Co K.G.
    	
 
    	
GERMANY
    
	
AVERY   DENNISON ZWECKFORM OFFICE PRODUCTS MANUFACTURING GmbH
    	
 
    	
GERMANY
    
	
AVERY   DENNISON, C.A.
    	
 
    	
VENEZUELA
    
	
AVERY   DENNISON, S.A. de C.V.
    	
 
    	
MEXICO
    
	
AVERY   GRAPHIC SYSTEMS, INC.
    	
 
    	
U.S.A.
    
	
AVERY   HOLDING Ltd.
    	
 
    	
UNITED   KINGDOM
    
	
AVERY   HOLDING S.A.S.
    	
 
    	
FRANCE
    
	
AVERY   LLC
    	
 
    	
U.S.A.
    
	
AVERY   OFFICE PRODUCTS PUERTO RICO L.L.C.
    	
 
    	
PUERTO   RICO
    
	
AVERY   PACIFIC LLC
    	
 
    	
U.S.A.
    
	
AVERY   PROPERTIES PTY. LIMITED
    	
 
    	
AUSTRALIA
    
	
BEST   COURAGE INTERNATIONAL LIMITED
    	
 
    	
BRITISH   VIRGIN ISLANDS
    
	
BONFIRE   MANAGEMENT LIMITED
    	
 
    	
BRITISH   VIRGIN ISLANDS
    
	
COLLITEX   S.r.l.
    	
 
    	
ITALY
    
	
CREATERO   GmbH
    	
 
    	
GERMANY
    
	
DENNISON   INTERNATIONAL COMPANY
    	
 
    	
U.S.A.
    
	
DENNISON   MANUFACTURING COMPANY
    	
 
    	
U.S.A.
    
	
EUSTON   FINANCIAL LIMITED
    	
 
    	
BRITISH   VIRGIN ISLANDS
    
	
INDUSTRIAL   DE MARCAS LTDA
    	
 
    	
COLOMBIA
    
	
INFODRAGON   MANAGEMENT LIMITED
    	
 
    	
BRITISH   VIRGIN ISLANDS
    
	
JAC   ASIA PACIFIC SDN BHD
    	
 
    	
MALAYSIA
    
	
JAC   CARIBE C.s.Z.
    	
 
    	
DOMINICAN   REPUBLIC
    
	
JAC   DO BRASIL - LOCAÇÃO DE EQUIPAMENTOS INDUSTRIAIS LTDA
    	
 
    	
BRAZIL
    
	
JAC   NEW ZEALAND LIMITED
    	
 
    	
NEW   ZEALAND
    
	
JACKSTADT   FRANCE S.N.C.
    	
 
    	
FRANCE
    
	
JACKSTADT   SOUTH AFRICA (PTY) LTD.
    	
 
    	
SOUTH   AFRICA
    
	
JINTEX   LIMITED
    	
 
    	
JERSEY
    
	
KUNSHAN   DAHMEI WEAVING CO. LTD
    	
 
    	
CHINA
    
	
L&E   AMERICAS SERVICIOS, S. A. de C.V.
    	
 
    	
MEXICO
    
	
MARKSTAR   INTERNATIONAL LIMITED
    	
 
    	
HONG   KONG
    
	
MODERN   MARK INTERNATIONAL LIMITED
    	
 
    	
HONG   KONG
    
	
MONARCH   MARKING (S.E.A.) PTE. LTD
    	
 
    	
SINGAPORE
    
	
MONARCH   MARKING SYSTEMS HOLDINGS LTD
    	
 
    	
UNITED   KINGDOM
    
	
NAPERVILLE   GLOBAL LIMITED
    	
 
    	
BRITISH   VIRGIN ISLANDS
    
	
NEW   WALES FINANCE LIMITED
    	
 
    	
BRITISH   VIRGIN ISLANDS
    
	
NEWCLASSIC   INVESTMENT LIMITED
    	
 
    	
BRITISH   VIRGIN ISLANDS
    
	
P.   T. PACIFIC LABEL INDONESIA
    	
 
    	
INDONESIA
    
	
P.   T. PAXAR INDONESIA
    	
 
    	
INDONESIA
    
	
PAXAR   (CHINA) LTD.
    	
 
    	
HONG   KONG
    
	
PAXAR   (THAILAND) LIMITED
    	
 
    	
THAILAND
    
	
PAXAR   B. V.
    	
 
    	
NETHERLANDS
    
	
PAXAR   BANGLADESH LIMITED
    	
 
    	
BANGLADESH
    
	
PAXAR   CANADA CORPORATION
    	
 
    	
CANADA
    
	
PAXAR   CORPORATION
    	
 
    	
U.S.A.
    
	
PAXAR   CORPORATION (MALAYSIA) SDN. BHD.
    	
 
    	
MALAYSIA
    
	
PAXAR   DE COLOMBIA FTZ LTDA.
    	
 
    	
COLOMBIA
    
	
PAXAR   de EL SALVADOR S. A. de C. V.
    	
 
    	
EL   SALVADOR
    
	
PAXAR   de GUATEMALA, S. A.
    	
 
    	
GUATEMALA
    
	
PAXAR   de MEXICO S. A. de C. V.
    	
 
    	
MEXICO
    
	
PAXAR   DE NICARAGUA. S.A.
    	
 
    	
NICARAGUA
    

 

 

	
SUBSIDIARY
    	
 
    	
JURISDICTION IN WHICH
   ORGANIZED
    
	
 
    	
 
    	
 
    
	
PAXAR   DO BRASIL LTDA
    	
 
    	
BRAZIL
    
	
PAXAR   FAR EAST LIMITED
    	
 
    	
HONG   KONG
    
	
PAXAR   KOREA LTD.
    	
 
    	
KOREA
    
	
PAXAR   PACKAGING (GUANGZHOU) LTD.
    	
 
    	
CHINA
    
	
PAXAR   PAKISTAN (PRIVATE) LIMITED
    	
 
    	
PAKISTAN
    
	
PT   AVERY DENNISON INDONESIA
    	
 
    	
INDONESIA
    
	
PT   AVERY DENNISON PACKAGING INDONESIA
    	
 
    	
INDONESIA
    
	
RVL   AMERICAS, S de R.L. de C.V.
    	
 
    	
MEXICO
    
	
RVL   CENTRAL AMERICA, S. A.
    	
 
    	
GUATEMALA
    
	
RVL   PACKAGING FAR EAST LIMITED
    	
 
    	
HONG   KONG
    
	
RVL   SERVICE, S. DE R. L. de C. V.
    	
 
    	
MEXICO
    
	
SECURITY   PRINTING DIVISION, INC.
    	
 
    	
U.S.A.
    
	
SINGAPORE   LACES & LABELS (PTE) LIMITED
    	
 
    	
SINGAPORE
    
	
SKILLFIELD   INVESTMENTS LIMITED
    	
 
    	
BRITISH   VIRGIN ISLANDS
    
	
SU   ZHOU JI ZHONG GARMENTS ACCESSORY CO. LTD.
    	
 
    	
CHINA
    
	
SUZHOU   FENG YI HENG YE DYE CO., LTD.
    	
 
    	
CHINA
    
	
TIGER   EIGHT GROUP LIMITED
    	
 
    	
BRITISH   VIRGIN ISLANDS
    
	
WORLDWIDE   RISK INSURANCE, INC.
    	
 
    	
U.S.A.
    

 

 

SCHEDULE 10.02

 

ADMINISTRATIVE AGENT’S OFFICE;
 CERTAIN ADDRESSES FOR NOTICES

 

	
AVERY   DENNISON CORPORATION:
    	
 
    
	
207   Good Avenue
    	
 
    
	
Glendale,   California 91203
    	
 
    
	
Attention:
    	
Todd   George, Vice President and Treasurer
    	
 
    
	
Telephone:
    	
626.304.2051
    	
 
    
	
Telecopier:
    	
626.304.2319
    	
 
    
	
Website   Address:   www.averydennison.com
    	
 
    
	
U.S.   Taxpayer Identification Number: 95-1492269
    	
 
    
	
 
    	
 
    
	
ADMINISTRATIVE   AGENT:
    	
 
    
	
 
    	
 
    
	
Administrative Agent’s Office
    	
 
    
	
 (for payments and   Requests for Borrowings):
    	
 
    
	
Bank   of America, N.A.
    	
 
    
	
One   Independence Center
    	
 
    
	
101   N. Tryon Street
    	
 
    
	
Mail   Code:  NC1-001-05-46
    	
 
    
	
Charlotte,   North Carolina 28255
    	
 
    
	
Attention:
    	
Rose   Bollard
    	
 
    
	
Telephone:
    	
980.386.2881
    	
 
    
	
Telecopier:
    	
704.409.0355
    	
 
    
	
Electronic   Mail:  rose.bollard@baml.com
    	
 
    
	
 
    	
 
    
	
USD   PAYMENT INSTRUCTIONS:
    	
 
    
	
Bank   of America
    	
 
    
	
New   York NY
    	
 
    
	
ABA   026009593
    	
 
    
	
Acct   #1366212250600
    	
 
    
	
Acct   Name:  Corporate Credit Services
    	
 
    
	
Ref:  Avery Dennison
    	
 
    
	
 
    	
 
    
	
EUR   PAYMENT INSTRUCTIONS:
    	
 
    
	
Bank   of America London
    	
 
    
	
ABAN:  GB63 BOFA 1650 5096 2720 19
    	
 
    
	
Swift   Address:  BOFAGB22
    	
 
    
	
Acct   #96272019
    	
 
    
	
Attn:  Grand Cayman Unit #1207
    	
 
    
	
Ref:  Avery Dennison
    	
 
    

 

 

	
GBP   PAYMENT INSTRUCTIONS:
    	
 
    
	
Bank   of America London
    	
 
    
	
Sort   Code:  165050
    	
 
    
	
ABAN:  GB41 BOFA 1650 5096 2720 27
    	
 
    
	
Swift   Address:  BOFAGB22
    	
 
    
	
Acct   #96272027
    	
 
    
	
Attn:  Grand Cayman Unit #1207
    	
 
    
	
Ref:  Avery Dennison
    	
 
    
	
 
    	
 
    
	
Other Notices as Administrative Agent:
    	
 
    
	
Bank   of America, N.A.
    	
 
    
	
Agency   Management
    	
 
    
	
555   California Street, 4th Floor
    	
 
    
	
Mail   Code:  CA5-705-04-09
    	
 
    
	
San   Francisco, CA 94104
    	
 
    
	
Attention:
    	
Anthea   Del Bianco
    	
 
    
	
Telephone:
    	
415.436.2776
    	
 
    
	
Telecopier:
    	
415.503.5101
    	
 
    
	
Electronic Mail:  anthea.del_bianco@baml.com
    	
 
    
	
 
    	
 
    
	
with a copy to:
    	
 
    
	
 
    	
 
    
	
Bank   of America, N.A.
    	
 
    
	
Attention:
    	
Arthur   Ng
    	
 
    
	
Telephone:
    	
415.913.4771
    	
 
    
	
Electronic Mail:  arthur.ng@baml.com
    	
 
    

 

 

EXHIBIT A

 

FORM OF LOAN NOTICE

 

Date:                        ,         

 

To:                             Bank of America, N.A., as Administrative Agent

 

Ladies and Gentlemen:

 

Reference is made to that certain Third Amended and Restated Credit Agreement, dated as of October 3, 2014 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among Avery Dennison Corporation, a Delaware corporation (the “Borrower”), the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent.

 

The undersigned hereby requests (select one):

 

o  A Borrowing of Loans                                    o  A conversion or continuation of Loans

 

1.                                      On                                          (a Business Day).

 

2.                                      In the amount of $                                        .

 

3.                                      Comprised of                                                             .

                                              [Type of Loan requested]

 

4.                                      In the following currency:                                           .

 

5.                                      For Eurocurrency Rate Loans:  with an Interest Period of        months.

 

The Borrowing, if any, requested herein complies with the proviso to the first sentence of Section 2.01 of the Agreement.

 

 

	
 
    	
AVERY DENNISON CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    

 

A-1

 

EXHIBIT B

 

FORM OF NOTE

 

FOR VALUE RECEIVED, the undersigned (the “Borrower”), hereby promises to pay to                                            or registered assigns (the “Lender”), in accordance with the provisions of the Agreement (as hereinafter defined), the principal amount of each Loan from time to time made by the Lender to the Borrower under that certain Third Amended and Restated Credit Agreement, dated as of October 3, 2014 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among the Borrower, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent.

 

The Borrower promises to pay interest on the unpaid principal amount of each Loan from the date of such Loan until such principal amount is paid in full, at such interest rates and at such times as provided in the Agreement.  All payments of principal and interest shall be made to the Administrative Agent for the account of the Lender in the currency in which such Loan was denominated in Same Day Funds at the Administrative Agent’s Office.  If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Agreement.

 

This Note is one of the Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein.  Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Note shall become, or may be declared to be, immediately due and payable all as provided in the Agreement.  Loans made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may also attach schedules to this Note and endorse thereon the date, amount and maturity of its Loans and payments with respect thereto.

 

The Borrower, for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this Note.

 

THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA.

 

	
 
    	
AVERY   DENNISON CORPORATION
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    

 

B-1

 

LOANS AND PAYMENTS WITH RESPECT THERETO

 

	
Date
    	
 
    	
Type of
   Loan Made
    	
 
    	
Amount of
   Loan Made
    	
 
    	
End of
   Interest
   Period
    	
 
    	
Amount of
   Principal or
   Interest Paid
   This Date
    	
 
    	
Outstanding
   Principal
   Balance This
   Date
    	
 
    	
Notation
   Made By
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

B-2

 

EXHIBIT C

 

FORM OF COMPLIANCE CERTIFICATE

 

Financial Statement Date:                               ,

 

To:                             Bank of America, N.A., as Administrative Agent

 

Ladies and Gentlemen:

 

Reference is made to that certain Third Amended and Restated Credit Agreement dated as of October 3, 2014 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement;” the terms defined therein being used as therein defined), among Avery Dennison Corporation, a Delaware corporation (the “Borrower”), each lender from time to time party thereto (collectively, the “Lenders”) and Bank of America, N.A., as Administrative Agent (the “Administrative Agent”).

 

I,                                     , hereby certify that I am a Designated Officer of the Borrower holding the office set forth below my signature as of the date hereof and that:

 

1. Based on the duly certified financial statements delivered concurrently with this Certificate, as of the date thereof:

 

	
A.
    	
LEVERAGE   RATIO (Section 7.07(a))
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
1.
    	
Consolidated   Debt
    	
 
    	
$
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
2.
    	
Consolidated   EBITDA
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
a.
    	
Consolidated   Net Income:
    	
 
    	
$
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
b.
    	
Consolidated   Interest:
    	
 
    	
$
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
c.
    	
Provision   for income taxes:
    	
 
    	
$
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
d.
    	
Depreciation   and amortization expense:
    	
 
    	
$
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
e.
    	
Non-cash   expenses which do not represent usage of cash
    	
 
    	
$
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
f.
    	
Total   (Lines A.2.a + b + c + d + e):
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
     $
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
3.
    	
Leverage   Ratio (Line A.1 ÷ Line A.2.f)
    	
 
    	
to 1
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Maximum   permitted Leverage Ratio: 3.50 to 1.00
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
B.
    	
RATIO   OF CONSOLIDATED EARNINGS BEFORE INTEREST
    	
 
    	
 
    
	
 
    	
AND   TAXES TO CONSOLIDATED INTEREST (Section 7.07(b))
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
1.
    	
Consolidated   Earnings Before Interest and Taxes
    	
 
    	
$
    

 

C-1

 

	
 
    	
2.
    	
Consolidated   Interest
    	
 
    	
$
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
3.
    	
Ratio   of Consolidated Earnings Before Interest and Taxes
    	
 
    	
 
    
	
 
    	
 
    	
to   Consolidated Interest (Line B.1 ÷ Line B.2)
    	
 
    	
to 1
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Required minimum: Ratio to be   3.00 to 1.00 or more
    	
 
    	
 
    

 

2. The following constitutes a further explanation of the manner in which the foregoing data relate to the attached financial statements to the extent not readily apparent:

 

 

 

3. I have reviewed the activities of the Borrower and its Subsidiaries during the fiscal period covered by the attached financial statements to the extent necessary to permit me to deliver this Certificate to the Administrative Agent on behalf of the Borrower.

 

[Use following paragraph 4 for fiscal year-end financial statements]

 

4. The Borrower has delivered the year-end audited financial statements required by Section 6.01(b) of the Credit Agreement for the fiscal year of the Borrower ended as of the above date, together with the report and opinion of an independent certified public accountant required by such section.

 

[Use following paragraph 4 for fiscal quarter-end financial statements]

 

4. The Borrower has delivered the unaudited financial statements required by Section 6.01(a) of the Credit Agreement for the fiscal quarter of the Borrower ended as of the above date.  Such financial statements fairly present the financial condition, results of operations and cash flows of the Borrower and its Subsidiaries in accordance with GAAP as at such date and for such period, subject only to normal year-end audit adjustments and the absence of footnotes.

 

5. The undersigned has reviewed and is familiar with the terms of the Credit Agreement and has made, or has caused to be made under his/her supervision, a review of the activities of the Borrower during such fiscal period with a view to determining whether during such fiscal period the Borrower performed and observed all its Obligations under the Loan Documents, and

 

[select one:]

 

[no Default has occurred and is continuing.] —or—

 

[a Default has occurred and is continuing.]

 

C-2

 

IN WITNESS WHEREOF, I have signed this Compliance Certificate on behalf of Avery Dennison Corporation on this              day of                 , 20    .

 

	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    

 

C-3

 

EXHIBIT D

 

FORM OF ASSIGNMENT AND ASSUMPTION

 

This Assignment and Assumption (this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between [the][each](2) Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each](3) Assignee identified in item 2 below ([the][each, an] “Assignee”).  [It is understood and agreed that the rights and obligations of [the Assignor][the Assignors][the Assignee][the Assignees](4) hereunder are several and not joint.](5)  Capitalized terms used but not defined herein shall have the meanings given to them in the Third Amended and Restated Credit Agreement identified below (the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee.  The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.

 

For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the Assignor][the respective Assignors] under the respective facilities identified below (including, without limitation, the Letters of Credit and the Swing Line Loans included in such facilities(6)) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in their respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned 

 

(2)  For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose the first bracketed language.  If the assignment is from multiple Assignors, choose the second bracketed language.

 

(3)  For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first bracketed language.  If the assignment is to multiple Assignees, choose the second bracketed language.

 

(4)  Select as appropriate.

 

(5)  Include bracketed language if there are either multiple Assignors or multiple Assignees.

 

(6)  Include all applicable subfacilities.

 

D-1

 

pursuant to clause (i) above (the rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as [the][an] “Assigned Interest”).  Each such sale and assignment is without recourse to [the][any] Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by [the][any] Assignor.

 

1.                                      Assignor[s]:

 

2.                                      Assignee[s]:

 

[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]]

 

3.                                      Borrower:                                          Avery Dennison Corporation

 

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

 

5.                                      Credit Agreement:                                             Third Amended and Restated Credit Agreement, dated as of October 3, 2014, among Avery Dennison Corporation, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent

 

6.                                      Assigned Interest[s]:

 

	
Assignor[s](7)
    	
 
    	
Assignee[s](8)
    	
 
    	
Aggregate
   Amount of
   Commitment
   for all Lenders(9)
    	
 
    	
Amount of
   Commitment
   Assigned
    	
 
    	
Percentage
   Assigned of
   Commitment(10)
    	
 
    	
CUSIP
   Number
    
	
 
    	
 
    	
 
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    	
 
    	
%
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    	
 
    	
%
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    	
 
    	
%
    	
 
    

 

[7.                                  Trade Date:                               ]  (11)

 

(7)  List each Assignor, as appropriate.

 

(8)  List each Assignee, as appropriate.

 

(9)  Amounts in this column and in the column immediately to the right to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date.

 

(10)  Set forth, to at least 9 decimals, as a percentage of the Commitment of all Lenders thereunder.

 

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

 

D-2

 

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

 

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

 

	
 
    	
ASSIGNOR
    
	
 
    	
 
    
	
 
    	
[NAME   OF ASSIGNOR]
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ASSIGNEE
    
	
 
    	
 
    
	
 
    	
[NAME   OF ASSIGNEE]
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
[Consented   to and] (12) Accepted:
    	
 
    
	
 
    	
 
    
	
BANK   OF AMERICA, N.A., as
    	
 
    
	
 Administrative   Agent
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
[Consented   to:](13)
    	
 
    
	
 
    	
 
    
	
[AVERY   DENNISON CORPORATION]
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    

 

(12)   To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement.

 

(13)    To be added if the consent of the Borrower is required by the terms of the Credit Agreement.

 

D-3

 

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION

 

STANDARD TERMS AND CONDITIONS FOR

 

ASSIGNMENT AND ASSUMPTION

 

1.         Representations and Warranties.

 

1.1.     Assignor.  [The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the][[the relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document.

 

1.2.     Assignee.  [The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all the requirements to be an Eligible Assignee (subject to such consents, if any, as may be required under Section 10.06(b)(iii) of the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by [the][such] Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire [the][such] Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 6.01 thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, (vi) it 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 Assignment and Assumption and to purchase [the][such] Assigned Interest, and (vii) if it is a Foreign Lender, attached hereto is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by [the][such] Assignee; and (b) agrees that (i) it will, independently and without reliance upon the Administrative Agent, [the][any] Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the

 

D-4

 

Loan Documents are required to be performed by it as a Lender.

 

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

 

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

 

D-5

 

EXHIBIT E-1

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Not Partnerships 
 For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to the Third Amended and Restated Credit Agreement, dated as of October 3, 2014 (as extended, renewed, amended or restated from time to time, the “Credit Agreement”), among Avery Dennison Corporation, a Delaware corporation (the “Borrower”), the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent.

 

Pursuant to the provisions of Section 3.01(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 881(c)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN, IRS Form W-8BEN-E or any successor form.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent in writing, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	
[NAME   OF LENDER]
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:
    	
 
    
	
Title:
    	
 
    
	
 
    	
 
    
	
Date:                               ,
    	
 
    
			

 

D-6

 

EXHIBIT E-2

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

 (For Foreign Participants That Are Not Partnerships 
 For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to the Third Amended and Restated Credit Agreement, dated as of October 3, 2014 (as extended, renewed, amended or restated from time to time, the “Credit Agreement”), among Avery Dennison Corporation, a Delaware corporation (the “Borrower”), the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent.

 

Pursuant to the provisions of Section 3.01(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished its participating Lender with a certificate of its non-U.S.  Person status on IRS Form W-8BEN, IRS Form W-8BEN-E or any successor form.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	
[NAME   OF PARTICIPANT]
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:
    	
 
    
	
Title:
    	
 
    
	
 
    	
 
    
	
Date:                               ,
    	
 
    
			

 

 

EXHIBIT E-3

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Partnerships 
 For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to the Third Amended and Restated Credit Agreement, dated as of October 3, 2014 (as extended, renewed, amended or restated from time to time, the “Credit Agreement”), among Avery Dennison Corporation, a Delaware corporation (the “Borrower”), the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent.

 

Pursuant to the provisions of Section 3.01(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect to such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 881(c)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN, IRS Form W-8BEN-E or any successor form or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN, IRS Form W-8BEN-E or any successor form from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	
[NAME   OF PARTICIPANT]
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:
    	
 
    
	
Title:
    	
 
    
	
 
    	
 
    
	
Date:                               ,
    	
 
    
			

 

 

EXHIBIT E-4

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

 (For Foreign Lenders That Are Partnerships 
 For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to the Third Amended and Restated Credit Agreement, dated as of October 3, 2014 (as extended, renewed, amended or restated from time to time, the “Credit Agreement”), among Avery Dennison Corporation, a Delaware corporation (the “Borrower”), the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent.

 

Pursuant to the provisions of Section 3.01(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 881(c)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN, IRS Form W-8BEN-E or any successor form or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN, IRS Form W-8BEN-E or any successor form from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent in writing, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	
[NAME   OF LENDER]
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:
    	
 
    
	
Title:
    	
 
    
	
 
    	
 
    
	
Date:                               ,EX-10.1

 Exhibit 10.1 

Execution Version 

WAIVER, SECOND AMENDMENT TO THIRD AMENDED AND 

RESTATED CREDIT AGREEMENT AND JOINDER 

THIS WAIVER, SECOND AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT AND JOINDER (this
“Amendment”), dated as of September 30, 2014, is by and among LEHIGH GAS PARTNERS LP, a Delaware limited partnership (the “Partnership”), LEHIGH GAS WHOLESALE SERVICES, INC., a Delaware
corporation (“Services” and together with the Partnership, the “Borrowers”), the Material Domestic Subsidiaries of the Partnership party hereto (collectively, the “Guarantors”), the Lenders (as
defined below) party hereto and CITIZENS BANK OF PENNSYLVANIA, as administrative agent on behalf of the Lenders under the Credit Agreement (as hereinafter defined) (in such capacity, the “Administrative Agent”). Capitalized
terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement. 
 W I T N E S S E T
H 
 WHEREAS, the Borrowers, the Guarantors, certain banks and financial institutions from time to time party
thereto (the “Lenders”) and the Administrative Agent are parties to that certain Third Amended and Restated Credit Agreement dated as of March 4, 2014 (as amended by that certain First Amendment to Third Amended and Restated
Credit Agreement dated as of July 2, 2014 and as further amended , modified, extended, restated, replaced, or supplemented from time to time, the “Credit Agreement”); 

WHEREAS, the Borrowers have notified the Administrative Agent that they are requesting an increase to the Revolving
Committed Amount (the “Revolver Increase”) in an aggregate principal amount of $100,000,000; 

WHEREAS, the Credit Parties have informed the Administrative Agent that the Partnership will change its registered
legal name to CrossAmerica Partners LP on or after October 1, 2014 (the “Name Change”); 

WHEREAS, pursuant to Section 6.8 of the Credit Agreement, the Credit Parties are required to provide thirty
(30) days prior written notice of the Name Change to the Administrative Agent (the “Notice Requirement”); 

WHEREAS, the Credit Parties have requested that the Administrative Agent waive the Notice Requirement with respect to
the Name Change; 
 WHEREAS, the Credit Parties have requested that the Required Lenders amend certain provisions of
the Credit Agreement; and 
 WHEREAS, (i) such Lenders are willing to provide the Revolver Increase,
(ii) the Administrative Agent is willing to waive the Notice Requirement and (iii) the Required Lenders are willing to make such amendments to the Credit Agreement, in accordance with and subject to the terms and conditions set forth
herein. 

 NOW, THEREFORE, in consideration of the agreements hereinafter set forth,
and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 
 WAIVER

 1.1     Waiver. Notwithstanding the provisions of the Credit Agreement to the
contrary, the Administrative Agent hereby irrevocably waives, on a one time basis and solely with respect to the Name Change, the Notice Requirement. 

1.2     Effectiveness of Waiver. This Waiver shall be effective only to the extent
specifically set forth herein and shall not (a) be construed as a consent to or waiver of any breach, Default or Event of Default other than as specifically consented to herein nor as a consent to any breach, Default or Event of Default of
which the Lenders have not been informed by the Credit Parties, (b) affect the right of the Lenders to demand compliance by the Credit Parties with all terms and conditions of the Credit Parties, except as specifically consented to herein,
(c) be deemed a consent to any transaction or future action on the part of the Credit Parties requiring the Lenders’ or the Required Lenders’ consent or approval under the Credit Documents, except as specifically set forth herein or
(d) except as set forth herein, be deemed or construed to be a waiver or release of, or a limitation upon, the Administrative Agent’s or the Lenders’ exercise of any rights or remedies under the Credit Agreement or any other Credit
Document, whether arising as a consequence of any Default or Event of Default which may now exist or otherwise, all such rights and remedies hereby being expressly reserved. 

ARTICLE II 
 AMENDMENT
TO CREDIT AGREEMENT 
 2.1     Amendments to Credit Agreement. From and after the
Amendment Effective Date (as hereinafter defined), the Credit Agreement is amended pursuant to this Amendment and amendments to the Credit Agreement prior to the date hereof to delete the stricken text (indicated textually in the same manner as the
following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the
following example: double-underlined text) as set forth in the pages of the
Credit Agreement attached as Annex A to this Amendment. 
 2.2     Amendments
to Schedules and Exhibits. From and after the Amendment Effective Date, those certain Schedules and Exhibits attached as Annex B to this Amendment shall replace the corresponding Schedules and Exhibits to the Credit Agreement to
reflect amendments pursuant to this Amendment and amendments to the Credit Agreement prior to the date hereof. All other Schedules and Exhibits to the Credit Agreement shall not be modified or otherwise affected. 

  
 2 

 2.3     Credit Agreement Governs. Except as set
forth in this Amendment and in the form of the Credit Agreement attached hereto as Annex A to this Amendment, the Revolving Facility Increase shall be of the same Class as the Revolving Loans, shall have identical terms as the Revolving
Loans and shall otherwise be subject to the provisions, including any provisions restricting the rights, or regarding the obligations, of the Credit Parties or any provisions regarding the rights of the Lenders, of the Credit Agreement and the other
Credit Documents. 
 2.4     Incremental Facility. For the avoidance of doubt, the
Revolver Increase contemplated by this Amendment shall not reduce the incremental facility permitted by Section 2.22 of the Credit Agreement. 

ARTICLE III 
 JOINDER

 Services is currently a “Guarantor” under the Credit Agreement. The Partnership elects to join Services as
a Borrower under the Credit Agreement. 
 Accordingly, Services and the Partnership hereby agree as follows with the
Administrative Agent, for the benefit of the Lenders: 
 Services hereby acknowledges, agrees and confirms that, by its
execution of this Amendment, Services will be deemed to be a “Borrower” under the Credit Agreement and shall have all of the obligations of a Borrower thereunder as if it had executed the Credit Agreement in such capacity. Services hereby
ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions applicable to the Credit Parties contained in the applicable Credit Documents, including, without limitation (a) all of the representations
and warranties set forth in Article III of the Credit Agreement and (b) all of the affirmative and negative covenants set forth in Articles V and VI of the Credit Agreement. 

The Partnership confirms that the Credit Agreement is, and upon Services becoming a Borrower thereunder, shall continue to be,
in full force and effect. The parties hereto confirm and agree that immediately upon Services becoming a Borrower, Services shall cease to be a “Guarantor” under the Credit Agreement and shall instead be a Borrower thereunder. 

ARTICLE IV 
 CONDITIONS
TO EFFECTIVENESS 
 4.1     Closing Conditions. This Amendment shall become effective
on the date hereof (the “Amendment Effective Date”) upon satisfaction of the following conditions (in each case, in form and substance reasonably acceptable to the Administrative Agent): 

(a)     Executed Amendment. The Administrative Agent shall have received a copy of
this Amendment duly executed by each of the Credit Parties, the Required Lenders, the Lenders providing the Revolver Increase and the Administrative Agent. 

  
 3 

 (b)     Revolver Increase. The
Administrative Agent shall have received an officer’s certificate signed by an authorized officer of the Partnership attaching updated financial projections demonstrating that, after giving effect to the Revolver Increase on the Amendment
Effective Date and any borrowings thereunder on the Amendment Effective Date for such Revolver Increase on a Pro Forma Basis, the Borrowers will be in compliance with the financial covenants set forth in Section 5.9 of the Credit Agreement.

 (c)     Organizational Documents. The Administrative Agent shall have received
the following, each in form and substance reasonably satisfactory to the Administrative Agent, an officer’s certificate (A) certifying that the articles of incorporation or other organizational documents, as applicable, of each Credit
Party (other than Services) that were delivered on the Closing Date or the date on which any Credit Party was joined as a Guarantor pursuant to a Joinder Agreement (the “Joinder Date”) remain true and complete as of the Amendment
Effective Date (or certified updates as applicable), (B) attaching a copy of the certified articles of incorporation of Services certified (x) by an officer of Services as of the Amendment Effective Date to be true and correct and in force
and effect as of such date, and (y) to be true and complete as of a recent date by the Secretary of State of the State of Delaware, (C) certifying that the bylaws, operating agreements or partnership agreements of each Credit Party (other
than Services) that were delivered on the Closing Date or Joinder Date remain true and correct and in force and effect as of the Amendment Effective Date (or certified updates as applicable), (D) attaching a copy of the bylaws of Services
certified by an officer of Services as of the Amendment Effective Date to be true and correct and in force and effect as of the Amendment Effective Date, (E) certifying that the resolutions of the board of directors of each Credit Party (other
than Services) that were delivered on the Closing Date or Joinder Date remain true and correct and in force and effect as of the Amendment Effective Date, (F) attaching a copy of the resolutions of the board of directors of Services approving
and adopting the Credit Documents, as amended by this Amendment, the Transactions and authorizing execution and delivery thereof, certified by an officer of Services as of the Amendment Effective Date to be true and correct and in force and effect
as of such date, (G) attaching certificates of good standing, existence or its equivalent with respect to each Credit Party certified as of a recent date by the appropriate Governmental Authorities of the state of incorporation or organization
and (H) certifying that each officer listed in the incumbency certification contained in each Credit Party’s Secretary’s Certificate, delivered on the Closing Date or Joinder Date remains a duly elected and qualified officer of such
Credit Party and such officer remains duly authorized to execute and deliver on behalf of such Credit Party the Amendment or attaching a new incumbency certificate for each officer signing this Amendment. 

(d)     Legal Opinion. The Administrative Agent shall have received an opinion or
opinions of counsel for the Credit Parties, dated the Amendment Effective Date and addressed to the Administrative Agent and the Lenders, which shall be in form and substance satisfactory to the Administrative Agent. 

  
 4 

 (e)     Solvency Certificate. The
Administrative Agent shall have received an officer’s certificate prepared by the chief financial officer or other Authorized Officer approved by the Administrative Agent of the Partnership as to the financial condition, solvency and related
matters of the Credit Parties and their Subsidiaries, after giving effect to the Amendment and the initial borrowings on the Amendment Effective Date, if any, pursuant to the Revolver Increase. 

(f)     Default. Both before and after giving effect to this Amendment, no Default
or Event of Default shall exist. 
 (g)     Fees and Expenses. The Administrative
Agent shall have received from the Borrowers all fees and expenses that are payable in connection with the consummation of the transactions contemplated hereby and King & Spalding LLP shall have received from the Borrowers payment of all
outstanding fees and expenses previously incurred and all fees and expenses incurred in connection with this Amendment. 

(h)     Miscellaneous. All other documents and legal matters in connection with the
transactions contemplated by this Amendment shall be reasonably satisfactory in form and substance to the Administrative Agent and its counsel. 

ARTICLE V 
 MISCELLANEOUS

 5.1     Amended Terms. On and after the Amendment Effective Date, all references to
the Credit Agreement in each of the Credit Documents shall hereafter mean the Credit Agreement as amended by this Amendment. Except as specifically amended hereby or otherwise agreed, the Credit Agreement is hereby ratified and confirmed and shall
remain in full force and effect according to its terms. This Amendment shall not (a) be construed as a waiver of any breach, Default or Event of Default, (b) affect the right of the Lenders to demand compliance by the Credit Parties with
all terms and conditions of the Credit Documents, except as specifically modified by this Amendment, (c) be deemed a waiver of any transaction or future action on the part of the Credit Parties requiring the Lenders’ or the Required
Lenders’ consent or approval under the Credit Documents, or (d) be deemed or construed to be a waiver or release of, or a limitation upon, the Administrative Agent’s or the Lenders’ exercise of any rights or remedies under the
Credit Agreement or any other Credit Document, whether arising as a consequence of any Default or Event of Default which may now exist or otherwise, all such rights and remedies hereby being expressly reserved. 

5.2     Representations and Warranties of Credit Parties. Each of the Credit Parties
represents and warrants as follows: 
 (a)     It has taken all necessary action to
authorize the execution, delivery and performance of this Amendment. 

  
 5 

 (b)     This Amendment has been duly executed
and delivered by such Person and constitutes such Person’s legal, valid and binding obligation, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization,
fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity). 

(c)     No consent, approval, authorization or order of, or filing, registration or
qualification with, any court or governmental authority or third party is required in connection with the execution, delivery or performance by such Person of this Amendment. 

(d)     The representations and warranties set forth in Article III of the Credit
Agreement are true and correct in all material respects on and as of the date hereof as if made on and as of the date hereof, except to the extent that any such representation and warranty specifically relate to an earlier date, in which case such
representations and warranties shall have been true and correct in all material respects on and as of such earlier date; provided that, in each case, such materiality qualifier shall not be applicable to any representations and warranties
that already are qualified or modified by materiality in the text thereof. 
 (e)    
Both before and after giving effect to this Amendment, no event has occurred and is continuing which constitutes a Default or an Event of Default. 

(f)     The Security Documents continue to create a valid security interest in, and Lien
upon, the Collateral, in favor of the Administrative Agent, for the benefit of the Lenders, which security interests and Liens are perfected in accordance with the terms of the Security Documents and prior to all Liens other than Permitted Liens.

 (g)     The Credit Party Obligations are not reduced or modified by this Amendment
and are not subject to any offsets, defenses or counterclaims. 
 5.3     Reaffirmation of Credit
Party Obligations. Each Credit Party hereby ratifies the Credit Agreement, as amended by this Amendment, and acknowledges and reaffirms (a) that it is bound by all terms of the Credit Agreement, as amended by this Amendment, applicable
to it and (b) that it is responsible for the observance and full performance of its respective Credit Party Obligations. 

5.4     Credit Document. This Amendment shall constitute a Credit Document under the terms
of the Credit Agreement. 
 5.5     Expenses. The Borrowers agree to pay all reasonable
costs and expenses of the Administrative Agent in connection with the preparation, execution and delivery of this Amendment, including without limitation the reasonable fees and expenses of the Administrative Agent’s legal counsel. 

  
 6 

 5.6     Further Assurances. The Credit Parties
agree to promptly take such action, upon the request of the Administrative Agent, as is necessary to carry out the intent of this Amendment. 

5.7     Entirety. This Amendment and the other Credit Documents embody the entire agreement
among the parties hereto and supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof. 

5.8     Counterparts; Telecopy. This Amendment may be executed in any number of
counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument. Delivery of an executed counterpart to this Amendment by telecopy or other electronic means shall be
effective as an original and shall constitute a representation that an original will be delivered. 

5.9     No Actions, Claims, Etc. As of the date hereof, each of the Credit Parties hereby
acknowledges and confirms that it has no knowledge of any actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in equity, against the Administrative Agent, the Lenders, or the Administrative
Agent’s or the Lenders’ respective officers, employees, representatives, agents, counsel or directors arising from any action by such Persons, or failure of such Persons to act under the Credit Agreement on or prior to the date hereof.

 5.10     GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

5.11     Successors and Assigns. This Amendment shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns. 
 5.12     Consent to
Jurisdiction; Service of Process; Waiver of Jury Trial. The jurisdiction, service of process and waiver of jury trial provisions set forth in Sections 9.13 and 9.16 of the Credit Agreement are hereby incorporated by reference,
mutatis mutandis. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 7 

 LEHIGH GAS PARTNERS LP 

WAIVER, SECOND AMENDMENT TO THIRD AMENDED AND 

RESTATED CREDIT AGREEMENT AND JOINDER 

IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly executed on the date first above written. 

 

			
	 BORROWERS:
	  	 LEHIGH GAS PARTNERS LP,

		  	 a Delaware limited partnership

		
		  	 By: Lehigh Gas GP LLC, its general partner

		
		  	 By: /s/ Joseph V. Topper,
Jr.                                 

		  	 Name: Joseph V. Topper, Jr.

		  	 Title:   Chief Executive Officer

		
		  	 LEHIGH GAS WHOLESALE

		  	 SERVICES, INC., a Delaware corporation

		
		  	 By: /s/ Joseph V. Topper,
Jr.                                

		  	 Name: Joseph V. Topper,
Jr.                                

		  	 Title:
  President                                     
               

		
	 GUARANTORS:
	  	 LGP OPERATIONS LLC,

		  	 a Delaware limited liability company

		
		  	 By: /s/ Joseph V. Topper,
Jr.                                

		  	 Name: Joseph V. Topper,
Jr.                                

		  	 Title:
  President                                     
               

		
		  	 LEHIGH GAS WHOLESALE LLC,

		  	 a Delaware limited liability company

		
		  	 By: /s/ Joseph V. Topper,
Jr.                                

		  	 Name: Joseph V. Topper,
Jr.                                

		  	 Title:
  President                                     
               

		
		  	 LGP REALTY HOLDINGS LP,

		  	 a Delaware limited partnership

		
		  	 By: LGP Realty Holdings GP LLC, its general partner

		
		  	 By: /s/ Joseph V. Topper,
Jr.                                

		  	 Name: Joseph V. Topper,
Jr.                                

		  	 Title:
  President                                     
               

 LEHIGH GAS PARTNERS LP 

WAIVER, SECOND AMENDMENT TO THIRD AMENDED AND 

RESTATED CREDIT AGREEMENT AND JOINDER 
  

			
		  	 EXPRESS LANE, INC.,

		  	 a Florida corporation

		
		  	 By: /s/ Joseph V. Topper,
Jr.                                

		  	 Name: Joseph V. Topper,
Jr.                                

		  	 Title:
  President                                     
               

		
		  	 LGP REALTY HOLDINGS GP LLC,

a Delaware limited liability company

		
		  	 By: /s/ Joseph V. Topper,
Jr.                                

		  	 Name: Joseph V. Topper,
Jr.                                

		  	 Title:
  President                                     
               

		
		  	 PETROLEUM MARKETERS,

INCORPORATED,
 a Virginia
corporation

		
		  	 By: /s/ Joseph V. Topper,
Jr.                                

		  	 Name: Joseph V. Topper,
Jr.                                

		  	 Title:
  President                                     
               

		
		  	 PM TERMINALS, INC.,

a Virginia corporation

		
		  	 By: /s/ Joseph V. Topper,
Jr.                                

		  	 Name: Joseph V. Topper,
Jr.                                

		  	 Title:
  President                                     
               

		
		  	 PM PROPERTIES, INC.,

a Virginia corporation

		
		  	 By: /s/ Joseph V. Topper,
Jr.                                

		  	 Name: Joseph V. Topper,
Jr.                                

		  	 Title:
  President                                     
               

		
		  	 STOP IN FOOD STORES, INC.,

a Virginia corporation

		
		  	 By: /s/ Joseph V. Topper,
Jr.                                

		  	 Name: Joseph V. Topper,
Jr.                                

		  	 Title:
  President                                     
               

 LEHIGH GAS PARTNERS LP 

WAIVER, SECOND AMENDMENT TO THIRD AMENDED AND 

RESTATED CREDIT AGREEMENT AND JOINDER 
  

			
	 ADMINISTRATIVE AGENT:
	  	 CITIZENS BANK OF PENNSYLVANIA, as Lender

and as Administrative Agent on behalf of the Lenders

		
		  	 By: /s/ Dale R.
Carr                                         
       

		  	 Name: Dale R. Carr

		  	 Title:    Senior Vice President

 LEHIGH GAS PARTNERS LP 

WAIVER, SECOND AMENDMENT TO THIRD AMENDED AND 

RESTATED CREDIT AGREEMENT AND JOINDER 
  

			
	 LENDER:
	  	 KEYBANK NATIONAL ASSOCIATION,

		  	 as a Lender

		
		  	 By: /s/ John
Dravenstott                                       
 

		  	 Name: John Dravenstott

		  	 Title:    Vice President

 LEHIGH GAS PARTNERS LP 

WAIVER, SECOND AMENDMENT TO THIRD AMENDED AND 

RESTATED CREDIT AGREEMENT AND JOINDER 
  

			
	 LENDER:
	  	 WELLS FARGO BANK, NATIONAL

ASSOCIATION, as a Lender

		
		  	 By: /s/ Darcy
McLaren                                        
    

		  	 Name: Darcy McLaren

		  	 Title:    Director

 LEHIGH GAS PARTNERS LP 

WAIVER, SECOND AMENDMENT TO THIRD AMENDED AND 

RESTATED CREDIT AGREEMENT AND JOINDER 
  

			
	 LENDER:
	  	 BANK OF AMERICA, N.A.,

as a Lender

		
		  	 By: /s/ Andrew
Richards                                        
    

		  	 Name: Andrew Richards

		  	 Title:    SVP

 LEHIGH GAS PARTNERS LP 

WAIVER, SECOND AMENDMENT TO THIRD AMENDED AND 

RESTATED CREDIT AGREEMENT AND JOINDER 
  

			
	 LENDER:
	  	 MANUFACTURERS AND TRADERS TRUST

COMPANY, as a Lender

		
		  	 By: /s/ John A. Kintzer
                                         
   

		  	 Name: John A. Kintzer

		  	 Title:    VP

 LEHIGH GAS PARTNERS LP 

WAIVER, SECOND AMENDMENT TO THIRD AMENDED AND 

RESTATED CREDIT AGREEMENT AND JOINDER 
  

			
	 LENDER:
	  	 ROYAL BANK OF CANADA,

as a Lender

		
		  	 By: /s/ Don J.
McKinnerney                                    

		  	 Name: Don J. McKinnerney

		  	 Title:    Authorized Signatory

 LEHIGH GAS PARTNERS LP 

WAIVER, SECOND AMENDMENT TO THIRD AMENDED AND 

RESTATED CREDIT AGREEMENT AND JOINDER 
  

			
	 LENDER:
	  	 SANTANDER BANK, N.A.,

as a Lender

		
		  	 By: /s/ Francis D. Phillips
                                    

		  	 Name: Francis D. Phillips

		  	 Title:    Senior Vice President

 LEHIGH GAS PARTNERS LP 

WAIVER, SECOND AMENDMENT TO THIRD AMENDED AND 

RESTATED CREDIT AGREEMENT AND JOINDER 
  

			
	 LENDER:
	  	 PEOPLE’S UNITED BANK,

as a Lender

		
		  	 By: /s/ David
Denlinger                                        

		  	 Name: David Denlinger

		  	 Title:    Regional Manager, SVP

 LEHIGH GAS PARTNERS LP 

WAIVER, SECOND AMENDMENT TO THIRD AMENDED AND 

RESTATED CREDIT AGREEMENT AND JOINDER 
  

			
	 LENDER:
	  	 RAYMOND JAMES BANK, N.A.,

as a Lender

		
		  	 By: /s/ Scott G.
Axelrod                                        
    

		  	 Name: Scott G. Axelrod

		  	 Title:    Vice President

 LEHIGH GAS PARTNERS LP 

WAIVER, SECOND AMENDMENT TO THIRD AMENDED AND 

RESTATED CREDIT AGREEMENT AND JOINDER 
  

			
	 LENDER:
	  	 BARCLAYS BANK PLC,

as a Lender

		
		  	 By: /s/ Irina
Dimova                                        
    

		  	 Name: Irina Dimova

		  	 Title:    Vice President

 LEHIGH GAS PARTNERS LP 

WAIVER, SECOND AMENDMENT TO THIRD AMENDED AND 

RESTATED CREDIT AGREEMENT AND JOINDER 
  

			
	 LENDER:
	  	 CAPITAL ONE, NATIONAL ASSOCIATION,

as a Lender

		
		  	 By: /s/ Nancy
McIver                                        
    

		  	 Name: Nancy McIver

		  	 Title:    Senior Vice President

 LEHIGH GAS PARTNERS LP 

WAIVER, SECOND AMENDMENT TO THIRD AMENDED AND 

RESTATED CREDIT AGREEMENT AND JOINDER 
  

			
	 LENDER:
	  	 FIRST NIAGARA BANK N.A.,

as a Lender

		
		  	 By: /s/ Kenneth E.
Remick                                        

		  	 Name: Kenneth E. Remick

		  	 Title:    VP, Corporate Banking

 LEHIGH GAS PARTNERS LP 

WAIVER, SECOND AMENDMENT TO THIRD AMENDED AND 

RESTATED CREDIT AGREEMENT AND JOINDER 
  

			
	 LENDER:
	  	 CADENCE BANK, N.A.,

as a Lender

		
		  	 By: /s/ Mike
Ross                                         
       

		  	 Name: Mike Ross

		  	 Title:    Executive Vice President

 LEHIGH GAS PARTNERS LP 

WAIVER, SECOND AMENDMENT TO THIRD AMENDED AND 

RESTATED CREDIT AGREEMENT AND JOINDER 
  

			
	 LENDER:
	  	 LAFAYETTE AMBASSADOR BANK,

as a Lender

		
		  	 By: /s/ Gary E.
Maurer                                        

		  	 Name: GARY E MAURER

		  	 Title:    SENIOR VICE PRESIDENT

 LEHIGH GAS PARTNERS LP 

WAIVER, SECOND AMENDMENT TO THIRD AMENDED AND 

RESTATED CREDIT AGREEMENT AND JOINDER 
  

			
	 LENDER:
	  	 FIRST TENNESSEE BANK, N.A. as a Lender

		
		  	 By: /s/ Keith A.
Sherman                                    

		  	 Name: Keith A. Sherman

		  	 Title:    Senior Vice President

 LEHIGH GAS PARTNERS LP 

WAIVER, SECOND AMENDMENT TO THIRD AMENDED AND 

RESTATED CREDIT AGREEMENT AND JOINDER 
  

			
	 LENDER:
	  	 J.P. MORGAN CHASE BANK, NA, as a Lender

		
		  	 By: /s/ Sarah L.
Freedman                                        

		  	 Name: Sarah L. Freedman

		  	 Title:    Executive Director

 LEHIGH GAS PARTNERS LP 

WAIVER, SECOND AMENDMENT TO THIRD AMENDED AND 

RESTATED CREDIT AGREEMENT AND JOINDER 
  

			
	 LENDER:
	  	 THE BANK OF TOKYO-MITSUBISHI UFJ,

LTD., as a Lender

		
		  	 By: /s/ Mark
Oberreuter                                        

		  	 Name: Mark Oberreuter

		  	 Title:    Vice President

 ANNEX A 

Amended Third Amended and Restated Credit Agreement 

See Attached. 

 ANNEX A 

Amended Third Amended and Restated Credit Agreement 

EXECUTION VERSIONPublished CUSIP Number: 52481KAC8

 52481KAD6 
  

 
 $450,000,000550,000,000
 
 THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

among 
 LEHIGH GAS PARTNERS LP, 
 as Borrower 
 and 

LEHIGH GAS WHOLESALE
SERVICES, INC., 

as Borrowers, 
 CERTAIN DOMESTIC SUBSIDIARIES OF THE
BORROWERBORROWERS 
 FROM TIME TO TIME PARTY HERETO, 

as Guarantors, 
 THE LENDERS PARTY
HERETO, 
 and 
 CITIZENS BANK
OF PENNSYLVANIA, 
 as Administrative Agent 

Dated as of March 4, 2014 
 RBS CITIZENS, N.A.,as amended by that certain First
Amendment dated as of July 2, 2014 and 
 that certain Second Amendment dated as of September 30, 2014 

CITIZENS BANK, NATIONAL
ASSOCIATION 
 KEYBANK NATIONAL ASSOCIATION 

and 
 WELLS FARGO SECURITIES, LLC

 as Joint Lead Arranger and Joint Bookrunners 

KEYBANK NATIONAL ASSOCIATION 
 and

 WELLS FARGO BANK, NATIONAL ASSOCIATION 

as Co-Syndication Agents 
 and 

BANK OF AMERICA, N.A., 

MANUFACTURERS AND TRADERS TRUST COMPANY, 

ROYAL BANK OF CANADA 
 and 

SANTANDER BANK, N.A. 
 As
Co-Documentation Agents 
  
  

			
	 Prepared by:
	  	

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	  
	 Section 1.1
	 	 Defined Terms
	  	 	1	  
	 Section 1.2
	 	 Other Definitional Provisions
	  	 	3436	  
	 Section 1.3
	 	 Accounting Terms
	  	 	3536	  
	 Section 1.4
	 	 Time References
	  	 	3637	  
	 Section 1.5
	 	 Execution of Documents
	  	 	3637	  
		
	 ARTICLE II THE LOANS; AMOUNT AND TERMS
	  	 	3637	  
	 Section 2.1
	 	 Revolving Loans
	  	 	3637	  
	 Section 2.2
	 	 [Intentionally Omitted]
	  	 	3840	  
	 Section 2.3
	 	 Letter of Credit Subfacility
	  	 	3840	  
	 Section 2.4
	 	 Swingline Loan Subfacility
	  	 	4344	  
	 Section 2.5
	 	 Fees
	  	 	4546	  
	 Section 2.6
	 	 Commitment Reductions
	  	 	4647	  
	 Section 2.7
	 	 Prepayments
	  	 	4648	  
	 Section 2.8
	 	 Default Rate and Payment Dates
	  	 	4749	  
	 Section 2.9
	 	 Conversion Options
	  	 	4850	  
	 Section 2.10
	 	 Computation of Interest and Fees; Usury
	  	 	4950	  
	 Section 2.11
	 	 Pro Rata Treatment and Payments
	  	 	5051	  
	 Section 2.12
	 	 Non-Receipt of Funds by the Administrative Agent
	  	 	5254	  
	 Section 2.13
	 	 Inability to Determine Interest Rate
	  	 	5455	  
	 Section 2.14
	 	 Yield Protection
	  	 	5456	  
	 Section 2.15
	 	 Compensation for Losses
	  	 	5657	  
	 Section 2.16
	 	 Taxes
	  	 	5758	  
	 Section 2.17
	 	 Indemnification; Nature of Issuing Lender’s Duties
	  	 	6163	  
	 Section 2.18
	 	 Illegality
	  	 	6264	  
	 Section 2.19
	 	 Mitigation Obligations; Replacement of Lenders
	  	 	6364	  
	 Section 2.20
	 	 Cash Collateral
	  	 	6466	  
	 Section 2.21
	 	 Defaulting Lenders
	  	 	6567	  
	 Section 2.22
	 	 Incremental Facility
	  	 	6870	  
	 Section 2.23
	 	 Joint and Several Obligations of the Borrowers
	  	 	71	  
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	 	7073	  
	 Section 3.1
	 	 Financial Condition
	  	 	7074	  
	 Section 3.2
	 	 No Material Adverse Effect
	  	 	7174	  
	 Section 3.3
	 	 Corporate Existence; Compliance with Law; Patriot Act Information
	  	 	7174	  
	 Section 3.4
	 	 Corporate Power; Authorization; Enforceable Obligations
	  	 	7175	  
	 Section 3.5
	 	 No Legal Bar; No Default
	  	 	7275	  
	 Section 3.6
	 	 No Material Litigation
	  	 	7276	  
	 Section 3.7
	 	 Investment Company Act; etc.
	  	 	7276	  
	 Section 3.8
	 	 Margin Regulations
	  	 	7376	  
	 Section 3.9
	 	 ERISA
	  	 	7376	  
	 Section 3.10
	 	 Environmental Matters
	  	 	7377	  
	 Section 3.11
	 	 Use of Proceeds
	  	 	7478	  

  
 i 

							
	 Section 3.12
	 	 Subsidiaries; Joint Ventures; Partnerships
	  	 	7478	  
	 Section 3.13
	 	 Ownership
	  	 	7578	  
	 Section 3.14
	 	 Consent; Governmental Authorizations
	  	 	7578	  
	 Section 3.15
	 	 Taxes
	  	 	7579	  
	 Section 3.16
	 	 Collateral Representations
	  	 	7679	  
	 Section 3.17
	 	 Solvency
	  	 	7780	  
	 Section 3.18
	 	 Compliance with FCPA
	  	 	7781	  
	 Section 3.19
	 	 [Intentionally Omitted]
	  	 	7881	  
	 Section 3.20
	 	 Brokers’ Fees
	  	 	7881	  
	 Section 3.21
	 	 Labor Matters
	  	 	7881	  
	 Section 3.22
	 	 Accuracy and Completeness of Information
	  	 	7881	  
	 Section 3.23
	 	 [Intentionally Omitted]
	  	 	7882	  
	 Section 3.24
	 	 Insurance
	  	 	7882	  
	 Section 3.25
	 	 Security Documents
	  	 	7882	  
	 Section 3.26
	 	 Classification of Senior Indebtedness
	  	 	7982	  
	 Section 3.27
	 	 Anti-Terrorism Laws
	  	 	7982	  
	 Section 3.28
	 	 Compliance with OFAC Rules and Regulations
	  	 	7983	  
	 Section 3.29
	 	 Authorized Officer
	  	 	7983	  
	 Section 3.30
	 	 Regulation H
	  	 	8083	  
		
	 ARTICLE IV CONDITIONS PRECEDENT
	  	 	8084	  
	 Section 4.1
	 	 Conditions to Closing Date
	  	 	8084	  
	 Section 4.2
	 	 Conditions to All Extensions of Credit
	  	 	8488	  
		
	 ARTICLE V AFFIRMATIVE COVENANTS
	  	 	8589	  
	 Section 5.1
	 	 Financial Statements
	  	 	8689	  
	 Section 5.2
	 	 Certificates; Other Information
	  	 	8790	  
	 Section 5.3
	 	 Payment of Taxes and Other Obligations
	  	 	8892	  
	 Section 5.4
	 	 Conduct of Business and Maintenance of Existence
	  	 	8992	  
	 Section 5.5
	 	 Maintenance of Property; Insurance
	  	 	8993	  
	 Section 5.6
	 	 Maintenance of Books and Records
	  	 	9093	  
	 Section 5.7
	 	 Notices
	  	 	9093	  
	 Section 5.8
	 	 Environmental Laws
	  	 	9094	  
	 Section 5.9
	 	 Financial Covenants
	  	 	9195	  
	 Section 5.10
	 	 Additional Guarantors
	  	 	9196	  
	 Section 5.11
	 	 Compliance with Law
	  	 	9296	  
	 Section 5.12
	 	 Pledged Assets
	  	 	9296	  
	 Section 5.13
	 	 Compliance with Terms of Leaseholds
	  	 	9398	  
	 Section 5.14
	 	 Use Restrictions; Repurchase Options and ROFR
	  	 	9498	  
	 Section 5.15
	 	 Use of Proceeds
	  	 	9498	  
	 Section 5.16
	 	 Further Assurances and Post-Closing Covenants
	  	 	9498	  
		
	 ARTICLE VI NEGATIVE COVENANTS
	  	 	96101	  
	 Section 6.1
	 	 Indebtedness
	  	 	96101	  
	 Section 6.2
	 	 Liens
	  	 	98102	  
	 Section 6.3
	 	 Nature of Business
	  	 	101106	  
	 Section 6.4
	 	 Consolidation, Merger, Sale of Assets, etc.
	  	 	101106	  
	 Section 6.5
	 	 Advances, Investments and Loans
	  	 	103108	  

  
 ii 

							
	 Section 6.6
	 	 Transactions with Affiliates
	  	 	105109	  
	 Section 6.7
	 	 Ownership of Subsidiaries; Restrictions
	  	 	105110	  
	 Section 6.8
	 	 Corporate Changes
	  	 	105110	  
	 Section 6.9
	 	 Limitation on Restricted Actions
	  	 	106110	  
	 Section 6.10
	 	 Restricted Payments
	  	 	106111	  
	 Section 6.11
	 	 Amendment of Subordinated Debt
	  	 	107111	  
	 Section 6.12
	 	 Sale Leasebacks
	  	 	107111	  
	 Section 6.13
	 	 No Further Negative Pledges
	  	 	107112	  
	 Section 6.14
	 	 Account Control Agreements; Additional Bank Accounts
	  	 	108112	  
	 Section 6.15
	 	 Use of Proceeds
	  	 	113	  
		
	 ARTICLE VII EVENTS OF DEFAULT
	  	 	108113	  
	 Section 7.1
	 	 Events of Default
	  	 	108113	  
	 Section 7.2
	 	 Acceleration; Remedies
	  	 	112116	  
		
	 ARTICLE VIII THE ADMINISTRATIVE AGENT
	  	 	112117	  
	 Section 8.1
	 	 Appointment and Authority
	  	 	112117	  
	 Section 8.2
	 	 Nature of Duties
	  	 	112117	  
	 Section 8.3
	 	 Exculpatory Provisions
	  	 	113118	  
	 Section 8.4
	 	 Reliance by Administrative Agent
	  	 	114119	  
	 Section 8.5
	 	 Notice of Default
	  	 	114119	  
	 Section 8.6
	 	 Non-Reliance on Administrative Agent and Other Lenders
	  	 	115120	  
	 Section 8.7
	 	 Indemnification
	  	 	115120	  
	 Section 8.8
	 	 Administrative Agent in Its Individual Capacity
	  	 	116120	  
	 Section 8.9
	 	 Resignation of Administrative Agent
	  	 	116121	  
	 Section 8.10
	 	 Collateral and Guaranty Matters
	  	 	117122	  
	 Section 8.11
	 	 Bank Products
	  	 	118123	  
		
	 ARTICLE IX MISCELLANEOUS
	  	 	118123	  
	 Section 9.1
	 	 Amendments, Waivers, Consents and Release of Collateral
	  	 	118123	  
	 Section 9.2
	 	 Notices
	  	 	121126	  
	 Section 9.3
	 	 No Waiver; Cumulative Remedies
	  	 	124128	  
	 Section 9.4
	 	 Survival of Representations and Warranties
	  	 	124129	  
	 Section 9.5
	 	 Payment of Expenses and Taxes; Indemnity
	  	 	124129	  
	 Section 9.6
	 	 Successors and Assigns; Participations
	  	 	126131	  
	 Section 9.7
	 	 Right of Set-off; Sharing of Payments
	  	 	131135	  
	 Section 9.8
	 	 Table of Contents and Section Headings
	  	 	132137	  
	 Section 9.9
	 	 Counterparts; Effectiveness; Electronic Execution
	  	 	132137	  
	 Section 9.10
	 	 Severability
	  	 	133137	  
	 Section 9.11
	 	 Integration
	  	 	133137	  
	 Section 9.12
	 	 Governing Law
	  	 	133138	  
	 Section 9.13
	 	 Consent to Jurisdiction; Service of Process and Venue
	  	 	133138	  
	 Section 9.14
	 	 Confidentiality
	  	 	134138	  
	 Section 9.15
	 	 Acknowledgments
	  	 	135140	  
	 Section 9.16
	 	 Waivers of Jury Trial; Waiver of Consequential Damages
	  	 	135140	  
	 Section 9.17
	 	 Patriot Act Notice
	  	 	136140	  
	 Section 9.18
	 	 Resolution of Drafting Ambiguities
	  	 	136141	  
	 Section 9.19
	 	 Subordination of Intercompany Debt
	  	 	136141	  

  
 iii 

							
	 Section 9.20
	 	 Continuing Agreement
	  	 	137141	  
	 Section 9.21
	 	 Press Releases and Related Matters
	  	 	137141	  
	 Section 9.22
	 	 Appointment of Borrower.the
Partnership
	  	 
	137
142	
  
	 Section 9.23
	 	 No Advisory or Fiduciary Responsibility
	  	 	137142	  
	 Section 9.24
	 	 Responsible Officers and Authorized Officers
	  	 	139143	  
	 Section 9.25
	 	 Amendment and Restatement; No Novation
	  	 	139143	  
	 Section 9.26
	 	 Notice to Secured Parties
	  	 	144	  
		
	 ARTICLE X GUARANTY
	  	 	139144	  
	 Section 10.1
	 	 The Guaranty
	  	 	139144	  
	 Section 10.2
	 	 Bankruptcy
	  	 	140145	  
	 Section 10.3
	 	 Nature of Liability
	  	 	141145	  
	 Section 10.4
	 	 Independent Obligation
	  	 	141146	  
	 Section 10.5
	 	 Authorization
	  	 	141146	  
	 Section 10.6
	 	 Reliance
	  	 	141146	  
	 Section 10.7
	 	 Waiver
	  	 	142146	  
	 Section 10.8
	 	 Limitation on Enforcement
	  	 	143148	  
	 Section 10.9
	 	 Confirmation of Payment
	  	 	143148	  
	 Section 10.10
	 	 Eligible Contract Participant
	  	 	143148	  
	 Section 10.11
	 	 Keepwell
	  	 	144148	  

  
 iv 

 Schedules 
  

			
	 Schedule 1.1(a)
	  	 Investments

	 Schedule 1.1(b)
	  	 Liens

	 Schedule 1.1(c)
	  	 Existing Letters of Credit

	 Schedule 1.1(d)
	  	 Lender Commitments

	 Schedule 1.1(e)
	  	 New Jersey Subsidiaries

	 Schedule 3.3
	  	 Patriot Act Information

	 Schedule 3.12
	  	 Subsidiaries

	 Schedule 3.14(a)
	  	 Rights of First Refusal – Consents Needed

	 Schedule 3.14(b)
	  	 Rights of First Refusal - Mortgages

	 Schedule 3.16(b)
	  	 Documents, Instruments and Tangible Chattel Paper

	 Schedule 3.16(c)
	  	 Deposit Accounts, Electronic Chattel Paper, Letter-of-Credit Rights, Securities Accounts, Uncertificated Investment Property

	 Schedule 3.16(d)
	  	 Commercial Tort Claims

	 Schedule 3.16(e)
	  	 Pledged Equity Interests

	 Schedule 3.16(f)(i)(A)
	  	 Mortgaged Properties

	 Schedule 3.16(f)(i)(B)
	  	 Real Property Located in Flood Zones

	 Schedule 3.16(f)(ii)
	  	 Other Collateral Locations

	 Schedule 3.29
	  	 Authorized Officers

	 Schedule 5.16(e)
	  	 PMI Mortgaged Properties
–- Title Policies

	 Schedule 6.1(b)
	  	 Indebtedness

	 Schedule 6.6
	  	 Existing Transactions with Affiliates

		
	Exhibits	  	
		
	 Exhibit 1.1(a)
	  	 Form of Account Designation Notice

	 Exhibit 1.1(b)
	  	 Form of Assignment and Assumption

	 Exhibit 1.1(c)
	  	 Form of Joinder Agreement

	 Exhibit 1.1(d)
	  	 Form of Notice of Borrowing

	 Exhibit 1.1(e)
	  	 Form of Notice of Conversion/Extension

	 Exhibit 1.1(f)
	  	 Form of Permitted Acquisition Certificate

	 Exhibit 1.1(g)
	  	 Form of Bank Product Provider Notice

	 Exhibit 2.1(a)
	  	 Form of Funding Indemnity Letter

	 Exhibit 2.1(e)
	  	 Form of Revolving Loan Note

	 Exhibit 2.4(d)
	  	 Form of Swingline Loan Note

	 Exhibit 2.16(a)
	  	 Form of U.S. Tax Compliance Certificate

	 Exhibit 2.16(b)
	  	 Form of U.S. Tax Compliance Certificate

	 Exhibit 2.16(c)
	  	 Form of U.S. Tax Compliance Certificate

	 Exhibit 2.16(d)
	  	 Form of U.S. Tax Compliance Certificate

	 Exhibit 4.1(b)
	  	 Form of Officer’s Certificate

	 Exhibit 4.1(f)
	  	 Form of Solvency Certificate

	 Exhibit 4.1(o)
	  	 Form of Financial Condition Certificate

	 Exhibit 5.2(b)
	  	 Form of Officer’s Compliance Certificate

  
 v 

 THIS THIRD AMENDED AND RESTATED CREDIT AGREEMENT, dated as of
March 4, 2014, is by and among LEHIGH GAS PARTNERS LP, a Delaware limited partnership (the “BorrowerPartnership”), LEHIGH GAS WHOLESALE SERVICES, INC., a Delaware corporation (“Services”), the Guarantors (as hereinafter defined), the Lenders (as hereinafter defined), KEYBANK NATIONAL ASSOCIATION, as syndication agent and WELLS FARGO BANK, NATIONAL ASSOCIATION, as syndication
agent (together, the “Co-Syndication Agents”), BANK OF AMERICA, N.A., as documentation agent, MANUFACTURERS AND TRADERS TRUST COMPANY, as documentation agent, ROYAL BANK OF CANADA, as documentation agent and
SANTANDER BANK, N.A., as documentation agent (together, the “Co-Documentation Agents”) and CITIZENS BANK OF PENNSYLVANIA, as administrative agent for the Lenders hereunder (in such capacity, the “Administrative
Agent”). The Partnership and Services are sometimes referred to herein as a “Borrower” and collectively,
the “Borrowers”. 
 W I T N E
S S E T H: 
 WHEREAS, the Credit Parties (as hereinafter defined) and certain
of the Lenders are parties to the Previous Credit Agreement (as hereinafter defined); 
 WHEREAS, the Lenders and the
Credit Parties have agreed to amend and restate the Previous Credit Agreement in its entirety as set forth in this Agreement; and 

WHEREAS, the Lenders have agreed to make such loans and other financial accommodations to the Credit Parties on the
terms and conditions contained herein. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by the parties hereto, such parties hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.1 Defined Terms. 

As used in this Agreement, terms defined in the preamble to this Agreement have the meanings therein indicated, and the
following terms have the following meanings: 
 “Accessible Borrowing Availability” shall mean, as of any
date of determination, the amount that the Borrower
isBorrowers are able to borrow on such date under the
Revolving Committed Amount without an Event of Default occurring or existing after giving pro forma effect to such borrowing. 

“Account Designation Notice” shall mean the Account Designation Notice dated as of the Closing Date from the BorrowerPartnership to the Administrative Agent in substantially the form attached hereto as Exhibit 1.1(a). 

 “Additional Credit Party” shall mean each Person that becomes a
Guarantor by execution of a Joinder Agreement in accordance with Section 5.10. 
 “Administrative
Agent” or “Agent” shall have the meaning set forth in the first paragraph of this Agreement and shall include any successors in such capacity. 

“Administrative Questionnaire” shall mean an Administrative Questionnaire in a form supplied by the
Administrative Agent. 
 “Affiliate” shall mean, 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. 

“Agreement” or “Credit Agreement” shall mean this Agreement, as amended, modified, extended,
restated, replaced, or supplemented from time to time in accordance with its terms. 
 “Alternate Base
Rate” shall mean, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1% and (c) the sum of
(i) LIBOR (as determined pursuant to the definition of LIBOR), for an Interest Period of one (1) month commencing on such day plus (ii) 1.00%, in each instance as of such date of determination. For purposes hereof:
“Prime Rate” shall mean, at any time, the rate of interest per annum publicly announced or otherwise identified from time to time by Citizens at its principal office in Boston, Massachusetts as its prime rate. Each change in the
Prime Rate shall be effective as of the opening of business on the day such change in the Prime Rate occurs. The parties hereto acknowledge that the rate announced publicly by Citizens as its Prime Rate is an index or base rate and shall not
necessarily be its lowest or best rate charged to its customers or other banks; and “Federal Funds Effective Rate” shall mean, for any day, the weighted average of the rates on overnight federal funds transactions with members of
the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published on the next succeeding Business Day, the average of the
quotations for the day of such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by
it; provided that if the Federal Funds Effective Rate shall be less than zero such rate shall be deemed to be zero for purposes of
this Agreement. If for any reason the Administrative Agent shall have determined (which determination shall be conclusive in the absence of manifest error) (A) that it is unable to
ascertain the Federal Funds Effective Rate, for any reason, including the inability or failure of the Administrative Agent to obtain sufficient quotations in accordance with the terms above or (B) that the Prime Rate or LIBOR no longer
accurately reflects an accurate determination of the prevailing Prime Rate or LIBOR, the Administrative Agent may select a reasonably comparable index or source to use as the basis for the Alternate Base Rate, until the circumstances giving rise to
such inability no longer exist. Any change in the Alternate Base Rate due to a change in any of the foregoing will become effective on the effective date of such change in the Federal Funds Effective Rate, the Prime Rate or LIBOR for an Interest
Period of one (1) month. Notwithstanding anything contained herein to the contrary, to the extent that the provisions of Section 2.13 shall be in effect in determining LIBOR pursuant to clause (c) hereof, the Alternate Base Rate shall
be the greater of (i) the Prime Rate in effect on such day and (ii) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%. 

  
 2 

 “Alternate Base Rate Loans” shall mean Loans that bear interest
at an interest rate based on the Alternate Base Rate. 

“Anti-Corruption
 Laws” shall have the meaning set forth in Section 3.18. 

“Anti-Terrorism Order” shall mean that certain Executive Order 13224 signed into law on September 23,
2001. 
 “Applicable Margin” shall mean, for any day, the rate per annum set forth below opposite the
applicable level then in effect (based on the Total Leverage Ratio), it being understood that the Applicable Margin for (a) Revolving Loans that are Alternate Base Rate Loans shall be the percentage set forth under the column “Base Rate
Margin”, (b) Revolving Loans that are LIBOR Rate Loans shall be the percentage set forth under the column “LIBOR Margin & L/C Fee”, (c) the Letter of Credit Fee shall be the percentage set forth under the column
“LIBOR Margin & L/C Fee”, and (d) the Commitment Fee shall be the percentage set forth under the column “Commitment Fee”: 
  

									
	Applicable Margin
	    Level    	  	Total Leverage Ratio	  	 LIBOR Margin
& L/C Fee

 
	  	Base Rate Margin	  	Commitment Fee
	I	  	Less than 2.50 to 1.00	  	2.00%	  	1.00%	  	0.350%
	    II    	  	Greater than or equal to 2.50 to 1.00 but less than 3.00 to 1.00	  	2.25%	  	1.25%	  	0.375%
	III	  	Greater than or equal to 3.00 to 1.00 but less than 3.50 to 1.00	  	2.50%	  	1.50%	  	0.400%
	IV	  	Greater than or equal to 3.50 to 1.00 but less than 4.00 to 1.00	  	2.75%	  	1.75%	  	0.450%
	V	  	Greater than or equal to 4.00 to 1.00 but less than 4.50 to 1.00	  	3.00%	  	2.00%	  	0.500%
	
VI
	  	Greater than or equal to 4.50 to 1.00	  	3.25%	  	2.25%	  	0.500%

 The Applicable Margin shall, in each case, be determined and adjusted quarterly on the date
five (5) Business Days after the date on which the Administrative Agent has received from the
BorrowerBorrowers the quarterly financial information (in the case of the first three fiscal quarters of the Borrower’sBorrowers’ fiscal year), the annual financial information (in the case of
the fourth fiscal quarter of the
Borrower’sBorrowers’
 fiscal year) and the certifications required to 

  
 3 

 
be delivered to the Administrative Agent and the Lenders in accordance with the provisions of Sections 5.1(a), 5.1(b) and 5.2(b) (each an “Interest Determination Date”). Such
Applicable Margin shall be effective from such Interest Determination Date until the next such Interest Determination Date. After the Closing Date, if the Credit Parties shall fail to provide the financial information or certifications in accordance
with the provisions of Sections 5.1(a), 5.1(b) and 5.2(b), the Applicable Margin shall, on the date five (5) Business Days after the date by which the Credit Parties were so required to provide such financial information or certifications to
the Administrative Agent and the Lenders, be based on Level VI until such date as such information or certifications or corrected information or corrected certificates are provided, whereupon the Level shall be determined by the then current Total
Leverage Ratio. Notwithstanding the foregoing, the initial Applicable Margins shall be set no lower than that set forth in Level III until the financial information and certificates required to be delivered pursuant to Sections 5.1(b) and 5.2(b) for
the first full fiscal quarter to occur following the Closing Date have been delivered to the Administrative Agent, for distribution to the Lenders; provided that if the quarterly financial information as of the most recent Interest
Determination Date would result in a higher Applicable Margin (i.e. Level VI), such higher Applicable Margin shall apply. In the event that any financial statement or certification delivered pursuant to Sections 5.1 or 5.2 is shown to be inaccurate
(regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable
Period”) than the Applicable Margin applied for such Applicable Period, the
BorrowerBorrowers shall immediately (a) deliver to the Administrative Agent a corrected compliance certificate for such Applicable Period, (b) determine the Applicable Margin for such Applicable Period based upon the
corrected compliance certificate, and (c) immediately pay to the Administrative Agent for the benefit of the Lenders the accrued additional interest and other fees owing as a result of such increased Applicable Margin for such Applicable
Period, which payment shall be promptly distributed by the Administrative Agent to the Lenders entitled thereto. It is acknowledged and agreed that nothing contained herein shall limit the rights of the Administrative Agent and the Lenders under the
Credit Documents, including their rights under Sections 2.8 and 7.1. 
 “Applicable Percentage”
shall mean, with respect to any Revolving Lender, the percentage of the total Revolving Commitments represented by such Revolving Lender’s Revolving Commitment. If the Revolving Commitments have terminated or expired, the Applicable Percentage
shall be determined based on the Revolving Commitments most recently in effect, giving effect to any assignments. 

“Approved Bank” shall have the meaning set forth in the definition of “Cash Equivalents.” 

“Approved Fund” shall mean any Fund that is administered, managed or underwritten 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” shall mean an assignment and assumption entered into by a Lender and an Eligible
Assignee (with the consent of any party whose consent is required by Section 9.6), and accepted by the Administrative Agent, in substantially the form of Exhibit 1.1(b) or any other form approved by the Administrative Agent. 

  
 4 

 “Authorized Officers” shall mean the Responsible Officers set
forth on Schedule 3.29. 
 “Auto-Extension Letter of Credit” shall have the meaning set forth in
Section 2.3(k). 
 “Bank Product” shall mean any of the following products, services or facilities
extended to any Credit Party or any Subsidiary by any Bank Product Provider: (a) Cash Management Services; (b) products under any Hedging Agreement; and (c) commercial credit card, purchase card and merchant card services;
provided, however, that for any of the foregoing to be included as “Credit Party Obligations” for purposes of a distribution under Section 2.11(b), the applicable Bank Product Provider must have previously provided a
Bank Product Provider Notice to the Administrative Agent which shall provide the following information: (i) the existence of such Bank Product and (ii) the maximum dollar amount (if reasonably capable of being determined) of obligations
arising thereunder (the “Bank Product Amount”). The Bank Product Amount may be changed from time to time upon written notice to the Administrative Agent by the Bank Product Provider. Any Bank Product established from and after the
time that the Lenders have received written notice from the
BorrowerBorrowers or the Administrative Agent that an Event of Default exists, until such Event of Default has been waived in accordance with Section 9.1, shall not be included as “Credit Party Obligations” for
purposes of a distribution under Section 2.11(b). 
 “Bank Product Amount” shall have the
meaning set forth in the definition of Bank Product. 
 “Bank Product Debt” shall mean the Indebtedness and
other obligations of any Credit Party or Subsidiary relating to Bank Products. 
 “Bank Product Provider”
shall mean any Person that provides Bank Products to a Credit Party or any Subsidiary to the extent that (a) such Person is a Lender, an Affiliate of a Lender or any other Person that was a Lender (or an Affiliate of a Lender) at the time it
entered into the Bank Product but has ceased to be a Lender (or whose Affiliate has ceased to be a Lender) under the Credit Agreement or (b) such Person is a Lender or an Affiliate of a Lender on the Closing Date and the Bank Product was
entered into on or prior to the Closing Date (even if such Person ceases to be a Lender or such Person’s Affiliate ceases to be a Lender). 

“Bank Product Provider Notice” shall mean a notice substantially in the form of Exhibit 1.1(g). 

“Bankruptcy Code” shall mean the Bankruptcy Code in Title 11 of the United States Code, as amended, modified,
succeeded or replaced from time to time. 
 “Bankruptcy Event” shall mean any of the events described in
Section 7.1(f). 
 “Borrower” shall have the meaning set forth in the first paragraph of this
Agreement. 
 “Borrowing Date” shall mean, in respect of any Loan, the date such Loan is made. 

“Business” shall have the meaning set forth in Section 3.10(b). 

  
 5 

 “Business Day” shall mean any day other than a Saturday, Sunday
or other day on which commercial banks in Boston, Massachusetts or New York, New York are authorized or required by law to close; provided, however, that when used in connection with a rate determination, borrowing or payment in
respect of a LIBOR Rate Loan, the term “Business Day” shall also exclude any day on which banks in London, England are not open for dealings in Dollar deposits in the London interbank market. 

“Capital Lease” shall mean any lease of property, real or personal, the obligations with respect to which are
required to be capitalized on a balance sheet of the lessee in accordance with GAAP. 
 “Capital Lease
Obligations” shall mean, with respect to each Capital Lease, the amount of the liability reflecting the aggregate discounted amount of future payments under such Capital Lease calculated in accordance with GAAP, statement of financial
accounting standards No. 13 (as amended and modified from time to time) and any corresponding future interpretations by the Financial Accounting Standards Board or any successor thereto relating to a Capital Lease determined in accordance with
GAAP. 
 “Cash Collateralize” shall mean to pledge and deposit with or deliver to the Administrative Agent,
for the benefit of the Administrative Agent, the Issuing Lender or Swingline Lender (as applicable) and the Lenders, as collateral for LOC Obligations, obligations in respect of Swingline Loans, or obligations of Lenders to fund participations in
respect of either thereof (as the context may require), cash or deposit account balances or, if the Issuing Lender or Swingline Lender benefiting from such collateral shall agree in its sole discretion, other credit support, in each case pursuant to
documentation in form and substance satisfactory to (a) the Administrative Agent and (b) the Issuing Lender or the Swingline Lender. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the
proceeds of such cash collateral and other credit support. 
 “Cash Equivalents” shall mean
(a) securities issued or directly and fully guaranteed or insured by the United States of America or any agency or instrumentality thereof (provided that the full faith and credit of the United States of America is pledged in support
thereof) having maturities of not more than twelve months from the date of acquisition (“Government Obligations”), (b) Dollar denominated time deposits, certificates of deposit, Eurodollar time deposits and Eurodollar
certificates of deposit of (i) any domestic commercial bank of recognized standing having capital and surplus in excess of $500,000,000 or (ii) any bank whose short-term commercial paper rating at the time of the acquisition thereof is at
least A-1 or the equivalent thereof from S&P is at least P-1 or the equivalent thereof from Moody’s (any such bank being an “Approved Bank”), in each case with maturities of not more than 364 days from the date of
acquisition, (c) commercial paper and variable or fixed rate notes issued by any Approved Bank (or by the parent company thereof) or any variable rate notes issued by, or guaranteed by any domestic corporation rated A-1 (or the equivalent thereof) or better by S&P or P-1 (or the equivalent thereof) or better by Moody’s and maturing within six months of the date of acquisition, (d) repurchase agreements with a term
of not more than thirty (30) days with a bank or trust company (including a Lender) or a recognized securities dealer having capital and surplus in excess of $500,000,000 for direct obligations issued by or fully guaranteed by the United States
of 

  
 6 

 
America, (e) obligations of any state of the United States or any political subdivision thereof for the payment of the principal and redemption price of and interest on which there shall
have been irrevocably deposited Government Obligations maturing as to principal and interest at times and in amounts sufficient to provide such payment, (f) money market accounts subject to Rule 2a-7 of the Investment Company Act of 1940
(“Rule 2a-7”) which consist primarily of cash and cash equivalents set forth in clauses (a) through (e) above and of which 95% shall at all times be comprised of First Tier Securities (as defined in Rule 2a-7) and any
remaining amount shall at all times be comprised of Second Tier Securities (as defined in Rule 2a-7) and (g) shares of any so-called “money market fund”; provided that such fund is registered under the Investment Company Act of
1940, has net assets of at least $500,000,000 and has an investment portfolio with an average maturity of 365 days or less. 

“Cash Management Services” shall mean any services provided from time to time to any Credit Party or
Subsidiary in connection with operating, collections, payroll, trust, or other depository or disbursement accounts, including automatic clearinghouse, controlled disbursement, depository, electronic funds transfer, information reporting, lockbox,
stop payment, overdraft and/or wire transfer services and all other treasury and cash management services. 

“CERCLA” means the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended.

 “CERCLIS” means the Comprehensive Environmental Response, Compensation and Liability Information System
maintained by the U.S. Environmental Protection Agency. 
 “Change in Law” shall mean the occurrence, after
the Closing Date, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or
application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided, that notwithstanding anything
herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives
promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, 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 or issued. 
 “Change of
Control” shall mean at any time the occurrence of any of the following events: (a) the General Partner shall cease to be the sole general partner of the Borrower;
(b) the Topper OwnersCST Brands and its Subsidiaries
shall cease, directly or indirectly, to beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act) more than 50% of the Equity Interests in the General Partner;
or
(c(b) any Person (other than the Topper
OwnersCST Brands and its Subsidiaries) shall Control the
General Partner; (c) the General Partner shall cease to be the sole general partner of the Partnership; or (d) the
Partnership and its Subsidiaries shall fail to Control Services. 

  
 7 

 “Citizens” shall mean Citizens Bank of Pennsylvania, together with its successors and/or
assigns. 
 “Citizens Bank” shall mean Citizens Bank, National Association (formerly known as RBS Citizens, N.A.) together with its successors and/or assigns. 
 “Closing Date”
shall mean the date of this Agreement. 
 “Co-Documentation Agents” shall have the meaning set forth in the
first paragraph of this Agreement. 
 “Co-Syndication Agents” shall have the meaning set forth in the first
paragraph of this Agreement. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Collateral” shall mean a collective reference to the collateral which is identified in, and at any time will
be covered by, the Security Documents and any other property or assets of a Credit Party, whether tangible or intangible and whether real or personal, that may from time to time secure the Credit Party Obligations; provided that there shall
be excluded from the Collateral (a) any account, instrument, chattel paper or other obligation or property of any kind due from, owed by, or belonging to, a Sanctioned Person or Sanctioned Entity or (b) any lease in which the lessee is a
Sanctioned Person or Sanctioned Entity. 
 “Commitment” shall mean the Revolving Commitments, the LOC
Commitment and the Swingline Commitment, individually or collectively, as appropriate. 
 “Commitment Fee”
shall have the meaning set forth in Section 2.5(a). 
 “Commitment Percentage” shall mean the
Revolving Commitment Percentage. 
 “Commitment Period” shall mean (a) with respect to Revolving Loans
and Swingline Loans, the period from and including the Closing Date to but excluding the Revolver Maturity Date and (b) with respect to Letters of Credit, the period from and including the Closing Date to but excluding the date that is thirty
(30) days prior to the Revolver Maturity Date. 
 “Committed Funded Exposure” shall mean, as to any
Lender at any time, the aggregate principal amount at such time of its outstanding Loans, LOC Obligations and Participation Interests at such time. 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.). 

“Commonly Controlled Entity” shall mean an entity, whether or not incorporated, which is under common control
with thea Borrower within the meaning of Section 4001(b)(1) of ERISA or is part of a group which includes thea Borrower and which is treated as a single employer under

  
 8 

 
Section 414(b) or 414(c) of the Code or, solely for purposes of Section 412 of the Code to the extent required by such Section, Section 414(m) or 414(o) of the Code.; provided,
however, for purposes of this Agreement, CST Brands and its Subsidiaries which are not Subsidiaries of any Credit Party shall not be deemed to be a “Commonly Controlled Entity” with any Credit Party.  

“Conflicts Committee” shall have the meaning set forth in Section 6.6. 

“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however
denominated) or that are franchise Taxes or branch profits Taxes. 
 “Consolidated” shall mean, when used
with reference to financial statements or financial statement items of the
BorrowerPartnership and its Subsidiaries or any other Person, such statements or items on a consolidated basis in accordance with the consolidation principles of GAAP. 

“Consolidated EBITDA” shall mean, as of any date of determination for the four (4) consecutive fiscal
quarter period ending on such date, without duplication, (a) Consolidated Net Income for such period plus (b) the sum of the following to the extent deducted in calculating Consolidated Net Income for such period:
(i) Consolidated Interest Expense for such period, (ii) tax expense (including, without limitation, any federal, state, local and foreign income and similar taxes) of the Credit Parties and their Subsidiaries for such period,
(iii) depreciation and amortization expense of the Credit Parties and their Subsidiaries for such period, (iv) other non-cash charges (excluding reserves for future cash charges) of the Credit Parties and their Subsidiaries for such
period, including non-cash charges for impairments, Equity Interest Compensation and distribution accretion charges, (v) transaction fees and expenses incurred in connection with negotiation, execution, and delivery of this Agreement (and any
subsequent modification or amendment of this Agreement) in an aggregate amount not to exceed $6,000,000 in the aggregate, (vi) fees and expenses incurred in connection with any Permitted Acquisition or Disposition permitted pursuant to
Section 6.4, regardless of whether such acquisition or Disposition closes; provided that the amount of such fees and expenses for such acquisition shall not exceed 10.0% of the total consideration paid (or proposed to be paid),
(vii) expenses incurred in connection with the offering of Equity Interests in the
BorrowerPartnership or an offering of Qualified Senior Notes, in each case, only to the extent such expenses are reasonable and customary for such offerings, as approved by the Administrative Agent in its reasonable discretion,
(viii) other extraordinary expenses not incurred in the ordinary course of business in an aggregate amount not to exceed $1,000,000 in any twelve (12) month period, and (ix) extra ordinary losses minus (c) non-cash charges
previously added back to Consolidated Net Income in determining Consolidated EBITDA to the extent such non-cash charges have become cash charges during such period minus (d) any other non-recurring, non-cash gains during such period
(including, without limitation, (i) gains from the sale or exchange of assets and (ii) gains from early extinguishment of Indebtedness or Hedging Agreements of the Credit Parties and their Subsidiaries). 

  
 9 

 “Consolidated Funded Debt” shall mean, as of any date of
determination, Funded Debt of the Credit Parties and their Subsidiaries on a Consolidated basis. 
 “Consolidated
Interest Coverage Ratio” shall mean, as of any date of determination, for the Credit Parties and their Subsidiaries on a Consolidated basis, the ratio of (a) Consolidated EBITDA for the four (4) consecutive fiscal quarter period
ending on such date, to (b) Consolidated Interest Expense for the four (4) consecutive fiscal quarter period ending on such date. 

“Consolidated Interest Expense” shall mean, as of any date of determination for the four (4) consecutive
fiscal quarter period ending on such date, all cash interest expense (excluding amortization of debt discount and premium (including amortization of any fees set forth in Section 2.5 hereof), but including the interest component under Capital
Leases and synthetic leases, tax retention operating leases, off-balance sheet loans and similar off-balance sheet financing products) for such period of the Credit Parties and their Subsidiaries on a Consolidated basis. 

“Consolidated Net Income” shall mean, as of any date of determination for the four
(4) consecutive fiscal quarter period ending on such date, the net income (excludingof the Credit Parties and their Subsidiaries on a Consolidated basis for such period, all as determined in accordance with GAAP, plus any
cash distributions (including any cash distributions received from FuelCo or any of its Affiliates) actually received from any Person in which any Credit Party owns any Equity Interest of such Person minus the sum of
(a) extraordinary losses and gains, (b) gains or losses from Dispositions not in the ordinary course of business, (c) gains or losses from the early extinguishment of Indebtedness, (d) all non-cash income (excluding any
straight-line rental income and receivables generated in the normal course of business), (e) tax credits and other non-cash
benefits, and (f) income received
fromattributable to joint venture investments (including from FuelCo) to the extent not received in
cash) of the Credit Parties and their Subsidiaries on a Consolidated basis for such period, all as determined in accordance with GAAP and included in the calculation of net income. 

“Contractual Obligation” shall mean, as to any Person, any provision of any security issued by such Person or
of any contract, agreement, instrument or undertaking to which such Person is a party or by which it or any of its property is bound, except for contracts, agreements, instruments or undertakings entered into in the ordinary course of business,
contracts, agreements, instruments or undertakings requiring payments by any Credit Party of less than $10,000,000 in any fiscal year or contracts, agreements, instruments or undertakings, the breach of which by a Credit Party would not have a
Material Adverse Effect. 
 “Control” shall mean 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. 
 “Copyright Licenses” shall mean any agreement, whether written or oral, providing for the grant
by or to a Person of any right under any Copyright. 

  
 10 

 “Copyrights” shall mean all copyrights in all Works, all
registrations and recordings thereof, and all applications in connection therewith, including, without limitation, registrations, recordings and applications in the United States Copyright Office or in any similar office or agency of the United
States, any state thereof or any other country or any political subdivision thereof, or otherwise and all renewals thereof. 

“Credit Documents” shall mean this Agreement, each of the Notes, any Joinder Agreement, the Letters of
Credit, LOC Documents and the Security Documents and all other agreements, documents, certificates and instruments delivered to the Administrative Agent or any Lender by any Credit Party in connection therewith (other than any agreement, document,
certificate or instrument related to a Bank Product). 
 “Credit Party” shall mean any of the BorrowerBorrowers or the Guarantors. 
 “Credit Party Obligations” shall mean,
without duplication, (a) the Obligations and (b) for purposes of the Guaranty, the Security Documents and all provisions under the other Credit Documents relating to the Collateral, the sharing thereof and/or payments from proceeds of the
Collateral, all Bank Product Debt, but in all cases excluding Excluded Swap Obligations. 
 “CST Brands” shall mean CST Brands, Inc. a Delaware corporation.

 “Debtor Relief Laws” shall mean the Bankruptcy Code and all other liquidation,
conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in
effect. 
 “Default” shall mean any of the events specified in Section 7.1, whether or not any
requirement for the giving of notice or the lapse of time, or both, or any other condition, has been satisfied. 

“Default Rate” shall mean (a) when used with respect to the Obligations, other than Letter of Credit
Fees, an interest rate equal to (i) for Alternate Base Rate Loans (A) the Alternate Base Rate plus (B) the Applicable Margin applicable to Alternate Base Rate Loans plus (C) 2.00% per annum and (ii) for
LIBOR Rate Loans, (A) the LIBOR Rate plus (B) the Applicable Margin applicable to LIBOR Rate Loans plus (C) 2.00% per annum, (b) when used with respect to Letter of Credit Fees, a rate equal to the Applicable
Margin applicable to Letter of Credit Fees plus 2.00% per annum and (c) when used with respect to any other fee or amount due hereunder, a rate equal to the Applicable Margin applicable to Alternate Base Rate Loans plus
2.00% per annum. 
 “Defaulting Lender” shall mean, subject to Section 2.21(b) any Lender that,
(a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the BorrowerBorrowers in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be
specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any Issuing Lender, any Swingline Lender or any other Lender 

  
 11 

 
any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) within two (2) Business Days of the date when due,
(b) has notified the
BorrowerBorrowers, the Administrative Agent or any Issuing Lender or Swingline Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such
writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with
any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by the Administrative Agent or the BorrowerBorrowers, to confirm in writing to the Administrative Agent and the
BorrowerBorrowers that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation
by the Administrative Agent and the
BorrowerBorrowers), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, or (ii) had appointed for it a receiver, custodian,
conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal
regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by
a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or
permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or
more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.21(b)) upon delivery of written notice of such determination
to the BorrowerBorrowers, each Issuing Lender, each Swingline Lender and each Lender. 
 “Deposit
Account Control Agreement” shall mean an agreement, among a Credit Party, a depository institution, and the Administrative Agent, which agreement is in a form acceptable to the Administrative Agent and which provides the Administrative
Agent with “control” (as such term is used in Article 9 of the UCC) over the deposit account(s) described therein, as the same may be amended, modified, extended, restated, replaced, or supplemented from time to time. 

“Disposition” shall have the meaning set forth in Section 6.4(a). 

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

 “Domestic Lending Office” shall mean, initially, the office of each Lender designated as such
Lender’s Domestic Lending Office shown in such Lender’s Administrative Questionnaire; and thereafter, such other office of such Lender as such Lender may from time to time specify to the Administrative Agent and the BorrowerBorrowers as the office of such Lender at which Alternate Base Rate Loans of such Lender are to be made. 

  
 12 

 “Domestic Subsidiary” shall mean any Subsidiary that is
organized and existing under the laws of the United States or any state or commonwealth thereof or under the laws of the District of Columbia. 

“Eligible Assignee” shall mean (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved
Fund and (d) any other Person (other than a natural person) approved by (i) the Administrative Agent, (ii) in the case of any assignment of a Revolving Commitment, the Issuing Lender and (iii) unless an Event of Default has
occurred and is continuing and so long as the primary syndication of the Loans has been completed as determined by Citizens, the BorrowerBorrowers (each such approval not to be unreasonably withheld or delayed);
provided that notwithstanding the foregoing, “Eligible Assignee” shall not include (A) any Credit Party or any of the Credit Party’s Affiliates or Subsidiaries or (B) any Defaulting Lender (or any of their
Affiliates). 
 “Environmental Laws” shall mean any and all applicable foreign, federal, state,
local or municipal laws, rules, orders, regulations, statutes, ordinances, codes, decrees, requirements of any Governmental Authority or other Requirement of Law (including common law) regulating, relating to or imposing liability or standards of
conduct concerning protection of human health or the environment, as now or may at any time be in effect during the term of this Agreement. 

“Equity Interests” shall mean (a) in the case of a corporation, capital stock, (b) in the
case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, (c) in the case of a partnership, partnership interests (whether general, preferred or
limited), (d) in the case of a limited liability company, membership interests and (e) any other interest or participation that confers or could confer on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person, without limitation, options, warrants and any other “equity security” as defined in Rule 3a11-1 of the Exchange Act. 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time. 

“ERISA Event” means: (a) a Reportable Event with respect to a Plan; (b) a withdrawal by theany Borrower or any Commonly Controlled Entity from a Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of
ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by
theany Borrower or any Commonly Controlled Entity from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Plan
amendment as a termination under Section 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Plan or Multiemployer Plan; (e) an event or condition which constitutes grounds under
Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; or (f) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due
but not delinquent under Section 4007 of ERISA, upon
theany Borrower or any Commonly Controlled Entity. 

  
 13 

 “Eurodollar Reserve Percentage” shall mean for any day, the
percentage (expressed as a decimal and rounded upwards, if necessary, to the next higher 1/100th of 1%) which is in effect for such day as prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the
maximum reserve requirement (including, without limitation, any basic, supplemental or emergency reserves) in respect of Eurocurrency liabilities, as defined in Regulation D of such Board as in effect from time to time, or any similar category of
liabilities for a member bank of the Federal Reserve System in New York City. 
 “Event of Default” shall
mean any of the events specified in Section 7.1; provided, however, that any requirement for the giving of notice or the lapse of time, or both, or any other condition, has been satisfied. 

“Existing Letter of Credit” shall mean each of the letters of credit described by applicant, date of
issuance, letter of credit number, amount, beneficiary and the date of expiry on Schedule 1.1(c) hereto. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Excluded Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent
that, all or a portion of the Guaranty of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guaranty thereof) is or becomes illegal under the Commodity Exchange Act or any rule,
regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as
defined in the Commodity Exchange Act and the regulations thereunder at the time the Guaranty of such Guarantor or the grant of such security interest becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master
agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guaranty or security interest is or becomes illegal. 

“Excluded Taxes” shall mean any of the following Taxes imposed on or with respect to a Recipient or required
to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being
organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection
Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which
(i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the BorrowerBorrowers under Section 2.19(b)) or (ii) such Lender changes its
lending office, except in each case to the extent that, pursuant to Section 2.16, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender
immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.16(g) and (d) any U.S. federal withholding Taxes imposed under FATCA. 

  
 14 

 “Extension of Credit” shall mean, as to any Lender, the making
of a Loan by such Lender, any conversion of a Loan from one Type to another Type, any extension of any Loan or the issuance, extension or renewal of, or participation in, a Letter of Credit or Swingline Loan by such Lender. 

“FATCA” shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended
or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of
the Code. 
 “Federal Funds Effective Rate” shall have the meaning set forth in the definition of
“Alternate Base Rate”. 
 “Fee Letters” shall mean the RBS Fee Letter, the KeyBank Fee Letter and
the Wells Fargo Fee Letter. 
 “First Amendment Effective Date” shall mean July 2, 2014. 

“Flood Hazard Property” shall mean any Mortgaged Property that is in an area designated by the Federal
Emergency Management Agency as having special flood or mudslide hazards. 
 “Foreign Lender” shall mean
(a) if theany Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if theany Borrower is not a U.S. Person, any Lender that is resident or organized under
the laws of a jurisdiction other than that in which
thesuch Borrower is resident for tax purposes. 
 “Foreign Subsidiary”
shall mean any Subsidiary that is not a Domestic Subsidiary. 
 “Fronting Exposure” shall mean, at any time
there is a Defaulting Lender, (a) with respect to any Issuing Lender, such Defaulting Lender’s Applicable Percentage of the outstanding LOC Obligations with respect to Letters of Credit issued by such Issuing Lender other than LOC
Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect to any Swingline Lender, such Defaulting
Lender’s Applicable Percentage of outstanding Swingline Loans made by such Swingline Lender other than Swingline Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash
Collateralized in accordance with the terms hereof. 

“FuelCo”
 shall mean a Person which is designated by the Borrowers in writing as “FuelCo” from time to time and is the owner of the Fuel Supply Agreement or Controls the Person which owns the Fuel Supply Agreement. 

“Fuel Supply
 Agreement” shall mean that certain Petroleum Product Sale Agreement dated as of May 1, 2013 by and between CST Marketing and Supply Company and Valero Marketing and Supply Company, as may be amended, modified, supplemented, restated or
replaced. 

  
 15 

 “Fund” shall mean any Person (other than a natural person) that
is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 

“Funded Debt” shall mean, with respect to any Person, without duplication, all Indebtedness of such Person
(other than Indebtedness set forth in clauses (h) and (m) and, as it relates to undrawn standby letters of credit only, (i) of such definition). 

“GAAP” shall mean generally accepted accounting principles in effect in the United States of America (or, in
the case of Foreign Subsidiaries with significant operations outside the United States of America, generally accepted accounting principles in effect from time to time in their respective jurisdictions of organization or formation) applied on a
consistent basis, subject, however, in the case of determination of compliance with the financial covenants set out in Section 5.9 to the provisions of Section 1.3(c). 

“General Partner” shall mean Lehigh Gas GP LLC, a Delaware limited liability company. 

“General Partner Interest” has the meaning given such term in the Partnership Agreement. 

“Getty” shall mean Getty Properties Corp, a Delaware corporation. 

“Getty Lease” shall mean, collectively, the Getty MA/ME/NH Lease and the Getty PA Lease. 

“Getty MA/ME/NH Lease” shall mean, collectively, that certain (i) Unitary Net Lease and Net Sublease
Agreement dated April 19, 2012 between Getty and Lehigh
WholesaleServices (as assignee of LGP Realty Holdings LP,
successor by merger to Energy Realty OP LP), (ii) Letter Agreement dated May 30, 2012 between Getty and Lehigh WholesaleServices as assignee of LGP Realty Holdings LP, successor by merger to Energy
Realty OP LP), (iii) Letter Agreement regarding grant of security interest dated October 1, 2012 between Getty and Lehigh WholesaleServices (as assignee of LGP Realty Holdings LP, successor by merger to Energy
Realty OP LP), (iv) Letter Agreement regarding site investigations and excavations dated October 1, 2012 between Getty and Lehigh WholesaleServices (as assignee of LGP Realty Holdings LP, successor by merger to Energy
Realty OP LP), (v) Amendment to Unitary Net Lease and Net Sublease Agreement dated November 19, 2012 between Getty and Lehigh WholesaleServices (as assignee of LGP Realty Holdings LP, successor by merger to Energy
Realty OP LP), (vi) Letter Agreement dated November 26, 2012 between Getty and Lehigh
WholesaleServices (as assignee of LGP Realty Holdings LP,
successor by merger to Energy Realty OP LP), (vii) Amendment to Unitary Net Lease and Net Sublease Agreement dated September 4, 2013 between Getty and Lehigh
WholesaleServices (as assignee of LGP Realty Holdings LP,
successor by merger to Energy Realty OP LP), (viii) Amendment to Unitary Net Lease and Net Sublease Agreement dated November 25, 2013 between Getty and Lehigh
WholesaleServices (as assignee of LGP Realty Holdings LP,
successor by merger to Energy Realty OP LP) and (ix) Amendment to Unitary Net Lease and Net Sublease Agreement dated December 1, 2013 between Getty and Lehigh
WholesaleServices (as assignee of LGP Realty Holdings LP,
successor by merger to Energy Realty OP LP). 

  
 16 

 “Getty PA Lease” shall mean, collectively, that certain
(i) Unitary Net Lease and Net Sublease Agreement dated May 1, 2012 between Getty and Lehigh
WholesaleServices (as assignee of LGP Realty Holdings LP,
successor by merger to Energy Realty OP LP), (ii) Letter Agreement regarding grant of security interest dated October 1, 2012 between Getty and Lehigh
WholesaleServices (as assignee of LGP Realty Holdings LP,
successor by merger to Energy Realty OP LP), (iii) Letter Agreement regarding site investigations and excavations dated October 1, 2012 between Getty and Lehigh
WholesaleServices (as assignee of LGP Realty Holdings LP,
successor by merger to Energy Realty OP LP) and (vi) Letter Agreement regarding site investigations and excavations dated May 1, 2012 between Getty and Lehigh
WholesaleServices (as assignee of LGP Realty Holdings LP,
successor by merger to Energy Realty OP LP). 
 “Government Acts” shall have the meaning set forth
in Section 2.17(a). 
 “Government Obligations” shall have the meaning set forth in the
definition of “Cash Equivalents.” 
 “Governmental Authority” shall mean the government of
the United States of America or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Guarantor” shall mean the Material Domestic Subsidiaries of the BorrowerPartnership as are, or may from time to time
become, parties to this Agreement. 

“Guaranty” shall mean the guaranty of the Guarantors set forth in Article X. 

“Guaranty Obligations” shall mean, with respect to any Person, without duplication, any obligations of such
Person (other than endorsements in the ordinary course of business of negotiable instruments for deposit or collection) guaranteeing or intended to guarantee any Indebtedness of any other Person in any manner, whether direct or indirect, and
including, without limitation, any obligation, whether or not contingent, (a) to purchase any such Indebtedness or any property constituting security therefor, (b) to advance or provide funds or other support for the payment or purchase of
any such Indebtedness or to maintain working capital, solvency or other balance sheet condition of such other Person (including, without limitation, keep well agreements, maintenance agreements, comfort letters or similar agreements or arrangements)
for the benefit of any holder of Indebtedness of such other Person, (c) to lease or purchase property, securities or services primarily for the purpose of assuring the holder of such Indebtedness, or (d) to otherwise assure or hold
harmless the holder of such Indebtedness against loss in respect thereof. The amount of any Guaranty Obligation hereunder shall (subject to any limitations set forth therein) be deemed to be an amount equal to the outstanding principal amount (or
maximum principal amount, if larger) of the Indebtedness in respect of which such Guaranty Obligation is made. 

  
 17 

 “Hedging Agreements” shall mean, with respect to any Person, any
agreement entered into to protect such Person against fluctuations in interest rates, or currency or raw materials values, including, without limitation, any interest rate swap, cap or collar agreement or similar arrangement between such Person and
one or more counterparties, any foreign currency exchange agreement, currency protection agreements, commodity purchase or option agreements or other interest or exchange rate hedging agreements. 

“Incremental Increase Amount” shall have the meaning set forth in Section 2.22. 

“Indebtedness” shall mean, with respect to any Person, without duplication, (a) all obligations of such
Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, or upon which interest payments are customarily made, (c) all obligations of such Person under conditional sale or
other title retention agreements relating to property purchased by such Person (other than customary reservations or retentions of title under agreements with suppliers entered into in the ordinary course of business), (d) all obligations
(including, without limitation, earnout obligations but only to the extent such earnout obligations are recorded as liabilities on such Person’s balance sheet in accordance with GAAP) of such Person incurred, issued or assumed as the deferred
purchase price of property or services purchased by such Person (other than trade debt incurred in the ordinary course of business and not more than 90 days past due unless being contested in good faith and for which adequate reserves have been
established in accordance with GAAP) which would appear as liabilities on a balance sheet of such Person, (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to
be secured by) any Lien on, or payable out of the proceeds of production from, property owned or acquired by such Person, whether or not the obligations secured thereby have been assumed, (f) all Guaranty Obligations of such Person with respect
to Indebtedness of another Person, (g) the principal portion of all Capital Lease Obligations plus any accrued interest thereon, (h) all net obligations of such Person under Hedging Agreements, (i) the maximum amount of all
letters of credit issued or bankers’ acceptances facilities created for the account of such Person and, without duplication, all drafts drawn thereunder (to the extent unreimbursed), (j) all preferred Equity Interests issued by such Person
and which by the terms thereof could be (at the request of the holders thereof or otherwise) subject to mandatory sinking fund payments, redemption or other acceleration for cash on a date prior to the Maturity Date, (k) the principal balance
outstanding under any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product plus any accrued interest thereon, (l) all obligations of any partnership or unincorporated joint
venture in which such Person is a general partner or a joint venturer unless such obligations are expressly made non-recourse to such Person, in which case, such non-recourse obligations shall be excluded from the definition of Indebtedness;
provided that, in the event such obligations are recourse, only the amount of such Person’s liability for such obligations shall be included as Indebtedness hereunder and (m) obligations of such Person under non-compete
agreements to the extent such obligations are quantifiable contingent obligations of such Person under GAAP principles. 

“Indemnified Taxes” shall mean (a) Taxes, other than Excluded Taxes, imposed on or with respect to any
payment made by or on account of any obligation of
theany Borrower under any Credit Document and (b) to the extent not otherwise described in (a), Other Taxes. 

  
 18 

 “Indemnitee” shall have the meaning set forth in
Section 9.5(b). 
 “Insolvency” shall mean, with respect to any Multiemployer Plan, the condition that
such Plan is insolvent within the meaning of such term as used in Section 4245 of ERISA. 
 “Intellectual
Property” shall mean, collectively, all Copyrights, Copyright Licenses, Patents, Patent Licenses, Trademarks and Trademark Licenses of the Credit Parties and their Subsidiaries, all goodwill associated therewith and all rights to sue for
infringement thereof. 
 “Intercompany Debt” shall have the meaning set forth in Section 9.19. 

“Interest Determination Date” shall have the meaning specified in the definition of “Applicable
Margin”. 
 “Interest Payment Date” shall mean (a) as to any Alternate Base Rate Loan, the last
Business Day of each March, June, September and December and on the Revolver Maturity Date, (b) as to any LIBOR Rate Loan having an Interest Period of three months or less, the last day of such Interest Period, (c) as to any LIBOR Rate
Loan having an Interest Period longer than three months, (i) each three (3) month anniversary following the first day of such Interest Period and (ii) the last day of such Interest Period and (d) as to any Loan which is the
subject of a mandatory prepayment required pursuant to Section 2.7(b), the date on which such mandatory prepayment is due. 

“Interest Period” shall mean, with respect to any LIBOR Rate Loan, 

(a)     initially, the period commencing on the Borrowing Date or conversion date, as the
case may be, with respect to such LIBOR Rate Loan and ending (i) one week or (ii) one, two, three or six months thereafter, in each case, subject to availability to all applicable Lenders, as selected by thea Borrower in the Notice of Borrowing or Notice of Conversion given with respect thereto; and 

(b)     thereafter, each period commencing on the last day of the immediately preceding
Interest Period applicable to such LIBOR Rate Loan and ending one, two, three or six months thereafter, subject to availability to all applicable Lenders, as selected by
thea Borrower by irrevocable notice to the Administrative Agent not less than three Business Days prior to the last day of the then current Interest Period with respect thereto; provided that the foregoing
provisions are subject to the following: 
 (i)     if any Interest Period
pertaining to a LIBOR Rate Loan would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into
another calendar month in which event such Interest Period shall end on the immediately preceding Business Day; 

(ii)     any Interest Period pertaining to a LIBOR 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 relevant calendar month; 

  
 19 

 (iii)     if thea Borrower shall fail to give notice as provided above, the
BorrowerBorrowers shall be deemed to have selected an Alternate Base Rate Loan to replace the affected LIBOR Rate Loan; 

(iv)     no Interest Period in respect of any Loan shall extend beyond the Revolver
Maturity Date; and 
 (v)     no more than six (6) LIBOR Rate Loans may be in
effect at any time; provided, however, that no more than one (1) LIBOR Rate Loan with an Interest Period of one week may be in effect at any time. For purposes hereof, LIBOR Rate Loans with different Interest Periods shall be
considered as separate LIBOR Rate Loans, even if they shall begin on the same date and have the same duration, although borrowings, extensions and conversions may, in accordance with the provisions hereof, be combined at the end of existing Interest
Periods to constitute a new LIBOR Rate Loan with a single Interest Period. 
 “Investment” shall mean
(a) the acquisition (whether for cash, property, services, assumption of Indebtedness, securities or otherwise) of Equity Interests, other ownership interests or other securities of any Person or bonds, notes, debentures or all or substantially
all of the assets of any Person, (b) any deposit with, or advance, loan or other extension of credit to, any Person (other than deposits made in the ordinary course of business) or (c) any other capital contribution to or investment in any
Person, including, without limitation, any Guaranty Obligation (including any support for a letter of credit issued on behalf of such Person) incurred for the benefit of such Person. For purposes of calculating covenant compliance, the amount of any
Investment shall be the amount actually invested, without adjustment for certain increases or decreases in the value of such investment. “Investment” shall exclude extensions of trade credit or capital expenditures by any Credit Party in
the ordinary course of business. 
 “IRS” shall mean the United States Internal Revenue Service. 

“Issuing Lender” shall mean, as the context may require, (a) with respect to any Existing Letter of
Credit, KeyBank and (b) with respect to all other Letters of Credit, either (i) Citizens Bank of Pennsylvania or (ii) such other Lender as designated by the
BorrowerPartnership and approved by the Administrative Agent, together with any successor to any such issuing lender hereunder. 

“Issuing Lender Fees” shall have the meaning set forth in Section 2.5(c). 

“J. Topper” shall mean
Joseph V. Topper, Jr. 
 “Joinder
Agreement” shall mean a Joinder Agreement in substantially the form of Exhibit 1.1(c), executed and delivered by an Additional Credit Party in accordance with the provisions of Section 5.10. 

  
 20 

 “KeyBank” shall mean KeyBank National Association. 

“KeyBank Fee Letter” shall mean that certain letter agreement dated January 28, 2014, addressed to the BorrowerPartnership from KeyBank, as amended, modified, extended, restated, replaced, or supplemented from time to time. 

“Lead Arrangers” shall mean RBS
Citizens
Bank, KeyBank and Wells Fargo Securities, LLC.”Lehigh Wholesale” shall mean Lehigh
Gas Wholesale Services, Inc., a Delaware corporation. 

“Lender” shall mean any of the several banks and other financial institutions as are, or may from time to
time become parties to this Agreement, including any Issuing Lender, any Revolving Lender and the Swingline Lender; provided that notwithstanding the foregoing, “Lender” shall not include any Credit Party or any of the Credit
Party’s Affiliates or Subsidiaries. 
 “Letter of Credit” shall mean (a) any letter of credit
issued by the Issuing Lender pursuant to the terms hereof, as such letter of credit may be amended, modified, restated, extended, renewed, increased, replaced or supplemented from time to time in accordance with the terms of this Agreement and
(b) any Existing Letter of Credit, in each case as such letter of credit may be amended, modified, extended, renewed or replaced from time to time in accordance with the terms of this Agreement. 

“Letter of Credit Expiration Date” shall have the meaning set forth in Section 2.3(a). 

“Letter of Credit Facing Fee” shall have the meaning set forth in Section 2.5(c). 

“Letter of Credit Fee” shall have the meaning set forth in Section 2.5(b). 

“LIBOR” shall mean, for any LIBOR Rate Loan for any Interest Period therefor, the rate per annum
(rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing on Reuters Screen LIBOR01 Page (or any successor page) as the London interbank offered rate for deposits in Dollars at approximately 11:00 A.M. (London time) two (2) Business
Days prior to the first day of such Interest Period for a term comparable to such Interest Period; provided, that, if such rate
shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. If for any reason such rate is not available, then “LIBOR” shall mean the rate per annum at which, as determined by the
Administrative Agent in accordance with its customary practices, Dollars in an amount comparable to the Loans then requested are being offered to leading banks at approximately 11:00 A.M. London time, two (2) Business Days prior to the
commencement of the applicable Interest Period for settlement in immediately available funds by leading banks in the London interbank market for a period equal to the Interest Period
selected; provided, that, if such rate shall be less than zero such rate shall be deemed to be zero for purposes of this
Agreement. 
 “LIBOR Lending Office” shall mean, initially, the office(s) of each
Lender designated as such Lender’s LIBOR Lending Office in such Lender’s Administrative Questionnaire; and thereafter, such other office of such Lender as such Lender may from time to time specify to the Administrative Agent and the BorrowerBorrowers as the office of such Lender at which the LIBOR Rate Loans of such Lender are to be made. 

  
 21 

 “LIBOR Rate” shall mean a rate per annum (rounded upwards, if
necessary, to the next higher 1/100th of 1%) determined by the Administrative Agent pursuant to the following formula: 
  

			
	LIBOR Rate =	  	LIBOR
		  	1.0 - Eurodollar Reserve Percentage

 “LIBOR Rate Loan” shall mean Loans the rate of interest applicable to which
is based on the LIBOR Rate. 
 “LIBOR Tranche” shall mean the collective reference to LIBOR Rate Loans
whose Interest Periods begin and end on the same day. 
 “Lien” shall mean any mortgage, pledge,
hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever
(including, without limitation, (a) any conditional sale or other title retention agreement and any Capital Lease having substantially the same economic effect as any of the foregoing and (b) the filing of, or the agreement to give, any
UCC financing statement). 
 “Liquidity” shall mean the sum of Accessible Borrowing Availability plus
unrestricted cash and Cash Equivalents on the Consolidated balance sheet of
the BorrowerPartnership. 
 “Loan” shall mean a Revolving Loan and/or a Swingline Loan,
as appropriate. 
 “LOC Commitment” shall mean the commitment of the Issuing Lender to issue Letters of
Credit and with respect to each Revolving Lender, the commitment of such Revolving Lender to purchase Participation Interests in the Letters of Credit up to such Lender’s Revolving Commitment Percentage of the LOC Committed Amount. 

“LOC Committed Amount” shall have the meaning set forth in Section 2.3(a). 

“LOC Documents” shall mean, with respect to each Letter of Credit, such Letter of Credit, any amendments
thereto, any documents delivered in connection therewith, any application therefor, and any agreements, instruments, guarantees or other documents (whether general in application or applicable only to such Letter of Credit) governing or providing
for (a) the rights and obligations of the parties concerned or (b) any collateral for such obligations. 

“LOC Obligations” shall mean, at any time, the sum of (a) the maximum amount which is, or at any time
thereafter may become, available to be drawn under Letters of Credit then outstanding, assuming compliance with all requirements for drawings referred to in such Letters of Credit plus (b) the aggregate amount of all drawings under
Letters of Credit honored by the Issuing Lender but not theretofore reimbursed. 

  
 22 

 “Mandatory LOC Borrowing” shall have the meaning set forth in
Section 2.3(e). 
 “Mandatory Swingline Borrowing” shall have the meaning set forth in
Section 2.4(b)(ii). 

“Master
 Lease” shall mean that certain Master Lease Agreement dated as of May 28, 2014, by and between the landlord(s) identified on Schedule 1 attached thereto and Lehigh Gas – Ohio, LLC. 

“
Material Acquisition” shall mean an Acquisition where the aggregate cash consideration (which shall include any deposits made in connection therewith) at closing of such Material Acquisition
equals or exceeds
$30,000,000.50,000,000. 
 “Material Adverse Effect” shall mean a material adverse
effect on (a) the business, operations, property, assets, condition (financial or otherwise) or prospects of the BorrowerBorrowers or of the Credit Parties and their Subsidiaries taken as a whole,
(b) the ability of
theany Borrower or any Guarantor to perform its obligations, when such obligations are required to be performed, under this Agreement, any of the Notes or any other Credit Document or (c) the validity or
enforceability of this Agreement, any of the Notes or any of the other Credit Documents, the Administrative Agent’s Liens (for the benefit of the Secured Parties) on the Collateral or the priority of such Liens or the rights or remedies of the
Administrative Agent or the Lenders hereunder or thereunder. 
 “Material Domestic
Subsidiary” shall mean any Domestic Subsidiary of the BorrowerPartnership that, together with its Subsidiaries, (a) generates more than 5% of Consolidated EBITDA on a Pro Forma Basis
for the four (4) fiscal quarter period most recently ended or (b) owns more than 5% of the Consolidated Assets as of the last day of the most recently ended fiscal quarter of the BorrowerPartnership
; provided, however, that if at any time there are Domestic Subsidiaries which are not currently classified as “Material Domestic Subsidiaries” but which collectively (i) generate more than 10% of
Consolidated EBITDA on a Pro Forma Basis or (ii) own more than 10% of the Consolidated Assets as of the last day of the most recently ended fiscal quarter of the
BorrowerPartnership
, then the
BorrowerBorrowers
 shall promptly designate one or more of such Domestic Subsidiaries as Material Domestic Subsidiaries and cause any such Domestic Subsidiaries to comply with the provisions of Section 5.10 such that, after such Domestic Subsidiaries
become Guarantors hereunder, the Domestic Subsidiaries that are not Guarantors shall (iii) generate less than 10% of Consolidated EBITDA and (iv) own less than 10% of the Consolidated Assets.  

“Materials of Environmental Concern” shall mean any gasoline or petroleum (including crude oil or any
extraction thereof) or petroleum products or any hazardous or toxic substances, materials or wastes, defined or regulated as such in or under any Environmental Law, including, without limitation, asbestos, perchlorate, polychlorinated biphenyls and
urea-formaldehyde insulation. 
 “Minor Acquisition” shall mean an Acquisition where the aggregate cash
consideration (which shall include any deposits made in connection therewith) at closing of such Minor Acquisition is less than $30,000,000.50,000,000. 

  
 23 

 “Moody’s” shall mean Moody’s Investors Service, Inc.

 “Mortgage Instrument” shall mean any mortgage, deed of trust or deed to secure debt either
(i) executed by a Credit Party in favor of the Administrative Agent, for the benefit of the Secured Parties, or (ii) assigned to the Administrative Agent, for the benefit of the Secured Parties, as the same may be amended, modified,
extended, restated, replaced, or supplemented from time to time (it being agreed that no leasehold deeds of trust, leasehold trust deeds, leasehold deeds to secure debt or leasehold mortgages shall be required under this Agreement). 

“Mortgaged Property” shall mean any owned real property of a Credit Party and its Subsidiaries listed on
Schedule 3.16(f)(i)(A) and any other owned real property of a Credit Party and its Subsidiaries that is or will become encumbered by a Mortgage Instrument in favor of the Administrative Agent in accordance with the terms of this Agreement;
provided that, as of the Closing Date, the real property located in flood zones and listed on Schedule 3.16(f)(i)(B) shall not constitute Mortgaged Property. 

“Multiemployer Plan” shall mean a Plan that is a multiemployer plan as defined in Section 4001(a)(3) of
ERISA. 
 “New Jersey Subsidiaries” shall mean those certain Subsidiaries of the Credit Parties listed on
Schedule 1.1(e) hereto which own real property in the State of New Jersey. 
 “Non-Consenting Lender” means
any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all affected Lenders in accordance with the terms of Section 9.1 and (b) has been approved by the Required Lenders. 

“Non-Defaulting Lender’ shall mean, at any time, each Lender that is not a Defaulting Lender at such time.

 “Non-Extension Notice Date” shall have the meaning set forth in Section 2.3(k). 

“Note” or “Notes” shall mean the Revolving Loan Notes and/or the Swingline Loan Note,
collectively, separately or individually, as appropriate. 
 “Notice of Borrowing” shall mean a request for
a Revolving Loan borrowing pursuant to Section 2.1(b)(i) or a request for a Swingline Loan borrowing pursuant to Section 2.4(b)(i), as appropriate. A Form of Notice of Borrowing is attached as Exhibit 1.1(d). 

“Notice of Conversion/Extension” shall mean the written notice of conversion of a LIBOR Rate Loan to an
Alternate Base Rate Loan or an Alternate Base Rate Loan to a LIBOR Rate Loan, or extension of a LIBOR Rate Loan, in each case substantially in the form of Exhibit 1.1(e). 

“NPL” means the National Priorities List under CERCLA. 

  
 24 

 “Obligations” shall mean, collectively, all of the obligations,
Indebtedness and liabilities of the Credit Parties owing to the Lenders (including the Issuing Lender) and the Administrative Agent, whenever arising, under this Agreement, the Notes or any of the other Credit Documents, including principal,
interest, fees, costs, charges, expenses, professional fees, reimbursements, all sums chargeable to the Credit Parties or for which any Credit Party is liable as an indemnitor and whether or not evidenced by a note or other instrument and
indemnification obligations and other amounts (including, but not limited to, any interest accruing after the occurrence of a filing of a petition of bankruptcy under the Bankruptcy Code with respect to any Credit Party, regardless of whether such
interest is an allowed claim under the Bankruptcy Code). In no event shall the Obligations include any Excluded Swap Obligations. 

“OFAC” shall mean the U.S. Department of the Treasury’s Office of Foreign Assets Control. 

“Omnibus
 Agreement” shall mean that certain Omnibus Agreement, dated as of October 30, 2012, by and among the Partnership, the General Partner, Lehigh Gas Corporation, Lehigh Gas – Ohio, LLC and Joseph V. Topper, Jr., as amended and restated
by that certain Amended and Restated Omnibus Agreement by and among the Partnership, the General Partner, Lehigh Gas Corporation, CST Services, LLC, Lehigh Gas – Ohio, LLC and Joseph V. Topper, Jr., as may be amended, modified, supplemented,
restated or replaced. 
 “Operating Lease”
shall mean, as applied to any Person, any lease (including, without limitation, leases which may be terminated by the lessee at any time) of any property (whether real, personal or mixed) which is not a Capital Lease other than any such lease in
which that Person is the lessor. 
 “Other Connection Taxes” shall mean, with respect to any Recipient,
Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations
under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Credit Document, or sold or assigned an interest in any Loan or Credit Document). 

“Other Taxes” shall mean all present or future stamp, court or documentary, intangible, recording, filing or
similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Credit Document, except
any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19). 

“Participant” has the meaning assigned to such term in clause (d) of Section 9.6. 

“Participant Register” has the meaning specified in clause (d) of Section 9.6. 

  
 25 

 “Participation Interest” shall mean a participation interest
purchased by a Revolving Lender in LOC Obligations as provided in Section 2.3(c) and in Swingline Loans as provided in Section 2.4. 

“Partnership Agreement” shall mean that certain First Amended and Restated Agreement of Limited Partnership
of the BorrowerPartnership dated October 30, 2012, as the same may be amended, restated, modified and/or supplemented from time to time in accordance with this Agreement. 

“Patent Licenses” shall mean any agreement, whether written or oral, providing for the grant by or to a
Person of any right to manufacture, use or sell any invention covered by a Patent. 
 “Patents” shall mean
(a) all letters patent of the United States or any other country, now existing or hereafter arising, and all improvement patents, reissues, reexaminations, patents of additions, renewals and extensions thereof and (b) all applications for
letters patent of the United States or any other country and all provisionals, divisions, continuations and continuations-in-part and substitutes thereof. 

“Patriot Act” shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)), as amended or modified from time to time. 

“Payment Event of Default” shall mean an Event of Default specified in Section 7.1(a). 

“PBGC” shall mean the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of
ERISA. 
 “Permitted Acquisition” shall mean an acquisition or any series of related acquisitions by
a Credit Party of (a) all or substantially all of the assets or a majority of the outstanding Voting Stock or economic interests of a Person that is incorporated, formed or organized in the United States, (b) a Person that is incorporated,
formed or organized in the United States by a merger, amalgamation or consolidation or any other combination with such Person
or, (c) any division, line of business
or, other business unit, real property or assets of a Person that is incorporated, formed or organized in the United States, (d) Equity Interests in FuelCo, (e) the Fuel Supply Agreement and (f) real property and assets from CST Brands and its
Subsidiaries (such Person or such division, line of business or other business unit of such Person, such partnership
interests or such real property shall be referred to herein as the “Target”), in each case that is a type of business (or assets used in a type of business) permitted to be engaged in by the Credit Parties and their
Subsidiaries pursuant to Section 6.3, in each case so long as:  
 (i)
    no Default or Event of Default shall then exist or would exist immediately after giving effect thereto; 
 (ii)
    with respect to (i) any Material Acquisition and (ii) any Minor Acquisition where the aggregate cash consideration at closing of such Minor Acquisition exceeds $2,000,0003,000,000 and such Minor Acquisition is 

  
 26 

 
consummated in the same fiscal year where the aggregate consideration paid in connection with all other Minor Acquisitions previously consummated during such fiscal year exceeds $50,000,000,75,000,000, the Credit Parties shall demonstrate to the reasonable satisfaction of the Administrative Agent that, after giving effect to the acquisition on a Pro Forma Basis, the Credit Parties are in compliance with each of
the financial covenants set forth in Section 5.9; 
 (iii)     the
Administrative Agent, on behalf of the Secured Parties, shall have received (or shall receive in connection with the closing of such acquisition) a first priority perfected security interest in all property (including, without limitation, Equity
Interests) acquired with respect to the Target in accordance with the terms of Sections 5.10 and 5.12 and the Target, if a Person, shall have executed a Joinder Agreement in accordance with the terms of Section 5.10; 

(iv)     the Administrative Agent and the Lenders shall have received (A) a
description of the material terms of such acquisition, (B) in each case, to the extent available, most recently available audited financial statements or management-prepared financial statements of the Target for its two most recent fiscal
years and for any fiscal quarters ended within the fiscal year to date, (C) Consolidated projected income statements of the Credit Parties and their Subsidiaries (giving effect to such acquisition), and (D) not less than five
(5) Business Days prior to the consummation of any Permitted Acquisition subject to the reporting requirements of (ii) above, a certificate substantially in the form of Exhibit 1.1(f), executed by an Authorized Officer of the BorrowerBorrowers certifying that such Permitted Acquisition complies with the requirements of this Agreement; provided, however, that the requirements of the foregoing clauses (C) and (D) shall only be
required with respect to a Material Acquisition; provided further, that the Administrative Agent may waive any of the
foregoing requirements in its sole discretion; 

(v)     [Intentionally Omitted]; 

(vi)     such acquisition shall not be a “hostile” acquisition and shall have
been approved by the Board of Directors (or equivalent) and/or shareholders (or equivalent) of the applicable Credit Party and the Target; and 

(vii)     with respect to (i) any Material Acquisition and (ii) any Minor
Acquisition where the aggregate cash consideration at closing of such Minor Acquisition exceeds
$2,000,0003,000,000 and such Minor Acquisition is consummated in the same fiscal year where the aggregate consideration paid in connection with all other Minor Acquisitions previously consummated during such fiscal year exceeds
$50,000,000,75,000,000, after giving effect to such acquisition, there shall be at least $25,000,00020,000,000 of Liquidity. 

“Permitted Investments” shall have the meaning set forth in Section 6.5. 

  
 27 

 “Permitted Liens” shall have the meaning set forth in
Section 6.2. 
 “Permitted Like-Kind Exchange” means an exchange of property, by any Credit Party with
another Person, arrangements for which have been made prior to the Disposition of such Credit Party’s property subject to such exchange, which exchange is permitted under, and made in accordance with, Section 1031 of the Code; provided
that (a) no exchange, relinquished property, proceeds assignment or similar agreement initiating a new exchange shall be made following the occurrence and during the continuance of any Event of Default or if an Event of Default would be caused
as a consequence thereof; and further provided that like-kind exchange transactions for which any exchange, relinquished property, proceeds assignment or similar agreement has been executed prior to the occurrence of an Event of Default may proceed
to consummation in accordance with the terms of such agreement(s) notwithstanding the occurrence of any Event of Default, and (b) the qualified intermediary with respect to such exchange, any security or guarantee given to secure any assets
held by such qualified intermediary is a Lender or an Affiliate thereof and all other aspects of the exchange have been approved by the Administrative Agent, in its reasonable discretion. 

“Person” shall mean any natural person, corporation, limited liability company, trust, joint venture,
association, company, partnership, Governmental Authority or other entity. 
 “Plan” shall mean, as of any
date of determination, any employee benefit plan which is covered by Title IV of ERISA and in respect of which any Credit Party or a Commonly Controlled Entity is (or, if such plan were terminated at such time, would under Section 4069 of ERISA
be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
 “Pledge Agreement”
shall mean the Third Amended and Restated Pledge Agreement dated as of the Closing Date executed by the Credit Parties in favor of the Administrative Agent, for the benefit of the Secured Parties, as the same may from time to time be amended,
modified, extended, restated, replaced, or supplemented from time to time in accordance with the terms hereof and thereof. 

“Previous Credit Agreement” shall mean that certain Second Amended and Restated Credit Agreement dated as of
October 30, 2012 by and among the
BorrowerPartnership, the lenders named therein, KeyBank, as Administrative Agent for the Lenders, as Collateral Agent, as L/C Issuer, as Joint Lead Arranger and as Joint Book Runner, RBS
Citizens
Bank as Joint Lead Arranger and Joint Book Runner and Citizens Bank of Pennsylvania as Syndication Agent, as amended. 

“Prime Rate” shall have the meaning set forth in the definition of Alternate Base Rate. 

“Pro Forma Basis” shall mean, with respect to any transaction, that such transaction shall be deemed to have
occurred as of the first day of the four-quarter period (or twelve month period, as applicable) ending as of the most recent quarter end (or month end, as applicable) preceding the date of such transaction for which financial statement information
is available. 
 “Properties” shall have the meaning set forth in Section 3.10(a). 

 

  
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 “Qualified ECP Guarantor” means, in respect of any Swap
Obligation, each Guarantor that has total assets exceeding $10,000,000 at the time such Swap Obligation is incurred or such other person as constitutes an ECP under the Commodity Exchange Act or any regulations promulgated thereunder. 

“Qualified Senior Notes” shall mean unsecured Indebtedness for borrowed money of, or in respect of, a private
placement or public sale of notes by
theany Borrower or any Credit Party, and any unsecured guarantees thereof by any Credit Party; provided, however, that (i) such Indebtedness shall not have the benefit of any letter of credit or other
credit support (other than such unsecured guarantees from any Credit Party), (ii) such Indebtedness shall have no portion of its principal amount scheduled to be due and payable prior to the first anniversary of the Revolver Maturity Date,
(iii) such Indebtedness shall have the benefit of no financial maintenance covenants that are more restrictive than, or that conflict with, those set forth in Section 5.9 of this Agreement and (iv) no covenant benefiting such
Indebtedness shall restrict
theany Borrower or any Credit Party from incurring
$450,000,000550,000,000 of Indebtedness under this Agreement
andplus the proceeds of any Incremental Facility incurred pursuant to Section 2.22 hereof; provided, further, that both before and after giving effect to the incurrence of such Indebtedness and the
application of any of the proceeds thereof on the issuance date no Default or Event of Default exists or would exist and, on a pro forma basis, the BorrowerBorrowers shall be in compliance with the financial covenants set forth in
Section 5.9 of this Agreement. 

“RBS Citizens” shall mean
RBS Citizens, N.A., a national banking association, together with its successors and/or assigns. 

“RBS Fee Letter” shall mean that certain letter agreement dated January 28, 2014, addressed to the BorrowerPartnership from Citizens and RBS Citizens Bank, as amended, modified, extended, restated, replaced, or supplemented from
time to time. 
 “Recipient” shall mean (a) the Administrative Agent, (b) any Lender and
(c) any Issuing Lender, as applicable. 
 “Recovery Event” shall mean the receipt by any Credit Party
or its Subsidiaries of any cash insurance proceeds or condemnation award payable by reason of theft, loss, physical destruction or damage, taking or similar event with respect to any of their respective property or assets. 

“Register” shall have the meaning set forth in Section 9.6(c). 

“Reimbursement Obligation” shall mean the obligation of theeach Borrower, or any other Credit Party, as the case may be, to reimburse the Issuing Lender pursuant to Section 2.3(d) for amounts drawn under Letters of Credit. 

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

  
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 “Reorganization” shall mean, with respect to any Multiemployer
Plan, the condition that such Plan is in reorganization within the meaning of such term as used in Section 4241 of ERISA. 

“Reportable Event” shall mean any of the events set forth in Section 4043(c) of ERISA, other than those
events as to which the thirty-day notice period is waived under PBGC Reg. §4043. 
 “Repurchase
Options” shall mean the right to repurchase one or more of the Mortgaged Properties pursuant to a recorded instrument (or a memorandum thereof) encumbering the applicable Mortgaged Property. 

“Required Lenders” shall mean, as of any date of determination, Lenders holding at least a majority of
(a) the outstanding Revolving Commitments or (b) if the Revolving Commitments have been terminated, the outstanding Loans and Participation Interests; provided, however, that if any Lender shall be a Defaulting Lender at such
time, then there shall be excluded from the determination of Required Lenders, Obligations (including Participation Interests) owing to such Defaulting Lender and such Defaulting Lender’s Commitments. 

“Requirement of Law” shall mean, as to any Person, (a) the articles or certificate of incorporation,
by-laws or other organizational or governing documents of such Person, and (b) all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes, executive orders, and administrative or
judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed
duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority (in each case whether or not having the force of law); in each case applicable to or binding upon such Person or any of its property or to
which such Person or any of its property is subject. 
 “Responsible Officer” shall mean, the chief
executive officer, president, chief financial officer, treasurer, controller, secretary, assistant secretary or manager of a Credit Party, or in the case of any Credit Party which is a partnership, the chief executive officer, president, chief
financial officer, treasurer, controller, secretary, assistant secretary or manager of the general partner of such Credit Party. Any document delivered hereunder that is signed by a Responsible Officer of a Credit Party shall be conclusively
presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Credit Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Credit Party. 

“Restricted Payment” shall mean (a) any dividend or other distribution, direct or indirect, on account
of any shares (or equivalent) of any class of Equity Interests of any Credit Party or any of its Subsidiaries, now or hereafter outstanding, (b) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for
value, direct or indirect, of any shares (or equivalent) of any class of Equity Interests of any Credit Party or any of its Subsidiaries, now or hereafter outstanding, (c) any payment made to retire, or to obtain the surrender of, any
outstanding warrants, options or other rights to acquire shares of any class of Equity Interests of any Credit Party or any of its Subsidiaries, now or hereafter outstanding or (d) any payment or prepayment of principal of, premium, if any, or
interest on, redemption, purchase, retirement, defeasance, sinking fund or similar payment with respect to, any Subordinated Debt of any Credit Party or any of its Subsidiaries. 

  
 30 

 “Revolver Maturity Date” shall mean the date that is five
(5) years following the Closing Date; provided, however, if such date is not a Business Day, the Revolver Maturity Date shall be the next preceding Business Day. 

“Revolving Commitment” shall mean, with respect to each Revolving Lender, the commitment of such Revolving
Lender to make Revolving Loans in an aggregate principal amount at any time outstanding up to an amount equal to such Revolving Lender’s Revolving Commitment Percentage of the Revolving Committed Amount as specified on Schedule 1.1(d).

 “Revolving Commitment Percentage” shall mean, for each Lender, the percentage identified as its
Revolving Commitment Percentage on Schedule 1.1(d) or in the Assignment and Assumption pursuant to which such Lender became a Lender hereunder, as such percentage may be modified in connection with any assignment made in accordance with the
provisions of Section 9.6(b). 
 “Revolving Committed Amount” shall have the meaning set forth in
Section 2.1(a). 
 “Revolving Credit Exposure” shall mean, as to any Revolving Lender at any time, the
aggregate principal amount at such time of its outstanding Revolving Loans and such Revolving Lender’s participation in LOC Obligations and Swingline Loans at such time. 

“Revolving Facility” shall have the meaning set forth in Section 2.1(a). 

“Revolving Facility Increase” shall have the meaning set forth in Section 2.22(a)(i). 

“Revolving Lender” shall mean, as of any date of determination, a Lender holding a Revolving Commitment, a
Revolving Loan or a Participation Interest on such date. 
 “Revolving Loan” shall have the meaning set
forth in Section 2.1(a). 
 “Revolving Loan Note” or “Revolving Loan Notes” shall
mean the promissory notes of the
BorrowerBorrowers provided pursuant to Section 2.1(e) in favor of any of the Revolving Lenders evidencing the Revolving Loan provided by any such Revolving Lender pursuant to Section 2.1(a), individually or collectively,
as appropriate, as such promissory notes may be amended, modified, extended, restated, replaced, or supplemented from time to time. 

“ROFR” means a right of first refusal to purchase or a right of first offer to purchase one or more of the
Mortgaged Properties pursuant to a recorded instrument (or a memorandum thereof) encumbering the applicable Mortgaged Property. 

“ROFR Statute” means any statute, law or similar regulation imposed by any Governmental Authority pursuant to
which any seller or transferor of real property which is a franchisor or similar Person is required by such statute, law or regulation to offer to an existing franchisee or similar Person which operates such real property under a lease, sublease or
other grant of authority the right of first refusal or bona fide offer to purchase such real property, including N.J.S.A. § 56:10-6.1. 

  
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 “S&P” shall mean Standard & Poor’s Ratings
Services, a division of The McGraw Hill Companies, Inc. 
 “Sale Leaseback” shall have the meaning set
forth in Section 6.12. 

“Sanctions”
 shall mean economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the U.S. government, including those administered by OFAC or the U.S. Department of State. 

“
Sanctioned Entity” shall mean, at any time, (a) a country or a government of a country, (b) an agency of the government of a country, (c) an organization directly or indirectly controlled by a country or its government, or (d) a person
or entity resident in or determined to be resident in a country, that is subject to a country sanctions program administered and enforced by OFACitself the subject or target of any Sanctions. 

“Sanctioned Person” shall mean a person
named on the list of Specially Designated Nationals maintained by OFACat any time, (a) any Person listed in any
Sanctions-related list of designated Persons maintained by OFAC or the U.S. Department of State, (b) any Person operating, organized or resident in a country or territory which is itself the subject or target of any Sanctions or (c) any
Person owned or controlled by any such Person or Persons. 

“Sarbanes-Oxley” shall mean the
Sarbanes-Oxley Act of 2002. 
 “SEC” shall mean the Securities and
Exchange Commission or any successor Governmental Authority. 

“Second
 Amendment Effective Date” shall mean September 30, 2014. 

“Secured Parties” shall mean the Administrative Agent, the Lenders and the Bank Product Providers. 

“Securities Account Control Agreement” shall mean an agreement, among a Credit Party, a securities
intermediary, and the Administrative Agent, which agreement is in a form acceptable to the Administrative Agent and which provides the Administrative Agent with “control” (as such term is used in Articles 8 and 9 of the UCC) over the
securities account(s) described therein, as the same may be as amended, modified, extended, restated, replaced, or supplemented from time to time. 

“Securities Act” shall mean the Securities Act of 1933, together with any amendment thereto or replacement
thereof and any rules or regulations promulgated thereunder. 
 “Securities Laws” shall mean the Securities
Act, the Exchange Act, Sarbanes-Oxley and the applicable accounting and auditing principles, rules, standards and practices promulgated, approved or incorporated by the SEC or the Public Company Accounting Oversight Board, as each of the foregoing
may be amended and in effect on any applicable date hereunder. 

  
 32 

 “Security Agreement” shall mean the Third Amended and Restated
Security Agreement dated as of the Closing Date executed by the Credit Parties in favor of the Administrative Agent, for the benefit of the Secured Parties, as amended, modified, extended, restated, replaced, or supplemented from time to time in
accordance with its terms. 
 “Security Documents” shall mean the Security Agreement, the Pledge Agreement,
any Deposit Account Control Agreement, any Securities Account Control Agreement, the Mortgage Instruments and all other agreements, documents and instruments relating to, arising out of, or in any way connected with any of the foregoing documents or
granting to the Administrative Agent, for the benefit of the Secured Parties, Liens or security interests to secure, inter alia, the Credit Party Obligations whether now or hereafter executed and/or filed, each as may be amended from time to time in
accordance with the terms hereof, executed and delivered in connection with the granting, attachment and perfection of the Administrative Agent’s security interests and liens arising thereunder, including, without limitation, UCC financing
statements. 
 “Senior Funded Debt” shall mean, as of any date of determination for the Credit Parties and
their Subsidiaries, all Funded Debt (including, without limitation, Extensions of Credit hereunder) which is not Subordinated Debtthat is both (x) secured by a Lien and (y) is not expressly subordinated to the Obligations. 
 “Senior Leverage Ratio” shall mean, as of any date of
determination, for the Credit Parties and their Subsidiaries on a Consolidated basis, the ratio of (i) Senior Funded Debt on such date
minus unrestricted cash and Cash Equivalents in an aggregate amount not to exceed $5,000,000 held by the Credit Parties on such date
and determined on a consolidated basis in accordance with GAAP to (ii) Consolidated EBITDA for the four (4) consecutive fiscal quarters ending on such date. 

“Services”
 shall have the meaning set forth in the first paragraph of this Agreement. 

“Single Employer Plan” shall mean any Plan that is not a Multiemployer Plan. 

“Subordinated Debt” shall mean any Indebtedness incurred by any Credit Party which by its terms is
specifically subordinated in right of payment to the prior payment of the Credit Party Obligations and contains subordination and other terms acceptable to the Administrative Agent. 

“Subsidiary” shall mean, as to any Person, a corporation, partnership, limited liability company or other
entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of
directors or other managers of such corporation, limited liability company, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by
such Person. Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of 

  
 33 

 
the
Borrowereither of the Borrowers. Notwithstanding anything to the contrary set forth in this Agreement, so long as
the Partnership or any other Credit Party does not own any general partnership interests in FuelCo, FuelCo shall not be deemed to be a Subsidiary for purposes of this Agreement. 

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

“Swingline Commitment” shall mean the commitment of the Swingline Lender to make Swingline Loans in an
aggregate principal amount at any time outstanding up to the Swingline Committed Amount, and the commitment of the Revolving Lenders to purchase participation interests in the Swingline Loans as provided in Section 2.4(b)(ii), as such amounts
may be reduced from time to time in accordance with the provisions hereof. 
 “Swingline Committed Amount”
shall mean the amount of the Swingline Lender’s Swingline Commitment as specified in Section 2.4(a). 

“Swingline Lender” shall mean Citizens and any successor swingline lender. 

“Swingline Loan” shall have the meaning set forth in Section 2.4(a). 

“Swingline Loan Note” shall mean the promissory note of the BorrowerBorrowers in favor of the Swingline Lender evidencing the Swingline Loans provided pursuant to Section 2.4(d), as such promissory note may be amended, modified, extended, restated, replaced, or supplemented from time
to time. 
 “Syndication Agents” shall mean KeyBank and Wells Fargo Bank, National Association. 

“Target” shall have the meaning set forth in the definition of “Permitted Acquisition”. 

“Taxes” shall mean all present or future taxes, levies, imposts, duties, deductions, withholdings (including
backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Topper Owners” shall mean
J. Topper and Maureen Topper, together with those Affiliates of J. Topper and family trusts of J. Topper and Maureen Topper which are Controlled by J. Topper and Maureen Topper. 

“Total Leverage Ratio” shall mean, as of any date of determination, for the Credit Parties and their
Subsidiaries on a Consolidated basis, the ratio of (a) Consolidated Funded Debt on such date minus unrestricted cash and Cash
Equivalents in an aggregate amount not to exceed $5,000,000 held by the Credit Parties on such date and determined on a consolidated basis in accordance with GAAP to (b) Consolidated
EBITDA for the four (4) consecutive quarters ending on such date. 

  
 34 

 “Trademark License” shall mean any agreement, whether written or
oral, providing for the grant by or to a Person of any right to use any Trademark. 
 “Trademarks” shall
mean (a) all trademarks, trade names, corporate names, company names, business names, fictitious business names, service marks, elements of package or trade dress of goods or services, logos and other source or business identifiers, together
with the goodwill associated therewith, all registrations and recordings thereof, and all applications in connection therewith, whether in the United States Patent and Trademark Office or in any similar office or agency of the United States, any
State thereof or any other country or any political subdivision thereof and (b) all renewals thereof. 

“Tranche” shall mean the collective reference to (a) LIBOR Rate Loans whose Interest Periods begin and
end on the same day and (b) Alternate Base Rate Loans made on the same day. 
 “Transactions” shall
mean the closing of this Agreement and the other Credit Documents and the other transactions contemplated hereby and pursuant to the other Credit Documents (including, without limitation, the initial borrowings under the Credit Documents and the
payment of fees and expenses in connection with all of the foregoing). 
 “Type” shall mean, as to any
Loan, its nature as an Alternate Base Rate Loan or LIBOR Rate Loan, as the case may be. 
 “UCC” shall mean
the Uniform Commercial Code from time to time in effect in any applicable jurisdiction. 
 “U.S. Borrower”
shall mean any Borrower that is a U.S. Person. 
 “U.S. Person” shall mean any Person that is a
“United States Person” as defined in section 7701(a)(30) of the Code. 
 “U.S. Tax Compliance
Certificate” has the meaning assigned to such term in paragraph (g) of Section 2.16. 
 “Use
Restrictions” shall mean restrictions to use one or more of the Mortgaged Properties in a particular way pursuant to a recorded instrument (or a memorandum thereof) encumbering the applicable Mortgaged Property. 

“Voting Stock” shall mean, with respect to any Person, Equity Interests issued by such Person the holders of
which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even though the right so to vote may be or have been suspended by the happening of such a
contingency. 
 “Wells Fargo Fee Letter” shall mean that certain letter agreement dated January 28,
2014, addressed to the
BorrowerPartnership from Wells Fargo Securities, LLC, as amended, modified, extended, restated, replaced, or supplemented from time to time. 

“Withholding Agent” shall mean any Credit Party and the Administrative Agent. 

  
 35 

 “Works” shall mean all works which are subject to copyright
protection pursuant to Title 17 of the United States Code. 
 Section 1.2     Other
Definitional Provisions. 
 The definitions of terms herein shall apply equally to the singular and plural
forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be
followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise (a) any definition of or reference to
any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented, amended and restated or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,”
“hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and
Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended,
modified or supplemented from time to time, (f) 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 and (g) all terms defined in this Agreement shall have the defined meanings when used in any other Credit Document or any certificate or other document made or delivered pursuant hereto. 

Section 1.3     Accounting Terms. 

 (a)     Generally. All accounting terms not specifically or completely
defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a
consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the most recently delivered audited Consolidated financial statements of the
BorrowerPartnership, except as otherwise specifically prescribed herein. 

 (b)     Changes in GAAP. If at any time any change in GAAP would affect the
computation of any financial ratio or requirement set forth in any Credit Document, and either the
BorrowerBorrowers or the Required Lenders shall so request, the Administrative Agent, the Lenders and the BorrowerBorrowers shall negotiate in good faith to amend such ratio or requirement to
preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance
with GAAP prior to such change therein and (ii) the
BorrowerPartnership shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between
calculations of such ratio or requirement made before and after giving effect to such change in GAAP. 

  
 36 

 (c)     Financial Covenant
Calculations. The parties hereto acknowledge and agree that, for purposes of all calculations made in determining compliance for any applicable period with the financial covenants set forth in Section 5.9 and for purposes of determining the
Applicable Margin, (i) after consummation of any Permitted Acquisition, (A) income statement items and other balance sheet items (whether positive or negative) attributable to the Target acquired in such transaction shall be included in
such calculations to the extent relating to such applicable period (including by adding any cost saving synergies associated with such Permitted Acquisition in a manner reasonably satisfactory to the Administrative Agent), subject to adjustments
mutually acceptable to the
BorrowerBorrowers and the Administrative Agent and (B) Indebtedness of a Target which is retired in connection with a Permitted Acquisition shall be excluded from such calculations and deemed to have been retired as of the
first day of such applicable period and (ii) after any Disposition permitted by Section 6.4(a)(vi), (A) income statement items, cash flow statement items and balance sheet items (whether positive or negative) attributable to the
property or assets disposed of shall be excluded in such calculations to the extent relating to such applicable period, subject to adjustments mutually acceptable to the
BorrowerBorrowers and the Administrative Agent and (B) Indebtedness that is repaid with the proceeds of such Disposition shall be excluded from such calculations and deemed to have been repaid as of the first day of such
applicable period. 
 Section 1.4     Time References. 

Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard,
as applicable). 
 Section 1.5     Execution of Documents. 

Unless otherwise specified, all Credit Documents and all other certificates executed in connection therewith must be signed by
an Authorized Officer. 
 ARTICLE II 

THE LOANS; AMOUNT AND TERMS 

Section 2.1     Revolving Loans. 

 (a)     Revolving Commitment. During the Commitment Period, subject to the
terms and conditions hereof, each Revolving Lender severally, but not jointly, agrees to make revolving credit loans in Dollars (“Revolving Loans”) to the
BorrowerBorrowers from time to time in an aggregate principal amount of up to
FOURFIVE HUNDRED FIFTY MILLION DOLLARS
($450,000,000550,000,000) (as
increased from time to time as provided in Section 2.22(a) and as such aggregate maximum amount may be reduced from time to time as provided in Section 2.6, the “Revolving Committed 

  
 37 

 
Amount”) for the purposes hereinafter set forth (such facility, the “Revolving Facility”); provided, however, that (i) with regard to each
Revolving Lender individually, the sum of such Revolving Lender’s Revolving Commitment Percentage of the aggregate principal amount of outstanding Revolving Loans plus such Revolving Lender’s Revolving Commitment Percentage of
outstanding Swingline Loans plus such Revolving Lender’s Revolving Commitment Percentage of outstanding LOC Obligations shall not exceed such Revolving Lender’s Revolving Commitment and (ii) with regard to the Revolving Lenders
collectively, the sum of the aggregate principal amount of outstanding Revolving Loans plus outstanding Swingline Loans plus outstanding LOC Obligations shall not exceed the Revolving Committed Amount then in effect. Revolving Loans
may consist of Alternate Base Rate Loans or LIBOR Rate Loans, or a combination thereof, as the
BorrowerBorrowers may request, and may be repaid and reborrowed in accordance with the provisions hereof; provided, however, the Revolving Loans made on the Closing Date or any of the three (3) Business Days
following the Closing Date, may only consist of Alternate Base Rate Loans unless the Borrower
deliversBorrowers deliver a funding indemnity letter,
substantially in the form of Exhibit 2.1(a), reasonably acceptable to the Administrative Agent not less than three (3) Business Days prior to the Closing Date. LIBOR Rate Loans shall be made by each Revolving Lender at its LIBOR Lending
Office and Alternate Base Rate Loans at its Domestic Lending Office. 

 (b)     Revolving Loan Borrowings. 

(i)     Notice of Borrowing. The BorrowerPartnership shall request a Revolving Loan borrowing by delivering a written Notice of Borrowing (or telephone notice promptly confirmed in writing by delivery of a written Notice of Borrowing, which delivery may be by fax)
to the Administrative Agent not later than 11:00 A.M. on the Business Day prior to the date of the requested borrowing in the case of Alternate Base Rate Loans, and on the third (3rd) Business Day prior to the date of the requested borrowing in
the case of LIBOR Rate Loans. Each such Notice of Borrowing shall be irrevocable and shall specify (A) that a Revolving Loan is requested, (B) the date of the requested borrowing (which shall be a Business Day), (C) the aggregate
principal amount to be borrowed
and, (D) whether the borrowing shall be comprised of
Alternate Base Rate Loans, LIBOR Rate Loans or a combination thereof, and if LIBOR Rate Loans are requested, the Interest Period(s)
therefor and (E) which Borrower is requesting such borrowing.
If the BorrowerPartnership shall fail to specify in any such Notice of Borrowing (1) an applicable Interest Period in the case of a LIBOR Rate Loan, then such notice shall be deemed to be a request for an Interest Period of one month,
or (2) the Type of Revolving Loan requested, then such notice shall be deemed to be a request for an Alternate Base Rate Loan hereunder. The Administrative Agent shall give notice to each Revolving Lender promptly upon receipt of each Notice of
Borrowing, the contents thereof and each such Revolving Lender’s share thereof. 

(ii)     Minimum Amounts. Each Revolving Loan that is made as an Alternate Base
Rate Loan shall be in a minimum aggregate amount of $500,000 and in integral multiples of $100,000 in excess thereof (or the remaining amount of 

  
 38 

 
the Revolving Committed Amount, if less). Each Revolving Loan that is made as a LIBOR Rate Loan shall be in a minimum aggregate amount of $500,000 and in integral multiples of $100,000 in excess
thereof (or the remaining amount of the Revolving Committed Amount, if less). 

(iii)     Advances. Each Revolving Lender will make its Revolving Commitment
Percentage of each Revolving Loan borrowing available to the Administrative Agent for the account of the BorrowerPartnership at the office of the Administrative Agent specified in
Section 9.2, or at such other office as the Administrative Agent may designate in writing, by 1:00 P.M. on the date specified in the applicable Notice of Borrowing, in Dollars and in funds immediately available to the Administrative Agent. Such
borrowing will then be made available to the
BorrowerBorrowers by the Administrative Agent by crediting the account of the
BorrowerBorrowers on the books of such office (or such other account that the
BorrowerBorrowers may designate in writing to the Administrative Agent) with the aggregate of the amounts made available to the Administrative Agent by the Revolving Lenders and in like funds as received by the Administrative
Agent. 
  (c)     Repayment. Subject to the terms of this Agreement,
Revolving Loans may be borrowed, repaid and reborrowed during the Commitment Period, subject to Section 2.7(a). The principal amount of all Revolving Loans shall be due and payable in full on the Revolver Maturity Date, unless accelerated
sooner pursuant to Section 7.2. 
  (d)     Interest. Subject to the
provisions of Section 2.8, Revolving Loans shall bear interest as follows: 

(i)     Alternate Base Rate Loans. During such periods as any Revolving Loans
shall be comprised of Alternate Base Rate Loans, each such Alternate Base Rate Loan shall bear interest at a per annum rate equal to the sum of the Alternate Base Rate plus the Applicable Margin; and 

(ii)     LIBOR Rate Loans. During such periods as Revolving Loans shall be
comprised of LIBOR Rate Loans, each such LIBOR Rate Loan shall bear interest at a per annum rate equal to the sum of the LIBOR Rate plus the Applicable Margin. 

Interest on Revolving Loans shall be payable in arrears on each Interest Payment Date. 

 (e)     Revolving Loan Notes; Covenant to Pay. The Borrower’sBorrowers’ joint and
several obligation to pay each Revolving Lender shall be evidenced by this Agreement and, upon such Revolving Lender’s request, by a duly executed promissory note of the BorrowerBorrowers to such Revolving Lender in substantially the form of Exhibit 2.1(e). The Borrower covenants and agreesBorrowers jointly and severally covenant and agree to pay the Revolving Loans in
accordance with the terms of this Agreement. 

  
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 Section 2.2     [Intentionally
Omitted]. 
 Section 2.3     Letter of Credit Subfacility. 

 (a)     Issuance. Subject to the terms and conditions hereof and of the LOC
Documents, if any, and any other terms and conditions which the Issuing Lender may reasonably require, during the Commitment Period the Issuing Lender shall issue, and the Revolving Lenders shall participate in, standby Letters of Credit for the
account of the BorrowerBorrowers from time to time upon request in a form acceptable to the Issuing Lender; provided, however, that (i) the aggregate amount of LOC Obligations shall not at any time exceed FORTY-FIVE MILLION
DOLLARS ($45,000,000) (the “LOC Committed Amount”), (ii) the sum of the aggregate principal amount of outstanding Revolving Loans plus outstanding Swingline Loans plus outstanding LOC Obligations shall not at
any time exceed the Revolving Committed Amount then in effect, (iii) all Letters of Credit shall be denominated in Dollars and (iv) Letters of Credit shall be issued for any lawful business purposes and shall be issued as standby letters
of credit, including in connection with workers’ compensation and other insurance programs. Except as otherwise permitted in Section 2.3(k) or as expressly agreed in writing upon by all the Revolving Lenders, no Letter of Credit shall have
an original expiry date more than twelve (12) months from the date of issuance; provided, however, so long as no Default or Event of Default has occurred and is continuing and subject to the other terms and conditions to the
issuance of Letters of Credit hereunder, the expiry dates of Letters of Credit may be extended annually or periodically from time to time on the request of the
BorrowerBorrowers or by operation of the terms of the applicable Letter of Credit to a date not more than twelve (12) months from the date of extension; provided, further, that no Letter of Credit, as originally
issued or as extended, shall have an expiry date extending beyond the date that is thirty (30) days prior to the Revolver Maturity Date (the “Letter of Credit Expiration Date”). Each Letter of Credit shall comply with the
related LOC Documents. The issuance and expiry date of each Letter of Credit shall be a Business Day. Each Letter of Credit issued hereunder shall be in a minimum original face amount of $50,000 or such lesser amount as approved by the Issuing
Lender. The
Borrower’sBorrowers’
 Reimbursement Obligations in respect of each Existing Letter of Credit, and each Revolving Lender’s participation obligations in connection therewith, shall be governed by the terms of this Credit
Agreement. Citizens shall be the Issuing Lender on all Letters of Credit issued after the Closing Date. The Existing Letters of Credit shall, as of the Closing Date, be deemed to have been issued as Letters of Credit hereunder and subject to and
governed by the terms of this Agreement. 
  (b)     Notice and
Reports. The request for the issuance of a Letter of Credit shall be submitted to the Issuing Lender at least two (2) Business Days prior to the requested date of issuance. The Issuing Lender will promptly upon request provide to the
Administrative Agent for dissemination to the Revolving Lenders a detailed report specifying the Letters of Credit which are then issued and outstanding and any activity with respect thereto which may have occurred since the date of any prior
report, and including therein, among other things, the account party, the beneficiary, the face amount, expiry date as well as any payments or expirations which may have occurred. The Issuing Lender will further provide to the Administrative Agent
promptly upon request copies of the Letters of Credit. The Issuing Lender will provide to the Administrative Agent promptly upon request a summary report of the nature and extent of LOC Obligations then outstanding. 

  
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  (c)     Participations. Each
Revolving Lender, (i) on the Closing Date with respect to each Existing Letter of Credit and (ii) upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a risk participation from the Issuing Lender in such
Letter of Credit and the obligations arising thereunder and any Collateral relating thereto, in each case in an amount equal to its Revolving Commitment Percentage of the obligations under such Letter of Credit and shall absolutely, unconditionally
and irrevocably assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its Revolving Commitment Percentage of the obligations arising under such Letter of Credit; provided
that any Person that becomes a Revolving Lender after the Closing Date shall be deemed to have purchased a Participation Interest in all outstanding Letters of Credit on the date it becomes a Lender hereunder and any Letter of Credit issued on or
after such date, in each case in accordance with the foregoing terms. Without limiting the scope and nature of each Revolving Lender’s participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as
required hereunder or under any LOC Document, each such Revolving Lender shall pay to the Issuing Lender its Revolving Commitment Percentage of such unreimbursed drawing in same day funds pursuant to and in accordance with the provisions of
subsection (d) hereof. The obligation of each Revolving Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or
event. Any such reimbursement shall not relieve or otherwise impair the obligation of the
BorrowerBorrowers to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided. 

 (d)     Reimbursement. In the event of any drawing under any Letter of
Credit, the Issuing Lender will promptly notify the
BorrowerBorrowers and the Administrative Agent. The
BorrowerBorrowers shall reimburse the Issuing Lender on the day of drawing under any Letter of Credit if notified prior to 3:00 P.M. on a Business Day or, if after 3:00 P.M., on the following Business Day (either with the proceeds
of a Revolving Loan obtained hereunder or otherwise) in same day funds as provided herein or in the LOC Documents. If the BorrowerBorrowers shall fail to reimburse the Issuing Lender as provided herein, the
unreimbursed amount of such drawing shall automatically bear interest at a per annum rate equal to the Default Rate. Unless the BorrowerBorrowers shall immediately notify the Issuing Lender and the Administrative
Agent of its intent to otherwise reimburse the Issuing Lender, the
BorrowerBorrowers shall be deemed to have requested a Mandatory LOC Borrowing in the amount of the drawing as provided in subsection (e) hereof, the proceeds of which will be used to satisfy the Reimbursement Obligations. The
Borrower’sBorrowers’
 Reimbursement Obligations hereunder shall be absolute and unconditional under all circumstances irrespective of any rights of set-off, counterclaim or defense to payment the BorrowerBorrowers may claim or have against the Issuing Lender, the Administrative Agent, the Lenders, the beneficiary of the Letter of Credit drawn upon or any other Person, including, without limitation, any defense based on

  
 41 

 
any failure of the
BorrowerBorrowers to receive consideration or the legality, validity, regularity or unenforceability of the Letter of Credit. The Administrative Agent will promptly notify the other Revolving Lenders of the amount of any
unreimbursed drawing and each Revolving Lender shall promptly pay to the Administrative Agent for the account of the Issuing Lender, in Dollars and in immediately available funds, the amount of such Revolving Lender’s Revolving Commitment
Percentage of such unreimbursed drawing. Such payment shall be made on the Business Day such notice is received by such Revolving Lender from the Administrative Agent if such notice is received at or before 2:00 P.M., otherwise such payment shall be
made at or before 12:00 P.M. on the Business Day next succeeding the Business Day such notice is received. If such Revolving Lender does not pay such amount to the Administrative Agent for the account of the Issuing Lender in full upon such request,
such Revolving Lender shall, on demand, pay to the Administrative Agent for the account of the Issuing Lender interest on the unpaid amount during the period from the date of such drawing until such Revolving Lender pays such amount to the
Administrative Agent for the account of the Issuing Lender in full at a rate per annum equal to, if paid within two (2) Business Days of the date of drawing, the Federal Funds Effective Rate and thereafter at a rate equal to the Alternate Base
Rate. Each Revolving Lender’s obligation to make such payment to the Issuing Lender, and the right of the Issuing Lender to receive the same, shall be absolute and unconditional, shall not be affected by any circumstance whatsoever and without
regard to the termination of this Agreement or the Commitments hereunder, the existence of a Default or Event of Default or the acceleration of the Obligations hereunder and shall be made without any offset, abatement, withholding or reduction
whatsoever. 
  (e)     Repayment with Revolving Loans. On any day on
which the BorrowerBorrowers shall have requested, or been deemed to have requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan
has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC
Borrowing”) shall be made (without giving effect to any termination of the Commitments pursuant to Section 7.2) pro rata based on each Revolving Lender’s respective Revolving Commitment Percentage (determined before giving effect
to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the Issuing Lender for application to the respective LOC Obligations. Each Revolving
Lender hereby irrevocably agrees to make such Revolving Loans on the day such notice is received by the Revolving Lenders from the Administrative Agent if such notice is received at or before 2:00 P.M., otherwise such payment shall be made at or
before 12:00 P.M. on the Business Day next succeeding the day such notice is received, in each case notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans
otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving
Loan to be made by the time otherwise required in Section 2.1(b), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may

  
 42 

 
have been drawn upon. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the
occurrence of a Bankruptcy Event), then each such Revolving Lender hereby agrees that it shall forthwith fund its Participation Interests in the outstanding LOC Obligations on the Business Day such notice to fund is received by such Revolving Lender
from the Administrative Agent if such notice is received at or before 2:00 P.M., otherwise such payment shall be made at or before 12:00 P.M. on the Business Day next succeeding the Business Day such notice is received; provided,
further, that in the event any Lender shall fail to fund its Participation Interest as required herein, then the amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by such
Revolving Lender to the Administrative Agent for the account of the Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the
Alternate Base Rate. 
  (f)     Modification, Extension. The issuance of
any supplement, modification, amendment, renewal, or extension to any Letter of Credit shall, for purposes hereof, be treated in all respects the same as the issuance of a new Letter of Credit hereunder. 

 (g)     ISP98 and UCP. Unless otherwise expressly agreed by the Issuing
Lender and the BorrowerBorrowers, when a Letter of Credit is issued, (i) the rules of the “International Standby Practices 1998,” published by the Institute of International Banking Law & Practice (or such later version
thereof as may be in effect at the time of issuance) shall apply to each standby Letter of Credit, and (ii) the rules of The Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of
Commerce at the time of issuance, shall apply to each documentary Letter of Credit. 

 (h)     Conflict with LOC Documents. In the event of any conflict between
this Agreement and any LOC Document (including any letter of credit application and any LOC Documents relating to the Existing Letters of Credit), this Agreement shall control. 

 (i)     Designation of Subsidiaries as Account Parties. Notwithstanding
anything to the contrary set forth in this Agreement, including, without limitation, Section 2.3(a), a Letter of Credit issued hereunder may contain a statement to the effect that such Letter of Credit is issued for the account of a Credit
Party or a Subsidiary of theany Borrower; provided that, notwithstanding such statement, the BorrowerBorrowers shall be the actual account party for all purposes of this Agreement
for such Letter of Credit and such statement shall not affect the
Borrower’sBorrowers’
 Reimbursement Obligations hereunder with respect to such Letter of Credit. 

 (j)     Cash Collateral. At any point in time in which there is a Defaulting
Lender, the Issuing Lender may require the
BorrowerBorrowers to Cash Collateralize the LOC Obligations pursuant to Section 2.20. 

  
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  (k)     Auto-Extension Letter of
Credit. At the request of the
BorrowerPartnership in any notice delivered pursuant to Section 2.3(b), the Issuing Lender may, in its sole and absolute discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an
“Auto-Extension Letter of Credit”); provided that any such Auto-Extension Letter of Credit must permit the Issuing Lender to prevent any such extension at least once in each twelve-month period (commencing with the date of
the issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is
issued. Unless otherwise directed by the Issuing Lender, the
BorrowerBorrowers shall not be required to make a specific request to the Issuing Lender for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Revolving Lenders shall be deemed to have authorized
(but may not require) the Issuing Lender to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date; provided, however, that the Issuing Lender shall not permit
any such extension if (A) the Issuing Lender has determined that it would not be permitted, or would have no obligation at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the
provisions of clause (ii) or (iii) of Section 2.3(a) or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven Business Days before the Non-Extension Notice Date
(1) from the Administrative Agent that the Required Lenders have elected not to permit such extension or (2) from the Administrative Agent, any Revolving Lender or the
BorrowerBorrowers that one or more of the applicable conditions specified in Section 4.2 is not then satisfied, and in each such case directing the Issuing Lender not to permit such extension. 

Section 2.4     Swingline Loan Subfacility. 

 (a)     Swingline Commitment. During the Commitment Period, subject to the
terms and conditions hereof, the Swingline Lender, in its individual capacity, may, in its discretion and in reliance upon the agreements of the other Lenders set forth in this Section, make certain revolving credit loans to the BorrowerBorrowers (each a “Swingline Loan” and, collectively, the “Swingline Loans”) for the purposes hereinafter set forth; provided, however, (i) the aggregate principal
amount of Swingline Loans outstanding at any time shall not exceed TEN MILLION DOLLARS ($10,000,000) (the “Swingline Committed Amount”), and (ii) the sum of the aggregate principal amount of outstanding Revolving Loans
plus outstanding Swingline Loans plus outstanding LOC Obligations shall not exceed the Revolving Committed Amount then in effect. Swingline Loans hereunder may be repaid and reborrowed in accordance with the provisions hereof.

  (b)     Swingline Loan Borrowings. 

(i)     Notice of Borrowing and Disbursement. To request a Swingline Loan, the BorrowerPartnership shall notify the Administrative Agent and Swingline Lender by telephone (and shall subsequently confirm and deliver, by hand delivery, facsimile or (subject to compliance with below) e-mail, a duly completed and
executed Notice of Borrowing to the Administrative Agent and the 

  
 44 

 
Swingline Lender), not later than 12:00 P.M. on the day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business Day)
and the amount of the requested Swingline Loan. The Swingline Lender shall make each Swingline Loan available to the BorrowerBorrowers by means of a credit to the general deposit account of BorrowerBorrowers with the Swingline Lender or otherwise to an account as directed by Borrowerthe Partnership in the applicable Borrowing Request by 3:00 p.m. on the requested
date of such Swingline Loan. The
BorrowerBorrowers shall not request a Swingline Loan if at the time of or immediately after giving effect to such request a Default has occurred and is continuing or would result therefrom. Swingline Loans shall be made in minimum
amounts of $100,000, shall bear interest at the Base Rate plus the Applicable Rate and shall be payable in full by the BorrowerBorrowers upon demand of the Swingline Lender. Swingline Loan borrowings
hereunder shall be made in minimum amounts of $100,000 (or the remaining available amount of the Swingline Committed Amount if less) and in integral amounts of $100,000 in excess thereof. 

(ii)     Repayment of Swingline Loans. Each Swingline Loan borrowing shall be due
and payable on the Revolver Maturity Date. The Swingline Lender may, at any time, in its sole discretion, by written notice to the BorrowerBorrowers and the Administrative Agent, demand repayment of its Swingline Loans
by way of a Revolving Loan borrowing, in which case the
BorrowerBorrowers shall be deemed to have requested a Revolving Loan borrowing comprised entirely of Alternate Base Rate Loans in the amount of such Swingline Loans; provided, however, that, in the following
circumstances, any such demand shall also be deemed to have been given one Business Day prior to each of (A) the Revolver Maturity Date, (B) the occurrence of any Bankruptcy Event, (C) upon acceleration of the Obligations hereunder,
whether on account of a Bankruptcy Event or any other Event of Default, and (D) the exercise of remedies in accordance with the provisions of Section 7.2 hereof (each such Revolving Loan borrowing made on account of any such deemed request
therefor as provided herein being hereinafter referred to as “Mandatory Swingline Borrowing”). Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans promptly upon any such request or deemed request on account
of each Mandatory Swingline Borrowing in the amount and in the manner specified in the preceding sentence on the date such notice is received by the Revolving Lenders from the Administrative Agent if such notice is received at or before 2:00 P.M.,
otherwise such payment shall be made at or before 12:00 P.M. on the Business Day next succeeding the date such notice is received notwithstanding (1) the amount of Mandatory Swingline Borrowing may not comply with the minimum amount for
borrowings of Revolving Loans otherwise required hereunder, (2) whether any conditions specified in Section 4.2 are then satisfied, (3) whether a Default or an Event of Default then exists, (4) failure of any such request or
deemed request for Revolving Loans to be made by the time otherwise required in Section 2.1(b)(i), (5) the date of such Mandatory Swingline Borrowing, or (6) any reduction in the Revolving Committed Amount or termination of the
Revolving Commitments immediately prior to such Mandatory 

  
 45 

 
Swingline Borrowing or contemporaneously therewith. In the event that any Mandatory Swingline Borrowing cannot for any reason be made on the date otherwise required above (including, without
limitation, as a result of the commencement of a proceeding under the Bankruptcy Code), then each Revolving Lender hereby agrees that it shall forthwith purchase (as of the date the Mandatory Swingline Borrowing would otherwise have occurred, but
adjusted for any payments received from the
BorrowerBorrowers on or after such date and prior to such purchase) from the Swingline Lender such Participation Interest in the outstanding Swingline Loans as shall be necessary to cause each such Revolving Lender to share in
such Swingline Loans ratably based upon its respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2); provided that (x) all interest payable on the
Swingline Loans shall be for the account of the Swingline Lender until the date as of which the respective Participation Interest is purchased, and (y) at the time any purchase of a Participation Interest pursuant to this sentence is actually
made, the purchasing Revolving Lender shall be required to pay to the Swingline Lender interest on the principal amount of such Participation Interest purchased for each day from and including the day upon which the Mandatory Swingline Borrowing
would otherwise have occurred to but excluding the date of payment for such Participation Interest, at the rate equal to, if paid within two (2) Business Days of the date of the Mandatory Swingline Borrowing, the Federal Funds Effective Rate,
and thereafter at a rate equal to the Alternate Base Rate. The
BorrowerBorrowers shall have the right to repay the Swingline Loan in whole or in part from time to time in accordance with Section 2.7(a). 

 (c)     Interest on Swingline Loans. Subject to the provisions of
Section 2.8, Swingline Loans shall bear interest at a per annum rate equal to the Alternate Base Rate plus the Applicable Margin for Revolving Loans that are Alternate Base Rate Loans. Interest on Swingline Loans shall be payable in
arrears on each Interest Payment Date. 
  (d)     Swingline Loan Note; Covenant
to Pay. The Swingline Loans shall be evidenced by this Agreement and, upon request of the Swingline Lender, by a duly executed promissory note of the BorrowerBorrowers in favor of the Swingline Lender in the original amount of the
Swingline Committed Amount and substantially in the form of Exhibit 2.4(d). The Borrower covenants and agreesBorrowers jointly and severally covenant and agree to pay the Swingline Loans in
accordance with the terms of this Agreement. 
  (e)     Cash
Collateral. At any point in time in which there is a Defaulting Lender, the Swingline Lender may require the BorrowerBorrowers to Cash Collateralize the outstanding Swingline Loans pursuant to
Section 2.20. 
 Section 2.5     Fees. 

 (a)     Commitment Fee. Subject to Section 2.21, in consideration of the
Revolving Commitments, the Borrower
agreesBorrowers jointly and severally agree to pay to the
Administrative Agent, for the ratable benefit of the Revolving Lenders, a 

  
 46 

 
commitment fee (the “Commitment Fee”) in an amount equal to the Applicable Margin per annum on the average daily unused amount of the Revolving Committed Amount. The Commitment
Fee shall be calculated quarterly in arrears. For purposes of computation of the Commitment Fee, LOC Obligations shall be considered usage of the Revolving Committed Amount but Swingline Loans shall not be considered usage of the Revolving Committed
Amount. The Commitment Fee shall be payable quarterly in arrears on the last Business Day of each calendar quarter. 

 (b)     Letter of Credit Fees. Subject to Section 2.21, in consideration
of the LOC Commitments, the Borrower
agreesBorrowers jointly and severally agree to pay to the
Administrative Agent, for the ratable benefit of the Revolving Lenders, a fee (the “Letter of Credit Fee”) equal to the Applicable Margin for Revolving Loans that are LIBOR Rate Loans per annum on the average daily maximum amount
available to be drawn under each Letter of Credit from the date of issuance to the date of expiration. The Letter of Credit Fee shall be payable quarterly in arrears on the last Business Day of each calendar quarter. 

 (c)     Issuing Lender Fees. In addition to the Letter of Credit Fees payable
pursuant to subsection (b) hereof, the
BorrowerBorrowers shall pay to the Issuing Lender for its own account without sharing by the other Lenders the reasonable and customary charges from time to time of the Issuing Lender with respect to the amendment, transfer,
administration, cancellation and conversion of, and drawings under, such Letters of Credit (collectively, the “Issuing Lender Fees”). The Issuing Lender may charge, and retain for its own account without sharing by the other
Lenders, an additional facing fee (the “Letter of Credit Facing Fee”) of 0.125% per annum on the average daily maximum amount available to be drawn under each such Letter of Credit issued by it. The Issuing Lender Fees and the
Letter of Credit Facing Fee shall be payable quarterly in arrears on the last Business Day of each calendar quarter. 

 (d)     Administrative Fee. The Borrower agreesBorrowers jointly and severally
agree to pay to the Administrative Agent the annual administrative fee as described in the RBS Fee Letter. 

Section 2.6     Commitment Reductions. 

 (a)     Voluntary Reductions. The BorrowerBorrowers shall have the right to terminate or permanently reduce the unused portion of the Revolving Committed Amount at any time or from time to time upon not less than five (5) Business Days’ prior written
notice to the Administrative Agent (which shall notify the Lenders thereof as soon as practicable) of each such termination or reduction, which notice shall specify the effective date thereof and the amount of any such reduction which shall be in a
minimum amount of $500,000 or a whole multiple of $100,000 in excess thereof and shall be irrevocable and effective upon receipt by the Administrative Agent; provided that no such reduction or termination shall be permitted if after giving
effect thereto, and to any prepayments of the Revolving Loans made on the effective date thereof, the sum of the aggregate principal amount of outstanding Revolving Loans plus outstanding Swingline Loans plus outstanding LOC
Obligations would exceed the Revolving Committed Amount then in effect. Any reduction in the Revolving Committed Amount shall be applied to the Commitment of each Revolving Lender in according to its Revolving Commitment Percentage. 

  
 47 

  (b)     LOC Committed Amount. If
the Revolving Committed Amount is reduced below the then current LOC Committed Amount, the LOC Committed Amount shall automatically be reduced by an amount such that the LOC Committed Amount equals the Revolving Committed Amount. 

 (c)     Swingline Committed Amount. If the Revolving Committed Amount is
reduced below the then current Swingline Committed Amount, the Swingline Committed Amount shall automatically be reduced by an amount such that the Swingline Committed Amount equals the Revolving Committed Amount. 

 (d)     Revolving Maturity Date. The Revolving Commitments, the Swingline
Commitment and the LOC Commitment shall automatically terminate on the Revolver Maturity Date. 

Section 2.7     Prepayments. 

 (a)     Optional Prepayments and Repayments. The BorrowerBorrowers shall have the right to repay the Revolving Loans and Swingline Loans in whole or in part from time to time; provided, however, that each partial prepayment or repayment of (i) Revolving Loans
that are Alternate Base Rate Loans shall be in a minimum principal amount of $250,000 and integral multiples of $100,000 in excess thereof (or the remaining outstanding principal amount), (ii) Revolving Loans that LIBOR Rate Loans shall be in a
minimum principal amount of $500,000 and integral multiples of $200,000 in excess thereof (or the remaining outstanding principal amount) and (iii) Swingline Loans shall be in a minimum principal amount of $100,000 and integral multiples of
$100,000 in excess thereof (or the remaining outstanding principal amount). The
BorrowerBorrowers shall give three Business Days’ irrevocable notice of prepayment in the case of LIBOR Rate Loans and same-day irrevocable notice on any Business Day in the case of Alternate Base Rate Loans, to the
Administrative Agent (which shall notify the Lenders thereof as soon as practicable). To the extent the Borrower electsBorrowers elect to repay the Revolving Loans and/or Swingline Loans, amounts
prepaid under this Section shall be applied to the Revolving Loans and/or Swingline Loans, as applicable of the Revolving Lenders in accordance with their respective Revolving Commitment Percentages. Within the foregoing parameters, prepayments
under this Section shall be applied first to Alternate Base Rate Loans and then to LIBOR Rate Loans in direct order of Interest Period maturities. All prepayments under this Section shall be subject to Section 2.15, but otherwise without
premium or penalty. Interest on the principal amount prepaid shall be payable on the next occurring Interest Payment Date that would have occurred had such loan not been prepaid or, at the request of the Administrative Agent, interest on the
principal amount prepaid shall be payable on any date that a prepayment is made hereunder through the date of prepayment. 

  
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  (b)     Mandatory Prepayments.

 (i)     Revolving Committed Amount. If at any time after the Closing Date,
the sum of the aggregate principal amount of outstanding Revolving Loans plus outstanding Swingline Loans plus outstanding LOC Obligations shall exceed the Revolving Committed Amount, the BorrowerBorrowers shall immediately prepay the Revolving Loans and Swingline Loans and (after all Revolving Loans and Swingline Loans have been repaid) Cash Collateralize the LOC Obligations in an amount sufficient to eliminate
such excess (such prepayment to be applied as set forth in clause (ii) below). 

(ii)     Application of Mandatory Prepayments. All amounts required to be prepaid
pursuant to Section 2.7(b)(i), (1) first to the outstanding Swingline Loans, (2) second to the outstanding Revolving Loans and (3) third to Cash Collateralize the LOC Obligations; and 

 (c)     Bank Product Obligations Unaffected. Any repayment or prepayment made
pursuant to this Section shall not affect the
Borrower’sBorrowers’ joint and
several obligation to continue to make payments under any Bank Product, which shall remain in full force and effect notwithstanding such repayment or prepayment, subject to the terms of such
Bank Product. 
 Section 2.8     Default Rate and Payment Dates. 

 (a)     If all or a portion of the principal amount of any Loan which is a LIBOR
Rate Loan shall not be paid when due or continued as a LIBOR Rate Loan in accordance with the provisions of Section 2.9 (whether at the stated maturity, by acceleration or otherwise), such overdue principal amount of such Loan shall be
converted to an Alternate Base Rate Loan at the end of the Interest Period applicable thereto. 

 (b)     Upon the occurrence and during the continuance of a (i) Bankruptcy
Event or a Payment Event of Default, the principal of and, to the extent permitted by law, interest on the Loans and any other amounts owing hereunder or under the other Credit Documents shall automatically bear interest at a rate per annum which is
equal to the Default Rate and (ii) any other Event of Default hereunder, at the option of the Required Lenders, the principal of and, to the extent permitted by law, interest on the Loans and any other amounts owing hereunder or under the other
Credit Documents shall automatically bear interest, at a per annum rate which is equal to the Default Rate, in each case from the date of such Event of Default until such Event of Default is waived in accordance with Section 9.1. Any default
interest owing under this Section 2.8(b) shall be due and payable on the earlier to occur of (x) demand by the Administrative Agent (which demand the Administrative Agent shall make if directed by the Required Lenders) and (y) the
Revolver Maturity Date. 
  (c)     Interest on each Loan shall be payable in
arrears on each Interest Payment Date; provided that interest accruing pursuant to paragraph (b) of this Section shall be payable from time to time on demand. 

  
 49 

 Section 2.9     Conversion Options. 

 (a)     The
BorrowerBorrowers may, in the case of Revolving Loans, elect from time to time to convert Alternate Base Rate Loans to LIBOR Rate Loans or to continue LIBOR Rate Loans, by delivering a Notice of Conversion/Extension to the
Administrative Agent at least three Business Days prior to the proposed date of conversion or continuation. In addition, the Borrower may elect from time to time to convert all or any portion of a LIBOR Rate Loan to an Alternate Base Rate Loan by
giving the Administrative Agent irrevocable written notice thereof by 11:00 A.M. one (1) Business Day prior to the proposed date of conversion. If the date upon which an Alternate Base Rate Loan is to be converted to a LIBOR Rate Loan is not a
Business Day, then such conversion shall be made on the next succeeding Business Day and during the period from such last day of an Interest Period to such succeeding Business Day such Loan shall bear interest as if it were an Alternate Base Rate
Loan. LIBOR Rate Loans may only be converted to Alternate Base Rate Loans on the last day of the applicable Interest Period. If the date upon which a LIBOR Rate Loan is to be converted to an Alternate Base Rate Loan is not a Business Day, then such
conversion shall be made on the next succeeding Business Day and during the period from such last day of an Interest Period to such succeeding Business Day such Loan shall bear interest as if it were an Alternate Base Rate Loan. All or any part of
outstanding Alternate Base Rate Loans may be converted as provided herein; provided that (i) no Loan may be converted into a LIBOR Rate Loan when any Default or Event of Default has occurred and is continuing and (ii) partial
conversions shall be in an aggregate principal amount of $250,000 or a whole multiple of $100,000 in excess thereof. All or any part of outstanding LIBOR Rate Loans may be converted as provided herein; provided that partial conversions shall
be in an aggregate principal amount of $500,000 or a whole multiple of $250,000 in excess thereof. 

 (b)     Any LIBOR Rate Loans may be continued as such upon the expiration of an
Interest Period with respect thereto by compliance by the Borrower with the notice provisions contained in Section 2.9(a); provided, that no LIBOR Rate Loan may be continued as such when any Default or Event of Default has occurred and
is continuing, in which case such Loan shall be automatically converted to an Alternate Base Rate Loan at the end of the applicable Interest Period with respect thereto. If the Borrower shall fail to give timely notice of an election to continue a
LIBOR Rate Loan, or the continuation of LIBOR Rate Loans is not permitted hereunder, such LIBOR Rate Loans shall be automatically converted to Alternate Base Rate Loans at the end of the applicable Interest Period with respect thereto. 

Section 2.10     Computation of Interest and Fees; Usury. 

 (a)     Interest payable hereunder with respect to any Alternate Base Rate Loan
based on the Prime Rate shall be calculated on the basis of a year of 365 days (or 366 days, as applicable) for the actual days elapsed. All other fees, interest and all other amounts payable hereunder shall be calculated on the basis of a 360-day
year for the actual days elapsed. The Administrative Agent shall as soon as practicable notify the Borrower and the Lenders of each determination of a LIBOR Rate on the Business Day of the determination thereof. Any change in the interest rate on a
Loan resulting from a change in the Alternate Base Rate shall become effective as of the opening of business on the day on which such change in the Alternate 

  
 50 

 
Base Rate shall become effective. The Administrative Agent shall as soon as practicable notify the Borrower and the Lenders of the effective date and the amount of each such change. 

 (b)     Each determination of an interest rate by the Administrative Agent pursuant
to any provision of this Agreement shall be conclusive and binding on the
BorrowerBorrowers and the Lenders in the absence of manifest error. The Administrative Agent shall, at the request of the BorrowerBorrowers, deliver to the BorrowerBorrowers a statement showing the computations used by the Administrative Agent in determining any interest rate. 

 (c)     It is the intent of the Lenders and the Credit Parties to conform to and
contract in strict compliance with applicable usury law from time to time in effect. All agreements between the Lenders and the Credit Parties are hereby limited by the provisions of this subsection which shall override and control all such
agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including, but not limited to, prepayment or acceleration of the maturity of any Obligation), shall the interest taken,
reserved, contracted for, charged, or received under this Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable law. If, from any possible construction of any of the Credit Documents or any other
document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this paragraph and such interest shall be automatically reduced to the maximum nonusurious amount
permitted under applicable law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable law and which would, apart from
this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the
payment of interest, or refunded to the
BorrowerBorrowers or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness
evidenced by any of the Credit Documents does not include the right to receive any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such
demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or
extension) of the Loans so that the amount of interest on account of such Indebtedness does not exceed the maximum nonusurious amount permitted by applicable law. 

Section 2.11     Pro Rata Treatment and Payments. 

 (a)     Allocation of Payments Prior to Exercise of Remedies. Each borrowing
of Revolving Loans and any reduction of the Revolving Commitments shall be made pro rata according to the respective Revolving Commitment Percentages of the Revolving Lenders. 

  
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Unless otherwise required by the terms of this Agreement, each payment under this Agreement shall be applied, first, to any fees then due and owing by the BorrowerBorrowers pursuant to Section 2.5, second, to interest then due and owing hereunder of the BorrowerBorrowers and, third, to principal then due and owing hereunder and under
this Agreement of the
BorrowerBorrowers. Each payment on account of any fees pursuant to Section 2.5 shall be made pro rata in accordance with the respective amounts due and owing (except as to the Letter of Credit Facing Fees and the Issuing
Lender Fees which shall be paid to the Issuing Lender). Each optional repayment and prepayment by the BorrowerBorrowers on account of principal of and interest on the Revolving Loans shall be
applied to such Loans, as applicable, on a pro rata basis and, to the extent applicable, in accordance with the terms of Section 2.7(a) hereof. Each mandatory prepayment on account of principal of the Loans shall be applied to such Loans, as
applicable, on a pro rata basis and, to the extent applicable, in accordance with Section 2.7(b). All payments (including prepayments) to be made by the
BorrowerBorrowers on account of principal, interest and fees shall be made without defense, set-off or counterclaim and shall be made to the Administrative Agent for the account of the Lenders at the Administrative Agent’s
office specified on Section 9.2 in Dollars and in immediately available funds not later than 1:00 P.M. on the date when due. The Administrative Agent shall distribute such payments to the Lenders entitled thereto promptly upon receipt in like
funds as received. If any payment hereunder (other than payments on the LIBOR Rate Loans) becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day, and, with respect to payments
of principal, interest thereon shall be payable at the then applicable rate during such extension. If any payment on a LIBOR Rate Loan becomes due and payable on a day other than a Business Day, such payment date shall be extended to the next
succeeding Business Day unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day. 

 (b)     Allocation of Payments After Exercise of Remedies. Notwithstanding
any other provisions of this Agreement to the contrary, after the exercise of remedies (other than the application of default interest pursuant to Section 2.8) by the Administrative Agent or the Lenders pursuant to Section 7.2 (or after
the Commitments shall automatically terminate and the Loans (with accrued interest thereon) and all other amounts under the Credit Documents (including, without limitation, the maximum amount of all contingent liabilities under Letters of Credit)
shall automatically become due and payable in accordance with the terms of such Section), all amounts collected or received by the Administrative Agent or any Lender on account of the Credit Party Obligations or any other amounts outstanding under
any of the Credit Documents or in respect of the Collateral shall be paid over or delivered as follows (irrespective of whether the following costs, expenses, fees, interest, premiums, scheduled periodic payments or Credit Party Obligations are
allowed, permitted or recognized as a claim in any proceeding resulting from the occurrence of a Bankruptcy Event): 

  
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 FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including, without limitation, reasonable attorneys’ fees) of the Administrative Agent in connection with enforcing the rights of the
Lenders under the Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documents; 

SECOND, to the payment of any fees owed to the Administrative Agent and the Issuing Lender; 

THIRD, to the payment of all reasonable
out-of-pocket costs and expenses (including, without limitation, reasonable attorneys’ fees) of each of the Lenders in connection with enforcing its rights under
the Credit Documents or otherwise with respect to the Credit Party Obligations owing to such Lender; 

FOURTH, to the payment of all of the Credit Party Obligations consisting of accrued fees and interest, and
including, with respect to any Bank Product, any fees, premiums and scheduled periodic payments due under such Bank Product and any interest accrued thereon; 

FIFTH, to the payment of the outstanding principal amount of the Credit Party Obligations and the payment or
cash collateralization of the outstanding LOC Obligations, and including with respect to any Bank Product, any breakage, termination or other payments due under such Bank Product and any interest accrued thereon; 

SIXTH, to all other Credit Party Obligations and other obligations which shall have become due and payable
under the Credit Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” above; and 

SEVENTH, to the payment of the surplus, if any, to whoever may be lawfully entitled to receive such surplus.

  In carrying out the foregoing, (a) amounts received shall be applied in the numerical order
provided until exhausted prior to application to the next succeeding category; (b) each of the Lenders and any Bank Product Provider shall receive an amount equal to its pro rata share (based on the proportion that the then outstanding Loans
and LOC Obligations held by such Lender or the outstanding obligations payable to such Bank Product Provider bears to the aggregate then outstanding Loans and LOC Obligations and obligations payable under all Bank Products) of amounts available to
be applied pursuant to clauses “THIRD”, “FOURTH”, “FIFTH” and “SIXTH” above; and (c) to the extent that any amounts available for distribution pursuant to clause “FIFTH” above are attributable
to the issued but undrawn amount of outstanding Letters of Credit, such amounts shall be held by the Administrative Agent in a cash collateral account and applied (i) first, to reimburse the Issuing Lender from time to time for any drawings
under such Letters of Credit and (ii) then, following the expiration of all Letters of Credit, to all other obligations of the types described in clauses “FIFTH” and “SIXTH” above in the manner provided in this Section.
Notwithstanding the foregoing terms of this Section, only Collateral proceeds and payments under the Guaranty (as opposed to ordinary course principal, interest and fee 

  
 53 

 
payments hereunder) shall be applied to obligations under any Bank Product. Amounts distributed with respect to any Bank Product Debt shall be the last Bank Product Amount reported to the
Administrative Agent; provided that any such Bank Product Provider may provide an updated Bank Product Amount to the Administrative Agent prior to payments made pursuant to this Section. The Administrative Agent shall have no obligation to
calculate the amount to be distributed with respect to any Bank Product Debt, but may rely upon written notice of the amount (setting forth a reasonably detailed calculation) from the applicable Bank Product Provider. In the absence of such notice,
the Administrative Agent may assume the amount to be distributed is the Bank Product Amount last reported to the Administrative Agent. 

Section 2.12     Non-Receipt of Funds by the Administrative Agent. 

(a)     Funding by Lenders; Presumption by Administrative Agent. Unless the
Administrative Agent shall have received written notice from a Lender prior to the proposed date of any Extension of Credit that such Lender will not make available to the Administrative Agent such Lender’s share of such Extension of Credit,
the Administrative Agent may assume that such Lender has made such share available on such date in accordance with this Agreement and may, in reliance upon such assumption, make available to the BorrowerBorrowers a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Extension of Credit available to the Administrative Agent, then the applicable Lender and theeach 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
BorrowerBorrowers to but excluding the date of payment to the Administrative Agent, at (i) in the case of a payment to be made by such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation and (ii) in the case of a payment to be made by the BorrowerBorrowers, the interest rate applicable to Alternate Base Rate Loans. If the
BorrowerBorrowers and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the BorrowerBorrowers the amount of such interest paid by the
BorrowerBorrowers for such period. If such Lender pays its share of the applicable Extension of Credit to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such Extension of
Credit. Any payment by the
BorrowerBorrowers shall be without prejudice to any claim the
BorrowerBorrowers may have against a Lender that shall have failed to make such payment to the Administrative Agent. 

(b)     Payments by
BorrowerBorrowers
; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from the
BorrowerBorrowers prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Lender hereunder that the
BorrowerBorrowers will not make such payment, the Administrative Agent may assume that the BorrowerBorrowers has made such payment on such date in accordance herewith and may, in
reliance upon such assumption, distribute to the Lenders or the Issuing Lender, as the case may be, the amount due. In such event, if the Borrower hasBorrowers have not in fact made such payment,

  
 54 

 
then each of the Lenders or the Issuing Lender, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the
Issuing 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 greater of the Federal Funds Effective Rate and a rate
determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

A notice of the Administrative Agent to any Lender or the BorrowerBorrowers with respect to any amount owing under subsections (a) and (b) of this Section shall be conclusive, absent manifest error. 

(c)     Failure to Satisfy Conditions Precedent. If any Lender makes available to
the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the
BorrowerBorrowers by the Administrative Agent because the conditions to the applicable Extension of Credit set forth in Article IV are not satisfied or waived in accordance with the terms thereof, the Administrative Agent shall
return such funds (in like funds as received from such Lender) to such Lender, without interest. 

(d)     Obligations of Lenders Several. The obligations of the Lenders hereunder to
make Revolving Loans, to fund participations in Letters of Credit and Swingline Loans and to make payments pursuant to Section 9.5(c) are several and not joint. The failure of any Lender to make any Loan, to fund any such participation or to
make any such payment under Section 9.5(c) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so
make its Loan, to purchase its participation or to make its payment under Section 9.5(c). 

(e)     Funding Source. Nothing herein shall be deemed to obligate any Lender to
obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner. 

Section 2.13     Inability to Determine Interest Rate. 

Notwithstanding any other provision of this Agreement, if (a) the Administrative Agent shall reasonably determine (which
determination shall be conclusive and binding absent manifest error) that, by reason of circumstances affecting the relevant market, reasonable and adequate means do not exist for ascertaining the LIBOR Rate for such Interest Period, or (b) the
Required Lenders shall reasonably determine (which determination shall be conclusive and binding absent manifest error) that the LIBOR Rate does not adequately and fairly reflect the cost to such Lenders of funding LIBOR Rate Loans that the Borrower hasBorrowers have requested be outstanding as a LIBOR Tranche during such Interest Period, the Administrative Agent shall forthwith give telephone notice of such determination, confirmed in writing, to the BorrowerBorrowers, and the Lenders at least two (2) Business Days prior to the first day of such Interest Period. Unless the BorrowerBorrowers shall have notified the Administrative Agent upon receipt of such
telephone 

  
 55 

 
notice that it wishes to rescind or modify its request regarding such LIBOR Rate Loans, any Loans that were requested to be made as LIBOR Rate Loans shall be made as Alternate Base Rate Loans and
any Loans that were requested to be converted into or continued as LIBOR Rate Loans shall remain as or be converted into Alternate Base Rate Loans. Until any such notice has been withdrawn by the Administrative Agent, no further Loans shall be made
as, continued as, or converted into, LIBOR Rate Loans for the Interest Periods so affected. 
 Section 2.14    
Yield Protection. 
  (a)     Increased Costs Generally.
If any Change in Law shall: 
 (i)     impose, modify or deem applicable any reserve,
special deposit, liquidity, compulsory loan, insurance charge or similar
requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected in the LIBOR Rate) or the Issuing Lender; 

(ii)     subject any Recipient to any Taxes (other than (A) Indemnified Taxes,
(B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves,
other liabilities or capital attributable thereto; or 
 (iii)     impose on any Lender
or the Issuing Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein; 

and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making,
converting to, continuing or maintaining any Loan or of maintaining its obligation to make any such Loan, or to increase the cost to such Lender, such Issuing Lender or such other Recipient of participating in, issuing or maintaining any Letter of
Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender, Issuing Lender or other Recipient hereunder (whether of principal, interest or
any other amount) then, upon request of such Lender, Issuing Lender or other Recipient, the
BorrowerBorrowers will pay to such Lender, Issuing Lender or other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, Issuing Lender or other Recipient, as the case may be, for such
additional costs incurred or reduction suffered. 
  (b)     Capital
Requirements. If any Lender or the Issuing Lender determines that any Change in Law affecting such Lender or the Issuing Lender or any lending office of such Lender or such Lender’s or the Issuing Lender’s holding company, if any,
regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or the Issuing Lender’s capital or on the capital of such Lender’s or the Issuing Lender’s holding company,
if any, as a consequence of this Agreement, the 

  
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Commitments of such Lender or the Loans made by, or participations in Letters of Credit or Swingline Loans held by, such Lender, or the Letters of Credit issued by the Issuing Lender, to a level
below that which such Lender or the Issuing Lender or such Lender’s or the Issuing Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Lender’s policies
and the policies of such Lender’s or the Issuing Lender’s holding company with respect to liquidity requirements and
capital adequacy), then from time to time the BorrowerBorrowers will pay to such Lender or the Issuing Lender, as the case may be, such
additional amount or amounts as will compensate such Lender or the Issuing Lender or such Lender’s or the Issuing Lender’s holding company for any such reduction suffered. 

 (c)     Certificates for Reimbursement. A certificate of a Lender or the
Issuing Lender setting forth the amount or amounts necessary to compensate such Lender or the Issuing Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section and delivered to the BorrowerBorrowers shall be conclusive absent manifest error. The
BorrowerBorrowers shall pay such Lender or the Issuing Lender, as the case may be, the amount shown as due on any such certificate within thirty (30) days after receipt thereof. 

 (d)     Delay in Requests. Failure or delay on the part of any Lender or the
Issuing Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s or the Issuing Lender’s right to demand such compensation, provided that the BorrowerBorrowers shall not be required to compensate a Lender or the Issuing Lender pursuant to this Section for any increased costs incurred or reductions suffered more than nine (9) months prior to the date such Lender or
Issuing Lender, as the case may be, notifies the
BorrowerBorrowers of the Change in Law giving rise to such increased costs or reductions, and of such Lender’s or Issuing Lender’s intention to claim compensation therefore (except that, if the Change in Law giving rise
to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof). 

Section 2.15     Compensation for Losses. 

 (a)     Compensation for Losses. Upon demand of any Lender (with a copy to
the Administrative Agent) from time to time, the
BorrowerBorrowers shall promptly, but in any event, within ten (10) Business Days, compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of: 

(i)     any continuation, conversion, payment or prepayment of any Loan other than an
Alternate Base Rate Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); 

(ii)     any failure by
theany Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any Loan other than an Alternate Base Rate Loan on the date or in the amount notified by the
BorrowerBorrowers; or 

  
 57 

 (iii)    any assignment of a LIBOR Rate Loan
on a day other than the last day of the Interest Period therefor as a result of a request by the
BorrowerBorrowers pursuant to Section 2.19; 
 including any loss of anticipated profits and
any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained. The BorrowerBorrowers shall also pay any customary administrative fees charged by such Lender in connection with the foregoing. 

For purposes of calculating amounts payable by the
BorrowerBorrowers to the Lenders under this Section, each Lender shall be deemed to have funded each LIBOR Rate Loan made by it at the LIBOR Rate for such Loan by a matching deposit or other borrowing in the London interbank
eurodollar market for a comparable amount and for a comparable period, whether or not such LIBOR Rate Loan was in fact so funded. With respect to Sections 2.13, 2.15 and 2.18 hereof, each Lender shall treat the BorrowerBorrowers in the same manner as such Lender treats other similarly situated borrowers. 

 (b)     The
BorrowerBorrowers shall pay to each Lender, as long as such Lender shall be required to maintain reserves under Regulation D with respect to “Eurocurrency liabilities” within the meaning of Regulation D, or under any
similar or successor regulation with respect to Eurocurrency liabilities or Eurocurrency funding, additional interest on the unpaid principal amount of each LIBOR Loan equal to the actual costs of such reserves allocated to such LIBOR Loan by such
Lender (as determined by such Lender in good faith, which determination shall be conclusive), which shall be due and payable on each date on which interest is payable on such LIBOR Loan, provided the BorrowerBorrowers shall have received at least fifteen (15) days prior notice (with a copy to the Administrative Agent) of such additional interest from such Lender. If a Lender fails to give notice fifteen (15) days
prior to the relevant interest payment date, such additional interest shall be due and payable fifteen (15) days from receipt of such notice. 

Section 2.16     Taxes. 

 (a)     Issuing Lender. For purposes of this Section 2.16, the term
“Lender” includes any Issuing Lender. 
  (b)     Payments Free of
Taxes. Any and all payments by or on account of any obligation of any Credit Party under any Credit Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined
in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or
withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Credit Party shall be
increased as necessary so that after such deduction or withholding has been made (including such 

  
 58 

 
deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or
withholding been made. 
  (c)     Payment of Other Taxes by the BorrowerBorrowers. The Credit Parties shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

  (d)     Indemnification by the BorrowerBorrowers. The Credit Parties shall jointly and severally indemnify each Recipient, within thirty (30) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or
asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto,
whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the BorrowerBorrowers by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 

 (e)     Indemnification by the Lenders. Each Lender shall severally indemnify
the Administrative Agent, within thirty (30) days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Credit Party has not already indemnified the Administrative Agent for such
Indemnified Taxes and without limiting the obligation of the Credit Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.6(d) relating to the maintenance of a Participant
Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Credit Document, and any reasonable expenses arising therefrom or with respect thereto,
whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive
absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Credit Document or otherwise payable by the Administrative Agent to the Lender from any
other source against any amount due to the Administrative Agent under this paragraph (e). 

 (f)     Evidence of Payments. As soon as practicable after any payment of
Taxes by any Credit Party to a Governmental Authority pursuant to this Section 2.16, such Credit Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such
payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. Upon the request of the
BorrowerBorrowers, after any payment of Taxes by the Administrative Agent to a Governmental Authority pursuant to this Section 2.16, the Administrative Agent shall deliver the original or a certified copy of a receipt issued
by such Governmental Authority evidencing such payment. 

  
 59 

  (g)     Status of Lenders.
(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Credit Document shall deliver to the
BorrowerBorrowers and the Administrative Agent, at the time or times reasonably requested by the BorrowerBorrowers or the Administrative Agent, such properly completed and executed
documentation reasonably requested by the
BorrowerBorrowers or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the BorrowerBorrowers or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the
BorrowerBorrowers or the Administrative Agent as will enable the
BorrowerBorrowers or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences,
the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.16(g)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s judgment such completion, execution or
submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

 (ii)    Without limiting the generality of the foregoing, in the event that theany Borrower is a U.S. Borrower, 

 (A)    any Lender that is a U.S. Person shall deliver to the BorrowerBorrowers
 and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the BorrowerBorrowers
 or the Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;  

 (B)    any Foreign Lender shall, to the extent it is legally entitled to do
so, deliver to the
BorrowerBorrowers
 and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the
reasonable request of the
BorrowerBorrowers
 or the Administrative Agent), whichever of the following is applicable: 

(i)    in the case of a Foreign Lender claiming the benefits of an income tax treaty to
which the United States is a party (x) with respect to payments of interest under any Credit Document, executed originals of IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the
“interest” article of such tax treaty and (y) with respect to any other applicable payments under any Credit Document, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the
“business profits” or “other income” article of such tax treaty; 

  
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 (ii)     executed originals of IRS Form
W-8ECI; 
 (iii)     in the case of a Foreign Lender claiming the benefits of the
exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit 2.16(a) to the effect that (A) such Foreign Lender is not a “bank” within the meaning of
Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of
thea Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance
Certificate”) and (y) executed originals of IRS Form W-8BEN; or 

(iv)     to the extent a Foreign Lender is not the beneficial owner executed originals of
IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit 2.16(b) or Exhibit 2.16(c), IRS Form W-9, and/or other certification documents from each beneficial owner, as
applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance
Certificate substantially in the form of Exhibit 2.16(d) on behalf of each such direct and indirect partner; 

 (C)     any Foreign Lender shall, to the extent it is legally entitled to do
so, deliver to the
BorrowerBorrowers
 and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the
reasonable request of the
BorrowerBorrowers
 or the Administrative Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary
documentation as may be prescribed by applicable law to permit the BorrowerBorrowers or the Administrative Agent to determine the withholding or deduction required to be made; and 

 (D)     if a payment made to a Lender under any Credit Document would be
subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender
shall deliver to the
BorrowerBorrowers
 and the Administrative Agent at the time or times 

  
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 prescribed by law and at such time or times reasonably requested by the BorrowerBorrowers or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the
BorrowerBorrowers or the Administrative Agent as may be necessary for the
BorrowerBorrowers and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and
withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any
respect, it shall update such form or certification or promptly notify the
BorrowerBorrowers and the Administrative Agent in writing of its legal inability to do so. 

 (h)    Treatment of Certain Refunds. If any party determines, in its sole
discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.16 (including by the payment of additional amounts pursuant to this Section 2.16), it shall pay
to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such
indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the
amount paid over pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental
Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of which would place the
indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the
indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes
that it deems confidential) to the indemnifying party or any other Person. 

 (i)    Survival. Each party’s obligations under this Section 2.16
shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any
Credit Document. 

  
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 Section 2.17     Indemnification; Nature of Issuing Lender’s
Duties. 
  (a)     In addition to its other obligations under
Section 2.3, the Credit Parties hereby agree to protect, indemnify, pay and save the Issuing Lender and each Lender harmless from and against any and all claims, demands, liabilities, damages, losses, costs, charges and expenses (including
reasonable attorneys’ fees) that the Issuing Lender or such Lender may incur or be subject to as a consequence, direct or indirect, of (i) the issuance of any Letter of Credit or (ii) the failure of the Issuing Lender to honor a
drawing under a Letter of Credit as a result of any act or omission, whether rightful or wrongful, of any present or future de jure or de facto government or Governmental Authority (all such acts or omissions, herein called “Government
Acts”). 
  (b)     As between the Credit Parties, the Issuing Lender and
each Lender, the Credit Parties shall assume all risks of the acts, omissions or misuse of any Letter of Credit by the beneficiary thereof. Neither the Issuing Lender nor any Lender shall be responsible: (i) for the form, validity, sufficiency,
accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for and issuance of any Letter of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate,
fraudulent or forged; (ii) for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, that
may prove to be invalid or ineffective for any reason; (iii) for failure of the beneficiary of a Letter of Credit to comply fully with conditions required in order to draw upon a Letter of Credit; (iv) for errors, omissions, interruptions
or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (v) for errors in interpretation of technical terms; (vi) for any loss or delay in the transmission or
otherwise of any document required in order to make a drawing under a Letter of Credit or of the proceeds thereof; and (vii) for any consequences arising from causes beyond the control of the Issuing Lender or any Lender, including, without
limitation, any Government Acts. None of the above shall affect, impair, or prevent the vesting of the Issuing Lender’s rights or powers hereunder. 

 (c)     In furtherance and extension and not in limitation of the specific
provisions hereinabove set forth, any action taken or omitted by the Issuing Lender or any Lender, under or in connection with any Letter of Credit or the related certificates, if taken or omitted in the absence of gross negligence or willful
misconduct, shall not put such Issuing Lender or such Lender under any resulting liability to the Credit Parties. It is the intention of the parties that this Agreement shall be construed and applied to protect and indemnify the Issuing Lender and
each Lender against any and all risks involved in the issuance of the Letters of Credit, all of which risks are hereby assumed by the Credit Parties, including, without limitation, any and all risks of the acts or omissions, whether rightful or
wrongful, of any Governmental Authority. The Issuing Lender and the Lenders shall not, in any way, be liable for any failure by the Issuing Lender or anyone else to pay any drawing under any Letter of Credit as a result of any Government Acts or any
other cause beyond the control of the Issuing Lender and the Lenders. 

  
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  (d)    Nothing in this Section is
intended to limit the Reimbursement Obligation of the
BorrowerBorrowers contained in Section 2.3(d) hereof. The obligations of the Credit Parties under this Section shall survive the termination of this Agreement. No act or omissions of any current or prior beneficiary of a
Letter of Credit shall in any way affect or impair the rights of the Issuing Lender and the Lenders to enforce any right, power or benefit under this Agreement. 

 (e)    Notwithstanding anything to the contrary contained in this Section, the
Credit Parties shall have no obligation to indemnify the Issuing Lender or any Lender in respect of any liability incurred by the Issuing Lender or such Lender arising out of the gross negligence or willful misconduct of the Issuing Lender
(including action not taken by the Issuing Lender or such Lender), as determined by a court of competent jurisdiction or pursuant to arbitration. 

Section 2.18     Illegality. 

Notwithstanding any other provision of this Credit Agreement, if any Change in Law shall make it unlawful for such Lender or
its LIBOR Lending Office to make or maintain LIBOR Rate Loans as contemplated by this Credit Agreement or to obtain in the interbank eurodollar market through its LIBOR Lending Office the funds with which to make such Loans, (a) such Lender
shall promptly notify the Administrative Agent and the
BorrowerBorrowers thereof, (b) the commitment of such Lender hereunder to make LIBOR Rate Loans or continue LIBOR Rate Loans as such shall forthwith be suspended until the Administrative Agent shall give notice that the
condition or situation which gave rise to the suspension shall no longer exist, and (c) such Lender’s Loans then outstanding as LIBOR Rate Loans, if any, shall be converted on the last day of the Interest Period for such Loans or within
such earlier period as required by law as Alternate Base Rate Loans. The
BorrowerBorrowers hereby
agreesagree to promptly pay any Lender, upon its demand, any additional amounts necessary to compensate such Lender for actual and direct costs (but not including anticipated profits) reasonably incurred by such Lender in
making any repayment in accordance with this Section including, but not limited to, any interest or fees payable by such Lender to lenders of funds obtained by it in order to make or maintain its LIBOR Rate Loans hereunder. A certificate (which
certificate shall include a description of the basis for the computation) as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the BorrowerBorrowers shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its LIBOR Lending Office) to avoid or to minimize any amounts which may
otherwise be payable pursuant to this Section; provided, however, that such efforts shall not cause the imposition on such Lender of any additional costs or legal or regulatory burdens deemed by such Lender in its sole discretion to be
material. 
 Section 2.19     Mitigation Obligations; Replacement of Lenders. 

 (a)     Designation of a Different Lending Office. If any Lender requests
compensation under Section 2.14, or requires the
BorrowerBorrowers to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16, then such Lender shall (at the request of the BorrowerBorrowers) use reasonable efforts to designate a different lending 

  
 64 

 
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 2.14 or Section 2.16, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and
would not otherwise be disadvantageous to such Lender. The
BorrowerBorrowers hereby
agreesagree 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 2.14, or if the Borrower isBorrowers
are required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16 or if any Lender is a
Defaulting Lender or a Non-Consenting Lender, then the
BorrowerBorrowers may, at
itstheir 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, and
consents required by, Section 9.6), all of its interests, rights (other than its existing rights to payments pursuant to Section 2.14 or Section 2.16) and obligations under this Agreement and the related Credit Documents to an
Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that: 

 (i)     the
BorrowerBorrowers shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 9.6(b)(iv); 

 (ii)     such Lender shall have received payment of an amount equal to the
outstanding principal of its Loans and participations in Letters of Credit, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Credit Documents (including any amounts under Section 2.15)
from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the
BorrowerBorrowers (in the case of all other amounts); 

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

 (iv)     such assignment does not conflict with applicable law; and 

 (v)     in the case of any assignment resulting from a Lender becoming a
Non-Consenting Lender, the applicable assignee shall have consented to the applicable amendment, waiver or consent. 
 A
Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the
BorrowerBorrowers to require such assignment and delegation cease to apply. 

  
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 Section 2.20     Cash Collateral. 

 (a)     Cash Collateral. At any time that there shall exist a Defaulting
Lender, within one (1) Business Day following the written request of the Administrative Agent, the Issuing Lender (with a copy to the Administrative Agent) or any Swingline Lender (with a copy to the Administrative Agent), the BorrowerBorrowers shall Cash Collateralize all Fronting Exposure of the Issuing Lender and the Swingline Lender with respect to such Defaulting Lender (determined after giving effect to Section 2.21(b) and any Cash Collateral
provided by the Defaulting Lender). 
  (b)     Grant of Security
Interest. The BorrowerBorrowers, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grantsgrant to the Administrative Agent, for the benefit of the Administrative Agent,
the Issuing Lenders and the Lenders (including the Swingline Lender), and agrees to maintain, a first priority security interest in all such Cash Collateral as security for the Defaulting Lenders’ obligations to which such Cash Collateral may
be applied pursuant to clause (c) below. If at any time the Administrative Agent, Issuing Lender or Swingline Lender determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent as herein
provided, or that the total amount of such Cash Collateral is less than the applicable Fronting Exposure, the BorrowerBorrowers will, promptly upon demand by the Administrative Agent, Issuing Lender
or Swingline Lender pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender). 

 (c)     Application. Notwithstanding anything to the contrary contained in
this Agreement, Cash Collateral provided under any of this Section or Section 2.21 in respect of Letters of Credit or Swingline Loans, shall be held and applied to the satisfaction of the specific LOC Obligations, Swingline Loans, obligations
to fund participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application of such
property as may be provided for herein. 
  (d)     Termination of
Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or other obligations shall no longer be required to be held as Cash Collateral pursuant to this Section 2.20 following (i) the
elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender status of the applicable Lender), or (ii) the determination by the Administrative Agent, each Issuing
Lender and each Swingline Lender that there exists excess Cash Collateral; provided that, subject to Section 2.21, the Person providing Cash Collateral and each Issuing Lender and Swingline Lender may agree that Cash Collateral shall be
held to support future anticipated Fronting Exposure or other obligations. 

  
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 Section 2.21     Defaulting Lenders.  

 (a)     Defaulting Lender Adjustments. Notwithstanding anything to the
contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law: 

 (i)     Waivers and Amendments. Such Defaulting Lender’s right to
approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Required Lenders and Section 9.1. 

 (ii)     Defaulting Lender Waterfall. Any payment of principal, interest,
fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VII or otherwise) or received by the Administrative Agent from a Defaulting Lender
pursuant to Section 9.7 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder;
second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any Issuing Lender or Swingline Lender hereunder; third, to Cash Collateralize the Issuing Lender’s or Swingline Lender’s Fronting
Exposure in accordance with Section 2.20; fourth, as the
BorrowerBorrowers may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as
determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the BorrowerBorrowers, to be held in a non-interest bearing deposit account and released pro
rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize the Issuing Lender’s and the Swingline Lender’s future Fronting
Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement in accordance with Section 2.20; sixth, to the payment of any amounts owing to the Lenders, the Issuing Lenders or
Swingline Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the Issuing Lenders or Swingline Lenders against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations
under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the BorrowerBorrowers as a result of any judgment of a court of competent jurisdiction
obtained by the
BorrowerBorrowers against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of
competent jurisdiction; provided that if (A) such payment is a payment of the principal amount of any Loans or LOC Obligations in respect of which such Defaulting Lender has not fully funded its appropriate share and (B) such Loans
were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 4.2 were satisfied or waived, such payment shall be applied 

  
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solely to pay the Loans of, and LOC Obligations owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or LOC Obligations owed to, such
Defaulting Lender until such time as all Loans and funded and unfunded participations in LOC Obligations and Swingline Loans are held by the Lenders pro rata in accordance with the Commitments under the applicable facility without giving effect to
Section 2.21(a) (iv). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.21(a)(ii)
shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 

 (iii)     Certain Fees. 

 (A)     Commitment Fees. No Defaulting Lender shall be entitled to
receive any Commitment Fee for any period during which that Lender is a Defaulting Lender (and the BorrowerBorrowers shall not be required to pay any such fee that otherwise would have been required to have been paid to that
Defaulting Lender).  
  (B)     Letter of Credit Fees. Each
Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which that Lender is a Defaulting Lender only to the extent allocable to its Applicable Percentage of the stated amount of Letters of Credit for which it has
provided Cash Collateral pursuant Section 2.20. 
  (C)     Reallocation
of Fees. With respect to any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to clause (A) or (B) above, the BorrowerBorrowers shall (x) pay to each Non-Defaulting Lender that portion of any
such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in LOC Obligations or Swingline Loans that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below,
(y) pay to each Issuing Lender and Swingline Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such Issuing Lender’s or Swingline Lender’s Fronting Exposure to
such Defaulting Lender, and (z) not be required to pay the remaining amount of any such Letter of Credit Fee. 

 (iv)     Reallocation of Participations to Reduce Fronting Exposure. All or
any part of such Defaulting Lender’s participation in LOC Obligations and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages (calculated without regard to such
Defaulting Lender’s Revolving Commitment) but only to the extent that (x) the conditions set forth in Section 4.2 are satisfied at the time of such reallocation (and, unless the
BorrowerBorrowers shall have otherwise notified the Administrative Agent at such time, the BorrowerBorrowers shall be deemed to

  
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have represented and warranted that such conditions are satisfied at such time) and (y) such reallocation does not cause the aggregate Committed Funded Exposure of any Non-Defaulting Lender
to exceed such Non-Defaulting Lender’s Revolving Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting
Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation. 

 (v)     Cash Collateral, Repayment of Swingline Loans. If the reallocation
described in clause (iv) above cannot, or can only partially, be effected, the
BorrowerBorrowers shall, without prejudice to any right or remedy available to it hereunder or under law, (x) first, prepay Swingline Loans in an amount equal to the Swingline Lender’s Fronting Exposure and
(y) second, Cash Collateralize the Issuing Lender’s Fronting Exposure in accordance with the procedures set forth in Section 2.20. 

 (b)     Defaulting Lender Cure. If the BorrowerBorrowers, the Administrative Agent and each Swingline Lender and Issuing Lender, in their sole discretion, agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the
parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at
par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and Swingline Loans to be
held on a pro rata basis by the Lenders in accordance with their Applicable Percentages (without giving effect to Section 2.21(a)(iv)), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made
retroactively with respect to fees accrued or payments made by or on behalf of the
BorrowerBorrowers while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will
constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

 (c)     New Swingline Loans/Letters of Credit. So long as any Lender is a
Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and (ii) no Issuing Lender shall be
required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto. 

  
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 Section 2.22     Incremental Facility. 

 (a)     Revolving Facility Increases. 

 (i)     General Terms. Subject to the terms and conditions set forth herein,
the BorrowerBorrowers shall have the right, at any time and from time to time (but not to exceed four (4) increases in the aggregate) until the date that is six months prior to the Revolver Maturity Date, to increase the
Revolving Committed Amount (each such increase, a “Revolving Facility Increase”) by an aggregate principal amount for all such Revolving Facility Increases, that shall not exceed $100,000,000 (the “Incremental Increase
Amount”). 
  (ii)     Terms and Conditions. The following
terms and conditions shall apply to any Revolving Facility Increase: (A) no Default or Event of Default shall exist immediately prior to or after giving effect to such Revolving Facility Increase, (B) any loans made pursuant to a Revolving
Facility Increase shall constitute Obligations and will be secured and guaranteed with the other existing Obligations on a pari passu basis, (C) any Lenders providing such Revolving Facility Increase shall be entitled to the same voting rights
as the existing Lenders and shall be entitled to receive proceeds of prepayments on the same terms as the existing Revolving Lenders, (D) any such Revolving Facility Increase shall be in a minimum principal amount of $5,000,000 and integral
multiples of $5,000,000 in excess thereof (or the remaining amount of the Incremental Increase Amount, if less), (E) the proceeds of any such Revolving Facility Increase will be used for the purposes set forth in Section 3.11, (F) the
BorrowerBorrowers shall execute a Revolving Loan Note in favor of any new Lender or any existing Lender whose Revolving Commitment is increased pursuant to this Section, in each case, if requested by such Lender, (G) the
conditions to Extensions of Credit in Section 4.2 shall have been satisfied, (H) the Administrative Agent shall have received (1) upon request of the Administrative Agent, an opinion or opinions (including, if reasonably requested by
the Administrative Agent, local counsel opinions) of counsel for the Credit Parties, addressed to the Administrative Agent and the Lenders, in form and substance reasonably acceptable to the Administrative Agent and substantially similar to the
opinion delivered to the Administrative Agent on the Closing Date, (2) any authorizing corporate documents as the Administrative Agent may reasonably request and (3) if applicable, a duly executed Notice of Borrowing, (I) the maturity
date of any Revolving Facility Increase shall be no sooner than the Revolver Maturity Date, and (J) the Administrative Agent shall have received from the
BorrowerBorrowers updated financial projections and an officer’s certificate, in each case in form and substance reasonably satisfactory to the Administrative Agent, demonstrating that, after giving effect to any such
Revolving Facility Increase and any borrowings thereunder on the Closing Date for such Revolving Facility Increase on a Pro Forma Basis, the BorrowerBorrowers will be in compliance with the financial covenants set forth in
Section 5.9. 
  (iii)     Revolving Facility Increase. In
connection with the closing of any Revolving Facility Increase, the outstanding Revolving Loans and Participation Interests shall be reallocated by causing such fundings and repayments among the Lenders of Revolving Loans as necessary such that,
after giving effect to such Revolving Facility Increase, each Lender will hold Revolving Loans and 

  
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Participation Interests based on its Revolving Commitment Percentage (after giving effect to such Revolving Facility Increase); provided that (i) such reallocations and repayments
shall not be subject to any processing and/or recordation fees and (ii) the BorrowerBorrowers shall be responsible for any costs arising under Section 2.18 resulting from such reallocation and
repayments. 
  (b)     Applicable Margin and Yield. The Applicable Margin, Commitment Fees and any other components of yield on any Revolving Facility Increase payable to the Lenders making such Revolving
Facility Increase shall be determined by the Borrowers and the Lenders thereunder; provided that in the event that the interest rate margins or unused fees for any Revolving Facility Increase are higher than the Applicable
Margin or Commitment Fees for the Revolving Facility, then the Applicable Margin or Commitment Fees for the Revolving Facility shall be increased to the extent necessary so that such Applicable Margin or Commitment Fees, as applicable, are equal to
the interest rate margins or unused fees, as applicable, for such Revolving Facility Increase; provided, further, that in determining the interest rate margins applicable to the Revolving Facility
Increase and the Revolving Facility, (i) upfront fees payable by the Borrower to the Lenders under the Revolving Facility or any Revolving Facility Increase in the initial primary syndication thereof (with such upfront fees being equated to
interest based on assumed four-year life to maturity) and the effects of any and all interest rate floors shall be included and (ii) customary arrangement or commitment fees payable to the Lead Arrangers (or their affiliates) in connection with
the Revolving Facility or to one or more arrangers (or their affiliates) of any Revolving Facility Increase, shall be
excluded.Terms of Incremental Revolving Facility Increase. Any Revolving Facility Increase shall be on the same
terms (including pricing and maturity date) as, and pursuant to documentation applicable to, the Revolving Facility. 

 (c)     Participation. Participation in any such Revolving Facility Increase
may be offered to each of the existing Lenders, but no such Lender shall have any obligation to provide all or any portion of any such Revolving Facility Increase. The
BorrowerBorrowers may invite other banks, financial institutions and investment funds reasonably acceptable to the Administrative Agent (such consent not to be unreasonably withheld or delayed) to join this Credit Agreement as
Lenders hereunder for any portion of such Revolving Facility Increase; provided that such other banks, financial institutions and investment funds shall enter into such lender joinder agreements to give effect thereto as the Administrative
Agent may reasonably request. 
  (d)     Amendments. The
Administrative Agent is authorized to enter into, on behalf of the Lenders, any amendment to this Credit Agreement or any other Credit Document as may be necessary to incorporate the terms of any such Revolving Facility Increase. 

Section 
2.23     Joint and Several Obligations of the Borrowers. 

 (a)
     Each Borrower is accepting joint and several liability hereunder in consideration of the financial
accommodation to be provided by the Lenders under this Agreement, for the mutual benefit, directly and indirectly, of the other Borrower and in consideration of the undertakings of the other Borrower to accept joint and several liability for such
Borrower. 

  
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 (b)
     Each Borrower jointly and severally hereby irrevocably and unconditionally accepts, not merely as a surety but also as a co-debtor, joint and several liability with the other Borrower with respect to the payment and
performance of all of the Obligations, it being the intention of the parties hereto that all the Obligations shall be the joint and several obligations of each Borrower without preferences or distinction between them. 

 (c)
     If and to the extent that either Borrower shall fail to make any payment with respect to any
Obligation as and when due or to perform any Obligation in accordance with the terms thereof, then in each such event, the other Borrower will make such payment with respect to, or perform, such Obligation. 

 
(d)    
The obligations of each Borrower under the provisions of this Section 2.23 constitute full recourse obligations of such Borrower,
enforceable against it to the full extent of its properties and assets, irrespective of the validity, regularity or enforceability of this Agreement or any other circumstances whatsoever. 

 (e)
     Except as otherwise expressly provided herein, each Borrower hereby waives, to the extent permitted
by applicable law, notice of acceptance of its joint and several liability. Except as otherwise expressly provided herein, each of the Borrowers hereby waives, to the extent permitted by law, notice of any Revolving Loan made under this Agreement,
notice of occurrence of any Event of Default or of any demand for any payment under this Agreement, notice of any action at any time taken or omitted by any Lender under or in respect of any of the Obligations, any requirement of diligence and,
generally, all demands, notices and other formalities of every kind in connection with this Agreement. Each of the Borrowers hereby assents to, and waives notice of, to the extent permitted by applicable law, any extension or postponement of the
time for the payment of any Obligation, the acceptance of any partial payment thereon, any waiver, consent or other action or acquiescence by any Lender at any time or times in respect of any default by the other Borrower in the performance or
satisfaction of any term, covenant, condition or provision of this Agreement, any and all other indulgences whatsoever by any Lender in respect of any of the Obligations, and the taking, addition, substitution or release, in whole or in part, at any
time or times, of any security for any Obligation or the addition, substitution or release, in whole or in part, of any other Borrower. Without limiting the generality of the foregoing, each of the Borrowers assents to any other action or delay in
acting or failure to act on the part of any Lender, including, without limitation, any failure strictly or diligently to assert any right or to pursue any remedy or to comply fully with the applicable laws or regulations thereunder which might, but
for the provisions of this Section 2.23, afford grounds for terminating, discharging or relieving such Borrower, in whole or in part, from any of its obligations under this Section 2.23, it being the intention of each of the Borrowers
that, so long as any Obligation remains unsatisfied, the obligations of such Borrower under this Section 2.23 shall not be discharged except by performance or payment  

  
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and then only to the extent of such performance or payment. The obligations of
each Borrower under this Section 2.23 shall not be diminished or rendered unenforceable by any winding up, reorganization, arrangement, liquidation, reconstruction or similar proceeding with respect to the other Borrower or any Lender. The
joint and several liability of the Borrowers hereunder shall continue in full force and effect notwithstanding any absorption, merger, amalgamation or any other change whatsoever in the name, membership, constitution or place of formation of any
Borrower or any Lender. 

 (f)
     The provisions of this Section 2.23 are made solely for the benefit of the Administrative
Agent and the other Secured Parties and their respective successors and assigns, and may be enforced by any such Person from time to time against any Borrower as often as occasion therefor may arise and without requirement on the part of the
Administrative Agent or any other Secured Party first to marshal any of its claims or to exercise any of its rights against the other Borrowers or to exhaust any remedies available to it against the other Borrowers or to resort to any other source
or means of obtaining payment of any Obligation or to elect any other remedy. If at any time, any payment, or any part thereof, made in respect of any Obligation, is rescinded or must otherwise be restored or returned by the Administrative Agent or
any other Secured Party upon the insolvency, bankruptcy or reorganization of any Borrower, or otherwise, the provisions of this Section 2.23 will forthwith be reinstated in effect, as though such payment had not been made. 

Notwithstanding
 any provision to the contrary contained herein or in any other Credit Document, to the extent the joint and several obligations of a Borrower shall be adjudicated to be invalid or unenforceable for any reason (including because of any applicable
state or federal law relating to fraudulent conveyances or transfers) then the obligations of such Borrower hereunder shall be limited to the maximum amount that is permissible under applicable law (whether federal or state and including, without
limitation, Title 11 of the United States Code, as now constituted or hereafter amended, or any other Federal, state or foreign bankruptcy, insolvency, receivership or similar law), after taking into account, among other things, such Borrower’s
right of contribution and indemnification from each other Credit Party under applicable law. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

To induce the Lenders to enter into this Agreement and to make the Extensions of Credit herein provided for, the Credit
Parties (to the extent applicable to each such Credit Party) hereby represent and warrant to the Administrative Agent and to each Lender that: 

  
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 Section 3.1     Financial Condition. 

 (a)    
As of the Closing Date, (i) The audited Consolidated financial
statements of the
BorrowerPartnership and its Subsidiaries for the fiscal year ended 2012 together with the related Consolidated statements of income or operations, equity and cash flows for the fiscal years ended on such dates, (ii) the
unaudited Consolidated financial statements of the
BorrowerPartnership and its Subsidiaries for the year-to-date period ending on the last day of the quarter that ended at least twenty (20) days prior to the Closing Date, together with the related Consolidated of income or
operations, equity and cash flows for the year-to-date period ending on such date and (iii) a pro forma balance sheet of the BorrowerPartnership and its Subsidiaries as of the last day of the quarter that ended at
least twenty (20) days prior to the Closing Date: 
 (A)     were prepared
in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; 

(B)     fairly present the financial condition of the BorrowerPartnership and its Subsidiaries, as applicable, as of the date thereof (subject, in the case of the unaudited financial statements, to normal year-end adjustments and the absence of footnotes) and results of operations for
the period covered thereby; and 
 (C)     show all material Indebtedness and
other liabilities required to be reported by GAAP, direct or contingent, of the
BorrowerPartnership and its Subsidiaries, as applicable, as of the date thereof, including liabilities for taxes, material commitments and contingent obligations. 

(b)     The five-year projections of the Credit Parties and their Subsidiaries (prepared
quarterly for the first year following the Closing Date and annually thereafter for the term of this Agreement) delivered to the Lenders on or prior to the Closing Date have been prepared in good faith based upon reasonable assumptions it being
recognized by the Lenders that such financial information as it relates to future events is not to be viewed as fact and that actual results during the periods covered thereby may differ from the projected results by a material amount and may not be
achieved. 
 Section 3.2     No Material Adverse Effect. 

Since December 31, 2012 (and, in addition, after delivery of annual audited financial statements in accordance with
Section 5.1(a), from the date of the most recently delivered annual audited financial statements), there has been no development or event which has had or could reasonably be expected to have a Material Adverse Effect. 

Section 3.3     Corporate Existence; Compliance with Law; Patriot Act Information. 

Each of the Credit Parties (a) is duly organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation, organization or formation, (b) has the requisite power and authority and the legal right to own and operate all its property, to lease the property it operates as lessee and to conduct the business in which it
is currently engaged and has taken all actions necessary to maintain all rights, privileges, licenses and franchises necessary or required in the normal conduct of its business except those rights, privileges, licenses and franchises, the lack

  
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of which could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (c) is duly qualified to conduct business and in good standing under the
laws of (i) the jurisdiction of its organization or formation, (ii) the jurisdiction where its chief executive office is located and (iii) each other jurisdiction where its ownership, lease or operation of property or the conduct of
its business requires such qualification except to the extent that the failure to so qualify or be in good standing in any such other jurisdiction could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect
and (d) is in compliance with all Requirements of Law, except to the extent such non-compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Set forth on Schedule 3.3 as of the
Closing Date, or as of the last date such Schedule was required to be updated in accordance with Section 5.2(c), is the following information for each Credit Party: the exact legal name and any former legal names of such Credit Party in the
four (4) months prior to the Closing Date, the state of incorporation or organization, the type of organization, the jurisdictions in which such Credit Party is qualified to do business, the chief executive office, the principal place of
business, the organization identification number and the federal tax identification number. 

Section 3.4     Corporate Power; Authorization; Enforceable Obligations. 

Each of the Credit Parties has the requisite power and authority and the legal right to make, deliver and perform the Credit
Documents to which it is party and has taken all necessary limited liability company, partnership or corporate action to authorize the execution, delivery and performance by it of the Credit Documents to which it is party. Each Credit Document to
which it is a party has been duly executed and delivered on behalf of each Credit Party. Each Credit Document to which it is a party constitutes a legal, valid and binding obligation of each Credit Party, enforceable against such Credit Party in
accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally, by the unenforceability under
certain circumstances under law or court decisions of provisions providing for the indemnification or contribution to a party with respect to liability when such indemnification or contribution is contrary to public policy and by general equitable
principles (whether enforcement is sought by proceedings in equity or at law). 
 Section 3.5     No Legal
Bar; No Default. 
 The execution, delivery and performance by each Credit Party of the Credit Documents to
which such Credit Party is a party, the borrowings thereunder and the use of the proceeds of the Loans (a) will not violate any Requirement of Law or any Contractual Obligation of any Credit Party (except those as to which waivers or consents
have been obtained), (b) will not conflict with, result in a breach of or constitute a default under the articles of incorporation, bylaws, articles of organization, operating agreement or other organization documents of the Credit Parties or
any material Contractual Obligation to which such Person is a party or by which any of its properties may be bound or any material approval or material consent from any Governmental Authority relating to such Person, except, in the case of a
Contractual Obligation, where such conflict, breach or default could not reasonably be expected to have a Material Adverse Effect, and (c) will not result in, or require, the creation or imposition of any Lien on any Credit Party’s
properties or revenues pursuant to any Requirement of Law or Contractual Obligation other than Permitted Liens. No Credit Party is in default under or with respect to any of its Contractual Obligations that has had, or could reasonably be expected
to have a Material Adverse Effect. No Default or Event of Default has occurred and is continuing. 

  
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 Section 3.6     No Material Litigation. 

No litigation, investigation, claim, criminal prosecution, civil investigative demand, imposition of criminal or civil fines
and penalties, or any other proceeding of or before any arbitrator or Governmental Authority is pending or, to the knowledge of the Credit Parties, without a duty to investigate, threatened in writing by or against any Credit Party or any of its
Subsidiaries or against any of its or their respective properties or revenues (a) with respect to the Credit Documents or any Extension of Credit or any of the Transactions, or (b) which could reasonably be expected to have a Material
Adverse Effect. No permanent injunction, temporary restraining order or similar decree has been issued against any Credit Party or any of its Subsidiaries which could reasonably be expected to have a Material Adverse Effect. 

Section 3.7     Investment Company Act; etc. 

No Credit Party is an “investment company”, or a company “controlled” by an “investment
company”, within the meaning of the Investment Company Act of 1940, as amended. No Credit Party is subject to regulation under the Federal Power Act, the Interstate Commerce Act, the Public Utility Holding Company Act of 2005 or any federal or
state statute or regulation limiting its ability to incur the Credit Party Obligations. 
 Section 3.8    
Margin Regulations. 
 No part of the proceeds of any Extension of Credit hereunder will be used directly
or indirectly for any purpose that violates, or that would require any Lender to make any filings in accordance with, the provisions of Regulation T, U or X of the Board of Governors of the Federal Reserve System as now and from time to time
hereafter in effect. The Credit Parties and their Subsidiaries (a) are not engaged, principally or as one of their important activities, in the business of extending credit for the purpose of “purchasing” or “carrying”
“margin stock” within the respective meanings of each of such terms under Regulation U and (b) taken as a group do not own “margin stock” except as identified in the financial statements referred to in Section 3.1 or
delivered pursuant to Section 5.1 and the aggregate value of all “margin stock” owned by the Credit Parties and their Subsidiaries taken as a group does not exceed 25% of the value of their assets. 

Section 3.9     ERISA. 

Neither a Reportable Event nor an “accumulated funding deficiency” (within the meaning of Section 412 of the
Code or Section 302 of ERISA) has occurred during the five-year period prior to the date on which this representation is made or deemed made with respect to any Plan, and each Plan has complied in all
material respects with the applicable provisions of ERISA and the Code. No termination of a Single Employer Plan has occurred resulting in any liability that has remained underfunded, and no Lien in favor of the PBGC or a Plan has arisen, during
such five-year period. The present value of all accrued benefits under each Single Employer Plan (based on those assumptions used to fund such Plans) did not, as of the last annual valuation date

  
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prior to the date on which this representation is made or deemed made, exceed the value of the assets of such Plan allocable to such accrued benefits. Neither any Credit Party nor any Commonly
Controlled Entity is currently subject to any liability for a complete or partial withdrawal from a Multiemployer Plan. 

Section 3.10     Environmental Matters. 

(a)     The Credit Parties and their respective Subsidiaries conduct in the ordinary
course of business a review of the effect of Environmental Laws and claims alleging potential liability or responsibility under any Environmental Law or for violation of any Environmental Law on their respective businesses, operations and
properties, and as a result thereof the Credit Parties have reasonably concluded that such Environmental Laws (including any costs to comply with Environmental Laws) and claims could not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect. 
 (b)     Except for notices or listings of any
release, discharge, or disposal of any Materials of Environmental Concern, any storage tanks, impoundments, septic tanks, pits, sumps, lagoons, contamination, or asbestos as could not, individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect, none of the Credit Parties and their respective Subsidiaries have received from any Person, including but not limited to any Governmental Authority, any written notice of liability or potential liability under any
Environmental Law; none of the properties currently or formerly owned or operated by any Credit Party or any of its Subsidiaries is listed or proposed for listing on the NPL or on the CERCLIS or any analogous foreign, state or local list or is
adjacent to any such property; there are no and never have been any underground or above-ground storage tanks or any surface impoundments, septic tanks, pits, sumps or lagoons in which Materials of Environmental Concern are being or have been
treated, stored or disposed on any property currently owned or operated by any Credit Party or any of its Subsidiaries or, to the best of the knowledge of the BorrowerBorrowers, on any property formerly owned or operated by the BorrowerBorrowers or any of its Subsidiaries; no contamination has been found in any well located on property currently owned or operated by any Credit Party or any of its Subsidiaries; there is no asbestos or asbestos-containing
material on any property currently owned or operated by the
BorrowerBorrowers or any of its Subsidiaries; and Materials of Environmental Concern have not been released, discharged or disposed of on, under, at, or migrating to or from any property currently or formerly owned or operated by
any Credit Party or any of its Subsidiaries. 
 (c)     Except for any
investigation, assessment, remedial action, or response action undertaken by or on behalf of any Credit Party or any of its Subsidiaries as could not reasonably be expected to result in a Material Adverse Effect, and except for any use, storage,
generation, disposal, treatment, transport, or handling of any Materials of Environmental Concern as could not reasonably be expected to have a Material Adverse Effect, neither any Credit Party nor any of its Subsidiaries is undertaking, and has not
completed, either individually or together with other potentially responsible parties, any investigation or assessment or remedial or response action relating to any actual or threatened release, discharge or disposal of Materials of Environmental
Concern at any site, location or operation, either voluntarily or pursuant to the order of any Governmental 

  
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Authority or the requirements of any Environmental Law; and all Materials of Environmental Concern generated, used, treated, handled or stored at, or transported to or from, any property
currently or formerly owned or operated by any Credit Party or any of its Subsidiaries are stored and have been disposed of in a manner not reasonably expected to result in liability to any Credit Party or any of its Subsidiaries. 

Section 3.11     Use of Proceeds. 

The proceeds of the Extensions of Credit shall be used by the
BorrowerBorrowers solely (a) to refinance certain existing Indebtedness of the Credit Parties and their Subsidiaries, (b) to pay any costs, fees and expenses associated with this Agreement on the Closing Date,
(c) for working capital and other general business purposes, including Permitted Acquisitions and (d) for Restricted Payments permitted hereunder. 

Section 3.12     Subsidiaries; Joint Ventures; Partnerships. 

Set forth on Schedule 3.12 is a complete and accurate list of all Subsidiaries, joint ventures and partnerships of the
Credit Parties as of the Closing Date and as of the last date such Schedule was required to be updated in accordance with Section 5.2(c). Information on the attached Schedule includes the following: (a) the number of shares of each class
of Equity Interests of each Subsidiary outstanding and (b) the number and percentage of outstanding shares of each class of Equity Interests owned by the Credit Parties and their Subsidiaries. As of the Closing Date, the outstanding Equity
Interests of all such Subsidiaries are validly issued, fully paid and non-assessable and are owned free and clear of all Liens (other than those arising under or contemplated in connection with the Credit
Documents). There are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments (other than stock options or other Equity Interests granted to employees or directors and directors’ qualifying shares) of
any nature relating to any Equity Interests of any Credit Party or any Subsidiary thereof, except as contemplated in connection with the Credit Documents. 

Section 3.13     Ownership. 

Each of the Credit Parties and its Subsidiaries is the owner of, and has record title to or a valid leasehold interest in, all
of its real property and good title or a valid license to use all of its other assets except for defects that (i) do not materially interfere with the ordinary conduct of its business or (ii) could not reasonably be expected to have a
Material Adverse Effect. Such real property and other assets constitute all assets in the aggregate material to the conduct of the business of the Credit Parties and their Subsidiaries, and (after giving effect to the Transactions) none of such
assets is subject to any Lien other than Permitted Liens. 
 Section 3.14     Consent; Governmental
Authorizations. 
 Except for the consents from the holders of the ROFRs and Repurchase Options and from
franchisees or similar Persons under a ROFR Statute set forth on Schedule 3.14(a), no approval, consent or authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority or any other Person is required in
connection with acceptance of Extensions of Credit by 

  
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the
BorrowerBorrowers or the making of the Guaranty hereunder or with the execution, delivery or performance of any Credit Document by the Credit Parties (other than those which have been obtained) or with the validity or
enforceability of any Credit Document against the Credit Parties (except such filings as are necessary in connection with the perfection of the Liens created by such Credit Documents) except for such approvals, consents or authorizations the failure
of which to obtain could not reasonably be expected to have a Material Adverse Effect. Except for any ROFR or Repurchase Option set forth on Schedule 3.14(b) or any Mortgaged Property subject to a ROFR Statute, the execution, delivery, or
performance of the Mortgage Instruments and the Administrative Agent’s exercise of any rights or remedies thereunder will not give any Person the right to purchase any Mortgaged Property under or pursuant to any ROFR or Repurchase Option. There
exists no default or breach of any of the Repurchase Options, Use Restrictions and/or any ROFR, and, except as set forth on Schedule 3.14(a), no facts known to any Credit Party exist that would trigger any ROFR Statute, any of the Repurchase Options
and/or any ROFR. 
 Section 3.15     Taxes. 

Each of the Credit Parties and its Subsidiaries has filed, or caused to be filed, all income tax returns and all other
material tax returns (federal, state, local and foreign) required to be filed and paid (a) all amounts of taxes shown thereon to be due (including interest and penalties) and (b) all other material taxes, fees, assessments and other
governmental charges (including mortgage recording taxes, documentary stamp taxes and intangibles taxes) owing by it, except for such taxes (i) that are not yet delinquent or (ii) that are being contested in good faith and by proper
proceedings, and against which adequate reserves are being maintained in accordance with GAAP. None of the Credit Parties or their Subsidiaries has knowledge as of the Closing Date of any proposed material tax assessments against it or any of its
Subsidiaries. 
 Section 3.16     Collateral Representations. 

(a)     [Intentionally Omitted]. 

(b)     Documents, Instrument, and Tangible Chattel Paper. Set forth on Schedule
3.16(b), as of the Closing Date and as of the last date such Schedule was required to be updated in accordance with Section 5.2, is a description of all Documents (as defined in the UCC), Instruments (as defined in the UCC), and Tangible
Chattel Paper (as defined in the UCC) of the Credit Parties (including the Credit Party owning such Document, Instrument and Tangible Chattel Paper and such other information as reasonably requested by the Administrative Agent) with an aggregate
value in excess of $500,000. 
 (c)     Deposit Accounts, Electronic Chattel Paper,
Letter-of-Credit Rights, Securities Accounts and Uncertificated Investment Property. Set forth on Schedule 3.16(c), as of the Closing Date and as of the last date such Schedule was required to be updated in accordance with
Section 5.2, is a description, in each case, with an individual value in excess of $200,000, of all Deposit Accounts (as defined in the UCC), Electronic Chattel Paper (as defined in the UCC), Letter-of-Credit Rights (as defined in the UCC),
Securities Accounts (as defined in the UCC) and uncertificated Investment Property (as defined in the UCC) of the Credit Parties, including the name of (i) the applicable Credit Party, (ii) in the case of a Deposit Account, the depository
institution and average amount 

  
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held in such Deposit Account, (iii) in the case of Electronic Chattel Paper, the account debtor, (iv) in the case of Letter-of-Credit Rights, the issuer or nominated person, as
applicable, and (v) in the case of a Securities Account or other uncertificated Investment Property, the Securities Intermediary or issuer and the average amount held in such Securities Account, as applicable. 

(d)     Commercial Tort Claims. Set forth on Schedule 3.16(d), as of the
Closing Date and as of the last date such Schedule was required to be updated in accordance with Section 5.2, is a description of all Commercial Tort Claims (as defined in the UCC) of the Credit Parties with an individual value in excess of
$1,000,000 (detailing such Commercial Tort Claim in such detail as reasonably requested by the Administrative Agent). 

(e)     Pledged Equity Interests. Set forth on Schedule 3.16(e), as of the
Closing Date and as of the last date such Schedule was required to be updated in accordance with Section 5.2, is a list of (i) 100% (or, if less, the full amount owned by such Credit Party) of the issued and outstanding Equity Interests
owned by such Credit Party of each Domestic Subsidiary, (ii) 65% (or, if less, the full amount owned by such Credit Party) of each class of the issued and outstanding Equity Interests entitled to vote (within the meaning of Treas. Reg.
Section 1.956-2(c)(2)) and 100% (or, if less, the full amount owned by such Credit Party) of each class of the issued and outstanding Equity Interests not entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) owned by
such Credit Party of each first-tier Foreign Subsidiary and (iii) all other Equity Interests required to be pledged to the Administrative Agent pursuant to the Security Documents. 

(f)     Properties. Set forth on Schedule 3.16(f)(i)(A), as of the Closing
Date, is a list of all Mortgaged Properties (including the Credit Party or applicable Subsidiary of a Credit Party owning such Mortgaged Property). Set forth on Schedule 3.16(f)(ii) as of the Closing Date is a list of (i) each
headquarter location of the Credit Parties (and an indication if such location is leased or owned), (ii) each other location where any significant administrative or governmental functions are performed (and an indication if such location is
leased or owned) and (iii) each other location where the Credit Parties maintain any books or records (electronic or otherwise) (and an indication if such location is leased or owned). There exists no default or breach any of the Repurchase
Options, Use Restrictions and/or any ROFR, and, except as set forth on Schedule 3.14(a), no facts exist that would trigger any ROFR Statute, any of the Repurchase Options and/or any ROFR. 

Section 3.17     Solvency. 

The Credit Parties are solvent on a consolidated basis and are able to pay their debts and other liabilities, contingent
obligations and other commitments as they mature in the normal course of business, and the fair saleable value of the Credit Parties’ assets, measured on a going concern basis, exceeds all probable liabilities, including those to be incurred
pursuant to this Agreement. The Credit Parties do not have, on a consolidated basis, unreasonably small capital in relation to the business in which they are or propose to be engaged. The Credit Parties have not incurred, on a consolidated basis,
and the Credit Parties do not believe that they will incur debts beyond their ability to pay such debts as they become due. In executing the Credit Documents and consummating the Transactions, none of the Credit Parties intends to hinder, delay or
defraud either present or future creditors or other Persons to which one or more of the Credit Parties is or will become indebted. On the Closing Date, the foregoing representations and warranties shall be made both before and after giving effect to
the Transactions. 

  
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 Section 3.18     Compliance with FCPA. 

Each of the Credit Parties and, their Subsidiaries isand their respective officers and employees and to the
knowledge of any Borrower, its directors and agents, are in compliance with the Foreign Corrupt Practices Act, 15 U.S.C. §§ 78dd-1, et seq., and any foreign counterpart
thereto (collectively, “Anti-Corruption Laws”). None of
the Credit Parties or their Subsidiaries has made a payment, offering, or promise to pay, or authorized the payment of, money or anything of value (a) in order to assist in obtaining or retaining business for or with, or directing business to,
any foreign official, foreign political party, party official or candidate for foreign political office, (b) to a foreign official, foreign political party or party official or any candidate for foreign political office, and (c) with the
intent to induce the recipient to misuse his or her official position to direct business wrongfully to such Credit Party or its Subsidiary or to any other Person, in violation of
the Foreign Corrupt Practices Act, 15 U.S.C. §§ 78dd-1, et
seqAnti-Corruption Laws. No Loan or Letter of Credit, use of proceeds or other transaction contemplated by this
Agreement will violate Anti-Corruption Laws. Each Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by such Borrower, its Subsidiaries and their respective directors, officers, employees and
agents with Anti-Corruption Laws. 

Section 3.19     [Intentionally Omitted]. 

Section 3.20     Brokers’ Fees. 

None of the Credit Parties or their Subsidiaries has any obligation to any Person in respect of any finder’s,
broker’s, investment banking or other similar fee in connection with any of the Transactions other than the closing and other fees payable pursuant to this Agreement and as set forth in the Fee Letters. 

Section 3.21     Labor Matters. 

There are no collective bargaining agreements or Multiemployer Plans covering the employees of the Credit Parties or any of
their Subsidiaries as of the Closing Date and none of the Credit Parties or their Subsidiaries (a) has suffered any strikes, walkouts, work stoppages or other material labor difficulty within the last five years or (b) has knowledge of any
potential or pending strike, walkout or work stoppage. No unfair labor practice complaint is pending against any Credit Party or any of its Subsidiaries. There are no strikes, walkouts, work stoppages or other material labor difficulty pending or
threatened against any Credit Party. 
 Section 3.22     Accuracy and Completeness of Information.

 All written factual information heretofore (other than any projections), contemporaneously or hereafter furnished by
or on behalf of any Credit Party or any of its Subsidiaries to the Administrative Agent, the Lead Arrangers or any Lender for purposes of or in connection with this Agreement or any other Credit Document, or any Transaction, do, or when furnished
will not contain a misstatement of a material fact or omit to state any material fact necessary to make such written information not misleading in any material respect. 

  
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 Section 3.23     [Intentionally Omitted]. 

Section 3.24     Insurance. 

The properties of the Credit Parties and their Subsidiaries are insured with companies having an A.M. Best Rating of at least
A- and are not Affiliates of the Credit Parties, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where any Credit Party
or the applicable Subsidiary operates. Such insurance coverage complies with the requirements set forth in Section 5.5(b). 

Section 3.25     Security Documents. 

The provisions of the Security Documents are effective to create in favor of the Secured Parties a legal, valid and
enforceable first priority lien (subject to Permitted Liens) on all right, title and interest of the respective Credit Parties in the Collateral described
therein except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting the enforcement of creditors’ rights generally, by the unenforceability under certain circumstances under law or court decisions of provisions providing for the indemnification or contribution to a party with respect to liability
when such indemnification or contribution is contrary to public policy and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). Except for
filings completed prior to the Closing Date or as contemplated hereby and by the Security Documents, no filing or other action will be necessary to perfect or protect such liens. 

Section 3.26     Classification of Senior Indebtedness. 

The Credit Party Obligations constitute “Senior Indebtedness”, “Designated Senior Indebtedness” or any
similar designation under and as defined in any agreement governing any Subordinated Debt and the subordination provisions set forth in each such agreement are legally valid and enforceable against the parties thereto, except as such enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally, by the unenforceability under certain circumstances under law or court decisions of
provisions providing for the indemnification or contribution to a party with respect to liability when such indemnification or contribution is contrary to public policy and by general equitable principles (whether enforcement is sought by
proceedings in equity or at law). 
 Section 3.27     Anti-Terrorism Laws. 

Neither any Credit Party nor any of its Subsidiaries is an “enemy” or an “ally of the enemy” within the
meaning of Section 2 of the Trading with the Enemy Act of the United States of America (50 U.S.C. App. §§ 1 et seq.) (the “Trading with the Enemy Act”), as amended. Neither

  
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any Credit Party nor any of its Subsidiaries is in violation of (a) the Trading with the Enemy Act, as amended, (b) any of the foreign assets control regulations of the United States
Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto or (c) the Patriot Act. None of the Credit Parties (i) is a blocked person described in Section 1 of the
Anti-Terrorism Order or (ii) to the best of its knowledge, engages in any dealings or transactions, or is otherwise associated, with any such blocked person. 

Section 3.28     Compliance with OFAC Rules and Regulations. 

(a)     None of the Credit Parties or their Subsidiaries or their respective Affiliates, officers and employees and to the knowledge of such Borrower, its directors and agents is in violation of and each of the foregoing shall not violate any of the country or list based economic and trade sanctions administered and enforced by OFAC that are described or
referenced at http://www.ustreas.gov/offices/enforcement/ofac/ or as otherwise published from time to timeapplicable
Sanctions. Each Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by such Borrower, its Subsidiaries and their respective directors, officers, employees and agents with applicable
Sanctions. 
 (b)    
None of the Credit Parties or their Subsidiaries or their respective Affiliates or to the knowledge of such Credit Party, their
respective directors, officers or employees (i) is a Sanctioned Person or a Sanctioned Entity, (ii) has a more than 10% of its assets located in Sanctioned Entities, or
(iii) derives more than 10% of its operating income from investments in, or transactions with Sanctioned Persons or Sanctioned Entities. No proceeds of any Loan will be used nor have any been used to fund any operations in, finance any
investments or activities in or make any payments to, a Sanctioned Person or a Sanctioned Entity or otherwise violate any
applicable Sanctions. 
 Section 3.29    
Authorized Officer. 
 Set forth on Schedule 3.29 are Responsible Officers that are permitted to
sign Credit Documents on behalf of the Credit Parties, holding the offices indicated next to their respective names, as of the Closing Date and as of the last date such Schedule was required to be updated in accordance with Section 5.2(c). Such
Authorized Officers are the duly elected and qualified officers of such Credit Party and are duly authorized to execute and deliver, on behalf of the respective Credit Party, the Credit Agreement, the Notes and the other Credit Documents. 

Section 3.30     Regulation H. 

No Mortgaged Property is a Flood Hazard Property unless the Administrative Agent shall have received the following:
(a) the applicable Credit Party’s written acknowledgment of receipt of written notification from the Administrative Agent (i) as to the fact that such Mortgaged Property is a Flood Hazard Property and (ii) as to whether the
community in which each such Flood Hazard Property is located is participating in the National Flood Insurance Program and (b) copies of insurance policies or certificates of insurance of the applicable Credit Party evidencing flood insurance
reasonably satisfactory to the Administrative Agent and naming the Administrative Agent as loss payee on behalf of the Lenders. 

  
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 ARTICLE IV 

CONDITIONS PRECEDENT 

Section 4.1     Conditions to Closing Date. 

This Agreement shall become effective upon, and the obligation of each Lender to make the initial Extensions of Credit on the
Closing Date is subject to, the satisfaction of the following conditions precedent: 

(a)     Execution of Credit Agreement and Credit Documents. The Administrative
Agent shall have received (i) counterparts of this Agreement, executed by a duly authorized officer of each party hereto, (ii) for the account of each Revolving Lender requesting a promissory note, a duly executed Revolving Loan Note,
(iii) for the account of the Swingline Lender requesting a promissory note, the Swingline Loan Note, (iv) counterparts of the Security Agreement and the Pledge Agreement, in each case conforming to the requirements of this Agreement and
executed by duly authorized officers of the Credit Parties or other Person, as applicable and (v) counterparts of any other Credit Document, executed by the duly authorized officers of the parties thereto. 

(b)     Authority Documents. The Administrative Agent shall have received the
following: 
 (i)     Articles of Incorporation/Charter Documents. Copies of
certified articles of incorporation or other charter documents, as applicable, of each Credit Party certified (A) by an officer of such Credit Party (pursuant to an officer’s certificate in substantially the form of Exhibit 4.1(b)
attached hereto) as of the Closing Date to be true and correct and in force and effect as of such date, and (B) to be true and complete as of a recent date by the appropriate Governmental Authority of the state of its incorporation or
organization, as applicable. 
 (ii)     Resolutions. Copies of resolutions of
the board of directors, general partner or comparable managing body of each Credit Party approving and adopting the Credit Documents, the Transactions and authorizing execution and delivery thereof, certified by an officer of such Credit Party
(pursuant to an officer’s certificate in substantially the form of Exhibit 4.1(b) attached hereto) as of the Closing Date to be true and correct and in force and effect as of such date. 

(iii)     Bylaws/Operating Agreement/Partnership Agreement. A copy of the bylaws
or comparable operating agreement of each Credit Party certified by an officer of such Credit Party (pursuant to an officer’s certificate in substantially the form of Exhibit 4.1(b) attached hereto) as of the Closing Date to be true and
correct and in force and effect as of such date. 
 (iv) Good Standing. Original certificates of
good standing, existence or its equivalent with respect to each Credit Party certified as of a recent date by the appropriate Governmental Authorities of the state of incorporation or organization and each other state in which the failure to so
qualify and be in good standing could reasonably be expected to have a Material Adverse Effect. 

  
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 (v)     Incumbency. An incumbency
certificate of each Authorized Officer of each Credit Party certified by an officer (pursuant to an officer’s certificate in substantially the form of Exhibit 4.1(b) attached hereto) to be true and correct as of the Closing Date. 

(c)     Legal Opinion of Counsel. The Administrative Agent shall have received an
opinion or opinions (including, if requested by the Administrative Agent, local counsel opinions) of counsel for the Credit Parties, dated the Closing Date and addressed to the Administrative Agent and the Lenders, in form and substance acceptable
to the Administrative Agent (which shall include, without limitation, opinions with respect to the due organization and valid existence of each Credit Party, opinions as to perfection of the Liens granted to the Administrative Agent pursuant to the
Security Documents and opinions as to the non-contravention of the Credit Parties’ organizational documents. 

(d)     Personal Property Collateral. The Administrative Agent shall have received,
in form and substance satisfactory to the Administrative Agent: 
 (i)    
(A) searches of UCC filings in the jurisdiction of incorporation or formation, as applicable, of each Credit Party and each jurisdiction where any Collateral is located or where a filing would need to be made in order to perfect the
Administrative Agent’s security interest in the Collateral, copies of the financing statements on file in such jurisdictions and evidence as of the Closing Date that no Liens exist other than Permitted Liens and (B) tax lien and judgment
searches; 
 (ii)     completed UCC financing statements for each appropriate
jurisdiction as is necessary, in the Administrative Agent’s sole discretion, to perfect the Administrative Agent’s security interest in the Collateral; 

(iii)     subject to Section 5.16(e)(v) hereof, stock or membership certificates, if
any, evidencing the Equity Interests pledged to the Administrative Agent pursuant to the Pledge Agreement and undated stock or transfer powers duly executed in blank; 

(iv)     duly executed consents as are necessary, in the Administrative Agent’s
reasonable discretion, to perfect the Lenders’ security interest in the Collateral; 

(v)     to the extent required to be delivered pursuant to the terms of the Security
Documents and listed on Schedule 3.16(b), all instruments, documents and chattel paper in the possession of any of the Credit Parties, together with allonges or assignments as may be necessary or appropriate to perfect the Administrative
Agent’s and the Lenders’ security interest in the Collateral; 

  
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 (vi)     Deposit Account Control Agreements
satisfactory to the Administrative Agent to the extent required to be delivered pursuant to Section 6.14; 

(vii)     Securities Account Control Agreements satisfactory to the Administrative Agent
to the extent required to be delivered pursuant to Section 6.14; and 
 (e)    
Liability, Casualty, Property and Business Interruption Insurance. The Administrative Agent shall have received copies of insurance policies or certificates of insurance evidencing liability, casualty, property and business interruption
insurance meeting the requirements set forth herein or in the Security Documents. 

(f)     Solvency Certificate. The Administrative Agent shall have received an
officer’s certificate prepared by the chief financial officer or other Authorized Officer approved by the Administrative Agent of the BorrowerBorrowers as to the financial condition, solvency and related matters of the
Credit Parties and their Subsidiaries, after giving effect to the Transactions and the initial borrowings under the Credit Documents, in substantially the form of Exhibit 4.1(f) hereto. 

(g)     Account Designation Notice. The Administrative Agent shall have received
the executed Account Designation Notice in the form of Exhibit 1.1(a) hereto. 

(h)     Notice of Borrowing. The Administrative Agent shall have received a Notice
of Borrowing with respect to the Loans to be made on the Closing Date. 
 (i)    
Consents. The Administrative Agent shall have received evidence that all boards of directors, governmental, shareholder and material third party consents and approvals necessary in connection with the Transactions have been obtained and all
applicable waiting periods have expired without any action being taken by any authority that could restrain, prevent or impose any material adverse conditions on such transactions or that could seek or threaten any of the foregoing. 

(j)     Compliance with Laws. The Transactions contemplated hereby shall be in
compliance with all applicable laws and regulations (including all applicable securities and banking laws, rules and regulations). 

(k)     Bankruptcy. There shall be no bankruptcy or insolvency proceedings pending
with respect to any Credit Party or any Subsidiary thereof. 
 (l)     Existing
Indebtedness of the Credit Parties. All of the existing Indebtedness for borrowed money of the Credit Parties and their Subsidiaries (other than Indebtedness permitted to exist pursuant to Section 6.1) shall be repaid in full and all
security interests related thereto shall be terminated or assigned to the Administrative Agent on terms and conditions reasonably satisfactory thereto on or prior to the Closing Date. 

  
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 (m)     Financial Statements. The
Administrative Agent and the Lenders shall have received copies of the financial statements referred to in Section 3.1, each in form and substance satisfactory to each of them. 

(n)     No Material Adverse Change. Since December 31, 2012, there shall have
been no material adverse change resulting in a Material Adverse Effect in the business, properties, prospects, operations or condition (financial or otherwise) of the Credit Parties or any of their respective Subsidiaries. 

(o)     Financial Condition Certificate. The Administrative Agent shall have
received a certificate or certificates executed by an Authorized Officer of the
BorrowerBorrowers as of the Closing Date, substantially in the form of Exhibit 4.1(o) stating that (i) to the Credit Parties’ knowledge, there does not exist any pending or ongoing, action, suit, investigation,
litigation or proceeding in any court or before any other Governmental Authority (A) affecting this Agreement or the other Credit Documents, that has not been settled, dismissed, vacated, discharged or terminated prior to the Closing Date or
(B) that purports to affect any Credit Party or any of its Subsidiaries, or any Transaction, which action, suit, investigation, litigation or proceeding could reasonably be expected to have a Material Adverse Effect, that has not been settled,
dismissed, vacated, discharged or terminated prior to the Closing Date, (ii) immediately after giving effect to this Agreement, the other Credit Documents, and all the Transactions contemplated to occur on such date, (A) no Default or
Event of Default exists, (B) all representations and warranties contained herein and in the other Credit Documents (1) with respect to representations and warranties that contain a materiality qualification, be true and correct and
(2) with respect to representations and warranties that do not contain a materiality qualification, be true and correct in all material respects, and (C) the Credit Parties are in pro forma compliance with each of the initial financial
covenants set forth in Section 5.9 (as evidenced through detailed calculations of such financial covenants on a schedule to such certificate) as of the last day of the quarter ending at least twenty (20) days preceding the Closing Date and
(iii) each of the other conditions precedent in Section 4.1 have been satisfied or waived, except to the extent the satisfaction of any such condition is subject to the judgment or discretion of the Administrative Agent or any Lender.

 (p)     Intentionally Omitted. 

(q)     Structure. The pro forma capital, ownership and management structure and
shareholding arrangement of the Credit Parties and their Subsidiaries (and all agreements relating thereto) shall be reasonably satisfactory to the Administrative Agent. 

(r)     Fees and Expenses. The Administrative Agent and the Lenders shall have
received all fees and expenses, if any, owing pursuant to the Fee Letters and Section 2.5. 

  
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 (s)     Additional Matters. All other
documents and legal matters in connection with the Transactions shall be reasonably satisfactory in form and substance to the Administrative Agent and its counsel. 

Without limiting the generality of the provisions of Section 8.4, for purposes of determining compliance with the
conditions specified in this Section 4.1, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or
approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto. 

Section 4.2     Conditions to All Extensions of Credit. 

The obligation of each Lender to make any Extension of Credit hereunder is subject to the satisfaction of the following
conditions precedent on the date of making such Extension of Credit: 
 (a)    
Representations and Warranties. The representations and warranties made by the Credit Parties herein, in the other Credit Documents and which are contained in any certificate furnished at any time under or in connection herewith shall
(i) with respect to representations and warranties that contain a materiality qualification, be true and correct and (ii) with respect to representations and warranties that do not contain a materiality qualification, be true and correct
in all material respects, in each case on and as of the date of such Extension of Credit as if made on and as of such date except for any representation or warranty made as of an earlier date, which representation and warranty shall remain true and
correct as of such earlier date. 
 (b)     No Default or Event of Default. No
Default or Event of Default shall have occurred and be continuing on such date or after giving effect to the Extension of Credit to be made on such date unless such Default or Event of Default shall have been waived in accordance with this
Agreement. 
 (c)     Compliance with Commitments. Immediately after
giving effect to the making of any such Extension of Credit (and the application of the proceeds thereof), (i) the sum of the aggregate principal amount of outstanding Revolving Loans plus outstanding Swingline Loans plus
outstanding LOC Obligations shall not exceed the Revolving Committed Amount then in effect, (ii) the outstanding LOC Obligations shall not exceed the LOC Committed Amount, and (iii) the outstanding Swingline Loans shall not exceed the
Swingline Committed Amount. 
 (d)     Additional Conditions to Revolving
Loans. If a Revolving Loan is requested, all conditions set forth in Section 2.1 shall have been satisfied. 

(e)     Additional Conditions to Letters of Credit. If the issuance of a Letter of
Credit is requested, (i) all conditions set forth in Section 2.3 shall have been satisfied and (ii) there shall exist no Lender that is a Defaulting Lender unless the Issuing Lender has entered into satisfactory arrangements with the BorrowerBorrowers or such Defaulting Lender to eliminate the Issuing Lender’s risk with respect to such Defaulting Lender’s LOC Obligations. 

  
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 (f)     Additional Conditions to Swingline
Loans. If a Swingline Loan is requested, (i) all conditions set forth in Section 2.4 shall have been satisfied and (ii) there shall exist no Lender that is a Defaulting Lender unless the Swingline Lender has entered into
satisfactory arrangements with the
BorrowerBorrowers or such Defaulting Lender to eliminate the Swingline Lender’s risk with respect to such Defaulting Lender’s in respect of its Swingline Commitment. 

(g)     Incremental Facility. If an Incremental Facility is requested, all
conditions set forth in Section 2.22 shall have been satisfied. 
 Each request for an Extension of Credit and each
acceptance by the BorrowerBorrowers of any such Extension of Credit shall be deemed to constitute representations and warranties by the Credit Parties as of the date of such Extension of Credit that the conditions set forth above in paragraphs
(a) through (g), as applicable, have been satisfied. 
 ARTICLE V 

AFFIRMATIVE COVENANTS 

Each of the Credit Parties hereby covenants and agrees that on the Closing Date, and thereafter (a) for so long as this
Agreement is in effect, (b) until the Commitments have terminated, and (c) the Credit Party Obligations and all other amounts owing to the Administrative Agent or any Lender hereunder are paid in full in cash, such Credit Party shall, and
shall cause each of their Subsidiaries, to: 
 Section 5.1     Financial Statements. 

Furnish to the Administrative Agent and each of the Lenders: 

(a)     Annual Financial Statements. As soon as available and in any event no later
than the earlier of (i) to the extent applicable, the date the
BorrowerPartnership is required by the SEC to deliver its Form 10-K for each fiscal year of the BorrowerPartnership (including the fiscal year ended December 31, 2013) and
(ii) ninety (90) days after the end of each fiscal year of the
BorrowerPartnership (including the fiscal year ended December 31, 2013), a copy of the Consolidated balance sheet of the BorrowerPartnership and its Subsidiaries as of the end of such fiscal year (including the
fiscal year ended December 31, 2013) and the related Consolidated statements of income and retained earnings and of cash flows of the BorrowerPartnership and its Subsidiaries for such year, which shall be audited by a firm
of independent certified public accountants of nationally recognized standing reasonably acceptable to the Administrative Agent, setting forth in each case in comparative form the figures for the previous year, reported on without a “going
concern” or like qualification or exception, or qualification indicating that the scope of the audit was inadequate to permit such independent certified public accountants to certify such financial statements without such qualification;

  
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 (b)     Quarterly Financial
Statements. As soon as available and in any event no later than the earlier of (i) to the extent applicable, the date the BorrowerPartnership is required by the SEC to deliver its Form 10-Q for any fiscal
quarter of the Borrower Partnership
and (ii) forty-five (45) days after the end of each of the first three (3) fiscal quarters of the
BorrowerPartnership, a copy of the Consolidated balance sheet of the
BorrowerPartnership and its Subsidiaries as of the end of such period and related Consolidated statements of income and retained earnings and of cash flows for the
BorrowerPartnership and its Subsidiaries for such quarterly period and for the portion of the fiscal year ending with such period, in each case setting forth in comparative form Consolidated figures for the corresponding period or
periods of the preceding fiscal year (subject to normal recurring year end audit adjustments and of the predecessor entity, as applicable) and including management discussion and analysis of operating results inclusive of operating metrics in
comparative form; and 
 (c)     Annual Operating Budget and Cash Flow. As
soon as available, but in any event within thirty (30) days after the end of each fiscal year, a copy of the detailed annual operating budget or plan approved by management of the
BorrowerBorrowers including cash flow projections of the
BorrowerPartnership and its Subsidiaries for the next four fiscal quarter period prepared on a quarterly basis, in form and detail reasonably acceptable to the Administrative Agent and the Lenders, together with a summary of the
material assumptions made in the preparation of such annual budget or plan; 
 any such financial statements shall be prepared in
accordance with GAAP applied consistently throughout the periods reflected therein and further accompanied by a description of, and an estimation of the effect on the financial statements on account of, a change, if any, in GAAP as provided in
Section 1.3(b) (subject, in the case of interim statements, to normal recurring year-end audit adjustments and the absence of footnotes) and, in the case of the annual and quarterly financial statements,
provided in accordance with Sections 5.1(a) and (b) above. 
 Notwithstanding the foregoing, (a) financial
statements and reports required to be delivered pursuant to the foregoing provisions of this Section may be delivered electronically and if so, shall be deemed to have been delivered on the date on which the Administrative Agent receives such
reports from the BorrowerBorrowers through electronic mail; provided that, upon the Administrative Agent’s request, the BorrowerBorrowers shall provide paper copies of any documents required hereby to the
Administrative Agent and (b) the obligations set forth in Sections 5.1(a) and (b) above may be satisfied by delivery of the reports specified in Section 5.2(d). 

Section 5.2     Certificates; Other Information. 

Furnish to the Administrative Agent and each of the Lenders: 

(a)     [Intentionally Omitted]. 

  
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 (b)     Officer’s Certificate.
Concurrently with the delivery of the financial statements referred to in Sections 5.1(a) and 5.1(b) above, a certificate of an Authorized
Officer of the Partnership substantially in the form of Exhibit
5.2(b) stating that (i) such financial statements present fairly the financial position of the Credit Parties and their Subsidiaries for the periods indicated in conformity with GAAP applied on a consistent basis, (ii) each of the
Credit Parties during such period observed or performed all of its covenants and other agreements, and satisfied every condition, contained in this Agreement to be observed, performed or satisfied by it in all material respects, (iii) such
Authorized Officer has obtained no knowledge of any Default or Event of Default except as specified in such certificate and such certificate shall include the calculations in reasonable detail required to indicate compliance with Section 5.9 as
of the last day of such period and (iv) the Credit Parties are in compliance with Section 6.4(a)(vi) as evidenced by calculations demonstrating such compliance; provided that the foregoing calculations shall only be required in
connection with the delivery of the financial statements referred to in Section 5.1(a) above. 

(c)     Updated Schedules. Concurrently with or prior to the delivery of the annual
financial statements referred to in Section 5.1(a) above (but only to the extent such information has changed during the relevant period), (i) an updated copy of Schedule 3.3 and Schedule 3.12 if the Credit Parties or any of
their Subsidiaries has formed or acquired a new Subsidiary since the Closing Date or since such Schedule was last updated, as applicable, (ii) an updated copy of Schedule 3.16(b) if the Credit Parties have obtained any Documents (as
defined in the UCC), Instruments (as defined in the UCC) or Tangible Chattel Paper (as defined in the UCC) since the Closing Date or since such Schedule was last updated, as applicable, (iii) an updated copy of Schedule 3.16(c) if the
Credit Parties maintain any Deposit Accounts (as defined in the UCC), Electronic Chattel Paper (as defined in the UCC), Letter-of-Credit Rights (as defined in the UCC), Securities Accounts (as defined in the UCC) or uncertificated Investment
Property (as defined in the UCC) to the extent not otherwise set forth on such Schedule as of the Closing Date or since such Schedule was last updated, as applicable, (iv) an updated copy of Schedule 3.16(d) if the Credit Parties have
any Commercial Tort Claims not otherwise set forth on such Schedule as of the Closing Date or since such Schedule was last updated, as applicable, and (v) an updated copy of Schedule 3.16(e) to the extent required to be updated to make
the representation in Section 3.16(e) true and correct in all material respects; provided, however, notwithstanding anything herein to the contrary, the Schedules described in this Section 5.2(c) shall only be required to be
updated annually and only to the extent the information has changed since the prior year’s update. 

(d)     Reports; SEC Filings; Regulatory Reports; Press Releases; Etc. Promptly
upon their becoming available, (i) copies of all reports (other than those provided pursuant to Section 5.1 and those which are of a promotional nature) and other financial information (other than K-1s) which any Credit Party sends to its
public limited partners, shareholders or owners, (ii) copies of all reports and all registration statements and prospectuses, if any, which any Credit Party may make to, or file with, the SEC (or any successor or analogous Governmental
Authority) or any securities exchange or other private regulatory authority, (iii) all material regulatory reports and (iv) all press releases and other statements made available by any of the Credit Parties to the public concerning
material developments in the business of any of the Credit Parties. 

  
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 (e)     [Intentionally Omitted]. 

(f)     General Information. Promptly, such additional information regarding the
business, financial, legal or corporate affairs of any Credit Party, or compliance with the terms of the Credit Documents, as the Administrative Agent or any Lender may from time to time reasonably request. 

Notwithstanding anything herein to the contrary, documents required to be delivered pursuant to this Section 5.2 (to the extent any such
documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the
BorrowerPartnership posts such documents, or provides a link thereto on the
BorrowerPartnership’s website on the internet at the following website address www.sec.gov/edgar or (ii) on which such documents are posted on the
BorrowerPartnership’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative
Agent). The Administrative Agent shall have no obligation to request the delivery of, or to maintain paper copies of, the documents referred to above, and in any event shall have no responsibility to monitor compliance by the BorrowerBorrowers with any such request by a Lender for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 

Section 5.3     Payment of Taxes and Other Obligations. 

Pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, subject, where
applicable, to specified grace periods, (a) all of its taxes (Federal, state, local and any other taxes) and (b) all of its other material obligations and liabilities of whatever nature in accordance with industry practice and (c) any
additional costs that are imposed as a result of any failure to so pay, discharge or otherwise satisfy such taxes, obligations and liabilities, except when the amount or validity of any such taxes, obligations and liabilities and costs is currently
being contested in good faith by appropriate proceedings and reserves, if applicable, in conformity with GAAP with respect thereto have been provided on the books of the Credit Parties. 

Section 5.4     Conduct of Business and Maintenance of Existence. 

Except as expressly permitted under Sections 6.3 and 6.4, continue to engage in business of the same general type as now
conducted by it on the Closing Date and preserve, renew and keep in full force and effect its corporate or other formative existence and good standing, take all reasonable action to maintain all rights, privileges and franchises necessary or
desirable in the normal conduct of its business and to maintain its goodwill and comply with all Contractual Obligations and Requirements of Law. 

  
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 Section 5.5     Maintenance of Property; Insurance.

 (a)     Keep all material property useful and necessary in its business in good
working order and condition (ordinary wear and tear and obsolescence excepted). 

(b)     Maintain with financially sound and reputable insurance companies (provided,
however, that this Section 5.5 shall not be breached if any insurance company with which the Credit Parties maintain insurance becomes financially troubled and the Credit Parties reasonably promptly obtain coverage from a different, financially
sound insurer) liability, casualty, property and business interruption insurance (including, without limitation, insurance with respect to its tangible Collateral) in at least such amounts and against at least such risks as are usually insured
against by companies engaged in the same or a similar business; and furnish to the Administrative Agent, upon the request of the Administrative Agent, full information as to the insurance carried. The Administrative Agent shall be named (i) as
lenders’ loss payee, as its interest may appear with respect to any property insurance, and (ii) as additional insured, as its interest may appear, with respect to any such liability insurance, and each provider of any such insurance shall
agree, by endorsement upon the policy or policies issued by it or by independent instruments to be furnished to the Administrative Agent, that it will give the Administrative Agent thirty (30) days prior written notice before any such policy or
policies shall be altered or canceled, and such policies shall provide that no act or default of the Credit Parties or any of their Subsidiaries or any other Person shall affect the rights of the Administrative Agent or the Lenders under such policy
or policies. 
 (c)     In case of any material loss, damage to or destruction of the
Collateral of any Credit Party or any part thereof, such Credit Party shall promptly give written notice thereof to the Administrative Agent generally describing the nature and extent of such damage or destruction. In case of any such material loss,
damage to or destruction of the Collateral of any Credit Party or any part thereof, if required by the Administrative Agent or the Required Lenders, such Credit Party (whether or not the insurance proceeds, if any, received on account of such damage
or destruction shall be sufficient for that purpose), at such Credit Party’s cost and expense, will promptly repair or replace the Collateral of such Credit Party so lost, damaged or destroyed. 

Section 5.6     Maintenance of Books and Records. 

Keep proper books, records and accounts in accordance with the rules and regulations of the SEC. 

Section 5.7     Notices. 

Give notice in writing to the Administrative Agent (which shall promptly transmit such notice to each Lender): 

(a)     promptly, but in any event within two (2) Business Days after any Credit
Party knows thereof, the occurrence of any Default or Event of Default; 

  
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 (b)     promptly, any development or event
which could reasonably be expected to have a Material Adverse Effect; 
 (c)    
promptly, of the occurrence of any ERISA Event; and 
 (d)     promptly, of any material
change in accounting policies or financial reporting practices by the
BorrowerBorrowers or any of
itstheir Subsidiaries, including any determination by the
BorrowerBorrowers that the calculation of the financial covenants set forth in Section 5.9 was inaccurate and a proper calculation would have resulted in higher pricing for the applicable period. 

Each notice pursuant to this Section shall be accompanied by a statement of an Authorized Officer setting forth details of the occurrence
referred to therein and stating what action the Credit Parties propose to take with respect thereto. In the case of any notice of a Default or Event of Default, the
BorrowerBorrowers shall specify that such notice is a Default or Event of Default notice on the face thereof. 

Section 5.8     Environmental Laws. 

(a)     Except as could not reasonably be expected, either individually or in the
aggregate, to have a Material Adverse Effect, comply with, and use its commercially reasonable efforts to ensure compliance in all material respects by all tenants and subtenants, if any, with, all applicable Environmental Laws and obtain and comply
with and maintain, and use its commercially reasonable efforts to ensure that all such tenants and subtenants obtain and comply with and maintain, any and all licenses, approvals, notifications, registrations or permits required by applicable
Environmental Laws; 
 (b)     Except as could not reasonably be expected, either
individually or in the aggregate, to have a Material Adverse Effect, conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under Environmental Laws and promptly comply with all
applicable lawful orders and directives of all Governmental Authorities regarding Environmental Laws except to the extent that the same are being contested in good faith by appropriate proceedings; and 

(c)     Defend, indemnify and hold harmless the Administrative Agent and the Lenders, and
their respective employees, agents, officers and directors and affiliates, from and against any and all claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of whatever kind or nature, known or unknown, contingent
or otherwise, arising out of, or in any way relating to the violation of, noncompliance with or liability under, any Environmental Law applicable to the operations of the Credit Parties or any of their Subsidiaries or the Properties, or any orders,
requirements or demands of Governmental Authorities related thereto, including, without limitation, reasonable attorney’s and consultant’s fees, investigation and laboratory fees, response costs, court costs and litigation expenses, except
to the extent that any of the foregoing arise out of the gross negligence or willful misconduct of the party seeking indemnification therefor. The agreements in this paragraph shall survive repayment of the Credit Party Obligations and all other
amounts payable hereunder and termination of the Commitments and the Credit Documents. 

  
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 Section 5.9     Financial Covenants. 

Comply with the following financial covenants: 

(a)     Total Leverage Ratio. The Total Leverage Ratio, calculated as of the last
day of each fiscal quarter or as of any other date on a Pro Forma Basis, shall be less than or equal to the following: 
  

			
	Period	  	Ratio
	 Closing Date through and including March 31,
2014
	  	4.50 to 1.00  
	 April 1, 2014 through and including
September 30, 2014
	  	5.50 to 1.00  
	 October 1, 2014 through and including
December 31, 2014
	  	5.00 to 1.00  
	 January 1, 2015 and thereafter
	  	4.50 to 1.00  

 Notwithstanding the foregoing to the contrary, (i) if an offering of
Equity Interests in the
BorrowerPartnership (other than Equity Interests issued or granted to employees of the BorrowerPartnership or any of its Affiliates) occurs after the First Amendment Effective
Date but prior to December 31, 2014, the Total Leverage Ratio shall not exceed 4.50 to 1.00 for the fiscal quarter ending December 31, 2014 and2014, (ii) the Total Leverage Ratio shall not exceed 5.00:1.00 from and
after (x) the last day of the fiscal quarter in which a Material Acquisition occurs to and including the last day
of the second full fiscal quarter following the fiscal quarter in which such Material Acquisition occurred and (y)iii) the Total Leverage Ratio shall not exceed 5.50:1.00 from and after the date
on which theany Borrower or any Credit Party issues Qualified Senior Notes in an aggregate principal amount (when combined with all other Qualified Senior Notes previously or concurrently issued) that equals or exceeds
$175,000,000 in the aggregate. For the avoidance of doubt, to the extent a Material Acquisition is consummated and Qualified
Senior Notes are issued in the same fiscal quarter, clause (iii) of the foregoing paragraph shall apply. 

(b)     Senior Leverage Ratio. From and after the date on which theany Borrower or any Credit Party issues Qualified Senior Notes in an aggregate principal amount (when combined with all other Qualified Senior Notes previously or concurrently issued) that equals or exceeds
$175,000,000 in the aggregate, the Senior Leverage Ratio, calculated as of the last day of each fiscal quarter or as of any other date on a Pro Forma Basis shall be less than or equal to
3.503.00 to 1.00. 
 (c)     Consolidated Interest
Coverage Ratio. The Consolidated Interest Charge Coverage Ratio, calculated as of the last day of each fiscal quarter or as of any other date on a Pro Forma Basis, shall be greater than or equal to 2.75 to 1.00. 

  
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 Section 5.10     Additional Guarantors. 

The Credit Parties will cause each of their Material Domestic Subsidiaries, whether newly formed, after acquired or otherwise
existing to promptly (and in any event within thirty (30) days after such Subsidiary is formed or acquired (or such longer period of time as agreed to by the Administrative Agent in its reasonable discretion)) become a Guarantor hereunder by
way of execution of a Joinder Agreement; provided, however, (i) no Foreign Subsidiary shall be required to become a Guarantor to the extent such Guaranty would result in a material adverse tax consequence for theany Borrower and (ii) no New Jersey Subsidiary shall be required to become a Guarantor to the extent such New Jersey Subsidiary is merged with or into any Credit Party on or prior to the date which is sixty
(60) days following the Closing Date. In connection therewith, the Credit Parties shall give notice to the Administrative Agent not less than ten (10) days prior to creating a Subsidiary (or such shorter period of time as agreed to by the
Administrative Agent in its reasonable discretion), or acquiring the Equity Interests of any other Person. The Credit Party Obligations shall be secured by, among other things, a first priority perfected security interest in the Collateral of such
new Guarantor and a pledge of 100% of the Equity Interests of such new Guarantor and its Domestic Subsidiaries and 65% (or such higher percentage that would not result in material adverse tax consequences for such new Guarantor) of the voting Equity
Interests and 100% of the non-voting Equity Interests of its first-tier Foreign Subsidiaries. In connection with the foregoing, the Credit Parties shall deliver to the Administrative Agent, with respect to each new Guarantor to the extent
applicable, substantially the same documentation required pursuant to Sections 4.1(b) – (f), (j) and 5.12 and such other documents or agreements as the Administrative Agent may reasonably request. 

Section 5.11     Compliance with Law. 

Comply with all Requirements of Law and orders (including Environmental Laws, ERISA and the Patriot Act), and all applicable
restrictions imposed by all Governmental Authorities, applicable to it and the Collateral if noncompliance with any such Requirements of Law, order or restriction could reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect. Each Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance by such
Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruptions Laws and applicable Sanctions. 

Section 5.12     Pledged Assets. 

(a)     Equity Interests. Each Credit Party will cause 100% of the Equity Interests
in each of its direct or indirect Domestic Subsidiaries (unless such Domestic Subsidiary is owned by a Foreign Subsidiary or is a shell holding company pending consummation of a Permitted Acquisition) and 65% (to the extent the pledge of a greater
percentage would be unlawful or would cause any materially adverse tax consequences to
theany Borrower or any Guarantor) of the voting Equity Interests and 100% of the non-voting Equity Interests of its first-tier Foreign Subsidiaries, in each case to the extent owned by such Credit Party, to be subject
at all times to a first priority, perfected Lien in favor of the Administrative Agent pursuant to the terms and conditions of the Security Documents or such other security documents as the Administrative Agent shall reasonably request; provided,

  
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however, that with respect to any Subsidiary, other than a Material Domestic Subsidiary, the Credit Parties shall have a period of thirty (30) days from the date of creation or acquisition
of such Subsidiary to comply with the provisions of this Section 5.12(a). 

(b)     Personal Property. Subject to the terms of subsection (c) below, each
Credit Party will cause all of its material tangible and intangible personal property now owned or hereafter acquired by it to be subject at all times to a first priority, perfected Lien (subject in each case to Permitted Liens) in favor of the
Administrative Agent for the benefit of the Secured Parties to secure the Credit Party Obligations pursuant to the terms and conditions of the Security Documents or such other security documents as the Administrative Agent shall reasonably request.
Each Credit Party shall, and shall cause each of its Subsidiaries to, adhere to the covenants set forth in the Security Documents. 

(c)     Real Property. To the extent otherwise permitted hereunder, if any Credit
Party intends to acquire a fee ownership interest in any real property (“Real Estate”) after the Closing Date with a fair market value in excess of $100,000, not to exceed $1,000,000 in the aggregate during the term of this
Agreement, it shall use commercially reasonable efforts (the requirement to use such commercially reasonable efforts to include, to the extent applicable, the period in which the applicable Credit Party is negotiating any lease with a prospective
landlord) to provide to the Administrative Agent within ninety (90) days of such acquisition (or such extended period of time as agreed to by the Administrative Agent) such security documentation as the Administrative Agent may request to cause
such fee ownership interest in Real Estate to be subject at all times to a first priority, perfected Lien (subject in each case to Permitted Liens) in favor of the Administrative Agent and such other documentation as the Administrative Agent may
reasonably request in connection with the foregoing, including, without limitation, title reports and opinions of counsel and to the extent available, title insurance policies, surveys, appraisals, zoning letters and environmental reports, all in
form and substance reasonably satisfactory to the Administrative Agent. Notwithstanding the foregoing to the contrary, (i) no leasehold deeds of trust, leasehold trust deeds, leasehold deeds to secure debt or leasehold mortgages shall be
required under this Agreement, and (ii) if, as determined by the Administrative Agent in its reasonable discretion, the cost of perfecting a first priority security interest in favor of the Administrative Agent for the benefit of the Secured
Parties on any real property of the Credit Parties and their Subsidiaries located in the State of New York exceeds the benefit of perfection on such property, the Administrative Agent may waive the requirements of this Section 5.12(c) for any
such real property located in the State of New York. 
 (d)     Leases and other
Agreements. Each Credit Party shall timely and fully pay and perform its obligations under all leases and other agreements with respect to each leased location or public warehouse where any Collateral is or may be located to the extent that the
failure to meet such obligations could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  
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 Section 5.13     Compliance with Terms of Leaseholds. 

 Make all payments and otherwise perform all obligations in respect of all leases of real property to which theany Borrower or any of the other Credit Parties or their Subsidiaries is a party, keep such leases in full force and effect and not allow such leases to lapse or be terminated or any rights to renew such leases to be
forfeited or cancelled, provide to the Administrative Agent evidence of the exercise of any renewal rights with respect to any such leases, notify the Administrative Agent of any default by any party with respect to such leases, and cooperate with
the Administrative Agent in all respects to cure any such default, and cause each of its Subsidiaries to do so, except, in any case, where the failure to do so, either individually or in the aggregate, could not be reasonably likely to have a
Material Adverse Effect. 
 Section 5.14     Use Restrictions; Repurchase Options and ROFR.
 
 Perform and observe all the terms and provisions of each Repurchase Option, Use Restriction and ROFR to be
performed or observed by it, except where such violation could not reasonably be expected to have a Material Adverse Effect, enforce each such Repurchase Option, Use Restriction and ROFR in accordance with its terms, shall not take any action (or
permit any action) that would trigger any of the Repurchase Options and/or any of the ROFRs unless a waiver, release or similar dispensation is obtained, and shall take all such action to such end as may be from time to time reasonably requested by
the Administrative Agent to the extent that such action is reasonably necessary to cause the Credit Party to be in compliance with any applicable Repurchase Option, Use Restrictions or ROFR. It is agreed that any request for a waiver or release of
any applicable Repurchase Option, Use Restriction, ROFR or ROFR Statute shall not be deemed to violate this Section 5.14. 

Section 5.15     Use of Proceeds. 

Use the proceeds of the Extensions of Credit solely (a) to refinance certain existing Indebtedness of the Credit Parties
and their Subsidiaries, (b) to pay any costs, fees and expenses associated with this Agreement on the Closing Date, (c) for working capital and other general business purposes, including Permitted Acquisitions and (d) for Restricted
Payments permitted hereunder. 
 Section 5.16     Further Assurances and Post-Closing Covenants.

 (a)    Public/Private Designation. The Credit Parties will cooperate with
the Administrative Agent in connection with the publication of certain materials and/or information provided by or on behalf of the Credit Parties to the Administrative Agent and Lenders (collectively, “Information Materials”) and
will designate Information Materials (i) that are either available to the public or not material with respect to the Credit Parties and their Subsidiaries or any of their respective securities for purposes of United States federal and state
securities laws, as “Public Information” and (ii) that are not Public Information as “Private Information”. All Private Information shall be subject to the terms of Section 9.14. 

  
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 (b)    Additional Information. The
Credit Parties shall provide such information regarding the operations, business affairs and financial condition of the Credit Parties and their Subsidiaries as the Administrative Agent or any Lender may reasonably request. 

(c)    Visits and Inspections. The Credit Parties shall permit representatives of
the Administrative Agent or any Lender, from time to time upon prior reasonable notice and at such times during normal business hours, to visit and inspect its properties (including the Collateral); inspect, audit and make extracts from its books,
records and files, including, but not limited to, management letters prepared by independent accountants; and discuss with its principal officers, and its independent accountants, its business, assets, liabilities, financial condition, results of
operations and business prospects. Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent or any Lender may do any of the foregoing at any time without advance notice. 

(d)    Further Assurances. Upon the reasonable request of the Administrative Agent,
promptly perform or cause to be performed any and all acts and execute or cause to be executed any and all documents for filing under the provisions of the UCC or any other Requirement of Law which are necessary or advisable to maintain in favor of
the Administrative Agent, for the benefit of the Secured Parties, Liens on the Collateral that are duly perfected in accordance with the requirements of, or the obligations of the Credit Parties under, the Credit Documents and all applicable
Requirements of Law. 
 (e)    Post-Closing Covenants. 

(i)    Within sixty (60) days following the Closing Date (or such longer period as
agreed to in writing by the Administrative Agent in its sole discretion), the Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent and the Lenders: 

(A)    fully executed and notarized Mortgage Instruments in recordable form sufficient to
create a first priority security interest (subject to certain existing Liens existing as of the Closing Date and set forth on Schedule 1.1(b)) in each of the Mortgaged Properties encumbering the Mortgaged Properties for the benefit of the Secured
Parties (it being agreed that no leasehold deeds of trust, leasehold trust deeds, leasehold deeds to secure debt or leasehold mortgages shall be required under this Agreement); 

(B)    a title report in respect of each of the Mortgaged Properties; 

(C)    copies of all title insurance policies in the possession of the BorrowerBorrowers which are outstanding and enforceable with respect to the Mortgaged Properties; and 

(D)    to the extent requested by the Administrative Agent, opinions of counsel to the
Credit Parties and their Subsidiaries for each jurisdiction in which the Mortgaged Properties are located; 

  
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 provided, however, that with respect to the real properties of any
Credit Party or its Subsidiaries located in the State of New York and owned on the Closing Date, no Mortgage Instrument shall be required hereunder and such real properties shall not be Mortgaged Properties under this Agreement. 

(ii)    Within sixty (60) days following the Closing Date (or such longer period as
agreed to in writing by the Administrative Agent in its sole discretion), the Credit Parties shall establish and maintain their primary banking relationship (including, without limitation, the establishment of transaction-related bank accounts, main
operating accounts and treasury management and investment accounts) with RBS Citizens. 

(iii)    Within forty-five (45) days following the Closing Date (or such longer
period as agreed to in writing by the Administrative Agent in its sole discretion), the Administrative Agent shall have received copies of endorsements with respect to the Credit Parties’ liability, casualty, property and business interruption
insurance meeting the requirements set forth herein or in the Security Documents. The Administrative Agent shall be named (i) as lenders’ loss payee, as its interest may appear, with respect to any such insurance providing coverage in
respect of any Collateral and (ii) as additional insured, as its interest may appear, with respect to any such insurance providing liability coverage, and the Credit Parties will use their commercially reasonable efforts to have each provider
of any such insurance agree, by endorsement upon the policy or policies issued by it or by independent instruments to be furnished to the Administrative Agent, that it will give the Administrative Agent thirty (30) days prior written notice
before any such policy or policies shall be altered or cancelled. 
 (iv)    Within
thirty (30) days after the Closing Date (or such longer period of time as agreed to in writing by the Administrative Agent in its sole discretion), the Administrative Agent shall have received Deposit Account Control Agreements and Securities
Account Control Agreements required to be delivered in accordance with Section 6.14. 

(v)    To the extent not delivered on the Closing Date, within forty-five (45) says
after the Closing Date (or such longer period of time as agreed to in writing by the Administrative Agent in its sole discretion), the Administrative Agent shall have received stock or membership certificates, evidencing the Equity Interests pledged
to the Administrative Agent pursuant to the Pledge Agreement and undated stock or transfer powers duly executed in blank. 

(vi)    Within forty-five (45) days after the First Amendment Effective Date or such
longer period of time as agreed to in writing by the Administrative Agent in its sole discretion), the Administrative Agent shall have received owner’s title policies with respect to each of the properties set forth on Schedule 5.16(e), in each
case, in form and substance satisfactory to the Administrative Agent. 

  
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 ARTICLE VI 

NEGATIVE COVENANTS 

Each of the Credit Parties hereby covenants and agrees that on the Closing Date, and thereafter (a) for so long as this
Agreement is in effect, (b) until the Commitments have terminated, (c) the Credit Party Obligations and all other amounts owing to the Administrative Agent or any Lender hereunder are paid in full in cash, that: 

Section 6.1    Indebtedness. 

No Credit Party will, nor will it permit any Subsidiary to, contract, create, incur, assume or permit to exist any
Indebtedness, except: 
 (a)    Indebtedness arising or existing under this Agreement
and the other Credit Documents; 
 (b)    Indebtedness of the Credit Parties and their
Subsidiaries existing as of the Closing Date as referred to in the financial statements referenced in Section 3.1 (and set out more specifically in Schedule 6.1(b) hereto) and any renewals, refinancings or extensions thereof in a
principal amount not in excess of that outstanding as of the date of such renewal, refinancing or extension except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection
with such refinancing and by an amount equal to any existing commitments unutilized thereunder and the direct or any contingent obligor with respect thereto, is not changed as a result of or in connection with such renewal, refinancing or extension,
and the terms of any such renewal, refinancing or extension, taken as a whole, are not less favorable to the obligor thereunder; 

(c)    Indebtedness of the Credit Parties and their Subsidiaries incurred after the
Closing Date consisting of Capital Leases or Indebtedness incurred to provide all or a portion of the purchase price or cost of construction of an asset in an aggregate amount not to exceed $170,000,000 at any time outstanding when aggregated with
Indebtedness permitted pursuant to clause 6.1(n) below; 
 (d)    Unsecured intercompany
Indebtedness among the Credit Parties; 
 (e)    Indebtedness and obligations owing
under (i) Bank Products and (ii) other Hedging Agreements entered into in order to manage existing or anticipated interest rate, exchange rate or commodity price risks and not for speculative purposes; 

(f)    Indebtedness of a Person existing at the time such Person becomes a Subsidiary of a
Credit Party in a transaction permitted hereunder in an aggregate principal amount not to exceed
$40,000,00060,000,000 for all such Persons; 

  
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 (g)    Indebtedness arising from agreements
providing for indemnification and purchase price adjustment obligations or similar obligations, or from guarantees or letters of credit, surety bonds or performance bonds securing the performance of any Credit Party or its Subsidiaries pursuant to
such agreements, in connection with Dispositions, other sales of assets or Permitted Acquisitions; 

(h)    Guaranty Obligations in respect of Indebtedness of a Credit Party to the extent
such Indebtedness is permitted to exist or be incurred pursuant to this Section; and 

(i)    Qualified Senior Notes; 

(j)    Indebtedness incurred to finance the payment of insurance premiums incurred in the
ordinary course of business; 
 (k)    any Guarantee of the obligations of any Credit
Party as a tenant under any lease (which lease is not a Capital Lease) or a purchaser in connection with any Permitted Acquisition; 

(l)    Indebtedness owed in respect of overdrafts and related liabilities arising in the
ordinary course of business from treasury, depository and cash management services or from automated clearing-house transfers of funds; 

(m)    Indebtedness consisting of obligations under deferred compensation arrangements,
non-competition agreements, adjustments of purchase price, earn-outs or similar arrangements; 

(n)    Indebtedness incurred in connection with Sale Leaseback transactions permitted
pursuant to Section 6.12, in an aggregate amount not to exceed $170,000,000 at any time outstanding when aggregated with Indebtedness permitted pursuant to clause 6.1(c) above; 

(o)    other unsecured Indebtedness of Credit Parties not permitted by the foregoing
clauses (a) through (m) in an aggregate amount not to exceed
$30,000,00040,000,000; provided that the Credit Parties are in pro forma compliance with each of the financial covenants set forth in Section 5.9; and 

(p)    other Indebtedness of the Credit Parties not permitted by the foregoing clauses
(a) through (o) in an aggregate amount not to exceed $10,000,000. 

Section 6.2    Liens. 

The Credit Parties will not, nor will they permit any Subsidiary to, contract, create, incur, assume or permit to exist any
Lien with respect to any of their respective property or assets of any kind (whether real or personal, tangible or intangible), whether now owned or hereafter acquired, except for the following (the “Permitted Liens”): 

  
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 (a)    Liens created by or otherwise existing
or arising under or in connection with this Agreement or the other Credit Documents in favor of the Administrative Agent on behalf of the Secured Parties; 

(b)    Liens in favor of a Bank Product Provider in connection with a Bank Product;
provided that such Liens shall secure the Credit Party Obligations on a pari passu basis; 

(c)    Liens securing purchase money Indebtedness and Capital Lease Obligations (and
refinancings thereof) to the extent permitted under Section 6.1(c); provided, that (i) any such Lien attaches to such property concurrently with or within thirty (30) days after the acquisition thereof and (ii) such Lien
attaches solely to the property so acquired in such transaction; 
 (d)    Liens for
taxes, assessments, charges or other governmental levies not yet due or as to which the period of grace (not to exceed sixty (60) days), if any, related thereto has not expired or which are being contested in good faith by appropriate
proceedings; provided that adequate reserves with respect thereto are maintained on the books of any Credit Party or its Subsidiaries, as the case may be, in conformity with GAAP; 

(e)    statutory Liens such as carriers’, warehousemen’s, mechanics’,
materialmen’s, landlords’, repairmen’s or other like Liens arising in the ordinary course of business which are not overdue for a period of more than thirty (30) days or which are being contested in good faith by appropriate
proceedings; provided that a reserve or other appropriate provision shall have been made therefor; 

(f)    pledges or deposits in connection with workers’ compensation, unemployment
insurance and other social security legislation (other than any Lien imposed by ERISA) and deposits securing liability to insurance carriers under insurance or self-insurance arrangements; 

(g)    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; 

(h)    easements, rights of way, restrictions and other similar encumbrances affecting
real property which, in the aggregate, are not substantial in amount, and which do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the applicable
Person; 
 (i)    Liens existing on the Closing Date and set forth on Schedule
1.1(b); provided that (i) no such Lien shall at any time be extended to cover property or assets other than the property or assets subject thereto on the Closing Date and improvements thereon and (ii) the principal amount of the
Indebtedness secured by such Lien shall not be extended, renewed, refunded or refinanced except to the extent permitted pursuant to this Agreement; 

  
 103 

 (j)    any extension, renewal or replacement
(or successive extensions, renewals or replacements), in whole or in part, of any Lien referred to in this definition (other than Liens set forth on Schedule 1.1(b)); provided that such extension, renewal or replacement Lien shall be
limited to all or a part of the property which secured the Lien so extended, renewed or replaced (plus improvements on such property); 

(k)    Liens arising in the ordinary course of business by virtue of any contractual,
statutory or common law provision relating to banker’s Liens, rights of set-off or similar rights and remedies covering deposit or securities accounts (including funds or other assets credited thereto) or other funds maintained with a
depository institution or securities intermediary; 
 (l)    any zoning, building or
similar laws or rights reserved to or vested in any Governmental Authority; 

(m)    restrictions on transfers of securities imposed by applicable Securities Laws; 

(n)    Liens arising out of judgments or awards not resulting in an Event of Default;
provided that the applicable Credit Party or Subsidiary shall in good faith be prosecuting an appeal or proceedings for review; 

(o)    Liens on the property of a Person existing at the time such Person becomes a
Subsidiary of a Credit Party in a transaction permitted hereunder securing Indebtedness in an aggregate principal amount not to exceed $40,000,00060,000,000 for all such Persons; provided, however, that any such
Lien may not extend to any other property of any Credit Party or any other Subsidiary that is not a Subsidiary of such Person; 

(p)    any interest or title of a lessor, licensor or sublessor under any lease, license
or sublease entered into by any Credit Party or any Subsidiary thereof in the ordinary course of its business and covering only the assets so leased, licensed or subleased; 

(q)    Liens in favor of the Administrative Agent, Issuing Lender and/or Swingline Lender
to Cash Collateralize or otherwise secure the obligations of a Defaulting Lender to fund risk participations hereunder; 

(r)    Liens granted in the ordinary course of business on the unearned portion of
insurance premiums and on any loss payments which reduce the unearned portion of insurance premiums securing the financing of insurance premiums to the extent the financing is permitted under Section 6.1(j); 

(s)    assignments of insurance or condemnation proceeds provided to landlords (or their
mortgagees) pursuant to the terms of any lease and Liens or rights reserved in any lease for rent or for compliance with the terms of such lease; 

  
 104 

 (t)    Liens securing the obligations of the
lessee under the Getty Lease; provided that such Liens do not at any time encumber any property other than (i) personal property of such lessee (which shall not include any inventory, accounts, rents or the proceeds thereof) located on the
premises subject to the Getty Lease and (ii) the underground storage tanks and related piping, fittings, below ground meters, below ground components of automatic tank gauging systems and leak detection systems, and all other below ground
components of the fuel storage and delivery systems located on the premises subject to the Getty Lease; 

(u)    tenant purchase options existing on the Closing Date or purchase options granted to
tenants after the Closing Date so long as such options are for not less than 85% of the fair market value of the property subject to the applicable purchase option; 

(v)    leases, subleases, licenses and sublicenses of assets, in each case, entered into
by the BorrowerBorrowers or any of
itstheir Subsidiaries in the ordinary course of business; 

(w)    Liens arising by virtue of Uniform Commercial Code financing statement filings
regarding operating leases entered into by the
BorrowerBorrowers or any of
itstheir Subsidiaries in the ordinary course of business; 

(x)    each Operating Lease (as such term is defined in each of the Mortgage Instruments) and the Master Lease; 

(y)    Liens solely on cash earnest money deposits made in connection with any letter of
intent or purchase agreement in connection with an Investment permitted pursuant to Section 6.5; 

(z)     purchase rights and rights of first refusal that constitute Liens; and 

(aa)     additional Liens so long as the principal amount of Indebtedness and other
obligations secured thereby does not exceed $10,000,000 in the aggregate. 
 Notwithstanding the foregoing to the contrary
and subject to clauses (h) and (v) of this Section 6.2, the Credit Parties will not, nor will they permit any Subsidiary to, contract, create, incur, assume or permit to exist any Lien with respect to any of their respective leasehold
interests, whether now owned or hereafter acquired. 
 Notwithstanding the foregoing, if a Credit Party shall grant a Lien
on any of its assets in violation of this Section, then it shall be deemed to have simultaneously granted an equal and ratable Lien on any such assets in favor of the Administrative Agent for the ratable benefit of the Secured Parties, to the extent
such Lien has not already been granted to the Administrative Agent. 

  
 105 

 Section 6.3     Nature of Business. 

Except as otherwise expressly provided in this Agreement, no Credit Party will, nor will it permit any Subsidiary to,
materially alter the character of its business in any material respect from that conducted as of the Closing Date; provided, however, that (i) in the event that any Credit Party acquires or otherwise begins operating a line of business or
assets related thereto that are ancillary to, necessary or substantially related to its business as of the Closing Date, the ownership of such assets and the operating of such line of business shall be permitted under this Agreement and (ii) in
the event that any Credit Party acquires assets or a line of business that results in a breach of this Section 6.3, such Credit Party shall not be in Default if such assets or line of business are disposed of within one (1) year of the
acquisition thereof. 
 Section 6.4     Consolidation, Merger, Sale of Assets, etc. 

The Credit Parties will not, nor will they permit any Subsidiary to, 

(a)    dissolve, liquidate or wind up its affairs, or sell, transfer, lease or otherwise
dispose of its property or assets (each a “Disposition”) or agree to do so at a future time, except the following, without duplication, shall be expressly permitted: 

(i)    (A) the sale, transfer, lease or other disposition of inventory and materials
in the ordinary course of business and (B) the conversion of cash into Cash Equivalents and Cash Equivalents into cash; 

(ii)    the sale, transfer or other disposition of property or assets to an unrelated
party not in the ordinary course of business where and to the extent that they are the result of a Recovery Event;  

(iii)    the sale, lease, transfer or other disposition of machinery, parts and equipment
no longer used or useful in the conduct of the business of the Credit Parties or any of their Subsidiaries; 

(iv)    the sale, lease or transfer of property or assets from one Credit Party to
another Credit Party, including by way of merger, or dissolution of any Credit Party (other than the
BorrowerBorrowers) to the extent any and all assets of such Credit Party are distributed to another Credit Party; 

(v)    the termination of any Hedging Agreement; 

(vi)    the sale, lease or transfer of property or assets not to exceed
(x) $40,000,000 in the aggregate in any fiscal year and (y) $100,000,000 in the aggregate during the term of this Agreement; 

(vii)    the sale, lease or transfer of property or assets with the prior written consent
of the Administrative Agent; 
 (viii)    Dispositions to Getty (or its assignee or
designee) constituting a sale of the UST Systems upon Getty’s exercise of its option to purchase in accordance with the terms of the Getty Lease; 

  
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 (ix)    Guarantors may grant ROFRs and
Repurchase Options in connection with Permitted Acquisitions; provided, however, that nothing in this clause 6.4(a)(ix) shall be deemed to permit a Disposition through the exercise of any ROFR or Repurchase Option; 

(x)    Dispositions pursuant to a ROFR Statute arising from any Permitted Acquisition;

 (xi)    Dispositions consisting of Permitted Like-Kind Exchanges; 

(xii)    Dispositions constituting leases, subleases, licenses or sublicenses of assets,
in each case, entered into by a Credit Party in the ordinary course of business; 

(xiii)    Dispositions pursuant to tenant purchase options existing on the Closing Date;

 (xiv)    Dispositions involving the write-off, discount sale, or transfer or
defaulted or past-due receivables and similar obligations in the ordinary course of business; 

(xv)    Dispositions in connection with condemnation proceedings; 

(xvi)    Dispositions constituting an Operating Lease (as such term is defined in each
Mortgage Instrument) or relating to real property subject to the Master Lease and, in each case, related assets entered into by either Borrower,
a Guarantor or any Subsidiary thereof that owns a Mortgaged Property; 

(xvii)    Dispositions of assets made within one (1) year of the acquisition thereof
in compliance with the terms of Section 6.3; and 
 (xviii)    Dispositions of
Equity Interests in Subsidiaries pursuant to any benefit plan maintained by the
BorrowerPartnership; 
 provided that (A) with respect to clauses (iv),
(v) and (vi), no Default or Event of Default shall exist or shall result therefrom and (B) any Disposition pursuant to clauses (i), (iii) and (vi) shall be for fair market value; provided, further, that with respect
to sales of assets permitted hereunder only, the Administrative Agent shall be entitled, without the consent of any Lender, to release its Liens relating to the particular assets sold; or 

(b)    enter into any transaction of merger or consolidation, except for
(i) Investments or acquisitions permitted pursuant to Section 6.5 so long as the Credit Party subject to such merger or consolidation is the surviving entity, (ii) (y) the merger or consolidation of a Subsidiary that is not a
Credit Party with and into a Credit Party; provided that such Credit Party will be the surviving entity or the surviving entity executes and delivers a Joinder Agreement and (z) the merger or consolidation of a Credit Party with and into
another Credit Party; provided that if
thea Borrower is a party thereto,
thesuch Borrower will be the surviving corporation, and (iii) the merger or consolidation of a Subsidiary that is not a Credit Party with and into another Subsidiary that is not a Credit Party. 

  
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 Section 6.5     Advances, Investments and Loans.

 The Credit Parties will not, nor will they permit any Subsidiary to, make any Investment or contract to make any
Investment except for the following (the “Permitted Investments”): 

(a)    cash and Cash Equivalents; 

(b)    Investments existing as of the Closing Date as set forth on Schedule 1.1(a);

 (c)    receivables owing to the Credit Parties or any of their Subsidiaries or any
receivables and advances to suppliers, in each case if created, acquired or made in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; 

(d)     Investments in and loans to any Credit Party; 

(e)    loans and advances to officers, directors and employees in an aggregate amount not
to exceed $400,000 at any time outstanding; provided that such loans and advances shall comply with all applicable Requirements of Law (including Sarbanes-Oxley); 

(f)    Investments (including debt obligations) received in connection with the bankruptcy
or reorganization of suppliers and customers and in settlement of delinquent obligations of, and other disputes with, customers and suppliers arising in the ordinary course of business; 

(g)    Permitted Acquisitions; 

(h)    Bank Products to the extent permitted hereunder; 

(i)    ownership of the UST Systems (as defined in the Getty Lease) subject to an option
to purchase in favor of Getty under the Getty Lease; 
 (j)    Mortgaged Properties
owned by any Guarantor subject to ROFRs and Repurchase Options; and 
 (k)    time
deposits with Team Capital Bank in an amount not to exceed $10,000,000; provided, however, that such funds shall represent escrowed environmental reserves; 

  
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 (l)    (i) Investments in and
loans to any Subsidiary which is not a Credit Party, (ii) Investments in the form of loans to Affiliates of thea Borrower who are not Credit Parties, (iii) Investments in the form of loans to purchasers in connection with any
Disposition permitted pursuant to Section 6.4 and (iv) Investments constituting Indebtedness related to convenience store and wholesale fuel distribution assets; provided that, with respect to the foregoing Investments set forth in
this clause (l), the aggregate amount of all such Investments shall not exceed $10,000,000 at any time outstanding; provided
further, for the avoidance of doubt, nothing in this clause (l) shall prohibit the foregoing Investments to the extent consummated in connection with a Permitted Acquisition;  

(m)    (i) capital expenditures in the ordinary course of business with respect to
Investments in joint ventures, and (ii) Investments in joint ventures related to convenience store and wholesale fuel distribution assets; provided that, with respect to the foregoing Investments set forth in this clause (m), the
aggregate amount of all such Investments shall not exceed $10,000,000 at any time outstanding; and 

(n)    additional loan advances and/or Investments of a nature not contemplated by the
foregoing clauses hereof; provided that such loans, advances and/or Investments made after the Closing Date pursuant to this clause shall not exceed an aggregate amount of $1,000,000 at any one time outstanding. 

Section 6.6     Transactions with Affiliates. 

The Credit Parties will not, nor will they permit any Subsidiary to, enter into any transaction or series of transactions,
whether or not in the ordinary course of business, with any officer, director, shareholder or Affiliate other than on terms and conditions substantially as favorable as would be obtainable in a comparable arm’s-length transaction with a Person
other than an officer, director, shareholder or Affiliate, other than (a) transactions solely between or among Credit Parties,
(b) Permitted Acquisitions permitted pursuant to clause (d), (e) or (f) of the definition thereof,
(c) transactions in effect on the Closing Date and on the
Second Amendment Effective Date as set forth on Schedule 6.6 and (cas such transactions may be modified from time to time with the approval of the Conflicts Committee (as defined below),
(d) transactions under the Omnibus Agreement or the Master Lease, in each case, as in effect on the Second Amendment Effective Date as may be amended, restated, changed, supplemented or modified from time to time with the approval of the
Conflicts Committee, (e) any Restricted Payment permitted by
Section 6.10 and (f) transactions involving any employee benefit plan or related trust of any Credit
Party; provided, however, that any transaction approved by the Conflicts Committee of the Board of Directors of the General Partner of the BorrowerPartnership, which Conflicts Committee shall consist of at least three (3) outside board members (the “Conflicts Committee”) or in accordance with the guidelines promulgated from time to time by the
Conflicts Committee shall be deemed, for purposes of this Agreement, to be on terms and conditions substantially as favorable as would be obtainable on a comparable arm’s-length transaction with a person other than an officer, director,
shareholder or Affiliate of the Credit Parties and their respective Subsidiaries. 

  
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 Section 6.7     Ownership of Subsidiaries;
Restrictions. 
 The Credit Parties will not, nor will they permit any Subsidiary to, create, form or acquire
any Subsidiaries, except for Subsidiaries that (i) become Credit Parties and enter into a Joinder Agreement as required by the terms hereof or (ii) constitute Foreign Subsidiaries or other Subsidiaries which are not Material Domestic
Subsidiaries which are created or acquired in connection with Permitted Acquisitions. The Credit Parties will not sell, transfer, pledge or otherwise dispose of any Equity Interests in any of their Subsidiaries, nor will they permit any of their
Subsidiaries to issue, sell, transfer, pledge or otherwise dispose of any of their Equity Interests, except in a transaction permitted by Section 6.4. 

Section 6.8     Corporate Changes. 

No Credit Party will, nor will it permit any of its Subsidiaries to, (a) change its fiscal year, or (b) amend,
modify or change its articles of incorporation, certificate of designation (or corporate charter or other similar organizational document) operating agreement or bylaws (or other similar document) in any respect materially adverse to the interests
of the Lenders without the prior written consent of the Required Lenders. No Credit Party shall (a) (i) except as permitted under Section 6.4, alter its legal existence or, in one transaction or a series of transactions, merge into or
consolidate with any other entity, or sell all or substantially all of its assets, (ii) change its state of incorporation or organization, without providing thirty (30) days prior written notice to the Administrative Agent and without
filing (or confirming that the Administrative Agent has filed) such financing statements and amendments to any previously filed financing statements as the Administrative Agent may require, or (iii) change its registered legal name, without
providing thirtyfive
(305) days prior written notice to the Administrative Agent and without filing (or confirming that the Administrative Agent has filed) such financing statements and amendments to any previously filed financing
statements as the Administrative Agent may require, (b) have more than one state of incorporation, organization or formation or (c) change its accounting method (except in accordance with GAAP) in any manner adverse to the interests of the
Lenders without the prior written consent of the Required Lenders. 
 Notwithstanding the foregoing to the contrary,
the BorrowerBorrowers shall not and shall not permit any amendment, modification or change and shall not consent to any amendment, modification or change to any of the terms of the Partnership Agreement, except to the extent the same
could not reasonably be expected to be materially adverse to the Lenders (and provided that the
BorrowerBorrowers promptly
furnishesfurnish to the Administrative Agent a copy of such amendment, modification, supplement, cancellation, termination or waiver). 

Section 6.9     Limitation on Restricted Actions. 

The Credit Parties will not, nor will they permit any Subsidiary to, directly or indirectly, create or otherwise cause or
suffer to exist or become effective any encumbrance or restriction on the ability of any such Person to (a) pay dividends or make any other distributions to any Credit Party on its Equity Interests or with respect to any other interest or
participation in, or measured by, its profits, (b) pay any Indebtedness or other obligation owed to any Credit Party, (c) make loans or advances to any Credit Party, (d) sell, lease or transfer any of its properties or assets to any
Credit Party, or (e) act as a Guarantor and pledge its assets pursuant to the Credit Documents or any renewals, refinancings, exchanges, refundings or extension thereof or amend or otherwise modify the Credit Documents, except (in respect of
any of the matters referred to in clauses (a)-(d) above) for such encumbrances or restrictions existing under or by reason of (i) this Agreement and the other Credit Documents, (ii) applicable law,
(iii) any document or instrument governing 

  
 110 

 
Indebtedness incurred pursuant to Section 6.1(c); provided that any such restriction contained therein relates only to the asset or assets constructed or acquired in connection
therewith, or (iv) any Permitted Lien or any document or instrument governing any Permitted Lien; provided that any such restriction contained therein relates only to the asset or assets subject to such Permitted Lien. 

Section 6.10     Restricted Payments. 

The Credit Parties will not, nor will they permit any Subsidiary to, directly or indirectly, declare, order, make or set apart
any sum for or pay any Restricted Payment, except: 
 (a)    to make dividends or other distributions
payable solely in the same class of Equity Interests of such Person; 
 (b)    to make dividends or
other distributions payable to the Credit Parties or Subsidiaries of the Credit Parties which are the parent companies of such Subsidiary (directly or indirectly through its Subsidiaries); 

(c)    so long as no Event of Default then exists and is continuing or would result therefrom, Restricted
Payments by the BorrowerPartnership pursuant to and in accordance with the cash distribution policy adopted by the General Partner pursuant to the Partnership Agreement from time to time; 

(d)    to purchase, redeem or otherwise acquire its Equity Interests with the proceeds received from a
substantially concurrent issue of new Equity Interests; 
 (e)    to redeem or convert its Equity
Interests or make any payment in connection with any employee benefit plan or arrangement sponsored by the Credit Parties entered into in the ordinary course of business; and 

(f)    Restricted Payments which are not otherwise permitted by this Section 6.10, so long as
(i) no Event of Default then exists and is continuing or would result therefrom, (ii) the Borrower
isBorrowers are in pro forma compliance with the financial
covenants in Section 5.9 and (iii) the Credit Parties have Liquidity of at least
$35,000,000.25,000,000. 
 Section 6.11     Amendment of Subordinated Debt.

 The Credit Parties will not, nor will they permit any Subsidiary to, without the prior written consent of the
Required Lenders, amend, modify, waive or extend or permit the amendment, modification, waiver or extension of any term of any document governing or relating to any Subordinated Debt in a manner that is adverse to the interests of the Lenders. 

Section 6.12     Sale Leasebacks. 

The Credit Parties will not, nor will they permit any Subsidiary to, directly or indirectly, become or remain liable as lessee
or as guarantor or other surety with respect to any lease, whether an Operating Lease or a Capital Lease, of any property (whether real, personal or mixed), whether 

  
 111 

 
now owned or hereafter acquired, (a) which any Credit Party or any Subsidiary has sold or transferred or is to sell or transfer to a Person which is not a Credit Party or a Subsidiary or
(b) which any Credit Party or any Subsidiary intends to use for substantially the same purpose as any other property which has been sold or is to be sold or transferred by a Credit Party or a Subsidiary to another Person which is not a Credit
Party or a Subsidiary in connection with such lease (each, a “Sale Leaseback”); provided that the Credit Parties may enter into Sale Leasebacks so long as (a) such Sale Leaseback is permitted pursuant to
Section 6.4(a)(vi), (b) any Disposition of property pursuant to a Sale Leaseback shall be for no less than the fair market value of such property without the prior written consent of the Administrative Agent, and (c) the terms of such
Sale Leaseback are on commercially reasonable, arm’s length terms to a third party that is not an Affiliate of any Credit Party. 

Section 6.13     No Further Negative Pledges. 

The Credit Parties will not, nor will they permit any Subsidiary to, enter into, assume or become subject to any agreement
prohibiting or otherwise restricting the creation or assumption of any Lien upon any of their properties or assets, whether now owned or hereafter acquired, or requiring the grant of any security for such obligation if security is given for some
other obligation, except (a) pursuant to this Agreement and the other Credit Documents, (b) pursuant to any document or instrument governing Indebtedness incurred pursuant to Section 6.1(c); provided that any such restriction
contained therein relates only to the asset or assets constructed or acquired in connection therewith, (c) in connection with any Permitted Lien or any document or instrument governing any Permitted Lien, (d) customary non-assignment
provisions in leases, licenses, permits and other agreements entered into in the ordinary course of business, (e) obligations that are binding on a person at the time such Person first becomes a Subsidiary of thea Borrower or any of the other Credit Parties, and (f) customary restrictions contained in an agreement relating to a Disposition that limit the transfer of encumbrances of the property or assets relating to
such Disposition pending consummation thereof; provided that any such restriction contained therein relates only to the asset or assets subject to such Permitted Lien. 

Section 6.14     Account Control Agreements; Additional Bank Accounts. 

Set forth on Schedule 3.16(c) is a complete and accurate list of all checking, savings or other accounts (including
securities accounts) of the Credit Parties at any bank or other financial institution, or any other account where money is or may be deposited or maintained with any Person as of the Closing Date. Each of the Credit Parties will not open, maintain
or otherwise have any checking, savings or other accounts (including securities accounts) at any bank or other financial institution, or any other account where money is or may be deposited or maintained with any Person, other than (a) the
accounts set forth on Schedule 3.16(c) and designated as unrestricted accounts; provided that the balance on any such account does not exceed $250,000 and the aggregate balance in all such accounts does not exceed $500,000,
(b) deposit accounts that are subject to a Deposit Account Control Agreement, (c) securities accounts that are subject to a Securities Account Control Agreement, (d) deposit accounts established solely as payroll and other zero
balance accounts and (e) other deposit accounts, so long as at any time the balance in any such account does not exceed $250,000 and the aggregate balance in all such accounts does not exceed $500,000. 

  
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Section 6.15 
    Use of Proceeds.  

The
Borrowers will not request any Loan or Letter of Credit, and each Borrower shall not use, and shall ensure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Loan or Letter
of Credit (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding,
financing or facilitating any activities, business or transaction of or with any Sanctioned Person or Sanctioned Entity, or in any county or territory which is itself the subject or target of any Sanctions, or (C) in any manner that would
result in the violation of any Sanctions applicable to any party hereto. 

ARTICLE VII 
 EVENTS OF
DEFAULT 
 Section 7.1     Events of Default. 

An Event of Default shall exist upon the occurrence of any of the following specified events (each an “Event of
Default”): 
 (a)    Payment. (i) TheAny Borrower shall fail to pay any principal on any Loan or Note when due (whether at maturity, by reason of acceleration or otherwise) in accordance with the terms hereof or thereof; or (ii) theany Borrower shall fail to reimburse the Issuing Lender for any LOC Obligations when due (whether at maturity, by reason of acceleration or otherwise) in accordance with the terms hereof; or (iii) theany Borrower shall fail to pay any interest on any Loan or any fee or other amount payable hereunder when due (whether at maturity, by reason of acceleration or otherwise) in accordance with the terms hereof and such
failure shall continue unremedied for three (3) Business Days; or (iv) or any Guarantor shall fail to pay on the Guaranty in respect of any of the foregoing or in respect of any other Guaranty Obligations hereunder (after giving effect to
the grace period in clause (iii)); or 
 (b)    Misrepresentation. Any
representation or warranty made or deemed made either (i) herein shall prove to have been incorrect, false or misleading on or as of the date made or deemed made or (ii) in the Credit Documents or which is contained in any certificate,
document or financial or other statement furnished at any time under or in connection with this Agreement shall prove to have been incorrect, false or misleading in any material respect (except to the extent such representations or warranties are
qualified by materiality as written in which case, the same shall be true as written) on or as of the date made or deemed made; or 

  
 113 

 (c)    Covenant Default. 

(i)    Any Credit Party shall fail to perform, comply with or observe any term, covenant
or agreement applicable to it contained in Sections 5.4, 5.7, 5.9, 5.15 or Article VI hereof (other than Section 6.14); or 

(ii)    Any Credit Party shall fail to perform, comply with or observe any term, covenant
or agreement applicable to it contained in Sections 5.1, 5.2 or 5.16-further assurances and such failure continues for five (5) Business Days; or 

(iii)    Any Credit Party shall fail to perform, comply with or observe any term,
covenant or agreement applicable to it contained in Section 5.14 and such failure continues for ten (10) Business Days or such longer cure period as is afforded under applicable restriction so long as the applicable Credit Party is
exercising diligent good faith efforts to cure such failure; or 
 (iv)    Any Credit
Party shall fail to comply with any other covenant contained in this Agreement or the other Credit Documents or any other agreement, document or instrument among any Credit Party, the Administrative Agent and the Lenders or executed by any Credit
Party in favor of the Administrative Agent or the Lenders (other than as described in Sections 7.1(a) or 7.1(c)(i) above) and, with respect to this clause (ii) only, such breach or failure to comply is not cured within thirty (30) days of
its occurrence; or 
 (d)    Indebtedness Cross-Default. (i) Any Credit
Party or any of its Subsidiaries shall default in any payment of principal of or interest on any Indebtedness (other than the Indebtedness pursuant to the Credit Documents) in a principal amount outstanding of at least $7,500,000 for the Credit
Parties and any of their Subsidiaries in the aggregate beyond any applicable grace period (not to exceed thirty (30) days), if any, provided in the instrument or agreement under which such Indebtedness was created; or (ii) any Credit Party
or any of its Subsidiaries shall default in the observance or performance of any other agreement or condition relating to any Indebtedness (other than the Indebtedness pursuant to the Credit Documents) in a principal amount outstanding of at least
$7,500,000 in the aggregate for the Credit Parties and their Subsidiaries or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other
event or condition is to cause, or to permit the holder or holders of such Indebtedness or beneficiary or beneficiaries 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 if required, such Indebtedness to become due prior to its stated maturity or to be repurchased, prepaid, deferred or redeemed (automatically or otherwise); or (iii) any Credit Party or any of its Subsidiaries shall breach
or default any payment obligation under any Hedging Agreement that is a Bank Product which breach or default remains unremedied for five (5) Business Days and, with respect to clause (iii) above, as a result of which the swap termination
value owed by any such Person exceeds $5,000,000; or 

  
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 (e)    Intentionally Omitted. 

(f)    Bankruptcy Default. (i) A Credit Party or any of its Subsidiaries shall
commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered
with respect to it, or seeking to adjudicate it bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it
or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or a Credit Party or any of its Subsidiaries shall make a general
assignment for the benefit of its creditors; or (ii) there shall be commenced against a Credit Party or any of its Subsidiaries any case, proceeding or other action of a nature referred to in clause (i) above which (A) results in the
entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of sixty (60) days; or (iii) there shall be commenced against a Credit Party or any of its
Subsidiaries any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of their assets which results in the entry of an order for any such relief
which shall not have been vacated, discharged, or stayed or bonded pending appeal within sixty (60) days from the entry thereof; or (iv) a Credit Party or any of its Subsidiaries shall take any action in furtherance of, or indicating its
consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above; or (v) a Credit Party or any of its Subsidiaries shall generally not, or shall be unable to, or shall admit in writing their
inability to, pay its debts as they become due; or 
 (g)    Judgment Default.
(i) One or more judgments or decrees shall be entered against a Credit Party or any of its Subsidiaries involving in the aggregate a liability (to the extent not covered by insurance) of $20,000,000 or more and all such judgments or decrees
shall not have been paid and satisfied, vacated, discharged, stayed or bonded pending appeal within ten (10) Business Days from the entry thereof or (ii) any injunction, temporary restraining order or similar decree shall be issued against
a Credit Party or any of its Subsidiaries that, individually or in the aggregate, could result in a Material Adverse Effect; or 

(h)    ERISA Default. The occurrence of any of the following: (i) Any Person
shall engage in any “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (ii) any “accumulated funding deficiency” (as defined in Section 302 of ERISA),
whether or not waived, shall exist with respect to any Plan or any Lien in favor of the PBGC or a Plan (other than a Permitted Lien) shall arise on the assets of the Credit Parties or any Commonly Controlled Entity, (iii) a Reportable Event
shall occur with respect to, or proceedings shall commence to have a trustee appointed, or a trustee shall be appointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of
a trustee is, in the reasonable opinion of the Required Lenders, likely to result in the termination of such Plan for purposes of Title IV of ERISA, (iv) any Single Employer Plan shall terminate for purposes of Title IV of ERISA, (v) a
Credit Party, any of its Subsidiaries 

  
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or any Commonly Controlled Entity shall, or in the reasonable opinion of the Required Lenders is likely to, incur any liability in connection with a withdrawal from, or the Insolvency or
Reorganization of, any Multiemployer Plan or (vi) any other similar event or condition shall occur or exist with respect to a Plan, in any case, which as had or could reasonably be expected to have a Material Adverse Effect; or 

(i)    Change of Control. There shall occur a Change of Control; or 

(j)    Invalidity of Guaranty. At any time after the execution and delivery
thereof, any material provision of the Guaranty, for any reason other than the satisfaction in full of all Credit Party Obligations, shall cease to be in full force and effect (other than in accordance with its terms) or shall be declared to be null
and void, or any Credit Party shall contest the validity, enforceability, perfection or priority of the Guaranty, any Credit Document, or any Lien granted thereunder in writing or deny in writing that it has any further liability, including with
respect to future advances by the Lenders, under any Credit Document to which it is a party; or 

(k)    Invalidity of Credit Documents. Any Credit Document shall fail to be in full
force and effect or to give the Administrative Agent and/or the Lenders the security interests, liens, rights, powers, priority and privileges purported to be created thereby (except as such documents may be terminated or no longer in force and
effect in accordance with the terms thereof, other than those indemnities and provisions which by their terms shall survive) or any Lien shall fail to be a first priority, perfected Lien on a material portion of the Collateral; or 

(l)    Subordinated Debt. Any default (which is not waived or cured within the
applicable period of grace) or event of default shall occur under any Subordinated Debt or the subordination provisions contained therein shall cease to be in full force and effect or shall cease to give the Lenders the rights, powers and privileges
purported to be created thereby; or 
 (m)    Classification as Senior Debt. The
Credit Party Obligations shall cease to be classified as “Senior Indebtedness,” “Designated Senior Indebtedness” or any similar designation under any Subordinated Debt instrument. 

(n)    Uninsured Loss. Any uninsured damage to or loss, theft or destruction of any
assets of the Credit Parties or any of their Subsidiaries shall occur that is in excess of $20,000,000. 

Section 7.2     Acceleration; Remedies. 

Upon the occurrence and during the continuance of an Event of Default, then, and in any such event, (a) if such event is
a Bankruptcy Event, automatically the Commitments shall immediately terminate and the Loans (with accrued interest thereon), and all other amounts under the Credit Documents (including, without limitation, the maximum amount of all contingent
liabilities under Letters of Credit) shall immediately become due and payable, and (b) if such event is any other Event of Default, any or all of the following actions may be taken: (i) with the written consent of the Required

  
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Lenders, the Administrative Agent may, or upon the written request of the Required Lenders, the Administrative Agent shall, declare the Commitments to be terminated forthwith, whereupon the
Commitments shall immediately terminate; (ii) the Administrative Agent may, or upon the written request of the Required Lenders, the Administrative Agent shall, declare the Loans (with accrued interest thereon) and all other amounts owing under
this Agreement and the Notes to be due and payable forthwith and direct the
BorrowerBorrowers to pay to the Administrative Agent cash collateral as security for the LOC Obligations for subsequent drawings under then outstanding Letters of Credit an amount equal to the maximum amount of which may be drawn
under Letters of Credit then outstanding, whereupon the same shall immediately become due and payable; and/or (iii) with the written consent of the Required Lenders, the Administrative Agent may, or upon the written request of the Required
Lenders, the Administrative Agent shall, exercise such other rights and remedies as provided under the Credit Documents and under applicable law. 

ARTICLE VIII 
 THE
ADMINISTRATIVE AGENT 
 Section 8.1     Appointment and Authority. 

Each of the Lenders and the Issuing Lender hereby irrevocably appoints Citizens to act on its behalf as the Administrative
Agent hereunder and under the other Credit Documents 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 or thereof, together with
such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders and the Issuing Lender, and neither theany Borrower nor any other Credit Party shall have rights as a third party beneficiary of any of such provisions. It is understood and agreed that the use of the term “agent” herein or in any other Credit
Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead such term is used as a
matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties. 

Section 8.2     Nature of Duties. 

Anything herein to the contrary notwithstanding, none of the bookrunners, arrangers or other agents listed on the cover page
hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Credit Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender, the Swingline Lender or the Issuing Lender hereunder.
Without limiting the foregoing, none of the Lenders or other Persons so identified shall have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders
or other Persons so identified in deciding to enter into this Agreement or in taking or not taking action hereunder. 

  
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 The Administrative Agent may perform any and all of its duties and exercise its
rights and powers hereunder or under any other Credit Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the 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 shall not be responsible for the negligence or misconduct of any subagents except to the extent that a court of competent jurisdiction
determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents 

Section 8.3     Exculpatory Provisions. 

The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other
Credit Documents, and its obligations hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent: 

(a)    shall not be subject to any fiduciary or other implied duties, regardless of
whether a Default has occurred and is continuing; 
 (b)    shall not have any duty to
take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Credit Documents that the Administrative Agent is required to exercise as directed in writing by
the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Credit Documents), provided that the Administrative Agent shall not be required to take any action that, in its
opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Credit Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay
under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and 

(c)    shall not, except as expressly set forth herein and in the other Credit Documents,
have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Credit Party or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its
Affiliates in any capacity. 
 The Administrative Agent shall not be liable for any action taken or not taken by it
(i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as
provided in Sections 9.1 and 7.2) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. The Administrative Agent shall be deemed not to
have knowledge of any Default unless and until notice describing such Default is given to the Administrative Agent in writing by the BorrowerBorrowers, a Lender or an Issuing Lender. 

  
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 The Administrative Agent shall not be responsible for or have any duty to
ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Credit Document, (ii) the contents of any certificate, report or other document delivered hereunder or
thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity,
enforceability, effectiveness or genuineness of this Agreement, any other Credit Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm
receipt of items expressly required to be delivered to the Administrative Agent. 
 Section 8.4     Reliance
by 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 (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and
to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any
liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender
or the Issuing Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender or the Issuing Lender unless the Administrative Agent shall have received notice to the contrary from such Lender or the Issuing Lender
prior to the making of such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the BorrowerBorrowers), independent accountants and other experts selected by it, and shall
not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

Section 8.5     Notice of Default. 

The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default
hereunder unless the Administrative Agent has received written notice from a Lender or the
BorrowerBorrowers referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default”. In the event that the Administrative Agent receives such a notice, the
Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders; provided,
however, that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or
Event of Default as it shall deem advisable in the best interests of the Lenders except to the extent that this Agreement expressly requires that such action be taken, or not taken, only with the consent or upon the authorization of the Required
Lenders, or all of the Lenders, as the case may be. 

  
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 Section 8.6     Non-Reliance on Administrative Agent and Other
Lenders. 
 Each Lender and the Issuing Lender expressly acknowledges that neither the Administrative Agent
nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates has made any representation or warranty to it and that no act by the Administrative Agent hereinafter taken, including any review of the affairs of any Credit
Party, shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender. Each Lender and the Issuing Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other
Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and the Issuing Lender also acknowledges that it
will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions
in taking or not taking action under or based upon this Agreement, any other Credit Document or any related agreement or any document furnished hereunder or thereunder. 

Section 8.7     Indemnification. 

The Lenders severally agree to indemnify the Administrative Agent, the Issuing Lender, and the Swingline Lender in its
capacity hereunder and their Affiliates and their respective officers, directors, agents and employees (to the extent not reimbursed by the Credit Parties and without limiting the obligation of the Credit Parties to do so), ratably according to
their respective Commitment Percentages in effect on the date on which indemnification is sought under this Section, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind whatsoever which may at any time (including, without limitation, at any time following the payment of the Credit Party Obligations) be imposed on, incurred by or asserted against any such indemnitee in any way relating to
or arising out of any Credit Document or any documents contemplated by or referred to herein or therein or the Transactions or any action taken or omitted by any such indemnitee under or in connection with any of the foregoing; provided,
however, that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements to the extent resulting from such
indemnitee’s gross negligence, bad faith or willful misconduct, as determined by a court of competent jurisdiction. The agreements in this Section shall survive the termination of this Agreement and payment of the Notes, any Reimbursement
Obligation and all other amounts payable hereunder. 
 Section 8.8     Administrative Agent in Its Individual
Capacity. 
 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 the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context
otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other
advisory capacity for and generally engage in any kind of business with the Credit Parties or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the
Lenders. 

  
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Section 8.9     Resignation of Administrative Agent. 

(a)    The Administrative Agent may at any time give notice of its resignation to the
Lenders, the Issuing Lender and the
BorrowerBorrowers. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the
BorrowerBorrowers, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the
Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation
Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to), on behalf of the Lenders and the Issuing Lender, appoint a successor Administrative Agent meeting the qualifications set forth above. Whether or
not a successor has been appointed, such resignation shall nonetheless become effective in accordance with such notice on the Resignation Effective Date. 

(b)    If the Person serving as Administrative Agent is a Defaulting Lender pursuant to
clause (d) of the definition thereof, the Required Lenders may, to the extent permitted by applicable law, by notice in writing to the BorrowerBorrowers and such Person remove such Person as Administrative Agent and, in
consultation with the
BorrowerBorrowers, appoint a successor. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required
Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date. 

(c)    With effect from the Resignation Effective Date or the Removal Effective Date (as
applicable) (i) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Credit Documents (except that in the case of any Collateral held by the Administrative Agent on
behalf of the Lenders or the Issuing Lender under any of the Credit Documents, the retiring Administrative Agent shall continue to hold such Collateral until such time as a successor Administrative Agent is appointed) and (ii) except for any
indemnity payments owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and the Issuing Lender
directly, until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and
become vested with all of the rights, powers, privileges and duties of the retiring or removed Administrative Agent (other than any rights to indemnity payments owed to the retiring or removed Administrative Agent), and the retiring or removed
Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Credit Documents (if not already discharged therefrom as provided above in this paragraph). The fees payable by the BorrowerBorrowers to a 

  
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successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the
BorrowerBorrowers and such successor. After the retiring Administrative Agent’s resignation or removal hereunder and under the other Credit Documents, the provisions of this Article and Section 9.5 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 the
retiring Administrative Agent was acting as Administrative Agent. 
 (d)    Any
resignation by Citizens, as Administrative Agent pursuant to this Section shall also constitute its resignation as Issuing Lender and Swingline Lender. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder,
(i) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Issuing Lender and Swingline Lender, (ii) the retiring Issuing Lender and Swingline Lender shall be discharged from
all of their respective duties and obligations hereunder or under the other Credit Documents, and (iii) the successor Issuing Lender shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of
such succession or make other arrangements satisfactory to the retiring Issuing Lender to effectively assume the obligations of the retiring Issuing Lender with respect to such Letters of Credit. 

Section 8.10     Collateral and Guaranty Matters. 

(a)    The Lenders and the Bank Product Provider irrevocably authorize and direct the
Administrative Agent: 
 (i)    to release any Lien on any Collateral granted to or
held by the Administrative Agent under any Credit Document (A) upon termination of the Commitments and payment in full of all Credit Party Obligations (other than contingent indemnification obligations for which no claim has been made or cannot
be reasonably identified by an Indemnitee based on the then-known facts and circumstances) and the expiration or termination of all Letters of Credit, (B) that is transferred or to be transferred as part of or in connection with any sale or
other disposition permitted under Section 6.4, or (C) subject to Section 9.1, if approved, authorized or ratified in writing by the Required Lenders; 

(ii)    to subordinate any Lien on any Collateral granted to or held by the
Administrative Agent under any Credit Document to the holder of any Lien on such Collateral that is permitted by Section 6.2; and 

(iii)    to release any Guarantor from its obligations under the applicable Guaranty if
such Person ceases to be a Guarantor as a result of a transaction permitted hereunder. 

(b)    In connection with a termination or release pursuant to this Section, the
Administrative Agent shall promptly execute and deliver to the applicable Credit Party, at the
BorrowerBorrowers’s expense, all documents that the applicable Credit Party shall reasonably
request to evidence such termination or release. Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the 

  
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Administrative Agent’s authority to release or subordinate its interest in particular types or items of Collateral, or to release any Guarantor from its obligations under the Guaranty
pursuant to this Section. 
 Section 8.11 Bank Products. 

Except as otherwise provided herein, no Bank Product Provider that obtains the benefits of Sections 2.9 and 7.2, any Guaranty
or any Collateral by virtue of the provisions hereof or of any Guaranty or any Security Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Credit Document or otherwise
in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Credit Documents. The Administrative Agent shall not be
required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Credit Party Obligations arising under Bank Products unless the Administrative Agent has received written notice (including, without
limitation, a Bank Product Provider Notice) of such Credit Party Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Bank Product Provider. 

ARTICLE IX 

MISCELLANEOUS 

Section 9.1     Amendments, Waivers, Consents and Release of Collateral. 

Neither this Agreement nor any of the other Credit Documents, nor any terms hereof or thereof may be amended, modified,
extended, restated, replaced, or supplemented (by amendment, waiver, consent or otherwise) except in accordance with the provisions of this Section nor may Collateral be released except as specifically provided herein or in the Security Documents or
in accordance with the provisions of this Section. The Required Lenders may or, with the consent of the Required Lenders, the Administrative Agent may, from time to time, (a) enter into with the BorrowerBorrowers written amendments, supplements or modifications hereto and to the other Credit Documents for the purpose of adding any provisions to this Agreement or the other Credit Documents or changing in any manner the
rights of the Lenders or of the
BorrowerBorrowers hereunder or thereunder or (b) waive or consent to the departure from, on such terms and conditions as the Required Lenders may specify in such instrument, any of the requirements of this Agreement or the
other Credit Documents or any Default or Event of Default and its consequences; provided, however, that no such amendment, supplement, modification, release, waiver or consent shall: 

(i)    reduce the amount or extend the scheduled date of maturity of any Loan or Note or
any installment thereon, or reduce the stated rate of any interest or fee payable hereunder (except in connection with (A) a waiver of Default Interest which shall be determined by a vote of the Required Lenders) or extend the scheduled date of
any payment thereof or increase the amount or extend the expiration date of any Lender’s Commitment, in each case without the written 

  
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consent of each Lender directly affected thereby; provided that, it is understood and agreed that (A) no waiver, reduction or deferral of a mandatory prepayment required pursuant to
Section 2.7(b), nor any amendment of Section 2.7(b), shall constitute a reduction of the amount of, or an extension of the scheduled date of, the scheduled date of maturity of, or any installment of, any Loan or Note and (B) any
reduction in the stated rate of interest on Revolving Loans shall only require the written consent of each Lender holding a Revolving Commitment; or 

(ii)     amend, modify or waive any provision of this Section or reduce the percentage
specified in the definition of Required Lenders, without the written consent of all the Lenders; or 

(iii)     release
thea Borrower or all or substantially all of the value of the Guaranty, without the written consent of all of the Lenders and Bank Product Providers (but only to the extent any such Bank Product Provider has
previously provided, to the extent required by the terms of this Agreement, a Bank Product Provider Notice to the Administrative Agent); provided that the Administrative Agent may release any Guarantor permitted to be released pursuant to the
terms of this Agreement; or 
 (iv)     release all or substantially all of the
value of the Collateral without the written consent of all of the Lenders and Bank Product Providers (but only to the extent any such Bank Product Provider has previously provided, to the extent required by the terms of this Agreement, a Bank
Product Provider Notice to the Administrative Agent); provided that the Administrative Agent may release any Collateral permitted to be released pursuant to the terms of this Agreement or the Security Documents; or 

(v)     subordinate the Loans to any other Indebtedness without the written consent of
all of the Lenders; or 
 (vi)     permit a Letter of Credit to have an original expiry
date more than twelve (12) months from the date of issuance without the consent of each of the Revolving Lenders; provided, that the expiry date of any Letter of Credit may be extended in accordance with the terms of Section 2.3(a);
or 
 (vii)     permit
thea Borrower to assign or transfer any of its rights or obligations under this Agreement or other Credit Documents without the written consent of all of the Lenders; or 

(viii)     amend, modify or waive any provision of the Credit Documents requiring
consent, approval or request of the Required Lenders or all Lenders without the written consent of the Required Lenders or all the Lenders as appropriate; or 

  
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 (ix)     without the consent of Lenders
holding at least a majority of the outstanding Revolving Commitments, amend, modify or waive any provision in Section 4.2 or waive any Default or Event of Default (or amend any Credit Document to effectively waive any Default or Event of
Default) if the effect of such amendment, modification or waiver is that the Revolving Lenders shall be required to fund Revolving Loans when such Lenders would otherwise not be required to do so; or 

(x)     amend, modify or waive (A) the order in which Credit Party Obligations are
paid or (B) the pro rata sharing of payments by and among the Lenders, in each case in accordance with Section 2.11(b) or 9.7(b) without the written consent of each Lender and each Bank Product Provider directly affected thereby; or 

(xi)     amend, modify or waive any provision of Article VIII without the written consent
of the then Administrative Agent; or 
 (xii)     amend or modify the definition of
Credit Party Obligations to delete or exclude any obligation or liability described therein without the written consent of each Lender and each Bank Product Provider directly affected thereby; or 

(xiii)     amend the definitions of “Hedging Agreement,” “Bank
Product,” or “Bank Product Provider” without the consent of any Bank Product Provider that would be adversely affected thereby; 

provided, further, that no amendment, waiver or consent affecting the rights or duties of the Administrative Agent, the Issuing
Lender or the Swingline Lender under any Credit Document shall in any event be effective, unless in writing and signed by the Administrative Agent, the Issuing Lender and/or the Swingline Lender, as applicable, in addition to the Lenders required
hereinabove to take such action. 
 Any such waiver, any such amendment, supplement or modification and any such release
shall apply equally to each of the Lenders and shall be binding upon the
BorrowerBorrowers, the other Credit Parties, the Lenders, the Administrative Agent and all future holders of the Notes. In the case of any waiver, the
BorrowerBorrowers, the other Credit Parties, the Lenders and the Administrative Agent shall be restored to their former position and rights hereunder and under the outstanding Loans and Notes and other Credit Documents, and any
Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon. 

Notwithstanding any of the foregoing to the contrary, the consent of the BorrowerBorrowers and the other Credit Parties shall not be required for any amendment, modification or waiver of the provisions of Article VIII (other than the provisions of Section 8.9). 

Notwithstanding any of the foregoing to the contrary, the Credit Parties and the Administrative Agent, without the consent of
any Lender, may enter into any amendment, modification or waiver of any Credit Document, or enter into any new agreement or instrument, to 

  
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(i) effect the granting, perfection, protection, expansion or enhancement of any security interest in any Collateral or additional property to become Collateral for the benefit of the Secured
Parties, or as required by local law to give effect to, or protect any security interest for the benefit of the Secured Parties, in any property or so that the security interests therein comply with applicable law or (ii) correct any obvious
error or omission of a technical nature, in each case that is immaterial (as determined by the Administrative Agent), in any provision of any Credit Document, if the same is not objected to in writing by the Required Lenders within five
(5) Business Days following receipt of notice thereof. 
 Notwithstanding the fact that the consent of all the Lenders
is required in certain circumstances as set forth above, (a) each Lender is entitled to vote as such Lender sees fit on any bankruptcy reorganization plan that affects the Loans, and each Lender acknowledges that the provisions of
Section 1126(c) of the Bankruptcy Code supersedes the unanimous consent provisions set forth herein, (b) the Required Lenders may consent to allow a Credit Party to use cash collateral in the context of a bankruptcy or insolvency
proceeding and (c) no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except (i) that the Commitment of such Lender may not be increased or extended without the consent of such
Lender and (ii) to the extent such amendment, waiver or consent impacts such Defaulting Lender more than the other Lenders. 

For the avoidance of doubt and notwithstanding any provision to the contrary contained in this Section 9.1, this
Agreement may be amended (or amended and restated) with the written consent of the Credit Parties and the Administrative Agent in accordance with Section 2.22(d). 

Section 9.2     Notices. 

(a)     Notices Generally. Except in the case of notices and other communications
expressly permitted to be given by telephone (and except as provided in 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 telecopier as follows: 
  

	 	(i)	 If to
thea Borrower or any other Credit Party: 

 

	 	Address:	
702645 West Hamilton St., Suite 203500

	 	    	 Allentown, Pennsylvania 18101 

	 	Attention:	 Mark Miller 

	 	Telephone:	 (610) 625-8039 

	 	Email:	 mmiller@lehighgas.com 

with a copy to: 
  

	 	Address:	
702645 West Hamilton St., Suite 203500

	 	    	 Allentown, Pennsylvania 18101 

	 	Attention:	 Frank M. Macerato 

	 	Telephone:	 (610) 625-8027 

	 	Email:	 fmacerato@lehighgas.com 

  
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	 	(ii)	 If to the Administrative Agent: 

Citizens Bank of Pennsylvania, as Administrative Agent 

28 State Street 

Boston, Massachusetts 02109 

	 	Attention:	 Kalens Herold 

	 	Telephone:	 (617) 994-7682 

	 	Fax:	 (855) 215-0786 

	 	Email:	 kalens.herold@rbscitizens.com 

with a copy to: 

Citizens Bank of Pennsylvania, as Administrative Agent 

3025 Chemical Road, Suite 300 

Plymouth Meeting, Pennsylvania 19462 

	 	Attention:	 Dale Carr 

	 	Telephone:	 610-941-4166 

	 	Fax:	 (610) 941-4185 

	 	Email:	 Dale.Carr@RBSCitizens.com 

(iii)     if to a Lender, to it at its address (or telecopier number) set forth in its
Administrative Questionnaire. 
 Notices sent by hand or overnight courier service, or mailed by certified or registered
mail, shall be deemed to have been given when received; notices sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the
opening of business on the next business day for the recipient). Notices delivered through electronic communications to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b). 

(b)     Electronic Communications. Notices and other communications to the Lenders,
the Swingline Lender and the Issuing Lender hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the
Administrative Agent, provided that the foregoing shall not apply to notices to any Lender, the Swingline Lender or the Issuing Lender pursuant to Article II if such Lender, the Swingline Lender or the Issuing Lender, as applicable, has
notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the BorrowerBorrowers may, in
itstheir discretion, agree to accept notices and other communications to
itthem hereunder by electronic communications pursuant to procedures approved by itthem, provided that approval of such procedures may be limited to
particular notices or communications. 

  
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 Unless the Administrative Agent otherwise prescribes, (i) notices and other
communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other
written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause (i),
of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the
normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient. 

(c)     Change of Address, Etc. Any party hereto may change its address or
telecopier number for notices and other communications hereunder by notice to the other parties hereto. 

(d)     Platform. 

(i)     Each Credit Party agrees that the Administrative Agent may make the
Communications (as defined below) available to the Lenders by posting the Communications on Intralinks or a substantially similar electronic transmission system (the “Platform”). 

(ii)     The Platform is provided “as is” and “as available.” The
Agent Parties (as defined below) do not warrant 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 BorrowerBorrowers or the other Credit Parties, any Lender or any other Person or entity
for damages of any kind, including, without limitation, direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of the Borrower’sBorrowers’, any Credit Party’s or the Administrative Agent’s transmission of communications through the Platform. “Communications” means, collectively, any notice, demand, communication,
information, document or other material provided by or on behalf of any Credit Party pursuant to any Credit Document or the transactions contemplated therein which is distributed to the Administrative Agent, any Lender or any Issuing Lender by.

 Section 9.3     No Waiver; Cumulative Remedies. 

No failure to exercise and no delay in exercising, on the part of the Administrative Agent or any Lender, any right, remedy,
power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy,
power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 

  
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 Section 9.4     Survival of Representations and
Warranties. 
 All representations and warranties made hereunder and in any document, certificate or
statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the Notes and the making of the Loans; provided that all such representations and warranties shall terminate on the
date upon which the Commitments have been terminated and all Credit Party Obligations have been paid in full. 

Section 9.5     Payment of Expenses and Taxes; Indemnity. 

(a)     Costs and Expenses. The Credit Parties shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative
Agent), and shall pay all fees and time charges and disbursements for attorneys who may be employees of the Administrative Agent, in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation,
execution, delivery and administration of this Agreement and the other Credit Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the Transactions shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by the Issuing Lender and the Swingline Lender in connection with the issuance, amendment, renewal or extension of any Letter of Credit or
Swingline Loan or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by the Administrative Agent, any Lender, the Issuing Lender or the
Swingline Lender (including the fees, charges and disbursements of any counsel for the Administrative Agent, any Lender, the Swingline Lender or the Issuing Lender), and shall pay all fees and time charges for attorneys who may be employees of the
Administrative Agent, any Lender, the Issuing Lender or the Swingline Lender, in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Credit Documents, including its rights under this
Section, or (B) in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout,
restructuring or negotiations in respect of such Loans or Letters of Credit. 
 (b)    
Indemnification by the Credit Parties. The Credit Parties shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender, the Issuing Lender and the Swingline Lender, and each Related Party of any of the foregoing Persons
(each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, penalties, damages, liabilities and related expenses (including the fees, charges and disbursements of any
counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee
by any third party or by thea Borrower or any other Credit Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Credit Document or any agreement or instrument

  
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contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the Transactions, (ii) any Loan or Letter
of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the Issuing Lender to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with
the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Materials of Environmental Concern on or from any property owned or operated by any Credit Party or any of its Subsidiaries, or any liability under
Environmental Law related in any way to any Credit Party 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, whether brought by a third party or by
thea Borrower or any other Credit Party, 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, willful misconduct or bad faith of such Indemnitee. This Section
(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from non-Tax claim. 

(c)     Reimbursement by Lenders. To the extent that the Credit Parties for any
reason fail to indefeasibly pay any amount required under paragraph (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), the Issuing Lender, Swingline Lender or any Related Party of any of the
foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), the Issuing Lender, Swingline Lender or such Related Party, as the case may be, such Lender’s Commitment Percentage (determined as of the time
that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or
asserted against the Administrative Agent (or any such sub-agent), the Issuing Lender or Swingline Lender in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent),
Issuing Lender or Swingline Lender in connection with such capacity. 
 (d)    
Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable law, none of the Credit Parties shall assert, and each of the Credit Parties hereby waives, any claim against any Indemnitee, on any theory of liability, for
special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Credit Document or any agreement or instrument contemplated hereby, the
Transactions, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in paragraph (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials
distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Credit Documents or the Transactions. 

  
 130 

 (e)     Payments. All amounts due
under this Section shall be payable promptly/not later than five (5) days after demand therefor. 

(f)     Survival. The agreements contained in this Section shall survive the
resignation of the Administrative Agent, the Swingline Lender and the Issuing Lender, the replacement of any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of the Credit Party Obligations. 

Section 9.6     Successors and Assigns; Participations. 

(a)     Successors and Assigns 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 neither theany Borrower nor any other Credit Party may assign or otherwise transfer any of
its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance
with the provisions of paragraph (b) of this Section, (ii) by way of participation in accordance with the provisions of paragraph (d) of this Section or (iii) by way of pledge or assignment of a security interest subject to the
restrictions of paragraph (f) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than
the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in paragraph (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the
Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b)     Assignments by Lenders. Any Lender may at any time assign to one or more
Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that any such assignment shall be subject to the following
conditions: 
 (i)     Minimum Amounts. 

(A)     in the case of an assignment of the entire remaining amount of the assigning
Lender’s Commitment and the Loans at the time owing to it or contemporaneous assignments to related Approved Funds that equal at least the amount specified in paragraph (b)(i)(B) of this Section or in the case of an assignment to a Lender, an
Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 

(B)     in any case not described in paragraph (b)(i)(A) of this Section, the aggregate
amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment
(determined as of the date the Assignment and Assumption with respect to such assignment is 

  
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delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not be less than $5,000,000, in the case of any
assignment in respect of any portion of the Revolving Facility; (provided, however, that simultaneous assignments shall be aggregated in respect of a Lender and its Approved Funds), unless each of the Administrative Agent and, so long
as no Event of Default has occurred and is continuing, the
BorrowerBorrowers otherwise
consentsconsent (each such consent not to be unreasonably withheld or delayed). 

(ii)     Proportionate Amounts. Each partial assignment shall be made as an
assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loan or the Commitment assigned, except that this clause (ii) shall not prohibit any Lender from assigning all
or a portion of its rights and obligations among separate Tranches on a non-pro rata basis. 

(iii)     Required Consents. No consent shall be required for any assignment except
to the extent required by paragraph (b)(i)(B) of this Section and, in addition: 

(A)     the consent of the
BorrowerBorrowers (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default has occurred and is continuing at the time of such assignment, (y) such assignment is to a
Lender, an Affiliate of a Lender or an Approved Fund or (z) the primary syndication of the Loans has not been completed as determined by RBS Citizens; provided that the
BorrowerBorrowers 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;

 (B)     the consent of the Administrative Agent (such consent not to be
unreasonably withheld or delayed) shall be required for assignments in respect of a Revolving Commitment if such assignment is to a Person that is not a Lender with a Commitment in respect of such facility, an Affiliate of such Lender or an Approved
Fund with respect to such Lender; and 
 (C)     the consent of the Issuing Lender and
Swingline Lender (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of a Revolving Commitment. 

(iv)     Assignment and Assumption. 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; provided that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation
fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 

  
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 (v)     No Assignment to Certain
Persons. No such assignment shall be made to (A) any Credit Party or any Credit Party’s Affiliates or Subsidiaries or (B) any Defaulting Lender or any of its Subsidiaries or any Person who, upon becoming a Lender hereunder, would
constitute any of the foregoing Persons described in this clause (B). 
 (vi)     No
Assignment to Natural Persons. No such assignment shall be made to a natural person. 

(vii)     Certain Additional Payments. In connection with any assignment of rights
and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the
Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with
the consent of the
BorrowerBorrowers and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably
consent), to (A) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon), and (B) acquire (and fund as appropriate) its full pro
rata share of all Loans and participations in Letters of Credit and Swingline Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender
hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance
occurs. 
 Subject to acceptance and recording thereof by the Administrative Agent pursuant to paragraph (c) of
this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights
and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an
Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 2.14 and 9.5 with respect
to facts and circumstances occurring prior to the effective date of such assignment. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph 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 (d) of this Section. 

  
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 (c)     Register. The
Administrative Agent, acting solely for this purpose as an agent of the BorrowerBorrowers, shall maintain at one of its offices in Boston, Massachusetts 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 Commitments of, and principal amounts (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 absent manifest error, and the
BorrowerBorrowers
, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The
Register shall be available for inspection by the
BorrowerBorrowers
 and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(d)     Participations. Any Lender may at any time, without the consent of, or
notice to, the BorrowerBorrowers or the Administrative Agent, sell participations to any Person (other than a natural Person or the BorrowerBorrowers or any of the Borrower’sBorrowers’ Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or
the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such
obligations, and (iii) the
BorrowerBorrowers, the Administrative Agent, the Issuing Lenders and Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. For the
avoidance of doubt, each Lender shall be responsible for the indemnity under Section 9.5(c) with respect to any payments made by such Lender to its Participant(s). 

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 Section 9.1 that affects such Participant. The Borrower agreesBorrowers agree that each Participant shall be entitled to the benefits of
Sections 2.14, 2.15 and 2.16 (subject to the requirements and limitations therein, including the requirements under Section 2.16(g) (it being understood that the documentation required under Section 2.16(g) shall be delivered to the
participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of
Sections 2.19 as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under Section 2.14 or Section 2.16, with respect to any participation, than its
participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the 

  
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Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the
Borrower’sBorrowers’ request and expense, to use reasonable efforts to cooperate with the BorrowerBorrowers to effectuate the provisions of Section 2.19 with respect to any
Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.7 as though it were a Lender; provided that such Participant agrees to be subject to Section 9.7 as though it were a
Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the BorrowerBorrowers, maintain a register on which it enters the name and address of each
Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the LoanCredit Documents (the “Participant Register”); provided
that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit
or its other obligations under any Credit Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under
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 shall treat each Person whose name is recorded in the Participant Register as the
owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a
Participant Register. 
 (e)     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; provided that no such pledge or assignment shall release such Lender from any of its
obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

Section 9.7     Right of Set-off; Sharing of Payments.

 (a)     If an Event of Default shall have occurred and be continuing, each
Lender, the Issuing Lender, the Swingline Lender and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or
special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, the Issuing Lender, the Swingline Lender or any such Affiliate to or for the credit
or the account of the
BorrowerBorrowers or any other Credit Party against any and all of the obligations of the BorrowerBorrowers or such Credit Party now or hereafter existing under this Agreement or
any other Credit Document to such Lender, the Swingline Lender or the Issuing Lender, irrespective of whether or not such Lender, the Swingline Lender or the Issuing Lender shall have made any demand under this Agreement or any other Credit Document
and although such obligations of the
BorrowerBorrowers or such Credit Party may be contingent or unmatured or are owed to a branch, office or affiliate of such Lender, the Swingline Lender or the Issuing Lender different from the branch, office or Affiliate holding
such deposit or 

  
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obligated on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (i) all amounts so set off shall be paid over
immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.21 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the
benefit of the Administrative Agent, the Issuing Lender, the Swingline Lender and the other Lenders, and (ii) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Credit Party
Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, the Swingline Lender, the Issuing Lender and their respective Affiliates under this Section are in addition to other rights and
remedies (including other rights of setoff) that such Lender, the Swingline Lender, the Issuing Lender or their respective Affiliates may have. Each Lender, the Swingline Lender and the Issuing Lender agree to notify the BorrowerBorrowers and the Administrative Agent promptly after any such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and application. 

(b)     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 or other obligations hereunder resulting in such Lender’s receiving payment of a proportion of the aggregate amount of its Loans and accrued interest
thereon or other such obligations greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (i) notify the Administrative Agent of such fact, and (ii) purchase (for
cash at face value) participations in the Loans and such other obligations of the other Lenders, or make such other adjustments as shall be equitable, 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 and other amounts owing them, provided that: 

(A)     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 

(B)     the provisions of this paragraph shall not be construed to apply to (x) any
payment made by the
BorrowerBorrowers pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (y) any payment obtained by a Lender as
consideration for the assignment of or sale of a participation in any of its Loans or participations in Letters of Credit to any assignee or participant, other than to any Credit Party or any Subsidiary thereof (as to which the provisions of this
paragraph shall apply) or (z) (1) any amounts applied by the Swingline Lender to outstanding Swingline Loans and (2) any amounts received by the Issuing Lender and/or Swingline Lender to secure the obligations of a Defaulting Lender
to fund risk participations hereunder. 

  
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 (c)     Each Credit Party consents to the
foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against each Credit Party rights of setoff and counterclaim with respect
to such participation as fully as if such Lender were a direct creditor of each Credit Party in the amount of such participation. 

Section 9.8     Table of Contents and Section Headings. 

The table of contents and the Section and subsection headings herein are intended for convenience only and shall be ignored in
construing this Agreement. 
 Section 9.9     Counterparts; Effectiveness; Electronic Execution.

 (a)     Counterparts; Effectiveness. This Agreement may be executed in
counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Except as provided in Section 4.1, this Agreement
shall become effective when it shall have been executed by the
BorrowerBorrowers, the Guarantors, the Lenders and the Administrative Agent and the Administrative Agent shall have received copies hereof and thereof (telefaxed or otherwise), and thereafter this Agreement shall be binding upon
and inure to the benefit of the
BorrowerBorrowers, the Guarantors, the Administrative Agent and each Lender and their respective successors and permitted assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or email
shall be effective as delivery of a manually executed counterpart of this Agreement. 

(b)     Electronic Execution of Assignments. The words “execution,”
“signed,” “signature,” and words of like import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and
National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 

Section 9.10     Severability. 

Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction. 
 Section 9.11     Integration. 

This Agreement and the other Credit Documents represent the agreement of the BorrowerBorrowers, the other Credit Parties, the Administrative Agent and the Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent,
the BorrowerBorrowers, the other Credit Parties, or any Lender relative to the subject matter hereof not expressly set forth or referred to herein or therein. 

  
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 Section 9.12     Governing Law. 

This Agreement and the other Credit Documents any claims, controversy or dispute arising out of or relating to this Agreement
or any other Credit Document (except, as to any other Credit Document, as expressly set forth therein) shall be governed by, and construed in accordance with, the laws of the State of New York. 

Section 9.13     Consent to Jurisdiction; Service of Process and Venue. 

(a)     Consent to Jurisdiction. TheEach Borrower and each other Credit Party irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the courts of the State of New York and any appellate court from any
thereof, in any action or proceeding arising out of or relating to this Agreement or any other Credit Document, or for recognition or enforcement of any judgment, and each of the parties hereto irrevocably and unconditionally agrees that all claims
in respect of any such action or proceeding may be heard and determined in such New York sitting State court or, to the fullest extent permitted by applicable law, in such Federal court. Each of the parties hereto agrees that a final judgment in any
such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or in any other Credit Document shall affect any right that the
Administrative Agent, any Lender, the Swingline Lender or the Issuing Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Credit Document against theany Borrower or any other Credit Party or its properties in the courts of any jurisdiction. 

(b)     Service of Process. Each party hereto irrevocably consents to service of
process in the manner provided for notices in Section 9.2. Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable law. 

(c)     Venue.
TheEach Borrower and each other Credit Party irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any objection that it may now or hereafter have to the laying of venue of any action
or proceeding arising out of or relating to this Agreement or any other Credit Document in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by
applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

Section 9.14     Confidentiality. 

Each of the Administrative Agent, the Lenders, the Swingline Lender and the Issuing Lender agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, advisors and other
representatives (it being understood that 

  
 138 

 
the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested
by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any
subpoena or similar legal process in which case, the Administrative Agent, shall, to the extent permitted by law, inform the Credit Parties promptly in advance thereof so that the Credit Parties may seek a protective order or other appropriate
remedy, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder, under any other Credit Document or Bank Product or any action or proceeding relating to this Agreement, any other Credit Document or Bank
Product or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to any assignee of or Participant in, or any prospective assignee of or Participant
in, any of its rights or obligations under this Agreement, (g) (i) any actual or prospective party (or its partners, directors, officers, employees, managers, administrators, trustees, agents, advisors or other representatives) to any swap
or derivative or similar transaction under which payments are to be made by reference to the
BorrowerBorrowers and
itstheir respective obligations, this Agreement or payments hereunder, (ii) an investor or prospective investor in securities issued by an Approved Fund that also agrees that Information shall be used solely for the purpose of
evaluating an investment in such securities issued by the Approved Fund, (iii) a trustee, collateral manager, servicer, backup servicer, noteholder or secured party in connection with the administration, servicing and reporting on the assets
serving as collateral for securities issued by an Approved Fund, or (iv) a nationally recognized rating agency that requires access to information regarding the Credit Parties, the Loans and Credit Documents in connection with ratings issued in
respect of securities issued by an Approved Fund (in each case, 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), (h) with the consent of the
BorrowerBorrowers or (i) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Lender, the
Swingline Lender, the Issuing Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the BorrowerBorrowers. With respect to disclosure pursuant to clauses (b) and
(c) above, the Administrative Agent, the Lenders, the Swingline Lender and any Issuing Lender each agrees that, if in the absence of a protective order, any of them is legally compelled to disclose Information (as defined below) or else stand
liable for contempt or suffer other censure or penalty, it may, without liability, disclose only that portion of the Information which it believes, in its reasonable commercial discretion, to be legally required to be disclosed; provided, however,
that each of them will use its commercially reasonable efforts to preserve the confidentiality of the Information by cooperating with the Credit Parties to obtain assurances, to the extent available, that confidential treatment will be accorded the
Information. 
 For purposes of this Section, “Information” shall mean all information received from
any Credit Party or any of its Subsidiaries relating to any Credit Party or any of its Subsidiaries or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender, the Swingline
Lender or the Issuing Lender on a nonconfidential basis prior to disclosure by any Credit Party or any of its Subsidiaries; provided that, in the case of information received from any Credit Party or any of its Subsidiaries after the

  
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date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall
be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

Section 9.15     Acknowledgments. 

TheEach Borrower and the other Credit Parties each hereby acknowledges that:

 (a)     it has been advised by counsel in the negotiation, execution and
delivery of each Credit Document; 
 (b)     neither the Administrative Agent nor any
Lender has any fiduciary relationship with or duty to
theany Borrower or any other Credit Party arising out of or in connection with this Agreement and the relationship between the Administrative Agent and the Lenders, on one hand, and the BorrowerBorrowers and the other Credit Parties, on the other hand, in connection herewith is solely that of creditor and debtor; and 

(c)     no joint venture exists among the Lenders and the Administrative Agent or among
the BorrowerBorrowers, the Administrative Agent or the other Credit Parties and the Lenders. 

Section 9.16     Waivers of Jury Trial; Waiver of Consequential Damages. 

EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH
PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

Section 9.17     Patriot Act Notice.  

Each Lender and the Administrative Agent (for itself and not on behalf of any other party) hereby notifies the BorrowerBorrowers that, pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the
BorrowerBorrowers and the other Credit Parties, which information includes the name and address of the BorrowerBorrowers and the other Credit Parties and other information that will allow such
Lender or the Administrative Agent, as applicable, to identify the
BorrowerBorrowers and the other Credit Parties in accordance with the Patriot Act. 

  
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 Section 9.18     Resolution of Drafting Ambiguities.

 Each Credit Party acknowledges and agrees that it was represented by counsel in connection with the execution and
delivery of this Agreement and the other Credit Documents to which it is a party, that it and its counsel reviewed and participated in the preparation and negotiation hereof and thereof and that any rule of construction to the effect that
ambiguities are to be resolved against the drafting party shall not be employed in the interpretation hereof or thereof. 

Section 9.19     Subordination of Intercompany Debt. 

Each Credit Party agrees that all intercompany Indebtedness among Credit Parties (the “Intercompany
Debt”) is subordinated in right of payment, to the prior payment in full of all Credit Party Obligations. Notwithstanding any provision of this Credit Agreement to the contrary, provided that no Event of Default has occurred and is
continuing, Credit Parties may make and receive payments with respect to the Intercompany Debt to the extent otherwise permitted by this Credit Agreement; provided that in the event of and during the continuation of any Event of Default, no
payment shall be made by or on behalf of any Credit Party on account of any Intercompany Debt. In the event that any Credit Party receives any payment of any Intercompany Debt at a time when such payment is prohibited by this Section, such payment
shall be held by such Credit Party, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the Administrative Agent. 

Section 9.20     Continuing Agreement. 

This Credit Agreement shall be a continuing agreement and shall remain in full force and effect until all Credit Party
Obligations (other than those obligations that expressly survive the termination of this Credit Agreement) have been paid in full and all Commitments and Letters of Credit have been terminated. Upon termination, the Credit Parties shall have no
further obligations (other than those obligations that expressly survive the termination of this Credit Agreement) under the Credit Documents and the Administrative Agent shall, at the request and expense of the BorrowerBorrowers, deliver all the Collateral in its possession to the
BorrowerBorrowers and release all Liens on the Collateral; provided that should any payment, in whole or in part, of the Credit Party Obligations be rescinded or otherwise required to be restored or returned by the
Administrative Agent or any Lender, whether as a result of any proceedings in bankruptcy or reorganization or otherwise, then the Credit Documents shall automatically be reinstated and all Liens of the Administrative Agent shall reattach to the
Collateral and all amounts required to be restored or returned and all costs and expenses incurred by the Administrative Agent or any Lender in connection therewith shall be deemed included as part of the Credit Party Obligations. 

Section 9.21     Press Releases and Related Matters. 

The Credit Parties and their Affiliates agree that they will not in the future issue any press releases or other public
disclosure using the name of Administrative Agent or any Lender or their respective Affiliates or referring to this Agreement or any of the Credit Documents without the 

  
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prior written consent of such Person, unless (and only to the extent that) the Credit Parties or such Affiliate is required to do so under law and then, in any event, the Credit Parties or such
Affiliate will consult with such Person before issuing such press release or other public disclosure. Subject to the prior consent of the Credit Parties, which consent shall not be unreasonably withheld, the Administrative Agent or any Lender may
publish customary advertising material relating to the Transactions using the name, product photographs, logo or trademark of the Credit Parties. 

Section 9.22     Appointment of
Borrowerthe Partnership.

 Each of the Guarantors hereby appoints the
Borrowerand Services may, in their sole discretion, appoint the Partnership to act as its agent for all purposes under this Agreement and, if so
appointed, agrees that (a) the
BorrowerPartnership may execute such documents on behalf of such Guarantor and Services as the
BorrowerPartnership deems appropriate in its sole discretion and each Guarantor and Services shall be obligated by all of the terms of any such document executed on its behalf, (b) any notice or communication delivered by the Administrative Agent or the Lender to the BorrowerPartnership shall be deemed delivered to each Guarantor and Services and (c) the Administrative Agent or the Lenders may accept, and be permitted to rely on, any document, instrument or agreement executed by the
BorrowerPartnership on behalf of each Guarantor and Services. 
 Section 9.23     No Advisory or Fiduciary
Responsibility. 
 In connection with all aspects of each Transaction, each of the Credit Parties
acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (a) the credit facility provided for hereunder and any related arranging or other services in connection therewith (including in connection with any amendment,
waiver or other modification hereof or of any other Credit Document) are an arm’s-length commercial transaction between the Credit Parties and their Affiliates, on the one hand, and Citizens (in its capacity as the Administrative Agent), RBS
Citizens
Bank, KeyBank and Wells Fargo Securities, LLC (in their capacities as the Lead Arrangers) and KeyBank, Wells Fargo Bank, National Association (in their capacities as Syndication Agents) and
any other Lender, on the other hand, and the Credit Parties are capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the Transactions and by the other Credit Documents (including any amendment,
waiver or other modification hereof or thereof); (b) in connection with the process leading to such transaction, Citizens (in its capacity as the Administrative Agent),
RBS
Citizens
Bank, KeyBank and Wells Fargo Securities, LLC (in their capacities as the Lead Arrangers), KeyBank and Wells Fargo Bank, National Association (in their capacities as Syndication Agents) and
the other Lenders are not and have not been acting solely as a principal and is not the financial advisor, agent or fiduciary, for any Credit Party or any of their Affiliates, stockholders, creditors or employees or any other Person; (c) none
of Citizens (in its capacity as the Administrative Agent), RBS Citizens Bank, KeyBank and Wells Fargo Securities, LLC (in their capacities as the Lead
Arrangers), KeyBank and Wells Fargo Bank, National Association (in their capacities as Syndication Agents) or any other Lender has assumed or will assume an advisory, agency or fiduciary responsibility in favor of any Credit Party with respect to
any of the Transactions or the process leading thereto, including with respect to any amendment, waiver or other modification hereof or of any other Credit Document (irrespective of whether Citizens (in its capacity as the Administrative Agent),
RBS
Citizens
Bank, KeyBank and Wells Fargo Securities, LLC (in their capacities as the Lead 

  
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Arrangers), KeyBank and Wells Fargo Bank, National Association (in their capacities as Syndication Agents) or any other Lender have advised or are currently advising any Credit Party or any
of its Affiliates on other matters) and none of Citizens (in its capacity as the Administrative Agent), RBS Citizens Bank, KeyBank and Wells Fargo Securities, LLC (in their capacities as the Lead Arrangers), KeyBank and Wells Fargo Bank,
National Association (in their capacities as Syndication Agents) or the other Lenders, have any obligation to any Credit Party or any of their Affiliates with respect to the Transactions except those obligations set forth herein and in the other
Credit Documents; (d) each of Citizens, RBS
Citizens Bank, KeyBank, Wells Fargo Bank, National
Association, Wells Fargo Securities, LLC and the other Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Credit Parties and their Affiliates, and none of
Citizens, RBS
Citizens Bank, KeyBank, Wells Fargo Bank, National
Association, Wells Fargo Securities, LLC and the other Lenders have any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and (e) none of Citizens, RBS Citizens
Bank, KeyBank, Wells Fargo Bank, National Association, Wells Fargo Securities, LLC and the other Lenders have provided and will not provide any legal, accounting, regulatory or tax advice with respect to any of the Transactions
(including any amendment, waiver or other modification hereof or of any other Credit Document) and the Credit Parties have consulted their own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate. Each of the Credit
Parties hereby waives and releases, to the fullest extent permitted by law, any claims that it may have against each of Citizens, RBS Citizens Bank, KeyBank, Wells Fargo Bank, National Association, Wells Fargo
Securities, LLC and the other Lenders with respect to any breach or alleged breach of agency or fiduciary duty. 

Section 9.24     Responsible Officers and Authorized Officers. 

The Administrative Agent and each of the Lenders are authorized to rely upon the continuing authority of the Responsible
Officers and the Authorized Officers with respect to all matters pertaining to the Credit Documents including, but not limited to, the selection of interest rates, the submission of requests for Extensions of Credit and certificates with regard
thereto. Such authorization may be changed only upon written notice to Administrative Agent accompanied by (a) an updated Schedule 3.29 and (b) evidence, reasonably satisfactory to Administrative Agent, of the authority of the
Person giving such notice and such notice shall be effective not sooner than five (5) Business Days following receipt thereof by Administrative Agent (or such earlier time as agreed to by the Administrative Agent). 

Section 9.25     Amendment and Restatement; No Novation. 

This Agreement constitutes an amendment and restatement of the Previous Credit Agreement effective from and after the Closing
Date. The execution and delivery of this Agreement shall not constitute a novation of any indebtedness or other obligations owing to the lenders or the administrative agent under the Previous Credit Agreement based on facts or events occurring or
existing prior to the execution and delivery of this Agreement. On the Closing Date, the Previous Credit Agreement as amended and restated hereby shall be deemed to be a continuing agreement among the parties, and all documents, instruments and
agreements delivered pursuant to or in connection with the Previous Credit Agreement not amended and restated in connection with the entry of the parties into this Agreement shall remain in full force and effect, each in accordance with its terms,
as of the date of delivery or such other date as contemplated by such 

  
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document, instrument or agreement to the same extent as if the modifications to the Previous Credit Agreement contained herein were set forth in an amendment to the Previous Credit Agreement in a
customary form, unless such document, instrument or agreement has otherwise been terminated or has expired in accordance with or pursuant to the terms of this Agreement, the Previous Credit Agreement or such document, instrument or agreement or as
otherwise agreed by the required parties hereto or thereto. All loans and other obligations of the
BorrowerBorrowers outstanding as of such date under the Previous Credit Agreement shall be deemed to be loans and obligations outstanding under the corresponding facilities described herein, without any further action by any
Person, except that the Administrative Agent shall make such transfers of funds as are necessary in order that the outstanding balance of such loans, together with any Extensions of Credit made on the or Closing Date, reflect the Commitments of the
Lenders hereunder. 

Section 9.26    
 Notice to Secured Parties. 

This
Section 9.26 shall constitute notice by the Borrowers to the Administrative Agent, the Lenders and the other Secured Parties that no Secured Party shall have any recourse to the stock or assets owned by CST Brands or any of its Subsidiaries
(other than the Credit Parties party hereto as of the Second Amendment Effective Date or as may become party to this Agreement after the Second Amendment Effective Date as required pursuant to Section 5.10 hereto). 
 ARTICLE X 

GUARANTY 

Section 10.1     The Guaranty. 

In order to induce the Lenders to enter into this Agreement and any Bank Product Provider to enter into any Bank Product and
to extend credit hereunder and thereunder and in recognition of the direct benefits to be received by the Guarantors from the Extensions of Credit hereunder and any Bank Product, each of the Guarantors hereby agrees with the Administrative Agent,
the Lenders and the Bank Product Provider as follows: each Guarantor hereby unconditionally and irrevocably jointly and severally guarantees as primary obligor and not merely as surety the full and prompt payment when due, whether upon maturity, by
acceleration or otherwise, of any and all Credit Party Obligations. If any or all of the indebtedness becomes due and payable hereunder or under any Bank Product, each Guarantor unconditionally promises to pay such indebtedness to the Administrative
Agent, the Lenders, the Bank Product Providers, or their respective order, on demand, together with any and all reasonable expenses which may be incurred by the Administrative Agent or the Lenders in collecting any of the Credit Party Obligations.
The Guaranty set forth in this Article X is a guaranty of timely payment and not of collection. The word “indebtedness” is used in this Article X in its most comprehensive sense and includes any and all advances, debts,
obligations and liabilities of the
BorrowerBorrowers, including specifically all Credit Party Obligations, arising in connection with this Agreement, the other Credit Documents or any Bank Product, in each case, heretofore, now, or hereafter made, incurred or
created, whether voluntarily or involuntarily, absolute or contingent, liquidated or unliquidated, determined or undetermined, whether or not such indebtedness is from time to time reduced, or

  
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extinguished and thereafter increased or incurred, whether the BorrowerBorrowers may be liable individually or jointly with others, whether or not
recovery upon such indebtedness may be or hereafter become barred by any statute of limitations, and whether or not such indebtedness may be or hereafter become otherwise unenforceable. 

Notwithstanding any provision to the contrary contained herein or in any other of the Credit Documents, to the extent the
obligations of a Guarantor shall be adjudicated to be invalid or unenforceable for any reason (including, without limitation, because of any applicable state or federal law relating to fraudulent conveyances or transfers) then the obligations of
each such Guarantor hereunder shall be limited to the maximum amount that is permissible under applicable law (whether federal or state and including, without limitation, the Bankruptcy Code). 

Section 10.2     Bankruptcy. 

Additionally, each of the Guarantors unconditionally and irrevocably guarantees jointly and severally the payment of any and
all Credit Party Obligations of the
BorrowerBorrowers to the Lenders and any Bank Product Provider whether or not due or payable by the BorrowerBorrowers upon the occurrence of any Bankruptcy Event and unconditionally
promises to pay such Credit Party Obligations to the Administrative Agent for the account of the Lenders and to any such Bank Product Provider, or order, on demand, in lawful money of the United States. Each of the Guarantors further agrees that to
the extent that the
BorrowerBorrowers or a Guarantor shall make a payment or a transfer of an interest in any property to the Administrative Agent, any Lender or any Bank Product Provider, which payment or transfer or any part thereof is subsequently
invalidated, declared to be fraudulent or preferential, or otherwise is avoided, and/or required to be repaid to the BorrowerBorrowers or a Guarantor, the estate of the BorrowerBorrowers or a Guarantor, a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then to the extent of such avoidance or repayment, the obligation or part
thereof intended to be satisfied shall be revived and continued in full force and effect as if said payment had not been made. 

Section 10.3     Nature of Liability. 

The liability of each Guarantor hereunder is exclusive and independent of any security for or other guaranty of the Credit
Party Obligations of the
BorrowerBorrowers whether executed by any such Guarantor, any other guarantor or by any other party, and no Guarantor’s liability hereunder shall be affected or impaired by (a) any direction as to application of payment
by the BorrowerBorrowers or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Credit Party Obligations of the BorrowerBorrowers, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the BorrowerBorrowers, or (e) any payment made to the Administrative Agent, the Lenders or any Bank Product Provider on the Credit Party Obligations which the Administrative Agent, such Lenders or such Bank Product Provider the
BorrowerBorrowers pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and each of the Guarantors waives any right to the deferral or modification of its obligations
hereunder by reason of any such proceeding. 

  
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 Section 10.4     Independent Obligation. 

The obligations of each Guarantor hereunder are independent of the obligations of any other Guarantor or the BorrowerBorrowers, and a separate action or actions may be brought and prosecuted against each Guarantor whether or not action is brought against any other Guarantor or the Borrower and whether or not any other GuarantorGuarantors or the Borrower
isBorrowers are joined in any such action or actions.

 Section 10.5     Authorization. 

Each of the Guarantors authorizes the Administrative Agent, each Lender and each Bank Product Provider without notice or
demand (except as shall be required by applicable statute and cannot be waived), and without affecting or impairing its liability hereunder, from time to time to (a) renew, compromise, extend, increase, accelerate or otherwise change the time
for payment of, or otherwise change the terms of the Credit Party Obligations or any part thereof in accordance with this Agreement and any Bank Product, as applicable, including any increase or decrease of the rate of interest thereon,
(b) take and hold security from any Guarantor or any other party for the payment of this Guaranty or the Credit Party Obligations and exchange, enforce waive and release any such security, (c) apply such security and direct the order or
manner of sale thereof as the Administrative Agent and the Lenders in their discretion may determine, (d) release or substitute any one or more endorsers, Guarantors, the
BorrowerBorrowers or other obligors and (e) to the extent otherwise permitted herein, release or substitute any Collateral. 

Section 10.6     Reliance. 

It is not necessary for the Administrative Agent, the Lenders or any Bank Product Provider to inquire into the capacity or
powers of the BorrowerBorrowers or the officers, directors, members, partners or agents acting or purporting to act on its behalf, and any Credit Party Obligations made or created in reliance upon the professed exercise of such powers shall be
guaranteed hereunder. 
 Section 10.7     Waiver. 

(a)     Each of the Guarantors waives any right (except as shall be required by applicable
statute and cannot be waived) to require the Administrative Agent, any Lender or any Bank Product Provider to (i) proceed against the BorrowerBorrowers, any other guarantor or any other party, (ii) proceed against or
exhaust any security held from the
BorrowerBorrowers, any other guarantor or any other party, or (iii) pursue any other remedy in the Administrative Agent’s, any Lender’s or any Bank Product Provider’s whatsoever. Each of the Guarantors waives
any defense based on or arising out of any defense of the
BorrowerBorrowers, any other guarantor or any other party other than payment in full of the Credit Party Obligations (other than contingent indemnification obligations for which no claim has been made or cannot be reasonably
identified by an Indemnitee based on the then-known facts and circumstances), including, without limitation, any defense based on or arising out of the disability of the
BorrowerBorrowers, any other guarantor or any other party, or the unenforceability of the Credit Party Obligations or any part thereof from any cause, or the cessation from any cause of the

  
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liability of the
BorrowerBorrowers other than payment in full of the Credit Party Obligations. The Administrative Agent may, at its election, foreclose on any security held by the Administrative Agent or a Lender by one or more judicial or
nonjudicial sales, whether or not every aspect of any such sale is commercially reasonable (to the extent such sale is permitted by applicable law), or exercise any other right or remedy the Administrative Agent or any Lender may have against the
BorrowerBorrowers or any other party, or any security, without affecting or impairing in any way the liability of any Guarantor hereunder except to the extent the Credit Party Obligations have been paid in full and the Commitments
have been terminated. Each of the Guarantors waives any defense arising out of any such election by the Administrative Agent or any of the Lenders, even though such election operates to impair or extinguish any right of reimbursement or subrogation
or other right or remedy of the Guarantors against the
BorrowerBorrowers or any other party or any security. 

(b)     Each of the Guarantors waives all presentments, demands for performance, protests
and notices, including, without limitation, notices of nonperformance, notice of protest, notices of dishonor, notices of acceptance of this Guaranty, and notices of the existence, creation or incurring of new or additional Credit Party Obligations.
Each Guarantor assumes all responsibility for being and keeping itself informed of the
BorrowerBorrowers’s financial condition and assets, and of all other circumstances bearing
upon the risk of nonpayment of the Credit Party Obligations and the nature, scope and extent of the risks which such Guarantor assumes and incurs hereunder, and agrees that neither the Administrative Agent nor any Lender shall have any duty to
advise such Guarantor of information known to it regarding such circumstances or risks. 

(c)     Each of the Guarantors hereby agrees it will not exercise any rights of
subrogation which it may at any time otherwise have as a result of this Guaranty (whether contractual, under Section 509 of the U.S. Bankruptcy Code, or otherwise) to the claims of the Lenders or any Bank Product Provider against the BorrowerBorrowers or any other guarantor of the Credit Party Obligations of the BorrowerBorrowers owing to the Lenders or such Bank Product Provider (collectively, the
“Other Parties”) and all contractual, statutory or common law rights of reimbursement, contribution or indemnity from any Other Party which it may at any time otherwise have as a result of this Guaranty until such time as the Credit
Party Obligations shall have been paid in full and the Commitments have been terminated. Each of the Guarantors hereby further agrees not to exercise any right to enforce any other remedy which the Administrative Agent, the Lenders or any Bank
Product Provider now have or may hereafter have against any Other Party, any endorser or any other guarantor of all or any part of the Credit Party Obligations of the
BorrowerBorrowers and any benefit of, and any right to participate in, any security or collateral given to or for the benefit of the Lenders and/or the Bank Product Providers to secure payment of the Credit Party Obligations of
the BorrowerBorrowers until such time as the Credit Party Obligations (other than contingent indemnification obligations for which no claim has been made or cannot be reasonably identified by an Indemnitee based on the then-known
facts and circumstances) shall have been paid in full and the Commitments have been terminated. 

  
 147 

 Section 10.8     Limitation on Enforcement. 

The Lenders and the Bank Product Providers agree that this Guaranty may be enforced only by the action of the Administrative
Agent acting upon the instructions of the Required Lenders or such Bank Product Provider (only with respect to obligations under the applicable Bank Product) and that no Lender or Bank Product Provider shall have any right individually to seek to
enforce or to enforce this Guaranty, it being understood and agreed that such rights and remedies may be exercised by the Administrative Agent for the benefit of the Lenders under the terms of this Agreement and for the benefit of any Bank Product
Provider under any Bank Product. 
 Section 10.9     Confirmation of Payment. 

The Administrative Agent and the Lenders will, upon request after payment of the Credit Party Obligations which are the
subject of this Guaranty and termination of the Commitments relating thereto, confirm to the
BorrowerBorrowers, the Guarantors or any other Person that such indebtedness and obligations have been paid and the Commitments relating thereto terminated, subject to the provisions of Section 10.2. 

Section 10.10     Eligible Contract Participant. 

Notwithstanding anything to the contrary in any Credit Document, no Guarantor shall be deemed under this Article 10 to be a
guarantor of any Swap Obligations if such Guarantor was not an “eligible contract participant” as defined in § 1a(18) of the Commodity Exchange Act, at the time the guarantee under this Article 10 becomes effective with respect to
such Swap Obligation and to the extent that the providing of such guarantee by such Guarantor would violate the Commodity Exchange Act; provided however that in determining whether any Guarantor is an “eligible contract
participant” under the Commodity Exchange Act, the guarantee of the Credit Party Obligations of such Guarantor under this Article 10 by a Guarantor that is also a Qualified ECP Guarantor shall be taken into account. 

Section 10.11     Keepwell. 

Without limiting anything in this Article 10, each Qualified ECP Guarantor hereby jointly and severally absolutely,
unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time to each Guarantor that is not an “eligible contract participant” under the Commodity Exchange Act at the time the
guarantee under this Article 10 becomes effective with respect to any Swap Obligation, to honor all of the Obligations of such Guarantor under this Article 10 in respect of such Swap Obligations (provided, however, that each Qualified ECP Guarantor
shall only be liable under this Section 10.11 for the maximum amount of such liability that can be hereby incurred without rendering its undertaking under this Section 10.11, or otherwise under this Article 10, voidable under applicable
Law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The undertaking of each Qualified ECP Guarantor under this Section 10.11 shall remain in full force and effect until termination of the Commitments
and payment in full of all Loans and other Credit Party Obligations. Each Qualified ECP Guarantor intends that this Section 10.11 constitute, and this Section 10.11 shall be deemed to constitute, a “keepwell, support, or other
agreement” for the benefit of each Guarantor that would otherwise not constitute an “eligible contract participant” under the Commodity Exchange Act. 

[Signature Pages Follow] 

  
 148 

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

					
	BORROWERBORROWERS:	 		 	 LEHIGH GAS PARTNERS LP,
 a Delaware
limited partnership

			
		 		 	 By: Lehigh Gas GP LLC, its general partner

			
		 		 	By:                                     
                                         
       
		 		 	Name:
		 		 	Title:
			
		 		 	 LEHIGH GAS WHOLESALE SERVICES, INC.,

a Delaware corporation

			
		 		 	By:                        
                                         
                    
		 		 	Name:
		 		 	Title:
			
	 GUARANTORS:
	 		 	 LGP OPERATIONS LLC,
 a Delaware limited
liability company

			
		 		 	By:                                     
                                         
       
		 		 	Name:                                     
                                         
  
		 		 	Title:                                     
                                         
    
			
		 		 	LEHIGH GAS WHOLESALE LLC,
		 		 	a Delaware limited liability company
			
		 		 	By:                                     
                                         
       
		 		 	Name:                                     
                                         
  
		 		 	Title:                                     
                                         
    
			
		 		 	LEHIGH GAS WHOLESALE 
		 		 	SERVICES, INC., a Delaware corporation
			
		 		 	By:                                
                                         
            
		 		 	Name:                                
                                         
       
		 		 	Title:                                
                                         
         

 
			
	 LGP REALTY HOLDINGS LP,
 a
Delaware limited partnership

	
	By: LGP Realty Holding GP LLC, its general partner
	
	By:                                   
                                         
            
	Name:                              
                                         
            
	Title:                              
                                         
              
	
	EXPRESS LANE, INC.,
	a Florida corporation
	
	By:                                   
                                         
            
	Name:                                   
                                         
       
	Title:                              
                                         
              
	
	LGP REALTY HOLDING GP LLC,
	a Delaware limited liability company
	
	By:                                   
                                         
            
	Name:                                   
                                         
       
	Title:                              
                                         
              

							
	ADMINISTRATIVE AGENT:	 		 	CITIZENS BANK OF PENNSYLVANIA, as a
		 		 	Lender and as Administrative Agent on behalf of the
		 		 	Lenders
			
		 		 	By:                                   
                                         
          
		 		 	Name:
		 		 	Title:

 ANNEX B 

Amended Schedules and Exhibits to Credit Agreement 

See Attached. 

 Schedule 1.1(d) 

Commitments 
  

					
	Lender	  	Revolving Commitment	  	Revolving Commitment
Percentage
	Citizens Bank of Pennsylvania	  	$64,000,000	  	11.63636363636360%
	KeyBank National Association	  	$59,000,000	  	10.72727272727270%
	Wells Fargo Bank, National Association	  	$54,000,000	  	9.81818181818182%
	Bank of America, N.A.	  	$35,000,000	  	6.36363636363636%
	
Manufacturers and Traders
 Trust
Company
	  	$35,000,000	  	6.36363636363636%
	Royal Bank of Canada	  	$35,000,000	  	6.36363636363636%
	Santander Bank, N.A.	  	$35,000,000	  	6.36363636363636%
	Raymond James Bank, N.A.	  	$30,000,000	  	5.45454545454545%
	Barclays Bank PLC	  	$30,000,000	  	5.45454545454545%
	Capital One, National Association	  	$30,000,000	  	5.45454545454545%
	Cadence Bank, N.A.	  	$30,000,000	  	5.45454545454545%
	People’s United Bank	  	$25,000,000	  	4.54545454545455%
	First Niagara Bank N.A.	  	$25,000,000	  	4.54545454545455%
	J.P. Morgan Chase Bank, NA	  	$22,500,000	  	4.09090909090909%
	
The Bank of Tokyo-
 Mitsubishi UFJ,
Ltd.
	  	$22,500,000	  	4.09090909090909%
	First Tennessee Bank National Association	  	$18,000,000	  	3.27272727272727%
	Total:	  	$550,000,000	  	100%

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