Document:

Bridge Loan Agreement

 Exhibit 10.2 

 
  
  

 
  
 

 
 LOAN AGREEMENT 
 Dated as of June 15, 2012 
 among 

FLOWSERVE CORPORATION, 
 as the Borrower, 
 THE SUBSIDIARIES OF THE BORROWER IDENTIFIED HEREIN, 

as the Guarantors, 

JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent, 
 BANK OF AMERICA, N.A. and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as Co-Syndication Agents, 
 and 

THE OTHER LENDERS PARTY HERETO 
 Arranged By: 
 J.P. MORGAN SECURITIES LLC, 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 
 and WELLS FARGO SECURITIES, LLC 
 as Joint Lead Arrangers and Joint Book Managers

  
  

 TABLE OF CONTENTS 

 

							
	ARTICLE I DEFINITIONS AND ACCOUNTING TERMS	  	 	1	  
			
	 1.01
	  	Defined Terms	  	 	1	  
	 1.02
	  	Other Interpretive Provisions	  	 	17	  
	 1.03
	  	Accounting Terms	  	 	17	  
	 1.04
	  	Rounding	  	 	18	  
	 1.05
	  	Times of Day	  	 	18	  
		
	ARTICLE II THE COMMITMENTS AND CREDIT EXTENSIONS	  	 	18	  
			
	 2.01
	  	Term Loan	  	 	18	  
	 2.02
	  	Borrowings, Conversions and Continuations of Loans	  	 	18	  
	 2.03
	  	[Reserved]	  	 	20	  
	 2.04
	  	[Reserved]	  	 	20	  
	 2.05
	  	Voluntary Prepayments	  	 	20	  
	 2.06
	  	[Reserved]	  	 	20	  
	 2.07
	  	Repayment of Loans	  	 	20	  
	 2.08
	  	Interest	  	 	20	  
	 2.09
	  	Fees	  	 	21	  
	 2.10
	  	Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate	  	 	21	  
	 2.11
	  	Evidence of Debt	  	 	22	  
	 2.12
	  	Payments Generally; Administrative Agent’s Clawback	  	 	22	  
	 2.13
	  	Sharing of Payments by Lenders	  	 	24	  
	 2.14
	  	Defaulting Lenders	  	 	24	  
		
	ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY	  	 	24	  
			
	 3.01
	  	Taxes	  	 	24	  
	 3.02
	  	Illegality	  	 	28	  
	 3.03
	  	Inability to Determine Rates	  	 	28	  
	 3.04
	  	Increased Costs	  	 	29	  
	 3.05
	  	Compensation for Losses	  	 	30	  
	 3.06
	  	Mitigation Obligations; Replacement of Lenders	  	 	30	  
	 3.07
	  	Survival	  	 	31	  
		
	ARTICLE IV GUARANTY	  	 	31	  
			
	 4.01
	  	The Guaranty	  	 	31	  
	 4.02
	  	Obligations Unconditional	  	 	31	  
	 4.03
	  	Reinstatement	  	 	32	  
	 4.04
	  	Certain Additional Waivers	  	 	32	  
	 4.05
	  	Remedies	  	 	32	  
	 4.06
	  	Rights of Contribution	  	 	33	  
	 4.07
	  	Guarantee of Payment; Continuing Guarantee	  	 	33	  
		
	ARTICLE V CONDITIONS PRECEDENT TO CREDIT EXTENSIONS	  	 	33	  
			
	 5.01
	  	Conditions of Effectiveness	  	 	33	  

  
 i 

							
	 5.02
	  	Conditions to all Credit Extensions	  	 	34	  
		
	ARTICLE VI REPRESENTATIONS AND WARRANTIES	  	 	35	  
			
	 6.01
	  	Organization; Powers	  	 	35	  
	 6.02
	  	Authorization	  	 	35	  
	 6.03
	  	Enforceability	  	 	35	  
	 6.04
	  	Governmental Approvals	  	 	35	  
	 6.05
	  	Financial Statements	  	 	35	  
	 6.06
	  	No Material Adverse Change	  	 	36	  
	 6.07
	  	Title to Properties; Possession Under Leases	  	 	36	  
	 6.08
	  	Subsidiaries	  	 	36	  
	 6.09
	  	Litigation; Compliance with Laws	  	 	36	  
	 6.10
	  	Agreements	  	 	37	  
	 6.11
	  	Federal Reserve Regulations	  	 	37	  
	 6.12
	  	Investment Company Act	  	 	37	  
	 6.13
	  	Use of Proceeds	  	 	37	  
	 6.14
	  	Tax Returns	  	 	37	  
	 6.15
	  	No Material Misstatements	  	 	37	  
	 6.16
	  	Employee Benefit Plans	  	 	38	  
	 6.17
	  	Environmental Matters	  	 	38	  
	 6.18
	  	Insurance	  	 	38	  
	 6.19
	  	[Reserved]	  	 	38	  
	 6.20
	  	Labor Matters	  	 	38	  
	 6.21
	  	Solvency	  	 	39	  
		
	ARTICLE VII AFFIRMATIVE COVENANTS	  	 	39	  
			
	 7.01
	  	Existence; Businesses and Properties	  	 	39	  
	 7.02
	  	Insurance	  	 	39	  
	 7.03
	  	Obligations and Taxes	  	 	40	  
	 7.04
	  	Financial Statements, Reports, etc	  	 	40	  
	 7.05
	  	Litigation and Other Notices	  	 	42	  
	 7.06
	  	Information Regarding Loan Parties	  	 	42	  
	 7.07
	  	Maintaining Records; Access to Properties and Inspections	  	 	43	  
	 7.08
	  	Use of Proceeds	  	 	43	  
	 7.09
	  	Debt Ratings	  	 	43	  
	 7.10
	  	Additional Subsidiaries	  	 	43	  
		
	ARTICLE VIII NEGATIVE COVENANTS	  	 	44	  
			
	 8.01
	  	Indebtedness	  	 	44	  
	 8.02
	  	Liens	  	 	45	  
	 8.03
	  	[Reserved]	  	 	46	  
	 8.04
	  	Investments	  	 	46	  
	 8.05
	  	Mergers, Consolidations and Sales of Assets	  	 	48	  
	 8.06
	  	Restricted Payments; Restrictive Agreements	  	 	48	  
	 8.07
	  	Transactions with Affiliates	  	 	49	  
	 8.08
	  	Business of Borrower and Subsidiaries	  	 	50	  
	 8.09
	  	Other Indebtedness and Agreements	  	 	50	  
	 8.10
	  	Fiscal Year	  	 	50	  

  
 ii 

					
	 8.11
	  	Financial Covenants	  	50
	 8.12
	  	Use of Proceeds	  	50
		
	ARTICLE IX EVENTS OF DEFAULT AND REMEDIES	  	50
			
	 9.01
	  	Events of Default	  	50
	 9.02
	  	Remedies Upon Event of Default	  	52
	 9.03
	  	Application of Funds	  	53
		
	ARTICLE X ADMINISTRATIVE AGENT	  	53
			
	 10.01
	  	Appointment and Authority	  	53
	 10.02
	  	Rights as a Lender	  	53
	 10.03
	  	Exculpatory Provisions	  	54
	 10.04
	  	Reliance by Administrative Agent	  	54
	 10.05
	  	Delegation of Duties	  	55
	 10.06
	  	Resignation of Administrative Agent	  	55
	 10.07
	  	Non-Reliance on Administrative Agent and Other Lenders	  	56
	 10.08
	  	No Other Duties; Etc.	  	56
	 10.09
	  	Administrative Agent May File Proofs of Claim	  	56
	 10.10
	  	Guaranty Matters	  	57
		
	ARTICLE XI MISCELLANEOUS	  	57
			
	 11.01
	  	Amendments, Etc.	  	57
	 11.02
	  	Notices; Effectiveness; Electronic Communications	  	58
	 11.03
	  	No Waiver; Cumulative Remedies; Enforcement	  	60
	 11.04
	  	Expenses; Indemnity; and Damage Waiver	  	60
	 11.05
	  	Payments Set Aside	  	62
	 11.06
	  	Successors and Assigns	  	63
	 11.07
	  	Treatment of Certain Information; Confidentiality	  	66
	 11.08
	  	Set-off	  	66
	 11.09
	  	Interest Rate Limitation	  	67
	 11.10
	  	Counterparts; Integration; Effectiveness	  	67
	 11.11
	  	Survival of Representations and Warranties	  	67
	 11.12
	  	Severability	  	67
	 11.13
	  	Replacement of Lenders	  	68
	 11.14
	  	Governing Law; Jurisdiction; Etc.	  	68
	 11.15
	  	Waiver of Right to Trial by Jury	  	69
	 11.16
	  	No Advisory or Fiduciary Responsibility	  	69
	 11.17
	  	Electronic Execution of Assignments and Certain Other Documents	  	70
	 11.18
	  	USA PATRIOT Act Notice	  	70
	 11.19
	  	Judgment Currency	  	70

  
 iii

 SCHEDULES 
  

			
	 1.01
	  	Inactive Subsidiaries
	 2.01
	  	Commitments and Applicable Percentages
	 6.08
	  	Subsidiaries
	 6.09
	  	Litigation
	 6.17
	  	Environmental Matters
	 8.01
	  	Indebtedness Existing on the Closing Date
	 8.02
	  	Liens Existing on the Closing Date
	 8.04
	  	Investments Existing on the Closing Date
	 8.06
	  	Restrictive Agreements
	 8.09
	  	Other Indebtedness
	 11.02
	  	Certain Addresses for Notices

 EXHIBITS 
  

			
	 2.02
	  	Form of Loan Notice
	 2.11
	  	Form of Note
	 7.04
	  	Form of Compliance Certificate
	 7.10
	  	Form of Joinder Agreement
	 11.06(b)
	  	Form of Assignment and Assumption
	 11.06(b)(iv)
	  	Form of Administrative Questionnaire

  
 iv 

 LOAN AGREEMENT 
 This LOAN AGREEMENT is entered into as of June 15, 2012 among FLOWSERVE CORPORATION, a New York corporation (the “Borrower”), the Guarantors (defined herein), the Lenders (defined
herein) and JPMORGAN CHASE BANK, N.A., as Administrative Agent. 
 The Borrower has requested that the Lenders provide a $250
million term loan facility for the purposes set forth herein, and the Lenders are willing to do so on the terms and conditions set forth herein. 
 In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree 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: 
 “2005 Credit Agreement” means that certain credit agreement, dated as of August 12, 2005, as amended, among the Borrower, the lenders party thereto and Bank of America, N.A., as
administrative agent. 
 “Acquisition”, by any Person, means the acquisition by such Person, in a single
transaction or in a series of related transactions, of either (a) all or any substantial portion of the property of, or a line of business or division of, another Person or (b) all of the Voting Stock of another Person, in each case
whether or not involving a merger or consolidation with such other Person. 
 “Administrative Agent” means
JPMCB in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent. 

“Administrative Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as set
forth on Schedule 11.02 or such other address or account as the Administrative Agent may from time to time notify to the Company and the Lenders. 
 “Administrative Questionnaire” means an Administrative Questionnaire in substantially the form of Exhibit 11.06(b)(iv) or any other form approved by the Administrative Agent.

 “Affiliate” means, with respect to any 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” means this Loan Agreement. 
 “Applicable Percentage” means with respect to any Lender at any time, with respect to such Lender’s portion of the outstanding Term Loan at any time, the percentage (carried out to
the ninth decimal place) of the outstanding principal amount of the Term Loan held by such Lender at such time. 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 the following percentages per annum, based upon the
Consolidated Leverage Ratio as set forth in the most recent Compliance Certificate received (or deemed received) by the Administrative Agent pursuant to Section 7.04(c): 

 

											
	 Pricing Tier
	  	 Consolidated Leverage Ratio
	  	Eurodollar
Rate Loans	 	 	Base Rate
Loans	 
	1	  	> 3.00 to 1.0	  	 	2.50	% 	 	 	1.50	% 
	2	  	< 3.00 to 1.0 but > 2.00 to 1.0	  	 	2.25	% 	 	 	1.25	% 
	3	  	< 2.00 to 1.0 but > 0.50 to 1.0	  	 	2.00	% 	 	 	1.00	% 
	4	  	< 0.50 to 1.0	  	 	1.75	% 	 	 	0.75	% 

 ; provided that each of the foregoing percentages shall increase by (x) 0.50% on the date that is ninety
(90) days following the Closing Date, (y) an additional 0.50% on the date that is one hundred eighty (180) days following the Closing Date and (z) an additional 0.50% on the date that is two hundred seventy (270) days
following the Closing Date. Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is
delivered (or deemed delivered) pursuant to Section 7.04(c); provided, however, that if a Compliance Certificate is not so delivered when due in accordance with such Section, then, upon the request of the Required Lenders,
Pricing Tier 1 shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been so delivered and shall remain in effect until the date on which such Compliance Certificate is so delivered in
accordance with Section 7.04(c), whereupon the Applicable Rate shall be adjusted based upon the calculation of the Consolidated Leverage Ratio contained in such Compliance Certificate. The Applicable Rate in effect from the Closing Date
through the first Business Day immediately following the date a Compliance Certificate is required to be delivered pursuant to Section 7.04(c) for the fiscal quarter ending June 30, 2012 shall be determined based upon Pricing Tier
3. 
 “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. 
 “Asset
Sale” means the sale, transfer or other disposition of any property by the Borrower or any of the Subsidiaries other than (a) sales of inventory in the ordinary course of business, (b) dispositions of damaged, obsolete or worn-out
assets, scrap that are disposed of in the ordinary course of business, (c) the sale of Program Receivables pursuant to the Receivables Program, (d) dispositions between or among Loan Parties, (e) dispositions from Subsidiaries that
are not Loan Parties to Loan Parties, (f) dispositions between or among Subsidiaries that are not Loan Parties, (g) dispositions from Loan Parties to Subsidiaries that are not Loan Parties of assets having an aggregate value not in excess
of $25,000,000 from and after the Closing Date, (h) Dispositions of delinquent accounts receivable in connection with the collection or compromise thereof, (i) the sale or disposition of Permitted Investments for fair market value,
(j) to the extent constituting dispositions of property, Investments permitted by Section 8.04, (k) dispositions by a Loan Party of the Equity Interests of a direct Foreign Subsidiary of such Loan Party to a direct or indirect
wholly-owned Foreign Subsidiary of the Borrower (the “transferee”), and (l) other sales, 

  
 2 

 
transfers or other dispositions in any fiscal year of the Borrower of assets having an aggregate value not in excess of $10,000,000. For purposes of clarification, Restricted Payments and Asset
Swaps shall not be treated as Asset Sales for purposes of this Agreement. 
 “Asset Swap” means any transfer of
assets of the Borrower or any Subsidiary to any Person other than the Borrower or any Affiliate of the Borrower in exchange for assets of such Person if such exchange would qualify, whether in part or in full, as a like-kind exchange pursuant to
Section 1031 of the Internal Revenue Code. Nothing in this definition shall require the Borrower or any Subsidiary to elect that Section 1031 of the Internal Revenue Code be applicable to any Asset Swap. 

“Assignee Group” means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds
managed by the same investment advisor. 
 “Assignment and Assumption” means an assignment and assumption
entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 11.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit 11.06(b) or any other form
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 31, 2011, and the related consolidated statements of income or operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries for such
fiscal year, including the notes thereto. 
 “Base Rate” means, for any day, a rate per
annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Rate in effect on such day plus  1/2 of 1% and (c) the Eurodollar Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business
Day) plus 1%, provided that, for the avoidance of doubt, the Eurodollar Rate for any day shall be based on the rate appearing on Reuters Screen LIBOR01 Page (or on any successor or substitute page of such page) at approximately 11:00 a.m.
London time on such day. Any change in the Base Rate due to a change in the Prime Rate, the Federal Funds Rate or the Eurodollar Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Rate
or the Eurodollar Rate, respectively. 
 “Base Rate Loan” means a Loan 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 7.04. 

“Borrowing” means a borrowing consisting of simultaneous Loans of the same Type and, in the case of Eurodollar Rate
Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01. 
 “Business
Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term
“Business Day” shall also exclude any day on which banks are not open for dealings in Dollars in the London interbank market. 
 “Calyon LOC Agreement” means the Letter of Credit Facility Agreement dated October 30, 2009, as amended, among the Borrower and certain of its Subsidiaries, and Calyon (a/k/a Credit
Agicole). 
 “Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or
other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such
Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 

  
 3 

 “Captive Insurance Company” means Flowcom Insurance Company, Inc., a Hawaii
corporation. 
 “CERCLA” means the Comprehensive Environmental Response, Compensation and Liability Act (42
U.S.C. Sect. 9601 et seq). 
 “Change in Law” means the occurrence, after the date of this Agreement (or with
respect to any Lender, if later, the date on which such Lender becomes a Lender), of any of the following: (a) the adoption 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 or application thereof by any Governmental Authority, or (c) the making or issuance of any request, rules, guideline, requirement or directive (whether or not having the force of law) by any Governmental
Authority; provided however, that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder,
issued in connection therewith or in implementation thereof, and (ii) all requests, rules, guidelines, requirements and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any
successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law” regardless of the date enacted, adopted, issued or
implemented. 
 “Change of Control” means an event or series of events by which: (a) any person or group
(within the meaning of Rule 13d-5 of the Securities Exchange Act of 1934 as in effect on the Closing Date) shall own directly or indirectly, beneficially or of record, shares representing more than 35% of the aggregate ordinary voting power
represented by the issued and outstanding capital stock of the Borrower; (b) a majority of the seats (other than vacant seats) on the board of directors of the Borrower shall at any time be occupied by persons who were neither
(i) nominated by the board of directors of the Borrower, nor (ii) appointed by directors so nominated; or (c) any change in control (or similar event, however denominated) with respect to the Borrower or any Subsidiary shall occur
under and as defined in any indenture or agreement in respect of Material Indebtedness to which the Borrower or any Subsidiary is a party. 
 “Closing Date” means the date on which the conditions precedent set forth in Section 5.01 shall have been satisfied, which date is June 15, 2012. 

“Commitment” means, as to each Lender, the Term Loan Commitment of such Lender. 

“Compliance Certificate” means a certificate substantially in the form of Exhibit 7.04. 

“Consolidated EBITDA” means, for any period, Consolidated Net Income for such period, plus (a) without
duplication and to the extent deducted in determining such Consolidated Net Income, the sum of (i) Consolidated Interest Charges for such period, (ii) consolidated income tax expense for such period, (iii) all amounts attributable to
depreciation and amortization for such period, (iv) any extraordinary losses or extraordinary non-cash charges for such period, (v) the amount of premium payments paid by the Borrower or its Subsidiaries, and charges in respect of
unamortized fees and expenses, in each case associated with the repayment of Indebtedness, (vi) charges in respect of unamortized fees and expenses associated with the prepayment of loans and termination of commitments under the 2005 Credit
Agreement, (vii) the amount of post-retirement health benefits accrued in such period less the amount of post-retirement health benefits paid in such period, in an amount of up to $5,000,000, (viii) the first $20,000,000 of
non-recurring cash charges for severance payments and plant closings incurred or taken on or after December 14, 2010 and through the fiscal year ending December 31, 2012, and (ix) expenses relating to stock-based compensation plans
resulting from the application of Financial Accounting Standards Board Statement No. 123R and minus (b) without duplication and to the extent included in determining such Consolidated Net Income, any extraordinary gains for such
period, all determined on a consolidated basis in accordance with GAAP. 

  
 4 

 “Consolidated Funded Indebtedness” means, total consolidated Indebtedness
of the Borrower and the Subsidiaries at such time (excluding (a) Guarantees under Section 8.04(o), and (b) Indebtedness of the type described in clause (i) of the definition of “Indebtedness” and under
Section 8.01(h), except in each case to the extent of any unreimbursed drawings or payments thereunder). 

“Consolidated Interest Charges” means, for any period, interest expense for the Borrower and its Subsidiaries for such
period determined on a consolidated basis in accordance with GAAP, plus, without duplication, all fees, discounts, premiums, expenses or similar amounts incurred by the Borrower or any of its Subsidiaries in connection with the Receivables Program
for such period, including purchase discounts (net of any loss reserves), purchase premiums, operating expense fees, structuring fees, collection agent fees, unutilized purchase limit fees and other similar fees and expenses. 

“Consolidated Interest Coverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated EBITDA
for the most recently completed four fiscal quarters to (b) Consolidated Interest Charges for the most recently completed four fiscal quarters; provided, however, if as of any date the Consolidated Interest Coverage Ratio is being
determined, the Borrower or any Subsidiary shall have completed a Permitted Acquisition or an Asset Sale during the relevant four fiscal quarter period, Consolidated EBITDA shall be computed (for purposes of such determination) on a Pro Forma Basis
as if such transaction(s) and any related incurrence of Indebtedness, had occurred at the beginning of such period. 

“Consolidated Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Funded
Indebtedness as of such date to (b) Consolidated EBITDA for the most recently completed four fiscal quarters; provided, however, if as of any date the Consolidated Leverage Ratio is being determined, the Borrower or any Subsidiary
shall have completed a Permitted Acquisition or an Asset Sale during the relevant four fiscal quarter period, Consolidated EBITDA shall be computed (for purposes of such determination) on a Pro Forma Basis as if such transaction(s) and any related
incurrence of Indebtedness, had occurred at the beginning of such period. 
 “Consolidated Net Income” means,
for any period, the net income or loss of the Borrower and the Subsidiaries for such period determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded (a) the income of any Subsidiary to the extent
that the declaration or payment of dividends or similar distributions by the Subsidiary of that income is not at the time permitted by operation of the terms of its Organization Documents or any agreement, instrument, judgment, decree, statute, rule
or regulation applicable to such Subsidiary, (b) the income or loss of any Person accrued prior to the date it becomes a Subsidiary or is merged into or consolidated with the Borrower or any Subsidiary or the date that such Person’s assets
are acquired by the Borrower or any Subsidiary, and (c) after tax gains and losses attributable to sales of assets outside of the ordinary course of business. 
 “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. 
 “Control” means the possession, directly or indirectly, of
the power to direct or cause the direction of the management or policies of a person, whether through the ownership of voting securities, by contract or otherwise, and the terms “Controlling” and “Controlled” shall
have meanings correlative there. “Controlling” and “Controlled” have meanings correlative thereto. Without limiting the generality of the foregoing, a Person shall be deemed to be Controlled by another Person if
such other Person possesses, directly or indirectly, power to vote 10% or more of the securities having ordinary voting power for the election of directors, managing general partners or the equivalent. 

“Credit Extension” means a Borrowing. 

  
 5 

 “Debt Rating” means, as of any date of determination, the rating as
determined by either S&P or Moody’s of the Borrower’s non-credit-enhanced, senior unsecured long-term debt. 

“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. 
 “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 (i) the Base Rate plus (ii) the Applicable Rate, if any, applicable to Base Rate Loans plus (iii) 2% per annum; provided, however, that with respect to a
Eurodollar 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, in each case to the fullest extent permitted by applicable Laws.

 “Defaulting Lender” means, any Lender that, as reasonably determined by the Administrative Agent, has, or
has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged
with reorganization or liquidation of its business or a custodian appointed for it, or (iii) taken any action in furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding or appointment. 

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

“Domestic Subsidiary” means any Subsidiary that is organized under the laws of any state of the United States or the
District of Columbia. 
 “Eligible Assignee” means any Person that meets the requirements to be an assignee
under Sections 11.06(b)(iii) and (v) (subject to such consents, if any, as may be required under Section 11.06(b)(iii)). 
 “Environmental Laws” means all applicable federal, state, local and foreign Laws (including common law), treaties, regulations, rules, ordinances, codes, decrees, judgments and orders
(including consent orders), in each case, relating to protection of the environment, natural resources, or public health as related to hazardous substances (as that term is defined in CERCLA) or petroleum products or the presence, Release of, or
exposure to, such hazardous substances or petroleum products, or the generation, manufacture, processing, distribution, use, treatment, storage, transport, recycling or handling of, or the arrangement for such activities with respect to, hazardous
substances or petroleum products. 
 “Environmental Liability” means liabilities, obligations, claims, actions,
suits, judgments or orders under or relating to any Environmental Law for any damages, injunctive relief, losses, fines, penalties, fees, expenses (including fees and expenses of attorneys and consultants) or costs, including those arising from or
relating to: (a) any action to address the on- or off-site presence, Release of, or exposure to, Hazardous Materials; (b) permitting and licensing, administrative oversight, insurance premiums and financial assurance requirements;
(c) any personal injury (including death), property damage (real or personal) or natural resource damage; and (d) the compliance or non-compliance with any Environmental Law. 

“Equity Interests” means, with respect to any Person, all of the shares of capital stock of (or other ownership or
profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities convertible
into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the
other ownership or profit interests 

  
 6 

 
in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are
outstanding on any date of determination. 
 “Equity Notes Payable” means notes payable or similar instruments
issued by a Foreign Subsidiary to its parent to evidence a distribution of retained earnings or return of capital to such parent or a reclassification of an earlier equity Investment by such parent in such Foreign Subsidiary, in each case entered
into for repatriation planning purposes and not issued or created in connection with a substantially concurrent Investment by the parent to such Foreign Subsidiary. 
 “ERISA” means the Employee Retirement Income Security Act of 1974. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the
Internal Revenue Code, or solely for purposes of Section 302 of ERISA and Section 412 of the Internal Revenue Code, is treated as a single employer under Section 414 of the Internal Revenue Code. 

“ERISA Event” means (a) any “reportable event,” as defined in Section 4043 of ERISA or the
regulations issued thereunder, with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the determination that any Plan is considered an at-risk plan within the meaning of Section 430 of the Internal
Revenue Code or Section 303 of ERISA; (c) the filing pursuant to Section 412(c) of the Internal Revenue Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan;
(d) the imposition on the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of, or withdrawal from, any Plan or the withdrawal or partial withdrawal of the Borrower or any of its
ERISA Affiliates from any Multiemployer Plan; (e) the receipt by the Borrower or any of its ERISA Affiliates from the PBGC or a plan administrator of any notice relating to the intention to terminate any Plan or Plans or to appoint a trustee to
administer any Plan; (f) the receipt by the Borrower or any of its ERISA Affiliates of any notice from any Multiemployer Plan concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to
be, insolvent or in reorganization, within the meaning of Title IV of ERISA that results in any additional contributions by or the imposition of any excise taxes on the Borrower or any of its ERISA Affiliates; (g) the occurrence of a
“prohibited transaction” (within the meaning of Section 4975 of the Internal Revenue Code) with respect to which the Borrower or any such Subsidiary incurs liability; or (h) any Foreign Benefit Event. 

“Eurodollar Base Rate” means, with respect to any Eurodollar Rate Borrowing for any Interest Period, the rate appearing
on Reuters Screen LIBOR01 Page (or on any successor or substitute page of such service, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on such page of such service, as determined
by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to deposits in Dollars in the London interbank market) at approximately 11:00 a.m., London time, two (2) Business Days prior to the
commencement of such Interest Period, as the rate for deposits in Dollars with a maturity comparable to such Interest Period. In the event that such rate is not available at such time for any reason, then the “LIBO Rate” with
respect to such Eurodollar Rate Borrowing for such Interest Period shall be the rate at which deposits in Dollars in an amount equal to $5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of
the Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period. 

“Eurodollar Rate” means, with respect to any Eurodollar Rate Loan for any Interest Period, an interest rate per annum
equal to (a) the Eurodollar Base Rate for such Interest Period multiplied by (b) the Eurodollar Reserve Percentage. 

“Eurodollar Rate Loan” means a Loan that bears interest at a rate based on the Eurodollar Rate. 

  
 7 

 “Eurodollar Reserve Percentage” means a fraction (expressed as a decimal),
the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established
by the FRB to which the Administrative Agent is subject for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the FRB). Such reserve percentages shall include those imposed pursuant to such
Regulation D of the FRB. Eurodollar Rate Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time
to time to any Lender under such Regulation D of the FRB or any comparable regulation. The Eurodollar Reserve Percentage shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“Event of Default” has the meaning specified in Section 9.01. 

“Excluded Subsidiaries” means, so long as the Equity Interests of such Subsidiaries are not subject to any Lien securing
Indebtedness, the following: (a) Flowcom Insurance Company, Inc., a Hawaii corporation, (b) Subsidiaries organized under the Laws of Saudi Arabia, (c) Flowserve Netherlands C.V. and (d) any Subsidiary that (i) has not
conducted any business during the twelve-month period preceding the date of determination and (ii) has less than $50,000 in assets (which Subsidiaries as of the Closing Date are listed on Schedule 1.01). 

“Excluded Taxes” means, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be
made by or on account of any obligation of the Borrower hereunder, (a) taxes imposed on or measured by its overall net income (however denominated), and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any
political subdivision thereof) under the Laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable Lending Office is located, (b) any branch profits taxes
imposed by the United States or any similar tax imposed by any other jurisdiction in which the Borrower is located (c) any backup withholding tax that is required by the Internal Revenue Code to be withheld from amounts payable to a Lender that
has failed to comply with clause (A) of Section 3.01(e)(ii), (d) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 11.13), any United States withholding tax
that (i) is required to be imposed on amounts payable to such Foreign Lender pursuant to the Laws in force at the time such Foreign Lender becomes a party hereto (or designates a new Lending Office) or (ii) is attributable to such Foreign
Lender’s failure or inability (other than as a result of a Change in Law) to comply with clause (B) of Section 3.01(e)(ii), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of
designation of a new Lending Office (or assignment), to receive additional amounts from the Borrower with respect to such withholding tax pursuant to Section 3.01(a)(ii) or (c) and (e) any United States
withholding Taxes imposed under FATCA. 
 “Existing Credit Agreement” means that certain credit agreement,
dated as of December 14, 2010, as amended, among the Borrower, the lenders party thereto and Bank of America, N.A., as administrative agent. 
 “Existing Credit Agreement Obligations” means the “Obligations” as defined in the Existing Credit Agreement. 

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

“FATCA” means Sections 1471 through 1474 of the Internal Revenue 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. 

“Federal Funds Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%)
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 

  
 8 

 
the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the
quotations for such day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it. 
 “Fee Letter” means the letter agreement, dated June 15, 2012 among the Borrower, the Administrative Agent and JPMS. 

“Financial Officer” of any Person means the principal financial officer, chief financial officer, principal accounting
officer, financial vice president, treasurer or controller of such Person. 
 “Finsub” means any
bankruptcy-remote, wholly owned subsidiary of the Borrower, organized and existing solely for the purpose of engaging in the Receivables Program. 
 “Foreign Benefit Event” means, with respect to any Foreign Pension Plan, (a) the existence of unfunded liabilities in excess of the amount permitted under any applicable Law, or in
excess of the amount that would be permitted absent a waiver from a Governmental Authority, (b) the failure to make the required contributions or payments, under any applicable Law, on or before the due date for such contributions or payments,
(c) the receipt of a notice by a Governmental Authority relating to the intention to terminate any such Foreign Pension Plan or to appoint a trustee or similar official to administer any such Foreign Pension Plan, or alleging the insolvency of
any such Foreign Pension Plan, in any such case that results in the incurrence of any liability by the Borrower or any of its Subsidiaries, or the imposition on the Borrower or any of its Subsidiaries of any fine, excise tax or penalty in each case
in excess of $10,000,000 (or the Dollar equivalent thereof in another currency) and (d) the incurrence of any liability in excess of $10,000,000 (or the Dollar equivalent thereof in another currency) by the Borrower or any of its Subsidiaries
under applicable Law on account of the complete or partial termination of such Foreign Pension Plan or the complete or partial withdrawal of any participating employer therein, or (e) the occurrence of any transaction that is prohibited under
any applicable Law that results in the incurrence of any liability by the Borrower or any of its Subsidiaries, or the imposition on the Borrower or any of its Subsidiaries of any fine, excise tax or penalty resulting from any noncompliance with any
applicable Law, in each case in excess of $10,000,000 (or the Dollar equivalent thereof in another currency). 

“Foreign Lender” means any Lender that is 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 Pension Plan” means any benefit plan which under applicable foreign Law is required to be funded through a
trust or other funding vehicle other than a trust or funding vehicle maintained exclusively by a Governmental Authority. 

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

“FRB” means the Board of Governors of the Federal Reserve System of the United States. 

“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, subject to Section 1.03, 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, consistently applied and as in
effect from time to time. 
 “Governmental Authority” means the government of the United States 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). 

  
 9 

 “Guarantee” of or by any Person means any obligation, contingent or
otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any
obligation of such Person, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any
security for the payment of such Indebtedness or other obligation, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment of such Indebtedness or
other obligation or (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation; but,
provided, however, that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business. 
 “Guarantors” means each Domestic Subsidiary of the Borrower identified as a “Guarantor” on the signature pages hereto and each other Person that joins as a Guarantor pursuant to
Section 7.10 or otherwise, together with their successors and permitted assigns. 
 “Guaranty”
means the Guaranty made by the Guarantors in favor of the Administrative Agent and the Lenders pursuant to Article IV. 

“Hazardous Materials” mean (a) any petroleum products or byproducts and all other hydrocarbons, coal ash, asbestos
in friable form, urea formaldehyde foam insulation, polychlorinated biphenyls, chlorofluorocarbons and all other ozone-depleting substances, in each case regulated by any Environmental Law, and (b) any chemical, material, substance or waste
that is prohibited, limited or regulated by or pursuant to any Environmental Law due to its effect or potential effect on public health and the environment. 
 “Immaterial Subsidiary” means (a) any Subsidiary that (i) has not conducted any business during the twelve-month period preceding the date of determination and (ii) has
less than $50,000 in assets and (b) any Foreign Subsidiary whose (i) assets (together with the assets of its Subsidiaries represent less than 2% of consolidated assets of the Borrower and its Subsidiaries and (ii) revenue (together
with the revenue of its Subsidiaries represent less than 2% of consolidated revenue of the Borrower and its Subsidiaries. 

“Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money,
(b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional
sale or other title retention agreements relating to property or assets purchased by such Person, (e) all obligations of such Person issued or assumed as the deferred purchase price of property or services (excluding trade accounts payable and
accrued obligations incurred in the ordinary course of business), (f) 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 property
owned or acquired by such Person, whether or not the obligations secured thereby have been assumed, (g) all Guarantees by such Person of Indebtedness of third parties, (h) all Capital Lease Obligations of such Person, (i) all
obligations of such Person as an account party in respect of letters of credit, (j) all obligations of such Person in respect of bankers’ acceptances, and (k) all Receivables Program Indebtedness of such Person. The Indebtedness of
any Person shall (i) include the Indebtedness of any partnership in which such Person is a general partner, except to the extent the terms of such Indebtedness provide that such Indebtedness is not recourse to such Person and (ii) shall
exclude Equity Notes Payable. 

  
 10 

 “Indemnified Taxes” means Taxes, other than Excluded Taxes and Other Taxes,
imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document. 

“Indemnitees” has the meaning specified in Section 11.04(b). 

“Information” has the meaning specified in Section 11.07. 

“Interest Payment Date” means (a) as to any Eurodollar 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 Eurodollar 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 last Business Day of each March, June, September and December and the Maturity Date. 
 “Interest Period” means with respect to any Eurodollar Rate Loan, the period commencing on the date of such Loan and ending on the numerically corresponding day in the calendar month that
is one, two, three or six months thereafter (or, subject to availability of all Lenders, two weeks, nine months or twelve months thereafter), as the Borrower may elect; provided, that (i) if any Interest Period would end on a day other
than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless, in the case of a Eurodollar Borrowing only, such next succeeding Business Day would fall in the next calendar month, in which case such Interest
Period shall end on the next preceding Business Day, (ii) any Interest Period pertaining to a Eurodollar Rate Loan that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in
the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Loan initially shall be the date on which such Loan is made and thereafter
shall be the effective date of the most recent conversion or continuation of such Loan and (iii) no Interest Period shall extend beyond the Maturity Date. 
 “Internal Revenue Code” means the Internal Revenue Code of 1986. 

“Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by
means of (a) the purchase or other acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or equity
participation or interest in, another Person, or (c) an Acquisition. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases, write-downs or write-offs
in the value of such Investment; however (i) Investments which are capital contributions or acquisitions of Equity Interests shall be valued at the amount actually contributed or paid to acquire such Equity Interests as of the date of
such contribution or payment less all cash distributions and returns of capital from the date such Investment is made through and including the date of calculation and (ii) Investments which are loans, advances, extensions of credit or
Guarantees shall be valued at the principal amount of such loan, advance or extension of credit outstanding as of the date of determination or, as applicable, the principal amount of the loan or advance outstanding as of the date of determination
actually Guaranteed. 
 “Investment Grade Ratings” means the Borrower’s Debt Ratings are
(i) BBB- or higher by S&P and (ii) Baa3 or higher by Moody’s (in each case with an outlook of stable or better). The Borrower shall be deemed to have obtained Investment Grade Ratings if it shall deliver to the Administrative
Agent letters from S&P and Moody’s to the effect that the Borrower’s non-credit-enhanced, senior unsecured long-term debt would receive the necessary rating assuming that the Administrative Agent, for the benefit of the holders of the
Obligations, had released its Liens in the Collateral (as defined in the Existing Credit Agreement). 
 “IRS”
means the United States Internal Revenue Service. 

  
 11 

 “Joinder Agreement” means a joinder agreement substantially in the form of
Exhibit 7.10 executed and delivered by a Domestic Subsidiary in accordance with the provisions of Section 7.10. 
 “JPMCB” means JPMorgan Chase Bank, N.A. and its successors. 

“JPMS” means J.P. Morgan Securities LLC and its successors, in its capacity as joint lead arranger and joint book
manager. 
 “KSM” shall mean Korea Seal Master Company Ltd. 

“Laws” means, collectively, all international, foreign, federal, state and local statutes, treaties, rules, regulations,
ordinances, codes and administrative or judicial precedents or authorities, including the legally binding interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof,
and all applicable administrative orders, licenses, authorizations and permits of, and agreements with, any Governmental Authority having the force of law. 
 “Lenders” means each of the Persons identified as a “Lender” on the signature pages hereto, each other Person that becomes a “Lender” in accordance with this Agreement
and their successors and assigns. 
 “Lending Office” means, as to any Lender, the office or offices, branch or
Affiliate 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. 

“Lien” means with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, encumbrance, charge or
security interest in or on such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the
foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 
 “Loan” means an extension of credit by a Lender to the Borrower under Article II in the form of the Term Loan. 

“Loan Documents” means this Agreement, each Note, each Joinder Agreement and the Fee Letter. 

“Loan Notice” means a notice of (a) a Borrowing of the Term Loan, (b) a conversion of Loans from one Type to
the other, or (c) a continuation of Eurodollar Rate Loans, in each case pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit 2.02. 

“Loan Parties” means, collectively, the Borrower and each Guarantor. 

“Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon, the
operations, business, properties, liabilities (actual or contingent) or financial condition of the Borrower and its Subsidiaries taken as a whole; (b) a material impairment of the ability of any Loan Party to perform its obligations under any
Loan Document to which it is a party; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against any Loan Party of any Loan Document to which it is a party. 

“Material Indebtedness” shall mean Indebtedness (other than the Obligations), or obligations in respect of one or more
Swap Contracts, of any one or more of the Borrower and the Subsidiaries in an aggregate principal amount exceeding $50,000,000. For purposes of determining Material Indebtedness, the “principal amount” of the obligations of the Borrower or
any Subsidiary in respect of any Swap Contract at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or such Subsidiary would be required to pay if such Swap Contract were terminated at such
time. 

  
 12 

 “Maturity Date” means the date that occurs 364 days after the date of this
Agreement; provided, however, that, if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day. 
 “Moody’s” means Moody’s Investors Service, Inc. and any successor thereto. 
 “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 
 “New Unsecured Debt” means unsecured Indebtedness issued by a Loan Party having the following characteristics: (i) such Indebtedness shall not contain any provision prohibiting the
creation or assumption of any Lien on any of the properties or assets of the Loan Parties, whether then owned or thereafter acquired, or prohibiting guaranties by the Borrower or any of its Subsidiaries, in either case, to secure or guarantee
payment of the Obligations or any agreement renewing, refinancing or extending the Obligations or this Agreement, (ii) no Default shall exist immediately prior to and after giving effect to the incurrence of such Indebtedness, (iii) the
Borrower shall be in compliance with Section 8.11 on a Pro Forma Basis after giving effect to the incurrence of such Indebtedness, and (iv) such Indebtedness shall be on terms and conditions reasonably determined by Administrative
Agent to be consistent with prevailing market terms and shall be issued pursuant to documentation reasonably satisfactory to the Administrative Agent. 
 “Note” has the meaning specified in Section 2.11. 

“Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party
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 any Loan Party or any Affiliate thereof 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. The foregoing shall also include (a) all obligations under any Swap Contract between any Loan Party or any Subsidiary and any Lender or Affiliate of a Lender and (b) all obligations under any Treasury
Management Agreement between any Loan Party or any Subsidiary and any Lender or Affiliate of a Lender. 
 “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. 

“Other Taxes” means all present or future stamp or documentary taxes or any other excise or property taxes, charges or
similar levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document. 

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

“Participant” has the meaning specified in Section 11.06(d). 

“Participant Register” has the meaning specified in Section 11.06(d). 

“PBGC” means the Pension Benefit Guaranty Corporation or any successor thereto. 

  
 13 

 “Permitted Acquisition” means an Acquisition by the Borrower or any
Subsidiary, provided that (i) in the case of an Acquisition of the Equity Interests of another Person, such Acquisition was not preceded by an unsolicited tender offer for such Equity Interests by, or proxy contest initiated by, the
Borrower or any Subsidiary; (ii) the property acquired (or the property of the Person acquired) in such Acquisition is used or useful in a line of business permitted by Section 8.08 and shall have had positive Consolidated EBITDA
over the twelve month period preceding such Acquisition; (iii) at the time of such transaction (A) both before and after giving effect thereto, no Default shall have occurred and be continuing and (B) the Borrower would be in
compliance with the covenants set forth in Section 8.11 and the Consolidated Leverage Ratio shall not exceed 3.00 to 1.0, in each case calculated on a Pro Forma Basis; and (iv) after giving effect to such Acquisition, there must be
at least $100,000,000 of unused and available Revolving Commitments (as defined in the Existing Credit Agreement). 

“Permitted Investments” shall mean: (a) direct obligations of, or obligations the principal of and interest on
which are unconditionally guaranteed by, the United States (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States), in each case maturing within one year from the date of acquisition
thereof; (b) investments in commercial paper maturing within 270 days from the date of acquisition thereof and having, at such date of acquisition, one of the three highest credit ratings obtainable from S&P or from Moody’s;
(c) investments in certificates of deposit, banker’s acceptances and time deposits maturing within one year from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered
by, any domestic office of any commercial bank organized under the laws of the United States or any State thereof that has a combined capital and surplus and undivided profits of not less than $500,000,000; (d) fully collateralized repurchase
agreements with a term of not more than 30 days for securities described in clause (a) above and entered into with a financial institution satisfying the criteria of clause (c) above; (e) investments in “money market funds”
within the meaning of Rule 2a-7 of the Investment Company Act of 1940, as amended, substantially all of whose assets are invested in investments of the type described in clauses (a) through (d) above; and (f) other short-term
investments utilized by Foreign Subsidiaries in accordance with normal investment practices for cash management in investments of a type analogous to the foregoing. 
 “Permitted Liens” means, at any time, Liens in respect of property of any Loan Party or any Subsidiary permitted to exist at such time pursuant to the terms of Section 8.02.

 “Person” means any natural person, corporation, limited liability company, trust, joint venture,
association, company, partnership, Governmental Authority or other entity. 
 “Plan” any employee pension
benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Internal Revenue Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such
plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
 “Platform” has the meaning specified in Section 7.04. 

“Prime Rate” means the rate of interest per annum publicly announced from time to time by JPMCB as its prime rate in
effect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. 

“Pro Forma Basis” means, with respect to any Acquisition, incurrence of Indebtedness, Restricted Payment or Asset Sale
(as the context requires), that for purposes of calculating the financial covenants set forth in Section 8.11, such transaction (and all other such Acquisitions, incurrences of Indebtedness, Restricted Payments and Asset Sales
consummated during the applicable period) shall be deemed to have occurred as of the first day of the most recently completed period of four consecutive fiscal quarters ending prior to such transaction for which the financial statements and
certificates required by Section 7.04(a) or 7.04(b) have been delivered or for which comparable financial statements have been filed with the SEC. All calculations referred to in this definition shall (i) with respect to any
Acquisition 

  
 14 

 
or Asset Sale, include only those adjustments that would be permitted or required by Regulation S-X under the Securities Act of 1933, are reviewed by the Borrower’s independent certified
public accountants and are based on reasonably detailed written assumptions reasonably acceptable to the Administrative Agent and (ii) be certified to by a Financial Officer as having been prepared in good faith based upon reasonable
assumptions. 
 “Program Receivables” shall mean all trade receivables and related contract rights originated
and owned by the Borrower or any Subsidiary and sold pursuant to the Receivables Program. 
 “Public Lender”
has the meaning specified in Section 7.04. 
 “Receivables Program” shall mean the Program
Receivables facility established pursuant to the Receivables Program Documentation. 
 “Receivables Program
Documentation” means any facility or arrangement involving (a) the sale of, or transfer of interests in, Program Receivables to Finsub in a “true sale” transaction and (b) the financing by Finsub of such Program
Receivables, either through the sale of, or transfer of interests in, such Program Receivables to Persons that are not Affiliates of the Borrower, the incurrence of Indebtedness by Finsub or otherwise; provided that the terms and conditions
of such other facility or arrangement (including those providing for recourse to the Borrower or any of its Subsidiaries other than Finsub) shall be subject to the prior written approval of the Administrative Agent (not to be unreasonably withheld).

 “Receivables Program Indebtedness” means all consideration or other amounts received by Finsub from the
purchaser or financier of Program Receivables under the Receivables Program less any amounts collected with respect to the Program Receivables sold or transferred to or financed by such purchaser or financier, regardless of whether such amount is
required to be reflected as a liability on the consolidated balance sheet of the Borrower and its Subsidiaries in accordance with GAAP (it being the intent of the parties that the amount of Receivables Program Indebtedness at any time outstanding
approximates as closely as possible the principal amount of Indebtedness that would be outstanding at such time under the Receivables Program if the same were structured as a secured lending agreement). 

“Register” has the meaning specified in Section 11.06(c). 

“Release” means any release, spill, emission, leaking, dumping, injection, pouring, deposit, disposal, discharge,
dispersal, leaching or migration into or through the environment. 
 “Related Parties” means, 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. 
 “Request for Credit Extension” means, with respect to a Borrowing, conversion or continuation of Loans, a Loan Notice. 

“Required Lenders” means, at any time, Lenders holding in the aggregate more than 50% of the outstanding Loans;
provided that, so long as there is more than one (1) Lender under this Agreement, “Required Lenders” means at least two (2) Lenders holding in the aggregate more than 50% of the outstanding Loans. 

“Responsible Officer” means the chief executive officer, president, chief financial officer, treasurer, assistant
treasurer or controller of a Loan Party, solely for purposes of the delivery of incumbency certificates pursuant to Section 5.01, the secretary or any assistant secretary of a Loan Party and, solely for purposes of notices given pursuant
to Article II, any other officer of the applicable Loan Party so designated by any of the foregoing officers in a notice to the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party
shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

  
 15 

 “Restricted Payment” means, with respect to any Person, (a) any
dividend or other distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, in respect of the Equity Interests of issued by such Person, (b) any redemption, purchase, retirement or
other acquisition for value of any Equity Interests issued by such Person or (c) the setting aside of any amount for any such purpose described in clauses (a) and (b). 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. and any
successor thereto. 
 “SEC” means the Securities and Exchange Commission, or any Governmental Authority
succeeding to any of its principal functions. 
 “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 Voting Stock is 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. 

“Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward
rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions,
interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar
transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any
kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master
Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement. 

“Taxes” means 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. 
 “Term Loan” has the meaning specified in Section 2.01. 
 “Term Loan Commitment” means, as to each Lender, its obligation to make its portion of the Term Loan to the Borrower pursuant to Section 2.01, in the principal amount set
forth opposite such Lender’s name on Schedule 2.01. The aggregate principal amount of the Term Loan Commitments of all of the Lenders as in effect on the Closing Date is $250,000,000. 

“Treasury Management Agreement” means any agreement governing the provision of treasury or cash management services,
including deposit accounts, overnight draft, credit or debit cards, funds transfer, automated clearinghouse, zero balance accounts, returned check concentration, controlled disbursement, lockbox, account reconciliation and reporting and trade
finance services and other cash management services. 
 “Type” means, with respect to any Loan, its character
as a Base Rate Loan or a Eurodollar Rate Loan. 
 “United States” and “U.S.” mean the United
States of America. 

  
 16 

 “Voting Stock” means, 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 has been suspended by the
happening of such a contingency. 
 “Withdrawal Liability” shall mean liability to a Multiemployer Plan as a
result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
  

	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 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 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. Except as otherwise specifically prescribed herein, all accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data
(including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied 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. Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness of
the Loan Parties and their 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. 

  
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 (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 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, (i) such ratio or requirement shall continue to
be computed in accordance with GAAP prior to such change therein and (ii) 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. 
 (c) Operating Lease Treatment. For purposes of calculations made pursuant to the terms of this Agreement, GAAP will be deemed to treat operating leases in a manner consistent with their
current treatment under generally accepted accounting principles as in effect on the Closing Date, notwithstanding any modifications or interpretive changes thereto that may occur thereafter. 

 

	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	Times of Day. 

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

ARTICLE II 

THE COMMITMENTS AND CREDIT EXTENSIONS 
  

	2.01	Term Loan. 

Term Loan. Subject to the terms and conditions set forth herein, each Lender severally agrees to make its portion of a term loan
(the “Term Loan”) to the Borrower in Dollars on the Closing Date in an amount not to exceed such Lender’s Term Loan Commitment. Amounts repaid or prepaid on the Term Loan may not be reborrowed. The Term Loan may consist of Base
Rate Loans or Eurodollar Rate Loans, as further provided herein. 
  

	2.02	Borrowings, Conversions and Continuations of Loans. 

 (a) The Borrowing, each conversion of Loans from one Type to the other, and each continuation of Eurodollar Rate Loans shall be made upon the Borrower’s irrevocable notice to the Administrative
Agent, which may be given by telephone. Each such notice must be received by the Administrative Agent not later than 12:00 noon (i) three Business Days prior to the requested date of any Borrowing of, conversion to or continuation of,
Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base Rate Loans, and (ii) on the requested date of any Borrowing of Base Rate Loans. Each telephonic notice by the Borrower pursuant to this Section 2.02(a) must
be confirmed promptly by delivery to the Administrative Agent of a written Loan Notice, appropriately completed and signed by a 

  
 18 

 
Responsible Officer of the Borrower. The Borrowing of, conversion to or continuation of Eurodollar Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in
excess thereof. The Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof. Each Loan Notice (whether telephonic or written) shall specify (i) whether the
Borrower is requesting a Borrowing, a conversion of Loans from one Type to the other, or a continuation of Eurodollar 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, and (v) if applicable, the duration of the Interest
Period with respect thereto. If the Borrower fails to specify a Type of a 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. Any such 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 Eurodollar Rate Loans. If the Borrower requests a Borrowing of, conversion
to, or continuation of Eurodollar Rate Loans in any Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. The initial Borrowing hereunder shall be a Borrowing of Base Rate Loans
unless the Borrower has delivered to the Administrative Agent, at least three (3) Business Days prior to the date of the proposed initial Borrowing, a funding indemnity letter reasonably satisfactory to the Administrative Agent. 

(b) Following receipt of a Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount 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 of the details of any automatic conversion to Base Rate Loans 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 immediately available funds at the Administrative Agent’s Office not later than 2:00 p.m. on the
Business Day specified in the applicable Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 5.02 and Section 5.01, 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 JPMCB 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 Eurodollar Rate Loan may be continued or converted only on the last day of the Interest Period for such Eurodollar Rate Loan. During the existence of a Default, no Loans may be requested as, converted to or continued as Eurodollar
Rate Loans without the consent of the Required Lenders, and the Required Lenders may demand that any or all of the then outstanding Eurodollar Rate Loans be converted immediately to Base Rate Loans. 

(d) The Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to any Interest Period
for Eurodollar 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 the 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 ten Interest Periods in effect with respect to the Loans. 

  
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	2.03	[Reserved]. 

  

	2.04	[Reserved]. 

  

	2.05	Voluntary Prepayments. 

 The Borrower may, upon notice from the Borrower to the Administrative Agent, at any time or from time to time voluntarily prepay the Term Loan in whole or in part without premium or penalty;
provided that (A) such notice must be received by the Administrative Agent not later than 11:00 a.m. (1) three Business Days prior to any date of prepayment of Eurodollar Rate Loans and (2) on the date of prepayment of Base
Rate Loans; (B) any such prepayment of Eurodollar Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof (or, if less, the entire principal amount thereof then outstanding); and (C) any
prepayment of Base Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof (or, 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 Eurodollar 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. Any prepayment of a Eurodollar Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. Each such prepayment shall be applied to the
Loans of the Lenders in accordance with their respective Applicable Percentages. 
  

	2.06	[Reserved]. 

  

	2.07	Repayment of Loans. 

 The Borrower shall repay the outstanding principal amount of the Term Loan on the Maturity Date, unless accelerated sooner pursuant to Section 9.02. 

 

	2.08	Interest. 

(a) Subject to the provisions of subsection (b) below, (i) each Eurodollar Rate Loan shall bear interest on the outstanding
principal amount thereof for each Interest Period at a rate per annum equal to the sum of the Eurodollar 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.

  
 20 

 (iii) Upon the request of the Required Lenders, while any Event of Default
exists, 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.

  

	2.09	Fees. 

 (a)
Duration Fee. The Borrower shall pay to the Administrative Agent, for the account of each Lender, the following non-refundable duration fees: (i) on the first Business Day after the date that occurs 120 days after the Closing Date, a fee
equal to 0.125% of such Lender’s Term Loans as at 5:00 p.m. (New York time) on the day immediately preceding such Business Day; (ii) on the first Business Day after the date that occurs 180 days after the Closing Date, a fee equal to 0.25%
of such Lender’s Term Loans as at 5:00 p.m. (New York time) on the day immediately preceding such Business Day; and (iii) on the first Business Day after the date that occurs 270 days after the Closing Date, a fee equal to 0.50% of such
Lender’s Term Loans as at 5:00 p.m. (New York time) on the day immediately preceding such Business Day. 
 (b) Fee
Letter. The Borrower shall pay to JPMS and the Administrative Agent for their own respective accounts fees in the amounts and at the times specified in the Fee Letter. Such fees shall be fully earned when paid and shall not be refundable for any
reason whatsoever. 
  

	2.10	Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate. 

(a) All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to the Eurodollar Base 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). 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 2.12(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. 
 (b) If, as a result of any restatement of
or other adjustment to the financial statements of the Borrower or for any other reason, the Borrower or the Lenders determine that (i) the Consolidated Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and
(ii) a proper calculation of the Consolidated Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the
applicable Lenders, promptly on demand by the Administrative Agent (or, after 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, automatically and without
further action by the Administrative Agent or any Lender), an amount equal to the excess of the amount of interest and fees that should have 

  
 21 

 
been paid for such period over the amount of interest and fees actually paid for such period. This paragraph shall not limit the rights of the Administrative Agent or any Lender, as the case may
be, under Section 2.08(b) or under Article IX. The Borrower’s obligations under this paragraph shall survive the repayment of all the Obligations hereunder. 

 

	2.11	Evidence of Debt. 

 The Credit Extensions 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 Credit Extensions 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 promissory note, which shall evidence such Lender’s Loans in addition to such accounts or records. Each such promissory note shall
be in the form of Exhibit 2.11 (a “Note”). Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto. 

 

	2.12	Payments Generally; Administrative Agent’s Clawback. 

 (a) General. All payments to be made by the Borrower shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein,
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 Administrative Agent’s Office in Dollars and in immediately available funds not
later than 2:00 p.m. on the date specified herein. 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 after 2:00 p.m. shall 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. Unless the Administrative Agent shall have received notice from a
Lender prior to the proposed date of any Borrowing of Eurodollar 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 immediately
available funds with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (A) in the case of

  
 22 

 
a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation,
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 time at which any payment is due to the
Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon
such assumption, distribute to the Lenders the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed
to such Lender in immediately available 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 greater of the Federal Funds 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 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 Credit Extension set forth in Article V 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 11.04(c) are several and not joint. The failure of
any Lender to make any Loan, to fund any such participation or to make any payment under Section 11.04(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, to purchase its participation or to make its payment under Section 11.04(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. 
 (f) Insufficient Funds. If at
any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied (i) first, toward payment of interest and fees
then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, toward payment of principal then due hereunder, ratably among the parties
entitled thereto in accordance with the amounts of principal then due to such parties. 

  
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	2.13	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 or participations 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 are purchased and all or any portion of the payment giving rise thereto is recovered, such
participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and 
 (ii) the provisions of this Section shall not be construed to apply to (A) any payment made by or on behalf of the Borrower pursuant to and in accordance with the express terms of this Agreement or
(B) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than an assignment to any Loan Party or any Subsidiary thereof (as to which the
provisions of this Section shall apply). 
 Each Loan 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 such Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such
Lender were a direct creditor of such Loan Party in the amount of such participation. 
  

	2.14	Defaulting Lenders. 

 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, that 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 Section 11.01. 

ARTICLE III 
 TAXES, YIELD PROTECTION AND ILLEGALITY 
  

	3.01	Taxes. 

 (a)
Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. (i) Any and all payments by or on account of any obligation of the Loan Parties hereunder or under any other Loan Document shall to the extent permitted by
applicable Laws be made free and clear of and without reduction or withholding for any Taxes. If, however, applicable Laws require any Loan Party or the Administrative Agent to withhold or deduct any Tax, such Tax shall be withheld or deducted in
accordance with such Laws as determined by such Loan Party or the Administrative Agent, as the case may be, upon the basis of the information and documentation to be delivered pursuant to subsection (e) below. 

(ii) If the Loan Parties or the Administrative Agent shall be required by the Internal Revenue Code to withhold or deduct
any Taxes, including both United States Federal backup withholding and withholding taxes, from any payment, then (A) the Administrative Agent shall withhold or make such deductions as are determined by the Administrative Agent to be required
based upon the information and documentation it has received pursuant to subsection (e) below, (B) the Administrative Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with the
Internal Revenue Code, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes or Other Taxes, the sum payable by the Loan Parties shall be increased as necessary so that after any required withholding or
the making of all required deductions (including deductions applicable to additional sums payable under this Section) the Administrative Agent or any Lender, as the case may be, receives an amount equal to the sum it would have received had no such
withholding or deduction been made. 

  
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 (b) Payment of Other Taxes by the Loan Parties. Without limiting the provisions of
subsection (a) above, the Loan Parties shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Laws. 
 (c) Tax Indemnification. (i) Without limiting the provisions of subsection (a) or (b) above, the Loan Parties shall, and do hereby, indemnify the Administrative Agent and each
Lender, and shall make payment in respect thereof within ten days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts
payable under this Section) withheld or deducted by the Loan Parties or the Administrative Agent or paid by the Administrative Agent or such Lender, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with
respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. The Loan Parties shall also, and do hereby, indemnify the Administrative Agent, and shall
make payment in respect thereof within ten days after demand therefor, for any amount which a Lender for any reason fails to pay indefeasibly to the Administrative Agent as required by clause (ii) of this subsection. 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) Without limiting the provisions of subsection (a) or (b) above, each Lender shall, and does
hereby, indemnify the Loan Parties and the Administrative Agent, and shall make payment in respect thereof within ten days after demand therefor, against any and all Taxes and any and all related losses, claims, liabilities, penalties, interest and
expenses (including the fees, charges and disbursements of any counsel for the Borrower or the Administrative Agent) incurred by or asserted against the Borrower or the Administrative Agent by any Governmental Authority as a result of the failure by
such Lender to deliver, or as a result of the inaccuracy, inadequacy or deficiency of, any documentation required to be delivered by such Lender to the Borrower or the Administrative Agent pursuant to subsection (e). Each Lender hereby authorizes
the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this clause (ii). The agreements in this
clause (ii) shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all other
Obligations. 

  
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 (d) Evidence of Payments. Upon request by any Loan Party or the Administrative
Agent, as the case may be, after any payment of Taxes by such Loan Party or by the Administrative Agent to a Governmental Authority as provided in this Section 3.01, such Loan Party shall deliver to the Administrative Agent or the
Administrative Agent shall deliver to such Loan Party, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Law to report such payment or
other evidence of such payment reasonably satisfactory to such Loan Party or the Administrative Agent, as the case may be. 
 (e) Status of Lenders; Tax Documentation. (i) Each Lender shall deliver to the Borrower and to the Administrative Agent, at the time or times prescribed by applicable Laws or when reasonably
requested by the Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by applicable Laws or by the taxing authorities of any jurisdiction and such other reasonably requested information as will permit
the Borrower or the Administrative Agent, as the case may be, to determine (A) whether or not payments made hereunder or under any other Loan Document are subject to Taxes, (B) if applicable, the required rate of withholding or deduction,
and (C) such Lender’s entitlement to any available exemption from, or reduction of, applicable Taxes in respect of all payments to be made to such Lender by the Borrower pursuant to this Agreement or otherwise to establish such
Lender’s status for withholding tax purposes in the applicable jurisdiction. 
 (ii) Without limiting the
generality of the foregoing, if the Borrower is resident for tax purposes in the United States, 
 (A) any Lender
that is a “United States person” within the meaning of Section 7701(a)(30) of the Internal Revenue Code shall deliver to the Borrower and the Administrative Agent executed originals of Internal Revenue Service Form W-9 or such other
documentation or information prescribed by applicable Laws or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent, as the case may be, to determine whether or not such Lender is
subject to backup withholding or information reporting requirements; and 
 (B) each Foreign Lender that is
entitled under the Internal Revenue Code or any applicable treaty to an exemption from or reduction of withholding tax with respect to payments hereunder or under any other Loan Document shall 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 request of the Borrower or the Administrative Agent,
but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable: 
 (I)
executed originals of Internal Revenue Service Form W-8BEN claiming eligibility for benefits of an income tax treaty to which the United States is a party, 
 (II) executed originals of Internal Revenue Service Form W-8ECI, 

(III) executed originals of Internal Revenue Service Form W-8IMY and all required supporting documentation, 

(IV) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c)
of the Internal Revenue Code, (x) a certificate to the effect that such Foreign Lender is not (A) a “bank” 

  
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within the meaning of section 881(c)(3)(A) of the Internal Revenue Code, (B) a “10 percent shareholder” of the Borrower within the meaning of section 881(c)(3)(B) of the Internal
Revenue Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Internal Revenue Code and (y) executed originals of Internal Revenue Service Form W-8BEN, or 

(V) executed originals of any other form prescribed by applicable Laws as a basis for claiming exemption from or a
reduction in United States Federal withholding tax together with such supplementary documentation as may be prescribed by applicable Laws to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be
made. 
 (iii) Each Lender shall promptly (A) notify the Borrower and the Administrative Agent of any change
in circumstances which would modify or render invalid any claimed exemption or reduction, and (B) take such steps as shall not be materially disadvantageous to it, in the reasonable judgment of such Lender, and as may be reasonably necessary
(including the re-designation of its Lending Office) to avoid any requirement of applicable Laws of any jurisdiction that the Borrower or the Administrative Agent make any withholding or deduction for taxes from amounts payable to such Lender.

 (iv) If a payment made to a Lender under any Loan Document would be subject to United States 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 Internal Revenue 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 law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Internal Revenue 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 (iv), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement. 
 (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, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by any Loan Party or with respect to which
any Loan Party has paid additional amounts pursuant to this Section, it shall pay to such Loan Party an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by such Loan Party under this Section
with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses incurred by the Administrative Agent or such Lender, as the case may be, and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund), provided that each Loan Party, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to such Loan Party (plus any penalties, interest or other
charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. This subsection shall not be
construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes that it deems confidential) to the Borrower or any other Person. 

  
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	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 Eurodollar Base Rate, or to determine or charge interest rates based upon the Eurodollar Base 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 in the London 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 Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended and (ii) if such notice asserts the illegality of such Lender making or maintaining Base
Rate Loans the interest rate on which is determined by reference to the Eurodollar Base 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 Eurodollar Base 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, convert all of such Lender’s Eurodollar Rate Loans 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 Eurodollar Base 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 Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans and (y) if such notice asserts
the illegality of such Lender determining or charging interest rates based upon the Eurodollar Base Rate, the Administrative Agent shall during the period of such suspension compute the Base Rate applicable to such Lender without reference to the
Eurodollar Base 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 Eurodollar Base 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 the Required Lenders determine that for any reason in connection with any request for a Eurodollar Rate Loan or a conversion to or continuation thereof that (a) Dollar deposits are not being
offered to banks in the London interbank eurodollar market for the applicable amount and Interest Period of such Eurodollar Rate Loan, (b) adequate and reasonable means do not exist for determining the Eurodollar Base Rate for any requested
Interest Period with respect to a proposed Eurodollar Rate Loan or in connection with an existing or proposed Base Rate Loan, or (c) the Eurodollar Base Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan or
in connection with a Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly notify the Borrower and each Lender. Thereafter, (x) the obligation of the
Lenders to make or maintain Eurodollar Rate Loans shall be suspended and (y) in the event of a determination described in the preceding sentence with respect to the Eurodollar Base Rate component of the Base Rate, the utilization of the
Eurodollar Base 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 Eurodollar Rate Loans 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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	3.04	Increased Costs. 

 (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 reflected in the Eurodollar Rate); 

(ii) subject the Administrative Agent or any Lender to any Taxes (other than (A) Indemnified Taxes, (B) Excluded
Taxes and (C) Other 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
Eurodollar Rate Loans made by such Lender; 
 and the result of any of the foregoing shall be to increase the cost to the Administrative Agent
or such Lender of making or maintaining any Loan (or of maintaining its obligation to make any such Loan), or to reduce the amount of any sum received or receivable by the Administrative Agent or such Lender hereunder (whether of principal, interest
or any other amount) then, upon request of the Administrative Agent or such Lender, the Borrower will pay to the Administrative Agent or such Lender, as the case may be, such additional amount or amounts as will compensate the Administrative Agent
or such Lender, as the case may be, for such additional costs incurred or reduction suffered. 
 (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 and
liquidity), 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, with supporting calculations in reasonable detail,
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 ten 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 six months prior to the date that such Lender notifies the Borrower
of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the
six-month period referred to above shall be extended to include the period of retroactive effect thereof). 

  
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	3.05	Compensation for Losses. 

 Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrower shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense
incurred by it as a result of: 
 (a) any continuation, conversion, payment or prepayment of any Eurodollar 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 Eurodollar Rate Loan on the date or in the amount notified by
the Borrower; or 
 (c) any assignment of a Eurodollar 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 11.13; or 
 including any loss of anticipated profits,
foreign exchange losses 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 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 Eurodollar Rate Loan made by it at the Eurodollar Base Rate used in determining the Eurodollar 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 Eurodollar Rate Loan was in fact so funded. 

 

	3.06	Mitigation Obligations; Replacement of Lenders. 

 (a) Designation of a Different Lending Office. If any Lender requests compensation under Section 3.04, or the Borrower is required to pay any additional amount 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 such Lender shall, as applicable, 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, 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 additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, the Borrower may replace such Lender in accordance with Section 11.13.

  
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	3.07	Survival. 

All of the Loan Parties’ obligations under this Article III shall survive termination of the Commitments, repayment of all
other Obligations hereunder, and resignation of the Administrative Agent. 
 ARTICLE IV 

GUARANTY 
  

	4.01	The Guaranty. 

 Each of the Guarantors hereby jointly and severally guarantees to each Lender, each Affiliate of a Lender that enters into a Swap Contract or a Treasury Management Agreement with any Loan Party or any
Subsidiary, and the Administrative Agent as hereinafter provided, as primary obligor and not as surety, the prompt payment of the Obligations in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration, as a mandatory
cash collateralization or otherwise) strictly in accordance with the terms thereof. The Guarantors hereby further agree that if any of the Obligations are not paid in full when due (whether at stated maturity, as a mandatory prepayment, by
acceleration, as a mandatory cash collateralization or otherwise), the Guarantors will, jointly and severally, promptly pay the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any
of the Obligations, the same will be promptly paid in full when due (whether at extended maturity, as a mandatory prepayment, by acceleration, as a mandatory cash collateralization or otherwise) in accordance with the terms of such extension or
renewal. 
 Notwithstanding any provision to the contrary contained herein or in any other of the Loan Documents, Swap Contracts
or Treasury Management Agreements, the obligations of each Guarantor under this Agreement and the other Loan Documents shall not exceed an aggregate amount equal to the largest amount that would not render such obligations subject to avoidance under
applicable Debtor Relief Laws. 
  

	4.02	Obligations Unconditional. 

 The obligations of the Guarantors under Section 4.01 are joint and several, absolute and unconditional, irrespective of the value, genuineness, validity, regularity or enforceability of any of
the Loan Documents or other documents relating to the Obligations, or any substitution, release, impairment or exchange of any other guarantee of or security for any of the Obligations, and, to the fullest extent permitted by applicable law,
irrespective of any other circumstance whatsoever which might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, it being the intent of this Section 4.02 that the obligations of the Guarantors
hereunder shall be absolute and unconditional under any and all circumstances. Each Guarantor agrees that such Guarantor shall have no right of subrogation, indemnity, reimbursement or contribution against the Borrower or any other Guarantor for
amounts paid under this Article IV until such time as the Obligations have been paid in full and the Commitments have expired or terminated. Without limiting the generality of the foregoing, it is agreed that, to the fullest extent
permitted by Law, the occurrence of any one or more of the following shall not alter or impair the liability of any Guarantor hereunder, which shall remain absolute and unconditional as described above: 

(a) at any time or from time to time, without notice to any Guarantor, the time for any performance of or compliance with
any of the Obligations shall be extended, or such performance or compliance shall be waived; 

  
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 (b) any of the acts mentioned in any of the provisions of any of the Loan
Documents or other documents relating to the Obligations shall be done or omitted; 
 (c) the maturity of any of
the Obligations shall be accelerated, or any of the Obligations shall be modified, supplemented or amended in any respect, or any right under any of the Loan Documents or other documents relating to the Obligations shall be waived or any other
guarantee of any of the Obligations or any security therefor shall be released, impaired or exchanged in whole or in part or otherwise dealt with; 
 (d) any Lien granted to, or in favor of, the Administrative Agent or any other holder of the Obligations as security for any of the Obligations shall fail to attach or be perfected; or 

(e) any of the Obligations shall be determined to be void or voidable (including, without limitation, for the benefit of
any creditor of any Guarantor) or shall be subordinated to the claims of any Person (including, without limitation, any creditor of any Guarantor). 
 With respect to its obligations hereunder, each Guarantor hereby expressly waives diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement that the Administrative
Agent or any other holder of the Obligations exhaust any right, power or remedy or proceed against any Person under any of the Loan Documents or any other document relating to the Obligations, or against any other Person under any other guarantee
of, or security for, any of the Obligations. 
  

	4.03	Reinstatement. 

 The obligations of the Guarantors under this Article IV shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of any Person in respect of the
Obligations is rescinded or must be otherwise restored by any holder of any of the Obligations, whether as a result of any Debtor Relief Law or otherwise, and each Guarantor agrees that it will indemnify the Administrative Agent and each other
holder of the Obligations on demand for all reasonable costs and expenses (including, without limitation, the fees, charges and disbursements of counsel) incurred by the Administrative Agent or such holder of the Obligations in connection with such
rescission or restoration, including any such costs and expenses incurred in defending against any claim alleging that such payment constituted a preference, fraudulent transfer or similar payment under any Debtor Relief Law. 

 

	4.04	Certain Additional Waivers. 

 Each Guarantor agrees that such Guarantor shall have no right of recourse to security for the Obligations, except through the exercise of rights of subrogation pursuant to Section 4.02 and
through the exercise of rights of contribution pursuant to Section 4.06. 
  

	4.05	Remedies. 

The Guarantors agree that, to the fullest extent permitted by law, as between the Guarantors, on the one hand, and the Administrative
Agent and the other holders of the Obligations, on the other hand, the Obligations may be declared to be forthwith due and payable as specified in Section 9.02 (and shall be deemed to have become automatically due and payable in the
circumstances specified in said Section 9.02) for purposes of Section 4.01 notwithstanding any stay, injunction or other prohibition preventing such declaration (or preventing the Obligations from becoming automatically due
and payable) as against any other Person and that, in the event of such declaration (or the Obligations being deemed to have become automatically due and payable), the Obligations (whether or not due and payable by any other Person) shall forthwith
become due and payable by the Guarantors for purposes of Section 4.01. 

  
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	4.06	Rights of Contribution. 

 The Guarantors agree among themselves that, in connection with payments made hereunder, each Guarantor shall have contribution rights against the other Guarantors as permitted under applicable law. Such
contribution rights shall be subordinate and subject in right of payment to the obligations of such Guarantors under the Loan Documents and no Guarantor shall exercise such rights of contribution until all Obligations have been paid in full and the
Commitments have terminated. 
  

	4.07	Guarantee of Payment; Continuing Guarantee. 

 The guarantee in this Article IV is a guaranty of payment and not of collection, is a continuing guarantee, and shall apply to all Obligations whenever arising. 

ARTICLE V 

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS 
  

	5.01	Conditions of Effectiveness. 

 This Agreement shall be effective upon satisfaction of the following conditions precedent: 
 (a) Loan Documents. Receipt by the Administrative Agent of executed counterparts of this Agreement and the other Loan Documents, each properly executed by a Responsible Officer of the signing Loan
Party and, in the case of this Agreement, by each Lender. 
 (b) Opinions of Counsel. Receipt by the Administrative Agent
of favorable opinions of legal counsel to the Loan Parties, addressed to the Administrative Agent and each Lender, dated as of the Closing Date, and in form and substance satisfactory to the Administrative Agent. 

(c) No Material Adverse Change. There shall not have occurred a material adverse change since December 31, 2011 in the
business, assets, liabilities (actual or contingent), operations or financial condition of the Borrower and its Subsidiaries, taken as a whole. 
 (d) Organization Documents, Resolutions, Etc. Receipt by the Administrative Agent of the following, in form and substance satisfactory to the Administrative Agent: 

(i) copies of the Organization Documents of each Loan Party certified to be true and complete as of a recent date by the
appropriate Governmental Authority of the state or other jurisdiction of its incorporation or organization, where applicable, and certified by a Responsible Officer of such Loan Party to be true and correct as of the Closing Date; 

(ii) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible
Officers of each Loan Party as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan
Documents to which such Loan Party is a party; and 
 (iii) such documents and certifications as the
Administrative Agent may reasonably require to evidence that each Loan Party is duly organized or formed, and is validly existing, in good standing and qualified to engage in business in its state of organization or formation. 

  
 33 

 (e) Closing Certificate. Receipt by the Administrative Agent of a certificate signed
by a Responsible Officer of the Borrower certifying that the conditions specified in Section 5.01(c) and Sections 5.02(a) and (b) have been satisfied. 

(f) Fees. Receipt by the Administrative Agent, JPMS and the Lenders of any fees required to be paid on or before the Closing Date.

 (g) Attorney Costs. The Borrower shall have paid all fees, charges and disbursements of counsel to the Administrative
Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced prior to or on the Closing 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).

 Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of
determining compliance with the conditions specified in this Section 5.01, 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 Closing Date specifying its objection thereto.

  

	5.02	Conditions to all Credit Extensions. 

 The obligation of each Lender to honor any Request for Credit Extension is subject to the following conditions precedent: 
 (a) The representations and warranties of each Loan Party contained in Article VI 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 (or, if such representation or warranty is qualified by materiality or Material Adverse Effect, it shall be true and correct in all respects as drafted) on and as of the date
of such Credit Extension, 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 (or, if such representation or warranty is qualified
by materiality or Material Adverse Effect, it shall be true and correct in all respects as drafted) as of such earlier date. 

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

 (c) The Administrative Agent shall have received a Request for Credit Extension in accordance with the requirements hereof.

 Each Request for Credit Extension submitted by the Borrower shall be deemed to be a representation and warranty that the
conditions specified in Sections 5.02(a) and (b) have been satisfied on and as of the date of the applicable Credit Extension. 

  
 34 

 ARTICLE VI 
 REPRESENTATIONS AND WARRANTIES 
 The Loan Parties represent and warrant to
the Administrative Agent and the Lenders that: 
  

	6.01	Organization; Powers. 

 The Borrower and each of the Subsidiaries (a) (i) is duly organized, validly existing and in good standing under the Laws of the jurisdiction of its organization, (ii) has all requisite
power and authority to own its property and assets and to carry on its business as now conducted and as proposed to be conducted and (iii) is qualified to do business in, and is in good standing in, every jurisdiction where such qualification
is required, except where any such failure, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, and (b) has the power and authority to execute, deliver and perform its obligations under
each of the Loan Documents and each other agreement or instrument contemplated hereby to which it is or will be a party and, in the case of the Borrower, to borrow and receive other Credit Extensions hereunder. 

 

	6.02	Authorization. 

 The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is party (a) have been duly authorized by all requisite corporate or other organizational action
and, if required, equity holder action and (b) will not (i) violate (A) any provision of Law or of the Organization Documents of such Loan Party, (B) any order of any Governmental Authority or (C) any provision of any
indenture, agreement or other instrument to which such Loan Party is a party or by which any of them or any of their property is or may be bound, (ii) be in conflict with, result in a breach of or constitute (alone or with notice or lapse of
time or both) a default under, or give rise to any right to accelerate or to require the prepayment, repurchase or redemption of any obligation under any such indenture, agreement or other instrument, or (iii) result in the creation or
imposition of any Lien upon or with respect to any property or assets now owned or hereafter acquired by the Borrower or any Subsidiary. 
  

	6.03	Enforceability. 

 This Agreement has been duly executed and delivered by each Loan Party and constitutes, and each other Loan Document when executed and delivered by each Loan Party thereto will constitute, a legal, valid
and binding obligation of such Loan Party enforceable against such Loan Party in accordance with its terms, except as may be limited by applicable Debtor Relief Laws or by equitable principles relating to enforceability. 

 

	6.04	Governmental Approvals. 

 No action, consent or approval of, registration or filing with or any other action by any Governmental Authority is or will be required in connection with the execution, delivery or performance by, or
enforcement against, any Loan Party of this Agreement or any other Loan Document such as have been made or obtained and are in full force and effect. 
  

	6.05	Financial Statements. 

 The Borrower has heretofore furnished to the Lenders its audited consolidated balance sheets and statements of income, stockholders’ equity (in the case of the Borrower) and cash flows as of and for
the 

  
 35 

 
fiscal year ended December 31, 2011 and its unaudited consolidated balance sheets and statements of income, stockholders’ equity (in the case of the Borrower) and cash flows as of and
for the fiscal quarter ended March 31, 2012. Subject to normal year-end audit adjustments (in the case of unaudited statements), such financial statements present fairly the financial condition and results of operations and cash flows of the
Borrower and its consolidated Subsidiaries as of such dates and for such periods, such balance sheets and the notes thereto disclose all material liabilities, direct or contingent, of the Borrower and its consolidated Subsidiaries as of the dates
thereof, and such financial statements were prepared in accordance with GAAP. 
  

	6.06	No Material Adverse Change. 

 Since December 31, 2011, no event, change or condition has occurred that has had, or could reasonably be expected to have, a Material Adverse Effect. 

 

	6.07	Title to Properties; Possession Under Leases. 

 (a) Each of the Borrower and the Subsidiaries has valid title to, or valid leasehold interests in, all its material properties and assets, except for defects in title that do not interfere with its
ability to conduct its business as currently conducted or to utilize such properties and assets for their intended purposes. All such material properties and assets are free and clear of Liens, other than Permitted Liens. 

(b) Each of the Borrower and the Subsidiaries has complied with all material obligations under all material leases to which it is a party
and, to the Loan Parties’ knowledge, all such leases are in full force and effect. 
  

	6.08	Subsidiaries. 

 Schedule 6.08 sets forth as of the Closing Date a list of all Subsidiaries and the percentage ownership interest of the Borrower therein. The Equity Interests so indicated on Schedule 6.08
are fully paid and non-assessable and as of the Closing Date are owned by the Borrower, directly or indirectly, free and clear of all Liens, other than Liens created under the “Collateral Documents” (as defined in the Existing Credit
Agreement). 
  

	6.09	Litigation; Compliance with Laws. 

 (a) Except as set forth on Schedule 6.09, there are not any actions, suits or proceedings at law or in equity or by or before any Governmental Authority now pending or, to the knowledge of the Loan
Parties, threatened against or affecting the Borrower or any Subsidiary or any business, property or rights of any such Person (i) that involve any Loan Document or the transactions contemplated thereby or (ii) which could reasonably be
expected, individually or in the aggregate, to result in a Material Adverse Effect. 
 (b) None of the Borrower or any of the
Subsidiaries or any of their respective material properties or assets is in violation of any Law, or is in default with respect to any judgment, writ, injunction, decree or order of any Governmental Authority, where such violation or default could
reasonably be expected to result in a Material Adverse Effect. 

  
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	6.10	Agreements. 

(a) Neither the Borrower, nor any of the Subsidiaries is a party to any Contractual Obligation or subject to any corporate or similar
restriction that has resulted or could reasonably be expected to result in a Material Adverse Effect. 
 (b) Neither the
Borrower, nor any of the Subsidiaries is in default in any manner under any provision of any indenture or other agreement or instrument evidencing Indebtedness, or any other material Contractual Obligation to which it is a party or by which it or
any of its properties or assets are or may be bound, where such default could reasonably be expected to result in a Material Adverse Effect. 
  

	6.11	Federal Reserve Regulations. 

 (a) Neither the Borrower, nor any of the Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of buying or carrying margin stock
(within the meaning of Regulation U issued by the FRB). 
 (b) No part of the proceeds of any Loan will be used, whether
directly or indirectly, and whether immediately, incidentally or ultimately, for any purpose that entails a violation of, or that is inconsistent with, the provisions of the regulations issued by the FRB, including Regulation T, U or X. 

(c) Following the application of the proceeds of each Borrowing, not more than 25% of the value of the assets (either of the Borrower
only or of the Borrower and its Subsidiaries on a consolidated basis) subject to the provisions of Section 8.02 or Section 8.05 or subject to any restriction contained in any agreement or instrument between the Borrower and any Lender or
any Affiliate of any Lender relating to Indebtedness and within the scope of Section 9.01(e) will be margin stock. 
  

	6.12	Investment Company Act. 

 Neither the Borrower nor any Subsidiary is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940. 

 

	6.13	Use of Proceeds. 

 The Borrower will use the proceeds of the Credit Extensions to finance lawful corporate purposes. 
  

	6.14	Tax Returns. 

Each of the Borrower, and the Subsidiaries (a) has filed or caused to be filed all Federal, state, local and foreign Tax returns or
materials required to have been filed by it except for foreign filings the delinquency of which could not reasonably be expected to have a Material Adverse Effect, and (b) has paid or caused to be paid all Taxes due and payable by it and all
material written assessments received by it, except Taxes that are being contested in good faith by appropriate proceedings and for which the Borrower or such Subsidiary, as applicable, shall have set aside on its books adequate reserves.

  

	6.15	No Material Misstatements. 

 None of the information, reports, financial statements, exhibits or schedules furnished by or on behalf of the Borrower to the Administrative Agent, JPMS or any Lender in connection with the negotiation
of any Loan Document or included therein or delivered pursuant thereto contained, contains 

  
 37 

 
or will contain any material misstatement of fact or omitted, omits or will omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which
they were, are or will be made, not misleading; provided that to the extent any such information, report, financial statement, exhibit or schedule was based upon or constitutes a forecast or projection, the Loan Parties represent only that
they acted in good faith and utilized reasonable assumptions and due care in the preparation of such information, report, financial statement, exhibit or schedule. 
  

	6.16	Employee Benefit Plans. 

 Each of the Borrower and its ERISA Affiliates is in compliance in all respects with the applicable provisions of ERISA and the Internal Revenue Code and the regulations and published interpretations
thereunder, except where such non-compliance, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with
all other such ERISA Events, could reasonably be expected to result in a Material Adverse Effect. 
  

	6.17	Environmental Matters. 

 (a) Except as set forth in Schedule 6.17 and except with respect to any other matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect, neither the Borrower nor any of the Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has
received written notice of any claim with respect to any Environmental Liability or (iii) knows of any Release of any Hazardous Materials at any property owned or operated by the Borrower or any Subsidiary requiring any reporting,
investigative, cleanup, removal or response action pursuant to any applicable Environmental Law, which action has not been completed, except for Releases occurring pursuant to permits, licenses or approvals issued pursuant to Environmental Laws.

 (b) Since the Closing Date, there has been no change in the status of the matters disclosed on Schedule 6.17 that,
individually or in the aggregate, has resulted in, or materially increased the likelihood of, a Material Adverse Effect. 
  

	6.18	Insurance. 

The Borrower and its Subsidiaries have insurance in such amounts and covering such risks and liabilities as are in accordance with normal
industry practice. 
  

	6.19	[Reserved]. 

  

	6.20	Labor Matters. 

 As of the Closing Date, there are no strikes, lockouts or slowdowns against the Borrower or any Subsidiary pending or, to the knowledge of the Loan Parties, threatened. Except with respect to any
violations that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, the hours worked by and payments made to employees of the Borrower and the Subsidiaries have not been in violation of the
Fair Labor Standards Act or any other applicable Federal, state, local or foreign Law dealing with such matters. All payments due from the Borrower or any Subsidiary, or for which any claim may be made against the Borrower or any Subsidiary, on
account of wages and employee health and welfare insurance and other benefits, have been paid or accrued as a liability on the books of the Borrower or such Subsidiary except where the failure to make or accrue any such payments, individually or in
the aggregate, could not reasonably be expected to result in a Material 

  
 38 

 
Adverse Effect. The consummation of the transactions contemplated by the Loan Documents will not give rise to any right of termination or right of renegotiation on the part of any union under any
collective bargaining agreement to which the Borrower or any Subsidiary is bound. 
  

	6.21	Solvency. 

Immediately following the making of each Credit Extension and after giving effect to the application of the proceeds of thereof,
(a) the fair value of the assets of each Loan Party, at a fair valuation, will exceed its debts and liabilities, subordinated, contingent or otherwise; (b) the present fair saleable value of the property of each Loan Party will be greater
than the amount that will be required to pay the probable liability of its debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (c) each Loan Party will be able to
pay its debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (d) each Loan Party will not have unreasonably small capital with which to conduct the business in which it is
engaged as such business is now conducted and is proposed to be conducted following the Closing Date. 
 ARTICLE VII

 AFFIRMATIVE COVENANTS 
 So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, each Loan Party shall and shall cause each Subsidiary to: 

 

	7.01	Existence; Businesses and Properties. 

 (a) Do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence, except as otherwise expressly permitted under Section 8.05 and except,
with respect to any Subsidiary, where the failure to do so could not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. 
 (b) Do or cause to be done all things necessary to obtain, preserve, renew, extend and keep in full force and effect the rights, licenses, permits, franchises, authorizations, patents, copyrights,
trademarks and trade names material to the conduct of the business of the Borrower and its Subsidiaries taken as a whole; maintain and operate such business in substantially the manner in which it is presently conducted and operated; comply in all
material respects with all applicable Laws, whether now in effect or hereafter enacted, except where the failure to do so could not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect; and at all times
maintain and preserve all property material to the conduct of such business and keep such property in good repair, working order and condition and from time to time make, or cause to be made, all needful and proper repairs, renewals, additions,
improvements and replacements thereto necessary in order that the business carried on in connection therewith may be properly conducted at all times, except where the failure to do so could not reasonably be expected, individually or in the
aggregate, to result in a Material Adverse Effect. 
  

	7.02	Insurance. 

Keep its insurable properties adequately insured at all times by financially sound and reputable insurers (after giving effect to any
self-insurance in amounts customary in the Borrower’s industry); maintain such other insurance, to such extent and against such risks, including fire and other risks insured against by extended coverage, as is customary with companies in the
same or similar businesses operating in the same or similar locations, including public liability insurance against claims for personal injury or death or property damage occurring upon, in, about or in connection with the use of any properties
owned, occupied or controlled by it; and maintain such other insurance as may be required by Law. 

  
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	7.03	Obligations and Taxes. 

 Pay its Indebtedness promptly and in accordance with its terms and pay and discharge promptly when due all Taxes, assessments and governmental charges or levies imposed upon it or upon its income or
profits or in respect of its property, before the same shall become delinquent or in default, as well as all lawful claims for labor, materials and supplies or otherwise that, if unpaid, might give rise to a Lien upon such properties or any part
thereof; provided, however, that such payment and discharge shall not be required with respect to any such Tax, assessment, charge, levy or claim so long as (a) the validity or amount thereof shall be contested in good faith by
appropriate proceedings, (b) the Borrower or such Subsidiary shall have set aside on its books adequate reserves with respect thereto in accordance with GAAP, and (c) such contest operates to suspend collection of the contested obligation,
Tax, assessment or charge and enforcement of a Lien. 
  

	7.04	Financial Statements, Reports, etc. 

 In the case of the Borrower, furnish to the Administrative Agent: 

(a) within 100 days after the end of each fiscal year commencing with Borrower’s fiscal year ending December 31,
2012, its consolidated balance sheet and related statements of income, stockholders’ equity and cash flows showing the financial condition of the Borrower and its consolidated Subsidiaries as of the close of such fiscal year and the results of
its operations and the operations of such Subsidiaries during such year, all audited by PricewaterhouseCoopers LLP or other independent public accountants of recognized national standing and accompanied by an opinion of such accountants (which shall
not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements fairly present the financial condition and
results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP; 
 (b) within 50 days after the end of each of the first three fiscal quarters of each fiscal year, its consolidated balance sheet and related statements of income, stockholders’ equity and cash flows
showing the financial condition of the Borrower and its consolidated Subsidiaries as of the close of such fiscal quarter and the results of its operations and the operations of such Subsidiaries during such fiscal quarter and the then elapsed
portion of the fiscal year, compared with the results of its operations and the operations of its Subsidiaries in the corresponding quarter from the prior fiscal year, all certified by one of its Financial Officers as fairly presenting the financial
condition and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP, subject to normal year-end audit adjustments; 

(c) concurrently with any delivery of financial statements under Section 7.04(a) or 7.04(b) above, a
duly completed Compliance Certificate, signed by a Financial Officer of the Borrower; 
 (d) unless the Borrower
has Investment Grade Ratings, within 30 days after the end of each fiscal year of the Borrower, a detailed consolidated budget for the current fiscal year (including a projected consolidated balance sheet and related statements of projected
operations and cash flow as of the end of and for each quarter of such fiscal year and as of the end of and for such fiscal year and describing the assumptions used for purposes of preparing such budget) and, promptly when available, any significant
revisions of such budget; 

  
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 (e) promptly after the same become publicly available, copies of all
periodic and other reports, proxy statements and other materials filed by the Borrower or any Subsidiary with the SEC or with any national securities exchange, or distributed to its shareholders, as the case may be; 

(f) promptly after the receipt thereof by the Borrower or any of its Subsidiaries, a copy of any final “management
letter” received by any such Person from its certified public accountants and the management’s response thereto; and 
 (g) promptly, from time to time, such other information regarding the operations, business affairs and financial condition of the Borrower or any Subsidiary, or compliance with the terms of any Loan
Document, as the Administrative Agent or any Lender may reasonably request. 
 Documents required to be delivered pursuant to
Section 7.04(a), 7.04(b) or 7.04(e) (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 11.02; 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 telecopier 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 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. 

Notwithstanding the foregoing, so long as all of the Lenders hereunder are then party to the Existing Credit Agreement, the Borrower
shall be deemed to have delivered, and the Administrative Agent shall be deemed to have received, the items required to be furnished under this Section 5.01 when any such item is furnished by the Borrower pursuant to, and in accordance with the
terms of, the Existing Credit Agreement. 
 The Borrower hereby acknowledges that (a) the Administrative Agent and/or JPMS
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 IntraLinks or another similar electronic
system (the “Platform”) and (b) certain of the Lenders (each a “Public Lender”) 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 such Persons’ securities. The Borrower hereby agrees that (w) all Borrower Materials that are to be
made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials
“PUBLIC,” the Borrower shall 

  
 41 

 
be deemed to have authorized the Administrative Agent, JPMS and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect to the Borrower or
its securities for purposes of United States federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 11.07);
(y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated as “Public Side Information;” and (z) the Administrative Agent and JPMS shall be entitled to
treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform that is not marked as “Public Side Information.” Notwithstanding the foregoing, the Borrower shall be under
no obligation to mark any Borrower Materials “PUBLIC.” 
  

	7.05	Litigation and Other Notices. 

 Furnish to the Administrative Agent, for distribution to the Lenders, prompt written notice of the following: 
 (a) any Default, specifying the nature and extent thereof and the corrective action (if any) taken or proposed to be taken with respect thereto; 

(b) the filing or commencement of, or any threat or notice of intention of any Person to file or commence, any action,
suit or proceeding, whether at law or in equity or by or before any Governmental Authority, against the Borrower or any Affiliate thereof that could reasonably be expected to result in a Material Adverse Effect; 

(c) the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could
reasonably be expected to result in liability of the Borrower and the Subsidiaries in an aggregate amount exceeding $10,000,000; 
 (d) any notice from S&P or Moody’s indicating the possibility of an adverse change in the credit ratings applicable to the Borrower or any of its Indebtedness assigned by S&P or Moody’s
and promptly after the Borrower obtains knowledge of any change in the rating established by S&P or Moody’s, as applicable, with respect to the Debt Rating, a notice of such change, which notice shall specify the new rating, the date on
which such change was publicly announced, and such other information with respect to such change as the Administrative Agent may reasonably request; and 
 (e) any development that has resulted in, or could reasonably be expected to result in, a Material Adverse Effect. 
  

	7.06	Information Regarding Loan Parties. 

 (a) Furnish to the Administrative Agent prompt written notice of any change (i) in any Loan Party’s legal name or in any trade name used to identify it in the conduct of its business or in the
ownership of its properties, (ii) jurisdiction of organization of any Loan Party, (iii) in any Loan Party’s identity or legal organization structure or (iv) in any Loan Party’s Federal Taxpayer Identification Number.

 (b) Each year, at the time of delivery of the annual financial statements with respect to the preceding fiscal year pursuant
to Section 7.04(a), deliver to the Administrative Agent a certificate of a Financial Officer (i) confirming that there has been no change since the Closing Date or the date of the most recent certificate delivered pursuant to this
Section 7.06(b) to any of the items set forth in Section 7.06(a) and (ii) setting forth supplements to Schedule 6.08 as are necessary such that, as supplemented, such Schedule would be accurate and complete
as of the date of the most recent certificate delivered pursuant to this Section 7.06(b). 

  
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	7.07	Maintaining Records; Access to Properties and Inspections. 

 (a) Keep proper books of record and account in which full, true and correct entries in conformity with GAAP and all requirements of Law are made of all dealings and transactions in relation to its
business and activities. 
 (b) Permit any representatives designated by the Administrative Agent or any Lender to visit and
inspect the financial records and the properties of the Borrower or any Subsidiary at reasonable times and as often as reasonably requested and to make extracts from and copies of such financial records, and permit any representatives designated by
the Administrative Agent or any Lender to discuss the affairs, finances and condition of the Borrower or any Subsidiary with the officers thereof and independent accountants therefor; provided that any such visit or inspection does not
interfere with the normal operation of such business conducted at the properties, and provided further that reasonable prior notice of any discussions with the Borrower’s independent accountants shall be given to Borrower and
Borrower shall have the opportunity to be present and participate in any such discussions. 
  

	7.08	Use of Proceeds. 

 Use the proceeds of the Credit Extensions to finance lawful corporate purposes, provided that in no event shall the proceeds of the Credit Extensions be used in contravention of any Law or of any
Loan Document. 
  

	7.09	Debt Ratings. 

 In the case of the Borrower, maintain Debt Ratings. 
  

	7.10	Additional Subsidiaries. 

 Within forty-five days after the acquisition or formation of any (i) Domestic Subsidiary or (ii) any Foreign Subsidiary that is a direct Subsidiary of a Loan Party: 

(a) notify the Administrative Agent thereof in writing, together with the (i) jurisdiction of formation,
(ii) number of shares of each class of Equity Interests outstanding, (iii) number and percentage of outstanding shares of each class owned (directly or indirectly) by the Borrower or any Subsidiary and (iv) number and effect, if
exercised, of all outstanding options, warrants, rights of conversion or purchase and all other similar rights with respect thereto; and 
 (b) except as provided below, if such Subsidiary is a Domestic Subsidiary (other than an Excluded Subsidiaries, unless the Borrower otherwise consents in writing), cause such Person to (i) become a
Guarantor by executing and delivering to the Administrative Agent a Joinder Agreement or such other documents as the Administrative Agent shall deem appropriate for such purpose, and (ii) upon the request of the Administrative Agent in its sole
discretion, deliver to the Administrative Agent such Organization Documents, resolutions and favorable opinions of counsel, all in form, content and scope reasonably satisfactory to the Administrative Agent. Notwithstanding the forgoing, Finsub
shall not be required to become a Guarantor. 
 Notwithstanding the foregoing, the requirements set forth in
Section 7.10(b) shall not apply to any Domestic Subsidiary that is a direct Subsidiary of a Foreign Subsidiary, if such requirements would 

  
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cause the undistributed earnings of such Foreign Subsidiary, as determined for United States federal income tax purposes, to be treated as a deemed dividend to the Foreign Subsidiary’s
parent, or otherwise result in a material adverse tax consequence. 
 ARTICLE VIII 

NEGATIVE COVENANTS 
 So long as any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, no Loan Party shall, nor shall it permit any Subsidiary to, directly or indirectly: 

 

	8.01	Indebtedness. 

 Incur, create, assume or permit to exist any Indebtedness, except: 

(a) Indebtedness existing on the Closing Date and set forth in Schedules 8.01 (and renewals, refinancings and
extensions thereof); provided that the amount of such Indebtedness is not increased at the time of such refinancing, renewal 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; 
 (b) Indebtedness under the Loan Documents and Indebtedness under the Existing Credit Agreement; 
 (c) intercompany Indebtedness to the extent that the loan or advance to the applicable debtor was permitted under Section 8.04; 

(d) Capital Lease Obligations and other Indebtedness incurred to finance the acquisition, construction or improvement of
any fixed or capital assets, including any Indebtedness assumed in connection with the acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition thereof, and extensions, renewals and replacements of any such
Indebtedness that do not increase the outstanding principal amount thereof; provided that the aggregate principal amount of Indebtedness shall not exceed $100,000,000 at any time outstanding; 

(e) Indebtedness under industrial revenue bonds in an aggregate principal amount not to exceed $20,000,000 at any time
outstanding; 
 (f) Indebtedness incurred by Foreign Subsidiaries in an aggregate principal amount not to exceed
$100,000,000 at any time outstanding; 
 (g) Receivables Program Indebtedness in an amount not exceeding
$200,000,000 in the aggregate at any time outstanding; 
 (h) Indebtedness solely in respect of surety and
performance bonds, bank guarantees, letters of credit and similar obligations in respect of contractual obligations of the Borrower or its Subsidiaries (including such contingent contractual obligations issued pursuant to the Calyon LOC Agreement),
provided that such obligations are (i) incurred in the ordinary course of business of the Borrower and the Subsidiaries and (ii) except as expressly permitted under Section 8.02(a), 8.02 (c), 8.02(f),
8.02(g) or 8.02(l), unsecured; 

  
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 (i) New Unsecured Debt; 

(j) (i) other secured Indebtedness incurred by the Loan Parties and (ii) other Indebtedness incurred by Subsidiaries
that are not Loan Parties in an aggregate principal amount for all such Indebtedness described in the forgoing subclauses (i) and (ii) not to exceed $200,000,000 at any time outstanding; 

(k) Guarantees with respect to Indebtedness permitted under this Section 8.01; provided that in the
case of any Guarantee provided by a Loan Party in respect of Indebtedness of a Subsidiary that is not a Loan Party, such Guarantee is also permitted under any of Sections 8.04(d) through 8.04(h); and 

(l) Guarantees with respect to the payment of the Existing Credit Agreement Obligations and any agreement renewing,
refinancing or extending the Existing Credit Agreement Obligations or the Existing Credit Agreement. 
 Notwithstanding the foregoing, this
Section 8.01 shall not (i) prohibit, restrict or impose any condition upon the ability of any Loan Party to Guarantee Indebtedness of any Loan Party or (ii) prohibit Guarantees by the Borrower or any Subsidiary to Guarantee payment of
the Existing Credit Agreement Obligations or the Existing Credit Agreement. 
  

	8.02	Liens. 

Create, incur, assume or permit to exist any Lien on any property or assets now owned or hereafter acquired by it or on any income or
revenues or rights in respect of any thereof, except: 
 (a) Liens existing on the Closing Date and set forth on
Schedule 8.02; provided that to the extent such Liens secure obligations, they shall secure only those obligations which they secure on the Closing Date and any extensions, renewals or replacements thereof to the extent the same are
permitted under Section 8.01; 
 (b) any Lien created under the “Loan Documents” as defined
in the Existing Credit Agreement and any other Lien securing the Existing Credit Agreement Obligations or any Indebtedness refinancing the Existing Credit Agreement Obligations; 

(c) any Lien existing on any property or asset prior to the acquisition thereof by the Borrower or any Subsidiary;
provided that (i) such Lien is not created in contemplation of or in connection with such acquisition and (ii) such Lien does not apply to any other property or assets of the Borrower or any Subsidiary; 

(d) Liens for taxes not yet due or which are being contested in compliance with Section 7.03; 

(e) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising
in the ordinary course of business and securing obligations that are not due and payable or which are being contested in compliance with Section 7.03; 

(f) pledges and deposits made in the ordinary course of business in compliance with workmen’s compensation,
unemployment insurance and other social security laws or regulations; 

  
 45 

 (g) deposits to secure the performance of bids, trade contracts (other than
for Indebtedness), leases (other than Capital Lease Obligations), statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

(h) zoning restrictions, easements, rights-of-way, restrictions on use of real property and other similar encumbrances
incurred in the ordinary course of business which, in the aggregate, are not substantial in amount and do not materially detract from the value of the property subject thereto or interfere with the ordinary conduct of the business of the Borrower or
any of its Subsidiaries; 
 (i) Liens on fixed or capital assets hereafter acquired (or, in the case of
improvements, constructed) by the Borrower or any Subsidiary that secure Indebtedness permitted by Section 8.01(d), provided that (i) such Liens are incurred, and the Indebtedness secured thereby is created, within 90 days
after such acquisition (or construction) and (ii) such Liens do not apply to any other property or assets of the Borrower or any Subsidiary; 
 (j) Liens on the property of Finsub incurred pursuant to the Receivables Program Documentation; 
 (k) Liens arising out of judgments or awards that do not constitute an Event of Default under Section 9.01(h) or in respect of which the Borrower or any of the Subsidiaries shall in good faith
be prosecuting an appeal or proceedings for review in respect of which there shall be secured a subsisting stay of execution pending such appeal or proceedings; 
 (l) Liens on assets of Foreign Subsidiaries securing Indebtedness permitted by Section 8.01(f); and 
 (m) Liens securing Indebtedness permitted by Section 8.01(j). 
 Notwithstanding the
foregoing, this Section 8.02 shall not prohibit, restrict or impose any condition upon the creation or assumption of any Lien on any of the properties or assets of the Loan Parties, whether now owned or hereafter acquired, to secure payment of
the Existing Credit Agreement Obligations or any agreement renewing, refinancing or extending the Existing Credit Agreement Obligations or the Existing Credit Agreement. 

 

	8.03	[Reserved]. 

  

	8.04	Investments. 

Make any Investment except: 
 (a) Investments existing on the Closing Date and set forth on Schedule 8.04; 
 (b) Investments in any Loan Party; 
 (c) Investments in any
Subsidiary that is not a Loan Party by any other Subsidiary that is not a Loan Party; 
 (d) Investments by Loan
Parties in Subsidiaries that are not Loan Parties in an aggregate amount not exceed $400,000,000 at any time outstanding; 

  
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 (e) Investments in Captive Insurance Company in an aggregate not to exceed
$5,000,000 at any time outstanding; 
 (f) Investments in an aggregate amount not to exceed $50,000,000, the
proceeds of which are used, directly or indirectly, to acquire from any third-party joint venture participant all such participant’s interest in a joint venture, with the result that the joint venture becomes a wholly owned Subsidiary,

 (g) Investments in Flowserve Sanmar Limited in an aggregate amount (when combined with all outstanding
Investments pursuant to Section 8.04(h)) not to exceed $15,000,000 at any time outstanding; 
 (h)
Investments (i) in KSM’s seals business acquired in exchange for, or in connection with an offsetting sale of, Flowserve International, Inc.’s existing interests in KSM’s bellows business; or (ii) in additional interests in
KSM for cash, or a combination of (i) and (ii), in an aggregate amount (when combined with all outstanding Investments pursuant to Section 8.04(g)) not to exceed $15,000,000 at any time outstanding; 

(i) Permitted Investments; 
 (j) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case in the ordinary course of
business; 
 (k) Investments consisting of loans and advances in the ordinary course of business to employees so
long as the aggregate principal amount thereof at any time outstanding shall not exceed $5,000,000; 
 (l) Swap
Contracts that are not speculative in nature, are entered into in the ordinary course of business and are related to interest rate hedging for floating interest rate exposure or hedging (including currency and commodity hedging) of bookings, sales,
income and dividends derived from the foreign operations of the Borrower or any Subsidiary or otherwise related to purchases from suppliers; 
 (m) Permitted Acquisitions; 
 (n) Investments in the form of
promissory notes and other non-cash consideration received in connection with any asset disposition or transfer permitted by this Agreement; 
 (o) Investments consisting of Guarantees of loans, in an aggregate amount outstanding at any time not to exceed $30,000,000, made by third parties to employees who are participants in the Borrower’s
stock purchase program, if implemented, to enable such employees to purchase common stock of the Borrower; 
 (p)
Investments consisting of Guarantees permitted by Section 8.01; 
 (q) other Investments (other than
Investments in Foreign Subsidiaries) so long as the aggregate amount of such Investments does not exceed $20,000,000 in the aggregate at any time outstanding. 

  
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 Notwithstanding the foregoing, this Section 8.04 shall not prohibit, restrict or impose any condition
upon the ability of any Subsidiary to make or repay loans or advances to any Loan Party. 
  

	8.05	Mergers, Consolidations and Sales of Assets. 

 (a) Mergers; Consolidations. Merge, dissolve, liquidate or consolidate with or into another Person, except that so long as no Default exists or would result therefrom, (a) the Borrower may
merge or consolidate with any of its Subsidiaries provided that the Borrower is the continuing or surviving corporation, (b) any Subsidiary may merge or consolidate with any other Subsidiary provided that if a Loan Party is a
party to such transaction, the continuing or surviving Person is a Loan Party, (c) the Borrower or any Subsidiary may merge or consolidate with any other Person in connection with a Permitted Acquisition provided that (i) if the
Borrower is a party to such transaction, the Borrower is the continuing or surviving corporation and (ii) if a Guarantor is a party to such transaction, the surviving Person shall be a Guarantor and (d) any Subsidiary that is not a
Guarantor may dissolve, liquidate or wind up its affairs at any time provided that such dissolution, liquidation or winding up, as applicable, could not reasonably be expected to have a Material Adverse Effect. 

(b) Asset Sales. Engage in any Asset Sale unless (i) such Asset Sale is for consideration at least 75% of which is
cash, (ii) such consideration is at least equal to the fair market value (in the case of an asset with a fair market value in excess of $30,000,000, as determined in good faith by the board of directors of the Borrower) of the assets being
sold, transferred, leased or disposed of and (iii) the fair market value of all assets sold, transferred, leased or disposed of pursuant to this Section 8.05(b) shall not exceed (i) $100,000,000 in any fiscal year or
(ii) $350,000,000 in the aggregate from and after the Closing Date, provided that the limitations set forth in this clause (iii) shall not apply to the non-recourse factoring of accounts receivable by Foreign Subsidiaries so long as
the aggregate outstanding amount of accounts receivable (assuming each such account receivable remains outstanding for the number of days provided in the applicable invoice for non-delinquent payment) at any time which have been so factored shall
not exceed $75,000,000.  
 (c) Asset Swaps. Engage in any Asset Swap unless all of the following conditions are
met: (i) if the fair market value of the assets transferred exceeds $25,000,000, the board of directors of the Borrower approves such exchange and the Borrower secures an appraisal given by an unaffiliated third party in form and substance
reasonably satisfactory to the Administrative Agent, (ii) the fair market value of all assets of the Borrower and the Subsidiaries transferred pursuant to Asset Swaps since the Closing Date shall not exceed $100,000,000 in the aggregate and
(iii) the fair market value of any property or assets received is at least equal to the fair market value of the property or assets so transferred. 
  

	8.06	Restricted Payments; Restrictive Agreements. 

 (a) Declare or pay, directly or indirectly, any Restricted Payment, except that: 
 (i) each Subsidiary may make Restricted Payments to Persons that own Equity Interests in such Subsidiary, ratably according to their respective holdings of the type of Equity Interest in respect of which
such Restricted Payment is being made; 
 (ii) the Borrower and each Subsidiary may declare and make dividend
payments or other distributions payable in the form of Equity Interests of such Person; 
 (iii) so long as no
Default exists or would result therefrom, the Borrower may repurchase shares of its capital stock owned by employees or make payments to employees in connection with the exercise of stock options, stock appreciation rights or similar equity

  
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incentives or equity based incentives upon termination of employment or in connection with the death or disability of such employees, in an aggregate amount not to exceed $5,000,000 in any fiscal
year; 
 (iv) so long as no Default exists or would result therefrom, the Borrower may repurchase shares of its
capital stock for contribution to employee benefit plans maintained by the Borrower and the Subsidiaries, in an aggregate amount not to exceed $10,000,000 in any fiscal year; 

(v) so long as no Default exists or would result therefrom and to the extent otherwise permitted by
Section 8.04, any non-wholly owned Subsidiary may acquire its own Equity Interests from its minority owner(s); and 
 (vi) the Borrower and its Subsidiaries may make other Restricted Payments so long as (A) no Default exists or would result therefrom, and (B) the Borrower is and would be in compliance with the
maximum Consolidated Leverage Ratio covenant set forth in Section 8.11 on a Pro Forma Basis. 
 Notwithstanding the foregoing, this
Section 8.06 shall not prohibit, restrict or impose any condition upon the ability of any Subsidiary to make Restricted Payments as permitted in the Existing Credit Agreement. 

(b) Except as provided on Schedule 8.06, enter into, incur or permit to exist any agreement or other arrangement that prohibits,
restricts or imposes any condition upon (i) the ability of the Borrower or any Loan Party to create, incur or permit to exist any Lien upon any of its property or assets to secure the Obligations or any Indebtedness refinancing the Obligations,
(ii) the ability of any Subsidiary to make Restricted Payments or to make or repay loans or advances to any Loan Party or (iii) the ability of any Loan Party to Guarantee Indebtedness of any Loan Party; provided that (A) the
foregoing shall not apply to restrictions and conditions imposed by Law or by any Loan Document or by the Existing Credit Agreement, (B) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to
the sale of assets or a Subsidiary pending such sale, provided such restrictions and conditions apply only to the assets or Subsidiary that is to be sold and such sale is permitted hereunder, (C) the foregoing shall not apply to the
restrictions and conditions imposed on Finsub under the Receivables Program Documentation, (D) the foregoing shall not apply to restrictions and conditions imposed on any Foreign Subsidiary by the terms of any Indebtedness of such Foreign
Subsidiary permitted to be incurred hereunder, and (E) subclause (i) of the foregoing shall not apply to (1) restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such
restrictions or conditions apply only to the property or assets securing such Indebtedness or (2) customary provisions in leases and other contracts restricting the assignment thereof. 

 

	8.07	Transactions with Affiliates. 

 Sell or transfer any property or assets to, or purchase or acquire any property, assets or services from, or otherwise engage in any other transactions with, any of its Affiliates, except that
(a) the Borrower or any Subsidiary may engage in any of the foregoing transactions at prices and on terms and conditions not less favorable to the Borrower or such Subsidiary than could be obtained on an arm’s-length basis from unrelated
third parties, (b) reasonable and customary fees may be paid to members of the board of directors, officers, employees and consultants for services rendered in the ordinary course of business, together with customary indemnities in connection
therewith and in accordance with applicable Law, (c) Restricted Payments may be made pursuant to Section 8.06, and (d) intercompany transactions permitted by this Agreement may be consummated. 

  
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	8.08	Business of Borrower and Subsidiaries. 

 Engage at any time in any business or business activity other than the business currently conducted by the Borrower and the Subsidiaries and business activities reasonably incidental thereto, including
any activities permitted hereunder, which, in the case of Finsub, shall be limited solely to performing its obligations under the Receivables Program Documentation. 
  

	8.09	Other Indebtedness and Agreements. 

 (a) If any Event of Default exists, amend or modify any of the terms of any Material Indebtedness if such amendment or modification would add or change any terms in a manner adverse to the Borrower or any
Subsidiary, or shorten the final maturity or average life to maturity or require any payment to be made sooner than originally scheduled or increase the interest rate applicable thereto. 

(b) Other than in accordance with the express terms of the subordination provisions or subordination agreement relating thereto, amend or
modify any of the terms of any subordinated Indebtedness or make any payments in respect of any subordinated Indebtedness. 

(c) Except as set forth on Schedule 8.09, pay in cash any amount in respect of any Indebtedness or preferred Equity Interests that
may at the obligor’s option be paid in kind or in other securities. 
  

	8.10	Fiscal Year. 

With respect to the Borrower, change its fiscal year-end to a date other than December 31; provided that the Borrower may use
a 52/53 week fiscal year ending around December 31. 
  

	8.11	Financial Covenants. 

 (a) Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio as of the end of any fiscal quarter of the Borrower to be greater than 3.25 to 1.0. 

(b) Consolidated Interest Coverage Ratio. Permit the Consolidated Interest Coverage Ratio as of the end of any fiscal quarter of
the Borrower to be less than 3.25 to 1.0. 
  

	8.12	Use of Proceeds. 

 Use the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of
the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose. 
 ARTICLE IX 
 EVENTS OF DEFAULT AND REMEDIES 

 

	9.01	Events of Default. 

 Any of the following shall constitute an Event of Default: 
 (a)
Non-Payment. Any Loan Party fails to pay (i) when and as required to be paid herein, and in the currency required hereunder, any amount of principal of any Loan, or (ii) within three Business

  
 50 

 
Days after the same becomes due, any interest on any Loan, or any fee due hereunder, or (iii) within five days after the same becomes due, any other amount payable hereunder or under any
other Loan Document; or 
 (b) Specific Covenants. Any Loan Party fails to perform or observe any term, covenant or
agreement contained in any of Section 7.01(a), 7.05 or 7.08 or Article VIII; or 
 (c) Other
Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in subsection (a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for
thirty days after the earlier of (i) a Responsible Office of the Borrower becoming aware thereof or (ii) notice thereof from the Administrative Agent to the Borrower; or 

(d) Representations and Warranties. Any representation or warranty made or deemed made in or in connection with any Loan Document
or the Credit Extensions hereunder, or any representation, warranty, statement or information contained in any report, certificate, financial statement or other instrument furnished in connection with or pursuant to any Loan Document, shall prove to
have been false or misleading in any material respect when so made, deemed made or furnished; or 
 (e) Cross-Default.
Any Loan Party or any Subsidiary shall (i) fail to pay any principal or interest, regardless of amount, due in respect of any Material Indebtedness when and as the same shall become due and payable (after giving effect to any applicable grace
period), or (ii) fail to observe or perform any other term, covenant, condition or agreement contained in any agreement or instrument evidencing or governing any such Indebtedness, in each case unless such failure has been waived pursuant to a
written waiver from the holder of such Material Indebtedness) if the effect of any failure referred to in this clause (ii) is to cause, or to permit the holder or holders of such Indebtedness or a trustee on its or their behalf to cause, such
Indebtedness to become due prior to its stated maturity; or 
 (f) Involuntary Proceedings, Etc. An involuntary
proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking (i) relief in respect of any Loan Party or any Subsidiary (other than any Immaterial Subsidiary), or of a substantial part of
the property or assets of any Loan Party or a Subsidiary (other than any Immaterial Subsidiary), under 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, (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Loan Party or any Subsidiary (other than any Immaterial Subsidiary) or for a substantial part of the
property or assets of any Loan Party or a Subsidiary (other than any Immaterial Subsidiary) or (iii) the winding-up or liquidation of any Loan Party or any Subsidiary (other than any Immaterial Subsidiary); and such proceeding or petition shall
continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; or 
 (g)
Voluntary Proceedings, Etc. Any Loan Party or any Subsidiary (other than any Immaterial Subsidiary) shall (i) voluntarily commence any proceeding or file any petition seeking relief under 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, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or the
filing of any petition described in Section 9.01(f), (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Loan Party or any Subsidiary (other than any
Immaterial Subsidiary) or for a substantial part of the property or assets of any Loan Party or any Subsidiary (other than any Immaterial Subsidiary), (iv) file an answer admitting the material allegations of a petition filed against it in any
such proceeding, (v) make a general assignment for the benefit of creditors, (vi) become unable, admit in writing its inability or fail generally to pay its debts as they become due or (vii) take any action for the purpose of
effecting any of the foregoing; or 

  
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 (h) Judgments. There is entered against any Loan Party or any Subsidiary (i) one
or more final judgments or orders for the payment of money in an aggregate amount (as to all such judgments or orders) exceeding the $10,000,000 (to the extent not covered by independent third-party insurance as to which the insurer has been
notified of the claim and does not dispute coverage), or (ii) any one or more non-monetary final judgments that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case,
(A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of thirty consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is
not in effect; or 
 (i) ERISA. An ERISA Event shall have occurred that, in the reasonable opinion of the Required
Lenders, when taken together with all other such ERISA Events, could reasonably be expected to result in a Material Adverse Effect; or 
 (j) Invalidity of Loan Documents. Any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in
full of all the Obligations, ceases to be in full force and effect; or any Loan Party or any other Person contests in any manner the validity or enforceability of any Loan Document; or any Loan Party denies that it has any or further liability or
obligation under any Loan Document, or purports to revoke, terminate or rescind any Loan Document; or 
 (k) Change of
Control. There occurs any Change of Control. 
  

	9.02	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 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 

(b) exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents or
applicable Law or equity; 
 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 without further act of the Administrative Agent or any Lender. 

  
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	9.03	Application of Funds. 

 After the exercise of remedies provided for in Section 9.02 (or after the Loans have automatically become immediately due and payable as set forth in the proviso to Section 9.02),
any amounts received on account of the Obligations shall 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 fees, premiums and scheduled periodic payments, and any interest accrued thereon, due under any Swap Contract between any Loan Party or any Subsidiary and any Lender, or any Affiliate of a Lender,
ratably among the Lenders (and, in the case of such Swap Contracts, Affiliates of Lenders) in proportion to the respective amounts described in this clause Third held by them; 

Fourth, to (a) payment of that portion of the Obligations constituting unpaid principal of the Loans,
(b) payment of breakage, termination or other payments, and any interest accrued thereon, due under any Swap Contract between any Loan Party or any Subsidiary and any Lender, or any Affiliate of a Lender and (c) payments of amounts due
under any Treasury Management Agreement between any Loan Party or any Subsidiary and any Lender, or any Affiliate of a Lender; 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 X 

ADMINISTRATIVE AGENT 
  

	10.01	Appointment and Authority. 

 Each of the Lenders hereby irrevocably appoints JPMCB 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 and the Lenders, and no Loan Party shall have rights as a third party beneficiary of any of such provisions. 
  

	10.02	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 

  
 53 

 
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, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with any Loan Party 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. 
  

	10.03	Exculpatory Provisions. 

 The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. 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; 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 any Loan
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 11.01 and 9.02) or (ii) in the absence of its own gross negligence or willful
misconduct. 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 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 V or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the
Administrative Agent. 
  

	10.04	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

  
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(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 Loan Parties), 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. 
  

	10.05	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. 
  

	10.06	Resignation of Administrative Agent. 

 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, then the retiring Administrative Agent may on behalf of the Lenders, appoint a successor
Administrative Agent meeting the qualifications set forth above; provided that if the Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall
nonetheless become effective in accordance with such notice and (a) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (b) 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 as the Required Lenders appoint a successor Administrative Agent as provided for above in this
Section. 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 retired) Administrative
Agent, and the retiring 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). 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 Administrative Agent’s resignation hereunder and under the
other Loan Documents, the provisions of this Article and Section 11.04 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or
omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent. 

  
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	10.07	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. 
  

	10.08	No Other Duties; Etc. 

 Anything herein to the contrary notwithstanding, none of the bookrunners, arrangers, syndication agents, documentation agents or co-agents shall have any powers, duties or responsibilities under this
Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent or a Lender hereunder. 
  

	10.09	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 any Loan Party, 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 arising under the Loan Documents 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 2.09 and 11.04) 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, if 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 2.09 and 11.04. 
 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. 

  
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	10.10	Guaranty Matters. 

 The Lenders irrevocably authorize the Administrative Agent, at its option and in its discretion, to release any Guarantor from its obligations under the Guaranty if such Person ceases to be a Subsidiary
as a result of a transaction permitted hereunder. 
 Upon request by the Administrative Agent at any time, the Required Lenders
will confirm in writing the Administrative Agent’s authority to release its interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty, pursuant to this Section 10.10.

 ARTICLE XI 
 MISCELLANEOUS 
  

	11.01	Amendments, Etc. 

 No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by any Loan Party therefrom, shall be effective unless in writing signed by the
Required Lenders and the Borrower or the applicable Loan Party, as the case may be, 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, further, that 
 (a) no such amendment, waiver or consent shall: 

(i) extend or increase the Commitment of a Lender without the written consent of such Lender whose Commitment is being
extended or increased (it being understood and agreed that a waiver of any condition precedent set forth in Section 5.02 or of any Default or a mandatory reduction in Commitments is not considered an extension or increase in Commitments
of any Lender); 
 (ii) postpone any date fixed by this Agreement or any other Loan Document for any payment
(excluding mandatory prepayments) of principal, interest, fees or other amounts due to the Lenders (or any of them) or any scheduled reduction of the Commitments hereunder or under any other Loan Document without the written consent of each Lender
entitled to receive such payment or whose Commitments are to be reduced; 
 (iii) reduce the principal of, or the
rate of interest specified herein on, any Loan, or (subject to clause (i) of the final proviso to this Section 11.01) any fees or other amounts payable hereunder or under any other Loan Document without the written consent of each
Lender entitled to receive such amount; provided, however, that only the consent of the Required Lenders shall be necessary to (A) amend the definition of “Default Rate” or waive any obligation of the Borrower to pay
interest at the Default Rate or (B) to amend any financial covenant hereunder (or any defined term used therein) even if the effect of such amendment would be to reduce the rate of interest on any Loan or to reduce any fee payable hereunder;

 (iv) change Section 9.03 in a manner that would alter the pro rata sharing of payments required
thereby without the written consent of each Lender directly affected thereby; 
 (v) change any provision of this
Section 11.01(a) or the definition of “Required Lenders” without the written consent of each Lender directly affected thereby; or 

  
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 (vi) release the Borrower without the consent of each Lender, or, except in
connection with a transaction permitted under Section 8.05, all or substantially all of the value of the Guaranty without the written consent of each Lender whose Obligations are guarantied thereby, except to the extent such release is
permitted pursuant to Section 10.10 (in which case such release may be made by the Administrative Agent acting alone); and 
 (b) unless also signed by the Administrative Agent, no amendment, waiver or consent shall affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document;

 provided, however, that notwithstanding anything to the contrary herein, (i) the Fee Letter may be amended, or rights or
privileges thereunder waived, in a writing executed only by the parties thereto and (ii) 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 of the United States supersedes the unanimous consent provisions set forth herein. 

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 more adversely than other affected Lenders shall require the consent of such Defaulting Lender. 
  

	11.02	Notices; Effectiveness; Electronic Communications. 

 (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 telecopier 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 any Loan Party or the Administrative Agent, to the address, telecopier number, electronic mail address or telephone number specified for such Person on Schedule 11.02; and 

(ii) if to any other Lender, to the address, telecopier 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 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 and other communications delivered through electronic communications to the extent provided in subsection (b) below,
shall be effective as provided in such subsection (b). 

  
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 (b) Electronic Communications. Notices and other communications to the Lenders
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 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), provided that if such
notice 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, 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. 
 (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 through
the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct
of such Agent Party; 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, telecopier or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, telecopier 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, telecopier number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one individual at or on
behalf of such Public Lender to at all times have selected the “Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with
such Public Lender’s compliance procedures and applicable Law, including United States Federal and state securities Laws, to make reference to Borrower Materials that are not made available through the “Public Side Information”
portion of the Platform and that may contain material non-public information with respect to the Borrower or its securities for purposes of United States Federal or state securities laws. 

  
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 (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 Loan Notices) purportedly given by or on behalf of any Loan Party 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 Loan Parties shall indemnify the Administrative Agent, each Lender and
the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of a Loan 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. 
  

	11.03	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 shall operate as a waiver thereof; nor
shall any single or partial exercise of any right, remedy, power or privilege hereunder or under any other Loan Document (including the imposition of the Default Rate) 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 Loan Parties 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 9.02 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 11.08 (subject to
the terms of Section 2.13), 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 any Loan Party 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 9.02 and (ii) in addition to the matters set forth in clauses (b) and (c) of the preceding proviso and subject to Section 2.13, 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. 
  

	11.04	Expenses; Indemnity; and Damage Waiver. 

 (a) Costs and Expenses. 
 (i) The Loan Parties shall pay (A) 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), 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 (B) all 

  
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out-of-pocket expenses incurred by the Administrative Agent (including the fees, charges and disbursements of any counsel for the Administrative Agent), and shall pay all fees and time charges
for attorneys who may be employees of the Administrative Agent, in connection with the enforcement or protection of its rights (1) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or
(2) in connection with the Loans made issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans. 

(ii) The Loan Parties shall pay all out-of-pocket expenses incurred by any Lender (limited in the case of fees, charges and disbursements
of counsel, to one counsel for the Lenders, as a whole, except in the case of an actual conflict of interest, in which case the Loan Parties shall be required to reimburse the fees, charges and disbursements of one additional counsel to similarly
situated Lenders that have such conflict) in connection with the enforcement or protection of its rights (i) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (ii) 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 Loan Parties. The Loan Parties 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 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 any Loan Party 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 or 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 a Loan Party or any of its Subsidiaries, or any Environmental Liability related in any way to a Loan 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 any Loan Party, and regardless of
whether any Indemnitee is a party thereto, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE; 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 any Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if such Loan Party has
obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction. 

(c) Reimbursement by Lenders. To the extent that the Loan Parties for any reason fail to indefeasibly pay any amount required
under subsection (a) or (b) of this Section to be paid by them to the Administrative Agent (or any sub-agent thereof) or any Related Party of any of the foregoing (and 

  
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without limiting their obligation to do so), 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
Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related
expense, as the case may be, was incurred by or asserted against the Administrative Agent (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 2.12(d). 
 (d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable law, no Loan Party shall assert, and each Loan Party 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 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 from the gross negligence or willful misconduct of such Indemnitee as determined by a final and nonappealable judgment of a court of competent
jurisdiction. 
 (e) Payments. All amounts due under this Section shall be payable within thirty days after demand
therefore, which demand shall be accompanied by a statement from the applicable Indemnitee setting forth such amount in reasonable detail. 
 (f) Survival. The agreements in this Section shall survive the resignation of the Administrative Agent, the replacement of any Lender, the termination of the Commitments and the repayment,
satisfaction or discharge of all the other Obligations. 
  

	11.05	Payments Set Aside. 

 To the extent that any payment by or on behalf of any Loan Party 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 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 Federal Funds 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. 

  
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	11.06	Successors and Assigns. 

 (a) Successors and Assigns Generally. The provisions of this Agreement and the other Loan Documents shall be binding upon and inure to the benefit of the parties hereto and thereto 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 or thereunder 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 and the other Loan Documents (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 related
Loans at the time owing to it 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 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 $1,000,000 in the case of an assignment of Term Loans unless each of the Administrative Agent and, so long as no Event of
Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided, however, that concurrent assignments to members of an Assignee Group and concurrent
assignments from members of an Assignee Group to a single assignee (or to an assignee and members of its Assignee Group) will be treated as a single assignment for purposes of determining whether such minimum amount has been met. 

(ii) Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all
the assigning Lender’s Loans and Commitments, and rights and obligations with respect thereto, assigned, except that this clause (ii) shall not prohibit any Lender from assigning all or a portion of its rights and obligations in respect of
its outstanding Term Loans on a non-pro rata basis; 

  
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 (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 (such consent not to be unreasonably withheld) shall be required unless (1) an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a
Lender or an Approved Fund; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having
received notice thereof; and 
 (B) the consent of the Administrative Agent (such consent not to be unreasonably
withheld or delayed) shall be required for assignments in respect of (1) any Term Loan Commitment if such assignment is to a Person that is not a Lender with a Commitment in respect of the Commitment subject to such assignment, an Affiliate of
such Lender or an Approved Fund with respect to such Lender or (2) any Term Loan to a Person that is not a Lender, an Affiliate of a Lender or an Approved Fund; and 

(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 shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 
 (v) No Assignment to Certain Persons. No such assignment shall be made to (A) the Borrower or any of the Borrower’s Affiliates or Subsidiaries or (B) a natural person. 

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 11.04 with respect
to facts and circumstances occurring prior to the effective date of such assignment). 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 and a register for the recordation of the names and addresses of the Lenders, and the
Commitments of, and principal amounts of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent
and the Lenders 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 Borrower and any Lender at any reasonable time and from time to time upon reasonable prior notice. 

  
 64 

 (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 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 other Lenders shall continue to deal solely and directly with
such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce
this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any
amendment, waiver or other modification described in Section 11.01(a) that affects such Participant. Subject to subsection (e) of this Section, 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. To the extent permitted by Law, each Participant also shall be
entitled to the benefits of Section 11.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.13 as though it were a Lender. Each Lender that sells a participation shall, acting
solely for this purpose as an agent of the Borrower (and such agency being solely for tax purposes), maintain a register on which it enters the name and address of each Participant and the principal amounts (and 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 Loans or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish
that such Loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender 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) Limitation on 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 that would be a Foreign Lender if it were a Lender 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; 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. 

  
 65 

	11.07	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 and its Affiliates’ respective partners, directors, officers, employees, agents, trustees, advisors and representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of
such Information and instructed to keep such Information confidential), (b) to the extent requested by any 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, (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 or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to
any swap or derivative transaction relating to a Loan Party and its obligations, (g) with the consent of the Borrower or (h) 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 a Loan Party or any Subsidiary relating
to the Loan Parties 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 such Loan Party or any
Subsidiary, provided that, in the case of information received from a Loan Party or any Subsidiary after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the
confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person
would accord to its own confidential information. 
 Each of the Administrative Agent and the Lenders acknowledges that
(a) the Information may include material non-public information concerning a Loan Party 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. 
  

	11.08	Set-off. 

If an Event of Default shall have occurred and be continuing, each 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 or any such Affiliate to or for the credit or the account of any Loan Party against any and all of the obligations of such Loan Party 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 such Loan Party may be contingent or unmatured or are owed to a
branch or office of such Lender different from the branch or office holding such deposit or obligated on such indebtedness. The rights of each Lender and their respective Affiliates under this Section are in addition to other rights and remedies
(including other rights of setoff) that such Lender or their respective Affiliates may have. Each Lender 

  
 66 

 
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. 
  

	11.09	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. 
  

	11.10	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 constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written,
relating to the subject matter hereof. Except as provided in Section 5.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received
counterparts hereof 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 telecopy or other electronic imaging means shall be effective as
delivery of a manually executed counterpart of this Agreement. 
  

	11.11	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 Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall
remain unpaid or unsatisfied. 
  

	11.12	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.

  
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	11.13	Replacement of Lenders. 

 If (i) any Lender requests compensation under Section 3.04, (ii) the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of
any Lender pursuant to Section 3.01 or (iii) a Lender (a “Non-Consenting Lender”) does not consent to a proposed change, waiver, discharge or termination with respect to any Loan Document that has been approved by
the Required Lenders as provided in Section 11.01 but requires unanimous consent of all Lenders or all Lenders directly affected thereby (as applicable), 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 11.06), all of its interests, rights and
obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that: 

(a) the Borrower shall have paid to the Administrative Agent the assignment fee specified in Section 11.06(b);

 (b) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans,
accrued interest thereon, accrued fees and all other amounts payable to it hereunder 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 any such assignment resulting from a Non-Consenting Lender’s failure to consent to a proposed
change, waiver, discharge or termination with respect to any Loan Document, the applicable replacement bank, financial institution or Fund consents to the proposed change, waiver, discharge or termination; 

provided, further, that the failure by such Lender to execute and deliver an Assignment and Assumption shall not impair the validity of the
removal of such Lender and the mandatory assignment of such Lender’s Commitments and outstanding Loans pursuant to this Section 11.13 shall nevertheless be effective without the execution by such Lender of an Assignment and
Assumption. 
 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. 
  

	11.14	Governing Law; Jurisdiction; Etc. 

 (a) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 (b) SUBMISSION TO JURISDICTION. EACH LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING
IN NEW YORK 

  
 68 

 
COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT 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 LOAN 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 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 LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT OR ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR
PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 
 (c) WAIVER OF VENUE. EACH LOAN 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 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 11.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT
OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 
  

	11.15	Waiver of Right to Trial by Jury. 

 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. 
  

	11.16	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), each of the

  
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Loan Parties acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (i) (A) the arranging and other services regarding this Agreement provided by the
Administrative Agent and JPMS are arm’s-length commercial transactions between the Loan Parties and their respective Affiliates, on the one hand, and the Administrative Agent and JPMS, on the other hand, (B) each of the Loan Parties has
consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each of the Loan Parties 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 and JPMS 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 Loan Parties or any of their respective Affiliates, or any other Person and (B) neither the Administrative Agent nor JPMS has any obligation to the Loan Parties or
any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative Agent and JPMS and their respective
Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Loan Parties and their respective Affiliates, and neither the Administrative Agent nor JPMS has any obligation to disclose any of such
interests to the Loan Parties and their respective Affiliates. To the fullest extent permitted by Law, each of the Loan Parties hereby waives and releases any claims that it may have against the Administrative Agent and JPMS with respect to any
breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 
  

	11.17	Electronic Execution of Assignments and Certain Other Documents. 

The words “execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption or
in any amendment or other modification hereof (including waivers and consents) 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. 
  

	11.18	USA PATRIOT Act Notice. 

 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. 
  

	11.19	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

  
 70 

 
judgment is given. The obligation of the Borrower in respect of any such sum due from it to the Administrative Agent or the Lenders 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 of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent 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 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 the Person to whom such obligation was owing against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to
the Administrative Agent in such currency, the Administrative Agent agrees to return the amount of any excess to the Borrower (or to any other Person who may be entitled thereto under applicable law). 

[SIGNATURE PAGES FOLLOW] 

  
 71 

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

					
	BORROWER:	 	FLOWSERVE CORPORATION,
		 	a New York corporation
			
		 	By:	 	 /s/ Michael S. Taff

		 	Name:	 	Michael S. Taff
		 	Title:	 	Senior Vice President and Chief Financial Officer
		
	GUARANTORS:	 	BW/IP NEW MEXICO, INC.,
		 	a Delaware corporation
			
		 	By:	 	 /s/ Ronald F. Shuff

		 	Name:	 	Ronald F. Shuff
		 	Title:	 	Director and President
		
		 	FLOWSERVE CANADA HOLDINGS LLC,
		 	a Delaware limited liability company
			
		 	By:	 	 /s/ Ronald F. Shuff

		 	Name:	 	Ronald F. Shuff
		 	Title:	 	Manager and President
		
		 	FLOWSERVE HOLDINGS, INC.,
		 	a Delaware corporation
			
		 	By:	 	 /s/ Ronald F. Shuff

		 	Name:	 	Ronald F. Shuff
		 	Title:	 	Director and President
		
		 	FLOWSERVE INTERNATIONAL, INC.,
		 	a Delaware corporation
			
		 	By:	 	 /s/ Ronald F. Shuff

		 	Name:	 	Ronald F. Shuff
		 	Title:	 	Director and President
		
		 	FLOWSERVE MANAGEMENT COMPANY,
		 	a Delaware business trust
			
		 	By:	 	 /s/ Ronald F. Shuff

		 	Name:	 	Ronald F. Shuff
		 	Title:	 	Managing Trustee
		
		 	FLOWSERVE US, INC.,
		 	a Delaware corporation
			
		 	By:	 	 /s/ Ronald F. Shuff

		 	Name:	 	Ronald F. Shuff
		 	Title:	 	Director and President

 Signature page to 
 Loan Agreement 

					
		 	 PMV-USA, INC.,
 a
Texas corporation

			
		 	By:	 	 /s/ Ronald F. Shuff

		 	Name:	 	Ronald F. Shuff
		 	Title:	 	Director and President
			
	ADMINISTRATIVE	 		 	
	AGENT:	 	JPMORGAN CHASE BANK, N.A.,
		 	as Administrative Agent
			
		 	By:	 	 /s/ Gregory T. Martin

		 	Name:	 	Gregory T. Martin
		 	Title:	 	Vice President
		
	LENDERS:	 	BANK OF AMERICA, N.A.,
		 	as a Lender and as Co-Syndication Agent
			
		 	By:	 	 /s/ Scott Blackman

		 		 	Name: Scott Blackman
		 		 	Title: Vice President
		
		 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
		 	as a Lender and as Co-Syndication Agent
			
		 	By:	 	 /s/ Andrew M. Widmer

		 		 	Name: Andrew M. Widmer
		 		 	Title: Vice President
		
		 	CRÉDIT AGRICOLE CORPORATE & INVESTMENT BANK,
		 	as a Lender
			
		 	By:	 	 /s/ Matthias Guillet

		 		 	Name: Matthias Guillet
		 		 	Title: Director
			
		 	By:	 	 /s/ Blake Wright

		 		 	Name: Blake Wright
		 		 	Title: Managing Director

 Signature page to 
 Loan AgreementForm of Authorized Purchaser Agreement

 Exhibit 10.1 

 

 Form of 
 AUTHORIZED PURCHASER AGREEMENT 
 This Authorized Purchaser Agreement (the
“Agreement”), dated as of                    , is entered into by and among United States Commodity Funds LLC, a Delaware limited liability
company (the “Sponsor”), the United States Commodity Funds Trust I, a Delaware statutory trust (the “Trust”), on its own behalf and on behalf of each series established and designated by the Trust as a fund and listed on Annex A
(each, a “Fund”), [AUTHORIZED PURCHASER], a [STATE/TYPE OF ENTITY] (the “Authorized Purchaser”). 
 This Agreement shall
constitute a separate agreement between the Authorized Purchaser, the Sponsor, the Trust and each Fund, as if such Fund had executed a separate Authorized Purchaser Agreement. The Authorized Purchaser hereby acknowledges that its rights and
obligations with respect to a Fund shall not create any right or other obligations with respect to any other Fund listed on Annex A, as amended from time to time, and acknowledges the additional limitation on liability of the Sponsor, Trust and the
Fund described in Section 10(c) of this Agreement. Any Fund that becomes a party hereto by executing an amendment to this Agreement substantially in the form of Annex B (each such amendment together with the schedules attached thereto, an
“Amendment”) shall become a party to this Agreement and any references herein to the Fund shall be treated as references to such Fund. The obligations of the Sponsor, Trust, the Authorized Purchaser and any Fund other than the Funds listed
on Annex A, will be subject to the terms and conditions of the Amendment to this Agreement to be entered into with that Fund. 

SUMMARY 
 The Sponsor serves in
its capacity as Sponsor of the Trust and each Fund pursuant to the Declaration of Trust and Trust Agreement dated as of May    2012, as amended or supplemented from time to time (the “Trust Agreement”). Brown Brothers
Harriman Co. (the “Administrator” or “Custodian”) and ALPS Distributors (the “Marketing Agent”) each serve as agents of the Sponsor and for all purposes of this Agreement, and all references to agreements, obligations
or duties of the Administrator, Custodian or Marketing Agent herein shall be deemed references to agreements, obligations of duties of the Sponsor acting through the relevant agent. As provided in the Trust Agreement and described in the prospectus
of the applicable Fund (the “Prospectus”), as supplemented and amended from time to time, Units of fractional undivided beneficial interest in and ownership of such Fund (the “Units”) may be created or redeemed through the
Marketing Agent by the Authorized Purchaser in aggregations of fifty thousand (50,000) Units (each aggregation, a “Creation Basket” or “Redemption Basket,” respectively; collectively, “Baskets”). Creation Baskets
are offered only pursuant to the most recent registration statement of a Fund, as declared effective by the Securities and Exchange Commission (the “SEC”) and as the same may be amended from time to time thereafter (collectively, the
“Registration Statement”). Authorized Purchasers are the only persons that may place orders to create and redeem Creation Baskets or Redemption Baskets. 
 Capitalized terms used but not defined in this Agreement shall have the meanings assigned to such terms in the applicable Prospectus of each Fund and the defined terms in the applicable schedules to this
Agreement or to the applicable Amendment for each fund as listed on Annex A. To the 

  
 1 

 Exhibit 10.1 

 

 
extent there is a conflict between any provision of this Agreement other than the indemnities provided in Section 9 and the provisions of the applicable Prospectus of each Fund, the
provisions of the Prospectus shall control. 
 To give effect to the foregoing premises and in consideration of the mutual covenants and
agreements set forth below, the parties hereto agree as follows: 
 Section 1. Order Placement. 

To place an order for the creation or redemption of one or more Baskets, an Authorized Purchaser must follow the procedures for creation and redemption
referred to in Section 3 of this Agreement and attached to this Agreement as Exhibit A; provided, however, that in the case of an Authorized Purchaser’s initial order to purchase one or more Creation Baskets on the first day the Baskets
are to be offered and sold, the procedures for creation will be as attached to this Agreement as Exhibit A-1. 
 Section 2. Status and
Obligations of Authorized Purchaser. 
 The Authorized Purchaser represents and warrants and covenants the following: 

(a) The Authorized Purchaser is a participant of the Depository Trust Company (“DTC”) (as such a participant, a “DTC
Participant”). If the Authorized Purchaser ceases to be a DTC Participant, the Authorized Purchaser shall give prompt notice to the Sponsor of such event, and this Agreement shall terminate immediately as of the date the Authorized Purchaser
ceased to be a DTC Participant. 
 (b) Unless Section 2(c) applies, the Authorized Purchaser is registered as a
broker-dealer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is a member in good standing of the Financial Industry Regulatory Authority (“FINRA”), and is qualified to act as a broker or dealer in
the states or other jurisdictions where the nature of its business so requires. The Authorized Purchaser will maintain any such registrations, qualifications and membership in good standing and in full force and effect throughout the term of this
Agreement. The Authorized Purchaser will comply with all applicable federal law, the laws of the states or other jurisdictions concerned, and the rules and regulations promulgated thereunder, including, but not limited to those applicable to
securities and commodities transactions, and with the Constitution, By-Laws and Conduct Rules of FINRA (if it is a FINRA member) to the extent the foregoing relate to the Authorized Purchaser’s transactions in, and activities with respect to
the Baskets. The Authorized Purchaser will not directly or indirectly offer or sell Units in or from any state or jurisdiction where they may not lawfully be offered or sold. 
 (c) If the Authorized Purchaser is offering or selling Units in jurisdictions outside the several states, territories, possessions of the United States and is otherwise not required to be registered,
qualified or a member of FINRA as set forth in Section 2(b) above, the Authorized Purchaser will (i) observe the applicable laws of the jurisdiction in which such offer and/or sale is made, (ii) comply with the full disclosure
requirements of the Securities Act of 1933, as amended (the “1933 Act”) and the Commodities Exchange Act, as amended (the “CEA”), and the rules and regulations promulgated thereunder, and (iii) conduct its business in
accordance with the spirit of the FINRA Conduct Rules, in each case to the extent the foregoing relate to the Authorized Purchaser’s transaction in, and activities with respect to the Baskets. 

  
 2 

 Exhibit 10.1 

 

 (d) The Authorized Purchaser has written policies and procedures reasonably designed to
comply with the money laundering and related provisions of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as amended (the “PATRIOT Act”), and the regulations
promulgated thereunder, if the Authorized Purchaser is subject to the requirements of the PATRIOT Act. 
 (e) The Authorized
Purchaser has the capability to send and receive communications via an authenticated telecommunication facility to and from the Sponsor and its agents, ALPS Distributors, Inc. and Brown Brothers Harriman & Co. The Authorized Purchaser shall
confirm such capability to the satisfaction of the Sponsor and the Marketing Agent by the end of the Business Day (as defined in Section 6) before placing its first order with the Marketing Agent (whether such order is to create or to redeem
Baskets). If required by the Marketing Agent, the Administrator or the Custodian with respect to authorized telecommunications by telephonic facsimile, the Authorized Purchaser shall enter into a separate agreement with the Marketing Agent, the
Administrator or the Custodian, as the case may be, indemnifying such party with respect to its communications by telephonic facsimile. 
 (f) Because new Baskets can be created and Units therein issued on an ongoing basis, at any point during the life of the trust, a “distribution,” as such term is used in the 1933 Act, may be
occurring with respect to resales of these Units. The Authorized Purchaser is cautioned that some of its activities may result in its being deemed a participant in a distribution in a manner that would render it a statutory underwriter and subject
it to the prospectus-delivery and liability provisions of the 1933 Act. The Authorized Purchaser should review the “What is the Plan of Distribution?” portion of the Prospectus and consult with its own counsel in connection with entering
into this Agreement and placing an Order (as defined in Section 3). In addition to satisfying the prospectus-delivery and disclosure requirements of the 1933 Act, the Authorized Purchaser and any other participant in the distribution of the
Units purchased by the Authorized Purchaser may also have the obligation to comply with the disclosure delivery requirements under the CEA. To the extent the Authorized Purchaser has distributed a Preliminary Prospectus to prospective investors, if
the Authorized Purchaser has been notified by the Sponsor of material changes made to that document as compared to the final Prospectus, the Authorized Purchaser shall give notice to any prospective investor who received the Preliminary Prospectus
of such material change prior to consummating a sale. 
 Section 3. Orders. 

(a) All orders to create or redeem Baskets shall be made in accordance with the terms of the Prospectus, this Agreement and the creation
and redemption procedures attached hereto as Exhibit A (the “Procedures”), except in the case of an Authorized Purchaser’s initial order to purchase one or more Creation Baskets on the first day the Baskets are to be offered and sold
which will be governed by the procedures set forth in Exhibit A-1. Each party will comply with such foregoing procedures to the extent applicable to it. The Sponsor may issue additional or other procedures from time to time relating to the manner of
creating or redeeming Baskets and the Authorized Purchaser will comply with such procedures. The Authorized Purchaser hereby 

  
 3 

 Exhibit 10.1 

 

 
consents to the use of recorded telephone lines; provided that the Sponsor shall promptly provide copies of recordings of any such calls to the Authorized Purchaser upon reasonable request by the
Authorized Purchaser unless such recordings have been erased or destroyed prior to receipt of such request in the normal course of business in accordance with the recording party’s general record keeping policies and procedures. The Sponsor
shall take such actions as necessary to satisfy Authorized Purchasers’ reasonable request for copies of recordings. 
 (b)
The Authorized Purchaser acknowledges and agrees it is acting solely as principal and not on behalf of any party for which it is acting (whether such party is a customer or otherwise), and that each order to create a Basket (a “Purchase
Order”) and each order to redeem a Basket (a “Redemption Order,” and each Purchase Order and Redemption Order, an “Order”) may not be withdrawn by the Authorized Purchaser. A form of Purchase/Redemption Order is attached
hereto as Exhibit B. 
 Section 4. Fees. 
 In connection with each Order by an Authorized Purchaser to create or redeem one or more Baskets, the Sponsor shall charge, and the Authorized Purchaser shall pay to the Sponsor, the Transaction Fee
applicable to such creation or redemption. The Transaction Fee may be adjusted from time to time as set forth in the Prospectus. 

Section 5. Authorized Persons. 

Concurrently with the execution of this Agreement and as requested in writing from time to time thereafter, the Authorized Purchaser shall deliver to the
Sponsor and the Marketing Agent, notarized and duly certified as appropriate by its secretary or other duly authorized official, a certificate in the form of Certified Authorized Persons of the Authorized Purchaser (attached as Schedule 2 to this
Agreement (or Schedule 2 to the applicable Amendment with respect to a Fund as set forth in Annex A hereto)) setting forth the names and signatures of all persons authorized to give instructions relating to activity contemplated hereby or by any
other notice, request or instruction given on behalf of the Authorized Purchaser (each, an “Authorized Person”). The Sponsor or the Marketing Agent may accept and rely upon such certificate as conclusive evidence of the facts set forth
therein and shall consider such certificate to be in full force and effect until the Sponsor receives a superseding certificate bearing a subsequent date. Upon the termination or revocation of authority of any Authorized Person by the Authorized
Purchaser, the Authorized Purchaser shall give immediate written notice of such fact to the Sponsor and the Marketing Agent, and such notice shall be effective upon receipt by the Sponsor. 
 Section 6. Creation Procedures. 
 On any Business Day, an Authorized Purchaser may
place an order with the Marketing Agent to create one or more Creation Baskets in accordance with this Agreement and the Procedures. Purchase orders must be placed by the Purchase Order Cut-off Time. The day on which the Marketing Agent receives a
valid Purchase Order is the Purchase Order Date. By placing a Purchase Order, an Authorized Purchaser agrees to deposit Treasuries, cash, or a combination of Treasuries and cash with the Custodian of the Fund. The number and type of contracts
specified shall be determined by the Sponsor, in its sole discretion, to meet the Fund’s investment objective and shall be purchased as a result of the Authorized Purchaser’s purchase of Units. 

  
 4 

 Exhibit 10.1 

 

 Prior to the delivery of Baskets for a Purchase Order, the Authorized Purchaser must also have wired to
the Custodian the non-refundable transaction fee due for the Purchase Order. “Treasuries” shall be any U.S. treasury security with two years or less remaining to maturity with an aggregate market value, as determined in the sole discretion
of the Administrator using the valuation procedures set forth in Exhibit C, that together with any cash amount, will equal the purchase price of the Creation Basket being purchased. 
 The total deposit required to create each basket (“Creation Basket Deposit”) will be an amount of Treasuries and/or cash that is in the same proportion to the total assets of the Fund (net of
estimated accrued but unpaid fees, expenses and other liabilities) on the date the order to purchase is accepted as the number of Units to be created under the Purchase Order is in proportion to the total number of Units outstanding on the date the
order is received. 
 The Sponsor determines, directly in its sole discretion, or in consultation with the Administrator, the requirements for
Treasuries and/or the amount of cash, including the maximum permitted remaining maturity of a Treasury and the proportions of Treasuries and cash, that may be included in deposits to create Baskets. The Marketing Agent will publish such requirements
at the beginning of each Business Day. Unless otherwise determined by the Sponsor, if Treasuries and cash are to be deposited, the amount of the cash deposit required will be the difference between (i) the aggregate market value of the
Treasuries required to be included in a Creation Basket Deposit as of 4:00 PM New York time on the Purchase Order Date and (ii) the total required deposit. 
 An Authorized Purchaser who places a Purchase Order is responsible for transferring to the Fund’s account with the Custodian the required amount of Treasuries and/or cash by the end of the third
Business Day following the Purchase Order Date, except in the case of an Authorized Purchaser’s initial order to purchase one or more Creation Baskets on the first day the Baskets are to be offered and sold when the Creation Basket Deposit will
be due by 12:00 PM New York time on the date the Purchase Order was accepted by the Marketing Agent. Upon receipt of the deposit amount, the Administrator will cause DTC to credit the number of Baskets ordered to the Authorized Purchaser’s DTC
account on the third Business Day following the Purchase Order Date, except in the case of an Authorized Purchaser’s initial order to purchase one or more Creation Baskets, when the Administrator will cause DTC to credit the number of Baskets
so ordered upon confirmation by the Custodian that the Creation Basket Deposit has been received by the Custodian. The expense and risk of delivery and ownership of Treasuries until such Treasuries have been received by the Custodian on behalf of
the Fund shall be borne solely by the Authorized Purchaser. 
 Section 7. Redemption Procedures. 

On any Business Day, an Authorized Purchaser may place an order with the Marketing Agent to redeem one or more Redemption Baskets in accordance with this
Section 7 and the Procedures. Redemption Orders must be placed by the Redemption Order Cut-off Time. A Redemption Order so received is effective on the date it is received in satisfactory form by the Marketing Agent. The day on which the
Marketing Agent receives a valid Redemption Order is the “Redemption Order Date”. By placing a Redemption Order, an Authorized Purchaser agrees to deliver the Redemption Basket to be redeemed through DTC’s book-entry system to the
Fund’s account with the Custodian not later than 12:00 PM New York time on the third Business Day following the effective date of the Redemption Order (“Redemption Distribution Date”). The number and type of contracts 

  
 5 

 Exhibit 10.1 

 

 
specified shall be determined by the Sponsor, in its sole discretion, to meet the Fund’s investment objective and shall be sold as a result of the Authorized Purchaser’s sale of Units.
Prior to the delivery of the redemption distribution for a Redemption Order, the Authorized Purchaser must also have wired to the Fund’s account at the Custodian the non-refundable Transaction Fee due for the Redemption Order. 

The redemption distribution from the Fund consists of a transfer to the redeeming Authorized Purchaser of an amount of Treasuries and/or cash with a
value that is in the same proportion to the total assets of the Fund (net of estimated accrued but unpaid fees, expenses and other liabilities) on the date the order to redeem is properly received as the number of Units to be redeemed under the
Redemption Order is in proportion to the total number of Units outstanding on the date the order is received. The Sponsor, directly or in consultation with the Administrator, will determine the requirements for Treasuries and/or the amount of cash,
including the maximum permitted remaining maturity of a Treasury, and the proportions of Treasuries and cash, that may be included in distributions to redeem Baskets. The Marketing Agent will publish an estimate of the redemption distribution per
basket as of the beginning of each business day. 
 The redemption distribution due from the Fund is delivered to the Authorized Purchaser on
the Redemption Distribution Date if, by 3:00 PM New York time on such Redemption Distribution Date, the Fund’s DTC account has been credited with the Baskets to be redeemed. If the Fund’s DTC account has not been credited with all of the
Baskets to be redeemed by such time, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets
received if the Fund receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Baskets to be redeemed are credited to the Fund’s DTC account by 3:00 PM
New York time on such next Business Day. Any further remaining amount of the redemption order shall be cancelled and the Authorized Purchaser will indemnify the Sponsor, the Trust and the Fund for any losses, if any, due to such cancellation,
including but not limited to the difference in the price of investments sold as a result of the redemption order and investments made to reflect that such order has been cancelled. Pursuant to instruction from the Sponsor, the Custodian may also
deliver the redemption distribution notwithstanding that the Baskets to be redeemed are not credited to the Fund’s DTC account by 3:00 PM New York time on the Redemption Distribution Date if the Authorized Purchaser has collateralized its
obligation to deliver the Baskets through DTC’s book entry system on such terms as the Sponsor may from time to time determine. 

Section 8. Role of Authorized Purchaser. 
 (a) The Authorized Purchaser acknowledges that, for all purposes of this Agreement, the Authorized Purchaser is and shall be deemed to be an independent contractor and has and shall have no authority to
act as agent for the Fund, the Trust, the Sponsor, the Marketing Agent, the Administrator or the Custodian in any matter or in any respect. 
 (b) The Authorized Purchaser will, to the extent reasonably practicable, make itself and its employees available, upon request, during normal business hours to consult with the Sponsor and the Marketing
Agent concerning the performance of the Authorized Purchaser’s responsibilities under this Agreement; provided that the Authorized Purchaser shall be under no 

  
 6 

 Exhibit 10.1 

 

 
obligation to divulge or otherwise discuss any information that the Authorized Purchaser believes (i) is confidential or proprietary in nature or (ii) the disclosure of which to third
parties would be prohibited. 
 (c) Notwithstanding the provisions of Section 8(b), the Authorized Purchaser will maintain
records of all sales of Creation Baskets made by or through it and, upon reasonable request of the Sponsor, except if prohibited by applicable law and subject to any privacy obligations or other obligations arising under federal or state securities
laws it may have to its customers, will furnish the Sponsor with the names and addresses of the purchasers of such Creation Baskets and the number of Creation Baskets purchased if and to the extent that the Sponsor, the Trust or the Fund has been
requested to provide such information to the Commodities Futures Trading Commission, Securities Exchange Commission, Financial Industry Regulatory Authority, or the Internal Revenue Service (“Fund Regulators”). For the avoidance of doubt,
all such information provided by the Authorized Purchaser shall be Confidential Information (as defined in Section 18) and shall not be used for any purpose other than to satisfy requests of Fund Regulators. 

(d) The Trust and/or the Fund may from time to time be obligated to deliver prospectuses, proxy materials, annual or other reports of the
Trust and/or the Fund or other similar information (“Fund Documents”) to its Unitholders. The Authorized Purchaser agrees (i) subject to any privacy obligations or other obligations arising under federal or state securities laws it
may have to its customers, to reasonably assist the Sponsor in ascertaining certain information regarding sales of Creation Baskets made by or through the Authorized Purchaser that is necessary for the Trust and/or the Fund to comply with such
obligations upon written request of the Sponsor or (ii) in lieu thereof, and at the option of the Authorized Purchaser, the Authorized Purchaser may undertake to deliver Fund Documents to the Authorized Purchaser’s customers that custody
Units with the Authorized Purchaser, after receipt from the Trust and/or the Fund of sufficient quantities of such Fund Documents to allow mailing thereof to such customers. The expenses associated with such transmissions shall be borne by the
Sponsor in accordance with usual custom and practice in respect of such communications. The Sponsor agrees that the names, addresses and other information concerning the Authorized Purchaser’s customers are and shall remain the sole property of
the Authorized Purchaser, and none of the Sponsor, the Trust, the Fund or any of their respective affiliates shall use such names, addresses or other information for any purposes except in connection with the performance of their duties and
responsibilities hereunder and except to the extent necessary for the Trust and/or the Fund to meet its regulatory requirements as set forth in Section 8(b) and in this Section 8(c) of the Agreement. 

  
 7 

 Exhibit 10.1 

 

 Section 9. Indemnification. 

(a) Indemnification of Authorized Purchaser. The Sponsor agrees to indemnify, defend and hold harmless the Authorized Purchaser, its
partners, stockholders, members, directors, officers, employees, affiliates, agents and any person who controls such persons within the meaning of Section 15 of the 1933 Act or Section 20 of the Exchange Act, and the successors and assigns
of all of the foregoing persons (each a “Sponsor Indemnified Person”), from and against any loss, damage, expense, liability or claim (including reasonable attorney fees and the reasonable cost of investigation) which the Authorized
Purchaser or any such person may incur under the 1933 Act, the Exchange Act, the CEA, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon: 

 

	 	(1)	any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or in the Registration Statement as amended or
supplemented) or in a Prospectus (the term Prospectus for the purpose of this Section 9 being deemed to include the Prospectus and the Prospectus as amended or supplemented) or any omission or alleged omission to state a material fact required
to be stated in either such Registration Statement or such Prospectus or necessary to make the statements made therein not misleading, except insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue
statement or alleged untrue statement of a material fact contained in and in conformity with information concerning the Authorized Purchaser furnished in writing by or on behalf of the Authorized Purchaser to the Sponsor expressly for use in such
Registration Statement; 

  

	 	(2)	any untrue statement or alleged untrue statement of a material fact or breach by the Sponsor of any representation or warranty contained in this Agreement;

  

	 	(3)	the failure by the Sponsor, the Trust, the Fund or their respective agents to perform when and as required, any agreement, obligation, duty or covenant contained
herein; 

  

	 	(4)	the failure by the Sponsor, the Trust, the Fund or their respective agents to comply with applicable laws and the rules and regulations of any governmental entity or
any self-regulatory organization to the extent the foregoing relates to transactions in, and activities with respect to Baskets; or 

  

	 	(5)	the Authorized Purchaser’s performance of its duties under this Agreement except in the case of this clause (5), for any loss, damage, expense, liability or claim
resulting from the gross negligence or willful misconduct of the Authorized Purchaser. 

 In no case is the indemnity of the
Sponsor in favor of the Sponsor Indemnified Person to be deemed to protect the Sponsor Indemnified Person against any liability to which the Sponsor Indemnified Person would otherwise be subject by reason of willful misfeasance, bad faith or gross
negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement. 
 If any
action, suit or proceeding (each, a “Proceeding”) is brought against a Sponsor Indemnified Person or any such person in respect of which indemnity may be sought against the Sponsor pursuant to the foregoing paragraph, such Sponsor
Indemnified Person shall promptly notify the Sponsor in writing of the institution of such Proceeding, provided, however, that the omission to so notify the Sponsor shall not relieve the Sponsor or the Fund from any liability which it may have to
the Sponsor Indemnified Person except to the extent that it has been materially prejudiced by such failure and has not otherwise learned of such Proceeding. The Sponsor Indemnified Person shall have the right to employ its own counsel in any such
case and the fees and expenses of such counsel shall be borne by the Sponsor and the Fund and paid as incurred (it being understood, however, that neither the Sponsor nor the Fund shall be liable for the expenses of more than one 

  
 8 

 Exhibit 10.1 

 

 
separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the Sponsor Indemnified Persons who are parties to
such Proceeding) or for the expenses and fees incurred with respect to matters that are not indemnifiable in accordance with the preceding paragraph. A Sponsor Indemnified Person shall give the Sponsor reasonable prior notice of settlement of any
Proceeding in respect of which indemnity may be sought against the Sponsor pursuant to this Section 9(a), provided, however that the omission to so notify the Sponsor shall not relieve the Sponsor or the Fund from any liability which it may
have to the Sponsor Indemnified Person. 
 (b) The Authorized Purchaser agrees to indemnify, defend and hold harmless each of
the Fund, the Trust, the Sponsor and their respective partners, stockholders, members, trustees, directors, officers, employees and any person who controls the Sponsor within the meaning of Section 15 of the 1933 Act or Section 20 of the
Exchange Act, and the successors and assigns of all of the foregoing persons (each, an “AP Indemnified Person”), from and against any loss, damage, expense, liability or claim (including reasonable attorney fees and the reasonable cost of
investigation) which the AP Indemnified Person may incur as a result of or in connection with any untrue statement or alleged untrue statement of a material fact contained in and in conformity with information furnished in writing by or on behalf of
the Authorized Purchaser to the Sponsor expressly for use in the Registration Statement (or in the Registration Statement as amended or supplemented by any post-effective amendment thereof) or in a Prospectus, or arises out of or is based upon any
omission or alleged omission to state a material fact in connection with such information required to be stated in such Registration Statement or such Prospectus or necessary to make such information not misleading. 

The Authorized Purchaser will also indemnify each AP Indemnified Person from and against any loss, damage, expense, liability or claim
(including the reasonable cost of investigation) which such AP Indemnified Person may incur as a result of or in connection with any actions of an AP Indemnified Person in accordance with any instructions by the Authorized Purchaser except in the
case of any loss, damage, expense, liability or claim resulting from the gross negligence or willful misconduct of an AP Indemnified Person. In no case is the indemnity of the Authorized Purchaser in favor of each AP Indemnified Person to be deemed
to protect the AP Indemnified Person against any liability to which the AP Indemnified Person would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of its reckless
disregard of its obligations and duties under this Agreement. 
 If any Proceeding is brought against an AP Indemnified Person,
such AP Indemnified Person shall promptly notify the Authorized Purchaser in writing of the institution of such Proceeding; provided, however, that the omission to so notify the Authorized Purchaser shall not relieve the Authorized Purchaser from
any liability which it may have to such AP Indemnified Person except to the extent that it has been materially prejudiced by such failure and has not otherwise learned of such Proceeding. The AP Indemnified Person or such person shall have the right
to employ its own counsel and the fees and expenses of such counsel shall be borne by the Authorized Purchaser and paid as incurred (it being understood, however, that the Authorized Purchaser shall not be liable for the expenses of more than one
separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the AP Indemnified Persons who are parties to such Proceeding) or for the expenses 

  
 9 

 Exhibit 10.1 

 

 
and fees incurred with respect to matters that are not indemnifiable in accordance with the preceding paragraph. An AP Indemnified Person shall give the Authorized Purchaser reasonable prior
notice of settlement of any Proceeding in respect of which indemnity may be sought against the Authorized Purchaser pursuant to this Section 9(b), provided, however that the omission to so notify the Authorized Purchaser shall not relieve the
Authorized Purchaser from any liability which it may have to the AP Indemnified Person. 
 (c) The indemnity agreements
contained in this Section 9 and the covenants, warranties and representations of the Sponsor contained in this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the Authorized Purchaser, its
partners, stockholders, members, directors, officers, employees and or any person (including each partner, stockholder, member, director, officer or employee of such person) who controls the Authorized Purchaser within the meaning of Section 15
of the 1933 Act or Section 20 of the Exchange Act, or by or on behalf of each of the Sponsor, the Trust, the Fund, their partners, stockholders, members, trustees, directors, officers, employees or any person who controls the Sponsor or the
Fund within the meaning of Section 15 of the 1933 Act or Section 20 of the Exchange Act, and shall survive any termination of this Agreement or the initial issuance and delivery of the Units. The Sponsor and the Authorized Purchaser agree
promptly to notify each other of the commencement of any Proceeding against it and, in the case of the Sponsor, against any of the Sponsor’s officers or directors in connection with the issuance and sale of the Units, or in connection with the
Registration Statement or the Prospectus. 
 Section 10. 
 (a) Limitation of Liability. None of the Sponsor, the Trust, the Fund, the Authorized Purchaser, the Marketing Agent, the Administrator, or the Custodian, shall be liable to each other or to any other
person, including any party claiming by, through or on behalf of the Authorized Purchaser, for any losses, liabilities, damages, costs or expenses arising out of any mistake or error in data or other information provided to any of them by each other
or any other person or out of any interruption or delay in the electronic means of communications used by them. 
 (b) Tax
Liability. The Authorized Purchaser shall be responsible for the payment of any transfer tax, sales or use tax, stamp tax, recording tax, value added tax and any other similar tax or government charge applicable to the creation or redemption of any
Basket made pursuant to this Agreement, regardless of whether or not such tax or charge is imposed directly on the Authorized Purchaser. To the extent the Sponsor, the Trust or the Fund is required by law to pay any such tax or charge, the
Authorized Purchaser agrees to promptly indemnify such party for any such payment, together with any applicable penalties, additions to tax or interest thereon. 
 (c) Additional Limitation on Liability of the Sponsor, Trust and the Fund. The Authorized Purchaser agrees to look solely to the assets of the Fund and to the Sponsor and its assets in respect of any
claim against or obligation of the Fund. The Authorized Purchaser acknowledges and agrees that liability of the Fund, as a series of the Trust, is limited pursuant to Section 3804(a) of the Delaware Statutory Trust Act, such that (a) the
debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Fund shall be enforceable against the assets of the Fund only, and not against the assets of the Trust generally or the assets of any
other series of the Trust, and (b) none of the debts, liabilities, obligations and expenses incurred, contracted for, or otherwise existing with respect to the Trust generally and any other series of the Trust shall be enforceable against the
assets of the Fund. 

  
 10 

 Exhibit 10.1 

 

 Section 11. Acknowledgment. 
 The Authorized Purchaser acknowledges receipt of a copy of the Prospectus and represents that it has reviewed and understands such document. 
 Section 12. Effectiveness and Termination. 
 Upon the execution of this Agreement by
the parties hereto, this Agreement shall become effective in this form as of the date first set forth above with respect to the Fund, and any Amendment to this Agreement shall become effective as of the date set forth on such Amendment, and may be
terminated with respect to any Fund at any time by any party upon thirty (30) days prior written notice to the other parties unless earlier terminated: (i) in accordance with Section 2(a); (ii) upon notice to the Authorized
Purchaser by the Sponsor in the event of a breach by the Authorized Purchaser of this Agreement or the procedures described or incorporated herein; or (iii) at such time as the Fund is terminated. Termination of this Agreement with respect to
any Fund shall not result in the termination of this Agreement with respect to any other Fund listed on Annex A. 
 Section 13.
Marketing Materials; Representations Regarding Baskets; Identification in Registration Statement. 
 (a) The Authorized
Purchaser represents, warrants and covenants that, (i) without the written consent of the Sponsor, the Authorized Purchaser will not make, or permit any of its representatives to make, in connection with any sale or solicitation of a sale of
Baskets any representations concerning the Units or the Sponsor, the Trust, the Fund or any AP Indemnified Person other than representations consistent with (A) the then-current Prospectus of the Fund, (B) printed information approved by
the Sponsor as information supplemental to such Prospectus or (C) any promotional materials or sales literature furnished to the Authorized Purchaser by the Sponsor, and (ii) the Authorized Purchaser will not furnish or cause to be
furnished to any person or display or publish any information or material relating to the Baskets or any AP Indemnified Person, including the Fund, that is not consistent with the Fund’s then current Prospectus. Copies of the then-current
Prospectus of the Fund and any such printed supplemental information will be supplied by the Sponsor to the Authorized Purchaser in reasonable quantities upon request. 
 (b) The Authorized Purchaser agrees to comply with the prospectus and disclosure delivery requirements of the federal securities and commodities laws. In connection therewith, the Authorized Purchaser
will provide each prospective purchaser with a copy of the Fund’s Prospectus. 
 (c) The Authorized Purchaser hereby agrees
that for the term of this Agreement the Sponsor or its agent, the Marketing Agent, may deliver the then-current Prospectus, and any supplements or amendments thereto or recirculation thereof, to the Authorized Purchaser in Portable Document Format
(“PDF”) via electronic mail to                     in lieu of delivering the Prospectus in paper form. The Authorized Purchaser may revoke
the foregoing agreement at any time by delivering written notice to the Sponsor and, whether or not such agreement is in effect, the Authorized Purchaser may, at any time, request reasonable quantities of the Prospectus, 

  
 11 

 Exhibit 10.1 

 

	 	
and any supplements or amendments thereto or recirculation thereof, in paper form from the Sponsor or its agent, the Marketing Agent. The Authorized Purchaser acknowledges that it has the
capability to access, view, save and print material provided to it in PDF and that it will incur no appreciable extra costs by receiving the Prospectus in PDF instead of in paper form. The Sponsor will, when requested by the Authorized Purchaser,
make available at no cost the software and technical assistance necessary to allow the Authorized Purchaser to access, view and print the PDF version of the Prospectus. 

(d) For as long as this Agreement is effective, the Authorized Purchaser agrees to be identified as an authorized purchaser of the Fund
at the Sponsor’s discretion (i) in the section of the Prospectus included within the Registration Statement entitled “Creation and Redemption of Units,” and in any other section as may be required by the SEC and (ii) on the
Fund’s website. 
 Section 14. Certain Covenants of the Sponsor. 

The Sponsor and the Trust, on its own behalf and on behalf of the Fund, covenant and agree: 

(a) the Sponsor shall notify the Authorized Purchaser promptly of the happening of any event during the term of this Agreement which
could require the making of any change in the Prospectus then being used so that the Prospectus would not include an untrue statement of material fact or omit to state a material fact necessary to make the statements therein, in the light of the
circumstances under which they are made, not misleading, and, during such time, to prepare and deliver or otherwise make available, at the expense of the Fund, to the Authorized Purchaser copies of such amendments or supplements to such Prospectus
as may be necessary to reflect any such change at such time and in such numbers as necessary to enable the Authorized Purchaser to comply with any obligation it may have to deliver such revised, supplemented or amended Prospectus to customers.

 (b) the Sponsor shall notify the Authorized Purchaser when a revised, supplemented, or amended Prospectus is available and to
deliver or otherwise make available to the Authorized Purchaser copies of such revised, supplemented or amended Prospectus at such time and in such numbers as to enable the Authorized Purchaser to comply with any obligation it may have to deliver
such revised, supplemented or amended Prospectus to customers, provided that as a general matter the Sponsor will make such revised, supplemented or amended Prospectus available to the Authorized Purchaser on or before its effective date;

 (c) the Sponsor shall cause Spicer Jeffries, LLP, accountants to the Fund, to deliver, at each time (i) the Registration
Statement or the Prospectus is amended or supplemented by the filing of a post-effective amendment, (ii) a new Registration Statement is filed to register additional Baskets in reliance on Rule 429 of the 1933 Act, and (iii) there is
financial information incorporated by reference into the Registration Statement or the Prospectus, letters dated such dates and addressed to the Authorized Purchaser, containing statements and information of the type ordinarily included in
accountants’ letters to underwriters with respect to the financial statements and other financial information contained in or incorporated by reference into the Registration Statement and the Prospectus; 

  
 12 

 Exhibit 10.1 

 

 (d) the Sponsor shall deliver to the Authorized Purchaser, at each time (i) the
Registration Statement or the Prospectus is amended or supplemented by the filing of a post-effective amendment, (ii) a new Registration Statement is filed to register additional Baskets in reliance on Rule 429 of the 1933 Act, and
(iii) there is financial information incorporated by reference into the Registration Statement or the Prospectus, a certification by a duly authorized officer of the Sponsor in the form attached hereto as Exhibit D. In addition, any certificate
signed by any officer of the Sponsor and delivered to the Authorized Purchaser or counsel for the Authorized Purchaser pursuant hereto shall be deemed to be a representation and warranty by the Sponsor as to matters covered thereby to the Authorized
Purchaser; and 
 (e) the Sponsor shall furnish directly or through the Marketing Agent to the Authorized Purchaser, at each
time (i) the Registration Statement or the Prospectus is amended or supplemented by the filing of a post-effective amendment, (ii) a new Registration Statement is filed to register additional Baskets in reliance on Rule 429 of the 1933
Act, and (iii) there is financial information incorporated by reference into the Registration Statement or the Prospectus, such documents and certificates in the form as reasonably requested. 

Section 15. Third Party Beneficiaries. 
 Each AP Indemnified Person, to the extent it is not a party to this Agreement, is a third-party beneficiary of this Agreement and may proceed directly against the Authorized Purchaser (including by
bringing proceedings against the Authorized Purchaser in its own name) to enforce any obligation of the Authorized Purchaser under this Agreement which directly or indirectly benefits such AP Indemnified Person. Each Sponsor Indemnified Person, to
the extent it is not a party to this Agreement, is a third-party beneficiary of this Agreement and may proceed directly against the Sponsor, the Fund or their respective agents (including by bringing proceedings against the Sponsor, the Fund or
their respective agents in its own name) to enforce any obligation of the Sponsor, the Fund or their agents under this Agreement which directly or indirectly benefits such Sponsor Indemnified Person; provided, however, for the avoidance of doubt,
that such Sponsor Indemnified Person shall be subject to limitations set forth in Section 10(c) of this Agreement. 
 Section 16.
Force Majeure. 
 No party to this Agreement shall incur any liability for any delay in performance, or for the non-performance, of any of
its obligations under this Agreement by reason of any cause beyond its reasonable control. This includes any act of God or war or terrorism, any breakdown, malfunction or failure of transmission in connection with or other unavailability of any
wire, communication or computer facilities, any transport, port, or airport disruption, industrial action, acts and regulations and rules of any governmental or supra national bodies or authorities or regulatory or self-regulatory organization or
failure of any such body, authority or organization for any reason, to perform its obligations. 

  
 13 

 Exhibit 10.1 

 

 Section 17. Power of Attorney 

(a) The Authorized Purchaser, by virtue of its purchase of Units in a Fund, irrevocably constitutes and appoints the Sponsor with full
power of substitution, as the true and lawful attorney-in-fact and agent for the Authorized Purchaser in its capacity as a Unitholder of the Fund with full power and authority to act in the Authorized Purchaser’s name and on its behalf in the
execution, acknowledgment, filing and publishing of Trust documents, including, but not limited to, the following: 
  

	 	(1)	Any certificates and other instruments, including but not limited to, any applications for authority to do business and amendments thereto, which the Sponsor deems
appropriate to qualify or continue the Trust as a business or statutory trust in the jurisdictions in which the Trust may conduct business, so long as such qualifications and continuations are in accordance with the terms of this Trust Agreement or
any amendment hereto, or which may be required to be filed by the Trust or the Unitholders under the laws of any jurisdiction; 

  

	 	(2)	Any instrument which may be required to be filed by the Trust under the laws of any state or by any governmental agency, or which the Sponsor deems advisable to file;
and 

  

	 	(3)	The Trust Agreement and any documents which may be required to effect an amendment to the Trust Agreement approved under the terms of the Trust Agreement, and the
continuation of the Trust, the increase or decrease of the Global Certificates pursuant to Section 4.6 of the Trust Agreement, or the termination of the Trust, provided such continuation, increase, decrease or termination is in accordance with
the terms of the Trust Agreement. 

 (b) The Power of Attorney granted to the Sponsor by the Authorized Purchaser
in its capacity as a Unitholder: 
  

	 	(1)	Is a special, irrevocable Power of Attorney coupled with an interest, and shall survive and not be affected by the death, disability, dissolution, liquidation,
termination or incapacity of the Authorized Purchaser as Unitholder; 

  

	 	(2)	May be exercised by the Sponsor for the Authorized Purchaser by facsimile signature and/or by a single signature of one of its officers acting as attorney-in-fact for
all of them; and 

  

	 	(3)	Shall survive the delivery of an assignment by the Authorized Purchaser of the whole or any portion of its Units, as applicable, except that where the records of a
Direct Participant or Indirect Participant reflect a transfer by the Authorized Purchaser of its Units that has otherwise been effectuated in accordance with the provisions of the Trust Agreement, the Prospectus, the Depository’s procedures and
the procedures of such Direct Participant or Indirect Participant, as applicable, the Power of Attorney of the assignor shall survive the delivery of such assignment for the sole purpose of enabling the Sponsor to execute, acknowledge and file any
instrument necessary to effect such transfer. 

 (c) The Authorized Purchaser in its capacity as a Unitholder
agrees to be bound by any representations made by the Sponsor and by any successor thereto, determined to be acting in good faith pursuant to such Power of Attorney and not constituting gross negligence or willful misconduct. 

  
 14 

 Exhibit 10.1 

 

 (d) The Power of Attorney granted to the Sponsor by the Authorized Purchaser in its
capacity as a Unitholder shall not authorize the Sponsor to act on behalf of the Authorized Purchaser in its capacity as a Unitholder in any situation in which the Trust Agreement requires the approval of Unitholders unless such approval has been
obtained as required by the Trust Agreement. In the event of any conflict between the Trust Agreement and any instruments filed by the Sponsor or any new Sponsor pursuant to this Power of Attorney, the Trust Agreement shall control. 

Section 18. Miscellaneous. 
 (a) Entire Agreement. This Agreement (including any schedules and exhibits attached hereto and thereto) contains all of the agreements among the parties hereto (and thereto) with respect to the
transactions contemplated hereby (and thereby) and supersedes all prior agreements or understandings, whether written or oral, among the parties with respect thereto. 
 (b) Amendment and Modification. This Agreement may be amended, modified or supplemented only by a written instrument executed by all the parties. 

(c) Successors and Assigns; Assignment. All the terms and provisions of this Agreement shall be binding upon and inure to the benefit of
the parties and their respective successors and permitted assigns. This Agreement shall not be assigned by any party without the prior written consent of the other parties and any assignment without such consent shall be null and void. 

(d) Waiver of Compliance. Except as otherwise provided in this Agreement, any failure of any of the parties to comply with any
obligation, covenant, agreement or condition herein may be waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver, but any such waiver, or the failure to insist upon strict
compliance with any obligation, covenant, agreement or condition herein, shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure or breach. 

(e) Severability. The parties hereto desire that the provisions of this Agreement be enforced to the fullest extent permissible under the
law and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, in the event that any provision of this Agreement would be held in any jurisdiction to be invalid, prohibited or unenforceable for any reason, such
provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. Notwithstanding the foregoing, if such
provision could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting
the validity or enforceability of such provision in any other jurisdiction. 

  
 15 

 Exhibit 10.1 

 

 (f) Notices. All notices, waivers, or other communications pursuant to this Agreement
shall be in writing and shall be deemed to be sufficient if delivered personally, by facsimile (and, if sent by facsimile, followed by delivery by nationally-recognized express courier), sent by nationally-recognized express courier or mailed by
registered or certified mail (return receipt requested), postage prepaid, to the parties at the following addresses (or at such other address for a party as shall be specified by like notice): 

if to the Sponsor, to: 
 United States Commodity Funds LLC 
 c/o Nicholas D. Gerber 

1320 Harbor Bay Parkway Suite 145 
 Alameda, CA 94502 
 if to the Trust, to: 

United States Commodity Funds Trust I 
 c/o United States Commodity Funds LLC 
 c/o Nicholas D. Gerber 

1320 Harbor Bay Parkway Suite 145 
 Alameda, CA 94502 
 if to the Authorized Purchaser, to: 

[Please provide] 
 All such
notices and other communications shall be deemed to have been delivered and received (i) in the case of personal delivery or delivery by facsimile or e-mail, on the date of such delivery if delivered during business hours on a Business Day or,
if not delivered during business hours on a Business Day, the first Business Day thereafter, (ii) in the case of delivery by nationally-recognized express courier, on the first Business Day following dispatch, and (iii) in the case of
mailing, on the third Business Day following such mailing. 
  

	 	(g)	Governing Law; Jurisdiction. 

  

	 	(1)	All questions concerning the construction, interpretation and validity of this Agreement and all transactions hereunder shall be governed by and construed and enforced
in accordance with the domestic laws of the State of New York, without giving effect to any choice or conflict of law provision or rule (whether in the State of New York or any other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the State of New York. In furtherance of the foregoing, the internal law of the State of New York will control the interpretation and construction of this Agreement, even if under such jurisdiction’s choice of law or
conflict of law analysis, the substantive law of some other jurisdiction would ordinarily or necessarily apply. 

  

	 	(2)	 Each party irrevocably consents and agrees, for the benefit of the other parties, that any legal action, suit or proceeding against it with respect to
its obligations, liabilities or any other matter arising out of or in connection with this Agreement or any related agreement may be brought in the courts of the State of New York and hereby

  
 16 

 Exhibit 10.1 

 

	 	
irrevocably consents and submits to the non-exclusive jurisdiction of each such court in personam, generally and unconditionally with respect to any action, suit or proceeding for itself and in
respect of its properties, assets and revenues. Each party irrevocably waives any immunity to jurisdiction to which it may otherwise be entitled or become entitled (including sovereign immunity, immunity to pre-judgment attachment and execution) in
any legal suit, action or proceeding against it arising out of or based on this Agreement or any related agreement or the transactions contemplated hereby or thereby which is instituted in any court of the State of New York.

 The provisions of this Section 18(g) shall survive any termination of this Agreement, in whole or in part.

 (h) No Partnership. Nothing in this Agreement is intended to, or will be construed to constitute the Sponsor, the Trust or
the Fund, on the one hand, and the Authorized Purchaser or any of its Affiliates, on the other hand, as partners or joint venturers; it being intended that the relationship between them will at all times be that of independent contractors.

 (i) Interpretation. The article and section headings contained in this Agreement are solely for the purpose of reference, are
not part of the agreement of the parties and shall not in any way affect the meaning or interpretation of this Agreement. 
 (j)
No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party. 

(k) Counterparts; Facsimile Signatures. This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original but all of which together shall constitute one and the same instrument. Facsimile counterpart signatures to this Agreement shall be acceptable and binding. 
 (l) Other Usages. The following usages shall apply in interpreting this Agreement: (i) references to a governmental or quasigovernmental agency, authority or instrumentality shall also refer to a
regulatory body that succeeds to the functions of such agency, authority or instrumentality; and (ii) “including” means “including, but not limited to.” 
 Section 19. Confidentiality. 
 (a) The Sponsor, the Trust and the
Authorized Purchaser shall maintain in confidence, use only for the purposes provided for in this Agreement, and not disclose to any third party, without obtaining prior written consent of the Sponsor and the Trust, in the case of the Authorized
Purchaser, or the Authorized Purchaser, in the case of the Sponsor or the Trust, any and all Confidential Information (as defined below) that the Authorized Purchaser receives from the Sponsor or the Trust or that the Sponsor or the Trust receive
from the Authorized Purchaser; provided, however, that any party may disclose Confidential Information received from any other party to those of its internal and external representatives as may be necessary for such party to carry out its
obligations under this Agreement. 

  
 17 

 Exhibit 10.1 

 

 “Confidential Information” shall mean (i) all information or data of the Authorized
Purchaser or its customers that is disclosed to or received by the Sponsor or the Trust, whether orally, visually or in writing, in any form, including, without limitation, information or data which relates to the Authorized Purchaser’s
business or operations, research and development, marketing plans or activities, or actual or potential products; and (ii) all information or data of the Sponsor, the Trust, the Fund or their respective customers that is disclosed to or
received by the Authorized Purchaser, whether orally, visually or in writing, in any form, including, without limitation, information or data which relates to the business or operations, research and development, marketing plans or activities, or
actual or potential products of the Sponsor, the Trust or the Fund. 
 (b) Notwithstanding the provisions of this Agreement to
the contrary, no party shall have liability to the any other party for the disclosure or use of any of its Confidential Information if the Confidential Information: 
  

	 	(1)	is known to such party at the time of disclosure other than as the result of a breach of this Section 19 by such party; 

 

	 	(2)	has been or becomes publicly known, other than as the result of a breach of this Section 19 by such party, or has been or is publicly disclosed by the Sponsor and
the Trust, in the case of its Confidential Information, or the Authorized Purchaser, in the case of its Confidential Information; 

  

	 	(3)	is received by such party after the date of this Agreement from a third party (unless such third party breaches an obligation of confidentiality to any other party); or

  

	 	(4)	is required to be disclosed by law or similar compulsion or in connection with any legal proceeding or request for information on behalf of a governmental authority or
self-regulatory organization, provided that such party shall promptly inform the other parties in writing of such requirement and that such disclosure shall be limited to the extent so required. 

(c) The parties recognize and acknowledge that a breach or threatened breach by a party of the provisions of this Section 18 may
cause irreparable and material loss and damage to the other parties which cannot be adequately remedied at law and that, accordingly, in addition to, and not in lieu of, any damages or other remedy to which the non-breaching party may be entitled,
the issuance of an injunction or other equitable remedy (without the requirement that a bond or other security be posted) is an appropriate remedy for the non-breaching party for any breach or threatened breach of the obligations set forth in this
Section 19. 
 (d) Each party agrees that it will use the same degree of care, but no less than a reasonable degree of
care, in safeguarding the Confidential Information of the other parties as it uses for its own Confidential Information of a similar nature. Each party shall promptly notify the other parties in writing of any misuse, misappropriation or
unauthorized disclosure of the Confidential Information of any other party that may come to such party’s attention. 

  
 18 

 Exhibit 10.1 

 

 (e) Upon the termination of this Agreement, if requested in writing by (i) the
Sponsor or the Trust, the Authorized Purchaser shall, at its option, promptly destroy or return to the Sponsor all Confidential Information received from the Sponsor, the Trust or the Fund, all copies and extracts of such Confidential Information
and all documents or other media containing any such Confidential Information; and (ii) the Authorized Purchaser, the Sponsor shall, at its option, promptly destroy or return to the Authorized Purchaser all Confidential Information received
from the Authorized Purchaser, all copies and extracts of such Confidential Information and all documents or other media containing any such Confidential Information. 
 {Signature page follows} 

  
 19 

 Exhibit 10.1 

 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by
their duly authorized representatives as of the date first set forth above. 
 UNITED STATES COMMODITY FUNDS LLC 

 

			
	By:	 	  

		 	Name:
		 	Title:

 UNITED STATES COMMODITY FUNDS TRUST I, on its own behalf and on behalf of the United States Asian Commodities Basket
Fund 
 By: United States Commodity Funds LLC, as Sponsor 

 

					
		 	By:	 	  

		 		 	Name:
		 		 	Title:

 [AUTHORIZED PURCHASER] 
  

					
		 	By:	 	  

		 		 	Name:
		 		 	Title:
		 		 	Address:
		 		 	Telephone:
		 		 	Facsimile:

  
 20 

 Exhibit 10.1 

 

 EXHIBIT A 
 UNITED STATES ASIAN COMMODITIES BASKET FUND 
 CREATION AND REDEMPTION
PROCEDURES 
 Scope of Procedures and Overview 
 These procedures (the “Procedures ”) describe the processes by which one or more Baskets of Fund Units (the “Units”) may be purchased by an Authorized Purchaser, or, once Units have
been issued, redeemed by an Authorized Purchaser. Units may be created or redeemed only in blocks of 50,000 Units (each such block, a “Basket”). 
 Capitalized terms used but not defined in this Agreement shall have the meanings assigned to such terms in the applicable Prospectus of each Fund and the defined terms in the applicable schedules to this
Agreement or the applicable Amendment for each fund as listed on Annex A. 
 Baskets are issued pursuant to the Prospectus, which will be
delivered by the Marketing Agent to each Authorized Purchaser prior to its execution of the Authorized Purchaser Agreement, and are issued and redeemed in accordance with the Authorized Purchaser Agreement. Baskets may be issued and redeemed on any
Business Day by the Marketing Agent in exchange for cash and/or Treasuries, which the Custodian receives from Authorized Purchasers or transfers to Authorized Purchasers, in each case on behalf of the Fund. 

Upon acceptance of the Authorized Purchaser Agreement, the Marketing Agent will assign a personal identification number (a “PIN number”) to
each Authorized Person authorized to act for the Authorized Purchaser. This will allow the Authorized Purchaser through its Authorized Person(s) to place Purchase Order(s) or Redemption Order(s) for Baskets. 

Important Notes: 
 Any Order is subject to
rejection by the Sponsor or the Marketing Agent, as agent of the Sponsor, for the reasons set forth in the Authorized Purchaser Agreement. 

All Orders are subject to the provisions of the Trust Agreement, the Prospectus and the Authorized Purchaser Agreement relating to unclear or ambiguous
instructions. 
 The Authorized Purchaser, and each distributor offering and selling Units as part of the distribution of such Units, shall
comply with the prospectus delivery and disclosure requirements of the 1933 Act as well as the analogous requirements under the CEA. 

  
 1 

 Exhibit 10.1 

 

 CREATION PROCESS 
 An Order to purchase one or more Baskets placed by an Authorized Purchaser with the Marketing Agent by the Purchase Order Cut-Off Time on a Business Day (such day, “CREATION T”) results in the
transfer to the Authorized Purchaser’s account at The Depository Trust Company (“DTC”) of Baskets the Authorized Purchaser has purchased, in most instances, by 9:00 AM New York time on CREATION T+3: 

CREATION PROCEDURES 
  

	1.	By the Purchase Order Cut-Off Time, an Authorized Person of the Authorized Purchaser calls the Marketing Agent at (303) 623-2577 to notify such agent that the
Authorized Purchaser wishes to place a Purchase Order to create an identified number of Baskets and to request that it be provided with an order number (an “Order Number”). The Authorized Person provides a PIN number as identification. The
Marketing Agent provides the Authorized Purchaser with an Order Number for the Authorized Purchaser’s Purchase Order Form. The Authorized Purchaser then completes and faxes to the Marketing Agent the Purchase Order Form included as Exhibit B to
the Authorized Purchaser Agreement. The Purchase Order Form must include the Authorized Person’s signature, the name of the Fund, number of Baskets being purchased, and the Order Number. 

 

	2.	If the Marketing Agent has not received the Purchase Order Form from the Authorized Purchaser within 15 minutes after the Marketing Agent receives the phone call from
the Authorized Purchaser referenced in item (1) above, the Marketing Agent places a phone call to the Authorized Purchaser to enquire about the status of the Order. If the Authorized Purchaser does not fax the Purchase Order Form to the
Marketing Agent within 15 minutes after the Marketing Agent’s phone call, the Authorized Purchaser’s Order is cancelled. The Marketing Agent will then notify the Authorized Purchaser that the Order has been cancelled via telephone call.

  

	3.	By placing a Purchase Order, an Authorized Purchaser agrees to deposit Treasuries, cash, or a combination of Treasuries and cash with the Custodian of the Fund. If the
Marketing Agent has received the Authorized Purchaser’s Purchase Order Form on time in accordance with the preceding timing rules, then by 1:00 PM New York time the Marketing Agent returns to the Authorized Purchaser a copy of the Purchase
Order Form submitted, marking it “Affirmed.” The Marketing Agent shall indicate on the Purchase Order Form the details of the method of payment to be used for the Transaction Fee. 

 

	4.	Based on the Purchase Orders placed with it on CREATION T, the Marketing Agent sends a facsimile to the Transfer Agent indicating the total number of creation Units and
total amount of cash and/or Treasuries for which the Marketing Agent will require an allocation into the custodial accounts of, respectively, the Authorized Purchaser and the Fund on CREATION T+3. If the Marketing Agent rejects a Purchase
Order pursuant to the Authorized Purchaser Agreement after the foregoing messages are given to the Custodian, the Marketing Agent will notify the Transfer Agent of such rejection as soon as practicable but, in any event, by 1:30 PM New York time the
same day, identifying the Authorized Purchaser whose Purchase Order was 

  
 2 

 Exhibit 10.1 

 

	 	
rejected and the amount of Units contained in the rejected Purchase Order. The Transfer Agent will address any such rejection notifications received after 1:30 PM New York time only on a best
efforts basis. 

  

	5.	The Sponsor acting by itself or through the Marketing Agent shall have the absolute right, but shall have no obligation, to reject any Purchase Order or Creation Basket
Deposit (as defined in Section 6) (i) if the Sponsor or its designee determines that the Purchase Order or Creation Basket Deposit is not in proper form; (ii) determined by the Sponsor not to be in the best interest of the
Unitholders; (iii) that, due to position limits or otherwise, the Sponsor determines investment alternatives that will enable a Fund to meet its investment objective are not available to such Fund at that time; (iv) the acceptance or
receipt of which the Sponsor, in its sole discretion, believes would have adverse tax consequences to the Trust, the Fund or the Unitholders; (v) the acceptance or receipt of which would, in the opinion of counsel to the Sponsor, be unlawful;
(vi) if circumstances outside the control of the Sponsor or its designee, including the Marketing Agent or the Custodian, make it, for all practical purposes, in the Sponsor’s determination, not feasible to process creations of Creation
Baskets. Neither the Sponsor nor any designee, including the Marketing Agent and the Custodian, shall be liable to any person by reason of the rejection of any Purchase Order or Creation Basket Deposit. 

REDEMPTION PROCESS 
 An order to
redeem one or more Baskets placed by an Authorized Purchaser with the Marketing Agent by the Redemption Order Cut-off Time (such day, “REDEMPTION T”) results in the following taking place by 3:00 PM New York time on REDEMPTION T+3:

 Transfer to the account at DTC and the subsequent cancellation of the relevant number of the Authorized Purchaser’s Baskets; and

 Transfer to the Authorized Purchaser by credit to the Authorized Purchaser’s account of cash and Treasuries, if any, in the relevant
amount(s) corresponding to the Baskets delivered for redemption (the “Redemption Distribution”). 
 REDEMPTION
PROCEDURES 
 REDEMPTION T (REDEMPTION ORDER TRADE DATE) 
  

	1.	By the Redemption Order Cut-off Time, an Authorized Person of the Authorized Purchaser calls the Marketing Agent at (303) 623-2577 to notify the Marketing Agent
that the Authorized Purchaser wishes to place a Redemption Order with the Marketing Agent to redeem an identified number of Baskets and to request that the Marketing Agent provide an Order Number. The Authorized Person provides a PIN number as
identification to the Marketing Agent. The Marketing Agent provides the Authorized Purchaser with an Order Number for the Authorized Purchaser’s Redemption Order Form. The Authorized Purchaser then completes and faxes to the Marketing Agent the
Redemption Order Form included as Exhibit B to the Authorized Purchaser Agreement. The Redemption Order Form must include the Authorized Person’s signature, the name of the Fund, the number of Baskets being redeemed, and the Order Number
previously provided by the Marketing Agent. 

  
 3 

 Exhibit 10.1 

 

	2.	If the Marketing Agent has not received the Redemption Order Form from the Authorized Purchaser within 15 minutes after the Marketing Agent receives the phone call from
the Authorized Purchaser referenced in item (1) above, the Marketing Agent places a phone call to the Authorized Purchaser to enquire about the status of the Order. If the Authorized Purchaser does not fax the Redemption Order Form to the
Marketing Agent within 15 minutes after the Marketing Agent’s phone call, the Authorized Purchaser’s Order is cancelled. The Marketing Agent will then notify the Authorized Purchaser that the Order has been cancelled via telephone call and
via fax. 

  

	3.	By placing a Redemption Order, an Authorized Purchaser agrees to deliver the Redemption Basket to be redeemed through DTC’s book-entry system to the Fund’s
account with the Custodian not later than 3:00 PM New York time on the third Business Day following the effective date of the Redemption Order. The number and type of contracts specified shall be determined by the Sponsor, in its sole discretion, to
meet the Fund’s investment objective and shall be sold as a result of the Authorized Purchaser’s sale of Units. If the Marketing Agent has received the Authorized Purchaser’s Redemption Order Form on time in accordance with the
preceding timing rules, then by 1:00 PM New York time the Marketing Agent returns to the Authorized Purchaser a copy of the Redemption Order Form submitted, marking it “Affirmed.” The Marketing Agent shall indicate on the Redemption Order
Form the amount of Treasuries and/or cash, if any, to be delivered in the Redemption Distribution, and provides details of the method of payment to be used for the Transaction Fee and the method of delivery of the Treasuries and/or cash portion, if
any, of the Redemption Distribution. The Marketing Agent shall also indicate on the returned Redemption Order Form the specific number and type of futures contracts to be sold at the closing settlement price for such contracts on the Redemption
Order Date. 

  

	4.	By 1:00 PM New York time, the Marketing Agent sends a facsimile containing instructions to the Transfer Agent to transfer on REDEMPTION T+3 from the custodial accounts
of, respectively, the Authorized Purchaser and the Fund (“deallocate”) the total number of redemption Units and the total amount of cash and/or Treasuries required to settle the Redemption Orders received by the Marketing Agent on
REDEMPTION T. If the Marketing Agent rejects a Redemption Order pursuant to the Authorized Purchaser Agreement after the foregoing message is sent, the Marketing Agent will notify the Transfer Agent of such rejection as soon as practicable but, in
any event, by 1:30 PM New York time the same day, identifying the Authorized Purchaser whose Redemption Order was rejected and the amount of Units contained in the rejected Redemption Order. The Transfer Agent will address any such rejection
notifications received after 1:30 PM New York time only on a best efforts basis. 

  

	5.	The Sponsor acting by itself or through the Marketing Agent may, in its sole discretion, reject any Redemption Order (i) the Sponsor determines that the Redemption
Order is not in proper form (ii) the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, or (iii) if circumstances outside the control of the Sponsor, the Marketing Agent or the Custodian make it
for all practical purposes not feasible for the Units to be delivered under 

  
 4 

 Exhibit 10.1 

 

	 	
the Redemption Order. The Sponsor may also reject a redemption order if the number of units being redeemed would reduce the remaining outstanding units to 100,000 units (i.e., one basket) or
less, unless the Sponsor has reason to believe that the placer of the redemption order does in fact possess all the outstanding units and can deliver them. 

 

	6.	The Sponsor may, in its discretion, suspend the right of redemption, or postpone the Redemption Distribution Date, (1) for any period during which NYSE Arca, the
NYMEX, or any of the Futures Exchanges upon which a Benchmark Component Futures Contract is traded is closed other than customary weekend or holiday closings, or trading is suspended or restricted, (2) for any period during which an emergency
exists as a result of which delivery, disposal or evaluation of Treasuries or other assets of the Fund is not reasonably practicable, or (3) for such other period as the Sponsor determines to be necessary for the protection of the Unitholders.
None of the Sponsor, the Marketing Agent, the Administrator or the Custodian will be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement. 

REDEMPTION T+3 
  

	1.	By 3:00 PM New York time, the Authorized Purchaser delivers free to the relevant account at DTC the Baskets to be redeemed. 

 

	2.	If the Custodian does not receive from a redeeming Authorized Purchaser all Units comprising the Baskets being redeemed by 3:00 PM New York time, (i) the Custodian
will, only upon instruction from the Sponsor, settle the Redemption Order to the extent of whole Baskets received from the Authorized Purchaser and (ii) the Marketing Agent will keep the redeeming Authorized Purchaser’s Redemption Order
open until 9:00 AM New York time on the following Business Day (REDEMPTION T+4) as to the balance of the Redemption Order (such balance, the “Suspended Redemption Order”). For each day (whether or not a Business Day) the Redemption Order
is held open, the Authorized Purchaser will be charged the greater of $300 or $30 times the number of Units included in the Suspended Redemption Order, as determined in the sole discretion of the Sponsor. 

REDEMPTION T+4 
  

	1.	By 9:00 AM New York time, the redeeming Authorized Purchaser must deliver free to the account at DTC the Basket(s) comprising the Suspended Redemption Order. The
Marketing Agent will settle the Suspended Redemption Order to the extent of whole Baskets received. Any balance of the Suspended Redemption Order may be cancelled at the discretion of the Sponsor. 

 

	2.	The sequence of instructions and events related to the settlement of the Suspended Redemption Order on REDEMPTION T+4 will be made in the manner provided for a
Redemption Order under REDEMPTION T+3. 

 * * * * 

  
 5 

 Exhibit 10.1 

 

 EXHIBIT A-1 
 UNITED STATES ASIAN COMMODITIES BASKET FUND 
 INITIAL CREATION PROCEDURES

 Scope of Procedures and Overview 

These procedures (the “Initial Procedures”) describe the process by which one or more Baskets of Units of the United States Asian Commodities
Basket Fund (the “Units”) may be purchased by an Authorized Purchaser. Units may be created only in blocks of 50,000 Units (each such block, a “Basket”). 
 Capitalized terms used but not defined in this Agreement shall have the meanings assigned to such terms in the applicable Prospectus of each Fund and the defined terms in the applicable schedules to this
Agreement or to the applicable Amendment for each fund as listed on Annex A. 
 Baskets are issued pursuant to the Prospectus, which will be
delivered by the Marketing Agent to the Authorized Purchaser prior to its execution of the Authorized Purchaser Agreement, and are issued in accordance with the Authorized Purchaser Agreement. Baskets may be issued on any Business Day by the
Marketing Agent in exchange for cash and/or Treasuries, which the Custodian receives from the Authorized Purchaser on behalf of the Fund. 

Upon acceptance of the Authorized Purchaser Agreement, the Marketing Agent will assign a personal identification number (a “PIN number”) to the
Authorized Person authorized to act for the Authorized Purchaser. This will allow the Authorized Purchaser through its Authorized Person(s) to place the initial Purchase Order for Baskets. 
 It is anticipated that on the effective date (the date the SEC declares the registration statement relating to the Fund effective), the initial Authorized Purchaser will, though it is under no obligation
to do so, purchase one or more Creations Baskets at a price per Unit of $50.00. The Units are expected to begin trading on the day following the effective date. 
 Important Notes: 
 Any Order is subject to rejection by the Sponsor or the Marketing Agent, as
agent of the Sponsor, for the reasons set forth in the Authorized Purchaser Agreement. 
 All Orders are subject to the provisions of the Trust
Agreement, the Prospectus and the Authorized Purchaser Agreement relating to unclear or ambiguous instructions. 
 The Authorized Purchaser, and
each distributor offering and selling Units as part of the distribution of such Units, shall comply with the prospectus delivery and disclosure requirements of the 1933 Act as well as the analogous requirements under the CEA. 

  
 6 

 Exhibit 10.1 

 

 CREATION PROCESS 
 An Order to purchase one or more of the initial Baskets placed by the Authorized Purchaser with the Marketing Agent by 10:30 AM New York time (the “Order Cut-Off Time”) on a Business Day (such
day, “CREATION T”) results in the transfer to the Authorized Purchaser’s account at The Depository Trust Company (“DTC”) of Baskets the Authorized Purchaser has purchased by 12:00 PM New York time on CREATION T+0 if payment
for such Baskets has been received by the Custodian prior to that time: 
 CREATION PROCEDURES 

1. By the Order Cut-Off Time (the earlier of the close of regular trading on NYSE Arca or 10:30 AM New York time), an Authorized Person of the Authorized
Purchaser calls the Marketing Agent at (303) 623-2577 to notify such agent that the Authorized Purchaser wishes to place a Purchase Order to create an identified number of Baskets and to request that it be provided with an order number (an
“Order Number”). The Authorized Person provides a PIN number as identification. The Marketing Agent provides the Authorized Purchaser with an Order Number for the Authorized Purchaser’s Purchase Order Form. The Authorized Purchaser
then completes and faxes to the Marketing Agent the Purchase Order Form included as Exhibit B to the Authorized Purchaser Agreement. The Purchase Order Form must include the Authorized Person’s signature, the number of Baskets being purchased,
and the Order Number. 
 2. If the Marketing Agent has not received the Purchase Order Form from the Authorized Purchaser within 15 minutes
after the Marketing Agent receives the phone call from the Authorized Purchaser referenced in item (1) above, the Marketing Agent places a phone call to the Authorized Purchaser to enquire about the status of the Order. If the Authorized
Purchaser does not fax the Purchase Order Form to the Marketing Agent within 15 minutes after the Marketing Agent’s phone call, the Authorized Purchaser’s Order is cancelled. The Marketing Agent will then notify the Authorized Purchaser
that the Order has been cancelled via telephone call. 
 3. By placing a Purchase Order, an Authorized Purchaser agrees to deposit Treasuries,
cash, or a combination of Treasuries and cash with the Custodian of the Fund. If the Marketing Agent has received the Authorized Purchaser’s Purchase Order Form on time in accordance with the preceding timing rules, then by 10:00 AM New York
time the Marketing Agent returns to the Authorized Purchaser a copy of the Purchase Order Form submitted, marking it “Affirmed.” 
 4.
Based on the Purchase Orders placed with it on CREATION T, the Marketing Agent sends a facsimile to the Transfer Agent indicating the total number of creation Units and total amount of cash and/or Treasuries for which the Marketing Agent will
require an allocation into the custodial accounts of, respectively, the Authorized Purchaser and the Fund on CREATION T+0 once the Custodian confirms to the Transfer Agent that the payment for such Baskets in same day funds has been received
by it from the Authorized Purchaser. If the Marketing Agent rejects a Purchase Order pursuant to the Authorized Purchaser Agreement after the foregoing messages are given to the Custodian, the Marketing Agent will notify the Transfer Agent of such
rejection as soon as practicable but, in any event, by 10:30 AM New York time the same day, identifying the amount of cash and/or Treasuries contained in the rejected Purchase Order. The Transfer Agent will address any such rejection notifications
received after 10:30 AM New York time only on a best efforts basis. 

  
 7 

 Exhibit 10.1 

 

 EXHIBIT B 
 PURCHASE/REDEMPTION ORDER FORM 
 FOR
[                    ] FUND 

CONTACT INFORMATION FOR ORDER EXECUTION: 
  

			
	Telephone order number:	  	Telex Number
	Facsimile number:	  	Business Number

  
 ALL ITEMS IN PART
I MUST BE COMPLETED BY AN AUTHORIZED PURCHASER. THE SPONSOR AND/OR THE MARKETING AGENT, IN THEIR DISCRETION, MAY REJECT ANY ORDER NOT SUBMITTED IN COMPLETE FORM. 
  

	I.	TO BE COMPLETED BY AUTHORIZED PURCHASER: 

  

			
	Date:	  	Time:
	Broker Name:	  	Firm Name:
	NSCC Participant Number:	  	DTC Participant Number:
	Telephone Number:	  	Telex Number:
	Fax Number:	  	

 Type of Order (Check One) 

					
			
	 Amount Created Units (50,000 Units)
	 	  
	 	
			
	 Amount Written Out
	 	  
	 	
			
	 Amount Redeemed Units (50,000 Units)
	 	  
	 	
			
	 Amount Written Out:
	 	  
	 	
			
	Order #:	 	  
	 	

 Pursuant to Section 17 CFR 4.21(b), the above-listed Fund may not accept or receive funds, securities or other
property from a prospective participant unless it first receives from the prospective participant the following acknowledgment: 
 IN
ADDITION TO THE PLACEMENT OF THE ORDER ABOVE, ON BEHALF OF THE AUTHORIZED PURCHASER AS A PROSPECTIVE PARTICIPANT OF THE ABOVE-LISTED FUND, I HEREBY ACKNOWLEDGE AND AFFIRM THAT I HAVE RECEIVED THE PROSPECTUS FOR THE UNITED STATES COMMODITY FUNDS
TRUST I AND THE ABOVE-LISTED FUND. 
  

							
	By:	 	                    , an Authorized Person
		 	Name:	 	  

  
 1 

 Exhibit 10.1 

 

 TO BE COMPLETED BY ALPS DISTRIBUTORS, INC.: 

This certifies that the above order has been: 

                     Accepted by the
Marketing Agent (for purchase or redemption) 

                     Declined - Reason:
                     
  

											
	  
	  		  	  
	  		  	  
	  	
	 Date
	  		  	Time	  		  	Authorized Signature	  	

  
 2 

 EXHIBIT C 
 BBH Pricing Policies 
 Futures, Forwards, Swaps, Options and Treasuries

 The pricing policies stated below are used for all BBH clients, including Mutual Fund Registered Investment Companies. These policies
have been audited by numerous accounting firms during annual fund audits. 
 Futures 

Futures traded on exchanges are valued using the closing settlement prices quoted on the relevant exchange and obtained from pricing
sources, typically Bloomberg or Reuters. 
 Forward Currency Contracts 

BBH obtains the WM Reuters London Close closing spot rates and the WM Reuters London Close forward point rates on a daily basis. The
currency forward contract pricing model derives the differential in point rates to the expiration date of the forward and calculates its present value. The forward is valued at the net of the present value and the spot rate. 

Swaps 
 Swaps and other
similar derivative or contractual type instruments are valued at a price provided by a single broker or dealer, typically the counterparty. If no such price is available, the contract is valued at a price at which the counterparty to such contract
would repurchase the instrument or terminate the contract. 
 Options 
 Option contracts on securities, currencies, indices, futures contracts, commodities and other instruments shall be valued at the last sale price on the exchange or market that is the Primary Market. If a
contract did not trade on the Primary Market, it shall be valued at the last sale price on another exchange or market where it did trade. If there is no such sale price, the value shall be the most recent bid quotation. 

Sale prices and bid quotations indicated above shall be supplied by a Pricing Service (Reuters, Bloomberg, IDC, etc.). If a Pricing Service is not able
to provide such sale prices or bid quotations, the value shall be determined by taking the mean between the bid and the asked quotations provided by a single broker or dealer, unless the broker or dealer can only provide a bid quotation, in which
case the value shall be such bid quotation. 
 Except as provided below, OTC currency options are valued by uploading the applicable implied
volatility rates from Reuters or Bloomberg. Other inputs are either uploaded (interest rates, spots) or are specified when the ticker symbols are set up (expiration date, strike). OTC currency options are then priced by using the Garman-Kohlhagen
modified Black-Scholes formula, which adjusts for a constant yield versus a fixed dividend. 
 Except as provided below, OTC equity/index
options are priced according to the contract specifications (days to expiration, current spot index level, interest rates, dividends, strike price) using the Black-Scholes pricing model, modified for dividends. The volatility input assumption is
interpolated from the previous day’s price. 
 US Treasuries 
 BBH uses an evaluated bid supplied by IDC for treasury prices. 

 EXHIBIT D 
 UNITED STATES ASIAN COMMODITIES BASKET FUND 
 OFFICER’S CERTIFICATE

 The undersigned, a duly authorized officer of United States Commodity Funds LLC, a Delaware limited liability company (the
“Sponsor”), and pursuant to Section 13(d) of the Authorized Purchaser Agreement dated as of                    (the “Authorized
Purchaser Agreement”) by and among the Sponsor, the United States Commodity Funds Trust I, a Delaware statutory trust (the “Trust”), on its own behalf and on behalf of the series established and designated by the Trust, the United
States Asian Commodities Basket Fund (each a “Fund”), and                    (the “Authorized Purchaser”), hereby certifies that:

 1. Each of the following representations and warranties of the Sponsor is true and correct in all material respects as of the date hereof:

 (a) the Prospectus for each Fund does not contain an untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; the Registration Statement complies in all material respects with the requirements of the 1933 Act and the
Prospectus complies in all material respects with the requirements of the 1933 Act and any statutes, regulations, contracts or other documents that are required to be described in the Registration Statement or the Prospectus or to be filed as
exhibits to the Registration Statement have been so described or filed; the conditions to the use of Form S-1 or S-3, if applicable, have been satisfied; the Registration Statement does not contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein not misleading and the Prospectus does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided, however, that the Sponsor makes no warranty or representation with respect to any statement contained in the
Registration Statement or any Prospectus in reliance upon and in conformity with information concerning the Authorized Purchaser and furnished in writing by or on behalf of the Authorized Purchaser to the Sponsor expressly for use in the
Registration Statement or such Prospectus; and neither the Sponsor nor any person known to the Sponsor acting on behalf of a Fund has distributed nor will distribute any offering material other than the Registration Statement or the Prospectus;

 (b) the Trust has been duly formed and is validly existing as a statutory trust with separate series under the laws of the State of Delaware,
as described in the Registration Statement and the Prospectus, and as described in the Prospectus, the Marketing Agent is authorized to issue and deliver the Baskets of the Fund’s Units to the Authorized Purchaser; 

(c) the Sponsor has been duly organized and is validly existing as a limited liability company in good standing under the laws of the State of Delaware,
with full power and authority to conduct its business as described in the Registration Statement and the Prospectus, and has all requisite power and authority to execute and deliver this Agreement; 

 (d) the Sponsor is duly qualified and is in good standing in each jurisdiction where the conduct of its
business requires such qualification; 
 (e) the outstanding Units have been duly and validly issued and are fully paid and non-assessable and
free of statutory and contractual preemptive rights, rights of first refusal and similar rights; 
 (f) the Units conform in all material
respects to the description thereof contained in the Registration Statement and the Prospectus and the holders of the Units will not be subject to personal liability by reason of being such holders; 

(g) this Agreement has been duly authorized, executed and delivered by the Sponsor and constitutes the valid and binding obligations of the Sponsor,
enforceable against the Sponsor in accordance with its terms; 
 (h) neither the Sponsor nor any Fund is in breach or violation of or in default
under (nor has any event occurred which with notice, lapse of time or both would result in any breach or violation of, constitute a default under or give the holder of any indebtedness (or a person acting on such holder’s behalf) the right to
require the repurchase, redemption or repayment of all or a part of such indebtedness) its constitutive documents, or any indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence of indebtedness, or any license, lease,
contract or other agreement or instrument to which the Sponsor is a party or by which any of them or any of their properties may be bound or affected, and the execution, delivery and performance of this Agreement, the issuance and sale of Units to
the Authorized Purchaser hereunder and the consummation of the transactions contemplated hereby does not conflict with, result in any breach or violation of or constitute a default under (nor constitute any event which with notice, lapse of time or
both would result in any breach or violation of or constitute a default under), respectively, the amended and restated limited liability company agreement of the Sponsor, as the same may be amended from time to time, or any indenture, mortgage, deed
of trust, bank loan or credit agreement or other evidence of indebtedness, or any license, lease, contract or other agreement or instrument to which the Sponsor is a party or by which, respectively, the Sponsor or any of its properties may be bound
or affected, or any federal, state, local or foreign law, regulation or rule or any decree, judgment or order applicable to the Sponsor; 
 (i)
no approval, authorization, consent or order of or filing with any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency is required in connection with the issuance and sale of the Units other than
registration of the Units under the 1933 Act and the registration of the Sponsor as a Commodity Pool Operator with the NFA under the CEA and the filing of the Prospectus with the National Futures Association, which has been or will be effected, and
any necessary qualification under the securities or blue sky laws of the various jurisdictions in which the Units are being offered or any requirements for listing under the rules and regulations of NYSE Arca, Inc. (“NYSE Arca”);

  
 2 

 (j) except as set forth in the Registration Statement and the Prospectus (i) no person has the right,
contractual or otherwise, to cause the Fund to issue or sell to it any Units or other equity interests of the Fund, and (ii) no person has the right to act as an underwriter or as a financial advisor to the Fund in connection with the offer and
sale of the Units, in the case of each of the foregoing clauses (i), and (ii), whether as a result of the filing or effectiveness of the Registration Statement or the sale of the Units as contemplated thereby or otherwise; no person has the right,
contractual or otherwise, to cause the Sponsor on behalf of a Fund or a Fund to register under the 1933 Act any other equity interests of the Fund, or to include any such units or interests in the Registration Statement or the offering contemplated
thereby, whether as a result of the filing or effectiveness of the Registration Statement or the sale of the Units as contemplated thereby or otherwise; 
 (k) each of the Sponsor and each Fund has all necessary licenses, authorizations, consents and approvals and has made all necessary filings required under any federal, state, local or foreign law,
regulation or rule, and has obtained all necessary authorizations, consents and approvals from other persons, in order to conduct its respective business; the Sponsor is not in violation of, or in default under, or has not received notice of any
proceedings relating to revocation or modification of, any such license, authorization, consent or approval or any federal, state, local or foreign law, regulation or rule or any decree, order or judgment applicable to the Sponsor; 

(l) all legal or governmental proceedings, affiliate transactions, off-balance sheet transactions, contracts, licenses, agreements, leases or documents
of a character required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to the Registration Statement have been so described or filed as required; 
 (m) except as set forth in the Registration Statement and the Prospectus, there are no actions, suits, claims, investigations or proceedings pending or threatened or, to the Sponsor’s knowledge after
due inquiry, contemplated to which the Sponsor or a Fund, or (to the extent that such action, suit, claim, investigation or proceeding is or could be material in the context of the offering and sale of the Units) any of the Sponsor’s directors
or officers, is or would be a party or of which any of their respective properties are or would be subject at law or in equity, before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority or
agency; 
 (n) Spicer Jeffries LLP, whose report on the audited financial statements of each Fund is filed with the SEC as part of the
Registration Statement and the Prospectus, are independent public accountants as required by the 1933 Act; 
 (o) the audited financial
statement(s) included in the Registration Statement, together with the related notes and schedules, presents fairly the financial position of the Fund as of the date indicated and has been prepared in compliance with the requirements of the 1933 Act
and in conformity with generally accepted accounting principles; there are no financial statements (historical or pro forma) that are required to be included in the Registration Statement and each Prospectus that are not included as required; and
each Fund does not have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations), not disclosed in the Registration Statement and each Prospectus; 

  
 3 

 (p) subsequent to the respective dates as of which information is given in the Registration Statement and
each Prospectus, there has not been (i) any material adverse change, (ii) any transaction which is material to the Sponsor or the Fund taken as a whole, (iii) any obligation, direct or contingent (including any off-balance sheet
obligations), incurred by the Sponsor or the Fund, which is material to the Fund, (iv) any change in the Units purchased by the Authorized Purchaser or outstanding indebtedness of the Sponsor or the Fund or (v) any dividend or distribution
of any kind declared, paid or made on such Units; 
 (q) each Fund is not and, after giving effect to the offering and sale of the Units, will
not be an “investment company” or an entity “controlled” by an “investment company,” as such terms are defined in the Investment Company Act; 
 (r) except as set forth in the Registration Statement and the Prospectus, the Sponsor and the Trust own, or have obtained valid and enforceable licenses for, or other rights to use, the inventions, patent
applications, patents, trademarks (both registered and unregistered), tradenames, copyrights, trade secrets and other proprietary information applicable to each Fund and described in the Registration Statement and the Prospectus as being owned or
licensed by the Sponsor or the Trust for use by each Fund (collectively, “Intellectual Property”); 
  

	 	(i)	except as set forth in the Registration Statement and each Prospectus, to the knowledge of the Sponsor, there are no third parties who have or will be able to establish
rights to any Intellectual Property, except for the ownership rights of the owners of the Intellectual Property which is licensed to the Sponsor or the Trust; 

 

	 	(ii)	to the knowledge of the Sponsor, there is no infringement by third parties of any Intellectual Property; 

 

	 	(iii)	there is no pending or, to the knowledge of the Sponsor, threatened action, suit, proceeding or claim by others challenging the Sponsor’s or each Fund’s
rights in or to any Intellectual Property, and the Sponsor is not aware of any facts which could form a reasonable basis for any such claim; 

  

	 	(iv)	there is no pending or, to the knowledge of the Sponsor, threatened action, suit, proceeding or claim by others challenging the validity or scope of any Intellectual
Property; 

  

	 	(v)	there is no pending or, to the knowledge of the Sponsor, threatened action, suit, proceeding or claim by others that the Sponsor or a Fund infringes or otherwise
violates any patent, trademark, copyright, trade secret or other proprietary rights of others, and the Sponsor is not aware of any facts which could form a reasonable basis for any such claim; and 

 

	 	(vi)	to the knowledge of the Sponsor, there is no patent or patent application that contains claims that interfere with the issued or pending claims of any of the
Intellectual Property; 

  
 4 

 (s) all tax returns required to be filed by the Sponsor have been filed, and all taxes and other assessments
of a similar nature (whether imposed directly or through withholding) including any interest, additions to tax or penalties applicable thereto due or claimed to be due from such entities have been paid; and no tax returns or tax payments are due
with respect to the Trust as of the date of this Agreement; 
 (t) the Sponsor has not sent or received any communication regarding termination
of, or intent not to renew, any of the contracts or agreements referred to or described in, or filed as an exhibit to, the Registration Statement, and no such termination or non-renewal has been threatened by the Sponsor or any other party to any
such contract or agreement; 
 (u) on behalf of each Fund, the Sponsor has established and maintains disclosure controls and procedures (as such
term is defined in Rule 13a-14 and 15d-14 under the Exchange Act, giving effect to the rules and regulations, and SEC staff interpretations, thereunder)); such disclosure controls and procedures are designed to ensure that material information
relating to each Fund, is made known to the Sponsor, and such disclosure controls and procedures are effective to perform the functions for which they were established; on behalf of each Fund, the Sponsor has been advised of: (i) any
significant deficiencies in the design or operation of internal controls which could adversely affect each Fund’s ability to record, process, summarize, and report financial data; and (ii) any fraud, whether or not material, that involves
management or other employees who have a role in each Fund’s internal controls; any material weaknesses in internal controls have been identified for such Fund’s auditors; 
 (v) any statistical and market-related data included in the Registration Statement and the Prospectus are based on or derived from sources that the Sponsor believes to be reliable and accurate, and the
Sponsor has obtained the written consent to the use of such data from such sources to the extent required; and 
 (w) neither the Sponsor, nor
any of the Sponsor’s directors, members, officers, affiliates or controlling persons has taken, directly or indirectly, any action designed, or which has constituted or might reasonably be expected to cause or result in, under the Exchange Act
or otherwise, the stabilization or manipulation of the price of any security or asset of the Fund to facilitate the sale or resale of the Units. 
 For purposes hereof, the term “Registration Statement” means the Registration Statement as amended or supplemented from time to time through and including the date hereof; the term
“Preliminary Prospectus” means the preliminary prospectus dated                     , relating to the Units and any other prospectus dated
prior to effectiveness of the Registration Statement relating to the Units; and the term “Prospectus” means the Prospectus as amended or supplemented from time to time through and including the date hereof. 

  
 5 

 2. Each of the obligations of the Sponsor to be performed by it on or before the date hereof pursuant to the
terms of the Agreement, and each of the provisions thereof to be complied with by the Sponsor on or before the date hereof, has been duly performed and complied with in all material respects. Capitalized terms used, but not defined herein shall have
the meanings assigned to such terms in the Agreement. 
 IN WITNESS WHEREOF, I have hereunto, on behalf of the Sponsor, subscribed my name this
            day of             ,         . 

 

					
		 	By:	 	  

		 	Name:
		 	Title:

 I,
                    , in my capacity as
                    , hereby certify that
                    is the duly elected President of the Sponsor, and that the signature set forth immediately above is his genuine signature.

 IN WITNESS WHEREOF, I have hereunto set my hand as of the date first set forth above. 

 

					
		 	By:	 	  

		 	Name:
		 	Title:

  
 6 

 ANNEX A 
 LIST OF SERIES TRUST(S) ESTABLISHED 
 BY THE UNITED STATES COMMODITY FUNDS
TRUST I 
  

					
	 	  	 Fund
	  	 Relevant Schedules

	1.	  	United States Asian Commodities Basket Fund	  	Schedules 1 & 2 to this Agreement

 SCHEDULE 1 
 TO THE AUTHORIZED PURCHASER AGREEMENT 
 DATED
                     
 DEFINED TERMS RELATING TO 
 UNITED STATES ASIAN COMMODITIES BASKET FUND

 Benchmark Component Futures Contract shall mean the Futures Contracts (as defined in the Prospectus) that at any given time
make up the basket of the Fund. 
 Business Day shall mean, for purposes of processing Purchase and Redemption
Orders any day other than a day when any of the NYSE Arca, New York Mercantile Exchange or the New York Stock Exchange is closed for regular trading. 
 The Fund shall mean United States Asian Commodities Basket Fund. 
 Purchase
Order Cut-off Time shall mean 10:30 AM New York time or the close of regular trading on NYSE Arca, whichever is earlier, except in the case of an Authorized Purchaser’s initial order to purchase one or more Creation Baskets on the first
day the Baskets are to be offered and sold, when such orders shall be placed by 9:00 AM New York time on the day agreed to by the Sponsor and the Authorized Purchaser. 
 Redemption Order Cut-off Time shall mean 10:30 AM New York time or the close of regular trading on NYSE Arca, whichever is earlier. 

Transaction Fee. The fee as stated in the Prospectus, as may be amended from time to time. 

 SCHEDULE 2 
 TO THE AUTHORIZED PURCHASER AGREEMENT 
 DATED
                     
 FORM OF CERTIFIED AUTHORIZED PERSONS OF 
 AUTHORIZED PURCHASER FOR

 UNITED STATES ASIAN COMMODITIES BASKET FUND 
 The following are the names, titles and signatures of all persons (each an “Authorized Person”) authorized to give instructions relating to any activity contemplated by the Authorized Purchaser
Agreement dated as of                     , as amended or supplemented (the “Authorized Purchaser Agreement”) by and among United
States Commodity Funds LLC, a Delaware limited liability company (the “Sponsor”), the United States Commodity Funds Trust I, a Delaware statutory trust (the “Trust”), on its own behalf and on behalf of the series established and
designated by the Trust, the United States Asian Commodities Basket Fund (each a “Fund”), and                     (the “Authorized
Purchaser”) or any other notice, request or instruction on behalf of the Authorized Purchaser pursuant to the aforementioned agreement. 

Authorized Purchaser: 
  

			
	Name:	 	
	Title:	 	
	Signature:	 	  

	E-Mail Address:
	Telephone:	 	
		
	Name:	 	
	Title:	 	
	Signature:	 	  

	E-Mail Address:
	Telephone:	 	
		
	Name:	 	
	Title:	 	
	Signature:	 	  

	E-Mail Address:
	Telephone:	 	

  
 2 

 The undersigned,
                    , does hereby certify that the persons listed above have been duly elected to the offices set forth beneath their names, that
they presently hold such offices, that they have been duly authorized to act as Authorized Persons pursuant to the Authorized Purchaser Agreement and that their signatures set forth above are their own true and genuine signatures. 

IN WITNESS WHEREOF, the undersigned has hereby set his/her hand and the seal of
                    on the date set forth below. 
  

			
	Signature:	 	  

	Name:	 	

  
 3 

 ANNEX B 
 FORM OF AMENDMENT AGREEMENT TO ADD SERIES TRUST(S) TO 
 TO THE AUTHORIZED
PURCHASER AGREEMENT 
 This Amendment to the Authorized Purchaser Agreement dated
                    (this “Amendment”), is made and entered into by and among United States Commodity Funds LLC, a Delaware limited
liability company (the “Sponsor”), the United States Commodity Funds Trust I, a Delaware statutory trust (the “Trust”), on its own behalf and on behalf of the United States Asian Commodities Basket Fund and [INSERT FUND NAME]
(each, a “Fund”), and [AUTHORIZED PURCHASER], a [STATE/ TYPE OF ENTITY] (the “Authorized Purchaser”) (each, a “Party” and collectively, “the Parties”). 

WHEREAS, the Parties have entered into a certain Authorized Purchaser Agreement dated
            (the “Agreement”); and 
 WHEREAS, the parties
hereto desire to amend the Agreement as provided herein by amending Annex A of this Agreement and supplementing this Agreement with the attached Schedules 1 and 2 to this Amendment. 

NOW THEREFORE, for and in consideration of the agreements herein made and other good and valuable consideration, the parties hereto agree
as follows: 
  

	 	I.	AMENDMENTS 

 The
Agreement is hereby amended by making the following change to Annex A thereto: 
 LIST OF SERIES TRUST(S) ESTABLISHED

 BY THE UNITED STATES COMMODITY FUNDS TRUST I 

 

					
	  	  	 Fund
	  	 Relevant Schedules

	1.	  	United States Asian Commodities Basket Fund	  	Schedules 1 & 2 to this Agreement

 The Parties acknowledge that Schedule 1 and 2 of this Amendment shall supplement and not supersede
Schedules 1 and 2 of the Agreement. 
  

	 	II.	REPRESENTATIONS 

Each Party represents to the other Parties that:- 
 (a) Status. It is duly organized and validly existing under the laws of the jurisdiction of its organization or incorporation and, if relevant under such laws, in good standing; 

 (b) Powers. It has the power to execute and deliver this Amendment and to perform its
obligations hereunder, and has taken all necessary action to authorize such execution, delivery and performance; 
 (c) No
Violation or Conflict. Such execution, delivery and performance do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable
to it or any of its assets or any contractual restriction binding on or affecting it or any of its assets; 
 (d)
Consents. All governmental and other consents that are required to have been obtained by it with respect to this Amendment have been obtained and are in full force and effect and all conditions of any such consents have been complied with;
and 
 (e) Obligations Binding. Its obligations under this Amendment constitute its legal, valid and binding obligations,
enforceable in accordance with its respective terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of
general application (regardless of whether enforcement is sought in a proceeding in equity or at law)). 
  

	 	III.	MISCELLANEOUS 

 (a)
Entire Agreement. The Amendment constitutes the entire agreement and understanding of the parties with respect to its subject matter and supersedes all oral communication and prior writings (except as other wise provided herein) with respect
thereto. 
 (b) Counterparts. This Amendment may be executed in multiple counterparts, each of which when executed and
delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. 

(c) Headings. The headings used in this Amendment are for convenience of reference only and are not to affect the construction of
or to be taken into consideration in interpreting this Amendment. 
 (d) Governing Law. This Amendment shall be governed
by and construed in accordance with the laws of the State of New York. 
 (e) Terms. Terms used in this Amendment, unless
otherwise defined herein, shall have the meanings ascribed to them in the Agreement. 
 (f) Agreement. Any and all
references to the Agreement shall hereafter refer to the Agreement as amended by this Amendment and as the same may be amended, supplemented or modified from time to time. Unless otherwise defined herein, capitalized terms not defined herein shall
have the same meanings assigned to such terms in the Agreement as amended by this Amendment. 

  
 2 

 Except as amended hereby, all other terms and conditions of the Agreement shall remain the
same and in full force and effect. 
 IN WITNESS WHEREOF, the parties hereto have executed this Amendment effective as of the
date first written above. 
 UNITED STATES COMMODITY FUNDS LLC 

 

			
	By:	 	  

		 	Name:
		 	Title:

 UNITED STATES COMMODITY FUNDS TRUST I, on its own behalf and on behalf of the United States Asian Commodities Basket
Fund 
 By: United States Commodity Funds LLC, as Sponsor 

 

					
		 	By:	 	  

		 		 	Name:
		 		 	Title:

 UNITED STATES COMMODITY FUNDS TRUST I, on behalf of [INSERT FUND NAME] 

By: United States Commodity Funds LLC, as Sponsor 
  

					
		 	By:	 	  

		 		 	Name:
		 		 	Title:

 [AUTHORIZED PURCHASER] 
  

					
		 	By:	 	  

		 		 	Name:
		 		 	Title:
		 		 	Address:
		 		 	Telephone:
		 		 	Facsimile:

  
 3 

 SCHEDULE 1 
 TO THE AMENDMENT AGREEMENT DATED                      

DEFINED TERMS RELATING TO 
 [INSERT NAME OF FUND] 
  

	
	Benchmark Component Futures Contract shall mean
                    .
	
	 Business Day shall mean
                    .

	
	 The Fund shall mean
                    .

	
	 Purchase Order Cut-off Time shall mean
                    .

	
	 Redemption Order Cut-off Time shall mean
                    .

	
	 Transaction Fee shall mean
                    .

  
 4 

 SCHEDULE 2 
 TO THE AMENDMENT AGREEMENT DATED                      

FORM OF CERTIFIED AUTHORIZED PERSONS 
 OF AUTHORIZED PURCHASER FOR [INSERT FUND NAME] 
 The following are the names, titles and
signatures of all persons (each an “Authorized Person”) authorized to give instructions relating to any activity contemplated by the Authorized Purchaser Agreement dated as of
                    , as amended or supplemented (the “Authorized Purchaser Agreement”) by and among United States Commodity Funds
LLC, a Delaware limited liability company (the “Sponsor”), the United States Commodity Funds Trust I, a Delaware statutory trust (the “Trust”), on its own behalf and on behalf of the series established and designated by the
Trust, the [INSERT FUND NAME] (the “Fund”), and [AUTHORIZED PURCHASER], a [STATE/ TYPE OF ENTITY] (the “Authorized Purchaser”) or any other notice, request or instruction on behalf of the Authorized Purchaser pursuant to the
aforementioned agreement. 
  

			
	Authorized Purchaser:	 	  

 

			
	Name:	 	  

	Title:	 	  

	Signature:	 	  

 

			
	Name:	 	  

	Title:	 	  

	Signature:	 	  

 

			
	Name:	 	  

	Title:	 	  

	Signature:	 	  

 The undersigned, [name], [title] of [company], does hereby certify that the persons listed above have been duly elected
to the offices set forth beneath their names, that they presently hold such offices, that they have been duly authorized to act as Authorized Persons pursuant to the Authorized Purchaser Agreement and that their signatures set forth above are their
own true and genuine signatures. 

  
 5 

 IN WITNESS WHEREOF, the undersigned has hereby set his/her hand and the seal of [company] on
the date set forth below. 
 Subscribed and sworn to before me 
 this     day of             ,         . 

 

			
	By:	 	
	Name:	 	  

	Signature:	 	  

 Notary Public 

  
 6

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