Document:

EX-10.6

 Exhibit 10.6 

Execution Copy 
  

 
  

TERM LOAN CREDIT AGREEMENT 
 dated
as of June 30, 2015, 
 among 

HORIZON GLOBAL CORPORATION, 
 The
Lenders Party Hereto, 
 JPMORGAN CHASE BANK, N.A., 

as Administrative Agent and Collateral Agent, 

BMO CAPITAL MARKETS CORP., 
 and

 WELLS FARGO SECURITIES, LLC, 

as Syndication Agents, 
 KEYBANC
CAPITAL MARKETS INC., 
 SIDOTI & COMPANY, LLC 

and 
 ROTH CAPITAL PARTNERS, LLC

 as Documentation Agents 
  

 
 J.P. MORGAN
SECURITIES LLC, 
 BMO CAPITAL MARKETS CORP., 

WELLS FARGO SECURITIES, LLC, 
 as
Joint Lead Arrangers and Joint Bookrunners 
  
  

 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	ARTICLE I	  
	
	DEFINITIONS	  
			
	 SECTION 1.01
	  	Defined Terms	  	 	1	  
	 SECTION 1.02
	  	Classification of Loans and Borrowings	  	 	29	  
	 SECTION 1.03
	  	Terms Generally	  	 	30	  
	 SECTION 1.04
	  	Accounting Terms; GAAP	  	 	30	  
	
	ARTICLE II	  
	
	THE CREDITS	  
			
	 SECTION 2.01
	  	Commitments	  	 	30	  
	 SECTION 2.02
	  	Loans and Borrowings	  	 	31	  
	 SECTION 2.03
	  	Requests for Borrowings	  	 	31	  
	 SECTION 2.04
	  	[Reserved]	  	 	32	  
	 SECTION 2.05
	  	[Reserved]	  	 	32	  
	 SECTION 2.06
	  	Funding of Borrowings	  	 	32	  
	 SECTION 2.07
	  	Interest Elections	  	 	32	  
	 SECTION 2.08
	  	Termination and Reduction of Commitments	  	 	33	  
	 SECTION 2.09
	  	Repayment of Loans; Evidence of Debt	  	 	34	  
	 SECTION 2.10
	  	Amortization of Term Loans	  	 	34	  
	 SECTION 2.11
	  	Prepayment of Loans	  	 	35	  
	 SECTION 2.12
	  	Fees	  	 	37	  
	 SECTION 2.13
	  	Interest	  	 	37	  
	 SECTION 2.14
	  	Alternate Rate of Interest	  	 	38	  
	 SECTION 2.15
	  	Increased Costs	  	 	38	  
	 SECTION 2.16
	  	Break Funding Payments	  	 	39	  
	 SECTION 2.17
	  	Taxes	  	 	39	  
	 SECTION 2.18
	  	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	  	 	42	  
	 SECTION 2.19
	  	Mitigation Obligations; Replacement of Lenders	  	 	43	  
	 SECTION 2.20
	  	[Reserved]	  	 	44	  
	 SECTION 2.21
	  	Incremental Facilities	  	 	44	  
	 SECTION 2.22
	  	[Reserved]	  	 	46	  
	 SECTION 2.23
	  	Extensions	  	 	46	  
	
	ARTICLE III	  
	
	REPRESENTATIONS AND WARRANTIES	  
			
	 SECTION 3.01
	  	Organization; Powers	  	 	47	  
	 SECTION 3.02
	  	Authorization; Enforceability	  	 	48	  
	 SECTION 3.03
	  	Governmental Approvals; No Conflicts	  	 	48	  
	 SECTION 3.04
	  	Financial Condition; No Material Adverse Change	  	 	48	  
	 SECTION 3.05
	  	Properties	  	 	49	  

  
 -i- 

							
	 	  	 	  	Page	 
	 SECTION 3.06
	  	Litigation and Environmental Matters	  	 	49	  
	 SECTION 3.07
	  	Compliance with Laws and Agreements	  	 	50	  
	 SECTION 3.08
	  	Investment Company Status	  	 	50	  
	 SECTION 3.09
	  	Taxes	  	 	50	  
	 SECTION 3.10
	  	ERISA	  	 	50	  
	 SECTION 3.11
	  	Disclosure	  	 	50	  
	 SECTION 3.12
	  	Subsidiaries	  	 	51	  
	 SECTION 3.13
	  	Insurance	  	 	51	  
	 SECTION 3.14
	  	Labor Matters	  	 	51	  
	 SECTION 3.15
	  	Solvency	  	 	51	  
	 SECTION 3.16
	  	Senior Indebtedness	  	 	51	  
	 SECTION 3.17
	  	Security Documents	  	 	51	  
	 SECTION 3.18
	  	Federal Reserve Regulations	  	 	52	  
	 SECTION 3.19
	  	Anti-Corruption Laws and Sanctions	  	 	52	  
	 SECTION 3.20
	  	Material Contracts	  	 	53	  
	
	ARTICLE IV	  
	
	CONDITIONS	  
			
	 SECTION 4.01
	  	Closing Date	  	 	53	  
	
	ARTICLE V	  
	
	AFFIRMATIVE COVENANTS	  
			
	 SECTION 5.01
	  	Financial Statements and Other Information	  	 	55	  
	 SECTION 5.02
	  	Notices of Material Events	  	 	57	  
	 SECTION 5.03
	  	Information Regarding Collateral	  	 	58	  
	 SECTION 5.04
	  	Existence; Conduct of Business	  	 	59	  
	 SECTION 5.05
	  	Payment of Obligations	  	 	59	  
	 SECTION 5.06
	  	Maintenance of Properties	  	 	59	  
	 SECTION 5.07
	  	Insurance	  	 	59	  
	 SECTION 5.08
	  	Casualty and Condemnation	  	 	59	  
	 SECTION 5.09
	  	Books and Records; Inspection and Audit Rights	  	 	60	  
	 SECTION 5.10
	  	Compliance with Laws	  	 	60	  
	 SECTION 5.11
	  	Use of Proceeds	  	 	60	  
	 SECTION 5.12
	  	Additional Subsidiaries	  	 	60	  
	 SECTION 5.13
	  	Further Assurances	  	 	60	  
	 SECTION 5.14
	  	Ratings	  	 	61	  
	
	ARTICLE VI	  
	
	NEGATIVE COVENANTS	  
			
	 SECTION 6.01
	  	Indebtedness; Certain Equity Securities	  	 	61	  
	 SECTION 6.02
	  	Liens	  	 	63	  
	 SECTION 6.03
	  	Fundamental Changes	  	 	65	  
	 SECTION 6.04
	  	Investments, Loans, Advances, Guarantees and Acquisitions	  	 	66	  
	 SECTION 6.05
	  	Asset Sales	  	 	67	  
	 SECTION 6.06
	  	Sale and Leaseback Transactions	  	 	68	  

  
 -ii- 

							
	 	  	 	  	Page	 
	 SECTION 6.07
	  	Hedging Agreements	  	 	68	  
	 SECTION 6.08
	  	Restricted Payments; Certain Payments of Indebtedness	  	 	69	  
	 SECTION 6.09
	  	Transactions with Affiliates	  	 	70	  
	 SECTION 6.10
	  	Restrictive Agreements	  	 	71	  
	 SECTION 6.11
	  	Amendment of Material Documents	  	 	71	  
	 SECTION 6.12
	  	[Reserved]	  	 	72	  
	 SECTION 6.13
	  	Net Leverage Ratio	  	 	72	  
	 SECTION 6.14
	  	Use of Proceeds	  	 	72	  
	
	ARTICLE VII	  
	
	EVENTS OF DEFAULT	  
	
	ARTICLE VIII	  
	
	THE AGENTS	  
	
	ARTICLE IX	  
	
	[RESERVED]	  
	
	ARTICLE X	  
	
	MISCELLANEOUS	  
			
	 SECTION 10.01
	  	Notices	  	 	77	  
	 SECTION 10.02
	  	Waivers; Amendments	  	 	77	  
	 SECTION 10.03
	  	Expenses; Indemnity; Damage Waiver	  	 	80	  
	 SECTION 10.04
	  	Successors and Assigns	  	 	81	  
	 SECTION 10.05
	  	Survival	  	 	84	  
	 SECTION 10.06
	  	Counterparts; Integration; Effectiveness	  	 	84	  
	 SECTION 10.07
	  	Severability	  	 	84	  
	 SECTION 10.08
	  	Right of Setoff	  	 	84	  
	 SECTION 10.09
	  	Governing Law; Jurisdiction; Consent to Service of Process	  	 	84	  
	 SECTION 10.10
	  	WAIVER OF JURY TRIAL	  	 	85	  
	 SECTION 10.11
	  	Headings	  	 	85	  
	 SECTION 10.12
	  	Confidentiality	  	 	85	  
	 SECTION 10.13
	  	Interest Rate Limitation	  	 	86	  
	 SECTION 10.14
	  	Intercreditor Agreements	  	 	87	  
	 SECTION 10.15
	  	Release of Liens and Guarantees	  	 	87	  
	 SECTION 10.16
	  	PATRIOT Act	  	 	87	  
	 SECTION 10.17
	  	No Fiduciary Duty	  	 	87	  

  
 -iii- 

 SCHEDULES: 
  

							
	 Schedule 2.01
		 	–	  		Commitments
	 Schedule 3.03
		 	–	  		Governmental Approvals; No Conflicts
	 Schedule 3.05
		 	–	  		Real Property
	 Schedule 3.06
		 	–	  		Disclosed Matters
	 Schedule 3.12
		 	–	  		Subsidiaries
	 Schedule 3.13
		 	–	  		Insurance
	 Schedule 3.20
		 	–	  		Material Contracts
	 Schedule 6.01
		 	–	  		Existing Indebtedness
	 Schedule 6.02
		 	–	  		Existing Liens
	 Schedule 6.04
		 	–	  		Existing Investments
	 Schedule 6.05
		 	–	  		Asset Sales
	 Schedule 6.09
		 	–	  		Existing Affiliate Transactions
	 Schedule 6.10
		 	–	  		Existing Restrictions
			
	 EXHIBITS:
						
			
	 Exhibit A
		 	–	  		Form of Assignment and Assumption
	 Exhibit B
		 	–	  		Form of Borrowing Request
	 Exhibit C
		 	–	  		Form of Intercreditor Agreement
	 Exhibit D
		 	–	  		Form of Guarantee and Collateral Agreement
	 Exhibit E
		 	–	  		Form of U.S. Tax Certificate
	 Exhibit F
		 	–	  		Form of Perfection Certificate

  
 -iv- 

 TERM LOAN CREDIT AGREEMENT dated as of June 30, 2015 (this “Agreement”),
among HORIZON GLOBAL CORPORATION, the LENDERS party hereto and JPMORGAN CHASE BANK, N.A., as Administrative Agent and Collateral Agent. 

RECITALS: 
 In consideration of
the premises and the agreements, provisions and covenants herein contained, the parties hereto hereby agree as follows: 
 ARTICLE
I
 Definitions 

SECTION 1.01 Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 

“ABL Agent” means Bank of America, N.A., as administrative agent and/or collateral agent, as applicable, under the ABL Credit
Agreement, and its successors and assigns. 
 “ABL Credit Agreement” means the ABL Credit Agreement to be dated as of the
Closing Date, among the Borrower, the Subsidiaries party thereto as borrowers, the lenders party thereto and Bank of America, N.A., as administrative agent and collateral agent, as such document or the credit facility thereunder may be amended,
restated, supplemented, replaced, refinanced or otherwise modified from time to time in accordance with the requirements thereof and of this Agreement. 

“ABL Guarantee and Collateral Agreement” means the Guarantee and Collateral Agreement as defined in the ABL Credit Agreement.

 “ABL Foreign Loan Party” means any Foreign Subsidiary that is a party to the ABL Loan Documents as a borrower thereunder
and/or is a party to any ABL Security Document as a grantor or guarantor thereunder. 
 “ABL Loan” means a loan made
pursuant to the ABL Credit Agreement. 
 “ABL Loan Documents” means collectively (a) the ABL Credit Agreement,
(b) the ABL Security Documents, (c) any promissory note evidencing loans under the ABL Credit Agreement and (d) any amendment, waiver, supplement or other modification to any of the documents described in clauses (a) through (c),
in each case as such documents may be amended, restated, supplemented, replaced, refinanced or otherwise modified from time to time in accordance with the requirements thereof and of this Agreement. 

“ABL Priority Collateral” has the meaning assigned to such term in the Intercreditor Agreement. 

“ABL Security Documents” means the collective reference to the ABL Guarantee and Collateral Agreement, the Mortgages (as
defined in the ABL Credit Agreement) and all other security documents delivered to the ABL Administrative Agent granting a Lien on any property of any Person to secure the obligations and liabilities of any Loan Party under the ABL Credit Agreement
or the ABL Guarantee and Collateral Agreement, as such documents may be amended, restated, supplemented, replaced, refinanced or otherwise modified from time to time in accordance with the requirements thereof and of this Agreement. 

 “ABR,” when used in reference to any Loan or Borrowing, refers to whether such
Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate. 

“Acquisition Lease Financing” means any sale or transfer by the Borrower or any Subsidiary of any property, real or personal,
that is acquired pursuant to a Permitted Acquisition, in an aggregate amount not to exceed $20,000,000 at any time after the Closing Date, which property is rented or leased by the Borrower or such Subsidiary from the purchaser or transferee of such
property, so long as the proceeds from such transaction consist solely of cash. 
 “Adjusted LIBO Rate” means, with respect
to any Eurocurrency Borrowing for any Interest Period, an interest rate per annum equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate; provided that the Adjusted LIBO Rate shall not be
less than 1.00% per annum. 
 “Administrative Agent” means JPMCB, in its capacity as administrative agent for the
Lenders hereunder. 
 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the
Administrative Agent. 
 “Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly
through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 

“Agents” means, collectively, the Administrative Agent, the Collateral Agent, the Syndication Agents and the Documentation
Agents. 
 “Agreement” has the meaning assigned to such term in the preamble hereto. 

“Alternate 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 Effective Rate in effect on such day plus  1⁄2 of 1% and (c) the Adjusted LIBO Rate on such day (or if such day is not a
Business Day, the immediately preceding Business Day) for a deposit in dollars with a maturity of one month plus 1%; provided that the Alternate Base Rate shall not be less than 2.00% per annum. For purposes of clause (c) above, the
Adjusted LIBO Rate on any day shall be the LIBO Rate, two Business Days prior to such day for deposits in dollars with a maturity of one month. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate
or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, as the case may be. 

“Alternative Incremental Debt” means any Indebtedness incurred by a Loan Party in the form of one or more series of secured
or unsecured bonds, debentures, notes or similar instruments or in the form of loans; provided that: 
 (a) if such
Indebtedness is secured, (i) such Indebtedness shall be secured by Liens on the Collateral on a pari passu or junior basis to the Liens on the Collateral securing the Obligations (but, in each case, without regard to the control
of remedies) and shall not be secured by any property or assets of the Borrower or any of the Subsidiaries other than the Collateral (provided that if such Indebtedness is in the form of loans, it may be secured by Liens on the Collateral
only on a junior basis to the Liens on the Collateral securing the Obligations), (ii) the security agreements 

  
 -2- 

 
relating to such Indebtedness shall be substantially similar to the Security Documents (with such differences as are reasonably satisfactory to the Administrative Agent and other than, in the
case of Indebtedness secured on a junior basis, with respect to priority) and (iii) such Indebtedness shall be subject to a customary intercreditor agreement in form and substance reasonably satisfactory to the Administrative Agent, 

(b) such Indebtedness does not mature earlier than the date that is 91 days after the Latest Maturity Date in effect
hereunder at the time of incurrence thereof and has a weighted average life to maturity no shorter than the Latest Maturing Term Loans in effect at the time of incurrence of such Indebtedness, 

(c) the definitive documentation in respect of such Indebtedness (i) contains covenants, events of default and other terms
that are customary for similar Indebtedness in light of then-prevailing market conditions and (ii) shall not contain additional covenants or events of default not otherwise applicable to the Loans or covenants more restrictive than the
covenants applicable to the Loans; provided that the foregoing clause (ii) shall not apply to covenants or events of default applicable only to periods after the Latest Maturity Date in effect immediately prior to the establishment of
such Indebtedness; provided further that any such Indebtedness may include additional covenants or events of default not otherwise applicable to the Loans or covenants more restrictive than the covenants applicable to the Loans in each
case prior to the Latest Maturity Date in effect immediately prior to the establishment of such Indebtedness so long as this Agreement is amended to provide all of the Lenders with the benefits of such additional covenants, events of default or more
restrictive covenants, 
 (d) such Indebtedness does not provide for any mandatory prepayment, redemption or repurchase
(other than upon a change of control, fundamental change, conversion or exchange in the case of convertible or exchangeable Indebtedness, customary asset sale or event of loss mandatory offers to purchase, and customary acceleration rights after an
event of default) prior to the date that is 91 days after the Latest Maturity Date in effect hereunder at the time of incurrence of such Indebtedness; provided that any such Indebtedness secured by Liens on the Collateral on a pari passu
basis with the Liens on the Collateral securing the Obligations (any such Indebtedness, “Pari Passu Alternative Incremental Debt”) may be subject to a mandatory prepayment offer from the Net Proceeds of any Prepayment Event so long
as the holders of such Indebtedness receive no more than their ratable share of such prepayment (such ratable share to be calculated by reference to the outstanding amount of such Indebtedness, the outstanding amount of the Loans hereunder and the
outstanding amount of Pari Passu Permitted Term Loan Refinancing Indebtedness, in each case immediately prior to such prepayment), 

(e) other than with respect to Alternative Incremental Debt the proceeds of which shall be used to finance a Limited
Conditionality Acquisition, at the time of incurrence of such Alternative Incremental Debt, (i) no Default or Event of Default shall have occurred and be continuing, both immediately prior to and immediately after giving effect to the
incurrence of such Alternative Incremental Debt and (ii) the representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material respects (or in all respects if qualified by materiality)
on and as of such date; provided that with respect to Alternative Incremental Debt the proceeds of which shall be used to finance a Limited Conditionality Acquisition, as of the date of entry into the applicable Limited Conditionality
Acquisition Agreement (i) no Default or Event of Default shall have occurred and be continuing and (ii) the representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material
respects (or in all respects if qualified by materiality) on and as of such date, and 

  
 -3- 

 (f) such Indebtedness is not guaranteed by any Person other than Loan Parties.

 Alternative Incremental Debt will include any Registered Equivalent Notes issued in exchange therefor.

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or its
Subsidiaries from time to time concerning or relating to bribery or corruption. 
 “Applicable Law” has the meaning
assigned to such term in the ABL Credit Agreement as of the date hereof. 
 “Applicable Rate” means, for any day,
(a) with respect to (i) any ABR Term B Loan, 5.00% per annum and (ii) any Eurocurrency Term B Loan, 6.00% per annum and (b) with respect to any Incremental Term Loan of any Series, the rate per annum specified in the
Incremental Facility Agreement establishing the Incremental Term Commitments of such Series. 
 “Approved Fund” means any
Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course and that is administered or managed by (a) a Lender, (b) an Affiliate of
a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Assignment and
Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of any Person whose consent is required by Section 10.04), and accepted by the Administrative Agent, in the form of
Exhibit A or any other form approved by the Administrative Agent. 
 “Assumed Preferred Stock” means any preferred
stock or preferred equity interests of any Person that becomes a Subsidiary after the Closing Date; provided that (a) such preferred stock or preferred equity interests exist at the time such Person becomes a Subsidiary and are not
created in contemplation of or in connection with such Person becoming a Subsidiary and (b) the aggregate liquidation value of all such outstanding preferred stock and preferred equity interests shall not exceed $10,000,000 at any time
outstanding, less the aggregate principal amount of Indebtedness incurred and outstanding pursuant to Section 6.01(a)(x). 

“Available Amount” means, as of any date of determination, an amount equal to: 

(a) the sum of (without duplication): 

(i) if positive, the Cumulative Retained Excess Cash Flow Amount; and 

(ii) the Net Proceeds received by the Borrower from (A) cash contributions (other than from a Subsidiary) to the Borrower
or (B) the issuance and sale of its Equity Interests (other than a sale to a Subsidiary); 
 minus 

(b) the amount of any investments made in reliance on Section 6.04(s) prior to such date and any prepayments of
Indebtedness made in reliance on Section 6.08(b)(vii) prior to such date; 

  
 -4- 

 minus 

(c) the portion of Excess Cash Flow not otherwise required to be used to prepay Term Loans pursuant to Section 2.11(d)
that is used pursuant to Section 6.08(a)(v) or Section 6.08(a)(vii). 
 “Base Incremental Amount” means, as of
any date, an amount equal to (a) $25,000,000 less (b) the aggregate principal amount of Incremental Term Commitments established prior to such date in reliance on the Base Incremental Amount less (c) the aggregate
principal amount of Alternative Incremental Debt established prior to such date in reliance on the Base Incremental Amount. 

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

“Borrower” means Horizon Global Corporation, a Delaware corporation. 

“Borrower Registration Statement” means the registration statement on Form S-1 filed by the Borrower with the Commission on
March 31, 2015, including all exhibits and schedules thereto, in each case, as amended, supplemented or otherwise modified prior to the Closing Date. 

“Borrowing” means Loans of the same Class and Type, made, converted or continued on the same date and as to which a single
Interest Period is in effect. 
 “Borrowing Base” shall have the meaning ascribed to such term in the ABL Credit Agreement
(as defined in the ABL Credit Agreement on the Closing Date). 
 “Borrowing Request” means a request by the Borrower for a
Borrowing in accordance with Section 2.03, which shall be, in the case of any such written request, in the form of Exhibit B or any other form approved by the Administrative Agent. 

“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 any Eurocurrency Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in dollar deposits in the
London interbank market. 
 “Capital Expenditures” means, for any period, without duplication, (a) the additions to
property, plant and equipment and other capital expenditures of the Borrower and its consolidated Subsidiaries that are (or would be) set forth in a consolidated statement of cash flows of the Borrower for such period prepared in accordance with
GAAP other than (x) such additions and expenditures classified as Permitted Acquisitions and (y) such additions and expenditures made with Net Proceeds from any casualty or other insured damage or condemnation or similar awards and
(b) Capital Lease Obligations incurred by the Borrower and its consolidated Subsidiaries during such period. 
 “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; provided that any
change in GAAP after the Closing Date that would require lease obligations that would have been characterized and accounted for as operating leases in accordance with GAAP as in effect on the Closing Date to be characterized and accounted for as
Capital Lease Obligations shall be disregarded for purposes hereof. 

  
 -5- 

 “CFC” means a “controlled foreign corporation” within the meaning of
Section 957 of the Code. 
 “CFC Holdco” means any Domestic Subsidiary substantially all the assets of which consist
of Equity Interests of one or more CFCs. 
 “Change in Control” means (a) the acquisition of beneficial ownership,
directly or indirectly, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the Commission thereunder), of Equity Interests representing more than 35% of either the aggregate ordinary voting power
represented by the issued and outstanding Equity Interests in the Borrower or (b) the occurrence of any change in control (or similar event, however denominated) with respect to the Borrower under (i) any indenture or other agreement in
respect of Material Indebtedness to which the Borrower or any Subsidiary is a party or (ii) any instrument governing any preferred stock of the Borrower or any Subsidiary having a liquidation value or redemption value in excess of $5,000,000.

 “Change in Law” means (a) the adoption of any law, rule or regulation after the date hereof, (b) any change in
any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date hereof or (c) compliance by any Lender (or, for purposes of Section 2.15(b), by any lending office of such Lender or
by such Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date hereof; provided that notwithstanding anything herein
to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives
promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case
be deemed to be a “Change in Law,” regardless of the date enacted, adopted, promulgated or issued. 

“Class,” when used in reference to (a) any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such
Borrowing, are Term B Loans or Incremental Term Loans of any Series, (b) any Commitment, refers to whether such Commitment is a Term Commitment or an Incremental Term Commitment of any Series and (c) any Lender, refers to whether such
Lender has a Loan or Commitment of a particular Class. 
 “Closing Date” means the date on which the conditions specified
in Section 4.01 have been satisfied. 
 “Closing Date Dividend” has the meaning assigned to such term in the
definition of “Transactions”. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time.

 “Collateral” means any and all “Collateral,” as defined in any applicable Security Document. 

“Collateral Agent” means JPMCB, in its capacity as collateral agent for the Lenders under the Security Documents. 

  
 -6- 

 “Collateral and Guarantee Requirement” means the requirement that: 

(a) the Collateral Agent shall have received from each party thereto (other than the Collateral Agent) either (i) a
counterpart of the Guarantee and Collateral Agreement duly executed and delivered on behalf of such Loan Party, or (ii) in the case of any Person that becomes a Subsidiary Loan Party after the Closing Date, a supplement to each of the Guarantee
and Collateral Agreement and the Intercreditor Agreement, in each case in the form specified therein, duly executed and delivered on behalf of such Subsidiary Loan Party; 

(b) all outstanding Equity Interests of the Borrower and each Subsidiary owned by or on behalf of any Loan Party shall have
been pledged pursuant to the Guarantee and Collateral Agreement (except that the Loan Parties shall not be required to pledge more than 65% of the outstanding voting Equity Interests of any Foreign Subsidiary, any CFC or any CFC Holdco) and the
Collateral Agent shall have received certificates or other instruments representing all such Equity Interests, together with stock powers or other instruments of transfer with respect thereto endorsed in blank; 

(c) all Indebtedness of the Borrower and each Subsidiary in an aggregate principal amount that exceeds $500,000 that is owing
to any Loan Party shall be evidenced by a promissory note and shall have been pledged pursuant to the Guarantee and Collateral Agreement and the Collateral Agent shall have received all such promissory notes, together with instruments of transfer
with respect thereto endorsed in blank; 
 (d) all documents and instruments, including Uniform Commercial Code financing
statements, required by law or reasonably requested by the Collateral Agent to be filed, registered or recorded to create the Liens intended to be created by the Guarantee and Collateral Agreement and perfect such Liens to the extent required by,
and with the priority required by, the Guarantee and Collateral Agreement (in each case subject to the Intercreditor Agreement), shall have been filed, registered or recorded or delivered to the Collateral Agent for filing, registration or
recording; 
 (e) the Collateral Agent shall have received (i) counterparts of a Mortgage with respect to any Mortgaged
Property duly executed and delivered by the record owner of such Mortgaged Property, (ii) a policy or policies of title insurance issued by a nationally recognized title insurance company insuring the Lien of each such Mortgage as a valid first
Lien on the Mortgaged Property described therein, free of any other Liens except as expressly permitted by Section 6.02, together with such endorsements, coinsurance and reinsurance as the Administrative Agent or the Required Lenders may
reasonably request, but only to the extent such endorsements are (A) available in the relevant jurisdiction (provided in no event shall the Collateral Agent request a creditors’ rights endorsement) and (B) available at
commercially reasonable rates, (iii) if any Mortgaged Property is located in an area determined by the Federal Emergency Management Agency to have special flood hazards, evidence of such flood insurance as may be required under Applicable Law,
including Regulation H of the Board of Governors, and an acknowledged notice to the Borrower, (iv) if reasonably requested by the Administrative Agent, a current appraisal of any Mortgaged Property, prepared by an appraiser acceptable to the
Administrative Agent, and in form and substance satisfactory to the Required Lenders (it being understood that if such appraisal is required in order to comply with the Administrative Agent’s internal policies, such request shall be deemed to
be reasonable), (v) if reasonably requested by the Administrative Agent, an environmental assessment with respect to any Mortgaged Property, prepared by environmental engineers reasonably acceptable to the Administrative Agent, and such other
reports, certificates, studies or data with respect to such Mortgaged Property as the Administrative Agent may reasonably 

  
 -7- 

 
require, all in form and substance reasonably satisfactory to Required Lenders (it being understood that if such assessment or other materials are required in order to comply with the
Administrative Agent’s internal policies, such request shall be deemed to be reasonable), and (vi) such abstracts, legal opinions and other documents as the Administrative Agent or the Required Lenders may reasonably request with respect
to any such Mortgage or Mortgaged Property; provided, however, in no event shall surveys be required to be obtained with respect to any Mortgaged Property; and 

(f) each Loan Party shall have obtained all consents and approvals required to be obtained by it in connection with the
execution and delivery of all Security Documents to which it is a party, the performance of its obligations thereunder and the granting by it of the Liens thereunder. 

“Commission” means the Securities and Exchange Commission or any Governmental Authority succeeding to any or all of the
functions of said Commission. 
 “Commitment” means a Term Commitment or an Incremental Term Commitment of any Series or
any combination thereof (as the context requires). 
 “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 expense for such period, (ii) consolidated income tax expense for such period
(including all single business tax expenses imposed by state law), (iii) all amounts attributable to depreciation and amortization for such period, (iv) any extraordinary charges for such period, (v) interest-equivalent costs
associated with any Specified Vendor Receivables Financing for such period, whether accounted for as interest expense or loss on the sale of receivables, and all Preferred Dividends, (vi) all losses during such period that relate to the
retirement of Indebtedness, (vii) noncash expenses during such period resulting from the grant of Equity Interests to management and employees of the Borrower or any of the Subsidiaries, (viii) the aggregate amount of deferred financing
expenses for such period, (ix) all other noncash expenses or losses of the Borrower or any of the Subsidiaries for such period (excluding any such charge that constitutes an accrual of or a reserve for cash charges for any future period),
(x) any nonrecurring fees, expenses or charges realized by the Borrower or any of the Subsidiaries for such period related to any offering of Equity Interests or incurrence of Indebtedness, whether or not consummated, (xi) fees and
expenses in connection with the Transactions, (xii) any unusual or nonrecurring costs and expenses arising from the integration of any business acquired pursuant to any Permitted Acquisition consummated after the Closing Date not to exceed
$7,500,000 in any fiscal year and $20,000,000 in the aggregate, (xiii) any unusual or nonrecurring expenses or similar costs relating to cost savings projects, including restructuring and severance expenses, not to exceed $15,000,000 in the
aggregate from and after January 1, 2015; provided that no more than $5,000,000 may be counted in any fiscal year commencing on or after January 1, 2015, (xiv) net losses from discontinued operations, not to exceed in any
fiscal year $5,000,000, (xv) losses associated with the prepayment of leases (whether operating leases or capital leases) outstanding on January 1, 2015 from discontinued operations, and (xvi) losses or charges associated with asset
sales otherwise permitted hereunder and any unusual or nonrecurring charges, so long as the amount added back pursuant to this clause (xvi) does not exceed in the aggregate $5,000,000, minus (b) without duplication and to the extent
included in determining such Consolidated Net Income, (i) any extraordinary gains for such period, (ii) any non-cash income, profits or gains for such period and (iii) any gains realized from the retirement of Indebtedness after the
Closing Date, all determined on a consolidated basis in accordance with GAAP; provided, however, that the amounts added to Consolidated Net Income pursuant to clauses (xii) through (xvi) above for any period shall not exceed 25% of
Consolidated EBITDA for such period (determined without including amounts added to Consolidated Net Income pursuant to clauses (xii) through (xvi) above for such period). If the Borrower or any Subsidiary has made

  
 -8- 

 
any Permitted Acquisition or Significant Investment or any sale, transfer, lease or other disposition of assets outside of the ordinary course of business permitted by Section 6.05 during
the relevant period for determining any leverage ratio hereunder, Consolidated EBITDA for the relevant period shall be calculated only for purposes of determining such leverage ratio after giving pro forma effect thereto, as if such Permitted
Acquisition or Significant Investment or sale, transfer, lease or other disposition of assets had occurred on the first day of the relevant period for determining Consolidated EBITDA; provided that with respect to any Significant Investment,
(x) any pro forma adjustment made to Consolidated EBITDA shall be in proportion to the percentage ownership of the Borrower or such Subsidiary, as applicable, in the Subject Person (e.g. if the Borrower acquires 70% of the Equity Interests of
the Subject Person, a pro forma adjustment to Consolidated EBITDA shall be made with respect to no more than 70% of the EBITDA of the Subject Person) and (y) pro forma effect shall only be given to such Significant Investment if the
Indebtedness of the Subject Person is included in Total Indebtedness for purposes of calculating the applicable leverage ratio in proportion to the percentage ownership of the Borrower or such Subsidiary, as applicable, in such Subject Person. Any
such pro forma calculations may include operating and other expense reductions and other adjustments for such period resulting from any Permitted Acquisition, or sale, transfer, lease or other disposition of assets that is being given pro forma
effect to the extent that such operating and other expense reductions and other adjustments (a) would be permitted pursuant to Article XI of Regulation S-X under the Securities Act of 1933 (“Regulation S-X”) or (b) are
reasonably consistent with the purpose of Regulation S-X as determined in good faith by the Borrower in consultation with the Administrative Agent. 

“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 Person (other than the Borrower or a Significant Investment) in which any other Person (other than the Borrower or
any Subsidiary or any director holding qualifying shares in compliance with Applicable Law) owns an Equity Interest, except to the extent of the amount of dividends or other distributions actually paid to the Borrower or any of the Subsidiaries
during such period, (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) the cumulative effect of a change in accounting principles during such period to the extent included in Consolidated Net Income. 

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

“Credit Facility” means a category of Commitments and extensions of credit thereunder. 

“Cumulative Retained Excess Cash Flow Amount” means, at any date of determination, an amount equal to the aggregate
cumulative sum of the Retained Percentage of Excess Cash Flow for the Excess Cash Flow Periods ended on or prior to such date. 

“Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both
would, unless cured or waived, become an Event of Default. 
 “Disclosed Matters” means the actions, suits and proceedings
and the environmental matters disclosed in Schedule 3.06. 
 “Documentation Agents” means KeyBanc Capital Markets Inc.,
Sidoti & Company, LLC and Roth Capital Partners, LLC. 

  
 -9- 

 “dollars” or “$” refers to lawful money of the United States of
America. 
 “Domestic Subsidiary” means any Subsidiary, other than the Foreign Subsidiaries. 

“ECF Percentage” means 50%; provided, that, with respect to any fiscal year of the Borrower commencing with the fiscal
year ending December 31, 2016, the ECF Percentage shall be reduced to (a) 25% if the Net Leverage Ratio as of the last day of such fiscal year is no greater than 3.00 to 1.00 but greater than 2.50 to 1.00 and (b) 0% if the Net
Leverage Ratio as of the last day of such fiscal year is less than or equal to 2.50 to 1.00. 
 “Environmental Laws” means
all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or
reclamation of natural resources, the management, Release or threatened Release of any Hazardous Material or to health and safety matters. 

“Environmental Liability” means any liabilities, obligations, damages, losses, claims, actions, suits, judgments, or orders,
contingent or otherwise (including any liability for damages, costs of environmental remediation, costs of administrative oversight, fines, natural resource damages, penalties or indemnities), directly or indirectly resulting from or relating to
(a) compliance or non-compliance with any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) any actual or alleged exposure to any Hazardous Materials,
(d) the Release or threatened Release of any Hazardous Materials or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“Environmental Notice” has the meaning assigned to such term in the ABL Credit Agreement as of the date hereof. 

“Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company,
beneficial interests in a trust or other equity ownership interests in a Person or any warrants, options or other rights to acquire such interests. 

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

“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 Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414(b), (c), (m) or (o) of the
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) a failure by any Plan to satisfy the minimum funding standards (as defined in Section 412 of the Code or
Section 302 of ERISA) applicable to such Plan in each instance, whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding
standard with respect to any Plan; (d) a determination that any Plan is, or is expected to be, in “at risk” status (as defined in Section 430(i)(4) of the Code or Section 303(i)(4) of ERISA; (e) the incurrence by
the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (f) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice
relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (g) the incurrence by the Borrower or any 

  
 -10- 

 
of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (h) the receipt by the Borrower or any ERISA Affiliate
of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent,
within the meaning of Title IV of ERISA or in “endangered” or “critical” status (within the meaning of Section 432 of the Code or Section 305 of ERISA). 

“Eurocurrency,” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such
Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate. 
 “Event of Default” has the
meaning assigned to such term in Article VII. 
 “Excess Cash Flow” means, for any fiscal year, the sum (without
duplication) of: 
 (a) Consolidated Net Income for such fiscal year, adjusted to exclude any gains or losses attributable to
Prepayment Events; plus 
 (b) the excess, if any, of the Net Proceeds received during such fiscal year by the
Borrower and its consolidated Subsidiaries in respect of any Prepayment Events over (x) amounts permitted to be reinvested pursuant to Section 2.11(c) and (y) the aggregate principal amount of Term Loans prepaid pursuant to
Section 2.11(c) in respect of such Net Proceeds; plus 
 (c) depreciation, amortization and other noncash charges
or losses deducted in determining such consolidated net income (or loss) for such fiscal year; plus 
 (d) the sum of
(i) the amount, if any, by which Net Working Capital (adjusted to exclude changes arising from Permitted Acquisitions and Significant Investments) decreased during such fiscal year plus (ii) the net amount, if any, by which the
consolidated deferred revenues and other consolidated accrued long-term liability accounts of the Borrower and its consolidated Subsidiaries (adjusted to exclude changes arising from Permitted Acquisitions) increased during such fiscal year plus
(iii) the net amount, if any, by which the consolidated accrued long-term asset accounts of the Borrower and its consolidated Subsidiaries (adjusted to exclude changes arising from Permitted Acquisitions) decreased during such fiscal year;
minus 
 (e) the sum of (i) any noncash gains included in determining such consolidated net income (or loss) for
such fiscal year plus (ii) the amount, if any, by which Net Working Capital (adjusted to exclude changes arising from Permitted Acquisitions) increased during such fiscal year plus (iii) the net amount, if any, by which the consolidated
deferred revenues and other consolidated accrued long-term liability accounts of the Borrower and its consolidated Subsidiaries (adjusted to exclude changes arising from Permitted Acquisitions) decreased during such fiscal year plus (iv) the
net amount, if any, by which the consolidated accrued long-term asset accounts of the Borrower and its consolidated Subsidiaries (adjusted to exclude changes arising from Permitted Acquisitions) increased during such fiscal year; minus 

(f) the sum of (i) Capital Expenditures for such fiscal year and Capital Expenditures to be made within 90 days following
the end of such fiscal year pursuant to binding agreements entered into by the Borrower or any of its consolidated Subsidiaries prior to the end of such fiscal year; provided that to the extent any such Capital Expenditure is not made (or if
the amount of any such Capital Expenditures less than the amount deducted with respect hereto) within 90 days after such fiscal year, the amount (or such portion of the amount) thereof shall be added back to

  
 -11- 

 
Excess Cash Flow for the subsequent period (except to the extent attributable to the incurrence of Capital Lease Obligations or otherwise financed by incurring Long-Term Indebtedness) plus
(ii) cash consideration paid during such fiscal year to make acquisitions or other capital investments (except to the extent financed by incurring Long-Term Indebtedness or through the use of the Available Amount); minus 

(g) the aggregate principal amount of Long-Term Indebtedness repaid or prepaid by the Borrower and its consolidated
Subsidiaries during such fiscal year, excluding (i) Indebtedness in respect of ABL Loans and other revolving Indebtedness (in each case except to the extent the revolving credit commitments in respect thereof are permanently reduced in the
amount of and at the time of any such payment) and letters of credit, (ii) Term Loans prepaid pursuant to Section 2.11(c) or (d), (iii) optional prepayments of Term Loans (including purchases of Term Loans pursuant to
Section 10.04(h)), (iv) repayments or prepayments of Long-Term Indebtedness financed by incurring other Long-Term Indebtedness or through the use of the Available Amount, (v) optional prepayments of Pari Passu Alternative Incremental
Debt in the form of loans or Pari Passu Permitted Term Loan Refinancing Indebtedness in the form of loans and (vi) any prepayments of Pari Passu Alternative Incremental Debt or Pari Passu Permitted Term Loan Refinancing Indebtedness in lieu of
mandatory prepayments of Term Loans in accordance with Section 2.11(c); minus 
 (h) the noncash impact of
currency translations and other adjustments to the equity account, including adjustments to the carrying value of marketable securities and to pension liabilities, in each case to the extent such items would otherwise constitute Excess Cash Flow.

 “Excess Cash Flow Period” means each fiscal year of the Borrower, commencing with the fiscal year ending
December 31, 2016. 
 “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 or under any other Loan Document, (a) income or franchise taxes imposed on (or measured by) its net or overall gross income (or net worth or
similar Taxes imposed in lieu thereof) by the United States of America, or by any other jurisdiction as a result of such recipient being organized in or having its principal office in or applicable lending office in such jurisdiction, or as a result
of any other present or former connection (other than a connection arising solely from this Agreement or any other Loan Document) between such recipient and such jurisdiction, (b) any branch profits Taxes imposed by the United States of America
or any similar Tax imposed by any other jurisdiction described in clause (a) above and (c) in the case of a Non-U.S. Lender (other than an assignee pursuant to a request by the Borrower under Section 2.19(b)), any United States
withholding Taxes resulting from any law in effect (x) at the time such Non-U.S. Lender becomes a party to this Agreement or, with respect to any additional position in any Loan acquired after such Non-U.S. Lender becomes a party hereto, at the
time such additional position is acquired by such Non-U.S. Lender or (y) at the time such Non-U.S. Lender designates a new lending office, except to the extent that such Non-U.S. Lender (or its assignor, if any) was entitled, immediately prior
to designation of a new lending office (or assignment), to receive additional amounts from the Borrower with respect to such United States withholding Tax pursuant to Section 2.17(a), (d) any United States withholding Tax imposed pursuant
to FATCA and (e) any withholding Tax that is attributable to a recipient’s failure to comply with Section 2.17(g). 

“Extended Term Loans” has the meaning assigned to such term in Section 2.23(a). 

“Extension” has the meaning assigned to such term in Section 2.23(a). 

  
 -12- 

 “Extension Offer” has the meaning assigned to such term in Section 2.23(a).

 “FATCA” means (i) Sections 1471 through 1474 of the Code as of the date of this Agreement or any amended or
successor provision that is substantively comparable and not materially more onerous to comply with, and, in each case, any regulations or official interpretations thereof, (ii) any agreements entered into pursuant to Section 1471(b)(1) of
the Code as of the date of this Agreement or any amended or successor provision as described in clause (i) above and (iii) any law, regulation, rule, promulgation or official agreement implementing an official government agreement with
respect to the foregoing. 
 “Federal Funds Effective 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 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; provided that if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 

“Financial Officer” means the chief financial officer, principal accounting officer, treasurer or controller of the Borrower.

 “First Lien Secured Indebtedness” means Total Indebtedness that is secured by a first priority Lien on any asset of the
Borrower or any of its Subsidiaries (it being understood that any Indebtedness outstanding under this Agreement and any Indebtedness outstanding under the ABL Credit Agreement is First Lien Secured Indebtedness). 

“First Lien Net Leverage Ratio” means, on any date, the ratio of (a) First Lien Secured Indebtedness as of such date
less the aggregate amount (not to exceed $100,000,000) of Unrestricted Domestic Cash as of such date to (b) Consolidated EBITDA for the period of four consecutive fiscal quarters of the Borrower ended on such date (or, if such
date is not the last day of a fiscal quarter, ended on the last day of the fiscal quarter of the Borrower most recently ended prior to such date for which financial statements are available). 

“FLSA” means the Fair Labor Standards Act of 1938, as amended from time to time. 

“Foreign Subsidiary” means any Subsidiary that is organized under the laws of a jurisdiction other than the United States of
America or any State thereof or the District of Columbia. 
 “GAAP” means generally accepted accounting principles in the
United States of America. 
 “Governmental Authority” means the government of the United States of America, any other
nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, 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 body exercising such powers or functions, such as the European Union or the European Central Bank). 

“Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the
guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness 

  
 -13- 

 
or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect,
(a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to
purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition
or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or
obligation; provided, that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business. 

“Guarantee and Collateral Agreement” means the Term Loan Guarantee and Collateral Agreement, substantially in the form of
Exhibit D, made by the Borrower and the Subsidiary Loan Parties party thereto in favor of the Collateral Agent for the benefit of the Secured Parties. 

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

“Hedging Agreement” means any interest rate protection agreement, foreign currency exchange agreement, commodity price
protection agreement or other interest or currency exchange rate or commodity price hedging arrangement. 
 “Immaterial
Subsidiary” means, at any date, any Subsidiary of the Borrower that, together with its consolidated Subsidiaries (i) does not, as of the last day of the fiscal quarter of the Borrower most recently ended on or prior to such date for
which financial statements are available, have assets with a value in excess of 2.5% of the consolidated total assets of the Borrower and its consolidated Subsidiaries and (ii) did not, during the period of four consecutive fiscal quarters of
the Borrower most recently ended on or prior to such date for which financial statements are available, have revenues exceeding 2.5% of the total revenues of the Borrower and its consolidated Subsidiaries; provided that, the aggregate assets
or revenues of all Immaterial Subsidiaries, determined in accordance with GAAP, may not exceed 5.0% of consolidated assets or consolidated revenues, respectively, of the Borrower and its consolidated Subsidiaries, collectively, at any time (and the
Borrower will promptly designate in writing to the Administrative Agent the Subsidiaries which will cease to be treated as “Immaterial Subsidiaries” in order to comply with the foregoing limitation). 

“Impacted Interest Period” has the meaning assigned to such term in the definition of “LIBO Rate.” 

“Incremental Facility Agreement” means an Incremental Facility Agreement, in form and substance reasonably satisfactory to
the Administrative Agent, among the Borrower, the Administrative Agent and one or more Incremental Term Lenders, establishing Incremental Term Commitments of any Series and effecting such other amendments hereto and to the other Loan Documents as
are contemplated by Section 2.21. 
 “Incremental Term Commitment” means, with respect to any Lender, the commitment,
if any, of such Lender, established pursuant an Incremental Facility Agreement and Section 2.21, to make Incremental Term Loans of any Series hereunder, expressed as an amount representing the maximum principal amount of the Incremental Term
Loans of such Series to be made by such Lender. 

  
 -14- 

 “Incremental Term Lender” means a Lender with an Incremental Term Commitment or
an outstanding Incremental Term Loan. 
 “Incremental Term Loans” means any term loans made pursuant to
Section 2.21(a). 
 “Incremental Term Maturity Date” means, with respect to Incremental Term Loans of any Series, the
scheduled date on which such Incremental Term Loans shall become due and payable in full hereunder, as specified in the applicable Incremental Facility Agreement. 

“Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with
respect to advances of any kind, (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 acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current
accounts payable 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 Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all obligations,
contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances and (k) solely for
purposes of Section 6.01 hereof, any and all payment obligations of such Person under or Guarantee by such Person with respect to any Hedging Agreement. The Indebtedness of any Person shall include the Indebtedness of any other entity
(including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such
Indebtedness provide that such Person is not liable therefor. Notwithstanding anything to the contrary in this paragraph, the term “Indebtedness” shall not include (a) agreements providing for indemnification, purchase price
adjustments or similar obligations incurred or assumed in connection with the acquisition or disposition of assets or capital stock and (b) trade payables and accrued expenses in each case arising in the ordinary course of business. 

“Indemnified Taxes” means (a) any Taxes, other than Excluded Taxes, and (b) Other Taxes. 

“Intercreditor Agreement” means the Intercreditor Agreement, substantially in the form of Exhibit C, among the Borrower, the
other Loan Parties, the Collateral Agent and the ABL Agent. 
 “Information Memorandum” means the Confidential Information
Memorandum dated May 1, 2015, relating to the Borrower and the Transactions. 
 “Intellectual Property Claim” has the
meaning assigned to such term in the ABL Credit Agreement as of the date hereof. 
 “Interest Election Request” means a
request by the Borrower to convert or continue a Borrowing in accordance with Section 2.07. 
 “Interest Payment Date”
means (a) with respect to any ABR Loan, the last day of each March, June, September and December and (b) with respect to any Eurocurrency Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part
and, in the case of a Eurocurrency Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such
Interest Period. 

  
 -15- 

 “Interest Period” means, with respect to any Eurocurrency Borrowing, the period
commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter (or twelve months thereafter if, at the time of the relevant Borrowing, all Lenders
participating therein agree to make an interest period of such duration available), as the Borrower may elect; provided that (a) 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 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 and (b) any Interest Period 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 Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 

“Interpolated Rate” means, at any time, the rate per annum (rounded to the same number of decimal places as the Screen Rate)
determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the Screen Rate (for the longest period
for which that Screen Rate is available for dollars) that is shorter than the Impacted Interest Period and (b) the Screen Rate (for the shortest period for which that Screen Rate is available for dollars) that exceeds the Impacted Interest
Period, in each case, as of the Specified Time on the Quotation Day for such Interest Period. When determining the rate for a period which is less than the shortest period for which the Screen Rate is available, the Screen Rate for purposes of
clause (a) above shall be deemed to be the overnight rate for dollars determined by the Administrative Agent from such service as the Administrative Agent may select. 

“IRS” means the United States Internal Revenue Service. 

“JPMCB” means JPMorgan Chase Bank, N.A. 

“Latest Maturing Term Loans” has the meaning assigned to such term in the definition of “Latest Maturity Date”.

 “Latest Maturity Date” means, as of any date of determination, the latest Maturity Date applicable to any Loans
outstanding or Commitments in effect hereunder (such latest maturing Loans or Commitments, the “Latest Maturing Term Loans”). 

“Lender Affiliate” means, (a) with respect to any Lender, (i) an Affiliate of such Lender or (ii) any entity
(whether a corporation, partnership, trust or otherwise) that is engaged in making, purchasing, holding or otherwise investing in bank loans and similar extensions of credit in the ordinary course of its business and is administered or managed by a
Lender or an Affiliate of such Lender and (b) with respect to any Lender that is a fund that invests in bank loans and similar extensions of credit, any other fund that invests in bank loans and similar extensions of credit and is managed by
the same investment advisor as such Lender or by an Affiliate of such investment advisor. 
 “Lenders” means the Persons
listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption or an Incremental Facility Agreement, as the case may be, other than any such Person that ceases to be a party hereto
pursuant to an Assignment and Assumption. 

  
 -16- 

 “LIBO Rate” means, with respect to any Eurocurrency Borrowing for any Interest
Period, a rate per annum equal to the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for dollars for a period equal in length to such Interest
Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on either of such Reuters pages, on any successor or substitute page on such screen that displays such rate, or
on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; in each case the “Screen Rate”) as of the Specified Time on
the Quotation Day for such Interest Period; provided that if the Screen Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement; provided further that if the Screen Rate shall not be
available at such time for such Interest Period (an “Impacted Interest Period”) with respect to dollars, then the LIBO Rate shall be the Interpolated Rate at such time (provided that if the Interpolated Rate shall be less
than zero, such rate shall be deemed to be zero for purposes of this Agreement). 
 “Lien” means, with respect to any
asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of 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. 
 “Limited Conditionality Acquisition” has the meaning assigned to such term in
Section 2.21(c). 
 “Limited Conditionality Acquisition Agreement” has the meaning assigned to such term in
Section 2.21(c). 
 “Loan Documents” means this Agreement, any Incremental Facility Agreement, the Security Documents,
the Intercreditor Agreement and the promissory notes, if any, executed and delivered pursuant to Section 2.09(e). 
 “Loan
Parties” means the Borrower and the Subsidiary Loan Parties. 
 “Loans” means the loans made by the Lenders to the
Borrower pursuant to this Agreement. 
 “Long-Term Indebtedness” means any Indebtedness that, in accordance with GAAP,
constitutes (or, when incurred, constituted) a long-term liability, including the current portion of any Long-Term Indebtedness. 

“Margin Stock” shall have the meaning assigned to such term in Regulation U. 

“Material Adverse Effect” means a material adverse effect on (a) the business, operations, properties, assets, financial
condition, or material agreements of the Borrower and the Subsidiaries, taken as a whole, (b) the ability of any Loan Party in any material respect to perform any of its obligations under any Loan Document or (c) the rights of or benefits
available to the Lenders under any Loan Document. 
 “Material Agreements” means any agreements or instruments relating to
Material Indebtedness. 

  
 -17- 

 “Material Indebtedness” means (a) obligations in respect of the ABL Credit
Agreement and (b) any other Indebtedness (other than the Loans), or obligations in respect of one or more Hedging Agreements, of any one or more of the Borrower and its Subsidiaries in an aggregate principal amount exceeding $25,000,000. For
purposes of determining Material Indebtedness, the “principal amount” of the obligations of the Borrower or any Subsidiary in respect of any Hedging Agreement 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 Hedging Agreement were terminated at such time. 

“Maturity Date” means the Term Loan Maturity Date, the Incremental Term Maturity Date with respect to Incremental Term Loans
of any Series or the scheduled maturity date in respect of any Extended Term Loans, as the context requires. 
 “Maximum Alternative
Incremental Debt Amount” means an aggregate principal amount of Alternative Incremental Debt that would not, immediately after giving effect to the establishment thereof and any other Indebtedness incurred substantially simultaneously
therewith (and any related repayment of Indebtedness), cause (a) with respect to any Pari Passu Alternative Incremental Debt, the First Lien Net Leverage Ratio, calculated on a pro forma basis as of the date of incurrence of such Indebtedness
(but disregarding the proceeds of any such Indebtedness in calculating Unrestricted Domestic Cash), to exceed 3.25 to 1.00, (b) with respect to any Alternative Incremental Debt secured by Liens on the Collateral that are junior to the Liens on
the Collateral securing the Obligations, the Secured Net Leverage Ratio, calculated on a pro forma basis as of the date of incurrence of such Indebtedness (but disregarding the proceeds of any such Indebtedness in calculating Unrestricted Domestic
Cash), to exceed 3.50 to 1.00 and (c) with respect to any unsecured Alternative Incremental Debt, the Net Leverage Ratio, calculated on a pro forma basis as of the date of incurrence of such Indebtedness (but disregarding the proceeds of any
such Indebtedness in calculating Unrestricted Domestic Cash), to exceed 4.00 to 1.00.
 “Maximum Incremental Amount” means
an amount represented by Incremental Term Commitments to be established pursuant to Section 2.21 that would not, immediately after giving effect to the establishment thereof (and assuming such Incremental Term Commitments are fully drawn), the
establishment of any other Indebtedness incurred substantially simultaneously therewith and any related repayment of Indebtedness, cause the First Lien Net Leverage Ratio, calculated on a pro forma basis as of the date of incurrence of such
Indebtedness (but disregarding the proceeds of any such Indebtedness in calculating Unrestricted Domestic Cash), to exceed 3.50 to 1.00.

“Minimum Extension Condition” has the meaning assigned to such term in Section 2.23(b). 

“Minimum Tranche Amount” has the meaning assigned to such term in Section 2.23(b). 

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

“Mortgage” means a mortgage, deed of trust, assignment of leases and rents, leasehold mortgage or other security document
granting a Lien on any Mortgaged Property to secure the Obligations. Each Mortgage shall be in form and substance reasonably satisfactory to the Administrative Agent. 

“Mortgaged Property” means each parcel of real property and improvements thereto with respect to which a Mortgage is granted
pursuant to Section 5.12 or 5.13. 
 “Multiemployer Plan” means a multiemployer plan as defined in
Section 4001(a)(3) of ERISA. 

  
 -18- 

 “Net Leverage Ratio” means, on any date, the ratio of (a) Total
Indebtedness as of such date less the aggregate amount (not to exceed $100,000,000) of Unrestricted Domestic Cash as of such date to (b) Consolidated EBITDA for the period of four consecutive fiscal quarters of the Borrower ended
on such date (or, if such date is not the last day of a fiscal quarter, ended on the last day of the fiscal quarter of the Borrower most recently ended prior to such date for which financial statements are available). 

“Net Proceeds” means, with respect to any event (a) the cash proceeds received in respect of such event including
(i) any cash received in respect of any noncash proceeds, but only as and when received, (ii) in the case of a casualty, insurance proceeds in excess of $1,000,000 and (iii) in the case of a condemnation or similar event, condemnation
awards and similar payments, net of (b) the sum of (i) all reasonable fees and out-of-pocket expenses paid by the Borrower and the Subsidiaries to third parties (other than Affiliates) in connection with such event, (ii) in the case
of a sale, transfer or other disposition of an asset (including pursuant to a sale and leaseback transaction or a casualty or a condemnation or similar proceeding), the amount of all payments required to be made by the Borrower and the Subsidiaries
as a result of such event to repay Indebtedness (other than Loans, Pari Passu Alternative Incremental Debt or any Permitted Term Loan Refinancing Indebtedness) secured by such asset or otherwise subject to mandatory prepayment as a result of such
event, and (iii) the amount of all Taxes paid (or reasonably estimated to be payable) by the Borrower and the Subsidiaries, and the amount of any reserves established by the Borrower and the Subsidiaries to fund contingent liabilities
reasonably estimated to be payable, in each case during the 24-month period immediately following such event and that are directly attributable to such event (as determined reasonably and in good faith by the chief financial officer of the Borrower)
to the extent such liabilities are actually paid within such applicable time periods. 
 “Net Working Capital” means, at
any date, (a) the consolidated current assets of the Borrower and its consolidated Subsidiaries as of such date (excluding cash and Permitted Investments) minus (b) the consolidated current liabilities of the Borrower and its consolidated
Subsidiaries as of such date (excluding current liabilities in respect of Indebtedness). Net Working Capital at any date may be a positive or negative number. Net Working Capital increases when it becomes more positive or less negative and decreases
when it becomes less positive or more negative. 
 “Non-Consenting Lender” has the meaning assigned to such term in
Section 10.02(c). 
 “Non-U.S. Lender” means a Lender that is not a U.S. Person. 

“Obligations” has the meaning assigned to such term in the Guarantee and Collateral Agreement. 

“OSHA” means the Occupational Safety and Hazard Act of 1970. 

“Other Taxes” means any present or future stamp, court, documentary, intangible, recording, filing or similar excise or
property Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, or from the registration, receipt or perfection of a security interest under, or otherwise with respect to, any Loan
Document, except any such Taxes imposed with respect to an assignment (other than an assignment under Section 2.19(b)). 

“Pari Passu Alternative Incremental Debt” has the meaning assigned to such term in the definition of “Alternative
Incremental Debt”. 
 “Pari Passu Permitted Term Loan Refinancing Indebtedness” means Term Loan Refinancing
Indebtedness that is secured by Liens on the Collateral on a pari passu basis with the Liens on the Collateral securing the Obligations. 

  
 -19- 

 “Participant” has the meaning assigned to such term in Section 10.04(e).

 “Participant Register” has the meaning assigned to such term in Section 10.04(e). 

“PATRIOT Act” has the meaning assigned to such term in Section 10.16. 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing
similar functions. 
 “Perfection Certificate” means a certificate in the form of Exhibit F hereto or any other form
approved by the Collateral Agent. 
 “Permitted Acquisition” means any acquisition, whether by purchase, merger,
consolidation or otherwise, by the Borrower or a Subsidiary of all or substantially all the assets of, or all of the Equity Interests in, a Person or a division, line of business or other business unit of a Person so long as (a) such
acquisition shall not have been preceded by a tender offer that has not been approved or otherwise recommended by the board of directors of such Person, (b) such assets are to be used in, or such Person so acquired is engaged in, as the case
may be, a business of the type conducted by the Borrower and its Subsidiaries on the date of execution of this Agreement or in a business reasonably related thereto and (c) immediately after giving effect thereto, (i) (other than with
respect to Limited Conditionality Acquisitions) no Default has occurred and is continuing or would result therefrom, (ii) all transactions related thereto are consummated in all material respects in accordance with Applicable Laws,
(iii) all of the Equity Interests (other than Assumed Preferred Stock) of each Subsidiary formed for the purpose of or resulting from such acquisition shall be owned directly by the Borrower or a Subsidiary and all actions required to be taken
under Sections 5.12 and 5.13 have been taken, (iv) (other than with respect to Limited Conditionality Acquisitions) the Secured Net Leverage Ratio, on a pro forma basis after giving effect to such acquisition and recomputed as of the last day
of the most recently ended fiscal quarter of the Borrower for which financial statements are available, as if such acquisition (and any related incurrence or repayment of Indebtedness) had occurred on the first day of the relevant period (but
disregarding the proceeds of any such Indebtedness in calculating Unrestricted Domestic Cash) is no greater than 3.75 to 1.00, (v) any Indebtedness or any preferred stock that is incurred, acquired or assumed in connection with such acquisition
shall be in compliance with Section 6.01 and (vi) the Borrower has delivered to the Administrative Agent an officers’ certificate to the effect set forth in clauses (a), (b) and (c)(i) through (v) above, together with all
relevant financial information for the Person or assets to be acquired; provided further that no Limited Conditionality Acquisition shall become effective unless (i) no Default or Event of Default shall have occurred and be
continuing as of the date of entry into the Limited Conditionality Acquisition Agreement, (ii) on the date of effectiveness of the Limited Conditionality Acquisition Agreement, the representations and warranties of each Loan Party set forth in
the Loan Documents shall be true and correct in all material respects (or in all respects if qualified by materiality) on and as of such date and (iii) on the date of effectiveness of the Limited Conditionality Agreement and assuming any
Indebtedness to be incurred or repaid in connection with such acquisition was incurred or repaid on such date, the Secured Net Leverage Ratio of the Borrower, on a pro forma basis after giving effect to such acquisition (and any related incurrence
or repayment of Indebtedness, but disregarding the proceeds of any such Indebtedness in calculating Unrestricted Domestic Cash), is no greater than 3.75 to 1.00. 

“Permitted Encumbrances” means: 

(a) Liens imposed by law for taxes that are not yet due or are being contested in compliance with Section 5.05; 

  
 -20- 

 (b) carriers’, warehousemen’s, mechanics’, materialmen’s,
repairmen’s and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 30 days or are being contested in compliance with Section 5.05; 

(c) pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment
insurance and other social security laws or regulations; 
 (d) deposits to secure the performance of bids, trade contracts,
leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; 

(e) judgment Liens in respect of judgments that do not constitute an Event of Default under clause (k) of Article VII;

 (f) easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in
the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere with the ordinary conduct of business of the Borrower or any Subsidiary; 

(g) ground leases in respect of real property on which facilities owned or leased by the Borrower or any of the Subsidiaries
are located, other than any Mortgaged Property; 
 (h) Liens in favor or customs and revenue authorities arising as a matter
of law to secure payment of customs duties in connection with the importation of goods in the ordinary course of business; 

(i) leases or subleases granted to other Persons and not interfering in any material respect with the business of the Borrower
and the Subsidiaries, taken as a whole; 
 (j) banker’s liens, rights of set-off or similar rights, in each case arising
by operation of law; and 
 (k) Liens in favor of a landlord on leasehold improvements in leased premises; 

provided that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness. 

“Permitted Investments” means: 

(a) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the
United States of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within one year from the date of acquisition thereof; 

(b) investments in commercial paper maturing within one year from the date of acquisition thereof and having, at such date of
acquisition, the highest credit rating 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 of America or any State thereof that has a combined capital and surplus and undivided profits of not less than $500,000,000; 

  
 -21- 

 (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 described in clause (c) above; 

(e) securities issued by any state of the United States of America or any political subdivision of any such state or any public
instrumentality thereof having maturities of not more than six months from the date of acquisition thereof and, at the time of acquisition, having the highest credit rating obtainable from S&P or from Moody’s; 

(f) securities issued by any foreign government or any political subdivision of any foreign government or any public
instrumentality thereof having maturities of not more than six months from the date of acquisition thereof and, at the time of acquisition, having the highest credit rating obtainable from S&P or from Moody’s; 

(g) investments of the quality as those identified on Schedule 6.04 as “Qualified Foreign Investments” made in
the ordinary course of business; 
 (h) cash; and 

(i) investments in funds that invest solely in one or more types of securities described in clauses (a), (e) and
(f) above. 
 “Permitted Joint Venture and Foreign Subsidiary Investments” means investments by the Borrower or any
Subsidiary in the Equity Interests of (a) any Person that is not a Subsidiary or (b) any Person that is a Foreign Subsidiary, in an aggregate amount not to exceed $50,000,000 (provided that such amount shall be increased to
$75,000,000 so long as the Net Leverage Ratio (calculated on a pro forma basis after giving effect to such investment and any related incurrence or repayment of Indebtedness) is less than 3.25 to 1.00). 

“Permitted Term Loan Refinancing Indebtedness” means any Indebtedness incurred to refinance all or any portion of the
outstanding Term Loans; provided that, (i) such refinancing Indebtedness, if secured, is secured only by Liens on the Collateral on a pari passu or junior basis with the Liens on the Collateral securing the Obligations (provided
that the Permitted Term Loan Refinancing Indebtedness shall not consist of bank loans that are secured by the Collateral on a pari passu basis with the Liens on the Collateral securing the Obligations) and is not secured by any property or assets of
the Borrower or any of the Subsidiaries other than the Collateral, (ii) no Subsidiary that is not originally obligated with respect to repayment of the Indebtedness being refinanced is obligated with respect to the refinancing Indebtedness,
(iii) the weighted average life to maturity of the refinancing Indebtedness shall be no shorter than the remaining weighted average life to maturity of the Terms Loans being refinanced, (iv) the maturity date in respect of the refinancing
Indebtedness shall not be earlier than the maturity date in respect of the Indebtedness being refinanced, (v) the principal amount of such refinancing Indebtedness does not exceed the principal amount of the Indebtedness so refinanced except by
an amount (such amount, the “Additional Permitted Amount”) equal to unpaid accrued interest and premium thereon at such time plus reasonable fees and expenses incurred in connection with such refinancing, (vi) the Indebtedness
being so refinanced is paid down on a dollar-for-dollar basis by such refinancing Indebtedness (other than by the Additional Permitted Amount), (vii) the terms of any such refinancing Indebtedness (1) (excluding pricing, fees and rate
floors and optional prepayment or redemption terms and subject to clause (2) below) reflect, in the Borrower’s reasonable judgment, then-existing market terms and conditions and (2) (excluding

  
 -22- 

 
pricing, fees and rate floors) are no more favorable to the lenders providing such refinancing Indebtedness than those applicable to the Indebtedness being refinanced (in each case, including
with respect to mandatory and optional prepayments); provided that the foregoing shall not apply to covenants or other provisions applicable only to periods after the Latest Maturity Date in effect immediately prior to the establishment of
such refinancing Indebtedness; provided further that any such refinancing Indebtedness may contain, without any Lender’s consent, additional covenants or events of default not otherwise applicable to the Indebtedness being
refinanced or covenants more restrictive than the covenants applicable to the Indebtedness being refinanced, in each case prior to the Latest Maturity Date in effect immediately prior to the establishment of such refinancing Indebtedness, so long as
this Agreement is amended to provide all of the Lenders with the benefits of such additional covenants, events of default or more restrictive covenants and (viii) such refinancing Indebtedness, if secured, shall be subject to a customary
intercreditor agreement in form and substance reasonably satisfactory to the Administrative Agent. 
 “Permitted Unsecured
Debt” means any unsecured notes or bonds or other unsecured debt securities; provided that (a) such Indebtedness shall not mature prior to the date that is 91 days after the Latest Maturity Date in effect at the time of the
issuance of such Indebtedness and shall not have any principal payments due prior to such date, except upon the occurrence of a change of control or similar event (including asset sales), in each case so long as the provisions relating to change of
control or similar events (including asset sales) included in the governing instrument of such Indebtedness provide that the provisions of this Agreement must be satisfied prior to the satisfaction of such provisions of such Indebtedness,
(b) such Indebtedness is not Guaranteed by any Subsidiary of the Borrower other than the Loan Parties (which Guarantees shall be unsecured and shall be permitted only to the extent permitted by Section 6.01(a)(vi)), (c) such
Indebtedness shall not have any financial maintenance covenants, (d) such Indebtedness shall not have a definition of “Change of Control” or “Change in Control” (or any other defined term having a similar purpose) that is
materially more restrictive than the definition of Change in Control set forth herein and (e) such Indebtedness, if subordinated in right of payment to the Obligations, shall be subject to subordination and intercreditor provisions that are, in
the Administrative Agent’s reasonable judgment, customary under then-existing market convention. 
 “Person” means any
natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 

“Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of
ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the 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. 
 “Preferred Dividends” means any cash dividends of
the Borrower permitted hereunder to be paid with respect to preferred stock of the Borrower. 
 “Prepayment Event” means:

 (a) any sale, transfer or other disposition (including pursuant to a sale and leaseback transaction) of any property or
asset of the Borrower or any Subsidiary, other than dispositions described in clauses (a), (b), (c), (d), (f), (g) and (j) (but only to the extent the sales, transfers or other dispositions under clause (j) do not exceed $15,000,000)
of Section 6.05 and Section 6.06(a); provided that an Acquisition Lease Financing shall not constitute a Prepayment Event; or 

(b) any casualty or other insured damage to, or any taking under power of eminent domain or by condemnation or similar
proceeding of, any property or asset of the Borrower or any Subsidiary having a book value or fair market value in excess of $1,000,000, but only to the extent that the Net Proceeds therefrom have not been applied to repair, restore or replace such
property or asset within 365 days after such event; or 

  
 -23- 

 (c) the incurrence by the Borrower or any Subsidiary of any Indebtedness, other
than Indebtedness permitted by Section 6.01(a). 
 “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. 

“Public-Sider” means a Lender whose representatives may trade in securities of the Borrower or any of its Subsidiaries while
in possession of the financial statements provided by the Borrower under the terms of this Agreement. 
 “Qualified Borrower
Preferred Stock” means any preferred capital stock or preferred equity interest of the Borrower (a)(i) that does not provide for any cash dividend payments or other cash distributions in respect thereof prior to the Latest Maturity Date in
effect as of the date of issuance of such Indebtedness and (ii) that by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable) or upon the happening of any event does not (A)(x)
mature or become mandatorily redeemable pursuant to a sinking fund obligation or otherwise, (y) become convertible or exchangeable at the option of the holder thereof for Indebtedness or preferred stock that is not Qualified Borrower Preferred
Stock or (z) become redeemable at the option of the holder thereof (other than as a result of a change of control event), in whole or in part, in each case on or prior to the date that is 365 days after the Latest Maturity Date in effect at the
time of the issuance thereof and (B) provide holders thereunder with any rights upon the occurrence of a “change of control” event prior to the repayment of the Obligations and termination of the Commitments under the Loan
Documents, (b) with respect to which the Borrower has delivered a notice to the Administrative Agent that it has issued preferred stock or preferred equity interests in lieu of incurring Indebtedness permitted by clause (xii) under
Section 6.01(a), with such notice specifying to which of such Indebtedness such preferred stock or preferred equity interest applies; provided that (i) the aggregate liquidation value of all such preferred stock or preferred equity
interest issued pursuant to this clause (b) shall not exceed at any time the dollar limitation related to the applicable Indebtedness hereunder, less the aggregate principal amount of such Indebtedness then outstanding and (ii) the terms
of such preferred stock or preferred equity interests (x) shall provide that upon a default thereof, the remedies of the holders thereof shall be limited to the right to additional representation on the board of directors of the Borrower and
(y) shall otherwise be no less favorable to the Lenders, in the aggregate, than the terms of the applicable Indebtedness or (c) having an aggregate initial liquidation value not to exceed $10,000,000; provided that the terms of such
preferred stock or preferred equity interests shall provide that upon a default thereof, the remedies of the holders thereof shall be limited to the right to additional representation on the board of directors of the Borrower. 

“Quotation Day” means, with respect to any Eurocurrency Loan for any Interest Period, two Business Days prior to the
commencement of such Interest Period. 
 “Real Estate” has the meaning assigned to such term in the ABL Credit Agreement as
of the date hereof. 
 “Register” has the meaning assigned to such term in Section 10.04(c). 

“Registered Equivalent Notes” means, with respect to any bonds, notes, debentures or similar instruments originally issued in
a Rule 144A or other private placement transaction under the Securities Act, substantially identical notes (having the same Guarantees) issued in a dollar for dollar exchange therefor pursuant to an exchange offer registered with the Commission.

  
 -24- 

 “Regulation U” shall mean Regulation U of the Board as from time to time in
effect and all official rulings and interpretations thereunder or thereof. 
 “Regulation X” shall mean Regulation X of the
Board as from time to time in effect and all official rulings and interpretations thereunder or thereof. 
 “Related
Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors, officers, employees, agents, trustees and advisors of such Person and of such Person’s Affiliates. 

“Release” means any release, spill, emission, leaking, dumping, injection, pouring, deposit, disposal, discharge, dispersal,
leaching or migration into or through the environment (including ambient air, surface water, groundwater, land surface or subsurface strata) or within any building, structure, facility or fixture. 

“Replacement Term Loans” has the meaning assigned to such term in Section 10.02(d). 

“Repricing Transaction” means (a) any prepayment of Term B Loans with the proceeds of a substantially concurrent
incurrence of term loan Indebtedness by the Borrower or any Subsidiary in respect of which the all-in yield is, on the date of such prepayment, lower than the all-in yield on such Term B Loans (with the all-in yield calculated by the Administrative
Agent in accordance with standard market practice, taking into account, in each case, any interest rate floors, the Applicable Rate hereunder and the interest rate spreads under such Indebtedness, and any original issue discount and upfront fees
applicable to or payable in respect of such Term B Loans and such Indebtedness with the original issue discount and upfront fees being equated to interest rate assuming a four-year life to maturity of such Indebtedness (but excluding arrangement,
structuring, underwriting, commitment, amendment or other fees regardless of whether paid in whole or in part to any or all lenders of such Indebtedness and any other fees that are not paid generally to all lenders of such Indebtedness)) and
(b) any amendment, amendment and restatement or other modification to this Agreement that reduces the all-in yield (calculated as set forth in clause (a) above) of the Term B Loans.

“Required Lenders” means, at any time, Lenders having outstanding Term Loans representing more than 50% of the outstanding
Term Loans at such time. 
 “Restricted Indebtedness” means Indebtedness of the Borrower or any Subsidiary, the payment,
prepayment, redemption, repurchase or defeasance of which is restricted under Section 6.08(b). 
 “Restricted Payment”
means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests in the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking
fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancelation or termination of any Equity Interests in the Borrower or any Subsidiary or any option, warrant or other right to acquire any such Equity Interests
in the Borrower or any Subsidiary. 
 “Retained Percentage” means, with respect to any Excess Cash Flow Period,
(a) 100% minus (b) the ECF Percentage with respect to such Excess Cash Flow Period. 
 “S&P” means
Standard & Poor’s Financial Services LLC, or any successor thereto. 

  
 -25- 

 “Sanctioned Country” means, at any time, a country, region or territory which is
itself the subject or target of any Sanctions (at the time of this Agreement, the Crimea region of Ukraine, Cuba, Iran, North Korea, Sudan and Syria). 

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons
maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the United Nations Security Council, the European Union or any European Union member state, (b) any Person operating,
organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b). 

“Sanctions” means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time
by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State or (b) the United Nations Security Council, the European Union or Her
Majesty’s Treasury of the United Kingdom. 
 “Screen Rate” has the meaning assigned to such term in the definition of
“LIBO Rate”. 
 “Secured Indebtedness” means Total Indebtedness that is secured by a Lien on any asset of the
Borrower or any of its Subsidiaries. 
 “Secured Net Leverage Ratio” means, on any date, the ratio of (a) Secured
Indebtedness as of such date less the aggregate amount (not to exceed $100,000,000) of Unrestricted Domestic Cash as of such date to (b) Consolidated EBITDA for the period of four consecutive fiscal quarters of the Borrower ended
on such date (or, if such date is not the last day of a fiscal quarter, ended on the last day of the fiscal quarter of the Borrower most recently ended prior to such date for which financial statements are available). 

“Secured Parties” has the meaning assigned to such term in the Guarantee and Collateral Agreement. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Security Documents” means the Guarantee and Collateral Agreement, the Intercreditor Agreement, the Mortgages and each other
security agreement or other instrument or document executed and delivered pursuant to Section 5.12 or 5.13 to secure any of the Obligations. 

“Series” has the meaning assigned to such term in Section 2.21(b). 

“Significant Investment” means any acquisition by the Borrower or a Subsidiary of more than 50% (but less than 100%) of the
Equity Interests in a Person (such Person, the “Subject Person”), so long as such acquisition is permitted by Section 6.04. 

“Specified Time” means 11:00 a.m., London time. 

“Specified Vendor Payables Financing” means the sale by one or more vendors of the Borrower and certain Subsidiaries of
accounts receivable (which such accounts receivable are accounts payable of the Borrower and such Subsidiaries) to one or more financial institutions pursuant to third-party financing agreements, to which the Borrower and such Subsidiaries are
party, in transactions constituting “true sales”; provided that the aggregate amount of all such vendor payables financings shall not exceed $30,000,000 at any time outstanding. 

  
 -26- 

 “Specified Vendor Payables Financing Documents” means all documents and
agreements relating to the Specified Vendor Payables Financing. 
 “Specified Vendor Receivables Financing” means the sale
by the Borrower and certain Subsidiaries of accounts receivable to one or more financial institutions pursuant to third-party financing agreements in transactions constituting “true sales”; provided that the aggregate amount of all such
receivables financings shall not exceed $30,000,000 at any time outstanding. 
 “Specified Vendor Receivables Financing
Documents” means all documents and agreements relating to the Specified Vendor Receivables Financing. 

“Spin-Off” means a “spin-off” transaction with respect to the Borrower such that all of the Equity Interests in the
Borrower are “spun-off” from TriMas ratably to the holders of all the Equity Interests in TriMas and the Borrower ceases to be a Subsidiary of TriMas and becomes a public company. 

“Spin-Off Agreement” means a Separation and Distribution Agreement, dated as of or prior to the Closing Date, by and between
the Borrower and TriMas. 
 “Spin-Off Documentation” means, collectively, the Spin-Off Agreement and all schedules,
exhibits and annexes thereto and all side letters and agreements affecting the terms thereof or entered into in connection therewith, including, without limitation, (i) an employee matters agreement by and between the Borrower and TriMas,
(ii) a tax sharing agreement by and between the Borrower and TriMas and (iii) a transition services agreement by and between the Borrower and TriMas. 

“Statutory Reserve Rate” 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 Board to which the Administrative Agent is
subject with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to such
Regulation D. Eurocurrency 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 any Applicable Law. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“Subject Person” has the meaning assigned to such term in the definition of “Significant Investment.” 

“Subordinated Debt” means any subordinated Indebtedness of the Borrower or any Subsidiary. 

“subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited
liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with
GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the ordinary voting power or, in the
case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the
parent and one or more subsidiaries of the parent. 

  
 -27- 

 “Subsidiary” means any subsidiary of the Borrower. 

“Subsidiary Loan Party” means any Subsidiary that is not (i) a Foreign Subsidiary, (ii) a CFC, (iii) a CFC
Holdco, (iv) a U.S. Holdco or (v) an Immaterial Subsidiary. 
 “Syndication Agents” means BMO Capital Markets
Corp. and Wells Fargo Securities, LLC. 
 “Synthetic Purchase Agreement” means any swap, derivative or other agreement or
combination of agreements pursuant to which the Borrower or a Subsidiary is or may become obligated to make (i) any payment (other than in the form of Equity Interests in the Borrower) in connection with a purchase by a third party from a
Person other than the Borrower or a Subsidiary of any Equity Interest or Restricted Indebtedness or (ii) any payment (other than on account of a permitted purchase by it of any Equity Interest or any Restricted Indebtedness) the amount of which
is determined by reference to the price or value at any time of any Equity Interest or Restricted Indebtedness; provided that phantom stock or similar plans providing for payments only to current or former directors, officers, consultants,
advisors or employees of the Borrower or the Subsidiaries (or to their heirs or estates) shall not be deemed to be Synthetic Purchase Agreements. 

“Taxes” means any and all present or future taxes (of any nature whatsoever), levies, imposts, duties, deductions, charges or
withholdings imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term B Lender” means a Lender with a Term Commitment or an outstanding Term B Loan. 

“Term B Loan” means a Loan made pursuant to Section 2.01(a). 

“Term Collateral Proceeds Account” means a deposit account identified to the ABL Agent in writing from time to time and in
the name of the Company and for which JPMCB is the depositary bank which contains (or was established to contain) only those proceeds with respect to Term Priority Collateral. 

“Term Commitment” means, with respect to each Lender, the commitment, if any, of such Lender to make a Term B Loan hereunder
on the Closing Date, expressed as an amount representing the maximum principal amount of the Term B Loan to be made by such Lender hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.08 and
(b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 10.04. The initial amount of each Lender’s Term Commitment on the Closing Date is set forth on Schedule 2.01 or in the
Assignment and Assumption pursuant to which such Lender shall have assumed its Term Commitment, as applicable. The initial aggregate amount of the Lenders’ Term Commitments on the Closing Date is $200,000,000. 

“Term Lender” means a Lender with outstanding Term Loans or a Commitment. 

“Term Loan” means a Term B Loan or an Incremental Term Loan of any Series. 

  
 -28- 

 “Term Loan Maturity Date” means the date that is the sixth anniversary of the
Closing Date (or if such date is not a Business Day, the immediately preceding Business Day). 
 “Term Priority Collateral”
has the meaning assigned to such term in the Intercreditor Agreement. 
 “Total Indebtedness” means, as of any date, the
aggregate principal amount of Indebtedness for borrowed money of the Borrower and the Subsidiaries outstanding as of such date, in the amount that would be reflected on a balance sheet prepared as of such date on a consolidated basis in accordance
with GAAP. 
 “Transactions” means, collectively, (a) the consummation of the Spin-Off in accordance with the terms of
the Spin-Off Agreement, (b) the payment of a dividend on the Closing Date from the Borrower to TriMas in accordance with the Spin-Off Agreement (the “Closing Date Dividend”), (c) the execution, delivery and performance by
each Loan Party of the ABL Loan Documents to which it is to be a party, the borrowing (if any) of the ABL Loans on the Closing Date and issuance (if any) of letters of credit thereunder on the Closing Date and the use of the proceeds of the
foregoing, (d) the execution, delivery and performance by each Loan Party of the Loan Documents to which it is to be a party, the borrowing of the Loans on the Closing Date and the use of proceeds thereof and (e) the payment of the fees
and expenses payable in connection with the foregoing. 
 “TriMas” means TriMas Company LLC, a Delaware limited liability
company. 
 “Type,” when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan,
or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 

“Unrestricted Domestic Cash” means, as of any date, domestic unrestricted cash and domestic unrestricted Permitted
Investments of the Borrower and its Domestic Subsidiaries as of such date. 
 “U.S. Holdco” means any existing or future
Domestic Subsidiary the Equity Interests of which are held solely by Foreign Subsidiaries; provided that such existing or newly formed Subsidiary shall not engage in any business or own any assets other than the ownership of Equity Interests
in Foreign Subsidiaries and intercompany obligations that are otherwise permitted hereunder. 
 “U.S. Person” means a
“United States person” within the meaning of Section 7701(a)(30) of the Code. 
 “U.S. Tax
Certificate” has the meaning assigned to such term in Section 2.17(f)(i)(D)(2). 
 “Withdrawal Liability”
means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 

SECTION 1.02 Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class
(e.g., a “Term B Loan”) or by Type (e.g., a “Eurocurrency Loan”) or by Class and Type (e.g., a “Eurocurrency Term B Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Term B Loan
Borrowing”) or by Type (e.g., a “Eurocurrency Borrowing”) or by Class and Type (e.g., a “Eurocurrency Term B Loan Borrowing”). 

  
 -29- 

 SECTION 1.03 Terms Generally. The definitions of terms herein shall apply equally to the
singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall
be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise (a) any definition of
or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof” and
“hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement; and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all
tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
 SECTION 1.04 Accounting
Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that if the Borrower notifies the
Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Closing Date in GAAP or in the application thereof on the operation of such provision (or if the
Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof,
then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith.
Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to (i) any
election under Accounting Standards Codification 825-10-25 (previously referred to as Statement of Financial Accounting Standards 159) (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or
effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair value,” as defined therein and (ii) any treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards
Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness
shall at all times be valued at the full stated principal amount thereof. 
 ARTICLE II 

The Credits 
 SECTION 2.01
Commitments. 
 (a) Subject to the terms and conditions set forth herein, each Term B Lender agrees to make a Term B Loan to the
Borrower on the Closing Date in a principal amount not exceeding its Term Commitment. 
 (b) Amounts repaid or prepaid in respect of Term
Loans may not be reborrowed. 

  
 -30- 

 SECTION 2.02 Loans and Borrowings. 

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

(c) Subject to Section 2.14, each Loan shall be comprised entirely of ABR Loans or Eurocurrency Loans as the Borrower may request in
accordance herewith. Each Lender at its option may make any Eurocurrency Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation
of the Borrower to repay such Loan in accordance with the terms of this Agreement. 
 (d) At the commencement of each Interest Period for
any Eurocurrency Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $1,000,000. At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that is
an integral multiple of $500,000 and not less than $1,000,000. Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total of 12 Eurocurrency Borrowings
outstanding. 
 (e) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to
convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date applicable thereto. 

SECTION 2.03 Requests for Borrowings. To request a Borrowing of Term Loans, the Borrower shall notify the Administrative Agent of such
request by telephone (i) in the case of a Eurocurrency Borrowing, not later than 12:00 noon, New York City time, three Business Days before the date of the proposed Borrowing or (ii) in the case of an ABR Borrowing, not later than 12:00
noon, New York City time, one Business Day before the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written
Borrowing Request signed by the Borrower. Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02: 

(i) whether the requested Borrowing is to be a Borrowing of Term B Loans or an Incremental Term Loan Borrowing of a particular
Series; 
 (ii) the aggregate amount of such Borrowing; 

(iii) the date of such Borrowing, which shall be a Business Day; 

(iv) whether such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing; 

(v) in the case of a Eurocurrency Borrowing, the initial Interest Period to be applicable thereto, which shall be a period
contemplated by the definition of the term “Interest Period”; and 

  
 -31- 

 (vi) the location and number of the Borrower’s account to which funds are to
be disbursed, which shall comply with the requirements of Section 2.06. 
 If no election as to the Type of Borrowing is specified, then the requested
Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurocurrency Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following
receipt of a Borrowing Request in accordance with this Section 2.03, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 

SECTION 2.04 [Reserved]. 

SECTION 2.05 [Reserved]. 

SECTION 2.06 Funding of Borrowings. 

(a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds
by 12:00 noon, New York City time to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the
amounts so received, in like funds, to an account of the Borrower maintained with the Administrative Agent in New York City, and designated by the Borrower in the applicable Borrowing Request. 

(b) Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any 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 paragraph (a) of this Section and may,
in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the
Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of
payment to the Administrative Agent, at (i) in the case of such Lender, the greater of (x) the Federal Funds Effective Rate and (y) a rate determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation, the applicable rate shall be determined as specified in clause (y) above, or (ii) in the case of the Borrower, the interest rate applicable to ABR Term B Loans. If such Lender pays such amount to the Administrative Agent,
then such amount shall constitute such Lender’s Loan included in such Borrowing. 
 SECTION 2.07 Interest Elections. 

(a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing,
shall have an initial Interest Period as specified in such Borrowing Request or as otherwise provided in Section 2.03. Thereafter, the Borrower may elect to (i) convert any ABR Borrowing or any Eurocurrency Borrowing to a Borrowing of a
different Type, (ii) continue any Borrowing and (iii) in the case of a Eurocurrency Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different
portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. 

  
 -32- 

 (b) To make an election pursuant to this Section, the Borrower shall notify the Administrative
Agent of such election, by telephone, by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of Term B Loans of the Type resulting from such election to be made on the effective
date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request, and all such written Interest
Election Requests shall be in a form approved by the Administrative Agent and signed by the Borrower. 
 (c) Each telephonic and written
Interest Election Request shall specify the following information in compliance with Section 2.02: 
 (i) the Borrowing
to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified
pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); 
 (ii) the effective
date of the election made pursuant to such Interest Election Request, which shall be a Business Day; 
 (iii) whether the
resulting Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing; and 
 (iv) if the resulting Borrowing is a
Eurocurrency Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period.” 

If any such Interest Election Request requests a Eurocurrency Borrowing but does not specify an Interest Period, then the Borrower shall be
deemed to have selected an Interest Period of one month’s duration. 
 (d) Promptly following receipt of an Interest Election Request,
the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 

(e) If an Interest Election Request with respect to a Eurocurrency Borrowing is not timely delivered prior to the end of the Interest Period
applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has
occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Borrowing may be converted to or continued as a
Eurocurrency Borrowing and (ii) unless repaid, each Eurocurrency Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto. 

SECTION 2.08 Termination and Reduction of Commitments. 

(a) Unless previously terminated, the Term Commitments shall terminate and be automatically and permanently reduced to $0 upon the earlier of
(i) funding of the Term B Loans on the Closing Date and (ii) 5:00 p.m., New York City time, on June 30, 2015. 

  
 -33- 

 (b) The Borrower may at any time terminate, or from time to time reduce, the Commitments of any
Class; provided that each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000. 

(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments of any Class under
Section 2.08(b) at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall
advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable. Any reduction of the Commitments shall be permanent. 

SECTION 2.09 Repayment of Loans; Evidence of Debt. 

(a) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender the then unpaid principal
amount of each Term Loan of such Lender as provided in Section 2.10. 
 (b) Each Lender shall maintain in accordance with its usual
practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.

 (c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class
and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by
the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 
 (d) The entries made in the
accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent
to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. 

(e) Any Lender may request that Loans of any Class made by it be evidenced by a promissory note. In such event, the Borrower shall prepare,
execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced
by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 10.04) be represented by one or more promissory notes in such form payable to the order of the payee and its registered assigns.

 SECTION 2.10 Amortization of Term Loans. 

(a) Subject to adjustment pursuant to paragraph (d) of this Section, the Borrower shall repay the Term B Loans on the last day of each
March, June, September and December, beginning on the last day of the first full fiscal quarter to occur after the Closing Date, in an aggregate principal amount for each such date equal to 1.25% of the aggregate principal amount of the Term B Loans
outstanding on the Closing Date. 

  
 -34- 

 (b) The Borrower shall repay Incremental Term Loans of any Series in such amounts and on such
date or dates as shall be specified therefor in the Incremental Facility Agreement establishing the Incremental Term Commitments of such Series (as such amounts may be adjusted pursuant to paragraph (d) of this Section or pursuant to such
Incremental Facility Agreement). 
 (c) To the extent not previously paid, (i) all Term B Loans shall be due and payable on the Term
Loan Maturity Date and (ii) all Incremental Term Loans of any Series shall be due and payable on the Incremental Term Maturity Date applicable thereto. 

(d) Any mandatory prepayment of a Borrowing of Term Loans of any Class shall be applied to reduce the subsequent scheduled repayments of the
Borrowings of such Class to be made pursuant to this Section to the next eight scheduled repayments in direct order and thereafter ratably. Any optional prepayment of a Borrowing of Term Loans of any Class shall be applied to the scheduled
repayments of the Borrowings of such Class as directed by the Borrower. 
 (e) Prior to any repayment of any Term Loan Borrowings of any
Class hereunder, the Borrower shall select the Borrowing or Borrowings of the applicable Class to be repaid and shall notify the Administrative Agent by telephone (confirmed by telecopy) of such selection not later than 11:00 a.m., New York City
time, three Business Days before the scheduled date of such repayment. Each repayment of a Borrowing shall be applied ratably to the Loans included in the repaid Borrowing. Repayments of Term Loan Borrowings shall be accompanied by accrued interest
on the amount repaid. 
 SECTION 2.11 Prepayment of Loans. 

(a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to the
requirements of this Section. 
 (b) All (i) optional prepayments of Term B Loans pursuant to Section 2.11(a) or prepayments
pursuant to Section 2.11(c) as a result of an event described in clause (c) of the definition of the term Prepayment Event, in each case effected on or prior to the date that is the second anniversary of the Closing Date with the proceeds
of a Repricing Transaction and (ii) amendments, amendments and restatements or other modifications of this Agreement on or prior to the date that is the second anniversary of the Closing Date constituting Repricing Transactions shall, in each
case, be accompanied by a fee payable to the Term B Lenders in an amount equal to 1.00% of the aggregate principal amount of the Term B Loans so prepaid, in the case of a transaction described in clause (i) of this paragraph, or 1.00% of the
aggregate principal amount of Term B Loans affected by such amendment, amendment and restatement or other modification (including any such Loans assigned in connection with the replacement of a Term B Lender not consenting thereto), in the case of a
transaction described in clause (ii) of this paragraph. Such fee shall be paid by the Borrower to the Administrative Agent, for the account of the Lenders in respect of the Term B Loans, on the date of such prepayment. 

(c) In the event and on each occasion that any Net Proceeds are received by or on behalf of the Borrower or any Subsidiary in respect of any
Prepayment Event, the Borrower shall, within three Business Days after such Net Proceeds are received, prepay Borrowings of Term B Loans in an aggregate amount equal to such Net Proceeds; provided that in the case of any event described in
clause (a) of the definition of the term Prepayment Event (other than sales, transfers or other dispositions pursuant to Section 6.05(j) in excess of $15,000,000), if the Borrower shall deliver, within such three Business Days, to the
Administrative Agent a certificate of a Financial Officer to the effect that the Borrower and the Subsidiaries, intend to apply the Net Proceeds from such event (or a portion thereof specified in such certificate), within 365 days after receipt of
such Net Proceeds, to acquire real property, equipment or other tangible assets to be used in the business of the Borrower and the Subsidiaries, and certifying that 

  
 -35- 

 
no Default has occurred and is continuing, then no prepayment shall be required pursuant to this paragraph in respect of the Net Proceeds in respect of such event (or the portion of such Net
Proceeds specified in such certificate, if applicable) except to the extent of any such Net Proceeds therefrom that have not been so applied by the end of such 365-day period, at which time a prepayment shall be required in an amount equal to such
Net Proceeds that have not been so applied; provided further that a portion of the Net Proceeds required to prepay Borrowings of Term B Loans (but in no event more than a ratable portion thereof (such ratable share to be calculated by
reference to the outstanding amount of Pari Passu Alternative Incremental Debt, Pari Passu Permitted Term Loan Refinancing Indebtedness and Loans, in each case immediately prior to such prepayment)) may, in lieu of prepaying Term B Loans hereunder,
be applied to redeem or prepay any Pari Passu Alternative Incremental Debt or any Pari Passu Permitted Term Loan Refinancing Indebtedness, in each case if required under the terms of the applicable documents governing such Pari Passu Alternative
Incremental Debt or such Pari Passu Permitted Term Loan Refinancing Indebtedness. 
 (d) Following the end of each fiscal year of the
Borrower, commencing with the fiscal year ending December 31, 2016, the Borrower shall prepay Borrowings of Term B Loans in an aggregate amount equal to the excess of (i) the ECF Percentage of Excess Cash Flow for such fiscal year over
(ii) the sum of (x) aggregate amount of optional prepayments of Term Loans and purchases of Term Loans pursuant to Section 10.04(h) (other than optional prepayments or purchases made with the proceeds of Long-Term Indebtedness) made
by the Borrower during such fiscal year (provided that the aggregate amount of any such prepayment or purchase shall be the amount of the Borrower’s cash payment in respect of such purchase) and (y) the aggregate amount of optional
prepayments of Pari Passu Alternative Incremental Debt in the form of loans and Pari Passu Permitted Term Loan Refinancing Indebtedness in the form of loans made by the Borrower during such fiscal year. Each prepayment pursuant to this paragraph
shall be made within 95 days after the end of such fiscal year. 
 (e) Prior to any optional or mandatory prepayment of Borrowings
hereunder, the Borrower shall select the Borrowing or Borrowings to be prepaid and shall specify such selection in the notice of such prepayment pursuant to paragraph (f) of this Section. 

(f) The Borrower shall notify the Administrative Agent by (x) in the case of prepayment of a Eurocurrency Borrowing, not later than 12:00
noon, New York City time, three Business Days before the date of prepayment and (y) in the case of prepayment of an ABR Borrowing, not later than 12:00 noon, New York City time, one Business Day before the date of prepayment. Each such notice
shall be irrevocable and shall specify (i) whether the prepayment is of Eurocurrency Loans or ABR Loans, (ii) the prepayment date, (iii) the principal amount of each Borrowing or portion thereof to be prepaid and (iv) in the case
of a mandatory prepayment, a reasonably detailed calculation of the amount of such prepayment. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any
Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02, except as necessary to apply fully the required amount of a mandatory prepayment. Each prepayment of
a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.13. 

(g) In the event of any mandatory prepayment of Term Loans made at a time when Term Loans of more than one Class remain outstanding, the
Borrower shall select Term Loans to be prepaid so that the aggregate amount of such prepayment is allocated among each Class of the Term Loans pro rata based on the aggregate principal amounts of outstanding Borrowings of each such Class;
provided that (x) the amounts so allocable to Incremental Term Loans of any Series may be applied to other Term Loan Borrowings if so provided in the applicable Incremental Facility Agreement and (y) the amounts so allocable to any
tranche of Extended Term Loans may be applied to other Term Loan 

  
 -36- 

 
Borrowings if so provided in the applicable Extension Offer. In the event of any optional prepayment of Term Loans made at a time when Term Loans of more than one Class remain, the Borrower shall
select the Term Loans to be prepaid so that the aggregate amount of such prepayment is allocated among the Term Loans and each Series of Incremental Term Loans then outstanding based on the aggregate principal amount of outstanding Borrowings of
each such Class; provided that (x) the amounts so allocable to Incremental Term Loans of any Series may be applied to other Borrowings of Term Loans if so provided in the applicable Incremental Facility Agreement and (y) the amounts
so allocable to any tranche of Extended Term Loans may be applied to other Borrowings of Term Loans if so provided in the applicable Extension Offer. 

SECTION 2.12 Fees. 
 (a)
The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent. 

(b) All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent. Fees paid shall
not be refundable under any circumstances. 
 SECTION 2.13 Interest. 

(a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate. 

(b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such
Borrowing plus the Applicable Rate. 
 (c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other
amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case
of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other overdue amount payable, 2% plus the rate applicable to ABR Term B
Loans. 
 (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that
(i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on
the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such
conversion. 
 (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference
to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed
(including the first day but excluding the last day). The applicable Alternate Base Rate or Adjusted LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. The Administrative
Agent shall as soon as practicable notify the Borrower and the relevant Lenders of each determination of an Adjusted LIBO Rate. 

  
 -37- 

 SECTION 2.14 Alternate Rate of Interest. If prior to the commencement of any Interest
Period for a Eurocurrency Borrowing of any Class: 
 (a) the Administrative Agent determines (which determination shall be
conclusive absent manifest error) that adequate and reasonable means (including by means of an Interpolated Rate) do not exist for ascertaining the LIBO Rate or the Adjusted LIBO Rate for such Interest Period; or 

(b) the Administrative Agent is advised by a majority in interest of the Lenders of the applicable Class that the Adjusted LIBO
Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period; 

then the Administrative Agent shall give notice thereof to the Borrower and the Lenders of the applicable Class by telephone or telecopy as promptly as
practicable thereafter and, until the Administrative Agent notifies the Borrower and such Lenders that the circumstances giving rise to such notice no longer exist, then (i) any Interest Election Request that requests the conversion of any
Borrowing to, or continuation of any Borrowing as, a Eurocurrency Borrowing shall be ineffective and (ii) any Eurocurrency Borrowing that is requested to be continued, shall be converted to an ABR Borrowing on the last day of the Interest
Period applicable thereto. 
 SECTION 2.15 Increased Costs. 

(a) If any Change in Law shall: 

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

(ii) impose on any Lender or the London interbank market any other condition affecting this Agreement or Eurocurrency Loans
made by such Lender; or 
 (iii) subject any Lender to any Taxes on its loans, loan principal, commitments, or other
obligations, or its deposits, reserves, other liabilities or capital attributable thereto (other than (A) Indemnified Taxes otherwise indemnifiable under Section 2.17 and (B) Excluded Taxes); 

and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurocurrency Loan (or of maintaining its
obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender such additional amount or amounts as will
compensate such Lender for such additional costs incurred or reduction suffered. 
 (b) If any Lender determines that any Change in Law
regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Loans
made by such Lender to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding
company with respect to capital adequacy or 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. 

  
 -38- 

 (c) A certificate of a Lender setting forth the amount or amounts necessary to compensate such
Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown
as due on any such certificate within 10 days after receipt thereof. 
 (d) Failure or delay on the part of any Lender to demand
compensation pursuant to 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 this Section for any increased
costs or reductions incurred more than 270 days prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor;
provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 270-day period referred to above shall be extended to include the period of retroactive effect thereof. 

SECTION 2.16 Break Funding Payments. In the event of (a) the payment of any principal of any Eurocurrency Loan other than on the
last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow,
convert, continue or prepay any Term Loan on the date specified in any notice delivered pursuant hereto, or (d) the assignment of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto as a result of a
request by the Borrower pursuant to Section 2.19, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. In the case of a Eurocurrency Loan, such loss, cost or expense to
any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest that would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO
Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have
been the Interest Period for such Loan), over (ii) the amount of interest that would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for
deposits in the applicable currency of a comparable amount and period from other banks in the Eurocurrency market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall
be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 

SECTION 2.17 Taxes. 
 (a)
Any and all payments by or on account of any obligation of the Borrower hereunder or under any other Loan Document shall be made free and clear of and without deduction for any Indemnified Taxes; provided that if the Borrower or the
Administrative Agent shall be required to deduct any Indemnified Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums
payable under this Section) the Administrative Agent or the Lender (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower or the Administrative Agent shall make such
deductions and (iii) the Borrower or the Administrative Agent shall pay the full amount deducted to the relevant Governmental Authority in accordance with Applicable Law. 

(b) In addition, the Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with Applicable Law. 

  
 -39- 

 (c) The Borrower shall indemnify the Administrative Agent and each Lender, within 10 Business
Days after written demand therefor, for the full amount of any Indemnified Taxes paid by the Administrative Agent or such Lender, as the case may be, on or with respect to any payment by or on account of any obligation of the Borrower, hereunder or
under any other Loan Document (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes
were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or by the Administrative Agent on its own behalf or on behalf of
a Lender, shall be conclusive absent manifest error. 
 (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by
the Borrower to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment
or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (e) Each Lender shall severally indemnify the
Administrative Agent for any Taxes (but, in the case of any Indemnified Taxes, only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting or expanding the obligation of
the Borrower to do so) attributable to such Lender that are paid or payable by the Administrative Agent in connection with any Loan Document and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were
correctly or legally imposed or asserted by the relevant Governmental Authority. The indemnity under this Section shall be paid within 10 days after the Administrative Agent delivers to the applicable Lender a certificate stating the amount of Taxes
so paid or payable by the Administrative Agent. Such certificate shall be conclusive of the amount so paid or payable absent manifest error. 

(f) Any Lender that is entitled to an exemption from, or reduction of, any applicable withholding Tax with respect to any payments under any
Loan Document shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by Applicable Law, such properly completed and executed documentation prescribed by Applicable Law or reasonably requested by the
Borrower or the Administrative Agent as will permit such payments to be made without withholding, or at a reduced rate of, withholding. If any form or certification previously delivered pursuant to this Section expires or becomes obsolete or
inaccurate in any respect with respect to a Lender, such Lender shall promptly (and in any event within 10 Business Days after such expiration, obsolescence or inaccuracy) notify the Borrower and the Administrative Agent in writing of such
expiration, obsolescence or inaccuracy and update the form or certification if it is legally eligible to do so. 
 (i)
Without limiting the generality of the foregoing, any Lender shall, to the extent it is legally eligible to do so, deliver to the Borrower and the Administrative Agent (in such number of copies reasonably requested by the Borrower and the
Administrative Agent) on or prior to the date on which such Lender becomes a party hereto, duly completed and executed copies of whichever of the following is applicable: 

(A) in the case of a Lender that is a U.S. Person, IRS Form W-9 certifying that such Lender is exempt from U.S. Federal backup
withholding tax; 
 (B) in the case of a Non-U.S. Lender claiming the benefits of an income tax treaty to which the United
States is a party (1) with respect to payments of interest under any Loan Document, IRS Form W-8BEN-E or W-8BEN establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “interest” article of such

  
 -40- 

 
tax treaty and (2) with respect to any other applicable payments under this Agreement, IRS Form W-8BEN-E or W-8BEN establishing an exemption from, or reduction of, U.S. Federal withholding
Tax pursuant to the “business profits” or “other income” article of such tax treaty; 
 (C) in the case
of a Non-U.S. Lender for whom payments under this Agreement constitute income that is effectively connected with such Lender’s conduct of a trade or business in the United States, IRS Form W-8ECI; 

(D) in the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of
the Code both (1) IRS Form W-8BEN-E or W-8BEN and (2) a certificate substantially in the form of Exhibit E (a “U.S. Tax Certificate”) to the effect that such Lender is not (a) a “bank” within the meaning of
Section 881(c)(3)(A) of the Code, (b) a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code (c) a “controlled foreign corporation” described in
Section 881(c)(3)(C) of the Code and (d) conducting a trade or business in the United States with which the relevant interest payments are effectively connected; 

(E) in the case of a Non-U.S. Lender that is not the beneficial owner of payments made under this Agreement (including a
partnership or a participating Lender) (1) an IRS Form W-8IMY on behalf of itself and (2) the relevant forms prescribed in clauses (A), (B), (C), (D) and (F) of this paragraph (g)(ii) that would be required of each such
beneficial owner or partner of such partnership if such beneficial owner or partner were a Lender; provided, however, that if the Lender is a partnership and one or more of its partners are claiming the exemption for portfolio interest
under Section 881(c) of the Code, such Lender may provide a U.S. Tax Certificate on behalf of such partners; or 
 (F)
any other form prescribed by law as a basis for claiming exemption from, or a reduction of, U.S. Federal withholding Tax together with such supplementary documentation necessary to enable the Borrower or the Administrative Agent to determine the
amount of Tax (if any) required by law to be withheld. 
 (ii) Each Lender shall deliver to 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 Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower or the Administrative Agent, to comply with its obligations under FATCA, to determine that such Lender
has or has not complied with such Lender’s obligations under FATCA and, as necessary, to determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 2.17(f)(ii), “FATCA” shall include
any amendments made to FATCA after the date of this Agreement. 
 (g) If any party determines, in its sole discretion exercised in good
faith, that it has received a refund of any Indemnified Taxes (including additional amounts paid pursuant to this Section 2.17), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments
made, or additional amounts paid, under this Section 2.17 with respect to the Indemnified Taxes giving rise to such refund), net of all out-of-pocket expenses (including any Taxes) of such indemnified party and without interest (other than any
interest paid by the relevant Governmental Authority with respect to such refund); provided, however, that such indemnifying party, upon the request of such indemnified party, agrees to repay to such indemnified party the amount paid
to such indemnified 

  
 -41- 

 
party pursuant to the previous sentence (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event such indemnified party is required to repay
such refund to such Governmental Authority. Nothing contained in this Section 2.17(g) shall require any indemnified party to make available its Tax returns or any other information relating to its Taxes which it deems confidential to the
indemnifying party or any other Person. 
 (h) For purposes of determining withholding Taxes imposed under FATCA, the Borrower and the
Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Loan Documents as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation
Section 1.1471-2(b)(2)(i). 
 SECTION 2.18 Payments Generally; Pro Rata Treatment; Sharing of Set-offs. 

(a) The Borrower shall make each payment required to be made by it hereunder or under any other Loan Document (whether of principal, interest
or fees, or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise), on or before the time expressly required hereunder or under such other Loan Document for such payment (or, if no such time is expressly required, prior to 12:00
noon, New York City time), on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent be deemed to have been received on
the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its offices at 383 Madison Avenue, New York, New York, except that payments pursuant to Sections 2.15,
2.16, 2.17 and 10.03 shall be made directly to the Persons entitled thereto and payments pursuant to other Loan Documents shall be made to the Persons specified therein. The Administrative Agent shall distribute any such payments received by it for
the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment under any Loan Document shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding
Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments (including prepayments) to be made by the Borrower hereunder and under each other Loan Document,
whether on account of principal, interest, fees or otherwise shall be made in dollars. 
 (b) 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, towards 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, towards payment of principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of
principal then due to such parties. 
 (c) If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain
payment in respect of any principal of or interest on any of its Term B Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Term B Loans and accrued interest thereon than the proportion received by
any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Term B Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the
Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Term B Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise
thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the
Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to
the Borrower 

  
 -42- 

 
or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under
Applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct
creditor of the Borrower in the amount of such participation. 
 (d) Unless the Administrative Agent shall have received notice from the
Borrower prior to the date on which any payment hereunder is due to the Administrative Agent for the account of the Lenders that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on
such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the Borrower has not in fact made such payment due to the Administrative Agent, then each of the Lenders
severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment
to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

(e) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.06(b), 2.18(d) or 10.03(c), then the
Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such
Sections until all such unsatisfied obligations are fully paid. 
 SECTION 2.19 Mitigation Obligations; Replacement of Lenders. 

(a) If any Lender requests compensation under Section 2.15, 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 2.17, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and
obligations hereunder to another of its offices, branches or Affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, as the case may be,
in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in
connection with any such designation or assignment. 
 (b) If any Lender requests compensation under Section 2.15, 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 2.17, or if any Lender defaults in its obligation to fund Loans hereunder, then the Borrower may, at its sole
expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 10.04), all its interests, rights
and obligations under this Agreement to an assignee selected by the Borrower that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have
received the prior written consent of the Administrative Agent , which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest
thereon, accrued fees and all other amounts payable to it hereunder, 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) and (iii) in the case of any
such assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a material reduction in such compensation or payments. A Lender shall not
be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the

  
 -43- 

 
circumstances entitling the Borrower to require such assignment and delegation cease to apply. Each party hereto agrees that an assignment required pursuant to this paragraph may be effected
pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent and the assignee, and that the Lender required to make such assignment need not be a party thereto in order for such assignment to be effective. 

SECTION 2.20 [Reserved]. 

SECTION 2.21 Incremental Facilities. 

(a) The Borrower may on one or more occasions, by written notice to the Administrative Agent, request the establishment of Incremental Term
Commitments; provided that the aggregate amount of all Incremental Term Loan Commitments established on any date shall not exceed (i) (together with the amount of Alternative Incremental Debt established on such date in reliance on the Base
Incremental Amount) an amount equal to the Base Incremental Amount on such date and (ii) an additional amount subject to the Maximum Incremental Amount as of such date. Each such notice shall specify (A) the date on which the Borrower
proposes that the Incremental Term Commitments shall be effective, which shall be a date not less than 10 Business Days (or such shorter period as may be agreed to by the Administrative Agent) after the date on which such notice is delivered to the
Administrative Agent, and (B) the amount of the Incremental Term Commitments being requested (it being agreed that (x) any Lender approached to provide any Incremental Term Commitment may elect or decline, in its sole discretion, to
provide such Incremental Term Commitment and (y) any Person that the Borrower proposes to become an Incremental Term Lender, if such Person is not then a Lender, must be reasonably acceptable to the Administrative Agent). 

(b) The terms and conditions of any Incremental Term Commitments and the Incremental Term Loans to be made thereunder shall be, except as
otherwise set forth herein or in the applicable Incremental Facility Agreement, identical to those of the Term Commitments and the Term B Loans; provided that (i) the interest rate margins with respect to any Incremental Term Loans shall
be as agreed by the Borrower and the lenders in respect thereof; provided, that if the total yield (calculated, for both the Incremental Term Loans and the Term B Loans, to include upfront fees, any interest rate floors and any original issue
discount (with original issue discount being equated to interest rate in a manner determined by the Administrative Agent based on an assumed four-year life to maturity) but to exclude any arrangement, underwriting or similar fee paid by the
Borrower) in respect of any Incremental Term Loans exceeds the total yield for the existing Term B Loans by more than 0.50%, the Applicable Rate for the Term B Loans shall be increased so that the total yield in respect of such Incremental Term
Loans is no higher than the total yield for the existing Term B Loans plus 0.50% (provided that if the Incremental Term Loans include an interest rate floor greater than the interest rate floor applicable to the Term B Loans, such increased
amount shall be equated to the applicable interest rate margin for purposes of determining whether an increase to the Applicable Rate for the Term B Loans shall be required, to the extent an increase in the interest rate floor for the Term B Loans
would cause an increase in the interest rate then in effect thereunder, and in such case the interest rate floor (but not the Applicable Rate) applicable to the Term B Loans shall be increased by such amount), (ii) any Incremental Term Loan
shall have terms, in the Borrower’s reasonable judgment, customary for a term loan under then-existing market convention, (iii) the amortization schedule with respect to any Incremental Term Loans shall be as agreed by the Borrower and the
lenders in respect thereof, provided that the weighted average life to maturity of any Incremental Term Loans shall be no shorter than the remaining weighted average life to maturity of the Latest Maturing Term Loans outstanding immediately
prior to the establishment of such Incremental Term Loans (other than as necessary to make any such Incremental Term Loans fungible with such Latest Maturing Term Loans), (iv) no Incremental Term Maturity Date with respect to Incremental Term
Loans shall be earlier than the Latest Maturity Date in effect immediately prior to the establishment of such 

  
 -44- 

 
Incremental Term Loans, (v) except as permitted by clause (i), the Incremental Term Loans shall be treated no more favorably than the Term B Loans (in each case, including with respect to
mandatory and voluntary prepayments); provided that the foregoing shall not apply to covenants or other provisions applicable only to periods after the Latest Maturity Date in effect immediately prior to the establishment of such Incremental
Term Loans; provided further that any Incremental Term Loans may add additional covenants or events of default not otherwise applicable to the Term B Loans or covenants more restrictive than the covenants applicable to the Term B Loans
in each case prior to the Latest Maturity Date in effect immediately prior to the establishment of such Incremental Facility so long as this Agreement is amended to provide all of the Lenders with the benefits of such additional covenants, events of
default or more restrictive covenants, (vi) to the extent the terms applicable to any Incremental Term Loans are inconsistent with the terms applicable to the Term B Loans (except, in each case, as otherwise permitted pursuant to this paragraph
(b)), such terms shall be reasonably satisfactory to the Administrative Agent, and (vii) any Incremental Term Loans shall have the same Guarantees as, and shall rank pari passu with respect to the Liens on the Collateral and in right of payment
with, the Term B Loans. Any Incremental Term Commitments established pursuant to an Incremental Facility Agreement that have identical terms and conditions, and any Incremental Term Loans made thereunder, shall be designated as a separate series
(each a “Series”) of Incremental Term Commitments and Incremental Term Loans for all purposes of this Agreement. Notwithstanding the foregoing, in no event shall there be more than six maturity dates in respect of the Credit
Facilities (including any Extended Term Loans or Replacement Term Loans). 
 (c) The Incremental Term Commitments shall be effected pursuant
to one or more Incremental Facility Agreements executed and delivered by the Borrower, each Incremental Term Lender providing such Incremental Term Commitments and the Administrative Agent; provided that (other than with respect to the
incurrence of Incremental Term Loans the proceeds of which shall be used to consummate an acquisition permitted by this Agreement for which the Borrower has determined, in good faith, that limited conditionality is reasonably necessary (any such
acquisition, a “Limited Conditionality Acquisition”) as to which conditions (i) through (iii) below shall not apply) no Incremental Term Commitments shall become effective unless (i) no Default or Event of Default
shall have occurred and be continuing on the date of effectiveness thereof, both immediately prior to and immediately after giving effect to such Incremental Term Commitments and the making of Loans thereunder to be made on such date, (ii) on
the date of effectiveness thereof, the representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material respects (or in all respects if qualified by materiality) on and as of such date,
(iii) the Borrower shall make any payments required to be made pursuant to Section 2.16 in connection with such Incremental Term Commitments and the related transactions under this Section, and (iv) the other conditions, if any, set
forth in the applicable Incremental Facility Agreement are satisfied; provided further that no Incremental Term Loans in respect of a Limited Conditionality Acquisition shall become effective unless (i) no Default or Event of
Default shall have occurred and be continuing as of the date of entry into the definitive acquisition documentation in respect of such Limited Conditionality Acquisition (the “Limited Conditionality Acquisition Agreement”) and
(ii) on the date of effectiveness of the Limited Conditionality Acquisition Agreement, the representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material respects (or in all respects
if qualified by materiality) on and as of such date. Each Incremental Facility Agreement may, without the consent of any Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the opinion
of the Administrative Agent, to give effect to the provisions of this Section. 
 (d) Upon the effectiveness of an Incremental Term
Commitment of any Incremental Term Lender, such Incremental Term Lender shall be deemed to be a “Lender” (and a Lender in respect of Commitments and Loans of the applicable Class) hereunder, and henceforth shall be entitled to all
the rights of, and benefits accruing to, Lenders (or Lenders in respect of Commitments and Loans of the applicable Class) hereunder and shall be bound by all agreements, acknowledgements and other obligations of Lenders (or Lenders in respect of
Commitments and Loans of the applicable Class) hereunder and under the other Loan Documents. 

  
 -45- 

 (e) Subject to the terms and conditions set forth herein and in the applicable Incremental
Facility Agreement, each Lender holding an Incremental Term Commitment of any Series shall make a loan to the Borrower in an amount equal to such Incremental Term Commitment on the date specified in such Incremental Facility Agreement. 

(f) The Administrative Agent shall notify the Lenders promptly upon receipt by the Administrative Agent of any notice from the Borrower
referred to in paragraph (a) above and of the effectiveness of any Incremental Term Commitments, in each case advising the Lenders of the details thereof. 

SECTION 2.22 [Reserved]. 

SECTION 2.23 Extensions. 

(a) Notwithstanding anything to the contrary in this Agreement, pursuant to one or more offers (each, an “Extension Offer”)
made from time to time by the Borrower to all Lenders of Term B Loans with a like maturity date, in each case on a pro rata basis (based on the aggregate outstanding principal amount of the respective Term B Loans with a like maturity date) and on
the same terms to each such Lender, the Borrower is hereby permitted to consummate from time to time transactions with individual Lenders that accept the terms contained in such Extension Offers to extend the maturity date of each such Lender’s
Term B Loans and otherwise modify the terms of such Term B Loans pursuant to the terms of the relevant Extension Offer (including by increasing the interest rate or fees payable in respect of such Term B Loans and/or modifying the amortization
schedule in respect of such Lender’s Term B Loans) (each, an “Extension,” and each group of Term B Loans as so extended, as well as the original Term B Loans (not so extended), being a “tranche”; any Extended
Term Loans shall constitute a separate tranche of Term Loans from the tranche of Term Loans from which they were converted), so long as the following terms are satisfied: (i) no Default or Event of Default shall have occurred and be continuing
at the time the offering document in respect of an Extension Offer is delivered to the Lenders, (ii) [reserved], (iii) except as to interest rates, fees, amortization, final maturity date, premium, required prepayment dates and
participation in prepayments (which shall, subject to immediately succeeding clauses (iv), (v), and (vi), be determined between the Borrower and set forth in the relevant Extension Offer), the Term B Loans of any Term B Lender that agrees to an
extension with respect to such Term B Loans extended pursuant to any Extension (the “Extended Term Loans”) shall have the same terms as the tranche of Term B Loans subject to such Extension Offer, (iv) the final maturity date
of any Extended Term Loans shall be no earlier than the maturity date of the Term B Loans from which they were converted and the amortization schedule applicable to Term B Loans pursuant to Section 2.10(a) for periods prior to the Term Loan
Maturity Date may not be increased, (v) the weighted average life of any Extended Term Loans shall be no shorter than the remaining weighted average life of the Term B Loans extended thereby, (vi) any Extended Term Loans may participate on
a pro rata basis or a less than pro rata basis (but not greater than a pro rata basis) in any voluntary or mandatory repayments or prepayments of Term B Loans hereunder (except for repayments required upon the scheduled maturity date of the
non-Extended Term Loans), in each case as specified in the respective Extension Offer, (vii) if the aggregate principal amount of Term B Loans (calculated on the face amount thereof) in respect of which Term B Lenders shall have accepted the
relevant Extension Offer shall exceed the maximum aggregate principal amount of Term B Loans offered to be extended by the Borrower pursuant to such Extension Offer, then the Term B Loans of such Term B Lenders shall be extended ratably up to such
maximum amount based on the respective principal amounts (but not to exceed actual holdings of record) with respect to which such Term B Lenders have accepted such Extension Offer, (viii) [reserved], (ix) all documentation in respect of
such Extension shall be consistent with the foregoing, (x) any applicable Minimum Extension Condition shall be satisfied 

  
 -46- 

 
unless waived by the Borrower and (xi) the Minimum Tranche Amount shall be satisfied unless waived by the Administrative Agent. Notwithstanding the foregoing, in no event shall there be more
than six maturity dates in respect of the Credit Facilities (including any Extended Term Loans or Replacement Term Loans). 
 (b) With
respect to all Extensions consummated by the Borrower pursuant to this Section, (i) such Extensions shall not constitute voluntary or mandatory payments or prepayments for purposes of Section 2.11 and (ii) no Extension Offer is
required to be in any minimum amount or any minimum increment, provided that (x) the Borrower may at its election specify as a condition (a “Minimum Extension Condition”) to consummating any such Extension that a minimum
amount (to be determined and specified in the relevant Extension Offer in the Borrower’s sole discretion and may be waived by the Borrower) of Term B Loans of any or all applicable tranches be tendered and (y) no tranche of Extended Term
Loans shall be in an amount of less than $50,000,000 (the “Minimum Tranche Amount”), unless such Minimum Tranche Amount is waived by the Administrative Agent. The Administrative Agent and the Lenders hereby consent to the
transactions contemplated by this Section (including, for the avoidance of doubt, payment of any interest, fees or premium in respect of any Extended Term Loans on such terms as may be set forth in the relevant Extension Offer) and hereby waive the
requirements of any provision of this Agreement (including Sections 2.11 and 2.18) or any other Loan Document that may otherwise prohibit any such Extension or any other transaction contemplated by this Section. 

(c) No consent of any Lender or the Administrative Agent shall be required to effectuate any Extension, other than the consent of each Lender
agreeing to such Extension with respect to one or more of its Term Loans. All Extended Term Loans and all obligations in respect thereof shall be Obligations under this Agreement and the other Loan Documents that are secured by the Collateral on a
pari passu basis with all other applicable Obligations under this Agreement and the other Loan Documents. The Lenders hereby irrevocably authorize the Administrative Agent to enter into amendments to this Agreement and the other Loan Documents with
the Borrower as may be necessary in order to establish new tranches or sub-tranches in respect of Term Loans so extended and such technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the
Borrower in connection with the establishment of such new tranches or sub-tranches, in each case on terms consistent with this Section. Without limiting the foregoing, in connection with any Extensions the respective Loan Parties shall (at their
expense) amend (and the Administrative Agent is hereby directed to amend) any Mortgage that has a maturity date prior to the then latest maturity date so that such maturity date is extended to the then latest maturity date (or such later date as may
be advised by local counsel to the Administrative Agent). 
 (d) In connection with any Extension, the Borrower shall provide the
Administrative Agent at least five Business Days’ (or such shorter period as may be agreed by the Administrative Agent) prior written notice thereof, and shall agree to such procedures (including regarding timing, rounding and other adjustments
and to ensure reasonable administrative management of the credit facilities hereunder after such Extension), if any, as may be established by, or acceptable to, the Administrative Agent, in each case acting reasonably to accomplish the purposes of
this Section. 
 ARTICLE III  

Representations and Warranties 

The Borrower represents and warrants to the Lenders that: 

SECTION 3.01 Organization; Powers. Each of the Borrower and its Subsidiaries is duly organized, validly existing and in good standing
under the laws of the jurisdiction of its organization, 

  
 -47- 

 
has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to
result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. 

SECTION 3.02 Authorization; Enforceability. The Transactions to be entered into by each Loan Party are within such Loan Party’s
powers and have been duly authorized by all necessary action. This Agreement has been duly executed and delivered by the Borrower and constitutes, and each other Loan Document to which any Loan Party is to be a party, when executed and delivered by
such Loan Party, will constitute, a legal, valid and binding obligation of the Borrower or such Loan Party (as the case may be), enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or
other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

SECTION 3.03 Governmental Approvals; No Conflicts. The Transactions and the other transactions contemplated hereby (a) do not
require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except (i) such as have been obtained or made and are in full force and effect, (ii) filings necessary to perfect Liens
created under the Loan Documents and (iii) consents, approvals, registrations, filings or actions the failure of which to obtain or perform could not reasonably be expected to result in a Material Adverse Effect, (b) will not violate any
Applicable Law or regulation or the charter, by-laws or other organizational documents of the Borrower or any of its Subsidiaries or any order of any Governmental Authority, (c) will not violate or result in a default under any indenture,
agreement or other instrument binding upon the Borrower or any of its Subsidiaries or their assets, or give rise to a right thereunder to require any payment to be made by the Borrower or any of its Subsidiaries, except for violations, defaults or
the creation of such rights that could not reasonably be expected to result in a Material Adverse Effect, (d) will not result in the creation or imposition of any Lien on any asset of the Borrower or any of its Subsidiaries, except Liens
created under the Loan Documents and Liens permitted by Section 6.02, and (e) do not require any acknowledgement, agreement or consent under any indenture, agreement or other instrument binding upon the Borrower or any of its Subsidiaries
or their assets, except for such acknowledgements, agreements and consents as have been obtained or made and are in full force and effect, and such acknowledgements, agreements or consents the failure of which to obtain could not reasonably be
expected to result in a Material Adverse Effect. Schedule 3.03 sets forth for the Borrower and each Subsidiary Loan Party a description of each license from a Governmental Authority which is material to the conduct of the business of such Loan Party
as of the Closing Date. 
 SECTION 3.04 Financial Condition; No Material Adverse Change. 

(a) The Borrower has heretofore furnished to the Administrative Agent its consolidated balance sheet and statements of income, stockholders
equity and cash flows (i) as of and for the fiscal years ended December 31, 2013 and December 31, 2014, reported on by Deloitte & Touche LLP, independent public accountants, and (ii) as of and for each fiscal quarter
ended subsequent to December 31, 2014 and at least 45 days prior to the Closing Date, in each case certified by its chief financial officer (it being understood that the Borrower has furnished the foregoing referenced in clause (i) to the
Administrative Agent by the filing with the Commission of the Borrower Registration Statement in connection with the Spin-Off). Such financial statements present fairly, in all material respects, the financial position and results of operations and
cash flows of the Borrower and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes in the case of the statements referred to in clause
(ii) above. 

  
 -48- 

 (b) The Borrower has heretofore furnished to the Administrative Agent a pro forma consolidated
balance sheet and related pro forma consolidated statement of income of the Borrower as of and for the 12-month period ending on the last day of the most recently completed four-fiscal quarter period for which financial statements were delivered
under Section 3.04(a), prepared after giving effect to the Transactions and the other transactions contemplated hereby to be consummated on the Closing Date as if the Transactions and such other transactions had occurred as of such date (in the
case of such balance sheet) or at the beginning of such period (in the case of such income statements). 
 (c) Except as disclosed in the
financial statements referred to above or the notes thereto or in the Information Memorandum, except for the Disclosed Matters and except for liabilities arising as a result of the Transactions, after giving effect to the Transactions, none of the
Borrower or the Subsidiaries has, as of the Closing Date, any contingent liabilities that would be material to the Borrower and the Subsidiaries, taken as a whole. 

(d) Since December 31, 2014, there has been no event, change or occurrence that, individually or in the aggregate, has had or could
reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.05 Properties. 

(a) Each of the Borrower and its Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property material
to its business (including its Mortgaged Properties), except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes. 

(b) Each of the Borrower and its Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other
intellectual property material to its business, and the use thereof by the Borrower and its Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect. 
 (c) Schedule 3.05 sets forth the address of each real property that is
owned or leased by the Borrower or any of its Subsidiaries as of the Closing Date after giving effect to the Transactions. 
 SECTION 3.06
Litigation and Environmental Matters. 
 (a) There are no actions, suits or proceedings by or before any arbitrator or Governmental
Authority pending against or, to the knowledge of the Borrower, threatened against or affecting the Borrower or any of its Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely
determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters) or (ii) that involve any of the Loan Documents or the Transactions. 

(b) Except for the Disclosed Matters 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, none of the Borrower or any of its 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 become subject to any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows of any basis for any Environmental Liability. 

  
 -49- 

 (c) Since the date of this Agreement, there has been no change in the status of the Disclosed
Matters that, individually or in the aggregate, has resulted in, or materially increased the likelihood of, a Material Adverse Effect. 

(d) No Borrower or Subsidiary Loan Party is in default with respect to any order, injunction or judgment of any Governmental Authority, except
for such defaults which, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 3.07 Compliance with Laws and Agreements. Each of the Borrower and its Subsidiaries is in compliance with all laws, regulations
and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably
be expected to result in a Material Adverse Effect. No Default has occurred and is continuing. 
 SECTION 3.08 Investment Company
Status. None of the Borrower or any of its Subsidiaries is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940. 

SECTION 3.09 Taxes. Each of the Borrower and its Subsidiaries has timely filed or caused to be filed all Tax returns and reports
required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) any Taxes that are being contested in good faith by appropriate proceedings and for which the Borrower or such Subsidiary, as
applicable, has set aside on its books adequate reserves in accordance with GAAP or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect. As of the Closing Date, there is no pending
audit of the Borrower or any Subsidiary Loan Party with any federal, state, local or foreign tax authority, except as could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 3.10 ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA
Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. As of the Closing Date, the present value of all accumulated benefit obligations of all underfunded Plans (based on the
assumptions used for purposes of the Financial Accounting Standards Board Accounting Standards Codification Topic No. 715-30) did not, as of the date of the most recent financial statements reflecting
such amounts, exceed by more than $10,000,000 the fair market value of the assets of all such underfunded Plans. 
 SECTION 3.11
Disclosure. The Borrower has disclosed to the Lenders all agreements, instruments and corporate or other restrictions to which the Borrower or any of its Subsidiaries is subject, and all other matters known to any of them, that, individually
or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. Neither the Information Memorandum nor any of the other reports, financial statements, certificates or other information furnished by or on behalf of any Loan
Party to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or any other Loan Document or delivered hereunder or thereunder (as modified or supplemented by other information so furnished) contains any
material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial
information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time such projections were prepared. 

  
 -50- 

 SECTION 3.12 Subsidiaries. Schedule 3.12 sets forth the name of, and the ownership
interest of the Borrower in each Subsidiary of the Borrower and identifies each Subsidiary that is a Subsidiary Loan Party, in each case as of the Closing Date. 

SECTION 3.13 Insurance. Schedule 3.13 sets forth a description of all material insurance policies maintained by or on behalf of the
Borrower and the Subsidiaries as of the Closing Date. As of the Closing Date, all premiums due in respect of such insurance have been paid. 

SECTION 3.14 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 Borrower, threatened that could reasonably be expected to have a Material Adverse Effect. 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 for those which, individually or in the aggregate, could
not reasonably be expected to have a Material Adverse Effect. The consummation of the Transactions 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. 
 SECTION 3.15 Solvency. Immediately after the consummation of the Transactions to occur on
the Closing Date and immediately following the making of each Loan made on the Closing Date and after giving effect to the application of the proceeds of such Loans, (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) the Loan Parties, on a consolidated basis, 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. 
 SECTION 3.16 Senior Indebtedness. The Obligations constitute “Senior Debt”,
however defined, under the terms of any Indebtedness that is subordinated in right of payment to the Obligations. 
 SECTION 3.17
Security Documents. 
 (a) The Guarantee and Collateral Agreement is effective to create in favor of the Collateral Agent, for the
benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral (as defined in the Guarantee and Collateral Agreement) and, when (i) in respect of Collateral in which a security interest can be perfected by
control, such Collateral is delivered to the Collateral Agent and for so long as the Collateral Agent remains in possession of such Collateral, the security interest created by the Guarantee and Collateral Agreement shall constitute a perfected
first priority security interest in all right, title and interest of the pledgor thereunder in such Collateral, in each case prior and superior in right to any other Person and (ii) in respect of Collateral in which a security interest can be
perfected by the filing of UCC financing statements, financing statements in appropriate form are filed in the offices specified on Schedule 1.04 to the Perfection Certificate most recently delivered to the Collateral Agent, the security interest
created by the Guarantee and Collateral Agreement shall constitute a perfected security interest in all right, title and interest of the grantors thereunder in such Collateral (other than the Intellectual Property (as defined in the Guarantee and
Collateral Agreement)), in each case prior and superior in right to any other Person, other than with respect to Liens permitted by Section 6.02 and subject to the Intercreditor Agreement. 

  
 -51- 

 (b) [Reserved] 

(c) When the Guarantee and Collateral Agreement (or a summary thereof) is filed in the United States Patent and Trademark Office and the
United States Copyright Office and the financing statements referred to in Section 3.17(a) above are appropriately filed, the security interest created by the Guarantee and Collateral Agreement shall constitute a perfected security interest in
all right, title and interest of the grantors thereunder in the Intellectual Property (as defined in the Guarantee and Collateral Agreement) in which a security interest may be perfected by filing, recording or registering a security agreement,
financing statement or analogous document in the United States Patent and Trademark Office or the United States Copyright Office, as applicable, in each case prior and superior in right to any other Person (it being understood that subsequent
recordings in the United States Patent and Trademark Office and the United States Copyright Office and subsequent UCC filings may be necessary to perfect a lien on registered trademarks, trademark applications and copyrights acquired by the Loan
Parties after the Closing Date), other than with respect to Liens permitted by Section 6.02 and subject to the Intercreditor Agreement. 

(d) Each Mortgage, upon execution and delivery thereof by the parties thereto, is effective to create, subject to the exceptions listed in
each title insurance policy covering such Mortgage, in favor of and reasonably satisfactory to the Collateral Agent, for the benefit of the Secured Parties, a legal, valid and enforceable Lien on all of the applicable mortgagor’s right, title
and interest in and to the Mortgaged Properties thereunder and the proceeds thereof, and when the Mortgages are filed in the appropriate offices, the Lien created by each Mortgage shall constitute a perfected Lien on all right, title and interest of
the applicable mortgagor in such Mortgaged Properties and the proceeds thereof, in each case prior and superior in right to any other Person, other than with respect to the rights of Persons pursuant to Liens permitted by Section 6.02 and
subject to the Intercreditor Agreement. 
 SECTION 3.18 Federal Reserve Regulations. 

(a) None of the Borrower or 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. 
 (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 the provisions of the Regulations of the Board, including Regulation U or X. 

SECTION 3.19 Anti-Corruption Laws and Sanctions. The Borrower has implemented and maintains in effect policies and procedures designed
to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Borrower, its Subsidiaries and their respective officers and employees
and, to the knowledge of the Borrower, its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) the Borrower, any Subsidiary or any of their respective directors,
officers or employees, or (b) to the knowledge of the Borrower, any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No
Borrowing, use of proceeds or other transaction contemplated by this Agreement will violate Anti-Corruption Laws or applicable Sanctions. 

  
 -52- 

 SECTION 3.20 Material Contracts. Schedule 3.20 hereto sets forth for the Borrower and each
Subsidiary Loan Party, as of the Closing Date, a list of all of the material contracts and agreements to which such Loan Party is a party, including all Specified Vendor Receivables Financing Documents (other than agreements disclosed to the
Administrative Agent pursuant to Section 5.01(f), agreements relating to Indebtedness described on Schedule 6.01, real property leases identified on Schedule 2.03 to the Perfection Certificate delivered to the Administrative Agent on the
Closing Date, and Licenses identified on Schedule 4.04 to the Perfection Certificate delivered to the Administrative Agent on the Closing Date). 

ARTICLE IV  

Conditions 
 SECTION 4.01
Closing Date. The obligations of the Lenders to make Loans hereunder is subject to the satisfaction of the following conditions: 

(a) The Agents shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated
the Closing Date) of (i) Cahill Gordon & Reindel LLP and (ii) Jones Day LLP, in each case in form and substance reasonably satisfactory to the Administrative Agent. The Borrower hereby requests such counsel to deliver such
opinions. 
 (b) The Administrative Agent shall have received such documents and certificates as the Administrative Agent or
its counsel may reasonably request relating to the organization, existence and good standing of each Loan Party, the authorization of the Transactions and any other legal matters relating to the Loan Parties, the Loan Documents or the Transactions,
all in form and substance satisfactory to the Administrative Agent and its counsel. 
 (c) The Administrative Agent (or its
counsel) shall have received the Intercreditor Agreement, executed and delivered by the Borrower, the other Loan Parties as of the Closing Date, the Collateral Agent and the ABL Agent. 

(d) The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Closing Date,
including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses (including fees, charges and disbursements of counsel) required to be reimbursed or paid by any Loan Party hereunder or under any Loan Document. 

(e) The Collateral and Guarantee Requirement shall have been satisfied and the Administrative Agent shall have received a
completed Perfection Certificate dated the Closing Date and signed by an executive officer or Financial Officer of the Borrower, together with all attachments contemplated thereby, including the results of a search of the Uniform Commercial Code (or
equivalent) filings made with respect to the Loan Parties in the jurisdictions contemplated by the Perfection Certificate and copies of the financing statements (or similar documents) disclosed by such search and evidence reasonably satisfactory to
the Administrative Agent that the Liens indicated by such financing statements (or similar documents) are permitted by Section 6.02 or have been released or will be released pursuant to UCC-3 financing statements or other release documentation
delivered to the Collateral Agent. 
 (f) The Administrative Agent shall have received evidence that the insurance required
by Section 5.07 and the Security Documents is in effect, together with endorsements naming the Collateral Agent, for the benefit of the Secured Parties, as additional insured and loss payee thereunder, to the extent required by
Section 5.07. 

  
 -53- 

 (g) The terms of the Spin-Off Documentation shall be reasonably satisfactory to
the Arrangers and the Spin-Off shall have been consummated (or shall be consummated substantially simultaneously with the initial funding of the Term B Loans on the Closing Date) in accordance with Applicable Law and the Spin-Off Agreement (without
giving effect to any modification or waiver of any provision of, or any consent given in respect of, the Spin-Off Agreement not approved by the Administrative Agent). 

(h) After giving effect to the Transactions as of the Closing Date, none of the Borrower or any of its Subsidiaries shall have
outstanding Indebtedness for borrowed money other than (i) Indebtedness incurred under this Agreement, (ii) Indebtedness incurred and outstanding under the ABL Credit Agreement and (iii) Indebtedness incurred and outstanding in
compliance with Section 6.01 of this Agreement. 
 (i) The Lenders shall have received the financial statements referred
to in Section 3.04(a) and (b). 
 (j) The Administrative Agent shall have received a certificate, in form and substance
reasonably satisfactory to the Administrative Agent, dated the Closing Date and signed by the chief financial officer of each of the Borrower, certifying that its Subsidiaries, on a consolidated basis after giving effect to the Transactions, are
solvent. 
 (k) The Administrative Agent and the Lenders shall have received all documentation and other information required
by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act. 

(l) Since December 31, 2014, there has been no event, change or occurrence that, individually or in the aggregate, has had
or could reasonably be expected to result in a Material Adverse Effect. 
 (m) The ABL Credit Agreement, and the commitments
thereunder, shall be (or shall be substantially simultaneously with the initial funding of the Term B Loan on the Closing Date) effective. 

(n) The representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all
material respects (or in all respects if qualified as to materiality) on and as of the Closing Date. 
 (o) No Default or
Event of Default shall have occurred and be continuing on the Closing Date or after giving effect to the Loans requested to be made on such date. 

(p) The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart of this
Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include facsimile or other electronic transmission of a signed signature page of this Agreement) that such party has signed a
counterpart of this Agreement. 
 (q) The Administrative Agent shall have received a supplement to Schedule 3.13 setting
forth a description of all material insurance policies maintained by or on behalf of the Borrower and its Subsidiaries as of the Closing Date, and to the extent deemed appropriate by the Borrower, supplements to Schedules 3.05, 3.12 and 6.01
reflecting any and all changes in the names of the Subsidiaries of the Borrower referred to therein made in connection with the Spin-

  
 -54- 

 
Off to the extent necessary to make such schedules true, correct and complete on the Closing Date, in each case in form and substance reasonably acceptable to the Administrative Agent. Unless the
Administrative Agent shall advise the Borrower in writing that any such proposed supplements are not reasonably acceptable to the Administrative Agent, Schedules 3.05, 3.12, 3.13, and/or 6.01 shall be deemed to be automatically amended on the
Closing Date to reflect any applicable supplement to such Schedules delivered pursuant to this clause without the necessity of any further action. 
 The
Administrative Agent shall notify the Borrower and the Lenders of the Closing Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the Lenders to make Loans hereunder shall not become effective
unless each of the foregoing conditions is satisfied (or waived pursuant to Section 10.02) at or prior to 5:00 p.m., New York City time, on June 30, 2015 (and, in the event such conditions are not so satisfied or waived, the Commitments
shall terminate at such time). 
 ARTICLE V

Affirmative Covenants 

Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have
been paid in full, the Borrower covenants and agrees with the Lenders that: 
 SECTION 5.01 Financial Statements and Other
Information. The Borrower will furnish to the Administrative Agent and each Lender: 
 (a) within 90 days after the end
of each fiscal year of the Borrower, its audited consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures
for the previous fiscal year, all reported on by Deloitte & Touche LLP or other independent public accountants of recognized national standing (without a “going concern” or like qualification or exception (except for any
such qualification or exception resulting from any current maturity of Loans hereunder) and without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all
material respects the financial condition and results of operations of the Borrower and its consolidated subsidiaries on a consolidated basis in accordance with GAAP consistently applied (it being understood that the obligation to furnish the
foregoing to the Administrative Agent and the Lenders shall be deemed to be satisfied in respect of any fiscal year of the Borrower by the filing of the Borrower’s annual report on Form 10-K for such fiscal year with the Commission to the
extent the foregoing are included therein); 
 (b) within 45 days after the end of each of the first three fiscal quarters of
each fiscal year of the Borrower, its consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting
forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of its Financial Officers as presenting fairly in
all material respects the financial condition and results of operations of the Borrower and its consolidated subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the
absence of footnotes (it being understood that the obligation to furnish the foregoing to the Administrative Agent and the Lenders shall be deemed to be satisfied in respect of any fiscal quarter of the Borrower by the filing of the Borrower’s
quarterly report on Form 10-Q for such fiscal quarter with the Commission to the extent the foregoing are included therein); 

  
 -55- 

 (c) within 90 days after the end of each fiscal year of the Borrower (but in any
event no later than two Business Days after any delivery of financial statements under clause (a) above), or within 45 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower (but in any event no later
than two Business Days after any delivery of financial statements under clause (b) above), a certificate of a Financial Officer of the Borrower (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying
the details thereof and any action taken or proposed to be taken with respect thereto, (ii) stating whether any change in GAAP or in the application thereof has occurred since the date of the Borrower’s audited financial statements
referred to in Section 3.04 and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate and (iii) identifying all Subsidiaries existing on the date of such
certificate and indicating, for each such Subsidiary, whether such Subsidiary is a Subsidiary Loan Party, a Foreign Subsidiary and/or an Immaterial Subsidiary and whether such Subsidiary was formed or acquired since the end of the previous fiscal
quarter; 
 (d) within 90 days after the end of each fiscal year of the Borrower, (i) a certificate of the accounting
firm that reported on such financial statements stating whether they obtained knowledge during the course of their examination of such financial statements of any Default (which certificate may be limited to the extent required by accounting rules
or guidelines) and (ii) a certificate of a Financial Officer of the Borrower (A) identifying any parcels of real property or improvements thereto with a value exceeding $2,000,000 that have been acquired by any Loan Party since the end of
the previous fiscal year, (B) identifying any changes of the type described in Section 5.03(a) that have not been previously reported by the Borrower, (C) identifying any Permitted Acquisitions that have been consummated since the end
of the previous fiscal year, including the date on which each such Permitted Acquisition was consummated and the consideration therefor, (D) identifying any Intellectual Property (as defined in the Guarantee and Collateral Agreement) with
respect to which a notice is required to be delivered under the Guarantee and Collateral Agreement and has not been previously delivered, (E) identifying any Prepayment Events that have occurred since the end of the previous fiscal year and
setting forth a reasonably detailed calculation of the Net Proceeds received from Prepayment Events since the end of such previous fiscal year and (F) if applicable, calculating Excess Cash Flow for the applicable Excess Cash Flow Period; 

(e) no later than February 15 of each fiscal year of the Borrower (commencing with the fiscal year ending
December 31, 2015), a detailed consolidated budget for such fiscal year (including a projected consolidated balance sheet and related statements of projected operations and cash flow as of the end of and for such fiscal year and setting forth
the assumptions used for purposes of preparing such budget) and, promptly when available, any material revisions of such budget that have been approved by senior management of the Borrower; 

(f) 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 Commission or with any national securities exchange, as the case may be (it being understood that the obligation to furnish the foregoing to the Administrative Agent and the Lenders shall be
deemed to be satisfied to the extent the foregoing are filed with the Commission); 
 (g) promptly upon the Borrower’s
receipt thereof, (A) copies of all material compliance reports filed and material correspondence regarding any active or pending investigation or 

  
 -56- 

 
enforcement action concerning the Borrower or any Subsidiary Loan Party with any state, federal, local or foreign regulatory agency and (B) all material correspondence, if any, alleging
violation of or requesting compliance by the Borrower or any Subsidiary Loan Party with laws, regulations, etc. or requests for information pursuant to interstate commerce laws, antitrust laws, securities laws, worker safety laws (OSHA), etc.; 

(h) except to the extent already provided for in this Section 5.01, promptly after the sending thereof, copies of any
proposed waiver, consent, or amendment concerning any of the ABL Loan Documents; 
 (i) promptly upon the effectiveness
thereof, (A) a description of each license from a Governmental Authority which becomes effective after the Closing Date and is material to the conduct of the business of the Borrower and its Subsidiaries, taken as a whole, and (B) a
description of each material contract or agreement to which the Borrower or any Subsidiary Loan Party is a party, including each Specified Vendor Receivables Financing Document (other than contracts and agreements disclosed to the Administrative
Agent pursuant to Section 5.01(f), agreements described on Schedule 3.20 or Schedule 6.01, and without duplication of real property leases identified on Schedule 2.03 to the Perfection Certificate most recently delivered to the Administrative
Agent and Licenses identified on Schedule 4.04 to the Perfection Certificate most recently delivered to the Administrative Agent); and 

(j) promptly following any request therefor, 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. 

The Borrower represents and warrants that it and any of its Subsidiaries either (i) has no registered or publicly traded securities outstanding or
(ii) files its financial statements with the Commission and/or makes its financial statements available to potential holders of its 144A securities, and, accordingly, the Borrower hereby (x) authorizes the Administrative Agent to make the
financial statements to be provided under Section 5.01(a) and (b) above, along with the Loan Documents, available to all Lenders and (y) agrees that at the time such financial statements are provided hereunder, they shall already have
been made available to holders of its securities. The Borrower will not request that any other material be posted to all Lenders without expressly representing and warranting to the Administrative Agent in writing that (A) such materials
do not constitute material non-public information within the meaning of the federal securities laws (“MNPI”) or (B) (i) the Borrower and its Subsidiaries have no outstanding publicly traded securities, including 144A
securities, and (ii) if at any time the Borrower or any of its Subsidiaries issues publicly traded securities, including 144A securities, then the Borrower will, upon the issuance of such securities, make such materials that do constitute MNPI
at the time of issuance of such securities publicly available by press release or public filing with the Commission. In no event will the Administrative Agent post compliance certificates or budgets to Public-Siders. 

SECTION 5.02 Notices of Material Events. The Borrower will furnish to the Administrative Agent and each Lender prompt written notice of
the following: 
 (a) the occurrence of any Default; 

(b) the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against
or affecting the Borrower or any Subsidiary thereof that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect; 

  
 -57- 

 (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 its Subsidiaries in an aggregate amount exceeding $10,000,000; 

(d) any pending or threatened labor dispute, strike or walkout, or the expiration of any material labor contract; 

(e) any default under or termination of a Material Agreement; 

(f) any judgment for the payment of money in an aggregate amount exceeding $2,500,000 that remains undischarged for a period of
30 consecutive days, during which execution is not effectively stayed, or the occurrence of any action legally taken by a judgment creditor to attach or levy upon assets in order to enforce any such judgment; 

(g) the assertion of any Intellectual Property Claim, if an adverse resolution could have a Material Adverse Effect; 

(h) any violation or asserted violation of any Applicable Law (including ERISA, OSHA, FLSA, or any Environmental Laws), if an
adverse resolution could have a Material Adverse Effect; 
 (i) any Release by a Loan Party or with respect to any Real
Estate owned, leased or occupied by a Loan Party; or receipt of any Environmental Notice, in each case where the expected remedial costs or liability is reasonably expected to exceed $2,500,000; 

(j) the discharge of or any withdrawal or resignation by the Borrower’s independent accountants; and 

(k) any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect. 

Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other executive officer of the Borrower setting forth
the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 
 SECTION
5.03 Information Regarding Collateral. 
 (a) The Borrower will furnish to the Administrative Agent prompt written notice of any
change (i) in any Loan Party’s legal name, (ii) in the location of any Loan Party’s chief executive office or (iii) in any Loan Party’s jurisdiction of organization. The Borrower agrees not to effect or permit any
change referred to in the preceding sentence unless written notice has been delivered to the Collateral Agent, together with all applicable information to enable the Administrative Agent to make all filings under the Uniform Commercial Code or
otherwise that are required in order for the Collateral Agent (on behalf of the Secured Parties) to continue at all times following such change to have a valid, legal and perfected security interest in all the Collateral. 

(b) Each year, within 90 days after the end of each fiscal year of the Borrower, the Borrower (on behalf of itself and the other Loan Parties)
shall deliver to the Administrative Agent a certificate of a Financial Officer of the Borrower (i) setting forth the information required pursuant to the Perfection Certificate or confirming that there has been no change in such information
since the date of the Perfection Certificate delivered on the Closing Date or the date of the most recent certificate delivered 

  
 -58- 

 
pursuant to this Section and (ii) certifying that all Uniform Commercial Code financing statements (including fixture filings, as applicable) or other appropriate filings, recordings or
registrations, including all refilings, rerecordings and reregistrations, containing a description of the Collateral have been filed of record in each governmental, municipal or other appropriate office in each jurisdiction identified pursuant to
clause (i) above to the extent necessary to protect and perfect the security interests under the Security Documents for a period of not less than 18 months after the date of such certificate (except as noted therein with respect to any
continuation statements to be filed within such period). 
 SECTION 5.04 Existence; Conduct of Business. The Borrower will, and will
cause each of the Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges, franchises, patents, copyrights, trademarks and
trade names the loss of which would have a Material Adverse Effect; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.03 or disposition permitted under
Section 6.05. 
 SECTION 5.05 Payment of Obligations. The Borrower will, and will cause each of the Subsidiaries to, pay its
Indebtedness and other obligations, including Tax liabilities, before the same shall become delinquent or in default, except (a) those being contested in good faith by appropriate proceedings and for which the Borrower has set aside on its
books adequate reserves with respect thereto in accordance with GAAP, or (b) to the extent the failure to make payment could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 5.06 Maintenance of Properties. The Borrower will, and will cause each of the Subsidiaries to, keep and maintain all property
material to the conduct of their business, taken as a whole, in good working order and condition, ordinary wear and tear excepted; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted
under Section 6.03 or disposition permitted under Section 6.05. 
 SECTION 5.07 Insurance. The Borrower will, and will
cause each of the Subsidiaries to, maintain insurance in such amounts (with no greater risk retention) and against such risks as are customarily maintained by companies of established repute engaged in the same or similar businesses operating in the
same or similar locations, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect. Such insurance shall be maintained with financially sound and reputable insurance companies, except that a portion
of such insurance program (not to exceed that which is customary in the case of companies engaged in the same or similar business or having similar properties similarly situated) may be effected through self-insurance; provided adequate
reserves therefor, in accordance with GAAP, are maintained. In addition, the Borrower will, and will cause each of its Subsidiaries to, maintain all insurance required to be maintained pursuant to the Security Documents. With respect to each
Mortgaged Property that is located in an area determined by the Federal Emergency Management Agency to have special flood hazards, the applicable Loan Party will maintain, with financially sound and reputable insurance companies, such flood
insurance as is required under Applicable Law, including Regulation H of the Board of Governors. The Borrower will furnish to the Lenders, upon request of the Administrative Agent, information in reasonable detail as to the insurance so maintained.
All insurance policies or certificates (or certified copies thereof) with respect to such insurance shall be endorsed to the Collateral Agent’s reasonable satisfaction for the benefit of the Lenders (including by naming the Collateral Agent as
lender loss payee or additional insured, as appropriate). 
 SECTION 5.08 Casualty and Condemnation. The Borrower (a) will
furnish to the Administrative Agent and the Lenders prompt written notice of casualty or other insured damage to any material portion of any Collateral having a book value or fair market value of $1,000,000 or more or the commencement of any action
or proceeding for the taking of any Collateral having a book value or fair 

  
 -59- 

 
market value of $1,000,000 or more or any part thereof or interest therein under power of eminent domain or by condemnation or similar proceeding and (b) will ensure that the Net Proceeds of
any such event (whether in the form of insurance proceeds, condemnation awards or otherwise) are collected and applied in accordance with the applicable provisions of this Agreement and the Security Documents. 

SECTION 5.09 Books and Records; Inspection and Audit Rights. The Borrower will, and will cause each of the Subsidiaries to, keep proper
books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities. The Borrower will, and will cause each of the Subsidiaries to, permit any representatives
designated by the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers
and independent accountants, all at such reasonable times and as often as reasonably requested. 
 SECTION 5.10 Compliance with Laws.
The Borrower will, and will cause each of the Subsidiaries to, comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect. The Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors,
officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. 
 SECTION 5.11 Use of Proceeds. The Borrower will
use the proceeds of the Term Loans on the Closing Date solely (i) to consummate the Transactions, (ii) to pay the fees and expenses in connection with the Transactions and (iii) for general corporate purposes. No part of the proceeds
of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X. 

SECTION 5.12 Additional Subsidiaries. If any additional Subsidiary is formed or acquired after the Closing Date (or any existing
Subsidiary becomes a Subsidiary Loan Party after the Closing Date), the Borrower will, within five Business Days after such Subsidiary is formed or acquired (or becomes a Subsidiary Loan Party), notify the Administrative Agent and the Lenders
thereof and, within 30 days (or such longer period as may be agreed to by the Administrative Agent) after such Subsidiary is formed or acquired (or becomes a Subsidiary Loan Party), cause the Collateral and Guarantee Requirement to be satisfied with
respect to such Subsidiary, including with respect to any Equity Interest in or Indebtedness of such Subsidiary owned by or on behalf of any Loan Party. 

SECTION 5.13 Further Assurances. 

(a) The Borrower will, and will cause each Subsidiary Loan Party to, execute any and all further documents, financing statements, agreements
and instruments, and take all such further actions (including the filing and recording of financing statements, fixture filings, mortgages, deeds of trust, landlord waivers and other documents), which may be required under any Applicable Law, or
which the Administrative Agent or the Required Lenders may reasonably request, to cause the Collateral and Guarantee Requirement to be and remain satisfied, all at the expense of the Loan Parties. The Borrower also agrees to provide to the
Administrative Agent, from time to time upon request, evidence reasonably satisfactory to the Administrative Agent as to the perfection and priority of the Liens created or intended to be created by the Security Documents. 

(b) If any assets (including any real property or improvements thereto or any interest therein) having a book value or fair market value of
$5,000,000 or more in the aggregate are acquired by 

  
 -60- 

 
the Borrower or any Subsidiary Loan Party after the Closing Date or through the acquisition of a Subsidiary Loan Party under Section 5.12 or through the conversion of a Subsidiary into a
Subsidiary Loan Party under Section 5.12 (other than, in each case, assets constituting Collateral under the Guarantee and Collateral Agreement that become subject to the Lien of the Guarantee and Collateral Agreement upon acquisition thereof),
the Borrower or, if applicable, the relevant Subsidiary Loan Party will notify the Administrative Agent and the Lenders thereof, and, if reasonably requested by the Administrative Agent or the Required Lenders, the Borrower will cause such assets to
be subjected to a Lien securing the Obligations and will take, and cause the Subsidiary Loan Parties to take, such actions as shall be necessary or reasonably requested by the Administrative Agent to grant and perfect such Liens, including actions
described in paragraph (a) of this Section, all at the expense of the Loan Parties. 
 (c) The Borrower will, and will cause each
Subsidiary Loan Party to, deposit the proceeds of any Term Priority Collateral in a Term Collateral Proceeds Account at any time (i) after the occurrence and during the continuance of an Event of Default under clauses (a), (h) or
(i) of Article VII and (ii) after the occurrence and during the continuance of any other Event of Default after the Administrative Agent provides written notice to the Borrower to so deposit such proceeds. 

SECTION 5.14 Ratings. The Borrower will use commercially reasonable efforts to maintain (a) a long-term public corporate family
and/or credit, as applicable, rating of the Borrower and (b) a credit rating for the Credit Facilities, in each case from each of Moody’s and S&P. It is understood and agreed that the foregoing is not an agreement to maintain any
specific rating. 
 ARTICLE VI 

Negative Covenants 
 Until
the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full, the Borrower covenants and agrees with the Lenders that: 

SECTION 6.01 Indebtedness; Certain Equity Securities. 

(a) The Borrower will not, nor will it permit any Subsidiary to, create, incur, assume or permit to exist any Indebtedness, except: 

(i) (A) Indebtedness created under the Loan Documents and (B) any Permitted Term Loan Refinancing Indebtedness; 

(ii) (A) financings in respect of sales of accounts receivable by a Foreign Subsidiary permitted by Section 6.05(c),
(B) the Specified Vendor Receivables Financing and (C) the Specified Vendor Payables Financing; 
 (iii)
Indebtedness existing on the date hereof and set forth in Schedule 6.01 and extensions, renewals and replacements of any such Indebtedness that do not increase the outstanding principal amount as specified on such Schedule 6.01 or result in an
earlier maturity date or decreased weighted average life thereof; 
 (iv) Permitted Unsecured Debt of the Borrower;
provided that the Net Leverage Ratio (disregarding the proceeds of such Permitted Unsecured Debt in calculating Unrestricted Domestic Cash), on a pro forma basis after giving effect to the incurrence of such Permitted Unsecured Debt (and any
related repayment of Indebtedness) and recomputed as of the last day of the most 

  
 -61- 

 
recently ended fiscal quarter of the Borrower for which financial statements are available, as if such incurrence (and any related repayment of Indebtedness) had occurred on the first day of the
relevant period is no greater than 4.00 to 1.00; 
 (v) Indebtedness of the Borrower to any Subsidiary and of any Subsidiary
to the Borrower or any other Subsidiary; provided that Indebtedness of any Subsidiary that is not a Loan Party to the Borrower or any Subsidiary Loan Party shall be subject to Section 6.04; 

(vi) Guarantees by the Borrower of Indebtedness of any Subsidiary and by any Subsidiary of Indebtedness of the Borrower or any
other Subsidiary; provided that Guarantees by the Borrower or any Subsidiary Loan Party of Indebtedness of any Subsidiary that is not a Loan Party shall be subject to Section 6.04; 

(vii) Guarantees by the Borrower or any Subsidiary, as the case may be, in respect of (A) any Permitted Term Loan
Refinancing Indebtedness, (B) any Alternative Incremental Debt or (C) any Permitted Unsecured Debt; provided that none of the Borrower or any Subsidiary, as the case may be, shall Guarantee such Indebtedness unless it also has
Guaranteed the Obligations pursuant to the Guarantee and Collateral Agreement; 
 (viii) Indebtedness of the Borrower or any
Subsidiary incurred to finance the acquisition, construction or improvement of any fixed or capital assets, including Capital Lease Obligations and 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 or result in an earlier maturity date or decreased weighted average
life thereof; provided that (A) such Indebtedness is incurred prior to or within 180 days after such acquisition or the completion of such construction or improvement and (B) the aggregate principal amount of Indebtedness permitted
by this clause (viii) shall not exceed $20,000,000 at any time outstanding; 
 (ix) Indebtedness arising as a result of
an Acquisition Lease Financing or any other sale and leaseback transaction permitted under Section 6.06; 
 (x)
Indebtedness of any Person that becomes a Subsidiary after the Closing Date; provided that (A) such Indebtedness exists at the time such Person becomes a Subsidiary and is not created in contemplation of or in connection with such Person
becoming a Subsidiary and (B) the aggregate principal amount of Indebtedness permitted by this clause (x) shall not exceed $25,000,000 at any time outstanding, less the liquidation value of any outstanding Assumed Preferred Stock; 

(xi) Indebtedness of the Borrower or any Subsidiary in respect of workers’ compensation claims, self-insurance
obligations, performance bonds, surety appeal or similar bonds and completion guarantees provided by the Borrower and the Subsidiaries in the ordinary course of their business; 

(xii) other unsecured Indebtedness of the Borrower or any Subsidiary in an aggregate principal amount not exceeding $15,000,000
at any time outstanding, less the liquidation value of any applicable Qualified Borrower Preferred Stock issued and outstanding pursuant to clause (b) of the definition of Qualified Borrower Preferred Stock; 

(xiii) secured Indebtedness in an aggregate amount not exceeding $35,000,000 at any time outstanding, in each case in respect
of Indebtedness of Foreign Subsidiaries; 

  
 -62- 

 (xiv) Indebtedness arising from the honoring by a bank or other financial
institution of a check, draft or similar instrument inadvertently (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is
extinguished within 10 days of incurrence; 
 (xv) Indebtedness arising in connection with endorsement of instruments for
deposit in the ordinary course of business; 
 (xvi) Indebtedness incurred in connection with the financing of insurance
premiums in an aggregate amount at any time outstanding not to exceed the premiums owed under such policy, if applicable; 

(xvii) contingent obligations to financial institutions, in each case to the extent in the ordinary course of business and on
terms and conditions which are within the general parameters customary in the banking industry, entered into to obtain cash management services or deposit account overdraft protection services (in an amount similar to those offered for comparable
services in the financial industry) or other services in connection with the management or opening of deposit accounts or incurred as a result of endorsement of negotiable instruments for deposit or collection purposes and other customary,
contingent obligations, including obligations under Bank Products (as defined in the ABL Credit Agreement as in effect on the date hereof) other than Hedging Agreements, of the Borrower and its Subsidiaries incurred in the ordinary course of
business; 
 (xviii) unsecured guarantees by the Borrower or any Subsidiary Loan Party of facility leases of any Loan Party;

 (xix) payment obligations of or Guarantees by the Borrower or any Subsidiary Loan Party with respect to any Hedging
Agreement permitted under Section 6.07 hereof; provided that if such Hedging Agreement is related to interest rates, (A) such Hedging Agreement shall relate to payment obligations on Indebtedness otherwise permitted to be incurred
by the Loan Documents and (B) the notional amount of such Hedging Agreement shall not exceed the principal amount of the Indebtedness to which such Hedging Agreement relates; 

(xx) Indebtedness of the Borrower, any Subsidiary Loan Party or any ABL Foreign Loan Party under the ABL Credit Agreement in an
aggregate principal amount at any one time outstanding not to exceed the greater of (i) $110,000,000 and (ii) the Borrowing Base as of the date of such incurrence; and 

(xxi) Alternative Incremental Debt; provided that the aggregate principal amount of any Alternative Incremental Debt
established on any date shall not exceed (i) (together with the aggregate amount of all Incremental Term Commitments established on such date in reliance on the Base Incremental Amount) an amount equal to the Base Incremental Amount on such
date and (ii) an additional amount subject to the Maximum Alternative Incremental Debt Amount as of such date. 
 (b) The Borrower will
not, nor will it permit any Subsidiary to, issue any preferred stock or other preferred Equity Interests, except (i) Qualified Borrower Preferred Stock, (ii) Assumed Preferred Stock and (iii) preferred stock or preferred Equity
Interests held by the Borrower or any Subsidiary. 
 SECTION 6.02 Liens. The Borrower will not, nor will it permit any Subsidiary to,
create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except: 

(a) Liens created under the Loan Documents and Liens in respect of any Permitted Term Loan Refinancing Indebtedness; 

  
 -63- 

 (b) Permitted Encumbrances; 

(c) Liens in respect of the Specified Vendor Receivables Financing; 

(d) any Lien on any property or asset of the Borrower or any Subsidiary existing on the date hereof and set forth in Schedule
6.02; provided that (i) such Lien shall not apply to any other property or asset of the Borrower or any Subsidiary and (ii) such Lien shall secure only those obligations which it secures on the date hereof and extensions, renewals
and replacements thereof that do not increase the outstanding principal amount thereof; 
 (e) any Lien existing on any
property or asset prior to the acquisition thereof by the Borrower or any Subsidiary or existing on any property or asset of any Person that becomes a Subsidiary after the Closing Date prior to the time such Person becomes a Subsidiary;
provided that (i) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Subsidiary, as the case may be, (ii) such Lien shall not apply to any other property or assets of the
Borrower or any Subsidiary and (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as the case may be; 

(f) Liens on fixed or capital assets acquired, constructed or improved by, or in respect of Capital Lease Obligations of, the
Borrower or any Subsidiary; provided that (i) such security interests secure Indebtedness permitted by clause (viii) of Section 6.01(a), (ii) such security interests and the Indebtedness secured thereby are incurred prior
to or within 180 days after such acquisition or the completion of such construction or improvement, (iii) the Indebtedness secured thereby does not exceed the cost of acquiring, constructing or improving such fixed or capital assets and
(iv) such security interests shall not apply to any other property or assets of the Borrower or any Subsidiary; 
 (g)
Liens, with respect to any Mortgaged Property, described in the applicable schedule of the title policy covering such Mortgaged Property; 

(h) Liens in respect of sales of accounts receivable by Foreign Subsidiaries permitted by Section 6.05(c); 

(i) other Liens securing liabilities permitted hereunder in an aggregate amount not exceeding (i) in respect of consensual
Liens, $5,000,000 and (ii) in respect of all such Liens, $10,000,000, in each case at any time outstanding; 
 (j) Liens
in respect of Indebtedness permitted by Section 6.01(a)(xiii), provided that the assets subject to such Liens are not located in the United States; 

(k) Liens, rights of setoff and other similar Liens existing solely with respect to cash and Permitted Investments on deposit
in one or more accounts maintained by any Lender, in each case granted in the ordinary course of business in favor of such Lender with which such accounts are maintained, securing amounts owing to such Lender with respect to cash management and

  
 -64- 

 
operating account arrangements, including those involving pooled accounts and netting arrangements; provided that, unless such Liens are non-consensual and arise by operation of law, in no
case shall any such Liens secure (either directly or indirectly) the repayment of any Indebtedness for borrowed money; 
 (l)
licenses or sublicenses of Intellectual Property (as defined in the Guarantee and Collateral Agreement) granted by any Company in the ordinary course of business and not interfering in any material respect with the ordinary conduct of business of
the Borrower; 
 (m) the filing of UCC financing statements solely as a precautionary measure in connection with operating
leases or consignment of goods; 
 (n) Liens for the benefit of a seller deemed to attach solely to cash earnest money
deposits in connection with a letter of intent or acquisition agreement with respect to a Permitted Acquisition; 
 (o) Liens
deemed to exist in connection with investments permitted under Section 6.04 that constitute repurchase obligations and in connection with related set-off rights; 

(p) Liens of a collection bank arising in the ordinary course of business under Section 4-210 of the UCC in effect in the
relevant jurisdiction covering only the items being collected upon; 
 (q) Liens of sellers of goods to the Borrower or any
of its Subsidiaries arising under Article 2 of the UCC in effect in the relevant jurisdiction in the ordinary course of business, covering only the goods sold and covering only the unpaid purchase price for such goods and related expenses; 

(r) Liens on Collateral securing Alternative Incremental Debt, provided that such Alternative Incremental Debt shall be
subject to a customary intercreditor agreement in form and substance reasonably satisfactory to the Administrative Agent; and 

(s) Liens (i) on cash granted in favor of any Secured Party (as defined in the ABL Credit Agreement) created as a result
of any requirement to provide cash collateral pursuant to the ABL Credit Agreement and (ii) subject to the Intercreditor Agreement and created under the ABL Security Documents (or any ABL Security Documents (as defined in the Intercreditor
Agreement)). 
 SECTION 6.03 Fundamental Changes. 

(a) The Borrower will not, nor will it permit any other Person to merge into or consolidate with any of them, or liquidate or dissolve, except
that, if at the time thereof and immediately after giving effect thereto no Default shall have occurred and be continuing (i) any Subsidiary may merge into the Borrower in a transaction in which the Borrower is the surviving corporation,
(ii) any Subsidiary may merge into any Subsidiary in a transaction in which the surviving entity is a Subsidiary and (if any party to such merger is a Subsidiary Loan Party) is a Subsidiary Loan Party and (iii) any Subsidiary (other than a
Subsidiary Loan Party) may liquidate or dissolve if the Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders; provided that any
such merger involving a Person that is not a wholly owned Subsidiary immediately prior to such merger shall not be permitted unless also permitted by Section 6.04. Notwithstanding the foregoing, this Section 6.03 shall not prohibit any
Permitted Acquisition. 

  
 -65- 

 (b) The Borrower will not, and will not permit any of its Subsidiaries to, engage to any material
extent in any business other than businesses of the type conducted by the Borrower and its Subsidiaries on the date of execution of this Agreement and businesses reasonably related thereto. 

SECTION 6.04 Investments, Loans, Advances, Guarantees and Acquisitions. The Borrower will not, nor will it permit any Subsidiary to,
purchase, hold or acquire (including pursuant to any merger with any Person that was not a wholly owned Subsidiary prior to such merger) any Equity Interests in or evidences of indebtedness or other securities (including any option, warrant or other
right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee any obligations of, or make or permit to exist any investment or any other interest in, any other Person, or purchase or otherwise acquire (in one
transaction or a series of transactions) any assets of any other Person constituting a business unit, except: 
 (a)
Permitted Investments; 
 (b) investments existing on the date hereof and set forth on Schedule 6.04; 

(c) Permitted Acquisitions; 

(d) investments by the Borrower and the Subsidiaries in their respective Subsidiaries that exist immediately prior to any
applicable transaction; provided that (i) any such Equity Interests held by a Loan Party shall be pledged pursuant to the Guarantee and Collateral Agreement to the extent required by this Agreement and (ii) the aggregate amount of
investments (excluding any such investments, loans, advances and Guarantees to such Subsidiaries that are assumed and exist on the date any Permitted Acquisition is consummated and that are not made, incurred or created in contemplation of or in
connection with such Permitted Acquisition) by Loan Parties in, and loans and advances by Loan Parties to, and Guarantees by Loan Parties of Indebtedness of, Subsidiaries that are not Loan Parties made after the Closing Date shall not at any time
exceed $40,000,000; 
 (e) loans or advances made by the Borrower to any Subsidiary and made by any Subsidiary to the
Borrower or any other Subsidiary; provided that (i) any such loans and advances made by a Loan Party shall be evidenced by a promissory note pledged pursuant to the Guarantee and Collateral Agreement and (ii) the amount of such
loans and advances made by Loan Parties to Subsidiaries that are not Loan Parties shall be subject to the limitation set forth in clause (d) above; 

(f) Guarantees permitted by Section 6.01(a)(vii); 

(g) Guarantees in respect of any Specified Vendor Payables Financing; 

(h) 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; 
 (i) any investments in or loans
to any other Person received as noncash consideration for sales, transfers, leases and other dispositions permitted by Section 6.05; 

(j) Guarantees by the Borrower and the Subsidiaries of leases entered into by any Subsidiary as lessee; provided that
the amount of such Guarantees made by Loan Parties to Subsidiaries that are not Loan Parties shall be subject to the limitation set forth in clause (d) above; 

  
 -66- 

 (k) extensions of credit in the nature of accounts receivable or notes receivable
in the ordinary course of business; 
 (l) loans or advances to employees made in the ordinary course of business consistent
with prudent business practice and not exceeding $2,500,000 in the aggregate outstanding at any one time; 
 (m) investments
in the form of Hedging Agreements permitted under Section 6.07; 
 (n) [reserved]; 

(o) payroll, travel and similar advances to cover matters that are expected at the time of such advances ultimately to be
treated as expenses for accounting purposes and that are made in the ordinary course of business; 
 (p) Permitted Joint
Venture and Foreign Subsidiary Investments; 
 (q) investments, loans or advances in addition to those permitted by the other
clauses of this Section 6.04 not exceeding in the aggregate $40,000,000 at any time outstanding, provided that no Default exists at the time that such investment, loan or advance is made or is caused thereby; 

(r) investments made (i) in an amount not to exceed the Net Proceeds of any issuance of Equity Interests in the Borrower
issued on or after the Closing Date or (ii) with Equity Interests in the Borrower; 
 (s) investments by the Borrower or
any Subsidiary in an aggregate amount not to exceed the Available Amount; and 
 (t) other investments by the Borrower or any
Subsidiary so long as the Net Leverage Ratio (calculated on a pro forma basis after giving effect to such investment and any related incurrence or repayment of Indebtedness) is less than 2.50 to 1.00. 

SECTION 6.05 Asset Sales. The Borrower will not, nor will it permit any Subsidiary to, sell, transfer, lease or otherwise dispose of
any asset, including any Equity Interest owned by it, nor will it permit any Subsidiary to issue any additional Equity Interest in such Subsidiary, except: 

(a) sales, transfers, leases and other dispositions of inventory, used or surplus equipment or other obsolete assets, Permitted
Investments and investments referred to in Section 6.04(h) in the ordinary course of business; 
 (b) sales, transfers
and dispositions to the Borrower or a Subsidiary; provided that any such sales, transfers or dispositions involving a Subsidiary that is not a Loan Party shall be made in compliance with Section 6.09; 

(c) (i) sales of accounts receivable and related assets by a Foreign Subsidiary pursuant to customary terms whereby recourse
and exposure in respect thereof to any Foreign Subsidiary does not exceed at any time $35,000,000 and (ii) sales of accounts receivables and related assets pursuant to the Specified Vendor Receivables Financing; 

  
 -67- 

 (d) the creation of Liens permitted by Section 6.02 and dispositions as a
result thereof; 
 (e) sales or transfers that are permitted sale and leaseback transactions pursuant to Section 6.06;

 (f) sales and transfers that constitute part of an Acquisition Lease Financing; 

(g) Restricted Payments permitted by Section 6.08; 

(h) transfers and dispositions constituting investments permitted under Section 6.04; 

(i) sales, transfers and other dispositions of property identified on Schedule 6.05; and 

(j) so long as no Event of Default shall have occurred and then be continuing, sales, transfers and other dispositions of
assets (other than Equity Interests in a Subsidiary) that are not permitted by any other clause of this Section; provided that the aggregate fair market value of all assets sold, transferred or otherwise disposed of in reliance upon this
clause (j) shall not exceed (i) 15% of the aggregate fair market value of all assets of the Borrower (determined as of the end of its most recent fiscal year), including any Equity Interests owned by it, during any fiscal year of the
Borrower; provided that such amount shall be increased, in respect of the fiscal year ending on December 31, 2016, and each fiscal year thereafter by an amount equal to the total unused amount of such permitted sales, transfers and other
dispositions for the immediately preceding fiscal year (without giving effect to the amount of any unused permitted sales, transfers and other dispositions that were carried forward to such preceding fiscal year) and (ii) 35% of the aggregate
fair market value of all assets of the Borrower as of the Closing Date, including any Equity Interests owned by it, during the term of this Agreement subsequent to the Closing Date; 

provided that (x) all sales, transfers, leases and other dispositions permitted hereby (other than those permitted by clauses (b) or
(h) above) shall be made for fair value and (y) all sales, transfers, leases and other dispositions permitted by clauses (i), (j) and (k) above shall be for at least 75% cash consideration. 

SECTION 6.06 Sale and Leaseback Transactions. The Borrower will not, nor will it permit any Subsidiary to, enter into any arrangement,
directly or indirectly, whereby it shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereinafter acquired, and thereafter rent or lease such property or other property that it intends to use
for substantially the same purpose or purposes as the property sold or transferred, except for (a) any such sale of any fixed or capital assets (other than any such transaction to which (b) or (c) below is applicable) that is made for
cash consideration in an amount not less than the cost of such fixed or capital asset in an aggregate amount less than or equal to $10,000,000, so long as the Capital Lease Obligations associated therewith are permitted by
Section 6.01(a)(viii), (b) in the case of property owned as of or after the Closing Date, any such sale of any fixed or capital assets that is made for cash consideration in an aggregate amount not less than the fair market value of such
fixed or capital assets not to exceed $20,000,000 in the aggregate, in each case, so long as the Capital Lease Obligations (if any) associated therewith are permitted by Section 6.01(a)(viii) and (c) any Acquisition Lease Financing. 

SECTION 6.07 Hedging Agreements. The Borrower will not, nor will it permit any Subsidiary to, enter into any Hedging Agreement, other
than Hedging Agreements entered into in the ordinary course of business and which are not speculative in nature to hedge or mitigate risks to which the Borrower or any Subsidiary is exposed in the conduct of its business or the management of its
assets or liabilities (including Hedging Agreements that effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise)). 

  
 -68- 

 SECTION 6.08 Restricted Payments; Certain Payments of Indebtedness. 

(a) The Borrower will not, nor will it permit any Subsidiary to, declare or make, or agree to pay or make, directly or indirectly, any
Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except: 
 (i) the Borrower may declare and
pay dividends with respect to its Equity Interests payable solely in additional Equity Interests in the Borrower; 
 (ii)
Subsidiaries may declare and pay dividends ratably with respect to their capital stock; 
 (iii) the Borrower may make
Restricted Payments, not exceeding $5,000,000 from and after the date hereof, pursuant to and in accordance with stock option plans, equity purchase programs or agreements or other benefit plans, in each case for management or employees or former
employees of the Borrower and the Subsidiaries; 
 (iv) the Borrower may pay the Closing Date Dividend; 

(v) the Borrower may pay cash dividends in respect of Qualified Borrower Preferred Stock issued pursuant to clauses
(b) and (c) of the definition thereof; provided that such dividends in respect of Qualified Borrower Preferred Stock issued pursuant to clause (c) of the definition thereof may only be made after the fiscal year ending
December 31, 2016 and only with Excess Cash Flow not otherwise required to be used to prepay Term Loans pursuant to Section 2.11(d)) (without duplication of amounts used pursuant to Section 6.08(a)(vii) or amounts included in the
Available Amount and used pursuant to
 Sections 6.04(s) or 6.08(b)(vii)); 
 (vi) [reserved]; 

(vii) the Borrower may make payments in respect of the repurchase, retirement or other acquisition of Equity Interests of the
Borrower or any Subsidiary using the portion of Excess Cash Flow not subject to mandatory prepayment pursuant to Section 2.11(d) (without duplication of amounts used pursuant to Section 6.08(a)(v) or amounts included in the Available
Amount and used pursuant to Sections 6.04(s) or 6.08(b)(vii)); 
 (viii) the Borrower may make Restricted Payments;
provided that (x) if after giving effect to such Restricted Payments (and any Indebtedness incurred in connection therewith (but disregarding the proceeds of any such Indebtedness in calculating Unrestricted Domestic Cash) and any
related repayment of Indebtedness), the Net Leverage Ratio at the time of the making such payments (the date of the making of such payments, the “RP Date”) would be (1) less than or equal to 2.25 to 1.00, but greater than 2.00
to 1.00, the aggregate amount of Restricted Payments made pursuant to this clause (viii) during the period from the date 12 months prior to the RP Date through (and including) the RP Date (such period, the “RP Period”) shall
not exceed $40,000,000, (2) less than or equal to 2.75 to 1.00, but greater than 2.25 to 1.00, the aggregate amount of Restricted Payments made pursuant to this clause (viii) during the RP Period shall not exceed $25,000,000, (3) less
than or equal to 3.25 to 1.00 but greater than 2.75 to 1.00, the aggregate amount of Restricted Payments made pursuant to this clause (viii) during the RP Period shall not exceed $15,000,000 and (4) greater than 3.25 to 1.00, the aggregate
amount of Restricted Payments 

  
 -69- 

 
made pursuant to this clause (viii) during the RP Period shall not exceed $10,000,000; provided further that at the time of any payment pursuant to this clause (viii), no
Default or Event of Default shall have occurred and be continuing. 
 (b) The Borrower will not, nor will it permit any Subsidiary to, make
or agree to pay or make, directly or indirectly, any payment or other distribution (whether in cash, securities or other property) of or in respect of principal of or interest on any Indebtedness, or any payment or other distribution (whether in
cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any Indebtedness, except: 

(i) payment of Indebtedness created under the Loan Documents; 

(ii) payment of regularly scheduled interest and principal payments as and when due in respect of any Indebtedness, other than
payments in respect of subordinated Indebtedness prohibited by the subordination provisions thereof; 
 (iii) refinancings of
Indebtedness to the extent permitted by Section 6.01; 
 (iv) payment of secured Indebtedness out of the proceeds of any
sale or transfer of the property or assets securing such Indebtedness; 
 (v) payment of or in respect of
(A) Indebtedness created under the ABL Loan Documents and (B) Indebtedness or obligations secured by the ABL Security Documents; 

(vi) payments of Indebtedness with the Net Proceeds of an issuance of Equity Interests in the Borrower; and 

(vii) payments of Indebtedness in an amount equal to the Available Amount; provided that at the time of such payment and
after giving effect thereto, (i) no Default or Event of Default shall have occurred and be continuing and (ii) at the time of such payment and after giving effect thereto and to the incurrence of any Indebtedness in connection therewith
(but disregarding the proceeds of any such Indebtedness in calculating Unrestricted Domestic Cash), the Net Leverage Ratio is not greater than 2.00 to 1.00. 

(c) The Borrower will not, nor will it permit any Subsidiary to, enter into or be party to, or make any payment under, any Synthetic Purchase
Agreement unless (i) in the case of any Synthetic Purchase Agreement related to any Equity Interests of the Borrower, the payments required to be made by the Borrower are limited to amounts permitted to be paid under Section 6.08(a),
(ii) in the case of any Synthetic Purchase Agreement related to any Restricted Indebtedness, the payments required to be made by the Borrower or the Subsidiaries thereunder are limited to the amount permitted under Section 6.08(b) and
(iii) in the case of any Synthetic Purchase Agreement, the obligations of the Borrower and the Subsidiaries thereunder are subordinated to the Obligations on terms satisfactory to the Required Lenders. 

SECTION 6.09 Transactions with Affiliates. The Borrower will not, nor will it permit any Subsidiary to, sell, lease or otherwise
transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except: 

(a) transactions that are 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; 

  
 -70- 

 (b) transactions between or among the Borrower and the Subsidiaries not involving
any other Affiliate (to the extent not otherwise prohibited by other provisions of this Agreement); 
 (c) any Restricted
Payment permitted by Section 6.08; and 
 (d) transactions pursuant to agreements in effect on the Closing Date and
listed on Schedule 6.09 (provided that this clause (d) shall not apply to any extension, or renewal of, or any amendment or modification of such agreements that is less favorable to the Borrower or the applicable Subsidiaries, as the
case may be). 
 SECTION 6.10 Restrictive Agreements. The Borrower will not, nor will it permit any Subsidiary to, directly or
indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the Borrower or any Subsidiary to create, incur or permit to exist any Lien upon any
of its property or assets, or (b) the ability of any Subsidiary to pay dividends or other distributions with respect to any shares of its capital stock or to make or repay loans or advances to the Borrower or any other Subsidiary or to
Guarantee Indebtedness of the Borrower or any other Subsidiary; provided that (i) the foregoing shall not apply to restrictions and conditions imposed by law or by any Loan Document, Specified Vendor Receivables Financing Document,
Specified Vendor Payables Financing Document or any ABL Loan Document or that are customary, in the reasonable judgment of the board of directors thereof, for the market in which such Indebtedness is issued so long as such restrictions do not
prevent, impede or impair (x) the creation of Liens and Guarantees in favor of the Lenders under the Loan Documents or (y) the satisfaction of the obligations of the Loan Parties under the Loan Documents, (ii) the foregoing shall not
apply to restrictions and conditions existing on the date hereof identified on Schedule 6.10 (but shall apply to any extension or renewal of, or any amendment or modification expanding the scope of, any such restriction or condition), (iii) the
foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary pending such sale; provided, further, that such restrictions and conditions apply only to the Subsidiary
that is to be sold and such sale is permitted hereunder and (iv) clause (a) of the foregoing shall not apply to (A) 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 and (B) customary provisions in leases and other agreements restricting the assignment thereof. 

SECTION 6.11 Amendment of Material Documents. The Borrower will not, nor will it permit any Subsidiary to, amend, restate, modify or
waive any of its rights under (a) its certificate of incorporation, by-laws or other organizational documents, and (b) (i) any Material Agreement (other than any ABL Loan Document), Spin-Off Documentation or other agreements
(including joint venture agreements), in each case to the extent such amendment, restatement, modification or waiver is adverse to the Lenders in any material respect (it being agreed that the addition or removal of the Borrower or any Subsidiary
from participation in a Specified Vendor Receivables Financing or Specified Vendor Payables Financing shall not constitute an amendment, modification or waiver of any Specified Vendor Receivables Financing Document or Specified Vendor Payables
Financing Document, as applicable, that is adverse to the Lenders), (ii) any ABL Loan Document that (w) expands or adds to the obligations secured under any ABL Security Documents (other than any obligations constituting Indebtedness
created under the ABL Credit Agreement), (x) adds any mandatory prepayment provisions (only to the extent resulting in a corresponding permanent commitment reduction or requiring prepayment from the net cash proceeds of the sale, transfer or
other disposition of Term Priority Collateral or any casualty or other insured damage 

  
 -71- 

 
to, or any taking under power of eminent domain or by condemnation or similar proceeding of, any Term Priority Collateral) or changes any mandatory prepayment provisions in a manner that would
increase the amount of any mandatory prepayment of the ABL Loans (only to the extent resulting in a corresponding permanent commitment reduction), (y) increases the “Applicable Margin” or similar component of interest thereunder by
more than 3.0% (other than as a result of accrual of interest at the default rate) or (z) adds an additional covenant or event of default or makes any covenant or event of default in the ABL Loan Documents materially more restrictive or
burdensome prior to the Latest Maturity Date then in effect (unless this Agreement is amended to provide all of the Lenders with the benefits of such covenants or events of default), in each case under this clause (z), other than covenants and
events of default solely relating to the Borrowing Base (as defined in the ABL Credit Agreement), the ABL Priority Collateral or similar matters relating primarily to the asset based revolving nature of the ABL Credit Agreement or in respect of any
Offshore Facilities Refinancing (as defined in the Intercreditor Agreement). 
 SECTION 6.12 [Reserved]. 

SECTION 6.13 Net Leverage Ratio. The Borrower will not permit the maximum Net Leverage Ratio as of the last day of any fiscal quarter
ending after the Closing Date to exceed the ratio set forth below opposite such fiscal quarter: 
  

			
	 Fiscal Quarter
	  	Net
Leverage Ratio
	 June 30, 2015
	  	5.25:1.00
	 September 30, 2015
	  	5.25:1.00
	 December 30, 2015
	  	5.25:1.00
	 March 31, 2016
	  	5.25:1.00
	 June 30, 2016
	  	5.25:1.00
	 September 30, 2016
	  	5.25:1.00
	 December 31, 2016
	  	5.00:1.00
	 March 31, 2017
	  	5.00:1.00
	 June 30, 2017
	  	5.00:1.00
	 September 30, 2017
	  	5.00:1.00
	 December 31, 2017
	  	4.75:1.00
	 March 31, 2018
	  	4.75:1.00
	 June 30, 2018
	  	4.75:1.00
	 September 30, 2018
	  	4.75:1.00
	 December 31, 2018 and each fiscal quarter ending thereafter
	  	4.50:1.00

 SECTION 6.14 Use of Proceeds. The Borrower will not request any Borrowing, and the Borrower shall not
use, and shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing (A) in furtherance of an offer, payment, promise to pay, or authorization of the
payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person,
or in any Sanctioned Country, to the extent such activities, businesses or transaction would be prohibited by Sanctions if conducted by a Person organized in the United States or in a European Union member state, or (C) in any manner that would
result in the violation of any Sanctions applicable to any party hereto. 

  
 -72- 

 ARTICLE VII 

Events of Default 

If any of the following events (“Events of Default”) shall occur: 

(a) the Borrower shall fail to pay any principal of any Loan when and as the same shall become due and payable, whether at the
due date thereof or at a date fixed for prepayment thereof or otherwise; 
 (b) the Borrower shall fail to pay any interest
on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Article) payable under this Agreement or any other Loan Document, when and as the same shall become due and payable, and such failure shall
continue unremedied for a period of five Business Days; 
 (c) any representation or warranty made or deemed made by or on
behalf of the Borrower or any Subsidiary in or in connection with any Loan Document or any amendment or modification thereof or waiver thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in
connection with any Loan Document or any amendment or modification thereof or waiver thereunder, shall prove to have been incorrect in any material respect when made or deemed made; 

(d) the Borrower shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02, 5.04 or
5.11 or in Article VI; 
 (e) any Loan Party shall fail to observe or perform any covenant, condition or agreement contained
in any Loan Document (other than those specified in clause (a), (b) or (d) of this Article), and such failure shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent to the Borrower (which
notice will be given at the request of any Lender); 
 (f) the Borrower or any Subsidiary shall fail to make any payment
(whether of principal, interest or other payment obligations) in respect of any Material Indebtedness, when and as the same shall become due and payable after giving effect to any applicable grace period with respect thereto; 

(g) any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or
that enables or permits the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof,
prior to its scheduled maturity; provided that this clause (g) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; provided
further that this clause (g) shall not apply to any Indebtedness outstanding under the ABL Credit Agreement unless (i) such default shall continue unremedied for a period of 30 days (during which period such default is not waived or
cured), (ii) the ABL Agent or the lenders under the ABL Credit Agreement cause the ABL Loans to become due prior to their stated maturity and/or the Commitments (as defined in the ABL Credit Agreement) to terminate prior to their stated
termination date or (iii) the ABL Agent and/or the lenders under the ABL Credit Agreement exercise secured creditor remedies as a result of such default); 

  
 -73- 

 (h) an involuntary proceeding shall be commenced or an involuntary petition shall
be filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or any Subsidiary or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or
similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Subsidiary or for a substantial part of its assets, and, in any such case,
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; 

(i) the Borrower or any Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation,
reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any
proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Subsidiary or for a
substantial part of its assets, (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 or (vi) take any action for the
purpose of effecting any of the foregoing; 
 (j) the Borrower or any Subsidiary shall become unable, admit in writing in a
court proceeding its inability or fail generally to pay its debts as they become due; 
 (k) one or more judgments for the
payment of money in an aggregate amount in excess of $5,000,000 shall be rendered against the Borrower, any Subsidiary or any combination thereof and the same shall remain undischarged for a period of 30 consecutive days during which execution shall
not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or any Subsidiary to enforce any such judgment; 

(l) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA
Events that have occurred, could reasonably be expected to result in a Material Adverse Effect; 
 (m) any Lien covering
property having a book value or fair market value of $5,000,000 or more purported to be created under any Security Document shall cease to be, or shall be asserted in writing by any Loan Party not to be, a valid and perfected Lien on any Collateral,
except (i) as a result of the sale or other disposition of the applicable Collateral in a transaction permitted under the Loan Documents or (ii) as a result of the Administrative Agent’s failure to maintain possession of any stock
certificates, promissory notes or other instruments delivered to it under the Guarantee and Collateral Agreement; 
 (n) the
Guarantee contained in Article II of the Guarantee and Collateral Agreement shall cease to be, or shall have been asserted in writing by a Loan Party not to be, in full force and effect; 

(o) the Borrower or any Subsidiary shall challenge the subordination provisions of the Subordinated Debt or assert that such
provisions are invalid or unenforceable or that the Obligations of the Borrower, or the Obligations of any Subsidiary under the Guarantee and Collateral Agreement, are not senior Indebtedness under the subordination provisions of the Subordinated
Debt, or any court, tribunal or government authority of competent jurisdiction shall judge the subordination provisions of the Subordinated Debt to be invalid or unenforceable or such Obligations 

  
 -74- 

 
to be not senior Indebtedness under such subordination provisions or otherwise cease to be, or shall be asserted not to be, legal, valid and binding obligations of the parties thereto,
enforceable in accordance with their terms; 
 (p) a Change in Control shall occur; 

(q) a Loan Party denies or contests the validity or enforceability of any Loan Documents (including the Intercreditor
Agreement) or Obligations, or any Loan Document (including the Intercreditor Agreement) ceases to be in full force or effect for any reason (other than a waiver or release by the Administrative Agent and Lenders); 

(r) a loss, theft, damage or destruction occurs with respect to any Collateral if the amount not covered by insurance exceeds
$5,000,000; or 
 (s) any event occurs or condition exists that has a Material Adverse Effect; 

then, and in every such event (other than an event with respect to the Borrower described in clause (h) or (i) of this Article), and at any time
thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take either or both of the following actions, at the same or different times:
(i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and
payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower, accrued hereunder,
shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any event with respect to the Borrower described in clause (h) or
(i) of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall automatically
become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. 

ARTICLE VIII 
 The Agents

 Each of the Lenders hereby irrevocably appoints the Administrative Agent (it being understood that references in this Article VIII to the
Administrative Agent shall be deemed to include the Collateral Agent) as its agent and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms of
the Loan Documents, together with such actions and powers as are reasonably incidental thereto. 
 The bank serving as the Administrative
Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to
and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder. 

The Administrative Agent shall not have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the
generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has 

  
 -75- 

 
occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated by the Loan Documents that the Administrative Agent is required to exercise in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in
Section 10.02), and (c) except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any
of its Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at
the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 10.02) and the Administrative Agent shall not be liable for any action taken or not
taken by it 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 written notice thereof is given to the Administrative Agent by the Borrower
or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any
certificate, report or other document delivered thereunder or in connection therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document or the occurrence of any
Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere in any
Loan Document, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 
 The Administrative
Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the
proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may
consult with legal counsel, independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

The Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents
appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding
paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for
herein as well as activities as Administrative Agent. 
 Subject to the appointment and acceptance of a successor Administrative Agent as
provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders and the Borrower. Upon any such resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor
from among the Lenders. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring
Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its appointment as Administrative Agent
hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and
obligations hereunder. The fees payable by the Borrower to 

  
 -76- 

 
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 Administrative Agent’s
resignation hereunder, the provisions of this Article and Section 10.03 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 it was acting as Administrative Agent. 
 Each Lender acknowledges that it has, independently and
without reliance upon the Administrative Agent, or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that
it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information 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 related agreement or any document furnished hereunder or thereunder. 

ARTICLE IX 
 [Reserved]

 ARTICLE X 

Miscellaneous 
 SECTION
10.01 Notices. Except in the case of notices and other communications expressly permitted to be given by telephone, all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight
courier service, mailed by certified or registered mail or sent by telecopy, as follows: 
 (a) if to the Borrower, to
Horizon Global Corporation at 39400 Woodward Avenue, Suite 100, Bloomfield Hills, MI 48304, Attention of Jay Goldbaum, Legal Director (Telephone No. (248) 593-8838, Telecopy No. (248) 203-6434); 

(b) if to the Administrative Agent, to JPMorgan Chase Bank, N.A., 10 South Dearborn, Floor 7, Chicago, Illinois 60603 Attention
of Joyce King (Telecopy: 888-292-9533, Telephone: 312-385-7025); and 
 (c) if to any other Lender, to it at its address (or
telecopy number) set forth in its Administrative Questionnaire. 
 Any party hereto may change its address or telecopy number for notices
and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt.

 SECTION 10.02 Waivers; Amendments. 

(a) No failure or delay by the Administrative Agent or any Lender in exercising any right or power hereunder or under any other Loan Document
shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of
any other right or power. The rights and remedies of the Administrative Agent and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they

  
 -77- 

 
would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by
paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed
as a waiver of any Default, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default at the time. 

(b) Except as provided in Section 2.21 and Section 2.23, neither this Agreement nor any other Loan Document nor any provision hereof
or thereof may be waived, amended or modified except, in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or, in the case of any other Loan Document, pursuant to an
agreement or agreements in writing entered into by the Administrative Agent and the Loan Party or Loan Parties that are parties thereto, in each case with the written consent of the Required Lenders; provided that no such agreement shall
(i) increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of
each Lender affected thereby, (iii) postpone the maturity of any Loan, or any scheduled date of payment of the principal amount of any Term Loan under Section 2.10, or any date for the payment of any interest or fees payable hereunder, or
reduce or forgive the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender affected thereby, (iv) change Section 2.18(a), (b) or
(c) in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender, (v) change the percentage set forth in the definition of “Required Lenders” or any other
provision of any Loan Document (including this Section) specifying the number or percentage of Lenders (or Lenders of any Class) required to waive, amend or modify any rights thereunder or make any determination or grant any consent thereunder,
without the written consent of each Lender (or each Lender of such Class, as the case may be), (vi) release all or substantially all of the Subsidiary Loan Parties from their Guarantees under the Guarantee and Collateral Agreement (except as
expressly provided in the Guarantee and Collateral Agreement), without the written consent of each Lender, (vii) release all or substantially all of the Collateral from the Liens of the Security Documents, without the written consent of each
Lender (except as expressly provided in the Security Documents) or (viii) change the order of priority of payments set forth in Section 2.4 of the Guarantee and Collateral Agreement without the written consent of each Lender;
provided, further, that (A) no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent or the Collateral Agent, without the prior written consent of the Administrative Agent or the
Collateral Agent, as applicable, and (B) any waiver, amendment or modification of this Agreement that by its terms affects the rights or duties under this Agreement of the Lenders of a particular Class (but not the Lenders of any other Class)
may be effected by an agreement or agreements in writing entered into by the Borrower and requisite percentage in interest of the affected Class of Lenders that would be required to consent thereto under this Section if such Class of Lenders were
the only Class of Lenders hereunder at the time. Notwithstanding the foregoing, any provision of this Agreement may be amended by an agreement in writing entered into by the Borrower, the Required Lenders and the Administrative Agent if (i) by
the terms of such agreement the Commitment of each Lender not consenting to the amendment provided for therein shall terminate upon the effectiveness of such amendment and (ii) at the time such amendment becomes effective, each Lender not
consenting thereto receives payment in full of the principal of and interest accrued on each Loan made by it and all other amounts owing to it or accrued for its account under this Agreement. 

(c) In connection with any proposed amendment, modification, waiver or termination (a “Proposed Change”) requiring the
consent of all Lenders or all affected Lenders, if the consent of the Required Lenders (and, to the extent any Proposed Change requires the consent of Lenders holding Loans of any Class pursuant to clause (v) or (viii) of paragraph
(b) of this Section, the consent of at least 50% in interest of the outstanding Loans and unused Commitments of such Class) to such Proposed 

  
 -78- 

 
Change is obtained, but the consent to such Proposed Change of other Lenders whose consent is required is not obtained (any such Lender whose consent is not obtained as described in paragraph
(b) of this Section being referred to as a “Non-Consenting Lender”), then, so long as the Lender that is acting as Administrative Agent is not a Non-Consenting Lender, the Borrower may, at its sole expense and effort, upon
notice to such Non-Consenting Lender and the Administrative Agent, require such Non-Consenting Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 10.04), all its interests,
rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that (a) the Borrower shall have received the prior written
consent of the Administrative Agent, which consent shall not be unreasonably withheld, (b) such Non-Consenting 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 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) the Borrower or such assignee shall have
paid to the Administrative Agent the processing and recordation fee specified in Section 10.04(b), (d) such assignee shall consent to such Proposed Change and (e) if such Non-Consenting Lender is acting as the Administrative Agent, it
will not be required to assign and delegate its interests, rights and obligations as Administrative Agent under this Agreement. Each party hereto agrees that an assignment required pursuant to this paragraph may be effected pursuant to an Assignment
and Assumption executed by the Borrower, the Administrative Agent and the assignee, and that the Lender required to make such assignment need not be a party thereto in order for such assignment to be effective. 

(d) Notwithstanding the foregoing, (i) the Administrative Agent and the Borrower may amend, modify or supplement any Loan Document
without the consent of any Lender or the Required Lenders in order to correct, amend or cure any ambiguity, inconsistency or defect or correct any typographical error or other manifest error in any Loan Document, (ii) the Administrative Agent
and the Borrower may amend this Agreement without the consent of any Lender or Required Lenders in order to provide the Lenders with the benefits of any additional covenants, more restrictive covenants or events of default that are included in any
Alternative Incremental Debt or Permitted Term Loan Refinancing Indebtedness or that are added to the ABL Loan Documents and (iii) this Agreement may be amended with the written consent of the Administrative Agent, the Borrower and the Lenders
providing the relevant Replacement Term Loans (as defined below) to permit the refinancing, replacement or modification of all or any portion of the outstanding Term Loans or Incremental Term Loans (such Loans, the “Replaced Term
Loans”) with a replacement term loan hereunder (“Replacement Term Loans”); provided, that (a) the aggregate principal amount of such Replacement Term Loans shall not exceed the aggregate principal amount of such
Replaced Term Loans (plus unpaid accrued interest and premium thereon at such time plus reasonable fees and expenses incurred in connection with such replacement), (b) the terms of the Replacement Term Loans (1) (excluding pricing,
fees and rate floors and optional prepayment or redemption terms and subject to clause (2) below) reflect, in the Borrower’s reasonable judgment, then-existing market terms and conditions and (2) (excluding pricing, fees and rate
floors) are no more favorable to the lenders providing such Replacement Term Loans than those applicable to the Replaced Term Loans (in each case, including with respect to mandatory and optional prepayments); provided that the foregoing
shall not apply to covenants or other provisions applicable only to periods after the Latest Maturity Date in effect immediately prior to the establishment of such Replacement Term Loans; provided further that any Replacement Term
Loans may add additional covenants or events of default not otherwise applicable to the Replaced Term Loans or covenants more restrictive than the covenants applicable to the Replaced Term Loans, in each case prior to the Latest Maturity Date in
effect immediately prior to the establishment of such Replacement Term Loans so long as all Lenders receive the benefits of such additional covenants, events of default or more restrictive covenants, (c) the weighted average life to maturity of
any Replacement Term Loans shall be no shorter than the remaining weighted average life to maturity of the Replaced Terms Loans, (d) the maturity date with respect to any Replacement Term Loans shall be no

  
 -79- 

 
earlier than the maturity date with respect to the Replaced Term Loans, (e) no Subsidiary that is not originally obligated with respect to repayment of the Replaced Term Loans is obligated
with respect to the Replacement Term Loans and (f) any Person that the Borrower proposes to become a lender in respect of the Replacement Term Loans, if such Person is not then a Lender, must be reasonably acceptable to the Administrative
Agent. Notwithstanding the foregoing, in no event shall there be more than six maturity dates in respect of the Credit Facilities (including any Extended Term Loans or Replacement Term Loans). 

SECTION 10.03 Expenses; Indemnity; Damage Waiver. 

(a) The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Agents and their Affiliates, including the reasonable
fees, charges and disbursements of one counsel in each applicable jurisdiction for each of the Agents, in connection with the syndication of the credit facilities provided for herein, due diligence investigation, the preparation and administration
of the Loan Documents or any amendments, modifications or waivers of the provisions thereof (whether or not the transactions contemplated hereby or thereby shall be consummated) and (ii) all out-of-pocket expenses incurred by the Agents or any
Lender, including the fees, charges and disbursements of any counsel for the Agents or any Lender, in connection with the enforcement or protection of its rights in connection with the Loan Documents, including its rights under this Section, or 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) The Borrower hereby indemnifies the Agents, the Arrangers 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, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of any Loan Document or any other agreement or instrument contemplated hereby, the performance by the
parties to the Loan Documents of their respective obligations thereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or the use of the proceeds therefrom, (iii) any actual or alleged
presence or Release of Hazardous Materials on or from any Mortgaged Property or any other property currently or formerly owned or operated by the Borrower or any Subsidiary, or any Environmental Liability related in any way to the Borrower or any
Subsidiary, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, and whether or not the same are brought by the Borrower, its
equity holders, affiliates or creditors or any other Person and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims,
damages, liabilities or related expenses (A) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence, bad faith or willful misconduct of such Indemnitee or (B) are
determined by a court of competent jurisdiction by final and non-appealable judgment to have arisen out of a material breach in bad faith by such Indemnitee of its obligations under the Loan Documents or (C) result from a dispute solely among
Indemnitees, other than any claims against an Indemnitee in its capacity or in fulfilling its role as an agent or arranger under the Loan Documents and other than any claims arising out of any act or omission of the Borrower or any of its
Affiliates. This Section 10.03(b) shall not apply with respect to Taxes other than any Taxes that represent losses or damages arising from any non-Tax claim. 

(c) To the extent that any of the Borrower fails to pay any amount required to be paid by it to the Administrative Agent under paragraph
(a) or (b) of this Section 10.03 (and without limiting such party’s obligation to do so), each Lender severally agrees to pay to the Administrative Agent such Lender’s pro rata share (determined as of the time that the
applicable unreimbursed expense or indemnity 

  
 -80- 

 
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 in its capacity as such. For purposes hereof, a Lender’s “pro rata share” shall be determined based upon its share of the outstanding Term Loans and unused Commitments at the time. 

(d) To the extent permitted by Applicable Law, the Borrower shall not assert, and 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 or any agreement or instrument contemplated hereby, the
Transactions, any Loan or the use of the proceeds thereof. 
 (e) All amounts due under this Section 10.03 shall be payable promptly
after written demand therefor. 
 (f) No director, officer, employee, stockholder or member, as such, of any Loan Party shall have any
liability for the Obligations or for any claim based on, in respect of or by reason of the Obligations or their creation; provided that the foregoing shall not be construed to relieve any Loan Party of its Obligations under any Loan Document.

 (g) For the avoidance of doubt, this Section 10.03 shall not apply to any Taxes, except to the extent any Taxes that represent
losses, claims, damages or liabilities arising from any non-Tax claim. 
 SECTION 10.04 Successors and Assigns. 

(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without
such consent 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 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) Any Lender may assign to one or more assignees (other than a natural person) all or a portion of its rights and obligations under this
Agreement (including all or a portion of its Commitments and the Loans at the time owing to it); provided that (i) except in the case of an assignment to a Lender, a Lender Affiliate or an Approved Fund, each of the Borrower and the
Administrative Agent must give their prior written consent to such assignment (which consent shall not be unreasonably withheld or delayed) (provided that the Borrower shall be deemed to have consented to any assignment of Loans or
Commitments unless it shall object thereto by written notice to the Administrative Agent within 10 Business Days after having received notice thereof), (ii) except in the case of an assignment to a Lender, a Lender Affiliate or an Approved Fund
or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and
Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $1,000,000 unless each of the Borrower and the Administrative Agent otherwise consent, (iii) each partial assignment shall be made as an
assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement, except that this clause (iii) shall not be construed to prohibit the assignment of a proportionate part of all the assigning
Lender’s rights and obligations in respect of one Class of Commitments 

  
 -81- 

 
or Loans, (iv) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500 and
(v) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire; and provided, further, that any consent of the Borrower otherwise required under this paragraph shall not be
required if an Event of Default under clauses (a), (h) or (i) of Article VII has occurred and is continuing. Subject to acceptance and recording thereof pursuant to paragraph (d) of this Section, from and after the effective date
specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the
assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning
Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 10.03). Any assignment or transfer by a Lender of rights or
obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (e) of this
Section. 
 (c) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its offices in The
City of New York a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of the Loans owing to, each Lender pursuant to the
terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive (absent manifest error), and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in
the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, 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. 
 (d) Upon its receipt of a duly completed Assignment and Assumption executed by an
assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any
written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective
for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 
 (e) Any Lender may, without the
consent of the Borrower or the Administrative Agent, sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all
or a portion of its Commitment and the Loans); 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 the Loan Documents and to approve any amendment, modification or waiver of any
provision of the Loan Documents; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to
Section 10.02(b) that affects such Participant. Subject to paragraph (f) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 (subject to the limitations and
requirements therein, including the requirements under Section 2.17(f) (it being understood that the documentation required under Section 2.17(f) shall be delivered to the participating Lender)) to the same extent as if it were a

  
 -82- 

 
Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section, provided that such Participant agrees to be subject to the provisions of Section 2.19 as if
it were an assignee under paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.08 as though it were a Lender, provided such Participant agrees to be subject to
Section 2.18(c) as though it were a Lender. With respect to any Loan made to the Borrower, each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name
and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”); provided that no Lender
shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans or its other
obligations under any Loan Document) except to the extent that such disclosure is necessary to establish that such Commitment, Loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations or
in connection with any income tax audit or other income tax proceeding of the Borrower. 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. 

(f) A Participant shall not be entitled to receive any greater payment under Section 2.15 or 2.17 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 prior written consent of the Borrower. A Participant that would be a Non-U.S. Lender if it
were a Lender shall not be entitled to the benefits of Section 2.17 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower to comply with Section 2.17(f)
as though it were a Lender. 
 (g) Any Lender may, without the consent of the Borrower or the Administrative Agent, at any time pledge or
assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any
such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a
party hereto. 
 (h) Notwithstanding anything to the contrary set forth in this Agreement or any other Loan Document, any Lender may assign
all or a portion of its Term Loans (or Incremental Term Loans) to the Borrower or any of its Subsidiaries at a price below the par value thereof; provided that any such assignment shall be subject to the following additional conditions:
(1) no Default or Event of Default shall have occurred and be continuing immediately before and after giving effect to such assignment, (2) any such offer to purchase shall be offered to all Term Lenders of a particular Class on a pro rata
basis, with mechanics to be agreed by the Administrative Agent and the Borrower, (3) any Loans so purchased shall be immediately cancelled and retired (provided that any non-cash gain in respect of “cancellation of
indebtedness” resulting from the cancellation of any Loans so purchased shall not increase Consolidated EBITDA), (4) the Borrower shall provide, as of the date of its offer to purchase and as of the date of the effectiveness of such
purchase and assignment, a customary representation and warranty that neither it nor any of its affiliates is in possession of any material non-public information with respect to the Borrower, its Subsidiaries or their respective securities and
(5) the Borrower and the applicable purchaser shall waive any right to bring any action against the Administrative Agent in connection with such purchase or the Term Loans so purchased. For the avoidance of doubt, in no event shall the Borrower
or any of its Subsidiaries be deemed to be a Lender under this Agreement or any of the other Loan Documents as a result of an assignment made under this clause (h). 

  
 -83- 

 SECTION 10.05 Survival. All covenants, agreements, representations and warranties made by
the Loan Parties in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and
shall survive the execution and delivery of the Loan Documents and the making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had
notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any
other amount payable under this Agreement is outstanding and unpaid and so long as the Commitments have not expired or terminated. The provisions of Sections 2.15, 2.16, 2.17 and 10.03 and Article VIII shall survive and remain in full force and
effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Commitments or the termination of this Agreement or any provision hereof. 

SECTION 10.06 Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto
on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable
to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as
provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the
signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this
Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement. 

SECTION 10.07 Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a
particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 SECTION 10.08 Right of Setoff. If an Event
of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special,
time or demand, provisional or final) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the Borrower against any of and all the obligations of the Borrower now or hereafter
existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. The rights of each Lender under this Section are in
addition to other rights and remedies (including other rights of setoff) which such Lender may have. 
 SECTION 10.09 Governing Law;
Jurisdiction; Consent to Service of Process. 
 (a) This Agreement shall be construed in accordance with and governed by the law of the
State of New York. 
 (b) The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive
jurisdiction of the Supreme Court of the State of New York sitting in New York 

  
 -84- 

 
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 any Loan
Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State
or, to the extent permitted by 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 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 the Borrower or its properties in the courts of any jurisdiction. 
 (c) The Borrower hereby irrevocably and
unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other
Loan Document in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or
proceeding in any such court. 
 (d) Each party to this Agreement irrevocably consents to service of process in the manner provided for
notices in Section 10.01. Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

SECTION 10.10 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH
PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

SECTION 10.11 Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are
not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

SECTION 10.12 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 Lender Affiliates and to its and its Lender Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors
(it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential pursuant to the terms hereof), (b) to the extent
requested by any regulatory or quasi-regulatory authority, (c) to the extent required by Applicable Laws or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection with the exercise of any
remedies hereunder or any suit, 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) 

  
 -85- 

 
any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower, (h) to
the extent such Information (i) is publicly available at the time of disclosure or becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent or any Lender on a
nonconfidential basis from a source other than the Borrower or any Subsidiary or (i) to data service providers, including league table providers, that serve the lending industry, so long as such information consists of information customarily
provided to such data service providers. For the purposes of this Section, “Information” means all information received from the Borrower or any Subsidiary relating to the Borrower or any Subsidiary or its business, other than any such
information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower or any Subsidiary; provided that, in the case of information received from the Borrower or any Subsidiary
after the Closing Date, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its
obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

SECTION 10.13 Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to
any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under Applicable Law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”)
which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with Applicable Law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect
thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and the
interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date
of repayment, shall have been received by such Lender. 

  
 -86- 

 SECTION 10.14 Intercreditor Agreements. Each Lender hereby authorizes and directs the
Administrative Agent and/or the Collateral Agent (a) to enter into the Intercreditor Agreements on its behalf, perform the Intercreditor Agreements on its behalf and take any actions thereunder as determined by the Administrative Agent or the
Collateral Agent to be necessary or advisable to protect the interest of the Lenders, and each Lender agrees to be bound by the terms of the Intercreditor Agreements and (b) to enter into any other intercreditor agreement reasonably
satisfactory to the Administrative Agent on its behalf, perform such intercreditor agreement on its behalf and take any actions thereunder as determined by the Administrative Agent or the Collateral Agent to be necessary or advisable to protect the
interests of the Lenders, and each Lender agrees to be bound by the terms of such intercreditor agreement. Each Lender acknowledges that the Intercreditor Agreement governs, among other things, Lien priorities and rights of the Lenders and the ABL
Secured Parties (as defined in the Intercreditor Agreement) with respect to the Collateral, including the ABL Priority Collateral. 

SECTION 10.15 Release of Liens and Guarantees. (a) Notwithstanding anything to the contrary contained herein or in any other Loan
Document, the Collateral Agent is hereby irrevocably authorized by each Lender (without requirement of notice to or consent of any Lender except as expressly required by Section 10.02) to take any action requested by the Borrower having the
effect of releasing any Collateral or guarantee obligations (i) to the extent necessary to permit consummation of any transaction not prohibited by any Loan Document or that has been consented to in accordance with Section 10.02 or
(ii) under the circumstances described in paragraph (b) below. 
 (b) At such time as the Loans and the other obligations under
the Loan Documents shall have been paid in full and the Commitments have been terminated, the Collateral shall be released from the Liens created by the Security Documents, and the Security Documents and all obligations (other than those expressly
stated to survive such termination) of the Collateral Agent and each Loan Party under the Security Documents shall terminate, all without delivery of any instrument or performance of any act by any Person. 

(c) In connection with any termination or release pursuant to this Section, the Administrative Agent and the Collateral Agent shall execute
and deliver to any Loan Party all documents that such Loan Party shall reasonably request to evidence such termination or release. Any execution and delivery of documents pursuant to this Section shall be without recourse to or warranty by the
Administrative Agent or the Collateral Agent. 
 (d) The Lenders irrevocably authorize the Administrative Agent and the Collateral Agent to
release or subordinate any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent under any Loan Document to the holder of any Lien on such property that is permitted by Section 6.02(c), 6.02(e) or 6.02(f)
to the extent required by the terms of the obligations secured by such Liens pursuant to documents reasonably acceptable to the Administrative Agent. 

SECTION 10.16 PATRIOT Act. Each 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 “PATRIOT Act”), it is required, or will be required in the future, to obtain, verify and record information that identifies the Borrower and the other Loan Parties,
which information includes the name and address of the Borrower and the other Loan Parties and other information that will allow such Lender to identify the Borrower and the other Loan Parties in accordance with the PATRIOT Act. 

SECTION 10.17 No Fiduciary Duty. Each Agent, each Lender and their Affiliates (collectively, solely for purposes of this paragraph, the
“Lenders”), may have economic interests that conflict with those of the Borrower, its stockholders and/or its affiliates. The Borrower agrees that nothing in the Loan Documents or otherwise will be deemed to create an advisory,
fiduciary or agency relationship 

  
 -87- 

 
or fiduciary or other implied duty between any Lender, on the one hand, and the Borrower, its stockholders or its affiliates, on the other. The Borrower acknowledges and agrees that
(i) the transactions contemplated by the Loan Documents (including the exercise of rights and remedies hereunder and there under) are arm’s-length commercial transactions between the Lenders, on the one hand, and the Borrower, on the
other, and (ii) in connection therewith and with the process leading thereto, (x) no Lender has assumed an advisory or fiduciary responsibility in favor of the Borrower, its stockholders or its affiliates with respect to the transactions
contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender has advised, is currently advising or will advise the Borrower, its stockholders or its Affiliates on
other matters) or any other obligation to the Borrower except the obligations expressly set forth in the Loan Documents and (y) each Lender is acting solely as principal and not as the agent or fiduciary of the Borrower, its management,
stockholders, creditors or any other Person. The Borrower acknowledges and agrees that it has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment
with respect to such transactions and the process leading thereto. The Borrower agrees that it will not claim that any Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to such borrower, in
connection with such transaction or the process leading thereto. 
 [Signature Pages Follow] 

  
 -88- 

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

			
	HORIZON GLOBAL CORPORATION,
		
	By:		 /s/ A. Mark Zeffiro

			Name: A. Mark Zeffiro
			Title: President and Chief Executive Officer

  
 [Signature Page to Credit
Agreement] 

 
			
	JPMORGAN CHASE BANK, N.A., individually and as Administrative Agent,
		
	By:		 /s/ Krys Szremski

			Name: Krys Szremski
			Title: Vice President

  
 [Signature Page to Credit
Agreement] 

 
			
	JPMORGAN CHASE BANK, N.A., as Lender
		
	By:		 /s/ Krys Szremski

			Name: Krys Szremski
			Title: Vice President

  
 [Signature Page to Credit
Agreement] 

 SCHEDULE 2.01 

COMMITMENTS 
  

					
	 Lender
	  	Term Commitment	 
	 JPMorgan Chase Bank, N.A.
	  	$	200,000,000.00	  
	 Total
	  	$	200,000,000.00	  

 SCHEDULE 3.03 

GOVERNMENTAL APPROVALS 
 None 

 SCHEDULE 3.05 

REAL PROPERTY 
  

															
	 SBU
	  	 Address
	  	 City
	  	 State
	  	 Zip
	  	Country	 	Owned	  	Leased
	Trimas Corporation Pty. Ltd.	  	49-75 Pacific Drive	  	Keysborough	  	VIC	  	3172	  	Australia	 		  	X
								
	Trimas Corporation Pty. Ltd.	  	52-60 Pacific Drive	  	Keysborough	  	VIC	  	3173	  	Australia	 		  	X
								
	Parkside Towbars Pty. Ltd.	  	219 Bank Street	  	Welshpool	  	WA	  	6106	  	Australia	 		  	X
								
	Parkside Towbars Pty. Ltd.	  	77 Frobisher Street	  	Osborne Park	  	WA	  	6017	  	Australia	 		  	X
								
	Trimas Corporation Pty. Ltd.	  	52-60 (lot 40) Pacific Drive	  	Keysborough	  	VIC	  	3173	  	Australia	 		  	X
								
	TriMas Corporation (NZ) Pty. Ltd.	  	18 Huntington Place	  	Banyo	  	QL	  	4014	  	Australia	 		  	X
								
	Cequent Industria E Comercio Ltda.	  	Rua Flor de Noiva, 800 - Itaquaquecetuba	  	Sao Paulo	  	CEP	  	08597-630	  	Brazil	 		  	X
								
	Dhelfos Industria E Comercio de Acessorios Ltda.	  	Rua Flor de Liz, 100	  	Sao Paulo	  	CEP	  	08597-630	  	Brazil	 		  	X
								
	Cequent Towing Products of Canada Ltd	  	295 Superior Boulevard, Unit 1	  	Mississauga	  	ON	  	L5T 2L6	  	Canada	 		  	X
							
	Kovil Oy	  	Taitajantie 2 & Ufotie 1	  	Savonlinna	  	N/A	  	57210	  	Finland*	 	X *sale pending
								
	TriMas Corporation (Germany) GmbH	  	Bahnhofstr 2-4	  	Hartha	  	Sachen	  	04746	  	Germany	 		  	X
								
	Cequent Electrical Products de Mexico, S. de R.L. de C.V.	  	Industrial Drive s/n Edificio 11 Parque Industrial (Building I & II)	  	Reynosa	  	Tamaulipas	  	88780	  	Mexico	 		  	X
								
	Cequent Electrical Products de Mexico, S. de R.L. de C.V.	  	Pharr Bridge Industrial Center, Building 11	  	Reynosa	  	Tamaulipas	  	88780	  	Mexico	 		  	X
								
	Cequent Trailer Products S. de R.L. de C.V.	  	Enrique Pinoncelli #8881 Parque Industrial AeroJuarez	  	Ciudad Juarez	  	Chihuahua	  	32695	  	Mexico	 		  	X
								
	Trimas Corporation (NZ) Pty. Ltd.	  	15 Oak Rd.	  	Wiri	  	Manukau	  	NZ 2104	  	New Zealand	 		  	X
								
	Trimas Corporation (NZ) Pty. Ltd.	  	No 11 cnr Langley & Mayo Road	  	Wiri	  	Manukau	  	NZ 2104	  	New Zealand	 		  	X
								
	Trimas Corporation (NZ) Pty. Ltd.	  	87 Gasson St.	  	Sydenham	  	Christchurch	  	NZ 8023	  	New Zealand	 		  	X
								
	TriMas Corporation (South Africa) (PTY) LTD.	  	341 Triumph Street	  	Waltloo	  	Pretoria	  		  	South Africa	 		  	X
								
	Trimotive Asia Pacific Ltd.	  	Amata Nakorn Industrial Estate 700/665 M.1 T.Phanthong, A. Phanthong	  	Chonburi	  		  	20160	  	Thailand	 		  	X
								
	C.P. Witter Limited	  	1 Drome Road Deeside Industrial Park	  	Flintshire	  		  	CH5 2NY	  	UK	 		  	X
								
	Cequent Consumer Products, Inc.	  	29000-2 Aurora Road	  	Solon	  	OH	  	44139	  	U.S.A.	 		  	X

															
	Cequent Consumer Products, Inc.		3310 William Richardson Court		South Bend		IN		46628		U.S.A.				X
								
	Cequent Consumer Products, Inc.		901 Wayne St.		Niles		MI		49120		U.S.A.				X
								
	Cequent Consumer Products, Inc.		406 N. 2nd St		Fairfield		IA		52556		U.S.A.				X
								
	Cequent Consumer Products, Inc.		600 23rd St.		Fairfield		IA		52556		U.S.A.				X
								
	Cequent Consumer Products, Inc.		Depot St. East of N 4th St. Unit # 1		Fairfield		IA		52556		U.S.A.				X
								
	Cequent Consumer Products, Inc.		Depot St. East of N 4th St. Unit # 2		Fairfield		IA		52556		U.S.A.				X
								
	Cequent Performance Products, Inc.		105-2 LM Gaines Blvd.		Starke		FL		32091		U.S.A.				X
								
	Cequent Performance Products, Inc.		DDG-116 Building, 3181 S. Willow Ave.		Fresno		CA		93725		U.S.A.				X
								
	Cequent Performance Products, Inc.		2600 College Ave.		Goshen		IN		46526		U.S.A.				X
								
	Cequent Performance Products, Inc.		2 Bishop Place, Camp Hill		Camp Hill		PA		17011		U.S.A.				X
								
	Cequent Performance Products, Inc.		47912 Halyard, Suite 100		Plymouth		MI		48170		U.S.A.				X
								
	Cequent Performance Products, Inc.		101 Spires Parkway		Tekonsha		MI		49092		U.S.A.				X
								
	Cequent Performance Products, Inc.		8460 Gran Vista Drive		El Paso		TX		79901		U.S.A.				X
								
	Cequent Performance Products, Inc.		6500 South 35th Street, Building Y, Suite A		McAllen		TX		N/A		U.S.A.				X
								
	Cequent Performance Products, Inc.		4445 Rock Quarry, Suite 100		Dallas		TX		75211		U.S.A.				X
								
	Horizon Global Corporation - Home Office		39400 Woodward Ave, Suite 100		Bloomfield Hills		MI		48304		U.S.A.				X

 SCHEDULE 3.06 

DISCLOSED MATTERS 
 None 

 SCHEDULE 3.12 

SUBSIDIARIES 
  

					
	 Corporate Name
	  	 Ownership Interest of Parent Borrower (direct and
indirect)
	  	 Is Subsidiary a

Subsidiary Loan

Party?

	 C.P. Witter Limited
	  	100% owned by TriMas Australia Holdings UK Limited	  	No
			
	 Cequent Bermuda Holdings Ltd.
	  	100% owned by TriMas Euro Finance LLC	  	No
			
	 Cequent Brazil Holdings Coöperatief W.A.
	  	99.99 % owned by Horizon Real Finance LLC and approx. 0.01% owned by Cequent Bermuda Holdings Ltd. (such ownership totaling 100%)	  	No
			
	 Cequent Consumer Products, Inc.
	  	100% owned by Horizon Global Company LLC	  	Yes
			
	 Cequent Electrical Products de Mexico, S. de R.L. de C.V.
	  	99.97% owned by Cequent Mexico Holdings B.V. and approx. 0.03% owned by Cequent Trailer Products, S. de R.L. de C.V. (such ownership totaling 100%)	  	No
			
	 Cequent Indústria E Comércio Ltda.
	  	99.99% owned by Cequent Brazil Holdings Coöperatief, W.A. and 0.01% owned by Horizon Real Finance LLC (such ownership totaling 100%)	  	No
			
	 Cequent Mexico Holdings B.V.
	  	100% owned by Cequent UK Limited	  	No
			
	 Cequent Nederland Holdings B.V.
	  	100% owned by Horizon International Holdings LLC	  	No
			
	 Cequent Performance Products, Inc.
	  	100% owned by Horizon Global Company LLC	  	Yes
			
	 Cequent Sales Company de México, S. de R.L. de C.V.
	  	99.97% owned by Cequent Nederland Holdings B.V. and approx. 0.03% owned by Cequent Mexico Holdings B.V. (such ownership totaling 100%)	  	No
			
	 Cequent Towing Products of Canada, Ltd.
	  	100% owned by Cequent Nederland Holdings B.V.	  	No
			
	 Cequent Trailer Products, S. de R.L. de C.V.
	  	99.56% owned by Cequent Mexico Holdings B.V. and approx. 0.44% owned by Cequent Electrical Products de Mexico, S. de R.L. de C.V. (such ownership totaling 100%)	  	No
			
	 Cequent UK Limited
	  	100% owned by Cequent Nederland Holdings B.V.	  	No
			
	 Horizon Global Company LLC
	  	100% owned by Horizon Global Corporation	  	Yes
			
	 Horizon Global Hong Kong Holdings Limited
	  	100% owned by Cequent Nederland Holdings B.V.	  	No
			
	 Horizon Global (Shanghai) Trading Co. Ltd.
	  	100 % owned by Horizon Global Hong Kong Holdings Limited	  	No
			
	 Horizon Global Sourcing Operations and Innovation Center India Pvt. Ltd.
	  	99.99% owned by Cequent Nederland Holdings B.V. and approx. 0.01% owned by TriMas Euro Finance LLC (such ownership totaling 100%)	  	No
			
	 Horizon GBP Finance LLC
	  	100% owned by Cequent Bermuda Holdings Ltd.	  	No
			
	 Horizon International Holdings LLC**
	  	100% owned by Cequent Performance Products, Inc.	  	No
			
	 Horizon Real Finance LLC
	  	100% owned by Cequent Bermuda Holdings Ltd.	  	No
			
	 Kovil Oy
	  	100% owned by TriMas Corporation (Germany) GmbH	  	No
			
	 Parkside Towbars Pty. Ltd.
	  	100% owned by TriMas Corporation Pty. Ltd.	  	No
			
	 RLHK Services C.V.
	  	99.99% owned by TriMas Sourcing Holdings LLC and approx. 0.01% owned by TriMas Euro Finance LLC (such ownership totaling 100%)	  	No

					
	 TriMas Australia Holdings UK Limited
		100% owned by TriMas Holdings Australia Pty. Ltd.		No
			
	 TriMas Euro Finance LLC***
		100% owned by Cequent Nederland Holdings B.V.		No
			
	 TriMas Corporation (Germany) GmbH
		100% owned by C.P. Witter Limited		No
			
	 TriMas Corporation (NZ) Pty Limited
		100% owned by Trimas Holdings Australia Pty Ltd.		No
			
	 TriMas Corporation Pty. Ltd.
		100% owned by TriMas Holdings Australia Pty. Ltd.		No
			
	 TriMas Corporation (South Africa) (PTY) LTD.
		100% owned by TriMas Holdings Australia Pty. Ltd.		No
			
	 TriMas Holdings Australia Pty. Ltd.
		100% owned by Cequent Bermuda Holdings Ltd.		No
			
	 TriMas Sourcing B.V.
		100% owned by Cequent Nederland Holdings B.V.		No
			
	 TriMas Sourcing Holdings LLC***
		100% owned by TriMas Euro Finance LLC		No
			
	 TriMotive Asia Pacific Limited
		100% owned by TriMas Holdings Australia Pty. Ltd. (and 7 de minimus holders)		No

  

	**	CFC Holdco 

	***	Special Purpose Entity 

 SCHEDULE 3.13 

INSURANCE 
  

					
		  	

	  	

  

											
	COVERAGE	 	POLICY TERM	 	CARRIER	 	POLICY NO.	 	 MAXIMUM

RETENTION
	 	 MAXIMUM

LIMITS

	 Global Property Coverage
	 	6/30/15 to 6/30/16	 	Allianz Global Risks US Insurance Company	 	CLP 3016012	 	$250K Real/Personal	 	 $150M Loss Limit Property

(TIV=$432,427,778)

	 Directors & Officers
	 	6/30/15 to 6/30/16	 	AIG	 	01-054086-84	 	$250,000	 	$10M
		 		 	 Axis
	 	MNN788245/012015	 		 	$10MM XS $10MM
		 		 	 Zurich
	 	DOC0179095-00	 		 	$10MM XS $20MM
		 		 	 The Hartford
	 	10DA029097315	 		 	$10MM XS $30MM
		 		 	 XL-US
	 	EIU139844-15	 		 	$10MM XS $40MM (SIDE A DIC ONLY)
		 		 	 AIG
	 	01/450/98/98	 		 	$5MM XS $50MM (SIDE A DIC ONLY)
		 		 		 		 		 	$55M Total Limits                 ($40M
		 		 		 		 		 	Traditional + $15M Side A)
	 Employment Practices Liab
	 	6/30/15 to 6/30/16	 	AIG	 	01-450-95-16	 	$1M Class/$500K Others	 	$10MM
	 Employed Lawyers Liability
	 	6/30/15 to 6/30/16	 	AIG	 	01-454-18-20	 	$10,000	 	$1M
	 Commercial Crime
	 	6/30/15 to 6/30/16	 	AIG	 	01-454-18-14	 	$150,000	 	$10MM
	 Executive Risk
	 	6/30/15 to 6/30/18	 	National Union Fire Insurance Company of Pittsburgh, PA.	 	67-327-025	 	Nil	 	$15M
	 Foreign Liability
	 	6/30/15 to 6/30/16	 	Generali	 	WE1500496	 	$50K (DIC Auto Excess)	 	$2M Products Agg Limit/$1M Per Occ
	 General Liability
	 	6/30/15 to 6/30/16	 	Lexington Insurance Company (AIG)	 	82695212	 	$1M SIR PER OCC	 	$1 Per Occ/$4M Agg/$3M Products Agg
		 		 		 		 	Sales	 	438,301,700
	 Automobile Liability
	 	6/30/15 to 6/30/16	 	 National Union Fire Insurance Company of Pittsburgh, Pa. (AIG)
	 	CA 7062960	 	 $250,000 Deductible per accident
	 	$2MM CSL
		 		 	 Commerce and Industry
	 		 		 	
	 Workers Compensation
	 	6/30/15 to 6/30/16	 	Insurance Company (AIG)	 	WC 021361665	 	$500,000 per occ.	 	Statutory / $1MM EL
		 		 		 		 	Required Collateral	 	$300,000
	 Umbrella & Punitive Damages Liability
	 	6/30/15 to 6/30/16	 	AIG	 	19086530	 	$25,000 SIR	 	$25MM per occ / agg
	 Excess Liability & Punitive Damages Liability
	 	6/30/15 to 6/30/16	 	AWAC	 	TBD	 	N/A	 	$25MM XS $25MM
	 Excess Liability
	 	6/30/15 to 6/30/16	 	XL	 	TBD	 	N/A	 	$25MM p/o $50MMx$50MM
	 Excess Liability
	 	6/30/15 to 6/30/16	 	Endurance	 	TBD	 	N/A	 	$25MM p/o $50MMx$50MM
		 		 		 		 		 	Total Limits: $100M
	 Marine Cargo
	 	6/30/15 to 6/30/16	 	Indemnity Insurance Company of North America	 	TBD	 	$50,000 per each occurrence	 	$5MM vessel/air
	 Business Travel Accident
	 	6/30/15 to 6/30/16	 	ACE American Insurance Company	 	ADDN10892089	 		 	$6.1MM per Aggregate Limit
	 Cyber Liability Insurance
	 	6/30/15 to 6/30/16	 	Axis Insurance Company	 	TBD	 	$250,000	 	$10M

  

	
	    
	    

  

	*	This summary is only intended as an overview, the actual policies supercede all information above. 

	*	Excludes TAXES, FEES, SURCHARGES, Collateral requirement, TPA fee and claims escrow fee. 

  

 SCHEDULE 3.20 

MATERIAL CONTRACTS 
  

	1.	Supplier Agreement, dated as of November 6, 2006, between Cequent Consumer Products, Inc. (“CCP”), and Citibank, N.A. (“Citibank”), in connection with CCP’s sale to Citibank of certain
accounts receivables resulting from CCP’s sale of goods to AutoZone, Inc. 

  

	2.	Purchase Agreement, dated as of May 8, 2012, between CCP and Bank of America, N.A. (“BofA”), in connection with CCP’s sale to BofA of certain accounts receivables resulting from CCP’s sale of
goods to Balkamp, Inc. 

  

	3.	Supplier Agreement, effective as of September 27, 2011, between CCP and Branch Banking and Trust Company (“BB&T”), in connection with CCP’s sale to BB&T of certain accounts receivables
resulting from CCP’s sale of goods to O’Reilly Automotive Stores, Inc. f/k/a O’Reilly Automotive, Inc. (“O’Reilly’s”), O’Reilly’s subsidiaries and related companies. 

 

	4.	Accounts Receivable Purchase Agreement, effective as of May 7, 2009, between CCP and BofA, in connection with CCP’s sale to BofA of certain accounts receivables resulting from CCP’s sale of goods to The
Pep Boys – Manny, Moe & Jack, and its successors and permitted assigns. 

  

	5.	Supplier Agreement, dated as of October 27, 2011, between CCP, and Citibank, in connection with CCP’s sale to Citibank of certain accounts receivables resulting from CCP’s sale of goods to Wal-Mart
Stores, Inc. 

  

	6.	Accounts Receivable Purchase Agreement, effective as of February 4, 2010, between CCP and BofA, in connection with CCP’s sale to BofA of certain accounts receivables resulting from CCP’s sale of goods to
Lowe’s Companies, Inc. 

  

	7.	Accounts Receivable Purchase Agreement, effective as of October 22, 2009, between CCP and BofA, in connection with CCP’s sale to BofA of certain accounts receivables resulting from CCP’s sale of goods to
Advance Stores Company, Incorporated and its successors and permitted assigns. 

  

	8.	CCP is registered with C2FO for participation in invoice “early pay” programs for the following customers: 

  

	 	a.	Do It Best Corp.; 

  

	 	b.	ACE Hardware Corporation; 

  

	 	c.	Amazon.com, Inc.; and 

  

	 	d.	Costco Wholesale Corporation 

  

	9.	CCP is registered with The Home Depot U.S.A. Inc. (“Home Depot”) for participation in Home Depot’s invoice “early pay” program. 

 SCHEDULE 6.01 

EXISTING INDEBTEDNESS 
  

															
	 Company
	 	 Bank
	 	 Details/Secured asset
	 	 Original Amount
	 	 o/s Amount (as of

April 2015)
	 	 Start Date
	 	 Maturity Date
	 	 Secured/
Unsecured

	TriMas Corporation Pty. Ltd.	 	National Australia Bank Ltd., Australia	 	Multi Facility Agreement	 	AUD 26,731,685.00	 	AUD 12,000,000.00	 	10/21/2014	 	8/31/2015	 	S*
	C.P. Witter Limited	 	HSBC Finance	 	Laser 3	 	GBP 395,100.00	 	GBP 79,020.00	 	5/2/2011	 	5/31/2016	 	U
	C.P. Witter Limited	 	HSBC Finance	 	Robots 7, 8 & 9	 	GBP 229,908.00	 	GBP 38,318.07	 	8/8/2011	 	8/31/2016	 	U
	C.P. Witter Limited	 	HSBC Finance	 	Pressbrake	 	GBP 27,000.00	 	GBP 450.00	 	6/27/2010	 	5/31/2015	 	U
	C.P. Witter Limited	 	HSBC Finance	 	IRB Robot	 	GBP 18,900.00	 	GBP 630.00	 	7/22/2010	 	6/30/2015	 	U
	Cequent Performance Products, Inc.	 	Wells Fargo Bank, NA	 	Crown Equipment	 	USD 30,800.00	 	USD 22,900.00	 	10/1/2013	 	9/1/2018	 	U
	Dhelfos Industria E Comercio de Acessorios Ltda.	 	N/A	 	DHF-note payable to Ernani	 	BRL 24,500,000.00	 	BRL 15,865,000.00	 	11/14/2013	 	4/1/2019	 	U
	Cequent Industria E Comercio Ltda.	 	N/A	 	Engetran-note payable to Karan	 	BRL 10,000,000.00	 	BRL 6,700,000.00	 	8/1/2012	 	1/1/2018	 	U
	Dhelfos Industria E Comercio de Acessorios Ltda.	 	Banco Itau, Brazil	 	Newton-Folding Hydraulic Press	 	BRL 187,200.00	 	BRL 124,799.94	 	7/15/2013	 	4/16/2018	 	S
	Dhelfos Industria E Comercio de Acessorios Ltda.	 	Banco Itau, Brazil	 	Newton-Folding Hydraulic Press	 	BRL 46,800.00	 	BRL 31,199.94	 	10/15/2013	 	4/16/2018	 	S
	Dhelfos Industria E Comercio de Acessorios Ltda.	 	Banco Itau, Brazil	 	Machro-Shotblast Machine Dropout	 	BRL 249,800.00	 	BRL 166,533.26	 	7/15/2013	 	4/16/2018	 	S
	Dhelfos Industria E Comercio de Acessorios Ltda.	 	Banco Itau, Brazil	 	Maquinapack-Sealing & Tunel Gathering Machines	 	BRL 118,500.00	 	BRL 79,000.08	 	10/15/2013	 	4/16/2018	 	S
	Dhelfos Industria E Comercio de Acessorios Ltda.	 	Banco Itau, Brazil	 	Deltec - paint installation	 	BRL 475,000.00	 	BRL 325,462.90	 	11/18/2013	 	5/15/2018	 	S

	*	First ranking general security agreement over the whole of assets (all present and after acquired property – no exceptions given by: 

 

	 	1.	TriMas Corporation Pty. Ltd. ACN 004 546 543 (excluding the assets subject to the receivables financing arrangement with Bank of America that TriMas Corporation Pty Ltd has as supplier to GPC Asia Pacific Pty. Ltd.)

  

	 	2.	Parkside Towbars Pty. Ltd. ACN 103 851 7701 

  

 

	1	This security interest secures the Indebtedness of TriMas Corporation Pty. Ltd. disclosed in this Schedule 6.01. 

 SCHEDULE 6.02 

EXISTING LIENS 
 Liens existing on
the Closing Date in respect of: 
  

	 	1.	Indebtedness set forth on Schedule 6.01 encumbering the assets described on Schedule 6.01, to the extent that such Indebtedness is described as secured Indebtedness on such Schedule 6.01. 

 SCHEDULE 6.04 

EXISTING INVESTMENTS 
 A.
Qualified Foreign Investments 
  

	 	1.	Investments by Cequent Electrical Products de Mexico, S. de R.L. de C.V. 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, Comerica Bank, Compass, HSBC, Grand Cayman, and in each case such investments shall be in Mexican Pesos. 

 

	 	2.	Investments by Cequent Trailer Products, S. de R.L. de C.V. 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, Comerica Bank, Compass, HSBC, Grand Cayman, and in each case such investments shall be in Mexican Pesos. 

B. Other Investments 
  

	 	1.	Cequent Performance Products, Inc.’s loan to Cequent UK Limited in connection with the purchase by Cequent UK Limited from Cequent Performance Products, Inc. of machinery, equipment and inventory to be located in
the Juarez, Mexico facility; the aggregate amount of loans described in this clause (B)(1) and clause (B)(2) below do not exceed $5.0 million. 

  

	 	2.	Cequent Performance Products, Inc.’s loan to Cequent UK Limited in connection with the purchase by Cequent UK Limited from Cequent Performance Products, Inc. of machinery, equipment and inventory to be located in
the Reynosa, Mexico facility; the aggregate amount of loans described in this clause (B)(2) and clause (B)(1) above do not exceed $5.0 million. 

  

	 	3.	Horizon Global Corporation’s investment in the Hong Kong Sourcing Office legal entity to provide legal restructuring and operational funding in an aggregate amount not exceeding $2.5 million. 

 

	 	4.	Investments by Horizon Global Corporation in one or more wholly-owned foreign subsidiaries for the purpose of purchasing one or more foreign manufacturing facilities, including capital equipment and working capital, in
an aggregate amount not exceeding $3.0 million. 

  

	 	5.	Not later than 90 days following the Closing Date, settlement of any remaining notes or trade payables with TriMas and/or any entity that is a subsidiary of TriMas after completion of the Spin-Off. 

 SCHEDULE 6.05 

ASSET SALES 
  

	1.	Intercompany sale for cash of machinery, equipment and/or inventory by Cequent Performance Products, Inc. to Cequent UK Limited, which such machinery, equipment and/or inventory will be located in Cequent UK
Limited’s Juarez, Mexico facility 

  

	2.	Intercompany sale for cash of machinery, equipment and/or inventory by Cequent Performance Products, Inc. to Cequent UK Limited, which such machinery, equipment and/or inventory will be located in Cequent UK
Limited’s Reynosa, Mexico facility 

 SCHEDULE 6.09 

EXISTING AFFILIATE TRANSACTIONS 

The items set forth on Schedule 6.04, Sections B1, B2, B3, B4 and B5. 

The items set forth on Schedule 6.05, Items 1 and 2. 

 SCHEDULE 6.10 

EXISTING RESTRICTIVE AGREEMENTS 

None 

 EXHIBIT A 

[FORM OF] ASSIGNMENT AND ASSUMPTION 

This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is
entered into by and between [the][each]1 Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each]2
Assignee identified in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed that the rights and obligations of [the Assignors][the Assignees]3 hereunder are
several and not joint.]4 Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended, the “Credit
Agreement”), receipt of a copy of which is hereby acknowledged by [the][each] Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this
Assignment and Assumption as if set forth herein in full. 
 For an agreed consideration, [the][each] Assignor hereby irrevocably sells and
assigns to [the Assignee][the respective Assignees], and [the][each] Assignee hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Credit
Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as
Lenders] under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the
Assignor][the respective Assignors] under the respective facilities identified below (including without limitation any guarantees included in such facilities), and (ii) to the extent permitted to be assigned under applicable law, all claims,
suits, causes of action and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in their respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in connection with the
Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims,
malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by [the][any] Assignor to
[the][any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as [the][an] “Assigned Interest”). Each such sale and assignment is without recourse to [the][any] Assignor and, except as
expressly provided in this Assignment and Assumption, without representation or warranty by [the][any] Assignor. 
  

							
	 1.
		Assignor[s]:		  
		
				
					  
		
							

  

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

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

	3 	Select as appropriate. 

	4 	Include bracketed language if there are either multiple Assignors or multiple Assignees. 

 EXHIBIT A 
  

							
		
		 	[Assignor [is] [is not] a Defaulting Lender]
				
	2.	 	Assignee[s]:	 	  
	 	
				
		 		 	  
	 	
		
		 	[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]
			
	3.	 	Borrower:	 	Horizon Global Corporation
			
	4.	 	Administrative Agent:	 	JPMorgan Chase Bank, N.A., as the administrative agent under the Credit Agreement
			
	5.	 	Credit Agreement:	 	Credit Agreement dated as of June 30, 2015 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among HORIZON GLOBAL CORPORATION, the lenders from
time to time party thereto and JPMORGAN CHASE BANK, N.A., as Administrative Agent and Collateral Agent.
				
	6.	 	Assigned Interest[s]:	 		 	

  

													
	 Assignor[s]5
	 	
Assignee[s]6
	 	 Facility
Assigned7
	 	 Aggregate Amount of
Commitment/Loans
for all Lenders8
	 	 Amount of
Commitment/Loans
Assigned8
	 	 Percentage Assigned of
Commitment/ Loans9
	 	 CUSIP Number

		 		 		 	$                    	 	$                    	 	    %	 	
		 		 		 	$                    	 	$                    	 	    %	 	
		 		 		 	$                    	 	$                    	 	    %	 	

  

							
	 [7.
	  	Trade Date:	 	                    ]10	  	

 [Page break] 

  
  

	5 	List each Assignor, as appropriate. 

	6 	List each Assignee, as appropriate. 

	7 	Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being assigned under this Assignment (e.g., “Term Commitment,” “Incremental Term Commitment,” etc.)

	8 	Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date. 

	9 	Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

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

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

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

  
 - 3 - 

 
			
	 ASSIGNOR[S]11

	 [NAME OF ASSIGNOR]

		
	By:		  

			Title:
	
	 [NAME OF ASSIGNOR]

		
	By:		  

			Title:
	
	 ASSIGNEE[S]12

	 [NAME OF ASSIGNEE]

		
	By:		  

			Title:
	
	 [NAME OF ASSIGNEE]

		
	By:		  

			Title:

  

	11	Add additional signature blocks as needed. Include both Fund/Pension Plan and manager making the trade (if applicable). 

	12	Add additional signature blocks as needed. Include both Fund/Pension Plan and manager making the trade (if applicable). 

	

  
 - 4 - 

			
	 Consented to and Accepted13:

	
	 JPMorgan Chase Bank, N.A., as

	     Administrative Agent

		
	By:		  

			Title:
	
	 Consented to:

	
	[Horizon Global Corporation, as the Borrower]
		
	By:		  

			Title:

  
  

	13	Consents to be included to the extent required by Section 10.04(b) of the Credit Agreement. 

  
 - 5 - 

 ANNEX 1 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 
 1.
Representations and Warranties. 
 1.1 Assignor[s]. [The][Each] Assignor (a) represents and warrants that (i) it is
the legal and beneficial owner of [the][the relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all action
necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and (iv) it is [not] a Defaulting Lender; and (b) assumes no responsibility with respect to (i) any statements,
warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral
thereunder, (iii) the financial condition of the Borrower, any Subsidiary or any other Person obligated in respect of any Loan Document, or (iv) the performance or observance by the Borrower, any Subsidiary or any other Person of any of
their respective obligations under any Loan Document. 
 1.2. Assignee[s]. [The][Each] Assignee (a) represents and warrants that
(i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement,
(ii) it meets all the requirements to be an assignee under the Credit Agreement (subject to such consents, if any, as may be required under Section 10.04(b) of the Credit Agreement), (iii) from and after the Effective Date, it shall
be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to
acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a
copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 5.01 thereof, as applicable, and such other documents and information as
it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent or any
other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, and (vii) attached to
the Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by [the][such] Assignee; and (b) agrees that (i) it will, independently and
without reliance on the Administrative Agent, [the][any] Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action
under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

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

 
have accrued to but excluding the Effective Date and to [the][the relevant] Assignee for amounts which have accrued from and after the Effective Date. Notwithstanding the foregoing, the
Administrative Agent shall make all payments of interest, fees or other amounts paid or payable in kind from and after the Effective Date to [the][the relevant] Assignee. 

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

 EXHIBIT B 

[FORM OF] BORROWING REQUEST 
 JPMorgan Chase
Bank, N.A., 
     as Administrative Agent 

[c/o JPMorgan Loan & Agency Services 
 111 Fannin Street,
10th Floor 
 Houston, Texas 77002 
 Attention: Alice Tellis
(Telecopy No. 713-750-2938)] 
 Copy to: 
 JPMorgan Chase
Bank, N.A., 
     as Administrative Agent 

[383 Madison Avenue, New York 
 New York, New York 10179 

Attention: Richard Duker (Telecopy No. 212-270-5100)] 

[DATE] 
 Ladies and Gentlemen: 

Reference is made to the Credit Agreement dated as of June 30, 2015 (as amended, amended and restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among HORIZON GLOBAL CORPORATION, the lenders from time to time party thereto and JPMORGAN CHASE BANK, N.A., as Administrative Agent and Collateral Agent. Capitalized terms used but not otherwise
defined herein shall have the meanings specified in the Credit Agreement. 
 This notice constitutes a Borrowing Request and the Borrower
hereby gives you notice, pursuant to Section 2.03 of the Credit Agreement, that it requests a Borrowing under the Credit Agreement, and in that connection the Borrower specifies the following information with respect to such Borrowing: 

 

	 	(A)	Aggregate principal amount of Borrowing : $         

  

	 	(B)	Date of Borrowing (which is a Business Day):                      

 

	 	(C)	Type of Borrowing:14                     

  
  

	14 	Specify ABR Borrowing or Eurocurrency Borrowing. If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing. 

	 	(D)	Interest Period and the last day thereof:15
                     

  

	 	(E)	Location and number of the Borrower’s account to which proceeds of the requested Borrowing are to be disbursed: [NAME OF BANK] (Account No.:
                    ) 

The Borrower hereby certifies that the conditions specified in paragraphs (n) and (o) of Section 4.02 of the Credit Agreement
have been satisfied. 
 [Remainder of page intentionally left blank; signature page follows] 

 

			
	Very truly yours,
	
	HORIZON GLOBAL CORPORATION
		
	by		  

			Name:
			Title:

  

	15 	Applicable to Eurocurrency Borrowings only. Eurocurrency Borrowings shall be subject to the definition of “Interest Period” and can be a period of one, two, three or six months (or, if agreed to by each Lender
participating in the requested Borrowing, 12 months). If an Interest Period is not specified for a Eurocurrency Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. 

  

 2 

 EXHIBIT C 

FORM OF INTERCREDITOR AGREEMENT 

[See attached] 

 INTERCREDITOR AGREEMENT 

by and between 
 BANK OF AMERICA,
N.A., 
 as ABL Agent, 
 and

 JPMORGAN CHASE BANK, N.A., 

as Initial Term Agent 
 Dated as
of             , 2015 
 Relating to: 

Horizon Global Corporation, 

Cequent Performance Products, Inc., 

and 
 Cequent Consumer Products,
Inc. 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page No.	 
	 ARTICLE 1 DEFINITIONS
	  	 	2	  
			
	 Section 1.1
	  	Certain Definitions	  	 	2	  
	 Section 1.2
	  	Other Definitions	  	 	2	  
	 Section 1.3
	  	Rules of Construction	  	 	14	  
		
	 ARTICLE 2 LIEN PRIORITY
	  	 	15	  
			
	 Section 2.1
	  	Priority of Liens	  	 	15	  
	 Section 2.2
	  	Waiver of Right to Contest Liens	  	 	16	  
	 Section 2.3
	  	Remedies Standstill	  	 	16	  
	 Section 2.4
	  	Exercise of Rights	  	 	18	  
	 Section 2.5
	  	No New Liens	  	 	19	  
	 Section 2.6
	  	Waiver of Marshalling	  	 	20	  
		
	 ARTICLE 3 ACTIONS OF THE PARTIES
	  	 	20	  
			
	 Section 3.1
	  	Certain Actions Permitted	  	 	20	  
	 Section 3.2
	  	Agent for Perfection	  	 	20	  
	 Section 3.3
	  	Insurance	  	 	21	  
	 Section 3.4
	  	No Additional Rights For the Loan Parties Hereunder	  	 	22	  
	 Section 3.5
	  	Inspection and Access Rights	  	 	22	  
	 Section 3.6
	  	Tracing of and Priorities in Proceeds	  	 	23	  
	 Section 3.7
	  	Payments Over	  	 	24	  
	 Section 3.8
	  	Rights as Unsecured Creditors	  	 	24	  
		
	 ARTICLE 4 APPLICATION OF PROCEEDS
	  	 	25	  
			
	 Section 4.1
	  	Application of Proceeds	  	 	25	  
	 Section 4.2
	  	Specific Performance	  	 	27	  
		
	 ARTICLE 5 INTERCREDITOR ACKNOWLEDGEMENTS AND WAIVERS
	  	 	27	  
			
	 Section 5.1
	  	Notice of Acceptance and Other Waivers	  	 	27	  
	 Section 5.2
	  	Modifications to ABL Documents and Term Documents	  	 	28	  
	 Section 5.3
	  	Reinstatement and Continuation of Agreement	  	 	29	  
		
	 ARTICLE 6 INSOLVENCY PROCEEDINGS
	  	 	32	  
			
	 Section 6.1
	  	DIP Financing	  	 	32	  
	 Section 6.2
	  	Relief From Stay	  	 	34	  
	 Section 6.3
	  	No Contest; Adequate Protection	  	 	34	  
	 Section 6.4
	  	Asset Sales	  	 	36	  
	 Section 6.5
	  	Separate Grants of Security and Separate Classification	  	 	37	  
	 Section 6.6
	  	Reorganization Securities	  	 	37	  
	 Section 6.7
	  	Enforceability	  			
	 Section 6.8
	  	ABL Obligations Unconditional	  	 	38	  
	 Section 6.9
	  	Term Obligations Unconditional	  	 	38	  
	 Section 6.10
	  	Claims	  	 	38	  
	 Section 6.11
	  	Credit Bids	  	 	39	  

  
 ii 

							
	 ARTICLE 7 MISCELLANEOUS

 
		 	39	  
	 Section 7.1
		Rights of Subrogation		 	39	  
	 Section 7.2
		Further Assurances		 	40	  
	 Section 7.3
		Representations		 	40	  
	 Section 7.4
		Amendments		 	40	  
	 Section 7.5
		Addresses for Notices		 	41	  
	 Section 7.6
		No Waiver; Remedies		 	41	  
	 Section 7.7
		Continuing Agreement, Transfer of Secured Obligations		 	41	  
	 Section 7.8
		Governing Law; Entire Agreement		 	42	  
	 Section 7.9
		Counterparts		 	42	  
	 Section 7.10
		No Third Party Beneficiaries		 	42	  
	 Section 7.11
		Headings		 	42	  
	 Section 7.12
		Severability		 	42	  
	 Section 7.13
		Attorneys’ Fees				
	 Section 7.14
		VENUE; JURY TRIAL WAIVER		 	42	  
	 Section 7.15
		Intercreditor Agreement		 	43	  
	 Section 7.16
		No Warranties or Liability		 	43	  
	 Section 7.17
		Conflicts		 	43	  
	 Section 7.18
		Information Concerning Financial Condition of the Loan Parties		 	44	  
	 Section 7.19
		Additional Grantors		 	44	  
	 Section 7.20
		Additional Debt Facilities		 	44	  
	 Section 7.21
		Additional Intercreditor Agreements		 	45	  
	 Section 7.22
		Excluded Assets				

  
 iii 

 INTERCREDITOR AGREEMENT 

THIS INTERCREDITOR AGREEMENT (as amended, supplemented, restated or otherwise modified from time to time pursuant to the terms hereof, this
“Agreement”) is entered into as of             , 2015 between BANK OF AMERICA, N.A., in its capacity as administrative agent and collateral agent (together
with its successors and assigns in such capacities, the “ABL Agent”) for (i) the financial institutions, Issuing Banks (as defined below) and other entities party from time to time to the ABL Credit Agreement referred to
below (such financial institutions, Issuing Banks and other entities, together with their respective successors, assigns and transferees, the “ABL Lenders”) and (ii) any ABL Bank Product Providers (as defined below)
(such ABL Bank Product Providers, together with the ABL Agent and the ABL Lenders, the “ABL Secured Parties”) and JPMORGAN CHASE BANK, N.A., in its capacity as administrative agent and collateral agent (together with
its successors and assigns in such capacities, the “Initial Term Agent”) for the financial institutions and other entities party from time to time to the Term Loan Credit Agreement referred to below (such financial
institutions and other entities, together with their respective successors, assigns and transferees, the “Term Lenders”). 

RECITALS 
 A. Pursuant to that
certain Loan Agreement dated on or about the date hereof by and among Cequent Performance Products, Inc., a Delaware corporation (“Cequent Performance Products”), Cequent Consumer Products, Inc., a Delaware corporation (the
“Cequent Consumer Products”) and Horizon Global Corporation, a Delaware corporation (“Company”, and together with Cequent Performance Products and Cequent Consumer Products, and any other Person joined
thereto as a “Borrower” from time to time, the “ABL Borrowers”), the ABL Lenders and the ABL Agent (as such agreement may be Amended or Refinanced or otherwise modified from time to time in accordance with the terms
hereof and thereof, the “ABL Credit Agreement”), the ABL Lenders have agreed to make certain loans and provide other financial accommodations in an initial aggregate principal amount of up to $85,000,000 to or for the benefit
of the ABL Borrowers. 
 B. Pursuant to the ABL Credit Agreement, the ABL Guarantors (as defined below) have guaranteed the payment and
performance of the ABL Obligations of the ABL Borrowers under the ABL Documents (as defined below). 
 C. As a condition to the
effectiveness of the ABL Credit Agreement and to secure the ABL Obligations, the ABL Borrowers and the ABL Guarantors (collectively, the “ABL Loan Parties”) under and in connection with the ABL Documents have granted to the
ABL Agent (for the benefit of the ABL Secured Parties) Liens (as defined below) on the Collateral (as defined below). 
 D. Pursuant to that
certain Term Loan Credit Agreement dated on or about the date hereof by and among Company (the “Term Loan Borrower”), the Term Lenders and the Initial Term Agent (as such agreement may be Amended or Refinanced or otherwise
modified from time to time in accordance with the terms hereof and thereof, the “Term Loan Credit Agreement”), the Term Lenders have agreed to make a term loan in the principal amount of $200,000,000 to the Term Loan
Borrower. 
 E. Pursuant to the Term Loan Credit Agreement, the Term Guarantors (as defined below) have guaranteed the payment and
performance of the Term Obligations of the Company under the Term Documents (as defined below). 
 F. As a condition to the effectiveness of
the Term Loan Credit Agreement and to secure the Term Obligations, the Term Loan Borrower and the Term Guarantors (collectively, the “Term Loan Parties”) under and in connection with the Term Documents have granted to the
Term Agent (for the benefit of the applicable Term Secured Parties) Liens (as defined below) on the Collateral (as defined below). 

 G. Each of the ABL Agent (on behalf of the ABL Secured Parties) and the Initial Term Agent (on
behalf of the Term Secured Parties) desires to agree to the relative priority of Liens on the Collateral (as defined below) and certain other rights, priorities and interests as provided herein. 

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, receipt of which is hereby
acknowledged, the parties hereto agree as follows: 
 ARTICLE 1 

DEFINITIONS 

Section 1.1 Certain Definitions. Unless otherwise defined herein, all capitalized terms used herein shall have the same
meaning herein as in the Uniform Commercial Code. 
 Section 1.2 Other Definitions. Subject to Section 1.1, as used
in this Agreement, the following terms shall have the meanings set forth below: 
 “ABL Agent” shall have the
meaning assigned to that term in the introduction to this Agreement and shall include any successors thereto as well as any Person designated as the “Agent”, “Administrative Agent”, “Collateral Agent”,
“Trustee”, “Security Trustee”, “Collateral Trustee” or similar term under any ABL Credit Agreement. 

“ABL Bank Product Provider” shall mean any ABL Lender or any Affiliate (or any Person that was an ABL Lender or an
Affiliate of an ABL Lender at the time it entered into a Bank Product with an ABL Loan Party) of any ABL Lender that has entered into a Bank Product or agreement relating to any Bank Products with an ABL Loan Party with the obligations of such ABL
Loan Party thereunder being secured by one or more ABL Collateral Documents, together with their respective successors, assigns and transferees. 

“ABL Borrowers” shall have the meaning assigned to that term in the recitals to this Agreement; provided, however, the
term “ABL Borrowers” shall not include, for purposes of this Agreement, any Foreign Borrower. 
 “ABL Collateral
Documents” shall mean the Security Documents (as defined in the ABL Credit Agreement) and all security agreements, pledge agreements, hypothecs, charges, debentures, account control agreements, bailment agreements, freight forwarder
and/or customs broker’s agreements, collateral access agreements, mortgages, deeds of trust, and other collateral documents executed and delivered in connection with the ABL Credit Agreement, in each case as Amended or Refinanced or otherwise
modified from time to time, in accordance with the terms hereof. 
 “ABL Credit Agreement” shall have the meaning
assigned to such term in the recitals to this Agreement and any other agreements or facilities which Amend or Refinance all or any portion of the ABL Obligations under any then extant ABL Credit Agreement (including without limitation under any
agreement with respect to ABL DIP Financing provided by any or all of the ABL Secured Parties, including any use, whether consensual or non-consensual, of cash collateral constituting the Proceeds of the ABL Priority Collateral); provided
that at the time of any refinancing or replacement of the then extant ABL Credit Agreement (other than the Offshore Facilities Refinancing), the Company shall have delivered to each Term Agent an officer’s certificate certifying that such
refinancing or replacement ABL Credit Agreement is permitted to be incurred under the Term Loan Credit Agreement and each Additional Term Debt Facility. 

  
 2 

 “ABL Deposit and Security Accounts” shall mean any and all deposit
accounts and securities accounts of the ABL Loan Parties subject to a control agreement in favor of or otherwise controlled by the ABL Agent. 

“ABL DIP Financing” shall have the meaning set forth in Section 6.1(a). 

“ABL Documents” shall mean the ABL Credit Agreement, ABL Guaranty, the ABL Collateral Documents, those other ancillary
agreements to which any ABL Secured Party is a party or beneficiary and all other agreements, instruments, documents and certificates, now or hereafter executed by or on behalf of any ABL Loan Party and delivered to the ABL Agent or any other ABL
Secured Party, in connection with any of the foregoing or with the ABL Credit Agreement, ABL Guaranty or the ABL Collateral Documents, in each case, as the same may be Amended or Refinanced or otherwise modified from time to time in accordance with
the terms hereof and thereof. 
 “ABL Guarantors” shall mean the collective reference to any direct or indirect
Subsidiary or parent of the ABL Borrowers who is or becomes a guarantor under the ABL Guaranty with respect to the ABL Borrowers’ ABL Obligations; provided, however, the term “ABL Guarantors” shall not include, for purposes of this
Agreement, any Foreign Subsidiary. 
 “ABL Guaranty” shall mean the collective reference to the guaranty agreements,
if any, entered into by the ABL Guarantors and any other guarantee of the ABL Obligations entered into in connection with an Amendment or Refinancing of the ABL Credit Agreement, whether by the same or any other agent, lender or group of lenders.

 “ABL Lenders” shall have the meaning assigned to that term in the introduction to this Agreement, as well as any
Person which is a “lender” or “issuing bank” under any ABL Credit Agreement. 
 “ABL Loan
Parties” shall have the meaning assigned to that term in the recitals to this Agreement. 
 “ABL
Obligations” shall mean all obligations of every nature of each ABL Loan Party from time to time owed to the ABL Secured Parties, or any of them, under any ABL Document or in respect of any “Secured Bank Product Obligations”
(as defined in the ABL Credit Agreement), including, without limitation, all “Obligations” of each ABL Loan Party or similar term as defined in any ABL Credit Agreement, whether for principal, interest, reimbursement of amounts drawn under
Letters of Credit, fees, expenses, indemnification, or otherwise, and all other amounts owing or due under the terms of the ABL Documents (including interest, fees, indemnification payments, expense reimbursements and other amounts which, but for
the commencement of an Insolvency Proceeding with respect to such ABL Loan Party, would have accrued on or been payable with respect to the ABL Obligations, whether or not a claim is allowed or allowable against such ABL Loan Party for such
interest, fees, indemnification payments, expense reimbursements and other amounts in the related Insolvency Proceeding), as the same may be Amended or Refinanced in whole or in part or otherwise modified from time to time in accordance with the
terms hereof and thereof. 
 “ABL Priority Collateral” shall mean all Collateral consisting of the following: 

(1) all Accounts (and including for this purpose all amounts payable by the issuer or processor thereof in connection with the
use of a credit card, debit card or similar instrument, 

  
 3 

 
whether deemed to be an Account or a Payment Intangible) and other receivables (other than Accounts and other receivables arising from the sale or other Disposition of Term Priority Collateral);

 (2) cash, money and cash equivalents, other than identifiable cash Proceeds from the sale or Disposition of Term Priority
Collateral; 
 (3) all (i) Deposit Accounts (other than the Term Collateral Proceeds Account), (ii) Securities
Accounts (other than the Term Collateral Proceeds Account), Security Entitlements and Securities credited to such a Securities Account (other than Equity Interests in any Loan Party or its Subsidiaries), or (iii) all Commodity Accounts (other
than the Term Collateral Proceeds Account) and commodity contracts and, in each case, all cash, money, cash equivalents, checks and other property held therein or credited thereto, other than identifiable Proceeds of Term Priority Collateral; 

(4) all Inventory; 

(5) all proceeds of business interruption insurance (which, for the avoidance of doubt, shall not include proceeds of any
casualty insurance relating to Term Priority Collateral); 
 (6) to the extent relating to or arising from, evidencing or
governing any of the items referred to in the preceding clauses (1) through (5) constituting ABL Priority Collateral, all Documents, General Intangibles (including all rights under contracts but excluding any Intellectual Property and any
Equity Interests in any Loan Party or its Subsidiaries), Instruments (including Promissory Notes other than any Promissory Notes constituting Term Priority Collateral), Chattel Paper (including Tangible Chattel Paper and Electronic Chattel Paper),
and Commercial Tort Claims, insurance proceeds, Supporting Obligations and Letter-of-Credit Rights relating thereto; provided that to the extent any of the foregoing also relates to Term Priority Collateral only that portion related to the items
referred to in the preceding clauses (1) through (5) shall be included in the ABL Priority Collateral; 

(7) all books and Records relating to the items referred to in the preceding clauses (1) through
(6) constituting ABL Priority Collateral (including all books, databases, customer lists, engineer drawings, and Records, whether tangible or electronic, which contain any information relating to any of the items referred to in the preceding
clauses (1) through (6) constituting ABL Priority Collateral but, in each case, excluding any Intellectual Property); and 

(8) to the extent not otherwise included, all Proceeds (including all insurance proceeds) of any and all of the foregoing
described in clauses (1) through (7) and all collateral security and guarantees with respect to any of the foregoing. 

“ABL Recovery” shall have the meaning set forth in Section 5.3(a). 

“ABL Secured Parties” shall have the meaning to that term in the introduction to this Agreement. 

“ABL Standstill Period” has the meaning set forth in Section 2.3(b). 

“Additional Term Collateral Documents” means, with respect to any series, issue or class of Additional Term Debt, each
of the collateral agreements, security agreements and other instruments and documents executed and delivered by any Term Loan Party for purposes of providing collateral security for any Additional Term Obligations (including any Amendment or
Refinancing thereof). 

  
 4 

 “Additional Term Debt” means any Indebtedness secured by Liens on the
Collateral; provided, that (i) at the time of incurrence thereof, such Indebtedness is permitted by the ABL Documents and the Term Documents to be (x) incurred, (y) guaranteed on a pari passu or junior basis with respect to the Term
Obligations outstanding under the Term Loan Credit Agreement and (z) secured by Liens on the Collateral on a pari passu or junior basis with the Liens on the Collateral securing the Term Obligations outstanding under the Term Loan Credit
Agreement and (ii) the conditions set forth in Section 7.20 shall have been satisfied with respect to such Indebtedness and, unless the agent, trustee or other representative for the holders of such Indebtedness is already a party to this
Agreement, such agent, trustee or other representative shall have become a party to this Agreement pursuant to Section 7.20. 

“Additional Term Debt Facility” means each credit facility, indenture or other governing agreement (other than the
Term Loan Credit Agreement) with respect to any Additional Term Debt. 
 “Additional Term Documents” means, with
respect to any series, issue or class of Additional Term Debt, (a) the Additional Term Debt Facility, (b) the Additional Term Collateral Documents and (c) the other operative agreements evidencing or governing such Indebtedness. 

“Additional Term Joinder” means a Joinder Agreement substantially in the form of Exhibit I hereto or such other form
as agreed by the ABL Agent and each Term Agent. 
 “Additional Term Obligations” means, with respect to any series,
issue or class of Additional Term Debt, all obligations of every nature of each Term Loan Party from time to time owed to the Additional Term Secured Parties, or any of them, under any Additional Term Document, including, without limitation, all
“Obligations” of each Term Loan Party or similar term as defined in any Additional Term Document, whether for principal, interest, fees, expenses, indemnification or otherwise, and all other amounts owing or due under the terms of the
Additional Term Documents (including interest, fees, indemnification payments, expense reimbursements and other amounts which, but for the commencement of an Insolvency Proceeding with respect to such Term Loan Party, would have accrued on or been
payable with respect to any Additional Term Obligation, whether or not a claim is allowed or allowable against such Term Loan Party for such interest, fees, indemnification payments, expense reimbursements and other amounts in the related Insolvency
Proceeding), as the same may be Amended or Refinanced or otherwise modified from time to time in accordance with the terms hereof and thereof. 

“Additional Term Secured Parties” means, with respect to any series, issue or class of Additional Term Obligations,
the holders of such obligations, the agent, trustee or other representative with respect thereto, and the beneficiaries of each indemnification obligation undertaken by any Term Loan Party under any related Additional Term Documents. 

“Affiliate” shall mean, with respect to a specified Person, any other Person that directly or indirectly through one
or more intermediaries Controls, is Controlled by or is under common Control with the Person specified. 

“Agent(s)” means individually the ABL Agent or any Term Agent and collectively means both the ABL Agent and each Term
Agent. 
 “Agreement” shall have the meaning assigned to that term in the introduction to this Agreement. 

“Amended or Refinanced” shall mean, in respect of any obligation, or the agreement or contract pursuant to which such
obligation is incurred, (a) such obligation (or any portion thereof) or related agreement or contract as extended, renewed, defeased, amended, amended and restated, supplemented, modified, restructured, consolidated, refinanced, replaced,
refunded or repaid from time to time and (b)

  
 5 

 
any other obligation issued in exchange or replacement for or to refinance such obligation, in whole or in part, whether with same or different lenders, arrangers and/or agents and whether with a
larger or smaller aggregate principal amount, in each case to the extent not prohibited under the terms of this Agreement and the ABL Documents or the Term Documents, as applicable, then in effect. “Amend or Refinance” and
“Amendment or Refinancing” shall have correlative meanings; and for the avoidance of doubt, the parties hereto agree that “Amended or Refinanced”, when applicable to any ABL Document shall include such ABL Document
as amended, amended and restated, supplemented, modified or restructured by, and after giving effect to, any Offshore Facilities Refinancing. 

“Bank Products” shall have the meaning assigned to such term in the ABL Credit Agreement. 

“Bankruptcy Code” shall mean Title 11 of the United States Code, as now or hereafter in effect or any successor
thereto. 
 “Borrower” shall mean the ABL Borrowers and the Term Loan Borrower. 

“Business Day” shall mean any day other than (a) Saturday or Sunday; (b) any day on which banks in Chicago,
Illinois or New York City, New York, generally are not open to the general public for the purpose of conducting commercial banking business; or (c) a day on which the principal office of any Term Agent or any ABL Agent is not open to the
general public to conduct business. 
 “Collateral” shall mean (a) with respect to any Term Agent or any Term
Secured Party, all Property now owned or hereafter acquired by any Term Loan Party in or upon which a Lien is granted or purported to be granted to any Term Agent under any of the Term Collateral Documents, together with all substitutions,
additions, products and Proceeds thereof and (b) with respect to the ABL Agent or any ABL Secured Party, all Property now owned or hereafter acquired by any ABL Loan Party in or upon which a Lien is granted or purported to be granted to the ABL
Agent under any of the ABL Collateral Documents, together with all substitutions, additions, products and Proceeds thereof. 

“Company” shall have the meaning assigned to that term in the introduction to this Agreement. 

“Control Collateral” shall mean any Collateral consisting of any Deposit Account, Securities Account,
Commodities Accounts, Instruments, Equity Interests and any other Collateral as to which a Lien may be perfected through possession or control by the secured party, or any agent therefor. 

“Copyrights” means, with respect to any Person, all of such Person’s right, title, and interest in and to the
following: (a) all copyrights, rights and interests in copyrights, works protectable by copyright, copyright registrations, and copyright applications; (b) all renewals of any of the foregoing; (c) all income, royalties, damages, and
payments now or hereafter due and/or payable under any of the foregoing, including, without limitation, damages or payments for past or future infringements for any of the foregoing; (d) the right to sue for past, present, and future
infringements of any of the foregoing; and (e) all rights corresponding to any of the foregoing throughout the world. 

“Credit Documents” shall mean the ABL Documents and the Term Documents. 

“Debtor Relief Laws” shall mean the Bankruptcy Code, as now or hereafter in effect or any successors thereto, as well
as all other liquidation, conservatorship, bankruptcy, assignment for benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or any state law or of any applicable
foreign law from time to time in effect affecting the rights of creditors generally. 

  
 6 

 “Designated Term Agent” means (i) the Initial Term Agent, until such
time as (A) the Discharge of Term Obligations with respect to the Term Loan Credit Agreement has occurred or (B) the Initial Term Agent has notified other parties hereto that another Term Agent shall be the Designated Term Agent pursuant
to any intercreditor agreement entered into in accordance with the Term Loan Credit Agreement, and (ii) thereafter, the Term Agent designated from time to time by all then extant Term Agents, in a written notice to the ABL Agent and the Term
Loan Parties hereunder, as the “Designated Term Agent” for purposes hereof. 
 “Discharge of ABL
Obligations” shall mean (a) the termination of all commitments to extend credit under the ABL Documents, and (b) the payment in full in cash or immediately available funds of all outstanding ABL Obligations (excluding
contingent indemnification obligations for which a claim or demand for payment has not then been asserted) including, with respect to (i) amounts available to be drawn under outstanding Letters of Credit (or indemnities or other undertakings
issued in respect of outstanding Letters of Credit), the cancellation of such Letters of Credit or the Cash Collateralization (as defined in the ABL Credit Agreement) thereof or the delivery and provision of backstop letters of credit in respect
thereof in compliance with the terms of any ABL Credit Agreement (which shall not exceed an amount equal to 105% of the aggregate undrawn amount of such Letters of Credit), (other than Letters of Credit denominated in a currency other than Dollars,
in which case shall not exceed 110% of the aggregate undrawn amount of such Letters of Credit) and (ii) outstanding ABL Obligations with respect to Bank Products (or indemnities or other undertakings issued pursuant thereto in respect of
outstanding Bank Products), the delivery or provision of cash collateral or backstop letters of credit in respect thereof, other than (x) unasserted contingent indemnification obligations, and (y) any ABL Obligations relating to Bank
Products that, at such time, are allowed by the applicable Bank Product Provider to remain outstanding without being required to be repaid or collateralized. 

“Discharge of Term Obligations” shall mean the payment in full in cash of all outstanding Term Obligations (excluding
contingent indemnification obligations for which a claim or demand for payment has not then been asserted). 

“Disposition” shall mean the sale, transfer, license, lease or other disposition of any property by any Person,
including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith. As used herein, “Dispose” and “Disposed” shall have
correlative meanings. 
 “Enforcement Notice” shall mean a written notice delivered by either the ABL Agent or the
Term Agent to the other applicable party announcing that an Enforcement Period has commenced. 
 “Enforcement
Period” shall mean the period of time following the receipt by either the ABL Agent or any Term Agent of an Enforcement Notice from the other and continuing until the earliest of (a) in case of an Enforcement Period commenced by
any Term Agent, the Discharge of Term Obligations (or the written termination of, or agreement in writing to terminate, the Enforcement Period by the applicable Term Agent) or (b) in the case of an Enforcement Period commenced by the ABL Agent,
the Discharge of ABL Obligations (or the written termination of, or agreement in writing to terminate, the Enforcement Period by the ABL Agent). 

“Equity Interests” shall mean as to any Person, the stock (common, preferred or in any other manner designated),
limited liability company membership or other interest or any other right or interest (or right to acquire such interest) however designated, evidencing ownership interests in such Person. 

“Event of Default” shall mean an Event of Default as defined in the ABL Credit Agreement or any Term Document, as
applicable. 

  
 7 

 “Exercise of Any Secured Creditor Remedies” or “Exercise of
Secured Creditor Remedies” shall mean, except as otherwise provided in the final sentence of this definition: 

(a) the taking by any Secured Party of any action to enforce or realize upon any Lien, including the institution of any
foreclosure proceedings or the noticing of any public or private sale pursuant to Article 9 of the Uniform Commercial Code or other applicable law; 

(b) the exercise by any Secured Party of any right or remedy provided to a secured creditor on account of a Lien under any
of the Credit Documents, under applicable law, in an Insolvency Proceeding or otherwise, including the election to retain any of the Collateral in satisfaction of a Lien; 

(c) the taking of any action by any Secured Party or the exercise of any right or remedy by any Secured Party in respect of the
collection on, set off against, marshaling of, injunction respecting or foreclosure on the Collateral or the Proceeds thereof; 

(d) the appointment on the application of a Secured Party, of a receiver, receiver and manager or interim receiver of all or
part of the Collateral; 
 (e) the sale, lease, license, or other Disposition of all or any portion of the Collateral by
private or public sale conducted by a Secured Party or any other means at the direction of a Secured Party permissible under applicable law (including without limitation the solicitation of any bids from third persons to conduct liquidation or
Disposition of Collateral or engage any agents for purposes of valuing, marketing, promoting or selling Collateral); 
 (f)
the exercise of any other right of a secured creditor under Part 6 of Article 9 of the Uniform Commercial Code or under provisions of similar effect under other applicable law the exercise by a Secured Party of any voting rights relating to any
Pledged Shares; and 
 (g) instituting any action or proceeding to effect any of the foregoing. 

For the avoidance of doubt, none of the following shall be deemed to constitute an Exercise of Secured Creditor Remedies: (i) the filing of a proof of
claim in any Insolvency Proceeding or seeking adequate protection (subject to and in accordance with Section 6.3 below), (ii) the exercise of rights by the ABL Agent during the continuance of a Dominion Trigger Period (as defined in the
ABL Credit Agreement), including, without limitation, with respect to Deposit Accounts and Securities Accounts and the notification of account debtors, depository institutions, securities intermediaries, or any other Person to deliver Proceeds of
ABL Priority Collateral to the ABL Agent, (iii) the consent by the ABL Agent to any Disposition by any ABL Loan Party of any of the ABL Priority Collateral (other than any such sale conducted at the direction of the ABL Agent in connection with
any Exercise of Secured Creditor Remedies after the occurrence of an Event of Default under the ABL Credit Agreement), (iv) the modification of advance rates or sub-limits, or the addition or modification of eligibility criteria, by the ABL
Agent, (v) the imposition or modification of any component of the Availability Reserve (as defined in the ABL Credit Agreement) by the ABL Agent, (vi) any collection, adjustment or settlement of insurance claims, or any application to a
court of competent jurisdiction to make a determination as to the collection, adjustment or settlement of an insurance claim, in each case in accordance with Section 3.3, (vii) the exercise of rights by the ABL Agent under the ABL
Documents to require any ABL Loan Party to take actions in the nature of “further assurances” with respect to the Collateral permitted by the ABL Documents and not inconsistent with this Agreement, (viii) the consent by any Term Agent
to any Disposition by the Borrower or any Term Guarantor of any of the Term Priority Collateral (other than any such sale conducted at the direction of any Term Agent in connection with any Exercise of Secured 

  
 8 

 Creditor Remedies after the occurrence of an Event of Default under the applicable Term Documents), (ix) the
exercise of rights by any Term Agent under the applicable Term Documents to require any Term Loan Party to take actions in the nature of “further assurances” with respect to the Collateral permitted by the Term Documents and not
inconsistent with this Agreement or (x) the exercise of any rights or remedies by the ABL Agent against any ABL Loan Party which is not a Term Loan Party. 

“Foreign Borrower” means any Foreign Subsidiary that may become a party to the ABL Credit Agreement as a
“Borrower” from time to time. 
 “Foreign Subsidiary” means any Subsidiary that is organized under the
laws of a jurisdiction other than the United States of America or any State thereof or the District of Columbia. 
 “Governmental
Authority” shall mean the government of the United States or any other nation, or any political subdivision thereof, whether state, local, provincial, territorial or municipal and any agency, authority, instrumentality, regulatory body,
court, tribunal, 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). 
 “Indebtedness” shall mean (i) “Debt” as defined in the ABL Credit
Agreement and (ii) “Indebtedness” as defined in the Term Loan Credit Agreement or any Additional Term Document, respectively and as applicable. 

“Initial Term Agent” shall have the meaning assigned to that term in the introduction to this Agreement and shall
include any successors thereto as well as any Person designated as the “Agent”, “Administrative Agent”, “Collateral Agent”, “Trustee”, “Security Trustee”, “Collateral Trustee” or similar
term under any Term Loan Credit Agreement. 
 “Insolvency Proceeding” shall mean, with respect to any Loan Party,
(a) any case, action, proposal, or proceeding before any court or other Governmental Authority relating to (or any corporate action or other procedure or step being taken in relation to) such Loan Party’s bankruptcy, reorganization,
insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors (whether voluntary or involuntary), or (b) any general assignment for the benefit of its creditors, composition, marshalling of assets for its creditors or
other similar arrangement in respect of its creditors generally or any substantial portion of its creditors; in each case covered by clauses (a) and (b) undertaken under any Debtor Relief Laws. 

“Intellectual Property” means the collective reference to all rights, priorities and privileges relating to
intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, the Copyrights, the Copyright Licenses, the Patents, the Patent Licenses, the Trademarks and the Trademark
Licenses, and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom. 

“Issuing Bank” shall have the meaning assigned to such term in the ABL Credit Agreement. 

“Lender(s)” means individually, the ABL Lenders or the Term Lenders and collectively means all of the ABL Lenders and
the Term Lenders. 
 “Letter of Credit” shall mean “Letter of Credit” as defined in the ABL Credit
Agreement. 

  
 9 

 “Licenses” means, with respect to any Person, all of such Person’s
right, title, and interest in and to (a) any and all licensing agreements or similar arrangements in and to its Patents, Copyrights, or Trademarks, (b) all income, royalties, damages, claims, and payments now or hereafter due or payable
under and with respect thereto, including, without limitation, damages and payments for past and future breaches thereof, and (c) all rights to sue for past, present, and future breaches thereof. 

“Lien” shall mean any mortgage, pledge, hypothecation, collateral assignment, encumbrance, lien (statutory or other),
charge or other security interest or any other security agreement of any kind or nature whatsoever (including any conditional sale or other title retention agreement and any capital lease having substantially the same economic effect as any of the
foregoing). 
 “Lien Priority” shall mean with respect to any Lien of the ABL Secured Parties or the Term Secured
Parties in the Collateral, the order of priority of such Lien as specified in Section 2.1. 
 “Loan Parties”
shall mean the ABL Loan Parties and the Term Loan Parties. 
 “Non-US Loan Parties” any Foreign Borrower and/or any
Foreign Subsidiary that may from time to time guaranty the obligations under the ABL Credit Agreement. 
 “Offshore Facilities
Refinancing” shall mean the amendment, amendment and restatement, and/or other modification of the ABL Documents solely in order to implement (a) the addition of certain Non-US Loan Parties and related Dollar or non-Dollar
denominated credit facilities (the “Offshore Facilities”) and (b) the granting of Liens in favor of the ABL Secured Parties on certain assets of the Non-US Obligors and/or the ABL Loan Parties as security for the
Offshore Facilities in connection therewith, such refinancing to include the addition of terms and provisions and additional loan documentation for the Non-US Obligors and the Offshore Facilities customary for multicurrency cross-border credit
agreements generally in connection therewith and the additional Liens in support thereof; provided that (i) such Offshore Facilities Refinancing shall be consummated no later than the 12-month anniversary of the date hereof, and (ii) any
amendments or modifications to the ABL Documents contained in such Offshore Facilities Refinancing shall be permitted under Section 6.11(b)(ii) of the Term Credit Agreement except (with respect to clause (z) thereof) to the extent of
additional covenants and events of default applying only to Non-US Obligors or the Offshore Facilities. 
 “Patents”
means, with respect to any Person, all of such Person’s right, title, and interest in and to: (a) any and all patents and patent applications; (b) all inventions and improvements described and claimed therein; (c) all reissues,
divisions, continuations, renewals, extensions, and continuations-in-part thereof; (d) all income, royalties, damages, claims, and payments now or hereafter due or payable under and with respect thereto, including, without limitation, damages
and payments for past and future infringements thereof; (e) all rights to sue for past, present, and future infringements thereof; and (f) all rights corresponding to any of the foregoing throughout the world. 

“Person” shall mean an individual, partnership, corporation, limited liability company, unlimited liability company,
business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature. 

“Pledged Shares” shall mean any Equity Interests of, or other equity interests in, any Loan Party, any Subsidiary
thereof or any other Person, to the extent, in each case, constituting part of the Collateral. 
 “Priority
Collateral” shall mean the ABL Priority Collateral or the Term Priority Collateral, as applicable. 

  
 10 

 “Proceeds” shall mean (a) all “proceeds,” as defined in
Article 9 of the Uniform Commercial Code, with respect to the Collateral, and (b) whatever is recoverable or recovered when any Collateral is sold, exchanged, collected, or disposed of, whether voluntarily or involuntarily. 

“Property” shall mean any interest in any kind of property or asset, whether real, personal or mixed, or tangible or
intangible. 
 “Purchasing ABL Secured Parties” shall have the meaning set forth in Section 5.4(a)(ii). 

“Purchasing Term Secured Parties” shall have the meaning set forth in Section 5.4(a)(i). 

“Real Property” means any right, title or interest in and to real property, including any fee interest, leasehold
interest, easement, or license and any other right to use or occupy real property, including any right arising by contract. 

“Secured Bank Product Obligations” shall have the meaning assigned to such term in the ABL Credit Agreement. 

“Secured Parties” shall mean the ABL Secured Parties and the Term Secured Parties. 

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company, unlimited
liability company or other business entity of which a majority of the shares of Equity Interests having ordinary voting power for the election of directors or other governing body are at the time beneficially owned, or the management of which is
otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or
Subsidiaries of a Loan Party. 
 “Term Agent” shall mean (a) in the case of the Term Loan Credit Agreement, the
Initial Term Agent and (b) in the case of any Additional Term Obligations and the Additional Term Secured Parties thereunder the trustee, security trustee, administrative agent, collateral agent, security agent or similar agent under such
Additional Term Obligations that is named as the Term Agent in respect of such Additional Term Obligations in the applicable Additional Term Joinder, and shall, in each case include any successor thereto. 

“Term Collateral Documents” shall mean the Security Documents (as defined in the Term Loan Credit Agreement) and all
security agreements, pledge agreements, hypothecs, charges, debentures, bailment agreements, account control agreements, freight forwarder and/or customs broker’s agreements, collateral access agreements, mortgages, deeds of trust and other
collateral documents executed and delivered in connection with the Term Loan Credit Agreement, in each case as Amended or Refinanced or otherwise modified from time to time in accordance with the terms hereof and thereof. 

“Term Collateral Proceeds Account” shall mean the deposit account identified in writing to the ABL Agent from time to
time in the name of any Term Agent or the Company which contains (or was established to contain) only Proceeds of Term Priority Collateral. 

“Term DIP Financing” shall have the meaning set forth in Section 6.1(b). 

“Term Documents” shall mean the Term Loan Credit Agreement, the Term Guaranty, the Additional Term Documents, the Term
Collateral Documents and those other ancillary agreements to which any Term Secured Party is a party or beneficiary and all other agreements, instruments, documents and certificates, now or hereafter executed by or on behalf of any Term Loan Party
or any of its respective 

  
 11 

 
Affiliates, and delivered to the applicable Term Agent or any other Term Secured Party, in connection with any of the foregoing or any Term Loan Credit Agreement, Term Guaranty, any Additional
Term Documents or the Term Collateral Documents, in each case as the same may be Amended or Refinanced or otherwise modified from time to time in accordance with the terms hereof and thereof. 

“Term Guarantors” shall mean the collective reference to each Subsidiary of the Term Loan Borrower who is or becomes a
guarantor under the Term Guaranty with respect to the Term Loan Borrower’s Term Obligations. 
 “Term Guaranty”
shall mean the collective reference to the guaranty agreements, if any, entered into by the Term Guarantors and any other guarantee of the Term Obligations entered into in connection with an Amendment or Refinancing of the Term Loan Credit Agreement
or any Additional Term Debt Facility, as applicable, whether by the same or any other agent, lender or group of lenders. 
 “Term
Lenders” shall have the meaning assigned to that term in the introduction to this Agreement, as well as any Person which is a “lender” under any Term Loan Credit Agreement or any Additional Term Document. 

“Term Loan Credit Agreement” shall have the meaning assigned to such term in the recitals to this Agreement and any
other agreements, indentures or facilities which Amend or Refinance all or any portion of the Term Obligations under any then extant Term Loan Credit Agreement (including, without limitation, under any agreement with respect to Term DIP Financing
provided by any or all of the Term Secured Parties, including any use, whether consensual or non-consensual, of cash collateral constituting the Proceeds of the Term Priority Collateral), whether by the same or any other agent, lender or group of
lenders; provided that at the time of any refinancing or replacement of the then extant Term Loan Credit Agreement, the Company shall have delivered to the ABL Agent an officer’s certificate certifying that such refinancing or
replacement Term Loan Credit Agreement is permitted to be incurred under the ABL Credit Agreement. 
 “Term Loan
Borrower” shall have the meaning assigned to that term in the recitals to this Agreement. 
 “Term Loan
Parties” shall have the meaning assigned to that term in the recitals to this Agreement. 
 “Term
Obligations” shall mean all obligations of every nature of each Term Loan Party from time to time owed to the Term Secured Parties, or any of them, under any Term Document (including any Additional Term Document), including, without
limitation, all “Obligations” of each Term Loan Party or similar term as defined in any Term Document, whether for principal, interest, fees, expenses, indemnification or otherwise, and all other amounts owing or due under the terms of the
Term Documents (including interest, fees, indemnification payments, expense reimbursements and other amounts which, but for the filing of an Insolvency Proceeding with respect to such Term Loan Party, would have accrued on or been payable with
respect to any Term Obligation, whether or not a claim is allowed or allowable against such Term Loan Party for such interest, fees, indemnification payments, expense reimbursements and other amounts in the related Insolvency Proceeding), as the
same may be Amended or Refinanced in whole or in part or otherwise modified from time to time in accordance with the terms hereof and thereof. 

“Term Priority Collateral” shall mean all Collateral, other than ABL Priority Collateral, including the following:

 (1) Pledged Shares; 

  
 12 

 (2) Equipment; 

(3) Intellectual Property; 

(4) Real Property; 

(5) Payment intangibles of, and promissory notes in favor of, any Term Loan Party (other than payments in respect of business
interruption insurance constituting ABL Priority Collateral); 
 (6) all Goods other than Inventory; 

(7) General intangibles, including goodwill, not constituting ABL Priority Collateral; 

(8) the Term Collateral Proceeds Account; provided, however, that to the extent that identifiable Proceeds of ABL Priority
Collateral are deposited into such account, any such identifiable Proceeds shall be treated as ABL Priority Collateral; (9) all specifically identifiable Proceeds of Term Priority Collateral contained in any Deposit Account (other than the Term
Collateral Proceeds Account), Securities Account or Commodity Account; 
 (10) tax refunds or rebates; 

(11) all Documents, Instruments, Chattel Paper (including Tangible Chattel Paper and Electronic Chattel Paper), Letters of
Credit Rights, Commercial Tort Claims, and books and Records, in each case relating to the items referred to in the preceding clauses (including all books, databases, and Records, whether tangible or electronic, which contain any information
relating to any of the items referred to in the preceding clauses); 
 (12) to the extent not otherwise included, all
Proceeds (including all insurance proceeds), Supporting Obligations and products of any of the foregoing described in clauses (1) through (11) and all collateral security and guarantees with respect to any of the foregoing; and 

(13) all other Collateral other than ABL Priority Collateral. 

“Term Recovery” shall have the meaning set forth in Section 5.3(b). 

“Term Secured Parties” shall mean each Term Agent, all Term Lenders and Additional Term Secured Parties. 

“Term Standstill Period” shall have the meaning set forth in Section 2.3(a). 

“Trademarks” means, with respect to any Person, all of such Person’s right, title, and interest in and to the
following: (a) all trademarks (including service marks), trade names, trade dress, and trade styles and the registrations and applications for registration thereof and the goodwill of the business symbolized by the foregoing; (b) all
licenses of the foregoing, whether as licensee or licensor; (c) all renewals of the foregoing; (d) all income, royalties, damages, and payments now or hereafter due or payable with respect thereto, including, without limitation, damages,
claims, and payments for past and future infringements thereof; (e) all rights to sue for past, present, and future infringements of the foregoing, including the right to settle suits involving claims and demands for royalties owing; and
(f) all rights corresponding to any of the foregoing throughout the world. 

  
 13 

 “Uniform Commercial Code” shall mean the Uniform Commercial Code as the
same may, from time to time, be in effect in the State of New York; provided that to the extent that the Uniform Commercial Code is used to define any term in any security document and such term is defined differently in differing Articles of
the Uniform Commercial Code, the definition of such term contained in Article 9 shall govern; provided further that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, publication or
priority of, or remedies with respect to, Liens of any party is governed by the Uniform Commercial Code or foreign personal property security laws as enacted and in effect in a jurisdiction other than the State of New York, the term “Uniform
Commercial Code” will mean the Uniform Commercial Code or such foreign personal property security laws as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection,
priority or remedies and for purposes of definitions related to such provisions. 
 “Use Period”
means, with respect to each parcel or item of Term Priority Collateral, the period, following the commencement of any Exercise of Any Secured Creditor Remedies, which begins on the earlier of (a) the day on which the ABL Agent provides the Term
Agent with the notice of its election to request access to such parcel or item of Term Priority Collateral pursuant to Section 3.5(b) and (b) the fifth Business Day after the Term Agent provides the ABL Agent with notice that the Term
Agent (or its agent) has obtained possession or control of such parcel or item of Term Priority Collateral and ends on the earliest of (i) the day which is 180 days after the date on which the ABL Agent initially obtains the ability to take
physical possession of, remove or otherwise control physical access to, or actually uses, such parcel or item of Term Priority Collateral, plus such number of days, if any, during such 180 day period that it is stayed or otherwise prohibited by law
or court order from exercising remedies with respect to associated ABL Priority Collateral, (ii) the date on which (A) all or substantially all of the ABL Priority Collateral associated with such parcel or item of Term Priority Collateral
is sold, collected or liquidated or (B) the ABL Agent has abandoned the ABL Priority Collateral at such parcel or permanently ceases efforts to liquidate, complete, sell, prepare for sale, store or otherwise exercise the rights provided under
Section 3.5(b) with respect to the ABL Priority Collateral with respect to any item or parcel of Term Priority Collateral and confirms in writing such facts to the Term Agent (or fails to respond within ten (10) Business Days to a written
request from a Term Agent to so confirm) or, (iii) the Discharge of ABL Obligations and (iv) the date on which the default which resulted in such Exercise of Any Secured Creditor Remedies has been waived in writing. 

Section 1.3 Rules of Construction. Unless the context of this Agreement clearly requires otherwise, references to the
plural include the singular, references to the singular include the plural, the term “including” is not limiting and shall be deemed to be followed by the phrase “without limitation,” and the term “or” has, except where
otherwise indicated, the inclusive meaning represented by the phrase “and/or.” The words “hereof,” “herein,” “hereby,” “hereunder,” and similar terms in this Agreement refer to this Agreement as a
whole and not to any particular provision of this Agreement. Article, section, subsection, clause, schedule and exhibit references herein are to this Agreement unless otherwise specified. Any reference in this Agreement to any agreement, instrument,
or document shall include all alterations, Amendments or Refinancings, changes, restatements, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements thereto and thereof, as applicable (subject to any restrictions
on such alterations, Amendments and Refinancings, changes, restatements, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements set forth herein). Any reference herein to any Person shall be construed to include
such Person’s successors and assigns. Any reference herein to the repayment in full of an obligation shall mean the payment in full in cash of such obligation, or in such other manner as may be approved in writing by the requisite holders or

  
 14 

 
representatives in respect of such obligation. Any reference herein to a time of day means Eastern time. Any term referenced herein by cross-reference to a defined term in the ABL Credit
Agreement shall be deemed to be a cross-reference to a defined term in the ABL Credit Agreement or the same or comparable term in any other ABL Credit Agreement. Any term referenced herein by cross-reference to a defined term in the Term Loan Credit
Agreement shall be deemed to be a cross-reference to a defined term in the Term Loan Credit Agreement or the same or comparable term in any other Term Loan Credit Agreement. 

ARTICLE 2 
 LIEN
PRIORITY 
 Section 2.1 Priority of Liens. 

(a) Notwithstanding (i) the date, time, method, manner, or order of grant, attachment, or perfection of, or any defect or deficiency in,
or failure to perfect, any Liens granted to the ABL Secured Parties in respect of all or any portion of the Collateral or any Liens granted to the Term Secured Parties in respect of all or any portion of the Collateral and regardless of how any such
Lien was acquired (whether by grant, statute, operation of law, subrogation or otherwise), (ii) the order or time of filing or recordation of any document or instrument for perfecting the Liens in favor of the ABL Agent for the benefit of the
ABL Secured Parties or any Term Agent for the benefit of the Term Secured Parties in any Collateral, (iii) any provision of the Uniform Commercial Code, Debtor Relief Laws or any other applicable law, or of the ABL Documents or the Term
Documents, (iv) whether the ABL Agent or any Term Agent, in each case, either directly or through agents, holds possession of, or has control over, all or any part of the Collateral, (v) the date on which the ABL Obligations or the Term
Obligations are advanced or made available to the Loan Parties, or (vi) any failure of the ABL Agent or any Term Agent to perfect its Lien in the Collateral, the subordination of any Lien on the Collateral securing any ABL Obligations or Term
Obligations, as applicable, to any Lien securing any other obligation of any Borrower or Term Guarantor, or the avoidance, invalidation or lapse of any Lien on the Collateral securing any ABL Obligations or Term Obligations, the ABL Agent, on behalf
of itself and the ABL Secured Parties, and each Term Agent, on behalf of itself and the applicable Term Secured Parties, hereby agree that the following priorities apply to the Liens upon and right to payment from Proceeds of the ABL Priority
Collateral and the Term Priority Collateral: 
 (1) any Lien on the ABL Priority Collateral securing any ABL Obligations now
or hereafter held by or on behalf of the ABL Agent or any ABL Secured Party or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be senior in all
respects and prior to any Lien now or hereafter held by any Term Secured Party on the ABL Priority Collateral securing any Term Obligations; and 

(2) any Lien on the Term Priority Collateral securing any Term Obligations now or hereafter held by or on behalf of any Term
Agent, any Term Secured Party or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be senior in all respects and prior to any Liens now or hereafter
held by the ABL Secured Parties on the Term Priority Collateral securing any ABL Obligations. 
 (b) Each Term Agent, for and on behalf of
itself and the applicable Term Secured Parties, acknowledges and agrees that, concurrently herewith, the ABL Agent, for the benefit of itself and the other ABL Secured Parties, has been, or may be, granted Liens upon all of the Term Priority
Collateral and each Term Agent hereby consents thereto. The ABL Agent, for and on behalf of itself and the ABL Secured Parties, acknowledges and agrees that, concurrently herewith, each Term Agent, for the 

  
 15 

 
benefit of itself and the other Term Secured Parties represented by it, has been, or may be, granted Liens upon all of the ABL Priority Collateral and the ABL Agent hereby consents thereto. The
subordination of Liens by the Term Agent and the ABL Agent in favor of one another as set forth herein shall not be deemed to subordinate any Term Agent’s Liens or the ABL Agent’s Liens to the Liens of any other Person. 

Section 2.2 Waiver of Right to Contest Liens. 

(a) Each Term Agent, for and on behalf of itself and the applicable Term Secured Parties, agrees that it and they shall not (and hereby waives
any right to) take any action to contest or challenge (or assist or support any other Person in contesting or challenging), directly or indirectly, whether or not in any proceeding (including in any Insolvency Proceeding), the validity, priority,
enforceability, or perfection of the Liens of the ABL Agent and the ABL Secured Parties in respect of the Collateral or the provisions of this Agreement. Each Term Agent, for itself and on behalf of the applicable Term Secured Parties, agrees that
none of the Term Agents or the Term Secured Parties will take any action that would interfere with any Exercise of Secured Creditor Remedies undertaken by the ABL Agent or any ABL Secured Party under the ABL Documents with respect to the ABL
Priority Collateral. Each Term Agent, for itself and on behalf of the applicable Term Secured Parties, hereby waives any and all rights it or the Term Secured Parties may have as a junior lien creditor or otherwise to contest, protest, object to, or
interfere with the manner in which the ABL Agent or any ABL Lender seeks to enforce its Liens in any ABL Priority Collateral. The foregoing shall not be construed to prohibit any Term Agent from enforcing the provisions of this Agreement or
otherwise acting in accordance with this Agreement. 
 (b) The ABL Agent, for and on behalf of itself and the ABL Secured Parties, agrees
that it shall not (and hereby waives any right to) take any action to contest or challenge (or assist or support any other Person in contesting or challenging), directly or indirectly, whether or not in any proceeding (including in any Insolvency
Proceeding), the validity, priority, enforceability, or perfection of the Liens of any Term Agent or any Term Secured Parties in respect of the Collateral or the provisions of this Agreement. Except to the extent expressly set forth in
Section 3.5 of this Agreement, the ABL Agent, for itself and on behalf of the ABL Secured Parties, agrees that none of the ABL Agent or the ABL Secured Parties will take any action that would interfere with any Exercise of Secured Creditor
Remedies undertaken by any Term Agent under the Term Documents with respect to the Term Priority Collateral. The ABL Agent, for itself and on behalf of the ABL Secured Parties, hereby waives any and all rights it or the ABL Secured Parties may have
as a junior lien creditor or otherwise to contest, protest, object to, or interfere with the manner in which any Term Agent seeks to enforce its Liens in any Term Priority Collateral. The foregoing shall not be construed to prohibit the ABL Agent
from enforcing the provisions of this Agreement or otherwise acting in accordance with this Agreement. 
 Section 2.3 Remedies
Standstill. 
 (a) Each Term Agent, on behalf of itself and the applicable Term Secured Parties, agrees that, from the date hereof
until the date upon which the Discharge of ABL Obligations shall have occurred, each Term Agent shall not nor shall any Term Secured Party represented by it Exercise Any Secured Creditor Remedies with respect to any of the ABL Priority Collateral;
provided, however, that the Designated Term Agent or any person authorized by it may Exercise Any Secured Creditor Remedies with respect to any ABL Priority Collateral (but not rights the exercise of which is otherwise prohibited by
this Agreement including Article 6 hereof) after a period (the “Term Standstill Period”) of 180 consecutive days has elapsed from the date of delivery of written notice from the Designated Term Agent to the ABL Agent stating
that (i) an Event of Default (as defined under the applicable Term Documents for which it is acting as a Term Agent) has occurred and is continuing thereunder, (ii) the Term 

  
 16 

 
Obligations under such Term Documents for which it is acting as a Term Agent are currently due and payable in full (whether as a result of acceleration thereof or otherwise) in accordance with
the terms of such Term Documents, and (iii) the Designated Term Agent intends to exercise its rights to the Exercise of Secured Creditor Remedies; provided, further, that the Term Agents shall not be entitled to Exercise Any
Secured Creditor Remedies with respect to any ABL Priority Collateral in the event (x) the ABL Agent or any ABL Secured Parties are then diligently pursuing their rights and remedies with respect to all or a material portion of the ABL Priority
Collateral or diligently attempting to vacate any stay or prohibition against such exercise or (y) a Loan Party is then a debtor under or with respect to (or otherwise subject to) any Insolvency Proceeding. From and after the date that is the
earlier of (x) the date upon which the Discharge of ABL Obligations shall have occurred and (y) the date the Term Standstill Period shall have expired (subject to the second proviso in the preceding sentence), any Term Agent or any Term
Secured Party may Exercise Any Secured Creditor Remedies under the Term Documents or applicable law as to any ABL Priority Collateral; provided, however, that any Exercise of Secured Creditor Remedies with respect to any ABL Priority
Collateral by any Term Agent or the Term Secured Parties is at all times subject to the provisions of this Agreement, including the provisions of Section 4.1. 

(b) The ABL Agent, on behalf of itself and the ABL Secured Parties, agrees that, from the date hereof until the date upon which the Discharge
of Term Obligations shall have occurred, neither the ABL Agent nor any ABL Secured Party will Exercise Any Secured Creditor Remedies with respect to any of the Term Priority Collateral; provided, however, that the ABL Agent may
Exercise Any Secured Creditor Remedies with respect to any Term Priority Collateral (but not rights the exercise of which is otherwise prohibited by this Agreement including Article 6 hereof) after a period (the “ABL Standstill
Period”) of 180 consecutive days has elapsed from the date of delivery of written notice from the ABL Agent to each Term Agent stating that (i) an Event of Default (as defined under the applicable ABL Documents) has occurred and is
continuing thereunder, (ii) the ABL Obligations under such ABL Documents are currently due and payable in full (whether as a result of acceleration thereof or otherwise) in accordance with the terms of such ABL Documents, and (iii) the ABL
Agent intends to exercise its rights to the Exercise of Secured Creditor Remedies; provided, further, that the ABL Agent shall not be entitled to Exercise Any Secured Creditor Remedies with respect to any Term Priority Collateral in
the event (x) any Term Agent or any Term Secured Parties are then diligently pursuing their rights and remedies with respect to all or a material portion of the Term Priority Collateral or diligently attempting to vacate any stay or prohibition
against such exercise or (y) a Loan Party is then a debtor under or with respect to (or otherwise subject to ) any Insolvency Proceeding. From and after the date that is the earlier of (x) the date upon which the Discharge of Term
Obligations shall have occurred and (y) the date the ABL Standstill Period shall have expired (subject to the second proviso in the preceding sentence), the ABL Agent or any ABL Secured Party may Exercise Any Secured Creditor Remedies under the
ABL Documents or applicable law as to any Term Priority Collateral; provided, however, that any Exercise of Secured Creditor Remedies with respect to any Term Priority Collateral by the ABL Agent or the ABL Secured Parties is at all
times subject to the provisions of this Agreement, including the provisions of Section 4.1. 
 (c) Notwithstanding the provisions of
Sections 2.3(a), 2.3(b) or any other provision of this Agreement, nothing contained herein shall be construed to prevent any Agent or any Secured Party from (i) filing a claim or statement of interest with respect to the ABL Obligations or Term
Obligations owed to it in any Insolvency Proceeding commenced by or against any Loan Party, (ii) taking any action (not adverse to the Lien Priority of the Liens of the other Agent or other Secured Parties on the Collateral in which such other
Agent or other Secured Party has a priority Lien or the rights of the other Agent or any of the other Secured Parties to Exercise Any Secured Creditor Remedies in respect thereof) in order to create, perfect, preserve or protect (but not enforce)
its Lien on any Collateral, (iii) filing any necessary or responsive pleadings in opposition to any motion, adversary proceeding or other pleading filed by any 

  
 17 

 
Person objecting to or otherwise seeking disallowance of the claim or Lien of such Agent or Secured Party, (iv) filing any pleadings, objections, motions, or agreements which assert rights
available to unsecured creditors of the Loan Parties arising under any Insolvency Proceeding or applicable non-bankruptcy law to the extent not inconsistent with the terms of this Agreement, (v) Subject to Section 6.11, voting on any
plan of reorganization or filing any proof of claim in any Insolvency Proceeding of any Loan Party, or (vi) bidding for and purchasing Collateral at any private or judicial foreclosure sale of such Collateral initiated by the applicable Agent
(so long as such bid is subject to the limitations on credit bidding set forth in Section 6.4(a) and Section 6.4(b)), in each case (i) through (vi) above to the extent not inconsistent with the terms of this
Agreement. 
 Section 2.4 Exercise of Rights. 

(a) No Other Restrictions. The ABL Agent may enforce the provisions of the ABL Documents, each Term Agent may enforce the provisions of
the applicable Term Documents and each may Exercise Any Secured Creditor Remedies, all in such order and in such manner as each may determine in the exercise of its sole discretion, consistent with the terms of this Agreement; provided,
however, that each of the ABL Agent and each Term Agent agrees to provide to the other (x) an Enforcement Notice prior to the commencement of an Exercise of Secured Creditor Remedies and (y) copies of any notices that it is required
under applicable law to deliver to any Loan Party; provided further, however, that the ABL Agent’ failure to provide any such copies to each Term Agent shall not impair any of the ABL Agent’ rights hereunder or under
any of the ABL Documents and any Term Agent’s failure to provide any such copies to the ABL Agent shall not impair any of such Term Agent’s rights hereunder or under any of the applicable Term Documents. Each of the Term Agents (on behalf
of itself and the applicable Term Secured Parties) and the ABL Agent (on behalf of itself and the ABL Secured Parties) agrees (i) that it will not institute any suit or other proceeding or assert in any suit, Insolvency Proceeding or other
proceeding any claim, in the case of each of the Term Agents and the applicable Term Secured Parties, against the ABL Agent or any other ABL Secured Party, and in the case of the ABL Agent and each other ABL Secured Party, against the Term Agents or
any other Term Secured Party, seeking damages from or other relief by way of specific performance, instructions or otherwise, with respect to, any action taken or omitted to be taken by such Person with respect to the Collateral which is consistent
with the terms of this Agreement, and none of such parties shall be liable for any such action taken or omitted to be taken, or (ii) without the other Agent’s prior written consent, it will not be a petitioning creditor or otherwise assist
in the filing of an involuntary Insolvency Proceeding. 
 (b) Release of Liens. 

(i) In the event of (A) any private or public sale of all or any portion of the ABL Priority Collateral in connection with any Exercise
of Secured Creditor Remedies by the ABL Agent or any Disposition by the ABL Loan Parties with the consent of the ABL Agent while an Event of Default under the ABL Documents has occurred and is continuing (so long as the proceeds of such sale or
Disposition are applied in accordance with Section 4.1(b)), or (B) any sale, transfer or other Disposition of all or any portion of the ABL Priority Collateral (other than in connection with an Amendment or Refinancing as described
in Section 5.2(c)), so long as such sale, transfer or other Disposition is then permitted by the ABL Documents and the Term Documents or consented to by the requisite ABL Lenders and the requisite Term Lenders, as applicable, each Term
Agent agrees, on behalf of itself and the applicable Term Secured Parties that such sale, transfer or other Disposition will be free and clear of the Liens on such ABL Priority Collateral securing the applicable Term Obligations, and such Term
Agent’s and the applicable Term Secured Parties’ Liens with respect to the ABL Priority Collateral so sold, transferred, or disposed shall terminate and be automatically released without further action concurrently with, and to the same
extent as, the release of the ABL Secured Parties’ Liens on such ABL Priority Collateral; provided, that the Liens of the parties shall attach to the Proceeds of any such Disposition of 

  
 18 

 
the ABL Priority Collateral with the same relative priority as the Liens which attached to the ABL Priority Collateral so released. In furtherance of, and subject to, the foregoing, each Term
Agent agrees that it will promptly execute and deliver any and all Lien releases or other documents reasonably requested by the ABL Agent in connection therewith. 

(ii) In the event of (A) any private or public sale of all or any portion of the Term Priority Collateral in connection with any
Exercise of Secured Creditor Remedies by the Term Agent or any Disposition by the Term Loan Parties with the consent of the applicable Term Agent while an Event of Default under the Term Documents has occurred and is continuing (so long as the
proceeds of such sale or Disposition are applied in accordance with Section 4.1(c)), or (B) any sale, transfer or other Disposition of all or any portion of the Term Priority Collateral (other than in connection with an Amendment or
Refinancing as described in Section 5.2(c)), so long as such sale, transfer or other Disposition is then permitted by the applicable Term Documents and the ABL Documents or consented to by the requisite applicable Term Lenders and the
requisite ABL Lenders, as applicable, the ABL Agent agrees, on behalf of itself and the ABL Lenders, that such sale, transfer or Disposition will be free and clear of the Liens on such Term Priority Collateral securing the ABL Obligations and the
ABL Agent’ and the ABL Secured Parties’ Liens with respect to the Term Priority Collateral so sold, transferred, or disposed shall terminate and be automatically released without further action concurrently with, and to the same extent as,
the release of the applicable Term Secured Parties’ Liens on such Term Priority Collateral; provided, that the Liens of the parties shall attach to the Proceeds of any such Disposition of the Term Priority Collateral with the same
relative priority as the Liens which attached to the Term Priority Collateral so released. In furtherance of, and subject to, the foregoing, the ABL Agent agrees that it will promptly execute and deliver any and all Lien releases or other documents
reasonably requested by the applicable Term Agent in connection therewith. 
 Section 2.5 No New Liens. 

(a) Subject to Article 6, until the Discharge of ABL Obligations, and for so long as the Term Obligations are secured by any ABL Priority
Collateral, the parties hereto agree that no Loan Party shall grant any Lien on any assets of any Loan Party securing any Term Obligation which assets are not also subject to the Lien of the ABL Agent under the ABL Documents. If any Term Secured
Party shall nonetheless acquire or hold any Lien on any assets of any Loan Party securing any Term Obligation which assets are not also subject to the Lien of the ABL Agent under the ABL Documents, then the applicable Term Agent (or the relevant
Term Secured Party) shall, without the need for any further consent of any other Term Secured Party or any Term Loan Party and notwithstanding anything to the contrary in any other Term Document, be deemed to also hold and have held such Lien as
agent or bailee for the benefit of the ABL Agent as security for the ABL Obligations (subject to the Lien Priority and other terms hereof) and shall promptly notify the ABL Agent in writing of the existence of such Lien. 

(b) Subject to Article 6, until the Discharge of Term Obligations, and for so long as the ABL Obligations are secured by any Term Priority
Collateral, the parties hereto agree that no Loan Party shall grant any Lien on any of its assets securing any ABL Obligation which assets are not also subject to the Lien of each Term Agent under the applicable Term Documents; provided, that, the
foregoing shall not apply to any Non-US Loan Parties and no corresponding Liens, if any, on such assets or properties granted to secure the ABL Obligations will be required to be provided to secure the Term Obligations. If any ABL Secured Party
shall nonetheless acquire or hold any Lien on any assets of any such Loan Party securing any ABL Obligation which assets are not also subject to the Lien of each Term Agent under the applicable Term Documents, then the ABL Agent (or the relevant ABL
Secured Party) shall, without the need for any further consent of any other ABL Secured Party or any ABL Loan Party and notwithstanding anything to the contrary in any other ABL Document, be deemed to also hold and have held such Lien as agent or
bailee for the benefit of each Term Agent as security for the Term Obligations (subject to the Lien Priority and other terms hereof) and shall promptly notify each Term Agent in writing of the existence of such Lien. 

  
 19 

 (c) Each Term Agent on behalf of the Term Secured Parties acknowledges and agrees that ABL Agent
and ABL Secured Parties may obtain Liens on certain of the assets of Non-US Loan Parties (including Equity Interests owned by such Non-US Loan Parties) which assets do not constitute Collateral for purposes of this Agreement. 

Section 2.6 Waiver of Marshalling. 

(a) Until the Discharge of ABL Obligations, each Term Agent, on behalf of itself and the applicable Term Secured Parties, agrees not to assert
and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of, any marshalling, appraisal, valuation or other similar right that may otherwise be available under
applicable law with respect to the ABL Priority Collateral or any other similar rights a junior secured creditor may have under applicable law. 

(b) Until the Discharge of Term Obligations, the ABL Agent, on behalf of itself and the ABL Secured Parties, agrees not to assert and hereby
waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of, any marshalling, appraisal, valuation or other similar right that may otherwise be available under applicable
law with respect to the Term Priority Collateral or any other similar rights a junior secured creditor may have under applicable law. 

ARTICLE 3 
 ACTIONS OF
THE PARTIES 
 Section 3.1 Certain Actions Permitted. Each Term Agent and the ABL Agent may make such demands or
file such claims in respect of the Term Obligations or the ABL Obligations, as applicable, as are necessary to prevent the waiver or bar of such claims under applicable statutes of limitations or other statutes, court orders, or rules of procedure
at any time; provided that any judgment lien obtained in connection with such action shall be subject to the terms of this Agreement. 

Section 3.2 Agent for Perfection. 

(a) The ABL Agent, for and on behalf of itself and each ABL Secured Party, and each Term Agent, for and on behalf of itself and each applicable
Term Secured Party, as applicable, each agrees to hold all Collateral in its respective possession, custody, or control (including as defined in Sections 9-104, 9-105, 9-106, 9-107 and 8-106 of the UCC) (or in the possession, custody, or control of
agents or bailees for either) as agent for each other Agent solely for the purpose of perfecting the security interest granted to each in such Collateral, subject to the terms and conditions of this Section 3.2. The ABL Agent agrees to act as
agent of each Term Agent for and on behalf of itself and each applicable Term Secured Party under each ABL Deposit and Security Account solely for the purpose of perfection of each applicable Term Secured Parties’ security interest therein. In
furtherance thereof, (i) each Term Agent and the Term Secured Parties hereby appoint the ABL Agent as their agent for the purposes of perfecting their security interest in all ABL Deposit and Security Accounts of any ABL Loan Party and the ABL
Agent hereby accepts such appointment and acknowledges and agrees that it shall act for the benefit of each Term Agent and the other Term Secured Parties under each control agreement and (ii) each ABL Loan Party hereby grants a security
interest to the ABL Agent for the benefit of the Term Secured Parties in all ABL Deposit and Security Accounts as security for the Term Obligations. The Term Agent agrees to act as agent of the ABL Agent for and on behalf of itself and each ABL
Secured 

  
 20 

 
Party under the Term Collateral Proceeds Account solely for the purpose of perfection of each applicable ABL Secured Parties’ security interest therein. In furtherance thereof, (i) the
ABL Agent and the ABL Secured Parties hereby appoint the Term Agent as their agent for the purposes of perfecting their security interest in the Term Collateral Proceeds Account and the Term Agent hereby accepts such appointment and acknowledges and
agrees that it shall act for the benefit of the ABL Agent and the other ABL Secured Parties under each control agreement and (ii) each Term Loan Party hereby grants a security interest to the Term Agent for the benefit of the ABL Secured
Parties in the Term Collateral Proceeds Account as security for the ABL Obligations. None of the ABL Agent, the other ABL Secured Parties, the Term Agents, or the other Term Secured Parties, as applicable, shall have any obligation whatsoever to the
others to assure that the Collateral is genuine or owned by any Loan Party or any other Person or to preserve rights or benefits of any Person. The duties or responsibilities of the ABL Agent and each Term Agent under this Section 3.2 are and
shall be limited solely to holding or maintaining control of the Control Collateral as agent for the other party for purposes of perfecting the Lien held by each Term Agent or the ABL Agent, as applicable. The ABL Agent is not and shall not be
deemed to be a fiduciary of any kind for the Term Secured Parties or any other Person. Each Term Agent is not and shall not be deemed to be a fiduciary of any kind for the ABL Secured Parties, or any other Person. Each Agent, for itself and on
behalf of each Secured Party represented by it, hereby waives and releases each other Agent from all claims and liabilities arising pursuant to its role under this Section 3.2 as agent and bailee with respect to the Collateral. Without limiting
the generality of the foregoing, (A) other than as set forth in Section 3.6(b), the ABL Secured Parties shall not be obligated to ensure or otherwise see to the application of any Proceeds of the Term Priority Collateral deposited into any
ABL Deposit and Security Account or be answerable in any way for the misapplication thereof and (B) other than as set forth in Section 3.6(c), the Term Secured Parties shall not be obligated to ensure or otherwise see to the application of
any Proceeds of the ABL Priority Collateral deposited into the Term Collateral Proceeds Account or be answerable in any way for the misapplication thereof. 

(b) The ABL Agent agrees on behalf of itself and the other ABL Secured Parties that all mortgages, deeds of trust, deeds and similar
instruments (collectively, “mortgages”) now or thereafter filed against Real Property in favor of or for the benefit of the ABL Agent shall contain the following notation: “The lien created by this mortgage on the property described
herein is junior and subordinate to the lien on such property created by any mortgage, deed of trust or similar instrument now or hereafter granted to JPMorgan Chase Bank, N.A., as Term Agent, in accordance with the provisions of the Intercreditor
Agreement dated as of [            ], 2015, as amended from time to time.” 

Section 3.3 Insurance. Proceeds of Collateral include insurance proceeds and, therefore, the Lien Priority shall govern the
ultimate disposition of casualty insurance proceeds. The ABL Agent and each Term Agent shall each be named as additional insured or lender loss payee, as applicable, with respect to all insurance policies relating to the Collateral as set forth in
the ABL Credit Agreement or any Term Loan Credit Agreement, as applicable. Until Discharge of ABL Obligations, the ABL Agent shall have the sole and exclusive right, as against each Term Agent, to adjust settlement of insurance claims in the event
of any covered loss, theft or destruction of ABL Priority Collateral and take other such actions with respect to insurance covering the ABL Priority Collateral as set forth in the ABL Credit Agreement. Until Discharge of the Term Obligations, the
Term Agents shall have the sole and exclusive right, as against the ABL Agent, to adjust settlement of insurance claims in the event of any covered loss, theft or destruction of Term Priority Collateral and take other such actions with respect to
insurance covering the Term Priority Collateral as set forth in the Term Documents. To the extent that an insured claim covers both ABL Priority Collateral and Term Priority Collateral, then the ABL Agent and each Term Agent will work jointly and in
good faith to collect, adjust and/or settle under the insurance policy, as applicable. If the parties are unable after negotiating in good faith to agree on the collection, adjustment or settlement for such claim and the insurer will not settle such
claim separately with respect to ABL Priority Collateral 

  
 21 

 and Term Priority Collateral, either party may apply to a court of competent jurisdiction to make a determination
as to the settlement of such claim, and the court’s determination shall be binding upon the parties. All proceeds of such insurance shall be remitted to the ABL Agent or the Designated Term Agent, as the case may be, and each of the Term Agents
and ABL Agent shall cooperate (if necessary) in a reasonable manner in effecting the payment of insurance proceeds in accordance with Section 4.1 hereof. 

Section 3.4 No Additional Rights For the Loan Parties Hereunder. If any ABL Secured Party or Term Secured Party shall
enforce its rights or remedies in violation of the terms of this Agreement, the Loan Parties shall not be entitled to use such violation as a defense to any action by any ABL Secured Party or Term Secured Party, nor to assert such violation as a
counterclaim or basis for set off or recoupment against any ABL Secured Party or Term Secured Party. 
 Section 3.5 Inspection
and Access Rights. 
 (a) In the event that the ABL Agent shall, in the exercise of its rights under the ABL Documents or otherwise,
receive possession or control of any books and Records of any Loan Party which contain information identifying or pertaining to the Term Priority Collateral, the ABL Agent shall, upon request from the Term Agent and as promptly as practicable
thereafter, either make available to the Term Agent such books and records for inspection and duplication or provide to the Term Agent copies thereof. In the event that the Term Agent shall, in the exercise of its rights under the Term Documents or
otherwise, receive possession or control of any books and records of any Loan Party which contain information identifying or pertaining to any of the ABL Priority Collateral, the Term Agent shall, upon request from the ABL Agent and as promptly as
practicable thereafter, either make available to the ABL Agent such books and records for inspection and duplication or provide the ABL Agent copies thereof. The Term Agent hereby irrevocably grants the ABL Agent a non-exclusive worldwide license
and/or right, to the maximum extent permitted by applicable law, exercisable without payment of royalty or other compensation, to use, license or sublicense any of the Intellectual Property (including the right to access to all media in which any of
the Intellectual Property may be recorded or stored and to all computer software and programs used for the compilation or printout thereof) now or hereafter owned by, licensed to, or otherwise used by the Loan Parties in order for ABL Agent and ABL
Secured Parties to purchase, use, market, repossess, possess, store, assemble, manufacture, process, sell, transfer, distribute or otherwise Dispose of any asset included in the ABL Priority Collateral in connection with liquidation, Disposition or
Realization upon the ABL Priority Collateral in accordance with the terms of this Agreement. The Term Agent agrees that any sale, transfer or other disposition of any of the Loan Parties’ Intellectual Property (whether by foreclosure or
otherwise) will be subject to the ABL Agent’s rights as set forth in this Section 3.5. 
 (b) If the Term Agent, or any
agent or representative of the Term Agent, or any receiver, shall, after the commencement of any Exercise of Any Secured Creditor Remedies, obtain possession or physical control of any of the Term Priority Collateral, the Term Agent shall promptly
notify the ABL Agent in writing of that fact, and the ABL Agent shall, within ten Business Days thereafter, notify the Term Agent in writing as to whether the ABL Agent desires to exercise access rights under this Agreement. In addition, the ABL
Agent shall promptly notify the Term Agent that the ABL Agent is exercising its access rights under this Agreement and its rights under Section 3.5 under either circumstance. Upon delivery of such notice by the ABL Agent to the Term
Agent, ABL Agent shall have (i) an irrevocable, non-exclusive right to have access to, and a rent-free right to use, the relevant parcel or item the Term Priority Collateral and (ii) the right during normal business hours during the Use
Period, and with reasonable prior notice, to use the Term Priority Collateral in order to assemble, inspect, copy or download information stored on, take action to perfect its Liens on, complete a production run of inventory, take possession of,
move, prepare and advertise for sale, sell (by public auction, private sale or 

  
 22 

 
a “going out of business” or similar sale, whether in bulk, in lots or to customers in the ordinary course of business or otherwise and which sale may include augmented Inventory of the
same type sold in any ABL Loan Party’s business), store or otherwise deal with the ABL Priority Collateral, in each case without liability to any Term Secured Party, except as set forth herein. Consistent with the definition of “Use
Period,” access rights will apply to differing parcels or items of Term Priority Collateral at differing times, in which case, a differing Use Period will apply to each such parcel or items. The Term Agents may not sell, assign or otherwise
transfer the related Term Priority Collateral prior to the expiration of the Use Period applicable thereto unless such sale, assignment or transfer is subject to the Agent’s rights of access pursuant to the terms of this Agreement (including
the Use Period afforded to the ABL Agent hereunder). 
 (c) The ABL Agent shall take proper and reasonable care under the circumstances of
any Term Priority Collateral that is used by the ABL Agent during the Use Period and repair and replace any damage (ordinary wear-and-tear excepted) caused by the ABL Agent or its agents, representatives or designees and the ABL Agent shall comply
with all applicable laws in all material respects in connection with its use or occupancy or possession of the Term Priority Collateral. The ABL Agent shall indemnify and hold harmless the Term Agent and the Term Secured Parties for any injury or
damage to Persons or property (ordinary wear-and-tear excepted) caused directly by the acts or omissions of Persons under its control and except for injury or damage arising from the gross negligence or willful misconduct of any Term Secured Party;
provided, however, that the ABL Agent and the ABL Secured Parties will not be liable for any diminution in the value of Term Priority Collateral caused by the absence of the ABL Priority Collateral therefrom. Notwithstanding the
foregoing, in no event shall the ABL Secured Parties or the ABL Agent have any liability to the Term Secured Parties and/or to any Term Agent pursuant to this Section 3.5 as a result of any condition (including any environmental condition,
claim or liability) on or with respect to the Term Priority Collateral existing prior to the date of the exercise by the ABL Secured Parties (or the ABL Agent, as the case may be) of their rights under this Section 3.5 and the ABL Secured
Parties shall have no duty or liability to maintain the Term Priority Collateral in a condition or manner better than that in which it was maintained prior to the use thereof by the ABL Secured Parties. The ABL Agent and the Term Agent shall
cooperate and use reasonable efforts to ensure that their activities during the Use Period as described in this Section 3.5 do not interfere materially with the activities of the other as described in this Section 3.5, including the right
of the Term Agent to show the Term Priority Collateral to prospective purchasers and to ready the Term Priority Collateral for sale. 

Section 3.6 Tracing of and Priorities in Proceeds. 

(a) The ABL Agent, for itself and on behalf of the ABL Secured Parties, and each Term Agent, for itself and on behalf of the applicable Term
Secured Parties, agree that prior to an issuance of any Enforcement Notice by such Secured Party, any Proceeds of Collateral, whether or not deposited under control agreements, which are used by any Loan Party to acquire other property which is
Collateral shall not (solely as between the Agents and the Lenders) be treated as Proceeds of Collateral for purposes of determining the relative priorities in the Collateral which was so acquired. 

(b) Notwithstanding anything to the contrary in this Agreement, each Term Agent on behalf of the Term Secured Parties agrees that, unless (and
only to the extent that) the ABL Agent has prior actual knowledge (as a result of written notice from a Term Agent or otherwise) that any deposit in, funds credited to or other payment into, any of the ABL Deposit and Security Accounts (other than
the Term Collateral Proceeds Account) include Term Priority Collateral or Proceeds thereof, such deposits or payments may be treated as ABL Priority Collateral and swept, applied and otherwise dealt with in accordance with the terms of the ABL
Documents. In accordance with the foregoing and the other terms of this Agreement, each ABL Secured Party shall segregate and pay over to the Term Agents upon written request after delivery of an Enforcement Notice by any Term Agent, in the same
form as received and 

  
 23 

 
with any necessary endorsements, all Term Priority Collateral and/or identifiable Proceeds of Term Priority Collateral contained in any ABL Deposit and Security Account (and the ABL Loan Parties
hereby authorize and direct the ABL Agent to pay over to the applicable Term Agent such amounts to the extent required hereunder). 
 (c)
Notwithstanding anything to the contrary in this Agreement, the ABL Agent on behalf of the ABL Secured Parties agrees that, unless (and only to the extent that) a Term Agent has prior actual knowledge (as a result of written notice from the ABL
Agent or otherwise) that any deposit in, funds credited to or other payment into, the Term Collateral Proceeds Account include ABL Priority Collateral or Proceeds thereof, such deposits or payments may be treated as Term Priority Collateral and
swept, applied and otherwise dealt with in accordance with the terms of the Term Documents. In accordance with the foregoing and the other terms of this Agreement, each Term Secured Party shall segregate and pay over to the ABL Agent upon written
request after delivery of an Enforcement Notice by the ABL Agent, in the same form as received and with any necessary endorsements, all ABL Priority Collateral and/or identifiable Proceeds of ABL Priority Collateral contained in the Term Collateral
Proceeds Account (and the Term Loan Parties hereby authorize and direct the Term ABL Agents to pay over to the ABL Agent such amounts to the extent required hereunder). 

Section 3.7 Payments Over. 

(a) So long as the Discharge of ABL Obligations has not occurred, any ABL Priority Collateral or Proceeds thereof not constituting Term
Priority Collateral received by any Term Agent or any Term Secured Parties in connection with any Exercise of Secured Creditor Remedies relating to the ABL Priority Collateral shall be segregated and held in trust and forthwith paid over to the ABL
Agent for the benefit of the ABL Secured Parties in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct. The ABL Agent is hereby authorized to make any such endorsements as agent
for any Term Agent or any such Term Secured Parties. This authorization is coupled with an interest and is irrevocable until such time as this Agreement is terminated in accordance with its terms. 

(b) So long as the Discharge of Term Obligations has not occurred, any Term Priority Collateral or Proceeds thereof not constituting ABL
Priority Collateral received by the ABL Agent or any other ABL Secured Party in connection with any Exercise of Secured Creditor Remedies relating to the Term Priority Collateral shall be segregated and held in trust and forthwith paid over to the
Designated Term Agent for the benefit of the Term Secured Parties in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct. The Designated Term Agent is hereby authorized to make any
such endorsements as agent for the ABL Agent or any such other ABL Secured Parties. This authorization is coupled with an interest and is irrevocable until such time as this Agreement is terminated in accordance with its terms. 

(c) Nothing in this Agreement shall prohibit the receipt by the ABL Agent or any Term Agent or any Secured Party of payments of interest,
principal and other amounts owed in respect of the ABL Obligations or the Term Obligations so long as such receipt is not the direct or indirect result of the Exercise of Any Secured Creditor Remedies by the ABL Agent or any Term Agent or any
Secured Party in contravention of this Agreement of any Lien held by any of them. 
 Section 3.8 Rights as Unsecured
Creditors. The Parties may, in accordance with the terms of the Term Documents or the ABL Documents (as applicable) and applicable law, enforce rights and exercise remedies against the Company and any other Loan Party as unsecured creditors so
long as such action is not prohibited by or inconsistent with the terms of this Agreement (including the limitations set forth in Article 6) or any other provisions prohibiting, limiting or restricting certain actions or objections 

  
 24 

 
by the Term Secured Parties or the ABL Secured Parties, as applicable; provided further that in the event any Party becomes a judgment Lien creditor in respect of any Collateral as a result of
its enforcement of its rights as an unsecured creditor with respect to any of its obligations, such judgment Lien shall be subject to the terms of this Agreement, including the relative Lien priorities set forth in Section 2.1 and
Section 4.1. 
 ARTICLE 4 

APPLICATION OF PROCEEDS 

Section 4.1 Application of Proceeds. 

(a) Revolving Nature of ABL Obligations. Each Term Agent, for and on behalf of itself and the applicable Term Secured Parties, expressly
acknowledges and agrees that (i) the ABL Credit Agreement includes a revolving commitment, that in the ordinary course of business the ABL Agent and the ABL Lenders will apply payments and make advances thereunder, and that no application of
any Collateral or the release of any Lien by the ABL Agent upon any portion of the Collateral in connection with a permitted Disposition by the ABL Loan Parties under any ABL Credit Agreement shall constitute the Exercise of Secured Creditor
Remedies under this Agreement; (ii) the amount of the ABL Obligations that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed; and (iii) all Collateral or Proceeds thereof received
by the ABL Agent may be applied, reversed, reapplied, reborrowed or credited, in whole or in part, to the ABL Obligations at any time; provided, however, that from and after the date on which the ABL Agent (or any ABL Secured Party) or
any Term Agent (or any Term Secured Party) commences the Exercise of Any Secured Creditor Remedies, all amounts received by the ABL Agent or any ABL Lender or any Term Agent or any Term Secured Party as a result of such enforcement shall be applied
as specified in Sections 4.1(b) and (c). The Lien Priority shall not be altered or otherwise affected by any such Amendment or Refinancing, repayment, reborrowing, or increase of either the ABL Obligations or the Term Obligations, or any portion
thereof. 
 (b) Application of Proceeds of ABL Priority Collateral. The ABL Agent and each Term Agent hereby agree that all ABL
Priority Collateral and all Proceeds thereof, received by any of them in connection with any Exercise of Secured Creditor Remedies with respect to the ABL Priority Collateral shall be applied, 

first, (i) to the payment of costs and expenses of the ABL Agent in connection with such Exercise of Secured
Creditor Remedies to the extent provided in the ABL Documents and (ii) in an Insolvency Proceeding and in connection with ABL DIP Financing that otherwise complies with Section 6.1(a) hereof, to the payment of any reasonable administrative
claim, professional fee and U.S. trustee or clerk of the court fee “carveouts”, in each case under this clause (ii), consented to in writing by the ABL Agent to be paid prior to the Discharge of ABL Obligations, 

second, to the payment of the ABL Obligations in accordance with the ABL Documents until the Discharge of ABL
Obligations shall have occurred, 
 third, to the payment of the Term Obligations in accordance with the Term
Documents until the Discharge of Term Obligations shall have occurred, and 
 fourth, the balance, if any, to the Loan
Parties or as a court of competent jurisdiction may direct. 

  
 25 

 (c) Application of Proceeds of Term Priority Collateral. The ABL Agent and each Term Agent
hereby agree that all Term Priority Collateral and all Proceeds thereof, received by either of them in connection with any Exercise of Secured Creditor Remedies with respect to the Term Priority Collateral shall be applied, 

first, (i) to the payment of costs and expenses of each Term Agent in connection with such Exercise of Secured
Creditor Remedies to the extent provided in the Term Documents and (ii) in an Insolvency Proceeding and in connection with Term DIP Financing that otherwise complies with Section 6.1(b) hereof, to the payment of any reasonable
administrative claim, professional fee and U.S. trustee or clerk of the court fee “carveouts”, in each case under this clause (ii), consented to in writing by the Designated Term Agent to be paid prior to the Discharge of Term Obligations,

 second, to the payment of the Term Obligations in accordance with the Term Documents until the Discharge of Term
Obligations shall have occurred, 
 third, to the payment of the ABL Obligations in accordance with the ABL Documents
until the Discharge of ABL Obligations shall have occurred, and 
 fourth, the balance, if any, to the Loan Parties or
as a court of competent jurisdiction may direct. 
 (d) Limited Obligation or Liability. In exercising remedies, whether as a secured
creditor or otherwise, the ABL Agent shall have no obligation or liability to any Term Agent or to any Term Secured Party, and no Term Agent shall have any obligation or liability to the ABL Agent or any ABL Secured Party, regarding the adequacy of
any Proceeds or for any action or omission, except solely for an action or omission that breaches the express obligations undertaken by each Party under the terms of this Agreement. 

(e) Turnover of Collateral after Discharge. Upon the Discharge of ABL Obligations, the ABL Agent shall deliver to the Designated Term
Agent or shall execute such documents as any Term Agent may reasonably request (at the expense of the ABL Borrowers) to enable each Term Agent to have control over, any Control Collateral of the Term Loan Parties still in the ABL Agent’s
possession, custody, or control in the same form as received with any necessary endorsements, or as a court of competent jurisdiction may otherwise direct, subject to the reinstatement provisions of Section 5.3 below. The ABL Agent also agrees
to deliver notices to landlords, bailees, warehousemen, credit card processors, shippers and other third parties that the ABL Agent is no longer a “secured party” and, if applicable, the “controlling party” (or comparable
concepts) under the applicable landlord agreement, collateral access agreement, credit card processor agreement, shipper waiver or other third party document. Upon the Discharge of Term Obligations, each Term Agent shall deliver to the ABL Agent or
shall execute such documents as the ABL Agent may reasonably request (at the expense of the Term Loan Borrower) to enable the ABL Agent to have control over any Control Collateral still in such Term Agent’s possession, custody or control in the
same form as received with any necessary endorsements, or as a court of competent jurisdiction may otherwise direct, subject to the reinstatement provisions of Section 5.3 below. Each Term Agent also agrees to deliver notices to landlords,
bailees, warehousemen, credit card processors, shippers and other third parties that such Term Agent is no longer a “secured party” or, if applicable, the “controlling party” (or comparable concepts) under the applicable landlord
agreement, collateral access agreement, credit card processor agreement, shipper waiver or other third party document. 

  
 26 

 (f) Notwithstanding anything to the contrary contained above or in the definition of the ABL
Priority Collateral or Term Loan Priority Collateral, in the event that Proceeds of Collateral are received from (or are otherwise attributable to the value of) any collection, sale, foreclosure or other realization upon or any other Enforcement
Action that involves a combination of ABL Priority Collateral and Term Loan Priority Collateral, the ABL Agent and the Designated Term Loan Agent shall use commercially reasonable efforts in good faith to allocate such Proceeds to the ABL Priority
Collateral and the Term Loan Priority Collateral. If the ABL Agent and the Designated Term Loan Agent are unable to agree on such allocation within five (5) Business Days (or such other period of time as the ABL Agent and the Designated Term
Loan Agent agree) of the consummation of such collection, sale, foreclosure or other realization upon or any other Enforcement Action, the portion of such Proceeds that shall be allocated as Proceeds of ABL Priority Collateral for purposes of this
Agreement shall be an amount equal to (i) the net book value of such ABL Priority Collateral consisting of Accounts, (ii) the orderly liquidation value of such ABL Priority Collateral consisting of Inventory based on and consistent with
the then most current appraisal thereof received by the ABL Agent with respect thereto, and (iii) to the extent the Proceeds of ABL Priority Collateral include Proceeds of Collateral other than Accounts and Inventory, the appraised value of
such other Collateral based on and consistent with the then most current satisfactory appraisal received by the ABL Agent with respect thereto. 

Section 4.2 Specific Performance. Each of the ABL Agent and each Term Agent is hereby authorized to demand specific
performance of this Agreement, whether or not any Loan Party shall have complied with any of the provisions of any of the Credit Documents, at any time when the other party shall have failed to comply with any of the provisions of this Agreement
applicable to it. Each of the ABL Agent, for and on behalf of itself and the ABL Secured Parties, and each Term Agent, for and on behalf of itself and the applicable Term Secured Parties, hereby irrevocably waives any defense based on the adequacy
of a remedy at law that might be asserted as a bar to such remedy of specific performance. 
 ARTICLE 5 

INTERCREDITOR ACKNOWLEDGEMENTS AND WAIVERS 

Section 5.1 Notice of Acceptance and Other Waivers. 

(a) All ABL Obligations at any time made or incurred by any ABL Borrower or ABL Guarantor shall be deemed to have been made or incurred in
reliance upon this Agreement, and any Term Agent, on behalf of itself and the applicable Term Secured Parties, hereby waives notice of acceptance, or proof of reliance by the ABL Agent or any ABL Secured Party of this Agreement and notice of the
existence, increase, renewal, extension, accrual, creation, or non-payment of all or any part of the ABL Obligations. All Term Obligations at any time made or incurred by the Term Loan Borrower or any Term Guarantor shall be deemed to have been made
or incurred in reliance upon this Agreement, and the ABL Agent, on behalf of itself and the ABL Secured Parties, hereby waives notice of acceptance, or proof of reliance, by any Term Agent or any Term Secured Party of this Agreement and notice of
the existence, increase, renewal, extension, accrual, creation, or non-payment of all or any part of the Term Obligations. 
 (b) None of
the ABL Agent, any ABL Secured Party, or any of their respective Affiliates, directors, officers, employees, or agents shall be liable for failure to demand, collect, or realize upon any of the Collateral or any Proceeds, or for any delay in doing
so, or shall be under any obligation to sell or otherwise dispose of any Collateral or Proceeds thereof or to take any other action whatsoever with regard to the Collateral or any part or Proceeds thereof, except as specifically provided in this
Agreement. If the ABL Agent or any ABL Secured Party honors (or fails to honor) a request by any ABL Borrower for an extension of credit pursuant to any ABL Credit Agreement or any of the other ABL 

  
 27 

 
Documents, whether the ABL Agent or any ABL Secured Party have knowledge that the honoring of (or failure to honor) any such request would constitute or result in a default under the terms of any
Term Loan Credit Agreement or any other Term Document or an act, condition, or event that, with the giving of notice or the passage of time, or both, would constitute or result in such a default, or if the ABL Agent or any ABL Secured Party
otherwise should exercise any of its contractual rights or remedies under any ABL Documents (subject to the express terms and conditions hereof), neither the ABL Agent nor any ABL Secured Party shall have any liability whatsoever to any Term Agent
or any Term Secured Party as a result of such action, omission, or exercise (so long as any such exercise does not breach the express terms and provisions of this Agreement). The ABL Agent and the ABL Secured Parties shall be entitled to manage and
supervise their loans and extensions of credit under any ABL Credit Agreement and any of the other ABL Documents as they may, in their sole discretion, deem appropriate, and may manage their loans and extensions of credit without regard to any
rights or interests that the Term Agent or any of the Term Secured Parties have in the Collateral, except as otherwise expressly set forth in this Agreement. The Term Agent, on behalf of itself and the Term Secured Parties, agrees that neither the
ABL Agent nor any ABL Secured Party shall incur any liability as a result of a sale, lease, license, application, or other Disposition of all or any portion of the Collateral or Proceeds thereof, pursuant to the ABL Documents, so long as such
Disposition does not breach the provisions of this Agreement. 
 (c) None of the Term Agents, any Term Secured Party or any of their
respective Affiliates, directors, officers, employees, or agents shall be liable for failure to demand, collect, or realize upon any of the Collateral or any Proceeds, or for any delay in doing so, or shall be under any obligation to sell or
otherwise dispose of any Collateral or Proceeds thereof or to take any other action whatsoever with regard to the Collateral or any part or Proceeds thereof, except as specifically provided in this Agreement. If an act, condition, or event that,
with the giving of notice or the passage of time, or both, would constitute or result in a default under any ABL Document, or if any Term Agent or any Term Secured Party otherwise should exercise any of its contractual rights or remedies under the
Term Documents (subject to the express terms and conditions hereof), neither the Term Agents nor any Term Secured Party shall have any liability whatsoever to the ABL Agent or any ABL Secured Party as a result of such action, omission, or exercise
(so long as any such exercise does not breach the express terms and provisions of this Agreement). The Term Agents and the Term Secured Parties shall be entitled to manage and supervise their loans and extensions of credit under the Term Documents
as they may, in their sole discretion, deem appropriate, and may manage their loans and extensions of credit without regard to any rights or interests that the ABL Agent or any ABL Secured Party has in the Collateral, except as otherwise expressly
set forth in this Agreement. The ABL Agent, on behalf of itself and the ABL Secured Parties, agrees that none of the Term Agents or the Term Secured Parties shall incur any liability as a result of a sale, lease, license, application, or other
Disposition of the Collateral or any part or Proceeds thereof, pursuant to the Term Documents, so long as such Disposition does not breach the provisions of this Agreement. 

Section 5.2 Modifications to ABL Documents and Term Documents. 

(a) Each Term Agent, on behalf of itself and the applicable Term Secured Parties, hereby agrees that, without affecting the obligations of such
Term Agent and the applicable Term Secured Parties hereunder, the ABL Agent and the ABL Secured Parties may, at any time and from time to time, in their sole discretion without the consent of or notice to any Term Agent or any Term Secured Party,
and without incurring any liability to any Term Agent or any Term Secured Party or impairing or modifying the Lien Priority provided for herein, Amend or Refinance any of the ABL Documents in any manner whatsoever, other than in a manner which would
have the effect of contravening the terms of this Agreement. 

  
 28 

 (b) The ABL Agent, on behalf of itself and the ABL Secured Parties, hereby agrees that, without
affecting the obligations of the ABL Agent and the ABL Secured Parties hereunder, each Term Agent and the Term Secured Parties may, at any time and from time to time, in their sole discretion without the consent of or notice to the ABL Agent or any
ABL Secured Party, and without incurring any liability to the ABL Agent or any ABL Secured Party or impairing or modifying the Lien Priority provided for herein, Amend or Refinance any of the Term Documents other than in a manner which would have
the effect of contravening the terms of this Agreement. 
 (c) Subject to (i) Section 5.2(a) and (b) above and (ii) the
applicable requirements set forth in the defined terms “ABL Credit Agreement” and “Term Loan Credit Agreement,” the ABL Obligations and the Term Obligations may be Amended or Refinanced, in whole or in part, in each case, without
notice to, or the consent (except to the extent a consent is required under any ABL Document or any Term Document to permit the Amendment or Refinancing transaction) of the ABL Agent, the ABL Secured Parties, the Term Agents or the Term Secured
Parties, as the case may be, all without affecting the Lien Priority provided for herein or the other provisions hereof, provided, however, such amendment or refinancing transaction shall be in accordance with any applicable provisions of both the
ABL Documents and the Term Documents (to the extent such documents survive the amendment or refinancing and, unless the agent, trustee or other representative with respect to such Amended or Refinanced facility is already a party to this Agreement,
such agent, trustee or other representative shall have executed and delivered an Additional Term Joinder (with such changes as may be reasonably approved by such agent, trustee or other representative and each other party hereto). 

Section 5.3 Reinstatement and Continuation of Agreement. 

(a) If the ABL Agent or any ABL Secured Party is required in any Insolvency Proceeding or otherwise to turn over or otherwise pay to the estate
of any Loan Party, or any other Person any payment made in satisfaction of all or any portion of the ABL Obligations (an “ABL Recovery”), then the ABL Obligations shall be reinstated to the extent of such ABL Recovery. If
this Agreement shall have been terminated prior to such ABL Recovery, this Agreement shall be reinstated in full force and effect in the event of such ABL Recovery, and such prior termination shall not diminish, release, discharge, impair, or
otherwise affect the obligations of the parties from such date of reinstatement. All rights, interests, agreements, and obligations of the ABL Agent, the Term Agents, the ABL Secured Parties, and the Term Secured Parties under this Agreement shall
remain in full force and effect and shall continue irrespective of the commencement of, or any discharge, confirmation, conversion, or dismissal of, any Insolvency Proceeding by or against any Loan Party or any other circumstance which otherwise
might constitute a defense available to, or a discharge of any Loan Party in respect of the ABL Obligations or the Term Obligations. No priority or right of the ABL Agent or any ABL Secured Party shall at any time be prejudiced or impaired in any
way by any act or failure to act on the part of any Loan Party or by the noncompliance by any Person with the terms, provisions, or covenants of any of the ABL Documents, regardless of any knowledge thereof which the ABL Agent or any ABL Secured
Party may have. 
 (b) If any Term Agent or any Term Secured Party is required in any Insolvency Proceeding or otherwise to turn over or
otherwise pay to the estate of any Borrower, any Term Guarantor, or any other Person any payment made in satisfaction of all or any portion of the Term Obligations (a “Term Recovery”), then the Term Obligations shall be
reinstated to the extent of such Term Recovery. If this Agreement shall have been terminated prior to such Term Recovery, this Agreement shall be reinstated in full force and effect in the event of such Term Recovery, and such prior termination
shall not diminish, release, discharge, impair, or otherwise affect the obligations of the parties from such date of reinstatement. All rights, interests, agreements, and obligations of the ABL Agent, the Term Agents, the ABL Secured Parties, and
the Term Secured Parties under this Agreement shall remain in full force and 

  
 29 

 
effect and shall continue irrespective of the commencement of, or any discharge, confirmation, conversion, or dismissal of, any Insolvency Proceeding by or against any Borrower or any Term
Guarantor or any other circumstance which otherwise might constitute a defense available to, or a discharge of any Borrower or any Term Guarantor in respect of the ABL Obligations or the Term Obligations. No priority or right of any Term Agent or
any Term Secured Party shall at any time be prejudiced or impaired in any way by any act or failure to act on the part of any Borrower or any Term Guarantor or by the noncompliance by any Person with the terms, provisions, or covenants of any of the
Term Documents, regardless of any knowledge thereof which any Term Agent or any Term Secured Party may have. 
 Section 5.4
Purchase Right. 
 (a) Notice of Exercise. 

(i) On or after the occurrence and during the continuance of (A) the acceleration of all of the ABL Debt, (B) the commencement of an
Insolvency Proceeding as to any ABL Loan Party or (C) the termination of any ABL Standstill Period (unless the ABL Agent or any ABL Secured Party shall have commenced and be diligently pursuing the exercise of their rights or remedies with
respect to substantially all or any material portion of the ABL Priority Collateral) (the events listed in subparts (A) through (C) hereof, each being a “Term Purchase Option Trigger Event”), all or a portion of the
Term Secured Parties, acting as a single group (the “Purchasing Term Secured Parties”), shall have the option, which must be exercised within thirty (30) days of the occurrence of a Term Purchase Option Trigger Event by
delivery of notice to the ABL Agent and the Company, to purchase all of the ABL Obligations from the ABL Secured Parties. Such notice from such Term Secured Parties to the ABL Agent shall be irrevocable. 

(ii) On or after the occurrence and during the continuance of (A) the acceleration of all of the Term Debt, (B) the commencement of
an Insolvency Proceeding as to any Term Loan Party or (C) the termination of any Term Standstill Period (unless a Term Agent or any Term Secured Party shall have commenced and be diligently pursuing the exercise of their rights or remedies with
respect to substantially all or any material portion of the Term Priority Collateral) (the events listed in subparts (A) through (C) hereof, each being an “ABL Purchase Option Trigger Event”), all or a portion of
the ABL Secured Parties, acting as a single group (the “Purchasing ABL Secured Parties”), shall have the option, which must be exercised within thirty (30) days of the occurrence of an ABL Purchase Option Trigger Event
by delivery of notice to the Designated Term Agent and the Company, to purchase all of the Term Obligations from the Term Secured Parties. Such notice from such ABL Secured Parties to a Term Agent shall be irrevocable. 

(b) Purchase and Sale. 

(i) On the date specified by the Purchasing Term Secured Parties in the notice contemplated by Section 5.4(a)(i) above (which shall not
be less than five (5) Business Days, nor more than ten (10) Business Days, after the receipt by the ABL Agent of the notice of the relevant Term Secured Parties’ election to exercise such option), the ABL Secured Parties shall sell
(which obligation shall be several and not joint) to the Purchasing Term Secured Parties, and the relevant Term Secured Parties shall purchase from the ABL Secured Parties, the ABL Obligations, provided that, the ABL Agent and the ABL Secured
Parties shall retain all rights to be indemnified or held harmless by the Loan Parties in accordance with the terms of the ABL Documents but shall not retain any rights to the security therefor. 

  
 30 

 (ii) On the date specified by the Purchasing ABL Secured Parties in the notice contemplated by
Section 5.4(a)(ii) above (which shall not be less than five (5) Business Days, nor more than ten (10) Business Days, after the receipt by the Designated Term Agent of the notice of the relevant ABL Secured Party’s election to
exercise such option), the Term Secured Parties shall sell (which obligation shall be several and not joint) to the relevant ABL Secured Parties, and the relevant ABL Secured Parties shall purchase from the Term Secured Parties, the Term
Obligations, provided that, the Term Agent and the Term Secured Parties shall retain all rights to be indemnified or held harmless by the Loan Parties in accordance with the terms of the Term Documents but shall not retain any rights to the security
therefor. 
 (c) [Reserved.] 

(d) Payment of Purchase Price. Upon the date of such purchase and sale, the relevant Term Secured Parties or the relevant ABL Secured
Parties, as applicable, shall (i) pay to the ABL Agent for the benefit of the ABL Secured Parties (with respect to a purchase of the ABL Obligations) or to the Designated Term Agent for the benefit of the Term Secured Parties (with respect to a
purchase of the Term Obligations) as the purchase price therefor the full amount of all the ABL Obligations or Term Obligations, as applicable, then outstanding and unpaid (including principal, interest, fees and expenses, including reasonable
attorneys’ fees and legal expenses but specifically excluding any prepayment premium, termination or similar fees), (ii) with respect to a purchase of the ABL Obligations, furnish cash collateral to the ABL Agent in a manner and in such
amounts as the ABL Agent determines is reasonably necessary to secure the ABL Agent and the ABL Secured Parties with respect to issued and outstanding letters of credit and Secured Bank Product Obligations, (iii) with respect to a purchase of
the ABL Obligations, agree to reimburse the ABL Agent, the ABL Secured Parties for any loss, cost, damage or expense (including reasonable attorneys’ fees and legal expenses) in connection with any commissions, fees, costs or expenses related
to any issued and outstanding letters of credit as described above and any checks or other payments provisionally credited to the ABL Obligations, and/or as to which the ABL Agent has not yet received final payment, (iv) agree to reimburse the
ABL Secured Parties or the Term Secured Parties, as applicable, in respect of indemnification obligations of the Loan Parties under the ABL Documents or the Term Documents, as applicable, as to matters or circumstances known to the ABL Agent or the
Designated Term Agent, as applicable, at the time of the purchase and sale which would reasonably be expected to result in any loss, cost, damage or expense (including reasonable attorneys’ fees and legal expenses) to the ABL Secured Parties,
the Term Secured Parties or letter of credit issuing banks, as applicable, and (v) agree to indemnify and hold harmless the ABL Secured Parties or the Term Secured Parties, as applicable, from and against any loss, liability, claim, damage or
expense (including reasonable fees and expenses of legal counsel) arising out of any claim asserted by a third party in respect of the ABL Obligations or the Term Obligations, as applicable, as a direct result of any acts by any Purchasing Term
Secured Party or any Purchasing ABL Secured Party, as applicable, occurring after the date of such purchase. Such purchase price and cash collateral shall be remitted by wire transfer in federal funds to such bank account in New York, New York as
the ABL Agent or the Designated Term Agent, as applicable, may designate in writing for such purpose. 
 (e) Limitation on
Representations and Warranties. Such purchase shall be expressly made without representation or warranty of any kind by any selling party (or the applicable representative or the Term Agent) and without recourse of any kind, except that the
selling party shall represent and warrant: (i) the amount of the ABL Obligations or Term Obligations, as applicable, being purchased from it, (ii) that such ABL Secured Party or Term Secured Party, as applicable, owns the ABL Obligations
or Term Obligations, as applicable, free and clear of any Liens or encumbrances and (iii) that such ABL Secured Party or Term Secured Party, as applicable, has the right to assign such ABL Obligations or Term Obligations, as applicable, and the
assignment is duly authorized. 

  
 31 

 ARTICLE 6 

INSOLVENCY PROCEEDINGS 

Section 6.1 DIP Financing. 

(a) If any Loan Party shall be subject to any Insolvency Proceeding at any time prior to the Discharge of ABL Obligations, and the ABL Agent or
any of the ABL Secured Parties shall seek to provide any Loan Party with, or consent to a third party providing, any financing under Section 364 of the Bankruptcy Code or consent to any order for the use of cash collateral constituting ABL
Priority Collateral under Section 363 of the Bankruptcy Code (or any similar provision of any foreign Debtor Relief Laws or under a court order in respect of measures granted with similar effect under any foreign Debtor Relief Laws, (which may
include a “roll-up” or “roll-over” of all or any of the ABL Obligations), whether provided by any ABL Secured Party or any other Person (each, including any such order for the use of cash collateral, an “ABL DIP
Financing”), with such ABL DIP Financing to be secured by all or any portion of the Collateral (including assets that, but for the application of Section 552 of the Bankruptcy Code would be ABL Priority Collateral), then each Term
Agent, on behalf of itself and the applicable Term Secured Parties, agrees that (i) it will raise no objection and will not support any objection to such ABL DIP Financing or use of cash collateral or to the Liens securing the same on any
basis, including, without limitation, on the grounds of a failure to provide “adequate protection” for the Liens of such Term Agent securing the Term Obligations (and will not request any adequate protection solely as a result of such ABL
DIP Financing or use of cash collateral that is ABL Priority Collateral, and will not offer or support any debtor-in-possession financing which would compete with such ABL DIP Financing), and (ii) it will subordinate (and will be deemed
hereunder to have subordinated) the Liens of such applicable Term Agent or any other Term Secured Parties on the ABL Priority Collateral (but not the Term Priority Collateral) to (1) the Liens on the ABL Priority Collateral pursuant to such ABL
DIP Financing (to the extent the Liens securing the ABL DIP Financing are pari passu or senior in priority to the ABL Obligations), (2) any adequate protection provided to the ABL Secured Parties and (3) any reasonable administrative
claim, professional fee and U.S. trustee or clerk of the court fee “carve-outs”, in each case, consented to in writing by the ABL Agent to be paid prior to the Discharge of ABL Obligations, in each case, on the same terms as the Liens of
the Term Secured Parties are subordinated to the Liens granted with respect to such ABL DIP Financing (and such subordination will not alter in any manner the terms of this Agreement); provided that (A) each Term Agent retains its Lien on the
ABL Priority Collateral to secure the Term Obligations (in each case, including Proceeds thereof arising after the commencement of the case under any Debtor Relief Laws), (B) unless it shall otherwise consent, each Term Agent shall retain its
Lien on the Term Priority Collateral with the same priority as existed prior to the commencement of the case under the subject Debtor Relief Laws and any Lien of the ABL Agent (or other provider of ABL DIP Financing) on the Term Priority Collateral
securing such ABL DIP Financing shall be junior and subordinate to the Lien of each Term Agent on the Term Priority Collateral, (C) all Liens on ABL Priority Collateral securing any such ABL DIP Financing, shall be senior to or on a parity with
the Liens of the ABL Agent and the ABL Secured Parties securing the ABL Obligations on ABL Priority Collateral and (D) the foregoing provisions of this Section 6.1(a) shall not prevent any Term Agent or the other Term Secured Parties from
objecting to any provision in any ABL DIP Financing (x) relating to any provision or content of a plan of reorganization or other plan of similar effect under any Debtor Relief Laws or (y) that provides for the use of any Term Priority
Collateral or Proceeds thereof other than for the payment of the Term Obligations. 
 (b) If any Loan Party shall be subject to any
Insolvency Proceeding at any time prior to the Discharge of Term Obligations, and any Term Agent or any of the Term Secured Parties shall seek to provide any Loan Party with, or consent to a third party providing, any financing under
Section 364 of the Bankruptcy Code or consent to any order for the use of cash collateral constituting Term Priority 

  
 32 

 
Collateral under Section 363 of the Bankruptcy Code (or any similar provision of any foreign Debtor Relief Laws or under a court order in respect of measures granted with similar effect
under any foreign Debtor Relief Laws, (which may include a “roll-up” or “roll-over” of all or any of the Term Obligations), whether provided by any Term Secured Party or any other Person (each, including any such order for the
use of cash collateral, a “Term DIP Financing”), with such Term DIP Financing to be secured by all or any portion of the Collateral (including assets that, but for the application of Section 552 of the Bankruptcy Code
would be Term Priority Collateral), then the ABL Agent, on behalf of itself and the ABL Secured Parties, agrees that (i) it will raise no objection and will not support any objection to such Term DIP Financing or use of cash collateral or to
the Liens securing the same on any basis, including, without limitation, on the grounds of a failure to provide “adequate protection” for the Liens of the ABL Agent securing the ABL Obligations (and will not request any adequate protection
solely as a result of such Term DIP Financing or use of cash collateral that is Term Priority Collateral, and will not offer or support any debtor-in-possession financing which would compete with such Term DIP Financing), and (ii) it will
subordinate (and will be deemed hereunder to have subordinated) the Liens of the ABL Agent or any other ABL Secured Parties on the Term Priority Collateral (but not the ABL Priority Collateral) to (1) the Liens on the Term Priority Collateral
pursuant to such Term DIP Financing (to the extent the Liens securing the Term DIP Financing are pari passu or senior in priority to the Term Obligations), (2) any adequate protection provided to the Term Secured Parties and (3) any
reasonable administrative claim, professional fee and U.S. trustee or clerk of the court fee “carve-outs”, in each case, consented to in writing by any Term Agent to be paid prior to the Discharge of Term Obligations, in each case, on the
same terms as the Liens of the ABL Secured Parties are subordinated to the Liens granted with respect to such Term DIP Financing (and such subordination will not alter in any manner the terms of this Agreement); provided that (A) the ABL
Agent retains its Lien on the Term Priority Collateral to secure the ABL Obligations (in each case, including Proceeds thereof arising after the commencement of the case under any Debtor Relief Laws), (B) unless it shall otherwise consent, the
ABL Agent shall retain its Lien on the ABL Priority Collateral with the same priority as existed prior to the commencement of the case under the subject Debtor Relief Laws and any Lien of any Term Agent (or other provider of Term DIP Financing) on
the ABL Priority Collateral securing such Term DIP Financing shall be junior and subordinate to the Lien of the ABL Agent on the ABL Priority Collateral, (C) all Liens on Term Priority Collateral securing any such Term DIP Financing, shall be
senior to or on a parity with the Liens of each Term Agent and the Term Secured Parties securing the Term Obligations on Term Priority Collateral and (D) the foregoing provisions of this Section 6.1(b) shall not prevent the ABL Agent or
the other ABL Secured Parties from objecting to any provision in any Term DIP Financing (x) relating to any provision or content of a plan of reorganization or other plan of similar effect under any Debtor Relief Laws or (y) that provides
for the use of any ABL Priority Collateral or Proceeds thereof other than for the payment of the ABL Obligations. 
 (c) All Liens granted
to the ABL Agent or any Term Agent in any Insolvency Proceeding, whether as adequate protection or otherwise, are intended by the parties to be and shall be deemed to be subject to the Lien Priority and the other terms and conditions of this
Agreement. For clarity, none of the Term Agents or the Term Secured Parties shall seek to “prime” the Lien of the ABL Agent and the ABL Secured Parties on the ABL Priority Collateral or request, seek or receive a Lien on the ABL Priority
Collateral pursuant to Section 364(d) or 363(c)(4) of the Bankruptcy Code on the ABL Priority Collateral. For clarity, the ABL Agent and the ABL Secured Parties shall not seek to “prime” the Liens of the Term Agents or the Term
Secured Parties on the Term Priority Collateral or request, seek or receive a Lien on the Term Priority Collateral pursuant to Section 364(d) or 363(c)(4) of the Bankruptcy Code on the Term Priority Collateral. 

(d) No ABL Secured Party shall, directly or indirectly, provide, or seek to provide, or support any other Person providing or seeking to
provide, any ABL DIP Financing secured by Liens on 

  
 33 

 
the Term Priority Collateral equal or senior in priority to the Liens on the Term Priority Collateral (including any assets or property arising after the commencement of a case under the
Bankruptcy Code) of any Term Agent, without the prior written consent of such Term Agent. No Term Secured Party shall, directly or indirectly, provide, or seek to provide, or support any other Person providing or seeking to provide, any Term DIP
Financing secured by Liens on the ABL Priority Collateral equal or senior in priority to the Liens on the ABL Priority Collateral (including any assets or property arising after the commencement of a case under the Bankruptcy Code) of the ABL Agent,
without the prior written consent of the ABL Agent. For purposes hereof, all references to Collateral shall include any assets or property of Loan Parties arising after the commencement of any Insolvency Proceeding that are subject to the Liens of
Agents. 
 Section 6.2 Relief From Stay. Until the Discharge of ABL Obligations has occurred, each Term Agent, on behalf
of itself and the applicable Term Secured Parties, agrees not to seek relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of any portion of the ABL Priority Collateral without the ABL Agent’s express written
consent. Until the Discharge of Term Obligations has occurred, the ABL Agent, on behalf of itself and the ABL Secured Parties, agrees not to seek relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of any portion
of the Term Priority Collateral without each Term Agent’s express written consent. In addition, none of the Term Agents or the ABL Agent shall seek any relief from the automatic stay with respect to any Collateral without providing three
(3) days’ prior written notice to the other, unless such period is agreed by both the ABL Agent and each Term Agent to be modified or unless the ABL Agent or any Term Agent, as applicable, makes a good faith determination that either
(A) the ABL Priority Collateral or the Term Priority Collateral, as applicable, will decline speedily in value or (B) the failure to take any action will have a reasonable likelihood of endangering the ABL Agent’s or such Term
Agent’s ability to realize upon its Collateral. 
 Section 6.3 No Contest; Adequate Protection. 

(a) Each Term Agent, on behalf of itself and the applicable Term Secured Parties, agrees that, prior to the Discharge of ABL Obligations, none
of them shall contest (or support any other Person contesting) (i) any request by the ABL Agent or any ABL Secured Party for adequate protection of its interest in the Collateral (unless in contravention of Section 6.1(b) or
Section 6.3(b) or if the adequate protection sought is in the form of a cash payment, periodic cash payments or otherwise, in each case to the extent such payments are made from the Proceeds of the Term Priority Collateral), (ii) subject
to Section 6.1(a) above, any proposed provision of ABL DIP Financing, including any consensual use of cash collateral constituting ABL Priority Collateral, by the ABL Agent and the ABL Secured Parties (or any other Person proposing to provide
ABL DIP Financing with the consent of the ABL Agent), (iii) any objection by the ABL Agent or any ABL Secured Party to any motion, relief, action, or proceeding based on a claim by the ABL Agent or any ABL Secured Party that its interests in
the Collateral are not adequately protected (or any other similar request under any law applicable to an Insolvency Proceeding), so long as any Liens granted to the ABL Agent as adequate protection of its interests are subject to this Agreement
(unless in contravention of Section 6.1(b) or Section 6.3(b)), or (iv) any request by the ABL Agent or any ABL Secured Party for payment of interest (including post-petition interest), fees, expenses or other amounts to any ABL
Secured Party under Section 506(b) or 506(c) of the Bankruptcy Code or other applicable law (unless in contravention of Section 6.1(b) or Section 6.3(b) or to the extent such payments are to be made from the Proceeds of the Term
Priority Collateral or from the proceeds of Term DIP Financing). 
 (b) The ABL Agent, on behalf of itself and the ABL Secured Parties,
agrees that, prior to the Discharge of Term Obligations, none of them shall contest (or support any other Person 

  
 34 

 
contesting) (i) any request by any Term Agent or any Term Secured Party for adequate protection of its interest in the Collateral (unless in contravention of Section 6.1(a) or 6.3(a) or
if the adequate protection sought is in the form of a cash payment, periodic cash payments or otherwise, in each case to the extent such payments are made from the Proceeds of the ABL Priority Collateral), (ii) subject to Section 6.1(b)
above, any proposed provision of Term DIP Financing, including any consensual use of cash collateral constituting Term Priority Collateral, by any Term Agent and the applicable Term Secured Parties (or any other Person proposing to provide Term DIP
Financing with the consent of the Term Agent), (iii) any objection by any Term Agent or any Term Secured Party to any motion, relief, action or proceeding based on a claim by the Term Agent or any Term Secured Party that its interests in the
Collateral are not adequately protected (or any other similar request under any law applicable to an Insolvency Proceeding), so long as any Liens granted to any Term Agent as adequate protection of its interests are subject to this Agreement (unless
in contravention of Section 6.1(a) or Section 6.3(a)), or (iv) any request by any Term Agent or any Term Secured Party for payment of interest (including post-petition interest), fees, expenses or other amounts to any Term Secured
Party under Section 506(b) or 506(c) of the Bankruptcy Code or other applicable law (unless in contravention of Section 6.1(a) or Section 6.3(a) or to the extent such payments are to be made from the Proceeds of the ABL Priority
Collateral or from the proceeds of ABL DIP Financing). 
 (c) Notwithstanding the foregoing provisions in this Section 6.3, in any
Insolvency Proceeding: 
 (i) if the ABL Secured Parties (or any subset thereof) are granted adequate protection with respect to the ABL
Priority Collateral in the form of additional or replacement collateral (even if such collateral is not of a type which would otherwise have constituted ABL Priority Collateral) and/or a superpriority claim, then the ABL Agent, on behalf of itself
and the ABL Secured Parties, agrees that each Term Agent, on behalf of itself or any of the applicable Term Secured Parties, may seek or request (and the ABL Secured Parties will not oppose such request), as applicable, adequate protection with
respect to its interests in such Collateral in the form of a Lien on the same additional or replacement collateral, which Lien will be subordinated to the Liens securing the ABL Obligations on the same basis as the other Liens of each Term Agent on
ABL Priority Collateral or a superpriority claim junior in all respects to such superpriority claim granted to the ABL Secured Parties; and 

(ii) if the Term Secured Parties (or any subset thereof), is granted adequate protection in respect of Term Priority Collateral in the form
of additional or replacement collateral (even if such collateral is not of a type which would otherwise have constituted Term Priority Collateral) and/or a superpriority claim, then each Term Agent, on behalf of itself and the applicable Term
Secured Parties, agrees that the ABL Agent on behalf of itself or any of the ABL Secured Parties, may seek or request (and the Term Secured Parties will not oppose such request), as applicable, adequate protection with respect to its interests in
such Collateral in the form of a Lien on the same additional or replacement collateral, which Lien will be subordinated to the Liens securing the Term Obligations on the same basis as the other Liens of the ABL Agent on Term Priority Collateral or a
superpriority claim junior in all respects to such superpriority claim granted to the Term Secured Parties 
 (d) The Term Loan Parties
shall not be entitled to, and shall not seek, adequate protection in the form of cash payment to the extent such payment is sought to be paid from an ABL DIP Financing or the ABL Priority Collateral or the Proceeds (or advances) in respect thereof.
The ABL Secured Parties shall not be entitled to, and shall not seek, adequate protection in the form of cash payment to the extent such payment is sought to be paid from a Term Loan DIP Financing or the Term Priority Collateral or the Proceeds (or
advances) in respect thereof. 

  
 35 

 Section 6.4 Asset Sales. 

(a) Until the Discharge of ABL Obligations has occurred, the Term Agent, for itself and on behalf of the other Term Secured Parties agrees that
in the event of any Insolvency Proceeding, the Term Secured Parties will not object or oppose (or support any Person in objecting or opposing), and will be deemed to have consented to pursuant to Section 363(f) of the Bankruptcy Code or any
other applicable law, (i) a motion to sell or otherwise Dispose of any ABL Priority Collateral under Sections 363, 365 or 1129 of the Bankruptcy Code or any similar provisions under any other applicable Debtor Relief Laws, free and clear of any
Liens or other claims, (ii) a motion establishing notice, sale or bidding procedures for such Disposition (including any break-up fee or other bidder protections) or (iii) a motion to permit a credit bid on all or any portion of the claims
of the ABL Secured Parties against ABL Priority Collateral under Section 363(k) of the Bankruptcy Code, in each case, if the ABL Agent has consented to such sale or other Disposition of such ABL Priority Collateral; provided, that, (A) the
terms of any proposed order approving such transaction provide for the parties’ respective Liens to attach to the proceeds of the ABL Priority Collateral that is the subject of such sale or Disposition, subject to the Lien Priorities in
Section 2.1 and the other terms and conditions of this Agreement; (B) such proceeds are applied among the ABL Obligations or the Term Obligations in accordance with Section 4.1; and (C) such motion to sell or
otherwise Dispose of any ABL Priority Collateral does not impair the rights of the Term Secured Parties under Section 363(k) of the Bankruptcy Code (except that (1) the Term Secured Parties will be permitted to “credit bid” their
claims against ABL Priority Collateral (including under Section 363, 365 or 1129 of the Bankruptcy Code, or any comparable provision of other applicable Debtor Relief Laws) in such sale only if the cash proceeds of such bid result in Discharge
of ABL Obligations on the closing date of such sale, including all principal of and accrued and unpaid interest and fees on and all prepayment or acceleration penalties and premiums in respect of all ABL Obligations outstanding at the time of any
Disposition, and (2) the Term Secured Parties will be permitted to “credit bid” their claims against Term Priority Collateral (including under Section 363, 365 or 1129 of the Bankruptcy Code, or any comparable provision of other
applicable Debtor Relief Laws) in such sale and in accordance with the terms of the Term Documents. Each Term Agent for itself and the applicable Term Secured Parties further agree that they will not object to or oppose, or support any party in
opposing, the right of the ABL Secured Parties to credit bid under Section 363(k) of the Bankruptcy Code (or any similar provision under any other applicable Debtor Relief Laws) with respect to the ABL Priority Collateral, subject to the
provision of the immediately preceding sentence; provided, that, the Term Secured Parties shall not be deemed to have agreed to any credit bid in connection with a single sale or other Disposition of both Term Priority Collateral and ABL Priority
Collateral unless such credit bid would result in the Discharge of Term Obligations on the closing date of such sale. 
 (b) Until the
Discharge of Term Obligations has occurred, the ABL Agent, for itself and on behalf of the other ABL Secured Parties agrees that in the event of any Insolvency Proceeding, the ABL Secured Parties will not object or oppose (or support any Person in
objecting or opposing), and will be deemed to have consented to pursuant to Section 363(f) of the Bankruptcy Code or any other applicable law, (i) a motion to sell or otherwise Dispose of any Term Priority Collateral under Sections 363,
365 or 1129 of the Bankruptcy Code or any similar provisions under any other applicable Debtor Relief Laws, free and clear of any Liens or other claims, (ii) a motion establishing notice, sale or bidding procedures for such Disposition
(including any break-up fee or other bidder protections) or (iii) a motion to permit a credit bid all or any portion of the claims of the Term Secured Parties against Term Priority Collateral under Section 363(k) of the Bankruptcy Code, in
each case, if the Term Agent has consented to such sale or Disposition of such Term Priority Collateral; provided, that, (A) the terms of any proposed order approving such transaction provide for the parties’ respective Liens to attach to
the proceeds of the Term Priority Collateral that is the subject of such sale or Disposition, subject to the Lien Priorities in Section 2.1 and the other terms and conditions of this Agreement, (B) such proceeds are applied among
the ABL Obligations and the Term Obligations in accordance with Section 4.1; and (C) such motion to sell or otherwise Dispose of any Term Priority Collateral does not impair the rights of the ABL Secured Parties

  
 36 

 
under Section 363(k) of the Bankruptcy Code (except that (1) the ABL Secured Parties will be permitted to “credit bid” their claims against Term Priority Collateral (including
under Section 363, 365 or 1129 of the Bankruptcy Code, or any comparable provision of other applicable Debtor Relief Laws) in such sale only if such bid results in a Discharge of Term Obligations in cash on the closing date of such sale,
including all principal of and accrued and unpaid interest and fees on and all prepayment or acceleration penalties and premiums in respect of all Term Obligations outstanding at the time of any Disposition, and (2) the ABL Secured Parties will
be permitted to “credit bid” their claims against ABL Priority Collateral (including under Section 363, 365 or 1129 of the Bankruptcy Code, or any comparable provision of other applicable Debtor Relief Laws) in such sale and in
accordance with the terms of the ABL Documents. The ABL Agent for itself and the other ABL Secured Parties further agree that it will not object to or oppose, or support any party in opposing, the right of the Term Secured Parties to credit bid
under Section 363(k) of the Bankruptcy Code (or any similar provision under any other applicable Debtor Relief Laws) with respect to the Term Priority Collateral, subject to the provision of the immediately preceding sentence; provided, that,
the ABL Secured Parties shall not be deemed to have agreed to any credit bid in connection with a single sale or other Disposition of both ABL Priority Collateral and Term Priority Collateral unless such credit bid would result in the Discharge of
ABL Obligations on the closing date of such sale. 
 Section 6.5 Separate Grants of Security and Separate Classification.
Each Term Secured Party and each ABL Secured Party acknowledges and agrees that (i) the grants of Liens pursuant to the ABL Collateral Documents and the Term Collateral Documents constitute two separate and distinct grants of Liens and
(ii) because of, among other things, their differing rights in the Collateral, the Term Obligations are fundamentally different from the ABL Obligations and must be separately classified in any plan of reorganization (or other plan of similar
effect under any Debtor Relief Laws) proposed or adopted in an Insolvency Proceeding. To further effectuate the intent of the parties as provided in the immediately preceding sentence, if it is held that the claims of the ABL Secured Parties and the
Term Secured Parties in respect of the Collateral constitute only one secured claim (rather than separate classes of senior and junior secured claims), then the ABL Secured Parties and the Term Secured Parties hereby acknowledge and agree that all
distributions from the Collateral shall be made as if there were separate classes of ABL Obligation claims and Term Obligation claims against the Loan Parties, with the effect being that, to the extent that the aggregate value of the ABL Priority
Collateral or Term Priority Collateral is sufficient (for this purpose ignoring all claims held by the other Secured Parties), the ABL Secured Parties or the Term Secured Parties, respectively, shall be entitled to receive, in addition to amounts
distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in respect of post-petition interest, fees and expenses that is available from each pool of Priority Collateral for each of the ABL Secured
Parties and the Term Secured Parties, respectively, (whether or not allowed or allowable in any such Insolvency Proceeding) before any distribution is made in respect of the claims held by the other Secured Parties from such Priority Collateral,
with the other Secured Parties hereby acknowledging and agreeing to turn over to the respective other Secured Parties amounts otherwise received or receivable by them from such Priority Collateral to the extent necessary to effectuate the intent of
this sentence, even if such turnover has the effect of reducing the aggregate recoveries of the Secured Parties turning over such amounts. 

Section 6.6 Reorganization Securities. If, in any Insolvency Proceeding, debt obligations of the reorganized debtor secured
by Liens on any property of the reorganized debtor are distributed pursuant to a plan of reorganization or a similar dispositive restructuring plan, both on account of the ABL Obligations and on account of the Term Obligations, then to the extent
that the debt obligations distributed on account of the ABL Obligations and on account of the Term Obligations are secured by Liens upon the same property, the provisions of this Agreement will survive the distribution of such debt obligations
pursuant to such plan and will apply with like effect to the Liens securing such debt obligations. 

  
 37 

 Section 6.7 [Reserved]. 

Section 6.8 ABL Obligations Unconditional. All rights of the ABL Agent hereunder, and all agreements and obligations of
each Term Agent hereunder, shall, except as otherwise specifically provided herein, remain in full force and effect irrespective of: 

(i) any lack of validity or enforceability of any ABL Document; 

(ii) any change in the time, place or manner of payment of, or in any other term of, all or any portion of the ABL
Obligations, or any amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of any ABL Document (but solely to the extent permitted pursuant to Section 5.2(a)
hereof); 
 (iii) any exchange, release, voiding, avoidance or nonperfection of any security interest in any Collateral
or any other collateral, or any release, amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding, restatement or increase of all or any portion of the ABL Obligations or any
guarantee or guaranty thereof; or 
 (iv) any other circumstances that otherwise might constitute a defense available
to, or a discharge of, any Loan Party in respect of the ABL Obligations, or of any Term Agent or any Loan Party, to the extent applicable, in respect of this Agreement. 

Section 6.9 Term Obligations Unconditional. All rights of each Term Agent hereunder, all agreements and obligations of the
ABL Agent hereunder, shall, except as otherwise specifically provided herein, remain in full force and effect irrespective of: 

(i) any lack of validity or enforceability of any Term Document; 

(ii) any change in the time, place or manner of payment of, or in any other term of, all or any portion of the Term
Obligations, or any amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of any Term Document (but solely to the extent permitted pursuant to
Section 5.2(b) hereof); 
 (iii) any exchange, release, voiding, avoidance or nonperfection of any security
interest in any Collateral, or any other collateral, or any release, amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding, restatement or increase of all or any portion of the
Term Obligations or any guarantee or guaranty thereof; or 
 (iv) any other circumstances that otherwise might
constitute a defense available to, or a discharge of, any Loan Party in respect of the Term Obligations, or of the ABL Agent or any Loan Party, to the extent applicable, in respect of this Agreement. 

Section 6.10 Claims. Each Agent, for itself and on behalf of the respective applicable Secured Parties, agrees not to
object to (or support any other Person objecting) and hereby waives any 

  
 38 

 
objection to any election under Section 1111(b)(2) of the Bankruptcy Code by any ABL Secured Party (to any claims of such ABL Secured Party in respect of the ABL Priority Collateral) or Term
Secured Party (to any claims of such Term Secured Party in respect of the Term Priority Collateral), as applicable, in or from such Insolvency or Liquidation Proceeding. 

Section 6.11 Bankruptcy – Plan Support. Without the consent of the ABL Secured Parties prior to the Discharge of ABL
Obligations, the Term Secured Parties will not propose, support or vote, directly or indirectly (including by any restructuring plan support agreement) for any Plan that is inconsistent with this Agreement. Without the consent of the Term Secured
Parties prior to the Discharge of Term Obligations, the ABL Secured Parties will not propose, support or vote, directly or indirectly (including by any restructuring plan support agreement) for any Plan that is inconsistent with this Agreement. 

Section 6.12 Applicability. This Agreement shall be applicable both before and after the institution of any Insolvency
Proceeding involving any Borrower or any other Loan Party, including, without limitation, the filing of any petition by or against any Borrower or any other Loan Party under any Debtor Relief Laws and all converted or subsequent cases in respect
thereof, and all references herein to any Loan Party shall be deemed to apply to the trustee for such Loan Party and such Loan Party as debtor-in- possession. The relative rights of the ABL Secured Parties and the Term Secured Parties in or to any
distributions from or in respect of any Collateral or Proceeds shall continue after the institution of any Insolvency Proceeding involving any Borrower or any other Loan Party, including, without limitation, the filing of any petition by or against
any Borrower or any other Loan Party under any Debtor Relief Laws and all converted cases and subsequent cases, on the same basis as prior to the date of such institution, subject to any court order approving the financing of, or use of cash
collateral by any Borrower or other Loan Party as debtor-in-possession, or any other court order affecting the rights and interests of the parties hereto not inconsistent with this Agreement. This Agreement shall constitute a subordination agreement
for the purposes of Section 510(a) of the Bankruptcy Code and shall be enforceable in any Insolvency Proceeding in accordance with its terms. 

Section 6.13 Other Bankruptcy Laws. In the event that an Insolvency Proceeding is filed in a jurisdiction other than the
United States or is governed by any Debtor Relief Laws other than the Bankruptcy Code, each reference in this Agreement to a section of the Bankruptcy Code shall be deemed to refer to the substantially similar or corresponding provision of the
Debtor Relief Laws applicable to such Insolvency Proceeding, or, in the absence of any specific similar or corresponding provision of such Debtor Relief Laws, such other general Debtor Relief Law as may be applied in order to achieve substantially
the same result as would be achieved under each applicable section of the Bankruptcy Code. 
 ARTICLE 7 

MISCELLANEOUS 

Section 7.1 Rights of Subrogation. Each Term Agent, for and on behalf of itself and the applicable Term Secured Parties,
agrees that no payment to the ABL Agent or any ABL Secured Party pursuant to the provisions of this Agreement shall entitle the Term Agent or any Term Secured Party to exercise any rights of subrogation in respect thereof until the Discharge of ABL
Obligations. Thereafter, the ABL Agent agrees to execute such documents, agreements, and instruments as any Term Agent or any Term Secured Party may reasonably request to evidence the transfer by subrogation to any such Person of an interest in the
ABL Obligations resulting from payments to the ABL Agent by such Person, so long as all costs and expenses (including all reasonable legal fees and disbursements) incurred in connection therewith by the ABL Agent are paid by such Person upon request
for payment thereof. The ABL Agent, for and on behalf of itself and the ABL Secured Parties, agrees that no payment to any Term Agent or any 

  
 39 

 
Term Secured Party pursuant to the provisions of this Agreement shall entitle the ABL Agent or any ABL Secured Party to exercise any rights of subrogation in respect thereof until the Discharge
of Term Obligations. Thereafter, each Term Agent agrees to execute such documents, agreements, and instruments as the ABL Agent or any ABL Secured Party may reasonably request to evidence the transfer by subrogation to any such Person of an interest
in the Term Obligations resulting from payments to any Term Agent by such Person, so long as all costs and expenses (including all reasonable legal fees and disbursements) incurred in connection therewith by such Term Agent are paid by such Person
upon request for payment thereof. 
 Section 7.2 Further Assurances. The parties will, at their own expense and at any
time and from time to time, promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary or desirable, or that either party may reasonably request, in order to protect any right or interest
granted or purported to be granted hereby or to enable the ABL Agent or any Term Agent to exercise and enforce their rights and remedies hereunder; provided, however, that no party shall be required to pay over any payment or
distribution, execute any instruments or documents, or take any other action referred to in this Section 7.2, to the extent that such action would contravene any law, order or other legal requirement or any of the terms or provisions of this
Agreement, and in the event of a controversy or dispute, such party may interplead any payment or distribution in any court of competent jurisdiction, without further responsibility in respect of such payment or distribution under this
Section 7.2. 
 Section 7.3 Representations. Each Term Agent represents and warrants to the ABL Agent that it has
the requisite power and authority under the Term Documents to enter into, execute, deliver, and carry out the terms of this Agreement on behalf of itself and the applicable Term Secured Parties and that this Agreement shall be binding obligations of
such Term Agent and the applicable Term Secured Parties, enforceable against each Term Agent and the applicable Term Secured Parties in accordance with its terms. The ABL Agent represents and warrants to each Term Agent that it has the requisite
power and authority under the ABL Documents to enter into, execute, deliver, and carry out the terms of this Agreement on behalf of itself and the ABL Secured Parties and that this Agreement shall be binding obligations of the ABL Agent and the ABL
Secured Parties, enforceable against the ABL Agent and the ABL Secured Parties in accordance with its terms. 
 Section 7.4
Amendments. No amendment or waiver of any provision of this Agreement nor consent to any departure by any party hereto shall be effective unless it is in a written agreement executed by each Term Agent and the ABL Agent and, in the case
of any amendment adversely affecting the rights or obligations of any Loan Party, the applicable Loan Party, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. It is
understood that the ABL Agent and each Term Agent, without the consent of any other ABL Secured Party or Term Secured Party, may in their discretion determine that a supplemental agreement (which may take the form of an amendment and restatement of
this Agreement) is necessary or appropriate to facilitate having additional Indebtedness or other obligations of any of the Loan Parties become ABL Obligations or Term Obligations, as the case may be, under this Agreement, which supplemental
agreement shall specify whether such additional Indebtedness constitutes ABL Obligations or Term Obligations; provided that such additional Indebtedness is permitted to be incurred under any ABL Credit Agreement and any Term Loan Credit Agreement
then extant in accordance with the terms thereof and the Company shall have delivered an officer’s certificate to the ABL Agent and each Term Agent certifying to such and the holders of such additional Indebtedness (or an authorized agent or
trustee on their behalf) bind themselves in writing to the terms of this Agreement pursuant to such documents as shall be reasonably requested by, and in a form reasonably acceptable to, the ABL Agent and each Term Agent. 

  
 40 

 Section 7.5 Addresses for Notices. Unless otherwise specifically provided
herein, any notice or other communication herein required or permitted to be given shall be in writing and may be personally served, telecopied, or sent by overnight express courier service or United States mail and shall be deemed to have been
given when delivered in person or by courier service, upon receipt of a telecopy or three (3) days after deposit in the United States mail (certified, with postage prepaid and properly addressed). For the purposes hereof, the addresses of the
parties hereto (until notice of a change thereof is delivered as provided in this Section) shall be as set forth below or, as to each party, at such other address as may be designated by such party in a written notice to all of the other parties.

  

			
	ABL Agent:		Bank of America, N.A.
			Business Capital
			2600 West Big Beaver Road
			Troy, Michigan 48084
			Attn: Steve Siravo
			Telecopy: 248-631-0515
		
			With a copy to:
		
			McGuireWoods LLP
			77 West Wacker Drive, Suite 4100
			Chicago, Illinois 60601
			Attention: Philip J. Perzek
			Email: pperzek@mcguirewoods.com
		
	Term Agent:		JPMorgan Chase Bank, N.A.
			10 South Dearborn, Floor 7
			Chicago, Illinois 60603
			Attention: Joyce King
			Telecopy: 888-292-9533
		
			With a copy to:
		
			Simpson Thacher & Bartlett LLP
			425 Lexington Avenue
			New York, NY 10017
			Attention: Jessica Tuchinsky
			Email: jtuchinsky@stblaw.com

 Section 7.6 No Waiver; Remedies. No failure on the part of any party to exercise, and no
delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein
provided are cumulative and not exclusive of any remedies provided by law. 
 Section 7.7 Continuing Agreement, Transfer of
Secured Obligations. This Agreement is a continuing agreement and shall (a) remain in full force and effect until the earlier of the Discharge of ABL Obligations or the Discharge of Term Obligations, (b) be binding upon the parties
and their successors and assigns, and (c) inure to the benefit of and be enforceable by the parties and their respective successors, transferees and assigns. Nothing herein is intended, or shall be construed to give, 

  
 41 

 
any other Person any right, remedy or claim under, to or in respect of this Agreement or any Collateral. All references to any Loan Party shall include any Loan Party as debtor-in-possession and
any receiver or trustee for such Loan Party in any Insolvency Proceeding. Without limiting the generality of the foregoing clause (c), the ABL Agent or any Term Agent may resign as ABL Agent or Term Agent, as applicable, and any ABL Secured Party or
any Term Secured Party may assign or otherwise transfer all or any portion of the ABL Obligations or the Term Obligations, as applicable, to any other Person (other than any Loan Party or any Subsidiary or Affiliate of any Loan Party), and such
successor ABL Agent or successor Term Agent, or other Person shall thereupon become vested with all the rights and obligations in respect thereof granted to the ABL Agent, any Term Agent, any ABL Secured Party, or any Term Secured Party, as the case
may be, herein or otherwise. The ABL Secured Parties and the Term Secured Parties may continue, at any time and without notice to the other parties hereto, to extend credit and other financial accommodations, lend monies and provide Indebtedness to,
or for the benefit of, any Loan Party on the faith hereof. 
 Section 7.8 Governing Law; Entire Agreement. The validity,
performance, and enforcement of this Agreement shall be governed by, and construed in accordance with, the laws of the State of New York without regard to conflicts of laws principles thereof but including Section 5-1401 and 5-1402 of the New
York General Obligations Law. This Agreement constitutes the entire agreement and understanding among the parties with respect to the subject matter hereof and supersedes any prior agreements, written or oral, with respect thereto. 

Section 7.9 Counterparts. This Agreement may be executed in any number of counterparts, and it is not necessary that the
signatures of all parties be contained on any one counterpart hereof, each counterpart will be deemed to be an original, and all together shall constitute one and the same document. Delivery of an executed signature page to this Agreement by
facsimile or other electronic transmission (in .pdf or similar format) shall be as effective as delivery of a manually signed counterpart of this Agreement. 

Section 7.10 No Third Party Beneficiaries. This Agreement is solely for the benefit of the ABL Agent, ABL Secured Parties,
each Term Agent and Term Secured Parties. Except as set forth in Section 7.4, no other Person (including any Loan Party or any Subsidiary or Affiliate of any Loan Party) shall be deemed to be a third party beneficiary of this Agreement;
provided that the Loan Parties and their respective Subsidiaries are intended beneficiaries and third party beneficiaries with respect to Sections 7.4 and 7.20 hereof. 

Section 7.11 Headings. The headings of the articles and sections of this Agreement are inserted for purposes of convenience
only and shall not be construed to affect the meaning or construction of any of the provisions hereof. 
 Section 7.12
Severability. If any of the provisions in this Agreement shall, for any reason, be held invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this
Agreement and shall not invalidate the Lien Priority or the application of Proceeds and other priorities set forth in this Agreement. 

Section 7.13 [Reserved]. 

Section 7.14 VENUE; JURY TRIAL WAIVER. 

(a) EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE 

  
 42 

 
JURISDICTION OF THE SUPREME COURT OF THE STATE OF NEW YORK SITTING IN NEW YORK 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 FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY
SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR, TO THE EXTENT PERMITTED BY 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 SHALL AFFECT ANY RIGHT THAT ANY ABL SECURED PARTY OR ANY TERM SECURED PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION OR
PROCEEDING RELATING TO THIS AGREEMENT, ANY TERM DOCUMENTS, OR ANY ABL DOCUMENTS AGAINST ANY LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

(b) EACH PARTY HERETO HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS
AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. EACH PARTY HERETO REPRESENTS THAT IT HAS REVIEWED THIS WAIVER AND IT KNOWINGLY AND
VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 

(c) EACH PARTY TO THIS AGREEMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 7.5. NOTHING IN THIS
AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 

Section 7.15 Intercreditor Agreement. This Agreement is the Intercreditor Agreement referred to in the ABL Credit Agreement
and the Term Loan Credit Agreement. Nothing in this Agreement shall be deemed to subordinate the obligations due to (i) any ABL Secured Party to the obligations due to any Term Secured Party or (ii) any Term Secured Party to the
obligations due to any ABL Secured Party (in each case, whether before or after the occurrence of an Insolvency Proceeding), it being the intent of the Parties that this Agreement shall effectuate a subordination of Liens but not a subordination of
Indebtedness. 
 Section 7.16 No Warranties or Liability. Each Term Agent and the ABL Agent acknowledge and agree that
neither has made any representation or warranty with respect to the execution, validity, legality, completeness, collectability or enforceability of any other ABL Document or any Term Document. Except as otherwise provided in this Agreement, each
Term Agent and the ABL Agent will be entitled to manage and supervise their respective extensions of credit to any Loan Party in accordance with law and their usual practices, modified from time to time as they deem appropriate. 

Section 7.17 Conflicts. In the event of any conflict between the provisions of this Agreement and the provisions of any ABL
Document or any Term Document, the provisions of this Agreement shall govern; provided that nothing in this Agreement shall permit any Loan Party to incur Indebtedness or Liens not otherwise permitted by the ABL Documents and Term Documents. 

  
 43 

 Section 7.18 Information Concerning Financial Condition of the Loan Parties.

 (a) Each of the Term Agent, any other Term Agent and the ABL Agent hereby assumes responsibility for keeping itself informed of the
financial condition of the Loan Parties and all other circumstances bearing upon the risk of nonpayment of the ABL Obligations or the Term Obligations. Each Term Agent and the ABL Agent hereby agree that no party shall have any duty to advise any
other party of information known to it regarding such condition or any such circumstances. In the event any Term Agent or the ABL Agent, in their sole discretion, undertakes at any time or from time to time to provide any information to any other
party to this Agreement, (a) they shall be under no obligation (i) to provide any such information to such other party or any other party on any subsequent occasion, (ii) to undertake any investigation not a part of its regular
business routine, or (iii) to disclose any other information, (b) they make no representation as to the accuracy or completeness of any such information and shall not be liable for any information contained therein, and (c) the party
receiving such information hereby agrees to hold the providing party harmless from any action the receiving party may take or conclusion the receiving party may reach or draw from any such information, as well as from and against any and all losses,
claims, damages, liabilities, and expenses to which such receiving party may become subject arising out of or in connection with the use of such information. 

(b) The Loan Parties agree that any information provided to the ABL Agent, any Term Agent, any ABL Secured Party or any Term Secured Party may
be shared by such Person with any ABL Secured Party, any Term Secured Party, the ABL Agent or any Term Agent notwithstanding a request or demand by such Loan Party that such information be kept confidential; provided that such information shall
otherwise be subject to the respective confidentiality provisions in the ABL Credit Agreement and the Term Loan Credit Agreement, as applicable. 

Section 7.19 Additional Loan Parties. The Company agrees that if any Subsidiary (other than a Non-US Loan Party) shall
become a Loan Party after the date hereof, it will promptly cause such Subsidiary to execute and deliver to the ABL Agent and each Term Agent an instrument in the form of Acknowledgement attached hereto. The execution and delivery of such
acknowledgement shall not require the consent of any other party hereunder. 
 Section 7.20 Additional Debt Facilities.
To the extent permitted by the provisions of the then extant ABL Documents and Term Documents, the Borrower and each of their respective Subsidiaries may incur or issue and sell one or more series or classes of Additional Term Debt. Any such
additional class or series of Indebtedness may be secured by (x) Liens on the Term Priority Collateral that are senior to the Liens on the Term Priority Collateral securing the ABL Obligations and (y) Liens on the ABL Priority Collateral
that are junior to the Liens on the ABL Priority Collateral securing the ABL Obligations, in each case under, and pursuant to, the relevant Additional Term Collateral Documents for such Additional Term Debt, if and subject to the condition that the
agent, trustee or other representative in respect of any such Additional Term Debt, acting on behalf of the holders of such Additional Term Debt, becomes a party to this Agreement by satisfying conditions (a) through (c), as applicable, of the
immediately succeeding paragraph. In order for any such agent, trustee or other representative to become a party to this Agreement: 
 (a)
unless such agent, trustee or other representative for the applicable Indebtedness is already a party to this Agreement, such agent, trustee or other representative shall have executed and delivered an Additional Term Joinder (with such changes as
may be reasonably approved by such agent, 

  
 44 

 
trustee or other representative and each other party hereto), and the Additional Term Debt in respect of which such Person is the agent, trustee or other representative constitutes Additional
Term Obligations, and the related Additional Term Secured Parties become subject hereto and bound hereby as Additional Term Secured Parties; 

(b) the Company shall have delivered to the ABL Agent and Term Agent an Officer’s Certificate identifying the obligations to be
designated as Additional Term Obligations and the initial aggregate principal amount or face amount thereof and certifying that such obligations are permitted to be incurred and secured under each of the then extant ABL Documents and Term Documents
and, if requested, true and complete copies of each of the material Additional Term Documents relating to such Additional Term Debt; and 

(c) the Additional Term Documents relating to such Additional Term Debt shall provide that each Additional Term Secured Party with respect to
such Additional Term Debt will be subject to, and bound by, the provisions of this Agreement in its capacity as a holder of such Additional Term Debt. 

Section 7.21 Additional Intercreditor Agreements. Notwithstanding anything to the contrary contained in this Agreement,
each party hereto agrees that the Term Secured Parties (as among themselves) may enter into intercreditor agreements (or similar arrangements) with the relevant Term Agents governing the rights, benefits and privileges of Term Secured Parties with
respect to the Term Obligations or a portion thereof (as among themselves), in respect of any or all of the Collateral and the applicable Term Documents, including as to the application of Proceeds of any Collateral, voting rights, control of any
Collateral and waivers with respect to any Collateral, in each case so long as the terms thereof do not violate or conflict with the provisions of this Agreement. 

[SIGNATURE PAGES FOLLOW] 

  
 45 

 IN WITNESS WHEREOF, the ABL Agent, for and on behalf of itself and the ABL Lenders, and the Term
Agent, for and on behalf of itself and the Term Lenders, have caused this Agreement to be duly executed and delivered as of the date first above written. 
  

			
	BANK OF AMERICA, N.A., in its capacity as the ABL Agent
		
	By:		  

			Name:
			Title:

  

			
	JPMORGAN CHASE BANK, N.A., in its capacity as the Term Agent
		
	By:		  

			Name:
			Title:

  
 [Signature Page to
Intercreditor Agreement] 

 ACKNOWLEDGMENT 

Each Borrower, each ABL Guarantor and each Term Guarantor hereby acknowledges that it has received a copy of this Agreement and consents
thereto, agrees to recognize all rights granted thereby to the ABL Agent and each Term Agent, and will not do any act or perform any obligation which is not in accordance with the agreements set forth in this Agreement. Each Borrower, each ABL
Guarantor and each Term Guarantor further acknowledges and agrees that, except as set forth in Section 7.10, it is not an intended beneficiary or third party beneficiary under this Agreement and (i) as between the ABL Secured Parties and
the ABL Loan Parties, the ABL Documents remain in full force and effect as written and are in no way modified hereby, and (ii) as between the Term Secured Parties, the Company and Term Guarantors, the Term Documents remain in full force and
effect as written and are in no way modified hereby. For the avoidance of doubt, the consent and acknowledgement of the Borrowers, the ABL Guarantors and the Term Guarantors herein, shall not constitute a waiver of any of their rights available
under the Loan Documents, at law or in equity. 
  

					
	CEQUENT CONSUMER PRODUCTS, INC.
			
	By:				  

					Name:
					Title:
	
	CEQUENT PERFORMANCE PRODUCTS, INC.
			
	By:				  

					Name:
					Title:
	
	HORIZON GLOBAL CORPORATION
			
	By:				Horizon Global Company LLC
			
			 By:
		  

					Name:
					Title:
	
	HORIZON GLOBAL COMPANY LLC
			
	By:				  

					Name:
					Title:

  
 [Signature Page to
Acknowledgment to Intercreditor Agreement] 

 EXHIBIT I 

[FORM OF] JOINDER AGREEMENT 

JOINDER AGREEMENT dated as of [            ],
201[    ] to the INTERCREDITOR AGREEMENT dated as of             , 2015 (the “Intercreditor Agreement”), among (I) BANK OF AMERICA, N.A., in
its capacity as agent and collateral agent (together with its successors and assigns in such capacities, the “ABL Agent”) and (II) JPMORGAN CHASE BANK, N.A., in its capacity as administrative agent and collateral agent
(together with its successors and assigns in such capacities, the “Term Agent”). 
 A. Capitalized
terms used herein but not otherwise defined herein shall have the meanings assigned to such terms in the Intercreditor Agreement. 

B. As a condition to the ability of
[                    ] to [incur Additional Term Debt] [refinance the ABL Credit Agreement, Term Loan Credit Agreement or
[                    ]] after the date of the Intercreditor Agreement and to secure [such Additional Term Debt] [ABL Credit Agreement, Term Loan
Credit Agreement or [                    ]] with a Lien on the Collateral, in each case under and pursuant to the collateral documents relating
thereto, [the agent, trustee or other representative in respect of such Additional Term Debt or [                    ]] is required, unless such
agent, trustee or other representative is already a party to the Intercreditor Agreement, to become a party under, and such [Additional Term Debt and the Additional Term Secured Parties] [Indebtedness and holders of such Indebtedness] in respect
thereof are required to become subject to and bound by, the Intercreditor Agreement. The undersigned (the “New Representative”) is executing this Joinder in accordance with the requirements of the ABL Documents, Term Documents and
other Additional Term Documents. 
 Accordingly, the ABL Agent, the Term Agent and each New Representative agree as follows:

 Section 1. In accordance with the Intercreditor Agreement, the New Representative by its signature below becomes a
party under, and the related [Additional Term Debt and Additional Term Secured Parties] [Indebtedness and holders of such Indebtedness] become subject to and bound by, the Intercreditor Agreement as [Additional Term Obligations and Additional Term
Secured Parties] [ABL Obligations and ABL Secured Parties][                    ], respectively, with the same force and effect as if the New
Representative had originally been named therein as a party thereto, and the New Representative, on behalf of itself and such [Additional Term Secured Parties] [holders of such Indebtedness], hereby agrees to all the terms and provisions of the
Intercreditor Agreement applicable to it. Each reference to a [“Term Agent”] [“ABL Agent”] [agent, trustee or other representative in respect of Additional Term Debt] in the Intercreditor Agreement shall be deemed to include the
New Representative. The Intercreditor Agreement is hereby incorporated herein by reference. 
 Section 2. The New
Representative represents and warrants that (a) it has full power and authority to enter into this Joinder, in its capacity as [agent] [trustee] [representative] under [describe new facility] and (b) this Joinder has been duly authorized,
executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with the terms of such Joinder. 

 Section 3. This Joinder may be executed in counterparts, each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. This Joinder shall become effective when executed and delivered by the parties hereto. Delivery of an executed signature page to this Joinder by
facsimile transmission or other electronic method shall be effective as delivery of a manually signed counterpart of this Joinder. 

Section 4. Except as expressly supplemented hereby, the Intercreditor Agreement shall remain in full force and effect.

 SECTION 5. THIS JOINDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 Section 6. In case any one or more of the provisions contained in this Joinder should be held invalid, illegal or
unenforceable in any respect, no party hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the validity, legality and enforceability of the remaining provisions
contained herein and in the Intercreditor Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the
economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

Section 7. All communications and notices hereunder to the New Representative shall be given to it at the address set
forth below its signature hereto. 

  
 2 

 IN WITNESS WHEREOF, the ABL Agent, the Term Agent and each New Representative have duly executed
this Joinder to the Intercreditor Agreement as of the day and year first above written. 
  

							
	[NAME OF NEW REPRESENTATIVE],
	 as [             ] for the holders of

	 [                     ],

		
	By:		  

			Name:				
			Title:				
		
			     Address for notices:

			
					  

					  

				
					 Attention of:
		  

					Telecopy:		  

  
 [Signature Page to
Joinder to Intercreditor Agreement] 

 
			
	BANK OF AMERICA, N.A., in its capacity as the ABL Agent
		
	By:		  

			Name:
			Title:
	
	JPMORGAN CHASE BANK, N.A., in its capacity as the Term Agent
		
	By:		  

			Name:
			Title:

  
 [Signature Page to
Joinder to Intercreditor Agreement] 

 EXHIBIT D 

FORM OF GUARANTEE AND COLLATERAL AGREEMENT 

[See attached] 

  

 
 TERM LOAN GUARANTEE AND COLLATERAL
AGREEMENT 
 made by 
 HORIZON
GLOBAL CORPORATION 
 and certain of its Subsidiaries 

in favor of 
 JPMORGAN CHASE BANK,
N.A., 
 as Collateral Agent 

Dated as of [·], 2015

  
  

 

 TERM LOAN GUARANTEE AND COLLATERAL AGREEMENT 

THIS TERM LOAN GUARANTEE AND COLLATERAL AGREEMENT (as it may be amended, restated, amended and restated, supplemented or otherwise modified
from time to time, this “Agreement”) is entered into as of [·], 2015 by and among HORIZON GLOBAL CORPORATION, a
Delaware corporation (the “Borrower”), certain of its Subsidiaries signatories hereto (the Borrower and each such Subsidiary a “Grantor”, and collectively, the “Grantors”) and JPMORGAN CHASE BANK,
N.A., as collateral agent (in such capacity, the “Collateral Agent”) for the banks and other financial institutions or entities (the “Lenders”) from time to time parties to the Term Loan Credit Agreement, dated as
of [·], 2015 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”) among the Borrower, the Lenders, the Collateral Agent, and the other agents party thereto. 

PRELIMINARY STATEMENT 
 WHEREAS,
pursuant to the Credit Agreement, the Lenders have severally agreed to make extensions of credit to the Borrower upon the terms and subject to the conditions set forth therein; 

WHEREAS, the Borrower is a member of an affiliated group of companies that includes each other Grantor; 

WHEREAS, the Borrower and the other Grantors are engaged in related businesses, and each Grantor will derive substantial direct and indirect
benefit from the making of the extensions of credit under the Credit Agreement; and 
 WHEREAS, it is a condition precedent to the
obligation of the Lenders to make their respective extensions of credit to the Borrower under the Credit Agreement that the Grantors shall have executed and delivered this Agreement to the Collateral Agent for the ratable benefit of the Secured
Parties; 
 NOW, THEREFORE, in consideration of the premises and to induce the Collateral Agent and the Lenders to enter into the Credit
Agreement and to induce the Lenders to make their respective extensions of credit to the Borrower thereunder, each Grantor hereby agrees with the Collateral Agent, for the ratable benefit of the Secured Parties, as follows: 

ARTICLE I 
 DEFINITIONS

 1.1 Terms Defined in Credit Agreement. All capitalized terms used herein and not otherwise defined shall have the meanings
assigned to such terms in the Credit Agreement. 
 1.2 Terms Defined in UCC. Terms defined in the UCC which are not otherwise defined
in this Agreement are used herein as defined in Articles 8 or 9 of the UCC. 
 1.3 Definitions and Rules of Construction. Whenever
the words “include”, “including”, or “includes” appear in this Agreement, they shall be read to be followed by the words “without limitation” or words having similar import. 

1.4 Definitions of Certain Terms Used Herein. As used in this Agreement, in addition to the terms defined in the Preliminary Statement,
the following terms shall have the following meanings: 

 “ABL Priority Collateral” has the meaning set forth in the Intercreditor
Agreement. 
 “Account Debtor” shall mean any person who is or who may become obligated to any Grantor under, with respect
to or on account of an Account. 
 “Article” means a numbered article of this Agreement, unless another document is
specifically referenced. 
 “Collateral” has the meaning set forth in Article III. 

“Collateral Deposit Account” means each Deposit Account of a Grantor other than an Excluded Account. 

“Collection Account” has the meaning set forth in Section 8.1(b). 

“Copyrights” means, with respect to any Person, all of such Person’s right, title, and interest in and to the following:
(a) all copyrights, rights and interests in copyrights, works protectable by copyright, copyright registrations, and copyright applications; (b) all renewals of any of the foregoing; (c) all income, royalties, damages, and payments
now or hereafter due and/or payable under any of the foregoing, including, without limitation, damages or payments for past or future infringements for any of the foregoing; (d) the right to sue for past, present, and future infringements of
any of the foregoing; and (e) all rights corresponding to any of the foregoing throughout the world. 
 “Excluded
Accounts” means (a) Excluded Trust Accounts, (b) Deposit Accounts and Securities Accounts of the Loan Parties containing not more than $50,000 individually or $250,000 in the aggregate at any time, and (c) zero-balance
accounts that sweep on a daily basis to an account maintained with the ABL Collateral Agent or subject to a Deposit Account control agreement for the benefit of the ABL Collateral Agent pursuant to the terms of the ABL Loan Documents. 

“Excluded Contract” means any contract or agreement to which a Grantor is a party or any governmental permit held by a
Grantor to the extent that (a) the terms of such contract, agreement or permit prohibit or restrict the creation, incurrence or existence of the security interest granted hereunder therein or the assignment thereof without the consent of any
party thereto other than the Borrower or any Subsidiary and (b) such prohibition or restriction is permitted under Section 6.10 of the Credit Agreement (other than to the extent that any such term would be rendered ineffective pursuant to
Sections 9-406, 9-407, 9-408 or 9-409 of the New York UCC or any other applicable law or principles of equity); provided that (i) the term “Excluded Contract” shall not include any rights for any amounts due or to become due
pursuant to any Excluded Contract and (ii) the Liens in favor of the Secured Parties shall attach immediately at such time as the condition causing such unenforceability shall be remedied and, to the extent severable, shall attach immediately
to any portion of such contract or agreement in which the creation, incurrence or existence of the security interest granted hereunder, or the assignment thereof, as the case may be, is not so prohibited or restricted; provided,
further, that such Grantor shall use commercially reasonable efforts to obtain all consents or waivers necessary to permit the grant of Liens in favor of the Secured Parties in such Excluded Contract. 

“Excluded Property” means (a) any asset, including, without limitation, Accounts and proceeds of Inventory, of any kind,
to the extent that (i) such asset is sold pursuant to any Specified Vendor Receivables Financing and in accordance with the applicable Specified Vendor Receivables Financing Documents and (ii) such sale or intended sale is permitted by
Section 6.05(c)(ii) of the Credit Agreement, (b) any asset acquired, constructed or improved pursuant to a capital lease or purchase money indebtedness permitted by Section 6.01(a)(viii) of the Credit Agreement, (c) Excluded
Contracts, (d) any 

 
Trademark applications filed in the United States Patent and Trademark Office on the basis of such Grantor’s “intent-to-use” such trademark solely to the extent that, and solely
during the period in which, granting a security interest in such Trademark application prior to such filing would adversely affect the enforceability or validity or result in the voiding thereof, unless and until acceptable evidence of use of the
Trademark has been filed with and accepted by the United States Patent and Trademark Office pursuant to Section 1(c) or Section 1(d) of the Lanham Act (15 U.S.C. 1051, et seq.), whereupon such trademark application will, without any
further action taken on the part of such Grantor or the Collateral Agent, be deemed to constitute Collateral, (e) any shares of Voting Stock of any Foreign Subsidiary, CFC or CFC Holdco in excess of 65% of the issued and outstanding shares of
Voting Stock of such Foreign Subsidiary, CFC or CFC Holdco, (f) any property or assets for which the creation or perfection of pledges of, or security interests in, pursuant to the Security Documents would result in material adverse tax
consequences to the Loan Parties, as reasonably determined by the Borrower in consultation with the Collateral Agent, (g) assets in circumstances where the cost of obtaining a security interest in such assets, including, without limitation, the
cost of title insurance, surveys or flood insurance (if necessary) would be excessive in light of the practical benefit to the Secured Parties afforded thereby as reasonably determined by the Borrower and the Collateral Agent, (h) any asset
subject to a purchase money security interest, capital lease obligations or similar arrangement, in each case, to the extent the grant of a security interest therein would violate or invalidate such purchase money or similar arrangement or create a
right of termination in favor of any other party thereto after giving effect to the applicable anti-assignment provisions of the New York UCC or other applicable law, other than proceeds and receivables thereof, the assignment of which is expressly
deemed effective under the New York UCC or other applicable law notwithstanding such prohibition, (i) any property of a person existing at the time such person is acquired or merged with or into or consolidated with any Loan Party that is
subject to a Lien permitted by Section 6.02(e) of the Credit Agreement to the extent and for so long as the contract or other agreement in which such Lien is granted validly prohibits the creation of any other Lien on such property, (j) any
Excluded Trust Accounts and (k) Equity Interests in any non-wholly owned Subsidiaries, but only to the extent that (x) the organizational documents or other agreements with equity holders of such non-wholly owned Subsidiaries do not permit
or restrict the pledge of such Equity Interests, or (y) the pledge of such Equity Interests (including any exercise of remedies) would result in a change of control, repurchase obligation or other adverse consequence to any of the Loan Parties
or such Subsidiary. 
 “Excluded Trust Accounts” means Deposit Accounts or Securities Accounts used exclusively
(a) for payroll, taxes or employee benefits, (b) to receive proceeds of Accounts sold to third parties pursuant to Specified Vendor Receivables Financings permitted under the Loan Documents, (c) to hold cash and/or cash equivalents
pledged to secure other obligations of the Borrower or any Subsidiary thereof pursuant to Liens permitted under the Loan Documents, (d) as escrow accounts, (e) as fiduciary or trust accounts, and accounts otherwise held exclusively for the
benefit of third parties, other than a Grantor and (f) that contain solely deposits permitted by clauses (c) and (d) of the definition of “Permitted Encumbrances” in the Credit Agreement, including in connection with any
letters of credit issued pursuant to such clauses, if the documents governing such deposits prohibit the granting of a Lien on such deposits. 

“Exhibit” refers to a specific exhibit to this Agreement, unless another document is specifically referenced. 

“Guarantor Obligations” means with respect to any Guarantor, all obligations and liabilities of such Guarantor which may
arise under or in connection with this Agreement (including, without limitation, Article II), whether on account of guarantee obligations, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all
fees and disbursements of counsel to the Collateral Agent or to the Secured Parties that are required to be paid by such Guarantor pursuant to the terms of this Agreement). 

 “Guarantors” means the Grantors; provided that each Grantor shall be considered
a Guarantor only with respect to the Primary Obligations of any other Loan Party. 
 “Intellectual Property” means the
collective reference to all rights, priorities and privileges relating to intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, the Copyrights, the Copyright Licenses,
the Patents, the Patent Licenses, the Trademarks and the Trademark Licenses, and all rights to sue at law or in equity for any infringement, misappropriation or violation thereof, including the right to receive all proceeds and damages therefrom.

 “Licenses” means, with respect to any Person, all of such Person’s right, title, and interest in and to
(a) any and all licensing agreements or similar arrangements in and to its Patents, Copyrights, or Trademarks, (b) all income, royalties, damages, claims, and payments now or hereafter due or payable under and with respect thereto,
including, without limitation, damages and payments for past and future breaches thereof, and (c) all rights to sue for past, present, and future breaches thereof. 

“Obligations” means, with respect to any Grantor, the collective reference to its Primary Obligations and its Guarantor
Obligations. 
 “Patents” means, with respect to any Person, all of such Person’s right, title, and interest in and
to: (a) any and all patents and patent applications; (b) all inventions and improvements described and claimed therein; (c) all reissues, divisionals, continuations, renewals, and continuations-in-part thereof; (d) all income,
royalties, damages, claims, and payments now or hereafter due or payable under and with respect thereto, including, without limitation, damages and payments for past and future infringements thereof; (e) all rights to sue for past, present, and
future infringements thereof; and (f) all rights corresponding to any of the foregoing throughout the world. 
 “Pledged
Chattel Paper” means all Chattel Paper, but only to the extent not constituting Excluded Property. 
 “Pledged
Collateral” means all Instruments, Securities and other Investment Property of the Grantors (other than Excluded Property), whether or not physically delivered to the Collateral Agent pursuant to this Agreement. 

“Pledged Securities” means any promissory notes, stock certificates or other securities now or hereafter included in the
Pledged Collateral, including all certificates, instruments or other documents representing or evidencing any Pledged Collateral. 

“Primary Obligations” means, with respect to any Loan Party, the unpaid principal of and interest on (including interest
accruing after the maturity of the Loans and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to such Loan Party, whether or not a claim for
post-filing or post-petition interest is allowed in such proceeding) the Loans and all other obligations and liabilities of such Loan Party to the Administrative Agent, the Collateral Agent or any other Secured Party, whether direct or indirect,
absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, the Credit Agreement, any other Loan Documents (other than this Agreement) or any other document made,
delivered or given in connection herewith or therewith (other than this Agreement), whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including all fees, charges and disbursements of counsel to
the Administrative Agent, the Collateral Agent or to any other Secured Party that are required to be paid by such Loan Party pursuant to the terms of any of the foregoing agreements) or otherwise. 

 “Proceeds” means all “proceeds” as such term is defined in
Section 9-102(a)(64) of the New York UCC and, in any event, shall include, without limitation, all dividends or other income from the Investment Property, collections thereon or distributions or payments with respect thereto. 

“Receivables” means the Accounts, Chattel Paper, Documents, Investment Property, Instruments and any other rights or claims
to receive money which are General Intangibles or which are otherwise included as Collateral. 
 “Section” means a numbered
section of this Agreement, unless another document is specifically referenced. 
 “Secured Parties” means the collective
reference to the Administrative Agent, the Collateral Agent and the Lenders. 
 “Specified Permitted Liens” means the Liens
permitted under Sections 6.02(a) and 6.02(r) of the Credit Agreement, provided that such Liens on the Collateral securing the obligations of the Loan Parties under the ABL Loan Documents remain subject to the Intercreditor Agreement. 

“Stock Rights” means all dividends, instruments or other distributions and any other right or property which the Grantors
shall receive or shall become entitled to receive for any reason whatsoever with respect to, in substitution for or in exchange for any Equity Interests constituting Collateral, any right to receive Equity Interests and any right to receive
earnings, in which the Grantors now have or hereafter acquire any right, issued by an issuer of such Equity Interests. 

“Trademarks” means, with respect to any Person, all of such Person’s right, title, and interest in and to the following:
(a) all trademarks (including service marks), trade names, trade dress, and trade styles and the registrations and applications for registration thereof and the goodwill of the business symbolized by the foregoing; (b) all renewals of the
foregoing; (c) all income, royalties, damages, and payments now or hereafter due or payable with respect thereto, including, without limitation, damages, claims, and payments for past and future infringements thereof; (d) all rights to sue
for past, present, and future infringements of the foregoing; and (e) all rights corresponding to any of the foregoing throughout the world. 

“UCC” means the Uniform Commercial Code, as in effect from time to time, of the State of New York or of any other state the
laws of which are required as a result thereof to be applied in connection with the attachment, perfection or priority of, or remedies with respect to, Collateral Agent’s or any Lender’s Lien on any Collateral. 

“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 where the right so to vote has been suspended by the happening of such a contingency. 

The foregoing definitions shall be equally applicable to both the singular and plural forms of the defined terms. 

ARTICLE II 
 GUARANTEE

 2.1 Guarantee. (a) Each of the Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantees to
the Administrative Agent, for the ratable benefit of the Secured Parties and 

 
their respective successors, indorsees, transferees and assigns, the prompt and complete payment and performance by the Loan Parties when due (whether at the stated maturity, by acceleration or
otherwise) of the Primary Obligations of the Loan Parties. 
 (b) Anything herein or in any other Loan Document to the contrary
notwithstanding, the maximum liability of each Guarantor hereunder and under the other Loan Documents shall in no event exceed the amount which can be guaranteed by such Guarantor under applicable federal and state laws relating to fraudulent
conveyances or transfers or the insolvency of debtors (after giving effect to the right of contribution established in Section 2.2). 

(c) Each Guarantor agrees that the Primary Obligations of the Loan Parties may at any time and from time to time exceed the amount of the
liability of such Guarantor hereunder without impairing the guarantee contained in this Article II or affecting the rights and remedies of the Administrative Agent or any Lender hereunder. 

(d) The guarantee contained in this Article II shall remain in full force and effect until all the Primary Obligations of the Loan Parties
(other than contingent obligations, indemnification, expense reimbursement, tax gross-up or yield protection as to which no claim has been made) and the obligations of each Guarantor under the guarantee contained in this Article II shall have been
satisfied by payment in full and the Commitments shall be terminated, notwithstanding that from time to time during the term of the Credit Agreement the Loan Parties may be free from any Primary Obligations. 

(e) No payment made by the Borrower, any other Loan Party, any of the Guarantors, any other guarantor or any other Person or received or
collected by the Administrative Agent, the Collateral Agent or any Lender from the Borrower, any other Loan Party, any of the Guarantors, any other guarantor or any other Person by virtue of any action or proceeding or any set-off or appropriation
or application at any time or from time to time in reduction of or in payment of the Primary Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder which shall, notwithstanding any such
payment (other than any payment made by such Guarantor in respect of the Primary Obligations of the Loan Parties or any payment received or collected from such Guarantor in respect of the Primary Obligations of the Loan Parties), remain liable for
the Primary Obligations of the Loan Parties up to the maximum liability of such Guarantor hereunder until the Primary Obligations of the Loan Parties (other than contingent obligations, indemnification, expense reimbursement, tax gross-up or yield
protection in each case as to which no claim has been made) are paid in full and the Commitments are terminated. 
 2.2 Right of
Contribution. Each Guarantor hereby agrees that to the extent that a Guarantor shall have paid more than its proportionate share of any payment made hereunder, such Guarantor shall be entitled to seek and receive contribution from and against
any other Guarantor hereunder which has not paid its proportionate share of such payment. Each Guarantor’s right of contribution shall be subject to the terms and conditions of Section 2.3. The provisions of this Section 2.2 shall in
no respect limit the obligations and liabilities of any Guarantor to the Secured Parties, and each Guarantor shall remain liable to the Secured Parties for the full amount guaranteed by such Guarantor hereunder. 

2.3 No Subrogation. Notwithstanding any payment made by any Guarantor hereunder or any set-off or application of funds of any Guarantor
by the Collateral Agent or any other Secured Party, no Guarantor shall be entitled to be subrogated to any of the rights of the Collateral Agent or any other Secured Party against the Borrower, any other Loan Party or any other Guarantor or any
collateral security or guarantee or right of offset held by the Collateral Agent or any other Secured Party for the payment of the Primary Obligations of the Loan Parties, nor shall any Guarantor seek or be entitled to seek any contribution or
reimbursement from the Borrower, any other Loan Party or any other Guarantor 

 
in respect of payments made by such Guarantor hereunder, until all amounts owing to the Collateral Agent and the other Secured Parties by the Loan Parties on account of the Primary Obligations
(other than contingent obligations for indemnification, expense reimbursement, tax gross-up or yield protection as to which no claim has been made) are paid in full and the Commitments are terminated. If any amount shall be paid to any Guarantor on
account of such subrogation rights at any time when all of the Primary Obligations of the Loan Parties (other than contingent obligations for indemnification, expense reimbursement, tax gross-up or yield protection as to which no claim has been
made) shall not have been paid in full, such amount shall be held by such Guarantor in trust for the Collateral Agent and the other Secured Parties, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor,
be turned over to the Collateral Agent in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Collateral Agent, if required), to be applied against the Primary Obligations of the Loan Parties, whether matured or
unmatured, in such order as the Collateral Agent may determine. 
 2.4 Amendments, etc. with respect to the Primary Obligations. Each
Guarantor shall remain obligated hereunder notwithstanding that, without any reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for payment of any of the Primary Obligations of the Loan
Parties made by the Collateral Agent or any other Secured Party may be rescinded by the Collateral Agent or such other Secured Party and any of the Primary Obligations of the Loan Parties continued, and the Primary Obligations of the Loan Parties,
or the liability of any other Person upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified,
accelerated, compromised, waived, surrendered or released by the Collateral Agent or any other Secured Party, and the Credit Agreement and the other Loan Documents and any other documents executed and delivered in connection therewith may be
amended, modified, supplemented or terminated, in whole or in part, as the Collateral Agent (or the Required Lenders or all Lenders, as the case may be) may deem advisable from time to time, and any collateral security, guarantee or right of offset
at any time held by the Collateral Agent or any other Secured Party for the payment of the Primary Obligations of the Loan Parties may be sold, exchanged, waived, surrendered or released. Neither the Collateral Agent nor any other Secured Party
shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security for the Primary Obligations of the Loan Parties or for the guarantee contained in this Article II or any property subject thereto. 

2.5 Guarantee Absolute and Unconditional. Each Guarantor waives any and all notice of the creation, renewal, extension or accrual of
any of the Primary Obligations of the Loan Parties and notice of or proof of reliance by the Collateral Agent or any other Secured Party upon the guarantee contained in this Article II or acceptance of the guarantee contained in this Article II; the
Primary Obligations of the Loan Parties, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained in this Article; and all dealings
between the Loan Parties, on the one hand, and the Collateral Agent and the other Secured Parties, on the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon the guarantee contained in this Article
II. Each Guarantor waives diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon the Borrower, any other Loan Party or any of the Guarantors with respect to the Primary Obligations of the Loan Parties.
Each Guarantor understands and agrees that the guarantee contained in this Article II shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to (a) the validity or enforceability of the Credit
Agreement or any other Loan Document, any of the Primary Obligations of the Loan Parties or any other collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by the Collateral Agent or
any other Secured Party, (b) any defense, set-off or counterclaim (other than a defense of payment or performance) which may at any time be available to or be asserted by the Borrower or any other Person against the Collateral Agent or any

 
other Secured Party, or (c) any other circumstance whatsoever (with or without notice to or knowledge of the Borrower, any other Loan Party or such Guarantor) which constitutes, or might be
construed to constitute, an equitable or legal discharge of the Loan Parties for the Primary Obligations, or of such Guarantor under the guarantee contained in this Article II, in bankruptcy or in any other instance. When making any demand hereunder
or otherwise pursuing its rights and remedies hereunder against any Guarantor, the Collateral Agent or any other Secured Party may, but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may
have against the Borrower, any other Loan Party, any other Guarantor or any other Person or against any collateral security or guarantee for the Primary Obligations of the Loan Parties or any right of offset with respect thereto, and any failure by
the Collateral Agent or any other Secured Party to make any such demand, to pursue such other rights or remedies or to collect any payments from the Borrower, any other Loan Party, any other Guarantor or any other Person or to realize upon any such
collateral security or guarantee or to exercise any such right of offset, or any release of the Borrower, any other Loan Party with Primary Obligations, any other Guarantor or any other Person or any such collateral security, guarantee or right of
offset, shall not relieve any Guarantor of any obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of the Collateral Agent or any other Secured Party
against any Guarantor. For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings. 

2.6 Reinstatement. The guarantee contained in this Article II shall continue to be effective, or be reinstated, as the case may be, if
at any time payment, or any part thereof, of any of the Primary Obligations of the Loan Parties is rescinded or must otherwise be restored or returned by the Collateral Agent or any other Secured Party upon the insolvency, bankruptcy, dissolution,
liquidation or reorganization of the Borrower, any other Loan Party or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower, any other Loan Party or any
Guarantor or any substantial part of its property, or otherwise, all as though such payments had not been made. 
 2.7 Payments. Each
Guarantor hereby guarantees that payments hereunder will be paid to the Collateral Agent without set-off or counterclaim in Dollars at its offices at 383 Madison Avenue, New York, New York 10017 or such other office designated by the Collateral
Agent in writing to the Borrower. 
 ARTICLE III 

GRANT OF SECURITY INTEREST 

Each Grantor hereby pledges, assigns and grants to the Collateral Agent, on behalf of and for the benefit of the Secured Parties, to secure
the prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of such Grantor’s Obligations, a security interest in all of its right, title and interest in, to and under all personal
property and other assets, whether now owned by or owing to, or hereafter acquired by or arising in favor of such Grantor (including under any trade name or derivations thereof), and whether owned or consigned by or to, or leased from or to, such
Grantor, and regardless of where located (all of which will be collectively referred to as the “Collateral”), including: 

(a) all Accounts; 

(b) all Chattel Paper; 

(c) all Deposit Accounts; 

 (d) all Documents (other than title documents with respect to Vehicles); 

(e) all Equipment; 

(f) all Fixtures; 

(g) all General Intangibles; 

(h) all Goods; 

(i) all Instruments; 

(j) all Intellectual Property; 

(k) all Inventory; 

(l) all Investment Property; 

(m) all cash or cash equivalents; 

(n) all letters of credit, Letter-of-Credit Rights and Supporting Obligations; 

(o) all Commercial Tort Claims; 

(p) all accessions to, substitutions for and replacements, proceeds (including Stock Rights), insurance proceeds and products of the
foregoing, together with all books and records, customer lists, credit files, computer files, programs, printouts and other computer materials and records related thereto and any General Intangibles at any time evidencing or relating to any of the
foregoing; 
 (q) all other property not otherwise described above (except for any property specifically excluded from any clause in
this section above, and any property specifically excluded from any defined term used in any clause of this section above); 
 (r) all
books and records pertaining to the Collateral; and 
 (s) to the extent not otherwise included in the foregoing, all Proceeds,
Supporting Obligations and products of any and all of the foregoing and all collateral security and guarantees given by any Person with respect to any of the foregoing; 

provided, however, that notwithstanding any of the other provisions set forth in this Agreement or the other Loan Documents, no
Excluded Property shall constitute Collateral under this Agreement. In addition, in no event shall perfection by control or similar arrangements be required with respect to any Deposit Account (other than the Term Collateral Proceeds Account) or
Securities Account; provided that, to the extent any Deposit Accounts and Securities Accounts are under the control of the ABL Collateral Agent at any time pursuant to the terms of the Intercreditor Agreement, the ABL Collateral Agent shall act as
agent and gratuitous bailee for the Collateral Agent for the purpose of perfecting the Collateral Agent’s Liens in such Deposit Account and Securities Account. 

 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

To induce the Collateral Agent and the Lenders to enter into the Credit Agreement and to induce the Lenders to make their respective
extensions of credit to the Borrower thereunder, each Grantor hereby represents and warrants to the Collateral Agent and each Lender that: 

4.1 Title, Perfection and Priority. Such Grantor has good and valid rights in and title to the Collateral with respect to which it has
purported to grant a security interest hereunder and has full power and authority to grant to the Collateral Agent the security interest in such Collateral pursuant hereto and to execute, deliver and perform its obligations in accordance with the
terms of this Agreement, without the consent or approval of any other person other than any consent or approval that has been obtained. When financing statements naming such Grantor as debtor and the Collateral Agent as secured party and providing a
description of the Collateral with respect to which such Grantor has purported to grant a security interest hereunder have been filed in the appropriate offices against such Grantor in the locations listed on Schedule 1.04 to the Perfection
Certificate delivered on the Closing Date (or specified by notice from the Borrower to the Collateral Agent after the Closing Date in the case of filings, recordings or registrations required by Section 5.12 or 5.13 of the Credit Agreement),
the Collateral Agent will have a fully perfected first priority security interest, subject only to Liens permitted under Section 5.1(e), in that Collateral of the Grantor in which a security interest may be perfected by filing of an initial
financing statement in the appropriate office against such Grantor; provided that the filing of this Agreement (or a fully executed short-form agreement in form and substance reasonably satisfactory to the Collateral Agent) with the United
States Patent and Trademark Office and the United States Copyright Office or any successor office thereof is necessary to perfect the security interest of the Collateral Agent in respect of any United States issued and applied for Patents, United
States federally registered and applied for Trademarks and United States registered and applied for Copyrights acquired by such Grantor after the date hereof. When the Collateral Agent takes possession or Control of all Collateral with respect to
which a security interest may only be perfected by possession or Control, the Collateral Agent will have a fully perfected first priority (or such other priority required by the Intercreditor Agreement) security interest, subject only to Liens
permitted under Section 5.1(e), in such Collateral. 
 Such Grantor represents and warrants that fully executed security agreements in
the form hereof (or a fully executed short-form agreement in form and substance reasonably satisfactory to the Collateral Agent) and containing a description of all Collateral consisting of Intellectual Property with respect to United States issued
Patents and Patent applications and United States federally registered Trademarks (and Trademarks for which United States registration applications are pending) and United States registered (and applied for) Copyrights have been delivered to the
Collateral Agent for recording by the United States Patent and Trademark Office and the United States Copyright Office or any successor office thereof pursuant to 35 U.S.C. § 261, 15 U.S.C. § 1060 or 17 U.S.C. § 205 and the
regulations thereunder, as applicable, to establish a legal, valid and perfected security interest in favor of the Collateral Agent (for the benefit of the Secured Parties) in respect of all Collateral consisting of United States issued Patents and
Patent applications and United States federally registered Trademarks (and Trademarks for which United States registration applications are pending) and United States registered (and applied for) Copyrights in which a security interest may be
perfected by filing or recording in the United States Patent and Trademark Office and the United States Copyright Office or any successor office thereof. When such security agreements or short-form agreements have been filed in the United States
Patent and Trademark Office and the United States Copyright Office against such Grantor, the Collateral Agent will have a fully perfected first priority security interest, subject only to Liens permitted under Section 5.1(e), in respect of all
Collateral consisting of United States issued Patents and Patent applications and United States federally registered Trademarks (and Trademarks for which United States registration applications are pending) and United States registered (and applied
for) Copyrights in which a 

 
security interest may be perfected by filing or recording in such offices, and no further or subsequent filing or recording will be necessary (other than the financing statements referred to in
the paragraph above and such actions as are necessary to perfect the security interest in favor of the Collateral Agent (for the benefit of the Secured Parties) with respect to any Collateral consisting of United States issued Patents and Patent
applications and United States federally registered Trademarks (and Trademarks for which United States registration applications are pending) and United States registered (and applied for) Copyrights acquired by such Grantor after the date hereof).
None of the Grantors shall be required, nor is the Collateral Agent authorized, to perfect the security interests granted by this Agreement with respect to Intellectual Property arising out of or located outside of the United States. 

4.2 Jurisdiction of Organization. The state of organization of such Grantor as of the Closing Date is set forth on Exhibit A. 

4.3 Principal Location. The address of such Grantor’s chief executive office as of the Closing Date and each other location where
such Grantor maintains its books and records relating to any material portion of the Collateral, including accounts receivable and General Intangibles, are disclosed in Exhibit B. 

4.4 Absence of Other Liens. The Collateral is owned by the Grantors free and clear of any Lien, except for Liens expressly permitted
pursuant to Section 6.02 of the Credit Agreement. Such Grantor has not filed or consented to the filing of (a) any financing statement or analogous document under the Uniform Commercial Code or any other applicable laws covering any
Collateral, (b) any assignment in which such Grantor assigns any Collateral or any security agreement or similar instrument covering any Collateral with the United States Patent and Trademark Office or the United States Copyright Office or
(c) any assignment in which such Grantor assigns any Collateral or any security agreement or similar instrument covering any Collateral with any foreign governmental, municipal or other office, which financing statement or analogous document,
assignment, security agreement or similar instrument is still in effect, except, in each case, for Liens expressly permitted pursuant to Section 6.02 of the Credit Agreement. Such Grantor does not hold any commercial tort claim with a value in
excess of $500,000 as of the Closing Date except as indicated on the Perfection Certificate. 
 4.5 Deposit Accounts. All of such
Grantor’s Deposit Accounts and Securities Accounts in existence on the Closing Date are listed on Exhibit E. 
 4.6 [Reserved].

 4.7 Chattel Paper. Such Grantor’s Pledged Chattel Paper is maintained at its chief executive office set forth in Exhibit B.
None of the Pledged Chattel Paper has any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person, other than those that have been terminated. The names of the obligors, amounts owing, due dates and other
information with respect to its Pledged Chattel Paper are and will be correctly stated in all material respects in all records of such Grantor relating thereto. 

4.8 [Reserved]. 
 4.9
Intellectual Property. Exhibit C sets forth a true and complete list of (i) each registered or applied for United States Patent, Trademark or Copyright owned by each Grantor as of the Closing Date (other than expired, abandoned or lapsed
properties) and (ii) all Licenses under which a Grantor is an exclusive licensee of a registered or applied for Patent, Trademark or Copyright. All Intellectual Property listed on Exhibit C is subsisting and unexpired, and to the knowledge of
such Grantor, valid and enforceable. 

 4.10 [Reserved]. 

4.11 Pledged Collateral. (a) Exhibit D sets forth a complete and accurate list of all Pledged Securities (provided that, with
respect to Pledged Securities constituting promissory notes and debt securities, Exhibit D only sets forth such Pledged Securities evidencing Indebtedness having an aggregate principal amount in excess of $500,000, payable or due to such Grantor by
or from any other Person (including any other Grantor)) owned by such Grantor as of the Closing Date. As of the Closing Date, such Grantor is the direct, sole beneficial owner and sole holder of record of the Pledged Securities listed on Exhibit D
as being owned by it, free and clear of any Liens, except for the security interest granted to the Collateral Agent for the benefit of the Lenders hereunder, Permitted Encumbrances and Specified Permitted Liens. Such Grantor further represents and
warrants that (i) all Pledged Collateral (solely with respect to Pledged Collateral issued by a Person other than a wholly owned Subsidiary of a Grantor, to the best of the Grantors’ knowledge) owned by it constituting Equity Interests has
been (to the extent such concepts are relevant with respect to such Pledged Collateral) duly authorized and validly issued and are fully paid and non-assessable; (ii) with respect to any certificates delivered to the Collateral Agent
representing Equity Interests, either such certificates are Securities as defined in Article 8 of the UCC as a result of actions by the issuer or otherwise, or, if such certificates are not Securities, such Grantor has so informed the Collateral
Agent so that the Collateral Agent may take steps to perfect its security interest therein as a General Intangible; (iii) all such Pledged Collateral held by a securities intermediary (other than in an Excluded Account) is covered by a control
agreement among such Grantor, the securities intermediary and the ABL Collateral Agent pursuant to which the ABL Collateral Agent has Control; provided that no such control agreements shall be required prior to the date that is 60 days after
the Closing Date (or such later date as may be agreed by the ABL Collateral Agent in its reasonable discretion) and (iv) all Pledged Collateral which represents Indebtedness owed to such Grantor (solely with respect to Pledged Collateral issued
by a Person other than a wholly owned Subsidiary of a Grantor, to the best of the Grantors’ knowledge) has been duly authorized, authenticated or issued and delivered by the issuer of such Indebtedness, is the legal, valid and binding
obligation of such issuer and such issuer is not in default thereunder. 
 (b) In addition, (i) the pledge of the Pledged Collateral
pursuant to this Agreement does not violate Regulation T, U or X of the Federal Reserve Board or any successor thereto, (ii) to the best of Grantor’s knowledge, none of the Pledged Collateral owned by it has been issued or transferred in
material violation of the securities registration, securities disclosure or similar laws of any jurisdiction to which such issuance or transfer may be subject, (iii) as of the Closing Date there are existing no options, warrants, calls or
commitments of any character whatsoever (A) relating to such Pledged Collateral or (B) which obligate the issuer of any Equity Interests included in the Pledged Collateral that is a direct or indirect subsidiary of any Borrower to issue
additional Equity Interests, and (iv) no consent, approval, authorization, or other action by, and no giving of notice, filing with, any governmental authority or any other Person is required for the pledge by such Grantor of such Pledged
Collateral pursuant to this Agreement or for the execution, delivery and performance of this Agreement by such Grantor, or for the exercise by the Collateral Agent of the voting or other rights provided for in this Agreement in accordance with the
Intercreditor Agreement or for the remedies in respect of the Pledged Collateral pursuant to this Agreement, except as may be required in connection with such disposition by laws affecting the offering and sale of securities generally or where the
absence of which could not reasonably be expected to have a Material Adverse Effect. 

 ARTICLE V 

COVENANTS 
 From the date
of this Agreement, and thereafter until this Agreement is terminated, each Grantor agrees that: 
 5.1 General. 

(a) Collateral Records. Such Grantor agrees to maintain, at its own cost and expense, such complete and accurate records with respect
to the Collateral owned by it as is consistent with its current practices and in accordance with such prudent and standard practices used in industries that are the same as or similar to those in which such Grantor is engaged, but in any event to
include complete accounting records indicating all payments and proceeds received with respect to any part of the Collateral, and, at such time or times as the Collateral Agent may reasonably request, promptly to prepare and deliver to the
Collateral Agent a duly certified schedule or schedules in form and detail satisfactory to the Collateral Agent showing the identity, amount and location of any and all Collateral. 

(b) Authorization to File Financing Statements; Ratification. Such Grantor hereby authorizes the Collateral Agent to file, and if
requested will deliver to the Collateral Agent, all financing statements and other documents and take such other actions as may from time to time be reasonably requested by the Collateral Agent in order to maintain a first priority perfected
security interest (subject to the Intercreditor Agreement) in and, if applicable, Control of, the Collateral owned by such Grantor. Any financing statement filed by the Collateral Agent may be filed in any filing office in any applicable UCC
jurisdiction and may (i) indicate such Grantor’s Collateral (1) as “all assets of the Grantor” or words of similar effect, regardless of whether any particular asset included in the Collateral falls within the scope of
Article 9 of the UCC of such jurisdiction, or (2) by any other description which reasonably approximates the description contained in this Agreement, and (ii) contain any other information required by part 5 of Article 9 of the UCC for the
sufficiency or filing office acceptance of any financing statement or amendment, including whether such Grantor is an organization, the type of organization and any organization identification number issued to such Grantor. Such Grantor also agrees
to furnish any such information described in the foregoing sentence to the Collateral Agent promptly upon request. 
 (c) Further
Assurances. Such Grantor agrees, at its own expense, to execute, acknowledge, deliver and cause to be duly filed all such further instruments and documents and take all such actions as the Collateral Agent may from time to time reasonably
request to better assure, preserve, protect and perfect the security interest of the Secured Parties in the Collateral and the rights and remedies created hereby, including the payment of any fees and taxes required in connection with the execution
and delivery of this Agreement, the granting of the Liens hereunder and the filing of any financing statements (including fixture filings) or other documents in connection herewith or therewith. If any amount in excess of $500,000 payable under or
in connection with any of the Collateral shall be or become evidenced by any promissory note or other instrument, such note or instrument shall be immediately pledged and promptly delivered to the Collateral Agent, duly endorsed in a manner
satisfactory to the Collateral Agent. 
 (d) Disposition of Collateral. Such Grantor shall not make or permit to be made an
assignment for security, pledge or hypothecation of the Collateral or grant any other Lien in respect of the Collateral, except as expressly permitted by the Credit Agreement. Such Grantor shall not make or permit to be made any transfer of the
Collateral and such Grantor shall remain at all times in possession of the Collateral owned by it, except that (a) Inventory may be sold in the ordinary course of business and (b) unless and until the Collateral Agent shall notify the
Borrower that an Event of Default shall have occurred and be continuing and that during the continuance thereof the Grantors shall not sell, convey, 

 
lease, assign, transfer or otherwise dispose of any Collateral (which notice may be given by telephone if promptly confirmed in writing), such Grantor may use and dispose of the Collateral in any
lawful manner not prohibited by this Agreement, the Credit Agreement or any other Loan Document. 
 (e) Liens. Such Grantor will not
create, incur, or suffer to exist any Lien on the Collateral owned by it except for the Specified Permitted Liens and Liens otherwise permitted by the Credit Agreement. 

(f) Other Financing Statements. Such Grantor acknowledges that it is not authorized to file any financing statement or amendment or
termination statement with respect to any financing statement naming the Collateral Agent as secured party without the prior written consent of the Collateral Agent, subject to such Grantor’s rights under Section 9-509(d)(2) of the UCC.

 (g) Protection of Security. Such Grantor shall, at its own cost and expense and at the request of the Collateral Agent, take any
and all commercially reasonable actions necessary to defend title to the Collateral against all persons and to defend the security interest of the Collateral Agent in the Collateral and the priority thereof against any Lien not expressly permitted
pursuant to Section 6.02 of the Credit Agreement. 
 (h) Compliance with Terms. Such Grantor shall remain liable, as between
itself and any relevant counterparty, to observe and perform all the conditions and obligations to be observed and performed by it under each contract, agreement or instrument relating to the Collateral, all in accordance with the terms and
conditions thereof, and such Grantor jointly and severally agrees to indemnify and hold harmless the Collateral Agent and the Secured Parties from and against any and all liability for such performance. 

5.2 Receivables. 
 (a)
Certain Agreements on Receivables. Except with respect to Excluded Property, during the continuance of an Event of Default, such Grantor will not, without the Collateral Agent’s prior written consent, grant any extension of the time of
payment of any of the Accounts, compromise, compound or settle the same for less than the full amount thereof, release, wholly or partly, any person liable for the payment thereof or allow any credit or discount whatsoever thereon, other than
extensions, credits, discounts, compromises or settlements granted or made in the ordinary course of business and consistent with its current practices and in accordance with such prudent and standard practices used in industries that are the same
as or similar to those in which such Grantor is engaged. 
 (b) [Reserved]. 

(c) [Reserved]. 
 (d)
Assignment of Security Interest. If at any time such Grantor shall take a security interest in any property of an Account Debtor or any other person to secure payment and performance of an Account (except with respect to Excluded Property),
such Grantor shall promptly assign such security interest to the Collateral Agent. Such assignment need not be filed of public record unless necessary to continue the perfected status of the security interest against creditors of and transferees
from the Account Debtor or other person granting the security interest. 
 (e) Electronic Chattel Paper and Transferable Records. If
such Grantor at any time holds or acquires an interest with a value in excess of $500,000 in any Electronic Chattel Paper or any “transferable record,” as that term is defined in Section 201 of the Federal Electronic Signatures in
Global 

 
and National Commerce Act, or in §16 of the Uniform Electronic Transactions Act as in effect in any relevant jurisdiction, such Grantor shall promptly notify the Collateral Agent thereof
and, at the request of the Collateral Agent, shall take such action as the Collateral Agent may reasonably request to vest in the Collateral Agent control under UCC §9-105 of such Electronic Chattel Paper or control under Section 201 of
the Federal Electronic Signatures in Global and National Commerce Act or, as the case may be, §16 of the Uniform Electronic Transactions Act, as so in effect in such jurisdiction, of such transferable record. The Collateral Agent agrees with
such Grantor that the Collateral Agent will arrange, pursuant to procedures satisfactory to the Collateral Agent and so long as such procedures will not result in the Collateral Agent’s loss of control, for the Grantor to make alterations to
the Electronic Chattel Paper or transferable record permitted under UCC §9-105 or, as the case may be, Section 201 of the Federal Electronic Signatures in Global and National Commerce Act or §16 of the Uniform Electronic Transactions
Act for a party in control to allow without loss of control, unless an Event of Default has occurred and is continuing or would occur after taking into account any action by such Grantor with respect to such Electronic Chattel Paper or transferable
record. 
 5.3 [Reserved]. 

5.4 Delivery of Tangible Chattel Paper . If such Grantor shall at any time hold or acquire any Tangible Chattel Paper with a value in
excess of $500,000, such Grantor shall promptly endorse, assign and deliver the same to the Collateral Agent, accompanied by such instruments of transfer or assignment duly executed in blank as the Collateral Agent may from time to time reasonably
request (which may take the form of Exhibit F hereto). 
 5.5 Uncertificated Securities. If any securities now or hereafter acquired
by any Grantor are uncertificated and are issued to such Grantor or its nominee directly by the issuer thereof, such Grantor shall promptly notify the Collateral Agent thereof and, at the Collateral Agent’s reasonable request and option,
pursuant to an agreement in form and substance satisfactory to the Collateral Agent, either (i) cause the issuer to agree to comply with instructions from the Collateral Agent as to such securities, without further consent of any Grantor or
such nominee, or (ii) arrange for the Collateral Agent to become the registered owner of the securities. 
 5.6 Pledged
Collateral. 
 (a) Registration of Pledged Collateral. Such Grantor will permit any registerable Pledged Collateral owned by it
to be registered in the name of the Collateral Agent or its nominee at any time at the request of the Collateral Agent during the continuance of an Event of Default. Such Grantor will promptly give to the Collateral Agent copies of any notices or
other communications received by it with respect to Pledged Collateral registered in the name of such Grantor during the continuance of an Event of Default. The Collateral Agent shall at all times during the continuance of an Event of Default have
the right to exchange the certificates representing Pledged Collateral for certificates of smaller or larger denominations for any purpose consistent with this Agreement. 

(b) Exercise of Rights in Pledged Collateral. 

(i) Without in any way limiting the foregoing and subject to clause (ii) below, such Grantor shall have the right to
exercise all voting rights or other rights relating to the Pledged Collateral owned by it for all purposes not inconsistent with this Agreement, the Credit Agreement or any other Loan Document; provided, however, that each Grantor
agrees that it shall not exercise any such right for any purpose prohibited by the terms of, or if the result thereof could materially and adversely affect the rights inuring to a holder of the Pledged Collateral or the rights and remedies of any of
the Secured Parties under, this Agreement or the Credit Agreement or any other Loan Document or the ability of the Secured Parties to exercise the same. 

 (ii) Such Grantor will permit the Collateral Agent or its nominee at any time
after the occurrence and during the continuation of an Event of Default, without notice, to exercise all voting rights or other rights relating to the Pledged Collateral owned by it, including, without limitation, exchange, subscription or any other
rights, privileges, or options pertaining to any Equity Interests or Investment Property constituting such Pledged Collateral as if it were the absolute owner thereof. 

(iii) Unless an Event of Default shall have occurred and be continuing, such Grantor shall be entitled to collect and receive
for its own use all cash dividends and interest paid in respect of the Pledged Collateral owned by it to the extent not in violation of the Credit Agreement. If an Event of Default shall occur and be continuing and the Collateral Agent shall give
notice of its intent to exercise such rights to the relevant Grantor or Grantors, the Collateral Agent shall have the right to receive all such cash dividends, interest, payments and other Proceeds paid in respect of the Pledged Collateral. 

5.7 Intellectual Property. 

(a) Such Grantor shall notify the Collateral Agent immediately if it knows or has reason to know that any application or registration relating
to any material Patent, Trademark or Copyright (now or hereafter existing) may become abandoned or dedicated, or of any adverse determination or development (including the institution of, or any such determination or development in, any proceeding
in the United States Patent and Trademark Office, the United States Copyright Office or any court, but excluding routine matters during the course of any prosecution of applications before the United States Patent and Trademark Office, the United
States Copyright Office or any similar authority or successor office thereof) regarding such Grantor’s ownership of any material Patent, Trademark or Copyright, its right to register the same, or to keep and maintain the same. 

(b) Whenever such Grantor, either by itself or through any agent, employee, licensee or designee, shall (i) file an application for the
registration of any Patent, Trademark or Copyright with the United States Patent and Trademark Office or the United States Copyright Office or any successor office thereof or (ii) acquire any United States issued Patents or Patent applications,
United States federally registered Trademarks (or Trademarks for which United States registration applications are pending) or United States registered (or applied for) Copyrights, such Grantor shall report such filing or acquisition to the
Collateral Agent within 45 days after the end of each of the first three fiscal quarters of each fiscal year of such Grantor and within 90 days after the end of each fiscal year of such Grantor. Promptly after the provision of such reports, such
Grantor shall execute and deliver to the Collateral Agent, and have recorded with the United States Patent and Trademark Office or the United States Copyright Office or any successor office thereof, one or more security agreements or short-form
agreements, as applicable, as described in Section 4.1 of this Agreement and any and all other agreements, instruments, documents, and papers as the Collateral Agent may reasonably request to evidence the Collateral Agent’s and the Secured
Parties’ first priority security interest in any Copyright, Patent or Trademark and the goodwill of such Grantor relating thereto or represented thereby. 

(c) Such Grantor shall take all actions necessary to maintain and pursue each application, to obtain the relevant registration and to maintain
the registration of each of its Patents, Trademarks and Copyrights (now or hereafter existing), including the filing of applications for renewal, affidavits of use, affidavits of noncontestability and opposition and interference and cancellation
proceedings, unless such Grantor (in its reasonable business judgment) or the Collateral Agent shall reasonably determine that such Patent, Trademark or Copyright is in no way material to the conduct of such Grantor’s business. 

 (d) Such Grantor shall, unless it shall reasonably determine that such Patent, Trademark or
Copyright is in no way material to the conduct of its business or operations, promptly sue for infringement, misappropriation or dilution and to recover any and all damages for such infringement, misappropriation or dilution, and shall take such
other actions as the Collateral Agent shall reasonably deem appropriate under the circumstances to protect such Patent, Trademark or Copyright. In the event that such Grantor institutes suit because any of its Patents, Trademarks or Copyrights
constituting Collateral is infringed upon, or misappropriated or diluted by a third party, such Grantor shall comply with Section 5.8. 

(e) Notwithstanding the foregoing provisions of this Section 5.7 or elsewhere in this Agreement, nothing in this Agreement shall prevent
any Grantor from abandoning or discontinuing the use or maintenance of any Intellectual Property that is immaterial to the conduct of its business, or from failing to take action to enforce license agreements or pursue actions against infringers or
take any other actions with respect to such Intellectual Property, if such Grantor determines in its reasonable business judgment that such abandonment, discontinuance, or failure to take action is desirable in the conduct of its business. 

5.8 Commercial Tort Claims. If such Grantor shall at any time hold or acquire a Commercial Tort Claim having a value in excess of
$500,000, the Grantor shall promptly notify the Collateral Agent thereof in a writing signed by such Grantor, including a summary description of such claim, and enter into an amendment to this Agreement, in the form of Exhibit F hereto, granting to
the Collateral Agent a first priority (or such other priority required by the Intercreditor Agreement) security interest therein and in the proceeds thereof. 

5.9 Letter-of-Credit Rights. If such Grantor is at any time a beneficiary under a letter of credit now or hereafter issued in favor of
such Grantor with a value in excess of $500,000, such Grantor shall promptly notify the Collateral Agent thereof and, at the request and option of the Collateral Agent, such Grantor shall, pursuant to an agreement in form and substance reasonably
satisfactory to the Collateral Agent, either (i) arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to the Collateral Agent of the proceeds of any drawing under the letter of credit or
(ii) arrange for the Collateral Agent to become the transferee beneficiary of the letter of credit, with the Collateral Agent agreeing, in each case, that the proceeds of any drawing under the letter of credit are to be paid to the applicable
Grantor unless an Event of Default has occurred or is continuing. 
 5.10 [Reserved]. 

5.11 [Reserved]. 
 5.12
No Interference. Such Grantor agrees that it will not interfere with any right, power and remedy of the Collateral Agent provided for in this Agreement or now or hereafter existing at law or in equity or by statute or otherwise, or the
exercise or beginning of the exercise by the Collateral Agent of any one or more of such rights, powers or remedies. 
 5.13
Insurance. Such Grantor, at its own expense, shall maintain or cause to be maintained insurance covering physical loss or damage to the Inventory and Equipment in accordance with Section 5.07 of the Credit Agreement. Each Grantor
irrevocably makes, constitutes and appoints the Collateral Agent (and all officers, employees or agents designated by the Collateral Agent) as such Grantor’s true and lawful agent (and attorney-in-fact) for the purpose, during the continuance
of an Event 

 
of Default, of making, settling and adjusting claims in respect of Collateral under policies of insurance, endorsing the name of such Grantor on any check, draft, instrument or other item of
payment for the proceeds of such policies of insurance and for making all determinations and decisions with respect thereto, in each case, upon prior notice from the Collateral Agent to the Grantors of its intention to exercise such rights. In the
event that any Grantor at any time or times shall fail to obtain or maintain any of the policies of insurance required hereby or to pay any premium in whole or part relating thereto, the Collateral Agent may, without waiving or releasing any
obligation or liability of the Grantors hereunder or any Event of Default, in its sole discretion, obtain and maintain such policies of insurance and pay such premium and take any other actions with respect thereto as the Collateral Agent deems
advisable. All sums disbursed by the Collateral Agent in connection with this Section 5.13, including reasonable attorneys’ fees, court costs, expenses and other charges relating thereto, shall be payable, upon demand, by the Grantors to
the Collateral Agent and shall be additional Obligations secured hereby. 
 5.14 Change of Name; Location of Collateral; Place of
Business. Such Grantor agrees promptly to notify the Collateral Agent in writing of any change (i) in its corporate name, (ii) in the location of its chief executive office, or (iii) in its jurisdiction of organization. Such
Grantor agrees not to effect or permit any change referred to in the preceding sentence unless written notice has been delivered to the Collateral Agent and all filings have been made under the Uniform Commercial Code or otherwise that are required
in order for the Collateral Agent to continue at all times following such change to have a valid, legal and perfected first priority (or such other priority required by the Intercreditor Agreement) Lien upon all the Collateral. Such Grantor agrees
promptly to notify the Collateral Agent if any material portion of the Collateral owned or held by such Grantor is damaged or destroyed. 

5.15 Credit Agreement Covenants. Such Grantor shall take, or shall refrain from taking, as the case may be, each action that is
necessary to be taken or not taken, as the case may be, so that no Default or Event of Default is caused by the failure to take such action or to refrain from taking such action by such Grantor or any of its Subsidiaries. 

5.16 Delivery of the Pledged Equity. 

(a) Each Grantor agrees promptly to deliver or cause to be delivered to the Collateral Agent, for the benefit of the Secured Parties, any and
all Pledged Securities; provided that the Grantors shall only be required to deliver Pledged Securities evidencing Indebtedness to the extent the principal amount thereof exceeds $500,000. 

(b) Each Grantor will cause any Indebtedness for borrowed money having an aggregate principal amount in excess of $500,000 owed to such
Grantor by any Person to be evidenced by a duly executed promissory note that is pledged and delivered to the Collateral Agent, for the benefit of the Secured Parties, pursuant to the terms hereof. 

(c) Upon delivery to the Collateral Agent, any Pledged Securities shall be accompanied by stock or security powers duly executed in blank or
other instruments of transfer reasonably satisfactory to the Collateral Agent and by such other instruments and documents as the Collateral Agent may reasonably request (subject to the Collateral and Guarantee Requirement). Each delivery of Pledged
Securities shall be accompanied by a schedule describing the securities, which schedule shall be deemed to supplement Exhibit D and made a part thereof; provided that failure to supplement Exhibit D shall not affect the validity of such
pledge of such Pledged Securities. Each schedule so delivered shall supplement any prior schedules so delivered. 

 ARTICLE VI 

EVENTS OF DEFAULT AND REMEDIES 

6.1 Remedies. (a) Upon the occurrence and during the occurrence and continuance of an Event of Default, the Collateral Agent may
exercise any or all of the following rights and remedies: 
 (i) those rights and remedies provided in this Agreement,
the Credit Agreement, or any other Loan Document; provided that this Section 6.1(a) shall not be understood to limit any rights or remedies available to the Collateral Agent and the Secured Parties prior to an Event of Default; 

(ii) those rights and remedies available to a secured party under the UCC (whether or not the UCC applies to the affected
Collateral) or under any other applicable law (including, without limitation, any law governing the exercise of a bank’s right of setoff or bankers’ lien) when a debtor is in default under a security agreement; 

(iii) without notice (except as specifically provided in Section 9.1 or elsewhere herein), demand or advertisement of
any kind to any Grantor or any other Person, enter the premises of any Grantor where any Collateral is located (through self-help and without judicial process) to collect, receive, assemble, process, appropriate, sell, lease, assign, grant an option
or options to purchase or otherwise dispose of, deliver, or realize upon, the Collateral or any part thereof in one or more parcels at public or private sale or sales (which sales may be adjourned or continued from time to time with or without
notice and may take place at any Grantor’s premises or elsewhere), for cash, on credit or for future delivery without assumption of any credit risk, and upon such other terms as the Collateral Agent may deem commercially reasonable; and 

(iv) concurrently with written notice to the applicable Grantor, transfer and register in its name or in the name of its
nominee the whole or any part of the Pledged Collateral, exchange certificates or instruments representing or evidencing Pledged Collateral for certificates or instruments of smaller or larger denominations, exercise the voting and all other rights
as a holder with respect thereto, collect and receive all cash dividends, interest, principal and other distributions made thereon and otherwise act with respect to the Pledged Collateral as though the Collateral Agent was the outright owner
thereof. 
 (b) The Collateral Agent, on behalf of the Secured Parties, may comply with any applicable state or federal law requirements in
connection with a disposition of the Collateral and compliance will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral. 

(c) The Collateral Agent shall have the right upon any such public sale or sales and, to the extent permitted by law, upon any such private
sale or sales, to purchase (including by credit bidding) for the benefit of the Collateral Agent and the Secured Parties, the whole or any part of the Collateral so sold, free of any right of equity redemption, which equity redemption the Grantor
hereby expressly releases. 
 (d) Until the Collateral Agent is able to effect a sale, lease, or other disposition of Collateral, the
Collateral Agent shall have the right to hold or use Collateral, or any part thereof, to the extent that it deems appropriate for the purpose of preserving Collateral or its value or for any other purpose deemed appropriate by the Collateral Agent.
The Collateral Agent may, if it so elects, seek the appointment of a receiver or keeper to take possession of Collateral and to enforce any of the Collateral Agent’s remedies (for the benefit of the Collateral Agent and Secured Parties), with
respect to such appointment without prior notice or hearing as to such appointment. 

 (e) [Reserved]. 

(f) Notwithstanding the foregoing, neither the Collateral Agent nor any other Secured Party shall be required to (i) make any demand
upon, or pursue or exhaust any of its rights or remedies against, any Grantor, any other obligor, guarantor, pledgor or any other Person with respect to the payment of the Obligations or to pursue or exhaust any of its rights or remedies with
respect to any Collateral therefor or any direct or indirect guarantee thereof, (ii) marshal the Collateral or any guarantee of the Obligations or to resort to the Collateral or any such guarantee in any particular order, or (iii) effect a
public sale of any Collateral. 
 (g) Each Grantor recognizes that the Collateral Agent may be unable to effect a public sale of any or all
the Pledged Collateral and may be compelled to resort to one or more private sales thereof in accordance with clause (a) above. Each Grantor also acknowledges that any private sale may result in prices and other terms less favorable to the
seller than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall not be deemed to have been made in a commercially unreasonable manner solely by virtue of such sale being private. The
Collateral Agent shall be under no obligation to delay a sale of any of the Pledged Collateral for the period of time necessary to permit any Grantor or the issuer of the Pledged Collateral to register such securities for public sale under the
Securities Act of 1933, as amended, or under applicable state securities laws, even if the applicable Grantor and the issuer would agree to do so. 

6.2 Grantor’s Obligations Upon Default. Upon the request of the Collateral Agent after the occurrence and during the occurrence
and continuance of an Event of Default, each Grantor will: 
 (a) assemble and make available to the Collateral Agent the Collateral
and all books and records relating thereto at any place or places reasonably specified by the Collateral Agent, whether at a Grantor’s premises or elsewhere; 

(b) permit the Collateral Agent, by the Collateral Agent’s representatives and agents, to enter, occupy and use any premises where
all or any part of the Collateral, or the books and records relating thereto, or both, are located, to take possession of all or any part of the Collateral or the books and records relating thereto, or both, to remove all or any part of the
Collateral or the books and records relating thereto, or both, and to conduct sales of the Collateral, without any obligation to pay the Grantor for such use and occupancy; 

(c) prepare and file, or cause an issuer of Pledged Collateral to prepare and file, with the Securities and Exchange Commission or any
other applicable government agency, registration statements, a prospectus and such other documentation in connection with the Pledged Collateral as the Collateral Agent may request, all in form and substance satisfactory to the Collateral Agent, and
furnish to the Collateral Agent, or cause an issuer of Pledged Collateral to furnish to the Collateral Agent, any information regarding the Pledged Collateral in such detail as the Collateral Agent may specify; 

(d) take, or cause an issuer of Pledged Collateral to take, any and all actions necessary to register or qualify the Pledged Collateral
to enable the Collateral Agent to consummate a public sale or other disposition of the Pledged Collateral; and 
 (e) at its own
expense, cause the independent certified public accountants then engaged by each Grantor to prepare and deliver to the Collateral Agent, at any time, and from time to 

 
time, promptly upon the Collateral Agent’s request, the following reports with respect to the applicable Grantor: (i) a reconciliation of all Accounts; (ii) an aging of all
Accounts; (iii) trial balances; and (iv) a test verification of such Accounts. 
 6.3 Grant of Intellectual Property
License. For the exclusive purpose of enabling the Collateral Agent to exercise rights and remedies under this Agreement at such time as the Collateral Agent shall be lawfully entitled to exercise such rights and remedies at any time upon the
occurrence and during the continuance of an Event of Default, each Grantor hereby (a) grants to the Collateral Agent a non-exclusive, irrevocable (until the termination of this Agreement) license (exercisable without payment of royalty or other
compensation to any Grantor) to use, license or sublicense any rights in, to or under any or all Intellectual Property now owned or hereafter acquired by such Grantor, wherever such Intellectual Property may be located, and including in such license
access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof and (b) irrevocably agrees that the Collateral Agent may, upon the
occurrence and during the continuation of an Event of Default, sell any of such Grantor’s Inventory directly to any Person, including, without limitation, Persons who have previously purchased such Grantor’s Inventory from any Grantor and
in connection with any such sale or other enforcement of the Collateral Agent’s rights under this Agreement, may sell Inventory which bears any Trademark owned by or licensed to any Grantor and any Inventory that is covered by any Copyright
owned by or licensed to any Grantor and the Collateral Agent may finish any work in process and affix any Trademark owned by or licensed to any Grantor and sell such Inventory as provided herein (it being understood that the Trademarks and
Copyrights licensed to any such Grantor shall be subject to, and as permitted by, the terms of licenses governing such licensed Trademarks and Copyrights); provided, however, that nothing in this Section 6.3 shall require any Grantor to grant
any license that is prohibited by any rule of law, statute or regulation, or is prohibited by, or constitutes a breach or default under or results in the termination of any contract, license, agreement, instrument or other document. With respect to
Trademarks included in the foregoing license, such license shall be subject to the requirement that the quality of goods and services offered under the Trademarks by the Collateral Agent be substantially consistent with the quality of the goods and
services offered thereunder by such Grantor prior to the Collateral Agent’s exercise of such license. Any license, sublicense or other transaction entered into by the Collateral Agent in accordance herewith shall be binding upon the applicable
Grantor notwithstanding any subsequent cure of an Event of Default. Upon the occurrence and during the continuance of an Event of Default, upon the Collateral Agent’s request, such Grantor will use its commercially reasonable efforts to secure
all consents and approvals necessary or appropriate for the assignment to the Collateral Agent of any material License held by such Grantor and to enforce the security interests granted hereunder. 

6.4 Application of Proceeds. The Collateral Agent shall apply the proceeds of any collection or sale of the Collateral, as well as any
Collateral consisting of cash, as follows: 
 FIRST, to the payment of all reasonable costs and expenses incurred by the
Collateral Agent (in its capacity as the Collateral Agent or Administrative Agent hereunder or under any other Loan Document) in connection with such collection or sale or otherwise in connection with this Agreement or any of the Obligations,
including all court costs and the reasonable fees and expenses of its agents and legal counsel, the repayment of all advances made by the Collateral Agent (or the Administrative Agent) hereunder or under any other Loan Document on behalf of any
Grantor and any other reasonable costs or expenses incurred by the Collateral Agent (or the Administrative Agent) in connection with the exercise of any right or remedy hereunder or under any other Loan Document; 

 SECOND, to the payment in full of the Obligations (the amounts so applied to be
distributed among the Secured Parties pro rata in accordance with the amounts of the Obligations owed to them on the date of any such distribution); and 

THIRD, to the Grantors, their successors or assigns, or as a court of competent jurisdiction may otherwise direct. 

The Collateral Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with
this Agreement. Upon any sale of the Collateral by the Collateral Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the Collateral Agent or of the officer making the sale shall be a
sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Collateral Agent or such officer or be
answerable in any way for the misapplication thereof. 
 6.6 Proceeds to be Turned Over or Received by the Collateral Agent. In
addition to the rights of the Collateral Agent and the Secured Parties specified in Section 7.2 with respect to payments of Accounts, if an Event of Default shall occur and be continuing, upon the request of the Collateral Agent, all Proceeds
received by any Grantor consisting of cash, checks and other near-cash items shall be held by such Grantor in trust for the Collateral Agent and the Secured Parties, segregated from other funds of such Grantor, and shall, forthwith upon receipt by
such Grantor, be turned over to the Collateral Agent in the exact form received by such Grantor (duly indorsed by such Grantor to the Collateral Agent, if required). All Proceeds received by the Collateral Agent hereunder shall be held by the
Collateral Agent in a collateral account established by the Collateral Agent maintained under its sole dominion and control. All such Proceeds while held by the Collateral Agent in such a collateral account (or by such Grantor in trust for the
Collateral Agent and the Secured Parties) shall continue to be held as collateral security for all the Obligations and shall not constitute payment thereof until applied as provided in the Intercreditor Agreement. 

ARTICLE VII 
 ACCOUNT
VERIFICATION; ATTORNEY IN FACT; PROXY 
 7.1 Account Verification. The Collateral Agent may at any time after the occurrence and
during the occurrence and continuance of an Event of Default, in the Collateral Agent’s own name, in the name of a nominee of the Collateral Agent, or in the name of any Grantor communicate (by mail, telephone, facsimile or otherwise) with the
Account Debtors of any such Grantor, parties to contracts with any such Grantor and obligors in respect of Instruments of any such Grantor to verify with such Persons, to the Collateral Agent’s satisfaction, the existence, amount, terms of, and
any other matter relating to, Accounts, Instruments, Chattel Paper, payment intangibles and/or other Receivables. 
 7.2 Authorization
for Collateral Agent to Take Certain Action. (a) Each Grantor irrevocably authorizes the Collateral Agent at any time and from time to time in the sole discretion of the Collateral Agent and appoints the Collateral Agent as its attorney in
fact (i) to execute on behalf of such Grantor as debtor and to file financing statements necessary or desirable in the Collateral Agent’s sole discretion to perfect and to maintain the perfection and priority of the Collateral Agent’s
security interest in the Collateral, (ii) to endorse and collect any cash proceeds of the Collateral, (iii) to file a carbon, photographic or other reproduction of this Agreement or any financing statement with respect to the Collateral as
a financing statement and to file any other financing statement or amendment of a financing statement in such offices as the Collateral Agent in its sole discretion deems necessary or desirable to perfect and to maintain the perfection and priority
of the Collateral Agent’s security interest in the Collateral, (iv) to contact and enter into one or more agreements with the issuers of uncertificated 

 
securities which are Pledged Collateral or with securities intermediaries holding Pledged Collateral as may be necessary or advisable to give the Collateral Agent Control over such Pledged
Collateral, (v) to apply the proceeds of any Collateral received by the Collateral Agent to the Obligations as provided in the Credit Agreement, (vi) to discharge past due taxes, assessments, charges, fees or Liens on the Collateral
(except for such Liens that are permitted by the Credit Agreement), (vii) to contact Account Debtors for any reason, (viii) to demand payment or enforce payment of the Receivables in the name of the Collateral Agent or such Grantor and to
endorse any and all checks, drafts, and other instruments for the payment of money relating to the Receivables, (ix) to sign such Grantor’s name on any invoice or bill of lading relating to the Receivables, drafts against any Account
Debtor of the Grantor, assignments and verifications of Receivables, (x) to exercise all of such Grantor’s rights and remedies with respect to the collection of the Receivables and any other Collateral, (xi) to settle, adjust,
compromise, extend or renew the Receivables, (xii) to settle, adjust or compromise any legal proceedings brought to collect Receivables, (xiii) to prepare, file and sign such Grantor’s name on a proof of claim in bankruptcy or similar
document against any Account Debtor of such Grantor, (xiv) to prepare, file and sign such Grantor’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the Collateral, (xv) to change
the address for delivery of mail addressed to such Grantor to such address as the Collateral Agent may designate and to receive, open and dispose of all mail addressed to such Grantor, and (xvi) to do all other acts and things necessary to
carry out this Agreement; and such Grantor agrees to reimburse the Collateral Agent on demand for any payment made or any expense incurred by the Collateral Agent in connection with any of the foregoing; provided that (a) this authorization
shall not relieve such Grantor of any of its obligations under this Agreement or under the Credit Agreement and (b) the Collateral Agent shall exercise the foregoing rights in accordance with the Intercreditor Agreement, if effective and only
after the occurrence and during the continuation of an Event of Default. All acts of said attorney or designee are hereby ratified and approved. The powers conferred on the Collateral Agent, for the benefit of the Collateral Agent and Lenders, under
this Section 7.2 are solely to protect the Collateral Agent’s interests in the Collateral and shall not be construed as requiring or obligating the Collateral Agent to make any commitment or to make any inquiry as to the nature or sufficiency
of any payment received by the Collateral Agent, or to present or file any claim or notice, or to take any action with respect to the Collateral or any part thereof or the moneys due or to become due in respect thereof or any property covered
thereby. The Collateral Agent and the other Secured Parties shall be accountable only for amounts actually received as a result of the exercise of the powers granted to them herein, and neither they nor their officers, directors, employees or agents
shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct. 

7.3 Proxy. EACH GRANTOR HEREBY IRREVOCABLY CONSTITUTES AND APPOINTS THE COLLATERAL AGENT AS ITS PROXY AND ATTORNEY-IN-FACT (AS SET
FORTH IN SECTION 7.2 ABOVE) WITH RESPECT TO ITS PLEDGED COLLATERAL, INCLUDING THE RIGHT TO VOTE ANY OF THE PLEDGED COLLATERAL, WITH FULL POWER OF SUBSTITUTION TO DO SO AFTER THE OCCURRENCE AND DURING THE CONTINUATION OF AN EVENT OF DEFAULT. IN
ADDITION TO THE RIGHT TO VOTE ANY OF THE PLEDGED COLLATERAL, THE APPOINTMENT OF THE COLLATERAL AGENT AS PROXY AND ATTORNEY-IN-FACT SHALL INCLUDE THE RIGHT TO EXERCISE ALL OTHER RIGHTS, POWERS, PRIVILEGES AND REMEDIES TO WHICH A HOLDER OF ANY OF THE
PLEDGED COLLATERAL WOULD BE ENTITLED (INCLUDING GIVING OR WITHHOLDING WRITTEN CONSENTS OF SHAREHOLDERS, CALLING SPECIAL MEETINGS OF SHAREHOLDERS AND VOTING AT SUCH MEETINGS). SUCH PROXY SHALL BE EFFECTIVE, AUTOMATICALLY AND WITHOUT THE NECESSITY OF
ANY ACTION (INCLUDING ANY TRANSFER OF ANY OF THE PLEDGED COLLATERAL ON THE RECORD BOOKS OF THE ISSUER THEREOF) BY ANY PERSON (INCLUDING THE ISSUER OF THE PLEDGED COLLATERAL OR ANY OFFICER OR AGENT THEREOF), UPON THE OCCURRENCE AND DURING THE
OCCURRENCE AND CONTINUANCE OF AN EVENT OF DEFAULT. 

 7.4 Nature of Appointment; Limitation of Duty. THE APPOINTMENT OF THE COLLATERAL AGENT AS
PROXY AND ATTORNEY-IN-FACT IN THIS ARTICLE VII IS COUPLED WITH AN INTEREST AND SHALL BE IRREVOCABLE UNTIL THE DATE ON WHICH THIS AGREEMENT IS TERMINATED IN ACCORDANCE WITH SECTION 9.23. NOTWITHSTANDING ANYTHING CONTAINED HEREIN, NEITHER THE
COLLATERAL AGENT, NOR ANY SECURED PARTY, NOR ANY OF THEIR RESPECTIVE AFFILIATES, NOR ANY OF THEIR OR THEIR AFFILIATES’ RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS OR REPRESENTATIVES SHALL HAVE ANY DUTY TO EXERCISE ANY RIGHT OR POWER
GRANTED HEREUNDER OR OTHERWISE OR TO PRESERVE THE SAME AND SHALL NOT BE LIABLE FOR ANY FAILURE TO DO SO OR FOR ANY DELAY IN DOING SO, EXCEPT IN RESPECT OF DAMAGES ATTRIBUTABLE SOLELY TO ITS OWN GROSS NEGLIGENCE OR WILLFUL MISCONDUCT AS FINALLY
DETERMINED BY A COURT OF COMPETENT JURISDICTION; PROVIDED THAT, IN NO EVENT SHALL THEY BE LIABLE FOR ANY PUNITIVE, EXEMPLARY, INDIRECT OR CONSEQUENTIAL DAMAGES. 

ARTICLE VIII 
 [Reserved].

 ARTICLE IX 
 GENERAL
PROVISIONS 
 9.1 Waivers. Each Grantor hereby waives notice of the time and place of any public sale or the time after which any
private sale or other disposition of all or any part of the Collateral may be made. To the extent such notice may not be waived under applicable law, any notice made shall be deemed reasonable if sent to the Grantors, addressed as set forth in
Article X, at least ten days prior to (i) the date of any such public sale or (ii) the time after which any such private sale or other disposition may be made. To the maximum extent permitted by applicable law, each Grantor waives all
claims, damages, and demands against the Collateral Agent or any Secured Party arising out of the repossession, retention or sale of the Collateral, except such as arise solely out of the gross negligence or willful misconduct of the Collateral
Agent or such Secured Party as finally determined by a court of competent jurisdiction. To the extent it may lawfully do so, each Grantor absolutely and irrevocably waives and relinquishes the benefit and advantage of, and covenants not to assert
against the Collateral Agent or any Secured Party, any valuation, stay, appraisal, extension, moratorium, redemption or similar laws and any and all rights or defenses it may have as a surety now or hereafter existing which, but for this provision,
might be applicable to the sale of any Collateral made under the judgment, order or decree of any court, or privately under the power of sale conferred by this Agreement, or otherwise. Except as otherwise specifically provided herein, each Grantor
hereby waives presentment, demand, protest or any notice (to the maximum extent permitted by applicable law) of any kind in connection with this Agreement or any Collateral. 

9.2 Limitation on Collateral Agent’s and Secured Parties’ Duty with Respect to the Collateral. The Collateral Agent shall
have no obligation to clean-up or otherwise prepare the Collateral for sale. The Collateral Agent and each Secured Party shall use reasonable care with respect to the Collateral in its possession or under its control. Neither the Collateral Agent
nor any Secured Party shall have any other duty as to any Collateral in its possession or control or in the possession or control of any agent or nominee of the Collateral Agent or such Secured Party, or any income thereon or as to the preservation
of rights against prior parties or any other rights pertaining thereto. To the extent that 

 
applicable law imposes duties on the Collateral Agent to exercise remedies in a commercially reasonable manner, each Grantor acknowledges and agrees that it is commercially reasonable for the
Collateral Agent (i) to fail to incur expenses deemed significant by the Collateral Agent to prepare Collateral for disposition or otherwise to transform raw material or work in process into finished goods or other finished products for
disposition, (ii) to fail to obtain third party consents for access to Collateral to be disposed of, or to obtain or, if not required by other law, to fail to obtain governmental or third party consents for the collection or disposition of
Collateral to be collected or disposed of, (iii) to fail to exercise collection remedies against Account Debtors or other Persons obligated on Collateral or to remove Liens on or any adverse claims against Collateral, (iv) to exercise
collection remedies against Account Debtors and other Persons obligated on Collateral directly or through the use of collection agencies and other collection specialists, (v) to advertise dispositions of Collateral through publications or media
of general circulation, whether or not the Collateral is of a specialized nature, (vi) to contact other Persons, whether or not in the same business as such Grantor, for expressions of interest in acquiring all or any portion of the Collateral,
(vii) to hire one or more professional auctioneers to assist in the disposition of Collateral, whether or not the Collateral is of a specialized nature, (viii) to dispose of Collateral by utilizing internet sites that provide for the
auction of assets of the types included in the Collateral or that have the reasonable capacity of doing so, or that match buyers and sellers of assets, (ix) to dispose of assets in wholesale rather than retail markets, (x) to disclaim
disposition warranties, such as title, possession or quiet enjoyment, (xi) to purchase insurance or credit enhancements to insure the Collateral Agent against risks of loss, collection or disposition of Collateral or to provide to the
Collateral Agent a guaranteed return from the collection or disposition of Collateral, or (xii) to the extent deemed appropriate by the Collateral Agent, to obtain the services of other brokers, investment bankers, consultants and other
professionals to assist the Collateral Agent in the collection or disposition of any of the Collateral. Each Grantor acknowledges that the purpose of this Section 9.2 is to provide non-exhaustive indications of what actions or omissions by the
Collateral Agent would be commercially reasonable in the Collateral Agent’s exercise of remedies against the Collateral and that other actions or omissions by the Collateral Agent shall not be deemed commercially unreasonable solely on account
of not being indicated in this Section 9.2. Without limitation upon the foregoing, nothing contained in this Section 9.2 shall be construed to grant any rights to any Grantor or to impose any duties on the Collateral Agent that would not have
been granted or imposed by this Agreement or by applicable law in the absence of this Section 9.2. 
 9.3 Compromises and Collection
of Collateral. The Grantors and the Collateral Agent recognize that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or become
uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to a Receivable. In view of the foregoing, each
Grantor agrees that the Collateral Agent may at any time and from time to time, if an Event of Default has occurred and is continuing, compromise with the obligor on any Receivable, accept in full payment of any Receivable such amount as the
Collateral Agent in its sole discretion shall determine or abandon any Receivable, and any such action by the Collateral Agent shall be commercially reasonable so long as the Collateral Agent acts in good faith based on information known to it at
the time it takes any such action. 
 9.4 Secured Party Performance of Debtor Obligations. Without having any obligation to do so,
the Collateral Agent may perform or pay any obligation which any Grantor has agreed to perform or pay in this Agreement and the Grantors shall reimburse the Collateral Agent for any amounts paid by the Collateral Agent pursuant to this
Section 9.4. The Grantors’ obligation to reimburse the Collateral Agent pursuant to the preceding sentence shall be an Obligation payable on demand. 

9.5 Specific Performance of Certain Covenants. Each Grantor acknowledges and agrees that a breach of any of the covenants contained in
Sections 5.1(d), 5.1(e), 5.4, 5.5, 5.6, 5.7, 5.8, 5.10, 5.11, 

 
5.13, 5.14, 5.16, 6.2, or 9.7 or in Article VIII will cause irreparable injury to the Collateral Agent and the Secured Parties, that the Collateral Agent and the Secured Parties have no adequate
remedy at law in respect of such breaches and therefore agrees, without limiting the right of the Collateral Agent or the Secured Parties to seek and obtain specific performance of other obligations of the Grantors contained in this Agreement, that
the covenants of the Grantors contained in the Sections referred to in this Section 9.5 shall be specifically enforceable against the Grantors. 

9.6 Dispositions Not Authorized. No Grantor is authorized to sell or otherwise dispose of the Collateral except as set forth in
Section 5.1(d) and notwithstanding any course of dealing between any Grantor and the Collateral Agent or other conduct of the Collateral Agent, no authorization to sell, transfer or otherwise dispose of the Collateral (except as set forth in
Section 5.1(d)) shall be binding upon the Collateral Agent or the Secured Parties unless such authorization is in writing signed by the Collateral Agent with the consent or at the direction of the Required Lenders. 

9.7 No Waiver; Amendments; Cumulative Remedies. No delay or omission of the Collateral Agent or any Secured Party to exercise any right
or remedy granted under this Agreement shall impair such right or remedy or be construed to be a waiver of any Default or an acquiescence therein, and any single or partial exercise of any such right or remedy shall not preclude any other or further
exercise thereof or the exercise of any other right or remedy. No waiver, amendment or other variation of the terms, conditions or provisions of this Agreement whatsoever shall be valid unless in writing signed by the Collateral Agent with the
concurrence or at the direction of the Lenders required under Section 10.02 of the Credit Agreement and then only to the extent in such writing specifically set forth. All rights and remedies contained in this Agreement or by law afforded shall
be cumulative and all shall be available to the Collateral Agent and the Secured Parties until the Obligations have been paid in full. 

9.8 Limitation by Law; Severability of Provisions. All rights, remedies and powers provided in this Agreement may be exercised only to
the extent that the exercise thereof does not violate any applicable provision of law or the Intercreditor Agreement (if effective), and all the provisions of this Agreement are intended to be subject to all applicable mandatory provisions of law
and the Intercreditor Agreement (if effective) that may be controlling and to be limited to the extent necessary so that they shall not render this Agreement invalid, unenforceable or not entitled to be recorded or registered, in whole or in part.
Any provision in any this Agreement that is held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that
jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end the provisions of this Agreement are declared to be severable. 

9.9 Reinstatement. This Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or
against any Grantor for liquidation or reorganization, should any Grantor become insolvent or make an assignment for the benefit of any creditor or creditors or should a receiver or trustee be appointed for all or any significant part of any
Grantor’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must
otherwise be restored or returned by any obligee of the Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise, all as though such payment or performance had not been made. In the event that any
payment, or any part thereof, is rescinded, reduced, restored or returned, the Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 

9.10 Benefit of Agreement. The terms and provisions of this Agreement shall be binding upon and inure to the benefit of the Grantors,
the Collateral Agent and the Secured Parties and their respective 

 
successors and assigns (including all persons who become bound as a debtor to this Agreement), except that no Grantor shall have the right to assign its rights or delegate its obligations under
this Agreement or any interest herein, without the prior written consent of the Collateral Agent. No sales of participations, assignments, transfers, or other dispositions of any agreement governing the Obligations or any portion thereof or interest
therein shall in any manner impair the Lien granted to the Collateral Agent, for the benefit of the Collateral Agent and the Secured Parties, hereunder or under any of the other Security Documents. 

9.11 Survival of Representations. All representations and warranties of the Grantors contained in this Agreement shall survive the
execution and delivery of this Agreement. 
 9.12 [Reserved]. 

9.13 Headings. All headings used herein are for the purpose of reference only, are not part of this Agreement and are not to affect the
construction of, or be taken into consideration in interpreting, this Agreement. 
 9.14 Security Interest Absolute. All rights of
the Collateral Agent hereunder, the security interest granted hereunder and all obligations of the Grantors hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Credit Agreement, any
other Loan Document, any agreement with respect to any of the Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of
the Obligations, or any other amendment or waiver of or any consent to any departure from the Credit Agreement, any other Loan Document or any other agreement or instrument, (c) any exchange, release or non-perfection of any Lien on other
collateral, or any release or amendment or waiver of or consent under or departure from any guarantee, securing or guaranteeing all or any of the Obligations, or (d) any other circumstance that might otherwise constitute a defense available to,
or a discharge of, any Grantor in respect of the Obligations or this Agreement. 
 9.15 Entire Agreement. This Agreement and the
other Security Documents embody the entire agreement and understanding between the Grantors and the Collateral Agent relating to the Collateral and supersede all prior agreements and understandings between the Grantors and the Collateral Agent
relating to the Collateral. 
 9.16 GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS. 

(a) THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. Each of the Grantors hereby
irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the courts of the State of New York, the courts of the United States District Court of the Southern District of New York, and any appellate court
from any thereof (and, to the extent necessary to enforce the Secured Parties’ rights under the Loan Documents, courts where Collateral may be located or deemed to be located and any appellate court thereof), in any legal action or proceeding
arising out of or relating to any Loan Document, or for recognition and enforcement of any judgment in respect thereof, and each of the parties hereto hereby 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 or, to the extent permitted by law, in such Federal court; provided, that nothing contained herein or in any other Loan Document will prevent any Lender, the Administrative Agent or the
Collateral Agent from bringing any action to enforce any award or judgment or exercise any right under the Security Documents or against any Collateral or any other property of any Grantor in any other forum in which jurisdiction can be established.
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 any other Loan Document shall affect any right that the Collateral Agent, the Administrative Agent or the Lenders may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan
Document against the Grantors or their respective properties in the courts of any jurisdiction. 
 (c) Each Grantor hereby irrevocably and
unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other
Loan Document in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or
proceeding in any such court. 
 (d) Each party to this Agreement irrevocably consents to service of process in the manner provided for
notices in Section 10.1. Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

9.17 WAIVER OF JURY TRIAL. EACH GRANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR
PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 
 9.18 Indemnity. Each Grantor
jointly and severally agrees to pay upon demand to the Collateral Agent the amount of any and all reasonable expenses, including the reasonable fees, disbursements and other charges of its counsel and of any experts or agents, which the Collateral
Agent may incur in connection with (i) the administration of this Agreement (including the customary fees and charges of the Collateral Agent for any monitoring or audits conducted by it or on its behalf with respect to the Accounts or
Inventory), (ii) the custody or preservation of, or the sale of, collection from or other realization upon any of the Collateral, (iii) the exercise, enforcement or protection of any of the rights of the Collateral Agent hereunder or
(iv) the failure of any Grantor to perform or observe any of the provisions hereof. 
 Without limitation of its indemnification
obligations under the other Loan Documents, each Grantor jointly and severally agrees to indemnify the Collateral Agent and the other Indemnitees against, and hold each of them harmless from, any and all losses, claims, damages, liabilities and
related expenses, including reasonable fees, disbursements and other charges of counsel, incurred by or asserted against any of them arising out of, in any way connected with, or as a result of, the execution, delivery or performance of this
Agreement or any claim, litigation, investigation or proceeding relating hereto or to the Collateral, whether or not any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that
such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or any of its
Affiliates. 
 Any such amounts payable as provided hereunder shall be additional Obligations secured hereby and by the other Security
Documents. The provisions of this Section 9.18 shall remain operative and in full force and effect regardless of the termination of this Agreement or any other Loan Document, the consummation of the transactions contemplated hereby, the
repayment of any of the Loans, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Collateral Agent or any Lender. All amounts due under this
Section 9.18 shall be payable on written demand therefor. 

 9.19 Counterparts. This Agreement may be executed in counterparts (and by different
parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or
electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement. 
 9.20 Severability. In
the event any one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be
affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor in
good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

9.21 Intercreditor Agreement. The terms of this Agreement, any Lien granted to the Collateral Agent (for the benefit of the Secured
Parties) pursuant to this Agreement and the exercise of any right or remedy by the Collateral Agent hereunder are subject to the provisions of the Intercreditor Agreement (if effective). In the event of any inconsistency between the provisions of
this Agreement and the Intercreditor Agreement (if effective), the provisions of the Intercreditor Agreement shall supersede the provisions of this Agreement. Without limiting the generality of the foregoing, and notwithstanding anything herein to
the contrary, all rights and remedies of the Collateral Agent (and the Secured Parties) shall be subject to the terms of the Intercreditor Agreement (if effective), and until the Discharge of ABL Obligations (as defined in the Intercreditor
Agreement), (i) no Grantor shall be required hereunder or under any other Loan Document to take any action with respect to ABL Priority Collateral that is inconsistent with such Grantor’s obligations under the applicable ABL Loan Documents
and (ii) any obligation of any Grantor hereunder or under any other Loan Document with respect to the delivery or control of any ABL Priority Collateral, bill of lading or other document, the giving of any notice to any bailee or other Person,
the provision of voting rights or the obtaining of any consent of any Person shall be deemed to be satisfied if such Grantor complies with the requirements of the similar provision of the applicable ABL Loan Document. Until the Discharge of ABL
Obligations (as defined in the Intercreditor Agreement), the Collateral Agent may not require any Grantor to take any action with respect to the creation, perfection or priority of its security interest in the ABL Priority Collateral, whether
pursuant to the express terms hereof or of any other Loan Document or pursuant to the further assurances provisions hereof or any other Loan Document, unless the ABL Collateral Agent (as defined in the Intercreditor Agreement) shall have required
such Grantor to take similar action pursuant to the terms of the applicable Loan Documents, and delivery of any ABL Priority Collateral to the ABL Collateral Agent (as defined in the Intercreditor Agreement) pursuant to the applicable ABL Loan
Documents and the Intercreditor Agreement shall satisfy any delivery requirement hereunder or under any other Loan Document. 
 9.22
Additional Grantors. Each Subsidiary of a Borrower that is required to become a party to this Agreement pursuant to Section 5.12 of the Credit Agreement shall become a Grantor for all purposes of this Agreement upon execution and
delivery by such Subsidiary of an Assumption Agreement in the form of Annex 1 hereto. Each Grantor expressly agrees that its obligations arising hereunder shall not be discharged, diminished or otherwise affected (a) by the addition or release
of any other Grantor hereunder, (b) by any failure by the Borrower or any Grantor to cause any Subsidiary of the Borrower to become a Grantor hereunder or (c) by reason of the Collateral Agent’s or any of the other Secured
Party’s actions in effecting, or failure to effect, any such joinder, or in releasing any Grantor hereunder, in each case, whether or not notice is given or consent is obtained from any Grantor. This Agreement shall be fully effective as to any
Grantor that is or becomes a party hereto regardless of whether any other Person becomes or fails to become or ceases to be a Grantor hereunder. 

 9.23 Releases. (a) This Agreement and the security interest of the Secured Parties on
the Collateral provided hereunder shall terminate when all the Obligations (other than contingent obligations for indemnification, expense reimbursement, tax gross-up or yield protection as to which no claim has been made) have been paid in full and
the Lenders have no further commitment to lend, at which time the Collateral Agent shall execute and deliver to the Grantors or the Grantors’ designee, at the Grantors’ expense, all Uniform Commercial Code termination statements and
similar documents which the Grantors shall reasonably request from time to time to evidence such termination. Any execution and delivery of termination statements or documents pursuant to this Section 9.23(a) shall be without recourse to or
warranty by the Collateral Agent. 
 (b) A Guarantor shall automatically be released from its obligations hereunder and the security
interest of the Secured Parties in the Collateral of such Guarantor shall be automatically released in the event that all the Equity Interests of such Guarantor shall be sold, transferred or otherwise disposed of to a person that is not an Affiliate
of the Borrower in accordance with the terms of the Credit Agreement; provided that the Required Lenders (or, if required by the terms of the Credit Agreement, such greater percentage of the Lenders specified in the Credit Agreement) shall
have consented to such sale, transfer or other disposition (to the extent required by the Credit Agreement) and the terms of such consent did not provide otherwise. The security interest of the Secured Parties in any Collateral that is sold,
transferred or otherwise disposed of in accordance with this Agreement, the Credit Agreement and the other Loan Documents (including pursuant to a waiver or amendment of the terms thereof) shall automatically terminate and be released, and such
Collateral shall be sold free and clear of the security interest created hereby. In connection with any of the foregoing, the Collateral Agent shall execute and deliver to the Grantors or the Grantors’ designee, at the Grantors’ expense,
all Uniform Commercial Code termination statements and similar documents (including any such documents as may be reasonably necessary in connection with the entry into by any Grantor of a Specified Vendor Receivables Financing) that the Grantors
shall reasonably request from time to time to evidence such termination. Any execution and delivery of termination statements or documents pursuant to this Section 9.23(b) shall be without recourse to or warranty by the Collateral Agent. 

9.24 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Secured Party is hereby authorized at any time
and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other Indebtedness at any time owing by such Secured Party to or
for the credit or the account of any Guarantor against any or all the obligations of such Guarantor now or hereafter existing under this Agreement and the other Loan Documents held by such Secured Party, irrespective of whether or not such Secured
Party shall have made any demand under this Agreement or any other Loan Document and although such obligations may be unmatured. The rights of each Secured Party under this Section 9.24 are in addition to other rights and remedies (including
other rights of setoff) which such Secured Party may have. 
 ARTICLE X 

NOTICES 
 10.1 Sending
Notices. Any notice required or permitted to be given under this Agreement shall be sent in accordance with Section 10.01 of the Credit Agreement (with any notice to a Grantor (other than the Borrower) being sent care of the Borrower). 

10.2 Change in Address for Notices. Each of the Grantors, the Collateral Agent and the Lenders may change the address for service of
notice upon it by a notice in writing to the other parties. 

 ARTICLE XI 

THE COLLATERAL AGENT 

JPMorgan Chase Bank, N.A. has been appointed Collateral Agent for the Lenders hereunder pursuant to Article VIII of the Credit Agreement. It
is expressly understood and agreed by the parties to this Agreement that any authority conferred upon the Collateral Agent hereunder is subject to the terms of the delegation of authority made by the Lenders to the Collateral Agent pursuant to the
Credit Agreement, and that the Collateral Agent has agreed to act (and any successor Collateral Agent shall act) as such hereunder only on the express conditions contained in such Section 1. Any successor Collateral Agent appointed pursuant to
Article VIII of the Credit Agreement shall be entitled to all the rights, interests and benefits of the Collateral Agent hereunder. 

[Signature Page Follows] 

 IN WITNESS WHEREOF, the Grantors and the Collateral Agent have executed this Agreement as of the
date first above written. 
  

			
	GRANTORS:
	
	HORIZON GLOBAL CORPORATION, as the Borrower
		
	By:		  

			Name:
			Title:
	
	[●], as a Guarantor
		
	By:		  

			Name:
			Title:
	
	JPMORGAN CHASE BANK, N.A., as Collateral Agent
		
	By:		  

			Name:
			Title:

 EXHIBIT A 

GRANTORS; IDENTIFYING INFORMATION 
  

							
	 Grantor
	 	 Jurisdiction of

Organization &
 Type of

Organization
	 	 Organizational

Identification

Number
	 	 Federal Tax

Identification

Number

		 		 		 	
		 		 		 	
		 		 		 	

 EXHIBIT B 

COLLATERAL RECORD LOCATIONS 
  

					
	 Grantor
	 	 Location of Chief Executive Office
	 	 Location of Books and Records

		 		 	
		 		 	
		 		 	

 EXHIBIT C 

INTELLECTUAL PROPERTY RIGHTS 

PATENTS 
 PATENTS OWNED BY
EACH GRANTOR 
 [For each Grantor state if no patents are owned. List in numerical order by Patent No./Patent Application No.] 

U.S. Patent Registrations 
  

					
	 Grantor
	 	 Patent Numbers
	 	 Issue Date

		 		 	
		 		 	
		 		 	

 U.S. Patent Applications 

 

					
	 Grantor
	 	 Patent Application No.
	 	 Filing Date

		 		 	
		 		 	
		 		 	

 Non-U.S. Patent Registrations 

 

							
	 Grantor
	 	 Country
	 	 Issue Date
	 	 Patent No.

		 		 		 	
		 		 		 	
		 		 		 	

 Non-U.S. Patent Applications 

 

							
	 Grantor
	 	 Country
	 	 Filing Date
	 	 Patent Application No.

		 		 		 	
		 		 		 	
		 		 		 	

 Patent Licenses; Grantor as Licensor 

U.S. Patents 
  

									
	 Grantor/Licensor
	 	 Licensee Name

and Address
	 	 Date of License/

Sublicense
	 	 Issue Date
	 	 Patent No.

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

 U.S. Patent Applications 

 

									
	 Grantor/Licensor
	 	 Licensee Name

and Address
	 	 Date of License/

Sublicense
	 	 Date Filed
	 	 Application No.

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

 Non-U.S. Patents 

 

											
	 Grantor/Licensor
	 	 Country
	 	 Licensee Name

and Address
	 	Date of License/ Sublicense	 	 Issue

Date
	 	 Non-U.S.

Patent No.

		 		 		 		 		 	
		 		 		 		 		 	
		 		 		 		 		 	

 Non-U.S. Patent Applications 

 

											
	 Grantor/Licensor
	 	 Country
	 	 Licensee Name

and Address
	 	Date of License/
Sublicense	 	 Date

Filed
	 	 Application

No.

		 		 		 		 		 	
		 		 		 		 		 	
		 		 		 		 		 	

 Patent; Licenses; Grantor as Licensee 

U.S. Patents 
  

									
	 Grantor/Licensee
	 	 Licensor Name

and Address
	 	 Date of

License/ Sublicense
	 	 Issue Date
	 	 Patent No.

	     
	 		 		 		 	
	     
	 		 		 		 	
	     
	 		 		 		 	
	
	U.S. Patent Applications
					
	 Grantor/Licensee
	 	 Licensor Name

and Address
	 	 Date of

License/ Sublicense
	 	 Date Filed
	 	 Application No.

	     
	 		 		 		 	
	     
	 		 		 		 	
	     
	 		 		 		 	

  

											
	Non-U.S. Patents
						
	 Grantor/Licensee
	 	 Country
	 	Licensor Name
and Address	 	Date of License/
Sublicense	 	 Issue Date
	 	 Non-U.S.

Patent No.

	     
	 		 		 		 		 	
	     
	 		 		 		 		 	
	     
	 		 		 		 		 	
	
	Non-U.S. Patent Applications
						
	 Grantor/Licensee
	 	 Country
	 	Licensor Name
and Address	 	Date of License/
Sublicense	 	 Date Filed
	 	 Application No.

	     
	 		 		 		 		 	
	     
	 		 		 		 		 	
	     
	 		 		 		 		 	

 TRADEMARKS 

OWNED TRADEMARK/TRADE NAMES 
 [For
each Grantor state if no trademarks/trade names are owned. List in numerical order by trademark registration/application no.] 
 U.S.
Trademark Registrations 
  

							
	 Grantor
	 	 Mark
	 	 Reg. Date
	 	 Reg. No.

	     
	 		 		 	
	     
	 		 		 	
	     -
	 		 		 	

							
	 U.S. Trademark Applications

				
	 Grantor
	 	 Mark
	 	 Filing Date
	 	 Application No.

	     
	 		 		 	
	     
	 		 		 	
	     
	 		 		 	

  

									
	State Trademark Registrations
					
	 Grantor
	 	 State
	 	 Mark
	 	 Reg. Date
	 	 Reg. No.

	     
	 		 		 		 	
	     
	 		 		 		 	
	     
	 		 		 		 	
	
	State Trademark Applications
					
	 Grantor
	 	 State
	 	 Mark
	 	 Filing Date
	 	 Application No.

	     
	 		 		 		 	
	     
	 		 		 		 	
	     
	 		 		 		 	
	
	Non-U.S. Trademark Registrations
					
	 Grantor
	 	 Country
	 	 Mark
	 	 Reg. Date
	 	 Reg. No.

	     
	 		 		 		 	
	     
	 		 		 		 	
	     
	 		 		 		 	
	
	Non-U.S. Trademark Applications
					
	 Grantor
	 	 Country
	 	 Mark
	 	 Date Filed
	 	 Application No.

	     
	 		 		 		 	
	     
	 		 		 		 	
	     
	 		 		 		 	

  

					
	Trade Names
			
	 Grantor
	 	 Country(s) Where Used
	 	 Trade Name

	     
	 		 	
	     
	 		 	
	     
	 		 	

 Trademark Licenses; Grantor as Licensor 

 

											
	 U.S. Trademarks

						
	 Grantor/Licensor
	 	Licensee Name
and Address	 	 Date of
License/Sublicense
	 	 U.S. Mark
	 	 Reg. Date
	 	 Reg. No.

	     
	 		 		 		 		 	
	     
	 		 		 		 		 	
	     
	 		 		 		 		 	
	
	U.S. Trademark Applications
						
	 Grantor/Licensor
	 	 Country
	 	Licensee Name
and Address	 	Date of License/
Sublicense	 	 Date Filed
	 	 Application No.

	     
	 		 		 		 		 	
	     
	 		 		 		 		 	
	     
	 		 		 		 		 	

  

													
	Non-U.S. Trademarks
							
	Grantor/Licensor	 	Country	 	Licensee Name
and Address	 	Date of License/
Sublicense	 	Non-U.S. Mark	 	Reg. Date	 	Reg. No.
	     
	 		 		 		 		 		 	
	     
	 		 		 		 		 		 	
	     
	 		 		 		 		 		 	

													
	 Non-U.S. Trademark Applications

							
	 Grantor/Licensor
	 	 Country
	 	Licensee Name
and Address	 	Date of License/
Sublicense	 	 Non-U.S. Mark
	 	 Date Filed
	 	 Application No.

	     
	 		 		 		 		 		 	
	     
	 		 		 		 		 		 	
	     
	 		 		 		 		 		 	

  

							
	D. Others
				
	Grantor/Licensor	 	 Licensee Name

and Address
	 	 Date of License/

Sublicense
	 	 Subject

Matter

	     
	 		 		 	
	     
	 		 		 	
	     
	 		 		 	

 Trademark Licenses; Grantor as Licensee 

 

											
	U.S. Trademarks
						
	Grantor/Licensee	 	Licensor Name
and Address	 	Date of Licensee/
Sublicensee	 	U.S. Mark	 	Reg. Date	 	Reg. No.
	     
	 		 		 		 		 	
	     
	 		 		 		 		 	
	     
	 		 		 		 		 	
	
	U.S. Trademark Applications
						
	Grantor/Licensee	 	Licensor Name
and Address	 	Date of Licensee/
Sublicensee	 	U.S. Mark	 	Date Filed	 	Application No.
	     
	 		 		 		 		 	
	     
	 		 		 		 		 	
	     
	 		 		 		 		 	

  

													
	Non-U.S. Trademarks
							
	Grantor/Licensee	 	Country	 	Licensor Name
and Address	 	 Date of License/

Sublicense
	 	 Non-U.S. 

Mark
	 	Reg. Date	 	Reg. No.
	     
	 		 		 		 		 		 	
	     
	 		 		 		 		 		 	
	     
	 		 		 		 		 		 	

													
	 Non-U.S. Trademark Applications

	Grantor/Licensee	 	Country	 	Licensor Name
and Address	 	Date of License/
Sublicense	 	 Non-U.S.

Mark
	 	Date Filed	 	Application No.
	     
	 		 		 		 		 		 	
	     
	 		 		 		 		 		 	
	     
	 		 		 		 		 		 	

 D. Others 
  

							
	Grantor/Licensee	 	 Licensor Name

and Address
	 	 Date of License/

Sublicense
	 	 Subject

Matter

	     
	 		 		 	
	     
	 		 		 	
	     
	 		 		 	

 COPYRIGHTS 

COPYRIGHTS OWNED BY EACH GRANTOR 

[State for each Grantor if no copyrights are owned. List in numerical order by Registration No.] 

 

							
	 U.S. Copyright Registrations

				
	 Grantor
	 	 Title
	 	 Reg. No.
	 	 Author

	     
	 		 		 	
	     
	 		 		 	
	     
	 		 		 	

  

									
	Pending U.S. Copyright Applications for Registration
					
	 Grantor
	 	 Title
	 	 Author
	 	 Class
	 	 Date Filed

	     
	 		 		 		 	
	     
	 		 		 		 	
	     
	 		 		 		 	
	
	 Non-U.S. Copyright Registrations

					
	 Grantor
	 	 Title
	 	 Author
	 	 Class
	 	 Date Filed

	     
	 		 		 		 	
	     
	 		 		 		 	
	     
	 		 		 		 	

											
	 Non-U.S. Pending Copyright Applications for Registration

						
	 Grantor
	 	 Country
	 	 Title
	 	 Author
	 	 Class
	 	 Date Filed

	     
	 		 		 		 		 	
	     
	 		 		 		 		 	
	     
	 		 		 		 		 	

 [State for each Grantor whether such Grantor is not a party to a license/sublicense.] 

Copyright Licenses; Grantor as Licensor 
  

									
	 U.S. Copyrights

					
	 Grantor/Licensor
	  	 Licensee Name

And Address
	  	Date of Licensee/
Sublicense	  	 Title of

U.S.

Copyright
	  	 Author

	     
	  		  		  		  	
	     
	  		  		  		  	
	     
	  		  		  		  	
	
	 Non-U.S. Copyrights

					
	 Grantor/Licensor
	  	 Licensee Name

And Address
	  	Date of Licensee/
Sublicense	  	 Title of

U.S.

Copyright
	  	 Author

	     
	  		  		  		  	
	     
	  		  		  		  	
	     
	  		  		  		  	

 Copyright Licenses; Grantor as Licensee 

 

									
	 U.S. Copyrights

					
	 Grantor/Licensor
	  	 Licensee Name

And Address
	  	Date of Licensee/
Sublicense	  	 Title of

U.S.

Copyright
	  	 Author

	     
	  		  		  		  	
	     
	  		  		  		  	
	     
	  		  		  		  	

  

									
	 Non-U.S. Copyrights

					
	 Grantor/Licensor 
	  	 Licensee Name

and Address
	  	 Country
	  	 Date of

License/

Sublicense
	  	Title of Non-U.S.
Copyright
	     
	  		  		  		  	
	     
	  		  		  		  	
	     
	  		  		  		  	

 EXHIBIT D 

PLEDGED EQUITY 
  

											
	 Owner
	 	 Issuer
	 	 Type of

Equity

Interests
	 	 Issued and Outstanding

Equity Interests of each
class;

Options, Warrants and

Similar Rights
	 	 Number (and percentage)
of Pledged
Equity Interests
	 	 Certificate No.

(if any)

	     
	 		 		 		 		 	
	     
	 		 		 		 		 	
	     
	 		 		 		 		 	

 PLEDGED DEBT 
  

							
	 Grantor
	 	 Issuer/Borrower
	 	Original Amount; Principal
Amount Outstanding	 	 Date of Note

	     
	 		 		 	
	     
	 		 		 	
	     
	 		 		 	

 EXHIBIT E 

DEPOSIT ACCOUNTS 
  

							
	 Grantor
	 	 Name of Institution and

Address
	 	 Pledged Account Name
	 	 Pledged Account Number

	     
	 		 		 	
	     
	 		 		 	
	     
	 		 		 	

 SECURITIES ACCOUNTS 
  

							
	 Grantor
	 	 Name of Institution and

Address
	 	 Pledged Account Name
	 	 Pledged Account Number

	     
	 		 		 	
	     
	 		 		 	
	     
	 		 		 	

 EXHIBIT F 

AMENDMENT 
 This Amendment, dated
            ,      is delivered pursuant to [Section 5.4] [Section 5.8] of the Agreement referred to below. All defined terms herein shall have the meanings ascribed
thereto or incorporated by reference in the Agreement. The undersigned hereby certifies that the representations and warranties in Article IV of the Agreement are and continue to be true and correct. The undersigned further agrees that this
Amendment may be attached to that certain Term Loan Guarantee and Collateral Agreement, dated as of [●], 2015, between the undersigned, as the Grantors, and JPMorgan Chase Bank, N.A., as the Collateral Agent (as amended, restated, amended and
restatement, supplemented or otherwise modified from time to time prior to the date hereof, the “Agreement”) and that the Collateral listed on Schedule I to this Amendment shall be and become a part of the Collateral referred
to in said Agreement and shall secure all Obligations referred to in the Agreement. 
  

			
	By:		  

	 Name:
		
	 Title:
		

 SCHEDULE I TO AMENDMENT 

STOCKS 
  

											
	 Name of

Grantor
	 	 Issuer
	 	 Certificate

Number(s)
	 	 Number of

Shares
	 	 Class of Stock
	 	 Percentage of

Outstanding

Shares

	     
	 		 		 		 		 	
		 		 		 		 		 	
	     
	 		 		 		 		 	

 BONDS 
  

											
	 Name of

Grantor
	 	 Issuer
	 	 Number
	 	 Face Amount
	 	 Coupon Rate
	 	 Maturity

	     
	 		 		 		 		 	
	     
	 		 		 		 		 	
	     
	 		 		 		 		 	

 GOVERNMENT SECURITIES 
  

													
	 Name of

Grantor
	 	 Issuer
	 	 Number
	 	 Type
	 	 Face Amount
	 	 Coupon Rate
	 	 Maturity

	     
	 		 		 		 		 		 	
	     
	 		 		 		 		 		 	
	     
	 		 		 		 		 		 	

 OTHER SECURITIES OR OTHER INVESTMENT PROPERTY 

(CERTIFICATED AND UNCERTIFICATED) 
  

							
	 Name of Grantor
	 	 Issuer
	 	 Description of Collateral
	 	 Percentage Ownership

Interest

	     
	 		 		 	
	     
	 		 		 	
	     
	 		 		 	

 [Add description of custody accounts or arrangements with securities intermediary, if applicable] 

COMMERCIAL TORT CLAIMS 
  

							
	 Name of Grantor
	 	 Description of Claim
	 	 Parties
	 	 Case Number; Name of

Court where Case was

Filed

	     
	 		 		 	
	     
	 		 		 	
	     
	 		 		 	

 Annex 1 to 

Term Loan Guarantee and Collateral Agreement 

ASSUMPTION AGREEMENT, dated as of             , 20    , made
by                      (the “Additional Grantor”), in favor of JPMORGAN CHASE BANK, N.A., as Collateral Agent (in such capacity,
the “Collateral Agent”) for the banks and other financial institutions or entities (the “Lenders”) parties to the Credit Agreement referred to below. All capitalized terms not defined herein shall have the meaning
ascribed to them in such Credit Agreement. 
 W I T N E S S E T H :

 WHEREAS, HORIZON GLOBAL CORPORATION (the “Borrower”), the Lenders, the Collateral Agent and the other agents party
thereto have entered into a Term Loan Credit Agreement, dated as of [●], 2015 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); 

WHEREAS, in connection with the Credit Agreement, the Borrower and certain of its Affiliates (other than the Additional Grantor) have entered
into the Term Loan Guarantee and Collateral Agreement, dated as of [●], 2015 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Guarantee and Collateral Agreement”) in favor
of the Collateral Agent for itself and for the benefit of the Secured Parties; 
 WHEREAS, the Credit Agreement requires the Additional
Grantor to become a party to the Guarantee and Collateral Agreement; and 
 WHEREAS, the Additional Grantor has agreed to execute and
deliver this Assumption Agreement in order to become a party to the Guarantee and Collateral Agreement; 
 NOW, THEREFORE, IT IS AGREED:

 1. Guarantee and Collateral Agreement. By executing and delivering this Assumption Agreement, the Additional Grantor, as provided
in Section 9.22 of the Guarantee and Collateral Agreement, hereby becomes a party to the Guarantee and Collateral Agreement as a Guarantor and Grantor thereunder with the same force and effect as if originally named therein as a Guarantor and
Grantor and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and liabilities of a Guarantor and Grantor thereunder. The information set forth in Annex 1-A hereto is hereby added to the information set forth
in Exhibits A through E to the Guarantee and Collateral Agreement and hereby grants to the Collateral Agent, for the benefit of the Secured Parties, as collateral security for the prompt and complete payment or performance when due of the
Obligations, a security interest in all of the Collateral (it being understood that, as provided in the Guarantee and Collateral Agreement, “Collateral” does not include any Excluded Property). The Additional Grantor hereby represents and
warrants that each of the representations and warranties contained in Article IV of the Guarantee and Collateral Agreement with respect to itself is true and correct in all material respects (other than in the case of representations qualified by
materiality, in which case such representations shall be true and correct) on and as the date hereof (after giving effect to this Assumption Agreement) as if made on and as of such date.1 

 
  

	1 	To the extent applicable, such Additional Grantor shall also provide an Amendment in the form of Exhibit F 

 2. Governing Law. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 IN WITNESS WHEREOF, the undersigned has caused this Assumption
Agreement to be duly executed and delivered as of the date first above written. 
  

			
	[ADDITIONAL GRANTOR]
		
	 By:
		  

			 Name:

			 Title:

 Annex 1-A to 

Assumption Agreement  

Supplement to Exhibit A 

Supplement to Exhibit B 

Supplement to Exhibit C 

Supplement to Exhibit D 

Supplement to Exhibit E 

 EXHIBIT E-1 

[FORM OF] 
 U.S. TAX
CERTIFICATE 
 (For Non-U.S. Lenders that Are Not Partnerships for U.S. Federal Income Tax Purposes) 

Reference is made to the Credit Agreement dated as of June 30, 2015 (as amended, amended and restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Horizon Global Corporation (the “Borrower”), the lenders from time to time party thereto (the “Lenders”) and JPMorgan Chase Bank, N.A., as
Administrative Agent and Collateral Agent. 
 Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned
hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of
Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, (iv) it is not a controlled foreign corporation related to the Borrower as
described in Section 881(c)(3)(C) of the Code and (v) the interest payments in question are not effectively connected with the undersigned’s conduct of a U.S. trade or business. 

The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. person status on the
applicable IRS Form W-8BEN-E or W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative
Agent and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the
undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit
Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
 [NAME OF LENDER] 

 

			
	 By:
		  

			Name:
			Title:
		
	 Date:
		             , 20[    ]

 EXHIBIT E-2 

[FORM OF] 
 U.S. TAX
CERTIFICATE 
 (For Non-U.S. Lenders that Are Partnerships for U.S. Federal Income Tax Purposes) 

Reference is made to the Credit Agreement dated as of June 30, 2015 (as amended, amended and restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Horizon Global Corporation (the “Borrower”), the lenders from time to time party thereto (the “Lenders”) and JPMorgan Chase Bank, N.A., as
Administrative Agent and Collateral Agent. 
 Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned
hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its partners/members are the sole beneficial owners of such
Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement, neither the undersigned nor any of its partners/members is a bank extending credit pursuant to a loan
agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its partners/members is a ten percent shareholder of the Borrower within the meaning of
Section 871(h)(3)(B) of the Code, (v) none of its partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code, and (vi) the interest payments in question are not
effectively connected with the undersigned’s or its partners/members’ conduct of a U.S. trade or business. 
 The undersigned
has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) the applicable IRS Form W-8BEN-E or W-8BEN or (ii) an IRS form W-8IMY accompanied by the applicable IRS form W-8 from each of such partner’s/ member’s beneficial owners that is claiming the portfolio interest exemption. By
executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent and (2) the undersigned shall have at
all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years
preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings
given to them in the Credit Agreement. 
 [NAME OF LENDER] 
  

			
	 By:
		  

			Name:
			Title:
		
	 Date:
		             , 20[    ]

 EXHIBIT E-3 

[FORM OF] 
 U.S. TAX
CERTIFICATE 
 (For Non-U.S. Participants that are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to the Credit Agreement dated as of June 30, 2015 (as amended, amended and restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Horizon Global Corporation (the “Borrower”), the lenders from time to time party thereto (the “Lenders”) and JPMorgan Chase Bank, N.A., as
Administrative Agent and Collateral Agent. For purposes of this exhibit, “Non-U.S. Participant” shall mean a Participant that is not a U.S. Person. 

Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is
the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of
the Borrower within the meaning of Section 871(h)(3)(B) of the Code, (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code, and (v) the interest payments in
question are not effectively connected with the undersigned’s conduct of a U.S. trade or business. 
 The undersigned has
furnished its participating Lender with a certificate of its non-U.S. person status on the applicable IRS Form W-8BEN-E or W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on this
certificate changes, the undersigned shall promptly so inform such Lender in writing and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year
in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise
defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
 [NAME OF
PARTICIPANT] 
  

			
	 By:
		  

			 Name:

			 Title:

	
	 Date:                  ,
20[    ]

 EXHIBIT E-4 

[FORM OF] 
 U.S. TAX
CERTIFICATE 
 (For Non-U.S. Participants that Are Partnerships for U.S. Federal Income Tax Purposes) 

Reference is made to the Credit Agreement dated as of June 30, 2015 (as amended, amended and restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Horizon Global Corporation (the “Borrower”), the lenders from time to time party thereto (the “Lenders”) and JPMorgan Chase Bank, N.A., as
Administrative Agent and Collateral Agent. For purposes of this exhibit, Non-U.S. Participant shall mean a Participant that is not a U.S. Person. 

Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record
owner of the participation in respect of which it is providing this certificate, (ii) its partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its
partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its partners/members is a ten
percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, (v) none of its partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code,
and (vi) the interest payments in question are not effectively connected with the undersigned’s or its partners/members’ conduct of a U.S. trade or business. 

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

			
	 By:
		  

			Name:
			Title:
	
	 Date:                  ,
20[    ]

 EXHIBIT F 

FORM OF PERFECTION CERTIFICATE 

[See attached] 

  

PERFECTION CERTIFICATE 

Dated as of             , 20    , 

from 
 HORIZON GLOBAL
CORPORATION (“Parent Borrower”), 
 CEQUENT PERFORMANCE PRODUCTS, INC. (“Cequent
Performance”) 
 and 

CEQUENT CONSUMER PRODUCTS, INC. (“Cequent Consumer Products”), 

as Borrowers, 
 and each of the
other 
 Subject Grantors, 

to and in favor of 
 BANK OF
AMERICA, N.A., 
 as ABL Agent 

and 
 JPMORGAN CHASE
BANK, N.A., 
 as Term Agent 
  

 

  

 Schedules 
  

			
	 1.01
		Subject Grantors; Identifying Information
	 1.02
		Prior Names; Prior Jurisdictions
	 1.04
		Filing Offices
		
	 2.01
		Collateral Records
	 2.02
		Owned Real Property
	 2.03
		Leased Real Property
	 2.04
		Bailee Locations
		
	 3.01
		Pledged Equity, Equity Ownership
	 3.02
		Pledged Debt
	 3.03
		Deposit Accounts; Securities Accounts
		
	 4.01
		Patents
	 4.02
		Trademarks
	 4.03
		Copyrights
		
	 5.01
		Commercial Tort Claims
	 5.02
		Letters of Credit

  

 PERFECTION CERTIFICATE 

This PERFECTION CERTIFICATE (this “Certificate”) dated
                 , 20    , (the “Certification Date”) is delivered pursuant to (i) the Loan Agreement dated as of
                 , 2015 (the “ABL Loan Agreement”), among HORIZON GLOBAL CORPORATION, a Delaware corporation (“Parent
Borrower”), CEQUENT PERFORMANCE PRODUCTS, INC., a Delaware corporation (“Cequent Performance”), CEQUENT CONSUMER PRODUCTS, INC., an Ohio corporation (“Cequent Consumer Products” and
together with Parent Borrower and Cequent Performance, collectively, “Borrowers”), the financial institutions party thereto as lenders from time to time and BANK OF AMERICA, N.A., as agent (in such capacity, the “ABL
Agent”) for the Secured Parties (as defined in the ABL Loan Agreement, the “ABL Secured Parties”) and (ii) the Term Loan Credit Agreement dated as of
                 , 2015 (the “Term Loan Agreement” and together with ABL Loan Agreement, collectively, the “Loan Agreements” and
individually, a “Loan Agreement”), among the Parent Borrower, the financial institutions and other entities party thereto as lenders from time to time and JPMORGAN CHASE BANK, N.A., in its capacity as administrative agent and
collateral agent (in such capacity, the “Term Agent” and together with ABL Agent, collectively, the “Agents” and individually, a “Agent”) for the Secured Parties (as defined in the Term Loan
Agreement, the “Term Secured Parties” and together with the ABL Secured Parties, collectively, the “Secured Parties” and individually, a “Secured Party”). The Guarantee and Collateral Agreement, as
defined in the ABL Loan Agreement, is referred to herein as the “ABL Guarantee and Collateral Agreement”, and the Guarantee and Collateral Agreement, as defined in the Term Loan Agreement, is referred to herein as the “Term
Guarantee and Collateral Agreement” and together with the ABL Guarantee and Collateral Agreement, the “Guarantee and Collateral Agreements”). Capitalized terms used herein without definition shall have the meanings ascribed
to such terms in the Loan Agreements or the Guarantee and Collateral Agreements, as applicable. 
 The Borrowers and each Person
constituting a Subsidiary Obligor from time to time are referred to herein collectively as the “Grantors” and each individually as a “Grantor”. Each Grantor, on behalf of itself and each other current Grantor
identified on Schedule 1.01 hereto (each a “Subject Grantor”), hereby certifies to each Agent and each other Secured Party as follows, as of the date hereof: 

ARTICLE I 
 SUBJECT
GRANTORS; LIEN SEARCH; 
 FINANCING STATEMENTS 

1.01 Identifying Information. Schedule 1.01 hereto sets forth the following information for each Subject Grantor: 

(a) its exact legal name, as such name appears in its respective certificate or articles of incorporation, certificate of limited
partnership or certificate of formation; 
 (b) its type of organization (i.e. corporation, limited liability company, limited
partnership, etc.); 
 (c) its jurisdiction of organization or formation; 

(d) its organizational identification number, if any, issued by the jurisdiction of organization or formation; and 

(e) its Federal Taxpayer Identification Number. 

  
 1 

 1.02 Prior Names; Prior Jurisdictions. Except as set forth in Schedule 1.02 hereto,
during the five-year period ending on the date of this Certificate, no Subject Grantor: 
 (a) has changed its legal name, identity or
organizational structure (including by merger or consolidation with any other Person) or conducted business under any name (including tradename or similar appellations); or 

(b) has acquired any assets from any other Person other than Inventory and Equipment in the ordinary course from persons in the business
of selling such goods. 
 1.03 Reserved. 

1.04 Filing Offices. Schedule 1.04 lists the appropriate filing offices for UCC financing statements, including without
limitation UCC financing statements to be filed as fixture filings, with respect to each Subject Grantor. 
 ARTICLE II 

COLLATERAL LOCATIONS 

2.01 Collateral Records. Schedule 2.01 sets forth the chief executive office of each Subject Grantor and each other location
where such Subject Grantor maintains its books or records relating to any material portion of the Collateral, including accounts receivable and General Intangibles. 

2.02 Owned Real Property. Schedule 2.02 hereto sets forth for each Subject Grantor the following information for each parcel of
real property owned by such Subject Grantor with a fair market value of $5,000,000 or more: (a) its street address, (b) the county in which the real estate records for such property are located, (c) a brief description of its current
use, and (d) whether all or a portion of such property has been leased to any other Person. 
 2.03 Leased Real Property.
Schedule 2.03 hereto sets forth for each Subject Grantor the following information for each parcel of real property leased to or by such Subject Grantor: (a) its street address, (b) the county in which the real estate records for
such property are located, (c) a brief description of its current use, (d) the name of the lessor, (e) the lease term, (f) the annual rent, and (g) whether all or a portion of such property has been subleased to any other
Person. 
 2.04 Bailee Locations. Schedule 2.04 sets forth for each Subject Grantor any locations, other than any owned or
leased real property locations identified on Schedules 2.01, 2.02 and 2.03, where such Subject Grantor maintains any Inventory or Equipment with a value in excess of $250,000, including, for each location: (a) the name of
the Person in business at such location, (b) its street address, and (c) a brief description of the type of location (i.e. warehouse, bailee, etc.). 

ARTICLE III 
 INVESTMENTS

 3.01 Pledged Equity. 

(a) Schedule 3.01 hereto sets forth for each Subject Grantor a list of (i) all the issued and outstanding capital stock,
partnership interests, limited liability company membership interests or other Equity Interests of each class of such Subject Grantor and of any other Person owned by such Subject Grantor (other than any Equity Interests maintained in a securities
account identified on Schedule 3.03 hereto), and an indication of whether such Equity Interests are certificated, (ii) with respect to the Equity Interests of a Subject Grantor, the owner of such outstanding Equity Interests and the
holders of any options, warrants, or similar rights to the Equity Interests of each class, and (iii) the percentage of the outstanding Equity Interests of each class of each Subject Grantor and each other Person on a fully diluted basis owned
by each such owner or other holder. 

  
 2 

 (b) Pledged Securities evidencing the Pledged Collateral owned by each Subject Grantor which are
certificated Equity Interests, together with stock or security powers or other instruments of transfer duly executed in blank by such Subject Grantor, have been delivered to the applicable Agent, as required by the ABL Guarantee and Collateral
Agreement and/or the Term Guarantee and Collateral Agreement. 
 3.02 Pledged Debt. 

(a) Schedule 3.02 hereto sets forth for each Subject Grantor a list of all promissory notes and debt securities evidencing Debt having
an aggregate principal amount in excess of $500,000, payable or due to such Subject Grantor by or from any other Person (including any other Grantor). 

(b) The Pledged Securities evidencing such Debt payable or due to each Subject Grantor, together with instruments of transfer duly executed in
blank, have been delivered to the Term Agent, as required by the ABL Guarantee and Collateral Agreement and/or the Term Guarantee and Collateral Agreement. 

3.03 Deposit Accounts and Securities Accounts. Schedule 3.03 hereto sets forth for each Subject Grantor a true and correct list
of Deposit Accounts, Securities Accounts and Lockboxes maintained by Subject Grantor, including (a) the name and address of the depositary institution or Securities Intermediary, as the case may be, (b) the type of account, and
(c) the account number. 
 3.04 Control Agreements. Control agreements have been delivered to the ABL Agent in respect of each
Deposit Account and Securities Account identified on Schedule 3.03 to the extent required pursuant to the ABL Guarantee and Collateral Agreement, in each case duly executed by the Subject Grantor which is the owner of the accounts referred to
therein and the depositary institution or Securities Intermediary at which such accounts are maintained. 
 ARTICLE IV 

INTELLECTUAL PROPERTY 

4.01 Patents. Schedule 4.01 hereto sets forth for each Subject Grantor, in proper form for filing with the United States Patent
and Trademark Office, all of such Subject Grantor’s United States issued Patents (and all applications therefor) and exclusive Patent Licenses, including the name of the registered owner and the registration number of each Patent owned by such
Subject Grantor and each Patent owned by any other Person for which such Subject Grantor has a Patent License from such other Person, and whether such Patents have been licensed or sublicensed to any other Person. 

4.02 Trademarks. Schedule 4.02 hereto sets forth for each Subject Grantor, in proper form for filing with the United States
Patent and Trademark Office, all of such Subject Grantor’s United States federally registered Trademarks (and all applications therefor) and exclusive Trademark Licenses, including the name of the registered owner and the registration number of
each Trademark owned by such Subject Grantor and each Trademark owned by any other Person for which such Subject Grantor has a Trademark License from such other Person, and whether such Trademarks have been licensed or sublicensed to any other
Person. 
 4.03 Copyrights. Schedule 4.03 hereto sets forth for each Subject Grantor, in proper form for filing with the
United States Copyright Office, all of each Subject Grantor’s registered United States Copyrights (and applications therefor) and exclusive Copyright Licenses, including the name of the registered owner and the registration number of each
Copyright or Copyright License owned by such Subject Grantor and each Copyright owned by any other Person for which such Subject Grantor has a Copyright License from such other Person, and whether such Copyrights have been licensed or sublicensed to
any other Person. 

  
 3 

 4.04 Intellectual Property Security Agreements. To the extent required by the ABL
Guarantee and Collateral Agreement and/or the Term Guarantee and Collateral Agreement, Intellectual Property security agreements have been delivered to each Agent for the Intellectual Property described on Schedule 4.01, 4.02 and
4.03, each duly executed by the applicable Subject Grantor. 
 ARTICLE V 

MISCELLANEOUS 
 5.01
Commercial Tort Claims. Schedule 5.01 hereto sets forth for each Subject Grantor a description of each Commercial Tort Claim with a value in excess of $500,000 held by any Subject Grantor. 

5.02 Letters of Credit. Schedule 5.02 lists all letters of credit with a value in excess of $500,000 in favor of any Subject
Grantor supporting or otherwise issued with respect to any of the Collateral, including the maximum face amount thereof, any amounts drawn thereunder, the issuing bank thereof and a brief description of the purpose thereof. 

[Remainder of page intentionally left blank.] 

  
 4 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Certificate on its own behalf
and on behalf of the other Subject Grantors on and as of the date first above written.1 
  

			
	CEQUENT PERFORMANCE PRODUCTS, INC.
		
	By:		  

			Name:
			Title:
	
	CEQUENT CONSUMER PRODUCTS, INC.
		
	By:		  

			Name:
			Title:
	
	HORIZON GLOBAL CORPORATION
		
	By:		  

			Name:
			Title:
	
	HORIZON GLOBAL COMPANY LLC
		
	By:		  

			Name:
			Title:

  
  

	1 	Each Subject Grantor is to sign. 

 Perfection Certificate 

Signature Page 

  

 Schedule 1.01 

to Perfection Certificate 

SUBJECT GRANTORS; IDENTIFYING INFORMATION 
  

							
	 Subject Grantor
	  	Jurisdiction of
Organization
& Type of
Organization	  	Organizational
Identification
Number	  	Federal Tax
Identification
Number
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	

  
 Schedule 1.01 / Page 1

 Schedule 1.02 

to Perfection Certificate 
 PRIOR
NAMES; PRIOR JURISDICTIONS 
  

	 	(a)	CHANGES IN CORPORATE IDENTITY 

  

	 	(b)	NON-ORDINARY COURSE ACQUISITIONS 

  
 Schedule 1.02 / Page 1

 Schedule 1.04 

to Perfection Certificate 

FINANCING STATEMENTS 
  

			
	 Subject Grantor
	  	Filing Office
		  	
		  	
		  	

  
 Schedule 1.04 / Page 1

 Schedule 2.01 

to Perfection Certificate 

COLLATERAL RECORD LOCATIONS 

Set forth below is the chief executive office of each Subject Grantor. Except as set forth below, the principal location where each Subject
Grantor maintains its books or records relating to Collateral, including accounts receivable and General Intangibles, is: 
  

					
	 Subject Grantor
	  	Location of
Chief
Executive
Office	  	Location of
Books and
Records
		  		  	
		  		  	
		  		  	

  
 Schedule 2.01 / Page 1

 Schedule 2.02 

to Perfection Certificate 
 OWNED
REAL PROPERTY 
 For each Subject Grantor, the following information for each parcel of owned real property: 

 

											
	 Subject Grantor
	  	Street
Address	  	Market
Value	  	Brief
Description
of Current
Use	  	Applicable
Mortgage
Filing
Office	  	Lease
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	

  
 Schedule 2.02 / Page 1

 Schedule 2.03 

to Perfection Certificate 

LEASED REAL PROPERTY 
 For
each Subject Grantor, the following information for each parcel of leased real property (as Lessee and as Lessor): 
  

													
	 Subject Grantor
	  	Street
Address	  	Brief
Description
of Current
Use	  	Applicable
Mortgage
Filing
Office	  	[Lessor]
[Lessee]	  	Term;
Annual
Rent	  	Sublease
		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	

  
 Schedule 2.03 / Page 1

 Schedule 2.04 

to Perfection Certificate 

BAILEE LOCATIONS 
 Any
locations for each Subject Grantor other than any owned or leased real property locations identified in Schedules 2.02 and 2.03, where such Subject Grantor maintains any Inventory or Equipment: 

 

									
	 Subject Grantor
	  	Name of
Warehouse/Bailee	  	Street
Address,
State,
County	  	General
Description	  	Market
Value
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 Schedule 2.04 / Page 1

 Schedule 3.01 

to Perfection Certificate 

EQUITY OWNERSHIP; PLEDGED EQUITY 
  

											
	 Owner
	  	Issuer	  	Type of
Equity
Interests	  	Issued and
Outstanding Equity
Interests of each
class; Options,
Warrants and
Similar Rights	  	Number (and
percentage)
of Pledged
Equity
Interests	  	Certificate No.
(if any)
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	

  
 Schedule 3.01 / Page 1

 Schedule 3.02 

to Perfection Certificate 

PLEDGED DEBT 
  

							
	 Grantor
	  	Issuer/Borrower	  	Original Amount;
Principal Amount
Outstanding	  	Date of Note
		  		  		  	
		  		  		  	
		  		  		  	

  
 Schedule 3.02 / Page 1

 Schedule 3.03 

to Perfection Certificate 

DEPOSIT ACCOUNTS AND SECURITIES ACCOUNTS 

DOMINION ACCOUNTS 
  

							
	 Grantor
	 	 Bank Name and

Address
	 	 Pledged Account Name
	 	 Pledged Account

Number

		 		 		 	
		 		 		 	
		 		 		 	

 OTHER DEPOSIT ACCOUNTS 
  

							
	 Grantor
	 	 Bank Name and

Address
	 	 Pledged Account Name
	 	 Pledged Account

Number

		 		 		 	
		 		 		 	
		 		 		 	

 LOCK BOXES 
  

					
	 Grantor
	 	 Name of Institution and Address
	 	 Lock Box Number

		 		 	
		 		 	
		 		 	

 SECURITIES ACCOUNTS 
  

							
	 Grantor
	 	 Name of Institution and

Address
	 	 Pledged Account Name
	 	 Pledged Account

Number

		 		 		 	
		 		 		 	
		 		 		 	

  
 Schedule 3.03 / Page 1

 Schedule 4.01 

to Perfection Certificate 

PATENTS 
 PATENTS OWNED BY
EACH GRANTOR 
 [For each Grantor state if no patents are owned. List in numerical order by Patent No./Patent Application No.] 

U.S. Patent Registrations 
  

					
	 Grantor
	 	 Patent Numbers
	 	 Issue Date

		 		 	
		 		 	
		 		 	

 U.S. Patent Applications 
  

					
	 Grantor
	 	 Patent Application No.
	 	 Filing Date

		 		 	
		 		 	
		 		 	

 Non-U.S. Patent Registrations 
  

							
	 Grantor
	 	 Country
	 	 Issue Date
	 	 Patent No.

		 		 		 	
		 		 		 	
		 		 		 	

 Non-U.S. Patent Applications 
  

							
	 Grantor
	 	 Country
	 	 Filing Date
	 	 Patent Application No.

		 		 		 	
		 		 		 	
		 		 		 	

  
 Schedule 4.01 / Page 1

 Patent Licenses; Grantor as Licensor 

U.S. Patents 
  

									
	 Grantor/Licensor
	 	 Licensee Name

and Address
	 	 Date of License/

Sublicense
	 	 Issue Date
	 	 Patent No.

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

 U.S. Patent Applications 
  

									
	 Grantor/Licensor
	 	 Licensee Name

and Address
	 	 Date of License/

Sublicense
	 	 Date Filed
	 	 Application No.

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

 Non-U.S. Patents 
  

											
	 Grantor/Licensor
	 	 Country
	 	Licensee Name
and Address	 	Date of License/
Sublicense	 	 Issue Date
	 	 Non-U.S. Patent No.

		 		 		 		 		 	
		 		 		 		 		 	
		 		 		 		 		 	

 Non-U.S. Patent Applications 
  

											
	 Grantor/Licensor
	 	 Country
	 	Licensee Name
and Address	 	Date of License/
Sublicense	 	 Date Filed
	 	Application No.
		 		 		 		 		 	
		 		 		 		 		 	
		 		 		 		 		 	

  
 Schedule 4.01 / Page 2

 Patent; Licenses; Grantor as Licensee 

U.S. Patents 
  

									
	 Grantor/Licensee
	  	 Licensor Name
and Address
	  	 Date of
License/Sublicense
	  	 Issue Date
	  	 Patent No.

	     
	  		  		  		  	
	     
	  		  		  		  	
	     
	  		  		  		  	
	
	 U.S. Patent Applications

 

	 Grantor/Licensee
	  	 Licensor Name
and Address
	  	 Date of
License/Sublicense
	  	 Date Filed
	  	 Application No.

	     
	  		  		  		  	
	     
	  		  		  		  	
	     
	  		  		  		  	

  

											
	 Non-U.S. Patents

 

	 Grantor/Licensee
	  	 Country
	  	 Licensor Name
and Address
	  	 Date of License/
Sublicense
	  	 Issue Date
	  	 Non-U.S.
Patent No.

	     
	  		  		  		  		  	
	     
	  		  		  		  		  	
	     
	  		  		  		  		  	
	
	 Non-U.S. Patent Applications

 

	 Grantor/Licensee
	  	 Country
	  	 Licensor Name
and Address
	  	 Date of License/
Sublicense
	  	 Date Filed
	  	 Application No.

	     
	  		  		  		  		  	
	     
	  		  		  		  		  	
	     
	  		  		  		  		  	

  
 Schedule 4.01 / Page 3

 Schedule 4.02 

to Perfection Certificate 

TRADEMARKS 
 OWNED
TRADEMARK/TRADE NAMES 
 [For each Grantor state if no trademarks/trade names are owned. List in numerical order by trademark
registration/application no.] 
 U.S. Trademark Registrations 

 

							
	 Grantor
	  	 Mark
	  	 Reg. Date
	  	 Reg. No.

	     
	  		  		  	
	     
	  		  		  	
	     
	  		  		  	

 U.S. Trademark Applications 
  

							
	 Grantor
	  	 Mark
	  	 Filing Date
	  	 Application No.

	     
	  		  		  	
	     
	  		  		  	
	     
	  		  		  	

 State Trademark Registrations 
  

									
	 Grantor
	  	 State
	  	 Mark
	  	 Reg. Date
	  	 Reg. No.

	     
	  		  		  		  	
	     
	  		  		  		  	
	     
	  		  		  		  	

 State Trademark Applications 
  

									
	 Grantor
	  	 State
	  	 Mark
	  	 Filing Date
	  	 Application No.

	     
	  		  		  		  	
	     
	  		  		  		  	
	     
	  		  		  		  	

 Non-U.S. Trademark Registrations 

 

									
	 Grantor
	  	 Country
	  	 Mark
	  	 Reg. Date
	  	 Reg. No.

	     
	  		  		  		  	
	     
	  		  		  		  	
	     
	  		  		  		  	

  
 Schedule 4.02 / Page 1

 Non-U.S. Trademark Applications 

 

									
	 Grantor
	 	 Country
	 	 Mark
	 	 Date Filed
	 	 Application No.

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

 Trade Names 
  

					
	 Grantor
	 	 Country(s) Where Used
	 	 Trade Name

		 		 	
		 		 	
		 		 	

 Trademark Licenses; Grantor as Licensor 

U.S. Trademarks 
  

											
	 Grantor/Licensor
	 	Licensee Name
and Address	 	Date of License/
Sublicense	 	 U.S. Mark
	 	 Reg. Date
	 	 Reg. No.

		 		 		 		 		 	
		 		 		 		 		 	
		 		 		 		 		 	

 U.S. Trademark Applications 
  

											
	 Grantor/Licensor
	 	 Country
	 	Licensee Name
and Address	 	Date of License/
Sublicense	 	 Date

Filed
	 	 Application No.

		 		 		 		 		 	
		 		 		 		 		 	
		 		 		 		 		 	

 Non-U.S. Trademarks 
  

													
	 Grantor/Licensor
	 	 Country
	 	Licensee Name
and Address	 	Date of License/
Sublicense	 	 Non-U.S. Mark
	 	 Reg. Date
	 	 Reg. No.

	 	 	 	 	 	 	 	 	 	 	 	 	 
		 		 		 		 		 		 	
		 		 		 		 		 		 	

  
 Schedule 4.02 / Page 2

 Non-U.S. Trademark Applications 

 

													
	 Grantor/Licensor
	 	 Country
	 	 Licensee Name

and Address
	 	Date of License/
Sublicense	 	 Non-U.S. Mark
	 	 Date Filed
	 	 Application

No.

		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	

 D. Others 
  

							
	 Grantor/Licensor
	 	 Licensee Name

and Address
	 	 Date of License/

Sublicense
	 	 Subject

Matter

		 		 		 	
		 		 		 	
		 		 		 	

 Trademark Licenses; Grantor as Licensee 

U.S. Trademarks 
  

											
	Grantor/Licensee	 	Licensor Name
and Address	 	Date of Licensee/
Sublicensee	 	U.S. Mark	 	Reg. Date	 	Reg. No.
		 		 		 		 		 	
		 		 		 		 		 	
		 		 		 		 		 	

 U.S. Trademark Applications 
  

											
	Grantor/Licensee	 	Licensor Name
and Address	 	Date of Licensee/
Sublicensee	 	U.S. Mark	 	 Date

Filed
	 	 Application

No.

		 		 		 		 		 	
		 		 		 		 		 	
		 		 		 		 		 	

 Non-U.S. Trademarks 
  

													
	Grantor/Licensee	 	Country	 	Licensor Name
and Address	 	 Date of License/

Sublicense
	 	 Non-U.S. 

Mark
	 	Reg. Date	 	Reg. No.
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	

  
 Schedule 4.02 / Page 3

 Non-U.S. Trademark Applications 

 

													
	Grantor/Licensee	 	Country	 	Licensor Name
and Address	 	 Date of License/

Sublicense
	 	 Non-U.S. 

Mark
	 	Date Filed	 	Application No.
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	

 D. Others 
  

							
	Grantor/Licensee	 	 Licensor Name

and Address
	 	 Date of License/

Sublicense
	 	 Subject

Matter

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
		 		 		 	

  
 Schedule 4.02 / Page 4

 Schedule 4.03 

to Perfection Certificate 

COPYRIGHTS 
 COPYRIGHTS
OWNED BY EACH GRANTOR 
 [State for each Grantor if no copyrights are owned. List in numerical order by Registration No.] 

U.S. Copyright Registrations 
  

							
	 Grantor
	 	 Title
	 	 Reg. No.
	 	 Author

	     
	 		 		 	
	     
	 		 		 	
	     
	 		 		 	

 Pending U.S. Copyright Applications for Registration 

 

									
	 Grantor
	 	 Title
	 	 Author
	 	 Class
	 	 Date Filed

	     
	 		 		 		 	
	     
	 		 		 		 	
	     
	 		 		 		 	

 Non-U.S. Copyright Registrations 

 

									
	 Grantor
	 	 Title
	 	 Author
	 	 Class
	 	 Date Filed

	     
	 		 		 		 	
	     
	 		 		 		 	
	     
	 		 		 		 	

 Non-U.S. Pending Copyright Applications for Registration 

 

											
	 Grantor
	 	 Country
	 	 Title
	 	 Author
	 	 Class
	 	 Date Filed

	     
	 		 		 		 		 	
	     
	 		 		 		 		 	
	     
	 		 		 		 		 	

  
 Schedule 4.03 / Page 1

 [State for each Grantor whether such Grantor is not a party to a license/sublicense.] 

Copyright Licenses; Grantor as Licensor 

U.S. Copyrights 
  

											
	 Grantor/Licensor
	 	 Licensee Name

And Address
	 	Date of Licensee/
Sublicense	 	 Title of

U.S.

Copyright
	 	 Author
	 	 Reg. No.

	     
	 		 		 		 		 	
	     
	 		 		 		 		 	
	     
	 		 		 		 		 	

 Non-U.S. Copyrights 
  

											
	 Grantor/Licensor
	 	 Licensee Name

And Address
	 	Date of Licensee/
Sublicense	 	 Title of

U.S.

Copyright
	 	 Author
	 	 Reg. No.

	     
	 		 		 		 		 	
	     
	 		 		 		 		 	
	     
	 		 		 		 		 	

 Copyright Licenses; Grantor as Licensee 

U.S. Copyrights 
  

											
	 Grantor/Licensor
	 	 Licensee Name

And Address
	 	Date of Licensee/
Sublicense	 	 Title of

U.S.

Copyright
	 	 Author 
	 	 Reg. No.

	     
	 		 		 		 		 	
	     
	 		 		 		 		 	
	     
	 		 		 		 		 	

 Non-U.S. Copyrights 
  

													
	 Grantor/Licensor 
	 	 Licensee Name

and Address
	 	 Country 
	 	Date of License/
Sublicense	 	 Title of Non-U.S.

Copyright
	 	 Author
	 	 Reg. No.

	     
	 		 		 		 		 		 	
	     
	 		 		 		 		 		 	
	     
	 		 		 		 		 		 	

  
 Schedule 4.03 / Page 2

 Schedule 5.01 

to Perfection Certificate 

COMMERCIAL TORT CLAIMS 

  
 Schedule 5.01 / Page 1

 Schedule 5.02 

to Perfection Certificate 

LETTERS OF CREDIT 

  
 Schedule 5.02 / Page 1EX-4.1

 EXHIBIT 4.1 

FOURTH AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP 

OF 
 TEEKAY OFFSHORE
PARTNERS L.P. 

							
	TABLE OF CONTENTS	 
			
	 	    	 	  	Page	 
	ARTICLE I DEFINITIONS	  	 	1	  
	 Section 1.1
	    	 Definitions.
	  	 	1	  
	 Section 1.2
	    	 Construction.
	  	 	23	  
		
	ARTICLE II ORGANIZATION	  	 	23	  
	 Section 2.1
	    	 Formation.
	  	 	23	  
	 Section 2.2
	    	 Name.
	  	 	24	  
	 Section 2.3
	    	 Registered Office; Registered Agent; Principal Office; Other Offices.
	  	 	24	  
	 Section 2.4
	    	 Purpose and Business.
	  	 	24	  
	 Section 2.5
	    	 Powers.
	  	 	25	  
	 Section 2.6
	    	 Power of Attorney.
	  	 	25	  
	 Section 2.7
	    	 Term.
	  	 	26	  
	 Section 2.8
	    	 Title to Partnership Assets.
	  	 	26	  
		
	ARTICLE III RIGHTS OF LIMITED PARTNERS	  	 	27	  
	 Section 3.1
	    	 Limitation of Liability.
	  	 	27	  
	 Section 3.2
	    	 Management of Business.
	  	 	27	  
	 Section 3.3
	    	 Outside Activities of the Limited Partners.
	  	 	27	  
	 Section 3.4
	    	 Rights of Limited Partners.
	  	 	27	  
		
	ARTICLE IV CERTIFICATES; RECORD HOLDERS; TRANSFER OF PARTNERSHIP INTERESTS	  	 	28	  
	 Section 4.1
	    	 Certificates.
	  	 	28	  
	 Section 4.2
	    	 Mutilated, Destroyed, Lost or Stolen Certificates.
	  	 	29	  
	 Section 4.3
	    	 Record Holders.
	  	 	30	  
	 Section 4.4
	    	 Transfer Generally.
	  	 	30	  
	 Section 4.5
	    	 Registration and Transfer of Limited Partner Interests.
	  	 	31	  
	 Section 4.6
	    	 Transfer of the General Partner’s General Partner Interest.
	  	 	31	  
	 Section 4.7
	    	 Transfer of Incentive Distribution Rights.
	  	 	32	  
	 Section 4.8
	    	 Restrictions on Transfers.
	  	 	32	  

							
	TABLE OF CONTENTS	 
			
	 	    	 	  	Page	 
	ARTICLE V CAPITAL CONTRIBUTIONS AND ISSUANCE OF PARTNERSHIP INTERESTS	  	 	33	  
	 Section 5.1
	    	 Organizational Contributions.
	  	 	33	  
	 Section 5.2
	    	 Initial Unit Issuances; General Partner Pre-emptive Rights.
	  	 	33	  
	 Section 5.3
	    	 Contributions by Initial Limited Partners and Distributions to the General Partner and its Affiliates.
	  	 	34	  
	 Section 5.4
	    	 Interest and Withdrawal.
	  	 	34	  
	 Section 5.5
	    	 Issuances of Additional Partnership Securities.
	  	 	35	  
	 Section 5.6
	    	 Limitations on Issuance of Additional Partnership Securities.
	  	 	36	  
	 Section 5.7
	    	 Limited Preemptive Right.
	  	 	36	  
	 Section 5.8
	    	 Splits and Combinations.
	  	 	36	  
	 Section 5.9
	    	 Fully Paid and Non-Assessable Nature of Limited Partner Interests.
	  	 	37	  
		
	ARTICLE VI ALLOCATIONS AND DISTRIBUTIONS	  	 	37	  
	 Section 6.1
	    	 Allocations.
	  	 	37	  
	 Section 6.2
	    	 Requirement and Characterization of Distributions; Distributions to Record Holders.
	  	 	38	  
	 Section 6.3
	    	 Distributions of Available Cash from Operating Surplus.
	  	 	39	  
	 Section 6.4
	    	 Distributions of Available Cash from Capital Surplus.
	  	 	40	  
	 Section 6.5
	    	 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels.
	  	 	40	  
	 Section 6.6
	    	 Special Provisions Relating to the Holders of Incentive Distribution Rights.
	  	 	40	  
		
	ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS	  	 	40	  
	 Section 7.1
	    	 Management.
	  	 	40	  
	 Section 7.2
	    	 Certificate of Limited Partnership.
	  	 	43	  
	 Section 7.3
	    	 Restrictions on the General Partner’s Authority.
	  	 	43	  
	 Section 7.4
	    	 Reimbursement of the General Partner.
	  	 	44	  
	 Section 7.5
	    	 Outside Activities.
	  	 	45	  
	 Section 7.6
	    	 Loans from the General Partner; Loans or Contributions from the Partnership or Group Members.
	  	 	46	  
	 Section 7.7
	    	 Indemnification.
	  	 	47	  
	 Section 7.8
	    	 Liability of Indemnitees.
	  	 	48	  

  
 -ii- 

							
	TABLE OF CONTENTS	 
			
	 	    	 	  	Page	 
	 Section 7.9
	    	 Resolution of Conflicts of Interest; Standards of Conduct and Modification of Duties.
	  	 	49	  
	 Section 7.10
	    	 Other Matters Concerning the General Partner.
	  	 	51	  
	 Section 7.11
	    	 Purchase or Sale of Partnership Securities.
	  	 	51	  
	 Section 7.12
	    	 Registration Rights of the General Partner and its Affiliates.
	  	 	52	  
	 Section 7.13
	    	 Reliance by Third Parties.
	  	 	54	  
		
	ARTICLE VIII BOOKS, RECORDS, ACCOUNTING AND REPORTS	  	 	55	  
	 Section 8.1
	    	 Records and Accounting.
	  	 	55	  
	 Section 8.2
	    	 Fiscal Year.
	  	 	55	  
	 Section 8.3
	    	 Reports.
	  	 	55	  
		
	ARTICLE IX TAX MATTERS	  	 	56	  
	 Section 9.1
	    	 Tax Elections and Information.
	  	 	56	  
	 Section 9.2
	    	 Withholding.
	  	 	56	  
	 Section 9.3
	    	 Conduct of Operations.
	  	 	56	  
		
	ARTICLE X ADMISSION OF PARTNERS	  	 	57	  
	 Section 10.1
	    	 Admission of Initial Limited Partners.
	  	 	57	  
	 Section 10.2
	    	 Admission of Additional Limited Partners.
	  	 	57	  
	 Section 10.3
	    	 Admission of Successor General Partner.
	  	 	58	  
	 Section 10.4
	    	 Amendment of Agreement and Certificate of Limited Partnership.
	  	 	58	  
		
	ARTICLE XI WITHDRAWAL OR REMOVAL OF PARTNERS	  	 	58	  
	 Section 11.1
	    	 Withdrawal of the General Partner.
	  	 	58	  
	 Section 11.2
	    	 Removal of the General Partner.
	  	 	60	  
	 Section 11.3
	    	 Interest of Departing General Partner and Successor General Partner.
	  	 	60	  
	 Section 11.4
	    	 Withdrawal of Limited Partners.
	  	 	62	  
		
	ARTICLE XII DISSOLUTION AND LIQUIDATION	  	 	62	  
	 Section 12.1
	    	 Dissolution.
	  	 	62	  
	 Section 12.2
	    	 Continuation of the Business of the Partnership After Dissolution.
	  	 	63	  
	 Section 12.3
	    	 Liquidator.
	  	 	63	  
	 Section 12.4
	    	 Liquidation.
	  	 	64	  

  
 -iii- 

							
	TABLE OF CONTENTS	 
			
	 	    	 	  	Page	 
	 Section 12.5
	    	 Cancellation of Certificate of Limited Partnership.
	  	 	65	  
	 Section 12.6
	    	 Return of Contributions.
	  	 	65	  
	 Section 12.7
	    	 Waiver of Partition.
	  	 	66	  
		
	ARTICLE XIII AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS; RECORD DATE	  	 	66	  
	 Section 13.1
	    	 Amendments to be Adopted Solely by the General Partner.
	  	 	66	  
	 Section 13.2
	    	 Amendment Procedures.
	  	 	67	  
	 Section 13.3
	    	 Amendment Requirements.
	  	 	68	  
	 Section 13.4
	    	 Special Meetings.
	  	 	69	  
	 Section 13.5
	    	 Notice of a Meeting.
	  	 	69	  
	 Section 13.6
	    	 Record Date.
	  	 	69	  
	 Section 13.7
	    	 Adjournment.
	  	 	70	  
	 Section 13.8
	    	 Waiver of Notice; Approval of Meeting; Approval of Minutes.
	  	 	70	  
	 Section 13.9
	    	 Quorum and Voting.
	  	 	70	  
	 Section 13.10
	    	 Conduct of a Meeting.
	  	 	71	  
	 Section 13.11
	    	 Action Without a Meeting.
	  	 	71	  
	 Section 13.12
	    	 Right to Vote and Related Matters.
	  	 	72	  
		
	ARTICLE XIV MERGER	  	 	72	  
	 Section 14.1
	    	 Authority.
	  	 	72	  
	 Section 14.2
	    	 Procedure for Merger or Consolidation.
	  	 	72	  
	 Section 14.3
	    	 Approval by Limited Partners of Merger or Consolidation.
	  	 	73	  
	 Section 14.4
	    	 Certificate of Merger.
	  	 	74	  
	 Section 14.5
	    	 Amendment of Partnership Agreement.
	  	 	75	  
	 Section 14.6
	    	 Effect of Merger.
	  	 	75	  
		
	ARTICLE XV RIGHT TO ACQUIRE LIMITED PARTNER INTERESTS	  	 	75	  
	 Section 15.1
	    	 Right to Acquire Limited Partner Interests.
	  	 	75	  
		
	ARTICLE XVI SERIES A, SERIES B AND SERIES C PREFERRED UNITS	  	 	77	  
	 Section 16.1
	    	 Designations.
	  	 	77	  
	 Section 16.2
	    	 Units.
	  	 	77	  
	 Section 16.3
	    	 Distributions.
	  	 	78	  
	 Section 16.4
	    	 Liquidation Rights.
	  	 	81	  

  
 -iv- 

							
	TABLE OF CONTENTS	 
			
	 	    	 	  	Page	 
	 Section 16.5
	    	 Voting Rights.
	  	 	83	  
	 Section 16.6
	    	 Optional Redemption.
	  	 	85	  
	 Section 16.7
	    	 Rank.
	  	 	89	  
	 Section 16.8
	    	 Series C Preferred Unit Conversion.
	  	 	89	  
	 Section 16.9
	    	 Series C Preferred Rights Upon Change of Control.
	  	 	93	  
	 Section 16.10
	    	 Series C Preferred Unit Legends and Transfer Restrictions.
	  	 	97	  
	 Section 16.11
	    	 Listing of Series C Preferred Units.
	  	 	99	  
	 Section 16.12
	    	 No Sinking Fund.
	  	 	99	  
	 Section 16.13
	    	 Record Holders.
	  	 	99	  
	 Section 16.14
	    	 Notices.
	  	 	99	  
	 Section 16.15
	    	 Other Rights; Fiduciary Duties.
	  	 	99	  
		
	ARTICLE XVII GENERAL PROVISIONS	  	 	100	  
	 Section 17.1
	    	 Addresses and Notices.
	  	 	100	  
	 Section 17.2
	    	 Further Action.
	  	 	100	  
	 Section 17.3
	    	 Binding Effect.
	  	 	101	  
	 Section 17.4
	    	 Integration.
	  	 	101	  
	 Section 17.5
	    	 Creditors.
	  	 	101	  
	 Section 17.6
	    	 Waiver.
	  	 	101	  
	 Section 17.7
	    	 Counterparts.
	  	 	101	  
	 Section 17.8
	    	 Applicable Law.
	  	 	101	  
	 Section 17.9
	    	 Invalidity of Provisions.
	  	 	101	  
	 Section 17.10
	    	 Consent of Partners.
	  	 	102	  
	 Section 17.11
	    	 Facsimile Signatures.
	  	 	102	  
	 Section 17.12
	    	 Third-Party Beneficiaries.
	  	 	102	  

  
 -v- 

 FOURTH AMENDED AND RESTATED AGREEMENT OF LIMITED 

PARTNERSHIP OF TEEKAY OFFSHORE PARTNERS L.P. 

THIS FOURTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF TEEKAY OFFSHORE PARTNERS L.P., dated as of July 1, 2015, is entered
into by and between Teekay Offshore GP L.L.C., a Marshall Islands limited liability company, as the General Partner, and Teekay Corporation, a Marshall Islands corporation, as the Organizational Limited Partner, together with any other Persons who
become Partners in the Partnership or parties hereto as provided herein. In consideration of the covenants, conditions and agreements contained herein, the parties agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1 Definitions. 

The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this
Agreement. 
 “Acquisition” means any transaction in which any Group Member acquires (through an asset acquisition, merger,
stock acquisition or other form of investment) control over all or a portion of the assets, properties or business of another Person for the purpose of increasing the operating capacity or asset base of the Partnership Group from the operating
capacity or asset base of the Partnership Group existing immediately prior to such transaction; provided, however, that any acquisition of properties or assets of another Person that is made solely for investment purposes shall not
constitute an Acquisition under this Agreement. 
 “Adjusted Operating Surplus” means, with respect to any period,
Operating Surplus generated with respect to such period (a) less (i) any net increase in Working Capital Borrowings (or the Partnership’s proportionate share of any net increase in Working Capital Borrowings in the case of
Subsidiaries that are not wholly owned) with respect to such period and (ii) any net decrease in cash reserves for Operating Expenditures with respect to such period to the extent such reduction does not relate to an Operating Expenditure made
with respect to such period, and (b) plus (i) any net decrease in Working Capital Borrowings (or the Partnership’s proportionate share of any net decrease in Working Capital Borrowings in the case of Subsidiaries that are not wholly
owned) with respect to such period, and (ii) any net increase in cash reserves (or the Partnership’s proportionate share of any net increase in cash reserves in the case of Subsidiaries that are not wholly owned) for Operating Expenditures
with respect to such period to the extent such reserve is required (A) by any debt instrument for the repayment of principal, interest or premium or (B) for any Preferred Unit Payments. Adjusted Operating Surplus does not include that
portion of Operating Surplus included in clause (a)(i) of the definition of Operating Surplus. 
 “Adjusted Series C
Liquidation Preference” means a liquidation preference for each Series C Preferred Unit initially equal to the product of 101% multiplied by the Stated Series C Liquidation Preference per unit, which liquidation preference shall be subject
to (a) increase by 

  
 -1- 

 
the per Series C Preferred Unit amount of any accumulated and unpaid quarterly distributions (whether or not such distributions shall have been declared) and (b) decrease upon a distribution
in connection with a Liquidation Event described in Section 16.4 which does not result in payment in full of the liquidation preference of such Series C Preferred Unit. 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more
intermediaries controls, is controlled by or is under common control with, the Person in question. As used herein, the term “control” means the possession, direct or indirect, of the power to direct or cause the direction of the
management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 “Agreed
Value” means the fair market value of the applicable property or other consideration at the time of contribution or distribution, as the case may be, as determined by the General Partner. 

“Agreement” means this Fourth Amended and Restated Agreement of Limited Partnership of Teekay Offshore Partners L.P., as it
may be amended, supplemented or restated from time to time. 
 “Arrears” means, with respect to Preferred Unit
Distributions for a particular series of Preferred Units for any quarter period, that the full cumulative Preferred Unit Distributions for such series of Preferred Units through the most recent Preferred Unit Distribution Payment Date for such
series of Preferred Units have not been paid on all Outstanding Preferred Units of such series. 
 “Associate” means, when
used to indicate a relationship with any Person: (a) any corporation or organization of which such Person is a director, officer, manager or partner or is, directly or indirectly, the owner of 20% or more of any class of voting stock or other
voting interest; (b) any trust or other estate in which such Person has at least a 20% beneficial interest or as to which such Person serves as trustee or in a similar fiduciary capacity; and (c) any relative or spouse of such Person, or
any relative of such spouse, who has the same principal residence as such Person. 
 “Available Cash” means, with respect
to any Quarter ending prior to the Liquidation Date: 
 (a) the sum of (i) all cash and cash equivalents of the
Partnership Group (or the Partnership’s proportionate share of cash and cash equivalents in the case of Subsidiaries that are not wholly owned) on hand at the end of such Quarter, and (ii) all additional cash and cash equivalents of the
Partnership Group (or the Partnership’s proportionate share of cash and cash equivalents in the case of Subsidiaries that are not wholly owned) on hand on the date of determination of Available Cash with respect to such Quarter resulting from
Working Capital Borrowings made subsequent to the end of such Quarter, less 

  
 -2- 

 (b) the amount of any cash reserves (or the Partnership’s proportionate
share of cash reserves in the case of Subsidiaries that are not wholly owned) established by the General Partner to (i) provide for the proper conduct of the business of the Partnership Group (including reserves for future capital expenditures
and for anticipated future credit needs of the Partnership Group) subsequent to such Quarter, (ii) comply with applicable law or any loan agreement, security agreement, mortgage, debt instrument or other agreement or obligation to which any
Group Member is a party or by which it is bound or its assets are subject, (iii) provide funds for Preferred Unit Payments or (iv) provide funds for distributions under Section 6.3 or Section 6.4 in respect of any one or more of
the next four Quarters; provided, however, that the General Partner may not establish cash reserves pursuant to (iv) above if the effect of establishing such reserves would be that the Partnership is unable to distribute the
Minimum Quarterly Distribution on all Common Units with respect to such Quarter; and, provided further, that disbursements made by a Group Member or cash reserves established, increased or reduced after the end of such Quarter but on or
before the date of determination of Available Cash with respect to such Quarter shall be deemed to have been made, established, increased or reduced, for purposes of determining Available Cash, within such Quarter if the General Partner so
determines. 
 Notwithstanding the foregoing, “Available Cash” with respect to the Quarter in which the Liquidation Date
occurs and any subsequent Quarter shall equal zero. 
 “Board of Directors” means the board of directors or managers of a
corporation or limited liability company, as applicable, or if a limited partnership, the board of directors or board of managers of the general partner of such limited partnership. 

“Business Day” means Monday through Friday of each week, except that a legal holiday recognized as such by the government of
the United States of America or the State of New York shall not be regarded as a Business Day. 
 “Capital Contribution”
means any cash, cash equivalents or the Net Agreed Value of Contributed Property that a Partner contributes to the Partnership. 

“Capital Improvement” means any (a) addition or improvement to the capital assets owned by any Group Member or
(b) acquisition or conversion of existing, or the construction of new, capital assets (including shuttle tankers, floating storage and offtake units, floating production, storage and offloading units, crude oil tankers and related assets), in
each case if such addition, improvement, acquisition, conversion or construction is made to increase the operating capacity or asset base of the Partnership Group from the operating capacity or asset base of the Partnership Group existing
immediately prior to such addition, improvement, acquisition, conversion or construction. 
 “Capital Surplus” has the
meaning assigned to such term in Section 6.2(a). 

  
 -3- 

 “Cash COC Event” means any transaction pursuant to which (a) the General
Partner or any Affiliate of the General Partner exercises its rights to purchase all of the Outstanding Common Units for cash pursuant to Section 15.1 of this Agreement or (b) any Person or group of Persons acquires, in one or more series
of related transactions, all of the Outstanding Common Units, in each case where the aggregate consideration received by the holders of Common Units in their capacities as such is comprised of at least 90% cash. 

“Cause” means a court of competent jurisdiction has entered a final, non-appealable judgment finding the General Partner
liable for actual fraud or willful misconduct in its capacity as a general partner of the Partnership. 
 “Certificate”
means a certificate (i) substantially in the form of Exhibit A with respect to Common Units, Exhibit B with respect to Series A Preferred Units, Exhibit C with respect to Series B Preferred Units or Exhibit D with respect to Series C
Preferred Units, to this Agreement, (ii) issued in global or book entry form in accordance with the rules and regulations of the Depository or (iii) in such other form as may be adopted by the General Partner, issued by the Partnership
evidencing ownership of one or more Common Units or Preferred Units, or a certificate, in such form as may be adopted by the General Partner, issued by the Partnership evidencing ownership of one or more other Partnership Securities. 

“Certificate of Limited Partnership” means the Certificate of Limited Partnership of the Partnership filed with the Marshall
Islands Registrar as referenced in Section 7.2 as such Certificate of Limited Partnership may be amended, supplemented or restated from time to time. 

“Change of Control” means the occurrence of any of the following events: (a) Teekay Corporation or Affiliates of Teekay
Corporation have ceased, directly or indirectly, in one or more series of related transactions, to own more than 50% of the voting power or economic interest of the General Partner (the Person, if any, acquiring more than 50% of the voting power or
economic interest of the General Partner, and each Person, if any, that subsequently acquires more than 50% of the voting power or economic interest of the General Partner, is hereinafter referred to as a “New GP Owner”);
(b) the Common Units of the Partnership (excluding any successor thereto) are no longer listed or admitted for trading on the New York Stock Exchange or another National Securities Exchange; (c) a Cash COC Event; or (d) any direct or
indirect sale, lease, transfer or other disposition, in one or more series of related transactions, of all or substantially all of the assets of the Partnership and its Subsidiaries, taken as a whole, to any Person other than Subsidiaries of the
Partnership; provided, however, that neither (i) a Liquidation Event nor (ii) a transaction undertaken for the principal purpose of (x) reincorporating the Partnership in a different jurisdiction, (y) converting the
Partnership to a limited liability company or corporation or creating a holding company or (z) any similar transaction, shall be deemed a Change of Control; and, provided further, that if a Change of Control under clause (a) of this
definition has occurred, and one or more Series C Holders has elected, pursuant to Section 16.9(b)(iii), to continue to hold Series C Preferred Units, then, with respect to each such Series C Holder, a Change of Control shall also
mean a New GP Owner has ceased, directly or indirectly, in one or more series of related transactions, to own more than 50% of the voting power or economic interest of the General Partner. 

  
 -4- 

 “claim” (as used in Section 7.12(c)) has the meaning assigned to such term
in Section 7.12(c). 
 “Closing Date” means the first date on which Common Units are sold by the Partnership to the
Underwriters pursuant to the provisions of the Underwriting Agreement. 
 “Closing Price” means, in respect of any class or
series of Limited Partner Interests, as of the date of determination, the last sale price on such day, regular way, or in case no such sale takes place on such day, the average of the closing bid and asked prices on such day, regular way, as
reported in the principal consolidated transaction reporting system with respect to securities listed on the principal National Securities Exchange on which the respective Limited Partner Interests are listed or admitted to trading or, if such
Limited Partner Interests are not listed or admitted to trading on any National Securities Exchange, the last quoted price on such day or, if not so quoted, the average of the high bid and low asked prices on such day in the over-the-counter market,
as reported by any quotation system then in use with respect to such Limited Partner Interests, or, if on any such day such Limited Partner Interests of such class or series are not quoted by any such system, the average of the closing bid and asked
prices on such day as furnished by a professional market maker making a market in such Limited Partner Interests of such class or series selected by the General Partner, or if on any such day no market maker is making a market in such Limited
Partner Interests of such class or series, the fair value of such Limited Partner Interests on such day as determined by the General Partner. 

“Code” means the United States Internal Revenue Code of 1986, as amended and in effect from time to time. Any reference
herein to a specific section or sections of the Code shall be deemed to include a reference to any corresponding provision of any successor law. 

“Combined Interest” has the meaning assigned to such term in Section 11.3(a). 

“Commences Commercial Service” and “Commenced Commercial Service” shall mean the date a Capital Improvement
is first put into service by a Group Member following, if applicable, completion of conversion or construction and testing. 

“Commission” means the United States Securities and Exchange Commission. 

“Common Unit” means a Partnership Security having the rights and obligations specified with respect to Common Units in this
Agreement. 
 “Conflicts Committee” means a committee of the Board of Directors of the General Partner composed entirely of
two or more directors who are not (a) security holders, officers or employees of the General Partner, (b) officers, directors or employees of any Affiliate of the General Partner or (c) holders of any ownership interest in the
Partnership Group other than Common Units and who also meet the independence standards required of directors who serve on an audit committee of a board of directors established by the Securities Exchange Act of 1934, as amended, and the rules and
regulations of the Commission thereunder and by the National Securities Exchange on which the Common Units are listed or admitted to trading. 

  
 -5- 

 “Contributed Property” means each property or other asset, in such form as may
be permitted by the Marshall Islands Act, but excluding cash, contributed to the Partnership. 
 “Contribution Agreement”
means that certain Contribution, Conveyance and Assumption Agreement, dated as of the Closing Date, among the General Partner, the Partnership, the Operating Company, Teekay Corporation and the other parties named therein, together with the
additional conveyance documents and instruments contemplated or referenced thereunder. 
 “Current Market Price” means, in
respect of any class or series of Limited Partner Interests, as of the date of determination, the average of the daily Closing Prices per Limited Partner Interest of such class or series for the 20 consecutive Trading Days immediately prior to
such date. 
 “Departing General Partner” means a former General Partner from and after the effective date of any
withdrawal or removal of such former General Partner pursuant to Section 11.1 or 11.2. 
 “Depository” means, with
respect to any Units issued in global form, The Depository Trust Company and its successors and permitted assigns. 

“disposition” has the meaning set forth in Section 16.10(b). 

“Estimated Maintenance Capital Expenditures” means an estimate made in good faith by the Board of Directors of the General
Partner (with the concurrence of the Conflicts Committee) of the average quarterly Maintenance Capital Expenditures that the Partnership will need to incur to maintain the operating capacity or asset base of the Partnership Group (including the
Partnership’s proportionate share of the average quarterly Maintenance Capital Expenditures of its Subsidiaries that are not wholly owned), existing at the time the estimate is made. The Board of Directors of the General Partner (with the
concurrence of the Conflicts Committee) will be permitted to make such estimate in any manner it determines reasonable. The estimate will be made at least annually and whenever an event occurs that is likely to result in a material adjustment to the
amount of Maintenance Capital Expenditures on a long-term basis. The Partnership shall disclose to its Partners any change in the amount of Estimated Maintenance Capital Expenditures in its reports made in accordance with Section 8.3 to the
extent not previously disclosed. Any adjustments to Estimated Maintenance Capital Expenditures shall be prospective only. 
 “Event
of Withdrawal” has the meaning assigned to such term in Section 11.1(a). 
 “Expansion Capital Expenditures”
means cash expenditures for Acquisitions or Capital Improvements. Expansion Capital Expenditures shall not include Maintenance Capital Expenditures. Expansion Capital Expenditures shall include interest (and related fees) on debt incurred and
distributions on equity incurred, in each case, to finance the conversion or construction of a Capital Improvement and paid during the period beginning on the date that the Partnership enters into a binding obligation to commence conversion or
construction of the 

  
 -6- 

 
Capital Improvement and ending on the earlier to occur of the date that such Capital Improvement Commences Commercial Service or the date that such Capital Improvement is abandoned or disposed
of. Debt incurred or equity issued to fund any such conversion or construction period interest payments, or such conversion or construction period distributions on equity paid during such period, shall also be deemed to be debt or equity, as the
case may be, incurred to finance the conversion or construction of a Capital Improvement. 
 “First Target Distribution”
means $0.4025 per Common Unit per Quarter, subject to adjustment in accordance with Section 6.5. 
 “General
Partner” means Teekay Offshore GP L.L.C., a Marshall Islands limited liability company, and its successors and permitted assigns that are admitted to the Partnership as general partner of the Partnership, in its capacity as general partner
of the Partnership (except as the context otherwise requires). 
 “General Partner Interest” means the ownership interest
of the General Partner in the Partnership (in its capacity as a general partner and without reference to any Limited Partner Interest held by it) which is evidenced by General Partner Units, and includes any and all benefits to which the General
Partner is entitled as provided in this Agreement, together with all obligations of the General Partner to comply with the terms and provisions of this Agreement. 

“General Partner Unit” means a fractional part of the General Partner Interest having the rights and obligations specified
with respect to the General Partner Interest. A General Partner Unit is not a Unit. 
 “Group” means a Person that with or
through any of its Affiliates or Associates has any agreement, arrangement, understanding or relationship for the purpose of acquiring, holding, voting (except voting pursuant to a revocable proxy or consent given to such Person in response to a
proxy or consent solicitation made to 10 or more Persons) or disposing of any Partnership Securities with any other Person that beneficially owns, or whose Affiliates or Associates beneficially own, directly or indirectly, Partnership Securities.

 “Group Member” means a member of the Partnership Group. 

“Group Member Agreement” means the partnership agreement of any Group Member, other than the Partnership, that is a limited
or general partnership, the limited liability company agreement of any Group Member that is a limited liability company, the certificate of incorporation and bylaws (or similar organizational documents) of any Group Member that is a corporation, the
joint venture agreement or similar governing document of any Group Member that is a joint venture and the governing or organizational or similar documents of any other Group Member that is a Person other than a limited or general partnership,
limited liability company, corporation or joint venture, in each case as such may be amended, supplemented or restated from time to time. 

  
 -7- 

 “Holder” as used in Section 7.12, has the meaning assigned to such term in
Section 7.12(a). 
 “Incentive Distribution Right” means a non-voting Limited Partner Interest issued to the General
Partner, which Partnership Interest will confer upon the holder thereof only the rights and obligations specifically provided in this Agreement with respect to Incentive Distribution Rights (and no other rights otherwise available to or other
obligations of a holder of a Partnership Interest). Notwithstanding anything in this Agreement to the contrary, the holder of an Incentive Distribution Right shall not be entitled to vote such Incentive Distribution Right on any Partnership
matter except as may otherwise be required by law. 
 “Incentive Distributions” means any amount of cash distributed to the
holders of the Incentive Distribution Rights pursuant to Sections 6.3(c), (d) and (e). 
 “Indemnified Persons”
has the meaning assigned to such term in Section 7.12(c). 
 “Indemnitee” means (a) the General Partner,
(b) any Departing General Partner, (c) any Person who is or was an Affiliate of the General Partner or any Departing General Partner, (d) any Person who is or was a member, partner, director, officer, fiduciary or trustee of any
Person which any of the preceding clauses of this definition describes, (e) any Person who is or was serving at the request of the General Partner or any Departing General Partner or any Affiliate of the General Partner or any Departing General
Partner as an officer, director, member, partner, fiduciary or trustee of another Person (provided, however, that a Person shall not be an Indemnitee by reason of providing, on a fee-for-services basis, trustee, fiduciary or custodial services), and
(f) any other Person the General Partner designates as an “Indemnitee” for purposes of this Agreement. 

“Initial Common Units” means the Common Units sold in the Initial Offering. 

“Initial Limited Partners” means Teekay Corporation and the General Partner (with respect to the Incentive Distribution
Rights received by it pursuant to Section 5.1(b)), and the Underwriters, in each case upon being admitted to the Partnership in accordance with Section 10.1. 

“Initial Offering” means the initial offering and sale of Common Units to the public, as described in the Registration
Statement. 
 “Initial Unit Price” means (a) with respect to the Common Units, $21.00 (the initial public offering
price per Common Unit at which the Underwriters offered the Common Units to the public for sale) or (b) with respect to any other class or series of Units, the price per Unit at which such class or series of Units is initially sold by the
Partnership, as determined by the General Partner, in each case adjusted as the General Partner determines to be appropriate to give effect to any distribution, subdivision or combination of Units. 

  
 -8- 

 “Interim Capital Transactions” means the following transactions if they occur
prior to the Liquidation Date: (a) borrowings, refinancings or refundings of indebtedness (other than Working Capital Borrowings and other than for items purchased on open account in the ordinary course of business) by any Group Member and
sales of debt securities of any Group Member; (b) sales of equity interests of any Group Member (including the Common Units sold to the Underwriters pursuant to the exercise of the Over-Allotment Option); (c) sales or other voluntary or
involuntary dispositions of any assets of any Group Member other than (i) sales or other dispositions of inventory, accounts receivable and other assets in the ordinary course of business and (ii) sales or other dispositions of assets as
part of normal retirements or replacements; (d) the termination of interest rate swap agreements; (e) capital contributions received; and (f) corporate reorganizations or restructurings. 

“Investment Capital Expenditures” means capital expenditures other than Maintenance Capital Expenditures or Expansion Capital
Expenditures. 
 “Issue Price” means the price at which a Unit is purchased from the Partnership, after reflecting any
sales commission or underwriting discount charged to the Partnership. 
 “Junior Securities” has the meaning set forth in
Section 16.7. 
 “Limited Partner” means, unless the context otherwise requires, the Organizational Limited Partner
prior to its withdrawal from the Partnership, each Initial Limited Partner, each additional Person that becomes a Limited Partner pursuant to the terms of this Agreement and any Departing General Partner upon the change of its status from General
Partner to Limited Partner pursuant to Section 11.3, in each case, in such Person’s capacity as a limited partner of the Partnership; provided, however, that when the term “Limited Partner” is used herein in
the context of any vote or other approval, including Articles XIII and XIV, such term shall not, solely for such purpose, include any holder of an Incentive Distribution Right (solely with respect to its Incentive Distribution Rights and not
with respect to any other Limited Partner Interest held by such Person) except as may otherwise be required by law. Limited Partners may include custodians, nominees or any other individual or entity in its own or any representative capacity. 

“Limited Partner Interest” means the ownership interest of a Limited Partner in the Partnership, which may be evidenced by
Common Units, Preferred Units, Incentive Distribution Rights or other Partnership Securities or a combination thereof or interest therein, and includes any and all benefits to which such Limited Partner is entitled as provided in this Agreement,
together with all obligations of such Limited Partner to comply with the terms and provisions of this Agreement; provided, however, that when the term “Limited Partner Interest” is used herein in the context of any
vote or other approval, including Articles XIII and XIV, such term shall not, solely for such purpose, include any Incentive Distribution Right except as may otherwise be required by law. 

“Liquidation Date” means (a) in the case of an event giving rise to the dissolution of the Partnership of the type
described in clauses (a) and (b) of the first sentence of Section 12.2, the 

  
 -9- 

 
date on which the applicable time period during which the holders of Outstanding Units have the right to elect to continue the business of the Partnership has expired without such an election
being made, and (b) in the case of any other event giving rise to the dissolution of the Partnership, the date on which such event occurs. 

“Liquidation Event” means the occurrence of a dissolution or liquidation of the Partnership, whether voluntary or
involuntary; provided, however, that a Liquidation Event shall not precede the Liquidation Date. Neither the sale of all or substantially all of the property or business of the Partnership nor the consolidation or merger of the
Partnership with or into any other Person, individually or in a series of transactions, shall be deemed a Liquidation Event. 

“Liquidation Preference” means, in connection with any distribution in connection with a Liquidation Event pursuant to
Section 12.4 and with respect to any holder of any class or series of Partnership Securities, the amount otherwise payable to such holder in such distribution with respect to such class or series of Partnership Securities (assuming no
limitation on the assets of the Partnership available for such distribution), including an amount equal to any accrued but unpaid distributions thereon to the date fixed for such payment, whether or not declared (if the terms of the applicable class
or series of Partnership Securities so provide). For avoidance of doubt, for the foregoing purposes (a) the Series A Liquidation Preference is the Liquidation Preference with respect to the Series A Preferred Units, (b) the
Series B Liquidation Preference is the Liquidation Preference with respect to the Series B Preferred Units and (c) the Adjusted Series C Liquidation Preference is the Liquidation Preference with respect to the Series C Preferred Units. 

“Liquidator” means one or more Persons selected by the General Partner to perform the functions described in
Section 12.4. 
 “Maintenance Capital Expenditures” means cash expenditures (including expenditures for the addition
or improvement to the capital assets owned by any Group Member or for the acquisition or conversion of existing, or the construction of new, capital assets) if such expenditure is made to maintain the operating capacity or asset base of the
Partnership Group. Maintenance Capital Expenditures shall not include (a) Expansion Capital Expenditures or (b) expenditures made solely for investment purposes (as opposed to maintenance purposes). Maintenance Capital Expenditures shall
include interest (and related fees) on debt incurred and distributions on equity incurred, in each case, to finance the conversion or construction of a replacement asset and paid during the period beginning on the date that the Group Member enters
into a binding obligation to commence converting or constructing a replacement asset and ending on the earlier to occur of the date that such replacement asset Commences Commercial Service or the date that such replacement asset is abandoned or
disposed of. Debt incurred to pay or equity issued to fund the conversion or construction period interest payments, or such conversion or construction period distributions on equity shall also be deemed to be debt or equity, as the case may be,
incurred to finance the conversion or construction of a replacement asset. 

  
 -10- 

 “Marshall Islands Act” means the Limited Partnership Act of the Marshall
Islands, as amended, supplemented or restated from time to time, and any successor to such statute. 
 “Marshall Islands
Registrar” means the Registrar of Corporations responsible for non-resident entities as described in Section 4 of the Marshall Islands Business Corporations Act. 

“Merger Agreement” has the meaning assigned to such term in Section 14.1. 

“Minimum Quarterly Distribution” means $0.35 per Common Unit per Quarter, subject to adjustment in accordance with
Section 6.5. 
 “Mirror Security Request” has the meaning assigned to such term in Section 16.9. 

“National Securities Exchange” means an exchange registered with the Commission under Section 6(a) of the Securities
Exchange Act of 1934, as amended, supplemented or restated from time to time, and any successor to such statute. 
 “Net Agreed
Value” means, (a) in the case of any Contributed Property, the Agreed Value of such property reduced by any liabilities either assumed by the Partnership upon such contribution or to which such property is subject when contributed, and
(b) in the case of any property distributed to a Partner by the Partnership, the Agreed Value of such property, reduced by any indebtedness either assumed by such Partner upon such distribution or to which such property is subject at the time
of distribution. 
 “Non-Cash COC Event” means any Change of Control other than a Cash COC Event. 

“Notice of Election to Purchase” has the meaning assigned to such term in Section 15.1(b). 

“Omnibus Agreement” means that Amended and Restated Omnibus Agreement, dated as of the Closing Date, among Teekay
Corporation, Teekay LNG Partners L.P., Teekay GP L.L.C., Teekay LNG Operating L.L.C., the General Partner, the Partnership, Teekay Offshore Operating GP L.L.C. and the Operating Company. 

“Operating Company” means Teekay Offshore Operating L.P., a Marshall Islands limited partnership, and any successors thereto.

 “Operating Company Agreement” means the First Amended and Restated Agreement of Limited Partnership of the Operating
Company, as it may be amended, supplemented or restated from time to time. 
 “Operating Expenditures” means all
Partnership Group expenditures (or the Partnership’s proportionate share of expenditures in the case of Subsidiaries that are not wholly owned), including taxes, reimbursements of the General Partner, repayment of Working Capital Borrowings,
debt service payments, capital expenditures and Preferred Unit Distributions, subject to the following: 
 (a) repayment of
Working Capital Borrowings deducted from Operating Surplus pursuant to clause (b)(iii) of the definition of Operating Surplus shall not constitute Operating Expenditures when actually repaid; 

  
 -11- 

 (b) payments (including prepayments and prepayment penalties) of principal of and
premium on indebtedness other than Working Capital Borrowings shall not constitute Operating Expenditures; and 
 (c)
Operating Expenditures shall not include (i) Expansion Capital Expenditures, Investment Capital Expenditures or actual Maintenance Capital Expenditures, but shall include Estimated Maintenance Capital Expenditures, (ii) payment of
transaction expenses (including taxes) relating to Interim Capital Transactions, (iii) Preferred Unit Redemption Payments, (iv) payments made to Preferred Unit Holders to purchase or otherwise acquire Preferred Units in accordance with
Section 7.1(a)(xiii) or 7.11, or (v) distributions to Partners, other than Preferred Unit Distributions. 
 Where capital
expenditures consist of both (x) Maintenance Capital Expenditures and (y) Expansion Capital Expenditures and/or Investment Capital Expenditures, the General Partner, with the concurrence of the Conflicts Committee, shall determine the
allocation between the amounts paid for each. 
 “Operating Surplus” means, with respect to any period ending prior to the
Liquidation Date, on a cumulative basis and without duplication: 
 (a) the sum of (i) $15 million, (ii) all
cash receipts of the Partnership Group (or the Partnership’s proportionate share of cash receipts in the case of Subsidiaries that are not wholly owned) for the period beginning on the Closing Date and ending on the last day of such period,
other than cash receipts from Interim Capital Transactions, (iii) all cash receipts of the Partnership Group (or the Partnership’s proportionate share of cash receipts in the case of Subsidiaries that are not wholly owned) after the end of
such period but on or before the date of determination of Operating Surplus with respect to such period resulting from Working Capital Borrowings and (iv) the amount of distributions paid on equity issued in connection with the conversion or
construction of a Capital Improvement or replacement asset and paid during the period beginning on the date that the Group Member enters into a binding obligation to commence conversion or construction of such Capital Improvement or replacement
asset and ending on the earlier to occur of the date that such Capital Improvement or replacement asset Commences Commercial Service or the date that it is abandoned or disposed of (equity issued to fund the conversion or construction period
interest payments on debt incurred (including periodic net payments under related interest rate swap agreements), or conversion or construction period distributions on equity issued, to finance the conversion or construction of a Capital Improvement
or replacement asset shall also be deemed to be equity issued to finance the conversion or construction of a Capital Improvement or replacement asset for purposes of this clause (iv)), less 

  
 -12- 

 (b) the sum of (i) Operating Expenditures for the period beginning on the
Closing Date and ending on the last day of such period, (ii) the amount of cash reserves (or the Partnership’s proportionate share of cash reserves in the case of Subsidiaries that are not wholly owned) established by the General Partner
to provide funds for future Operating Expenditures and (iii) all Working Capital Borrowings not repaid within twelve months after having been incurred; provided, however, that disbursements made (including contributions to a Group
Member or disbursements on behalf of a Group Member) or cash reserves established, increased or reduced after the end of such period but on or before the date of determination of Available Cash with respect to such period shall be deemed to have
been made, established, increased or reduced, for purposes of determining Operating Surplus, within such period if the General Partner so determines. 

Notwithstanding the foregoing, “Operating Surplus” with respect to the Quarter in which the Liquidation Date occurs and any
subsequent Quarter shall equal zero. 
 “Opinion of Counsel” means a written opinion of counsel (who may be regular counsel
to the Partnership or the General Partner or any of its Affiliates) acceptable to the General Partner. 
 “Option Closing
Date” means the date or dates on which any Common Units are sold by the Partnership to the Underwriters upon exercise of the Over-Allotment Option. 

“Original Agreement” means the First Amended and Restated Agreement of Limited Partnership of the Partnership dated as of
December 19, 2006. 
 “Organizational Limited Partner” means Teekay Corporation in its capacity as the organizational
limited partner of the Partnership pursuant to this Agreement. 
 “Outstanding” means, with respect to Partnership
Securities, all Partnership Securities that are issued (or for purposes of Section 16.5(d) only), deemed issued by the Partnership and reflected as outstanding on the Partnership’s books and records as of the date of determination;
provided, however, that if at any time any Person or Group (other than the General Partner or its Affiliates) beneficially owns 20% or more of the Outstanding Partnership Securities of any class or series then Outstanding, all
Partnership Securities owned by such Person or Group shall not be voted on any matter and shall not be considered to be Outstanding when sending notices of a meeting of Limited Partners to vote on any matter (unless otherwise required by law),
calculating required votes, determining the presence of a quorum or for other similar purposes under this Agreement, except that Partnership Securities so owned shall be considered to be Outstanding for purposes of Section 11.1(b)(iv) (such
Partnership Securities shall not, however, be treated as a separate class or series of Partnership Securities for purposes of this Agreement); provided, further, that the foregoing limitation shall not apply to (i) any Person or
Group who acquired 20% or more of the Outstanding Partnership Securities of any class or series then Outstanding directly from the General Partner or its Affiliates, (ii) any Person or Group who acquired 20% or more of any Outstanding
Partnership Securities of any class or series then Outstanding directly or indirectly from a Person or Group described in clause (i) provided that the General Partner 

  
 -13- 

 
shall have notified such Person or Group in writing that such limitation shall not apply, (iii) any Person or Group who acquired 20% or more of any Partnership Securities issued by the
Partnership with the prior approval of the Board of Directors of the General Partner or (iv) with respect to any voting rights thereof, Preferred Units. 

“Over-Allotment Option” means the over-allotment option granted to the Underwriters by the Partnership pursuant to the
Underwriting Agreement. 
 “Parity Securities” has the meaning set forth in Section 16.7(b). 

“Partners” means the General Partner and the Limited Partners. 

“Partnership” means Teekay Offshore Partners L.P., a Marshall Islands limited partnership, and any successors thereto. 

“Partnership Group” means the Partnership and its Subsidiaries, including the Operating Company, treated as a single entity.

 “Partnership Interest” means an interest in the Partnership, which shall include the General Partner Interest and
Limited Partner Interests. 
 “Partnership Security” means any class or series of equity interest in the Partnership (but
excluding any options, rights, warrants and appreciation rights relating to an equity interest in the Partnership), including Common Units, Preferred Units and Incentive Distribution Rights. 

“Paying Agent” means Computershare, acting in its capacity as paying agent for the particular series of Preferred Units, and
its respective successors and assigns or any other payment agent appointed by the General Partner; provided, however, that if no Paying Agent is specifically designated for a particular series of Preferred Units, the General Partner
shall act in such capacity. 
 “Percentage Interest” means as of any date of determination (a) as to the General
Partner with respect to General Partner Units and as to any Unitholder with respect to Units (other than Preferred Units), the product obtained by multiplying (i) 100% less the percentage applicable to clause (b) below by (ii) the
quotient obtained by dividing (A) the number of Units (other than Preferred Units) held by such Unitholder or the number of General Partner Units held by the General Partner, as the case may be, by (B) the total number of all Outstanding
Units (other than Preferred Units) and General Partner Units, and (b) as to the holders of other Partnership Securities issued by the Partnership in accordance with Section 5.5, the percentage established as a part of such issuance. The
Percentage Interest with respect to an Incentive Distribution Right and to a Preferred Unit shall at all times be zero. 

“Person” means an individual or a corporation, firm, limited liability company, partnership, joint venture, trust,
unincorporated organization, association, governmental agency or political subdivision thereof or other entity. 

  
 -14- 

 “Preferred Unit Distribution Payment Date” means the Series A Distribution
Payment Date, Series B Distribution Payment Date or Series C Distribution Payment Date, as applicable. 
 “Preferred Unit
Distributions” means Series A Distributions, Series B Distributions and/or Series C Distributions, as applicable. 

“Preferred Unit Holders” means Series A Holders, Series B Holders and/or Series C Holders, as applicable. 

“Preferred Unit Liquidation Preference” means the Series A Liquidation Preference, Series B Liquidation Preference, Series C
Liquidation Preference or Adjusted Series C Liquidation Preference, as applicable. 
 “Preferred Unit Payments” means
Series A Payments, Series B Payments and/or Series C Payments, as applicable. 
 “Preferred Unit Redemption Payments” means
Series A Redemption Payments, Series B Redemption Payments or Series C Redemption Payments, as applicable. 
 “Preferred
Units” means a Partnership Security, designated as a “Preferred Unit,” which entitles the holder thereof to a preference with respect to distributions, or as to the distribution of assets upon any Liquidation Event, over
Common Units, including the Series A Preferred Units, the Series B Preferred Units and the Series C Preferred Units. 
 “Prior
Agreement” means the Third Amended and Restated Agreement of Limited Partnership of the Partnership dated as of April 13, 2015. 

“Pro Rata” means (a) when used with respect to Units (other than Preferred Units) or any class or series thereof,
apportioned equally among all designated Units (other than Preferred Units) in accordance with their relative Percentage Interests, (b) when used with respect to Partners or Record Holders, apportioned among all Partners or Record Holders in
accordance with their relative Percentage Interests and (c) when used with respect to holders of Incentive Distribution Rights or Preferred Units (or a particular series thereof), apportioned equally among all holders of Incentive Distribution
Rights or Preferred Units (or such series thereof) in accordance with the relative number or percentage of Incentive Distribution Rights or Preferred Units (or such series thereof), as applicable, held by each such holder. 

“Purchase Date” means the date determined by the General Partner as the date for purchase of all Outstanding Limited Partner
Interests of a certain class or series (other than Limited Partner Interests owned by the General Partner and its Affiliates) pursuant to Article XV. 

“Quarter” means, unless the context requires otherwise, a fiscal quarter, or, with respect to the first fiscal quarter
including the Closing Date, the portion of such fiscal quarter after the Closing Date, of the Partnership. 

  
 -15- 

 “Record Date” means the date established by the General Partner or otherwise in
accordance with this Agreement for determining (a) the identity of the Record Holders entitled to notice of, or to vote at, any meeting of Limited Partners or entitled to vote by ballot or give approval of Partnership action in writing without
a meeting or entitled to exercise rights in respect of any lawful action of Limited Partners or (b) the identity of Record Holders entitled to receive any report or distribution or to participate in any offer. 

“Record Holder” means, subject to Section 16.5(d) only, (a) the Person in whose name a Common Unit is registered on
the books of the Transfer Agent as of the opening of business on a particular Business Day, (b) the Person in whose name a Preferred Unit is registered on the books of the Transfer Agent as of, unless otherwise set forth in Article XVI,
the opening of business on a particular Business Day, or (c) with respect to other Partnership Interests, the Person in whose name any such other Partnership Interest is registered on the books that the General Partner has caused to be kept as
of the opening of business on such Business Day. 
 “Registrar” means such bank, trust company or other Person (including
the General Partner or one of its Affiliates) as shall be appointed from time to time by the Partnership to act as registrar for the Common Units and the Preferred Units; provided, however, that if no registrar is specifically
designated for any other Partnership Securities, the General Partner shall act in such capacity. 
 “Registration Rights
Agreement” means the Registration Rights Agreement, dated as of July 1, 2015 by and between the Partnership and the Series C Holders as of such date. 

“Registration Statement” means the Registration Statement on Form F-1 (Registration No. 333-139116) as it has been
or as it may be amended or supplemented from time to time, filed by the Partnership with the Commission under the Securities Act to register the offering and sale of the Common Units in the Initial Offering. 

“Rule 144” has the meaning set forth in Section 7.12. 

“Second Target Distribution” means $0.4375 per Common Unit per Quarter, subject to adjustment in accordance with Section 6.5.

 “Securities Act” means the Securities Act of 1933, as amended, supplemented or restated from time to time and any
successor to such statute. 
 “Senior Securities” has the meaning set forth in Section 16.7(c). 

“Series A Distribution Payment Date” means each February 15, May 15, August 15 and November 15,
commencing August 15, 2013; provided, however, that if any Series A Distribution Payment Date would otherwise occur on a day that is not a Business Day, such Series A Distribution Payment Date shall instead be on the
immediately succeeding Business Day. 

  
 -16- 

 “Series A Distribution Period” means a period of time from and including the
preceding Series A Distribution Payment Date (other than the initial Series A Distribution Period, which shall commence on and include the Series A Original Issue Date), to but excluding the next Series A Distribution Payment
Date for such Series A Distribution Period. 
 “Series A Distribution Rate” means a rate equal to 7.25% per annum
of the Stated Series A Liquidation Preference per Series A Preferred Unit. 
 “Series A Distribution Record
Date” has the meaning set forth in Section 16.3(b). 
 “Series A Distributions” means distributions with respect
to Series A Preferred Units pursuant to Section 16.3. 
 “Series A Holder” means a Record Holder of the
Series A Preferred Units. 
 “Series A Liquidation Preference” means a liquidation preference for each
Series A Preferred Unit initially equal to the Stated Series A Liquidation Preference per unit, which liquidation preference shall be subject to (a) increase by the per Series A Preferred Unit amount of any accumulated and unpaid
distributions (whether or not such distributions shall have been declared) and (b) decrease upon a distribution in connection with a Liquidation Event described in Section 16.4 which does not result in payment in full of the liquidation
preference of such Series A Preferred Unit. 
 “Series A Original Issue Date” means April 30, 2013. 

“Series A Payments” means, collectively, Series A Distributions and Series A Redemption Payments. 

“Series A Preferred Unit” means a Preferred Unit having the designations, preferences, rights, powers and duties set forth in
Article XVI. 
 “Series A Redemption Date” has the meaning set forth in Section 16.6. 

“Series A Redemption Notice” has the meaning set forth in Section 16.6(b). 

“Series A Redemption Price” has the meaning set forth in Section 16.6(a). 

“Series A Redemption Payments” means payments to be made to the holders of Series A Preferred Units to redeem
Series A Preferred Units in accordance with Section 16.6. 
 “Series B Distribution Payment Date” means each
February 15, May 15, August 15 and November 15, commencing August 15, 2015; provided, however, that if any Series B Distribution Payment Date would otherwise occur on a day that is not a Business Day,
such Series B Distribution Payment Date shall instead be on the immediately succeeding Business Day. 

  
 -17- 

 “Series B Distribution Period” means a period of time from and including the
preceding Series B Distribution Payment Date (other than the initial Series B Distribution Period, which shall commence on and include the Series B Original Issue Date), to but excluding the next Series B Distribution Payment Date for such Series B
Distribution Period. 
 “Series B Distribution Rate” means a rate equal to 8.50% per annum of the Stated Series B
Liquidation Preference per Series B Preferred Unit. 
 “Series B Distribution Record Date” has the meaning set forth in
Section 16.3(b). 
 “Series B Distributions” means distributions with respect to Series B Preferred Units pursuant to
Section 16.3. 
 “Series B Holder” means a Record Holder of the Series B Preferred Units. 

“Series B Liquidation Preference” means a liquidation preference for each Series B Preferred Unit initially equal to the
Stated Series B Liquidation Preference per unit, which liquidation preference shall be subject to (a) increase by the per Series B Preferred Unit amount of any accumulated and unpaid distributions (whether or not such distributions shall have
been declared) and (b) decrease upon a distribution in connection with a Liquidation Event described in Section 16.4 which does not result in payment in full of the liquidation preference of such Series B Preferred Unit. 

“Series B Original Issue Date” means April 20, 2015. 

“Series B Payments” means, collectively, Series B Distributions and Series B Redemption Payments. 

“Series B Preferred Unit” means a Preferred Unit having the designations, preferences, rights, powers and duties set forth in
Article XVI. 
 “Series B Redemption Date” has the meaning set forth in Section 16.6. 

“Series B Redemption Notice” has the meaning set forth in Section 16.6(b). 

“Series B Redemption Price” has the meaning set forth in Section 16.6(a). 

“Series B Redemption Payments” means payments to be made to the holders of Series B Preferred Units to redeem Series B
Preferred Units in accordance with Section 16.6. 
 “Series C Cash COC Redemption” has the meaning set forth in
Section 16.9(a)(i). 
 “Series C COC Conversion Election” has the meaning set forth in Section 16.8(a). 

“Series C COC Notice” has the meaning set forth in Section 16.8(a). 

  
 -18- 

 “Series C COC Redemption Date” has the meaning set forth in Section
16.9(a)(iii). 
 “Series C COC Redemption Election” has the meaning set forth in Section 16.9(a). 

“Series C COC Redemption Price” means (i) prior to the first anniversary of the Series C Original Issue Date, 130% of
the Stated Series C Liquidation Preference of such Series C Preferred Unit on the applicable Series C COC Redemption Date, (ii) during the period commencing on the first anniversary and ending on the date immediately preceding the second
anniversary of the Series C Original Issue Date, 110% of the Stated Series C Liquidation Preference of such Series C Preferred Unit on the applicable Series C COC Redemption Date, (iii) during the period commencing on the second anniversary and
ending on the date immediately preceding the third anniversary of the Series C Original Issue Date, 105% of the Stated Series C Liquidation Preference of such Series C Preferred Unit on the applicable Series C COC Redemption Date, and
(iv) thereafter, 101% of the Stated Series C Liquidation Preference of such Series C Preferred Unit on the applicable Series C COC Redemption Date, in each case plus accrued but unpaid distributions to the Series C COC Redemption Date. 

“Series C Conversion Ratio” means 1.00, as adjusted from time to time pursuant to Sections 16.8(c) and (i). 

“Series C Distribution Payment Date” means each February 15, May 15, August 15 and November 15,
commencing August 15, 2015; provided, however, that if any Series C Distribution Payment Date would otherwise occur on a day that is not a Business Day, such Series C Distribution Payment Date shall instead be on the
immediately succeeding Business Day. 
 “Series C Distribution Period” means a period of time from and including the
preceding Series C Distribution Payment Date (other than the initial Series C Distribution Period, which shall commence on and include the Series C Original Issue Date), to but excluding the next Series C Distribution Payment
Date for such Series C Distribution Period. 
 “Series C Distribution Rate” means a rate equal to 8.6% per annum
of the Stated Series C Liquidation Preference per Series C Preferred Unit; provided, however, that if a Series C Distribution is not made in full in cash when due on a Series C Distribution Payment Date, then the Series C
Distribution Rate shall increase to a rate equal to 12.6%, which increased rate (a) shall be applied prospectively from the date the Series C Distribution was not made in full in cash and (b) shall apply only until such date as all then
accrued and unpaid Series C Distributions are paid in full in cash, whereupon the Series C Distribution shall decrease to a rate equal to 8.6% (subject to any subsequent increase for any subsequent failure to make a Series C Distribution in full in
cash when due on a Series C Distribution Payment Date). 
 “Series C Distribution Record Date” has the meaning set
forth in Section 16.3(b). 
 “Series C Distributions” means distributions with respect to Series C Preferred Units pursuant
to Section 16.3. 

  
 -19- 

 “Series C Holder” means a Record Holder of the Series C Preferred
Units. 
 “Series C Liquidation Preference” means a liquidation preference for each Series C Preferred Unit initially equal
to the Stated Series C Liquidation Preference per unit, which liquidation preference shall be subject to (a) increase by the per Series C Preferred Unit amount of any accumulated and unpaid quarterly distributions (whether or not such
distributions shall have been declared) and (b) decrease upon a distribution in connection with a Liquidation Event described in Section 16.4 which does not result in payment in full of the liquidation preference of such Series C Preferred
Unit. 
 “Series C Mandatory Conversion Date” has the meaning assigned to such term in Section 16.8(b). 

“Series C Mandatory Conversion Right” has the meaning assigned to such term in Section 16.8(b). 

“Series C Non-Cash COC Redemption” has the meaning assigned to such term in Section 16.9(b)(iv). 

“Series C Original Issue Date” means July 1, 2015. 

“Series C Payments” means, collectively, Series C Distributions and Series C Redemption Payments. 

“Series C Preferred Unit” means a Preferred Unit having the designations, preferences, rights, powers and duties set forth in
Article XVI. 
 “Series C Redemption Date” has the meaning set forth in Section 16.6. 

“Series C Redemption Election” has the meaning set forth in Section 16.6(c). 

“Series C Redemption Notice” has the meaning set forth in Section 16.6(b). 

“Series C Redemption Payments” means payments to be made to the holders of Series C Preferred Units to redeem Series C
Preferred Units in accordance with Section 16.6 or Section 16.9(a). 
 “Series C Redemption Price” has the
meaning set forth in Section 16.6(a). 
 “Series C Restricted Period” has the meaning set forth in Section 16.10(b).

 “Special Approval” means approval by a majority of the members of the Conflicts Committee. 

“Special Distributions” has the meaning set forth in Section 16.3(c). 

  
 -20- 

 “Stated Preferred Unit Liquidation Preference” means the Stated Series A
Liquidation Preference, Stated Series B Liquidation Preference or Stated Series C Liquidation Preference, as applicable. 
 “Stated
Series A Liquidation Preference” means an amount equal to $25.00 per Series A Preferred Unit. 
 “Stated
Series B Liquidation Preference” means an amount equal to $25.00 per Series B Preferred Unit. 
 “Stated
Series C Liquidation Preference” means an amount equal to $23.95 per Series C Preferred Unit. 
 “Subsidiary”
means, with respect to any Person, (a) a corporation of which more than 50% of the voting power of shares entitled (without regard to the occurrence of any contingency) to vote in the election of directors or other governing body of such
corporation is owned, directly or indirectly, at the date of determination, by such Person, by one or more Subsidiaries (as defined, but excluding subsection (d) of this definition) of such Person or a combination thereof, (b) a
partnership (whether general or limited) in which such Person or a Subsidiary (as defined, but excluding subsection (d) of this definition) of such Person is, at the date of determination, a general or limited partner of such partnership,
but only if more than 50% of the partnership interests of such partnership (considering all of the partnership interests of the partnership as a single class) is owned, directly or indirectly, at the date of determination, by such Person, by one or
more Subsidiaries (as defined, but excluding subsection (d) of this definition) of such Person, or a combination thereof, (c) any other Person (other than a corporation or a partnership) in which such Person, one or more Subsidiaries
(as defined, but excluding subsection (d) of this definition) of such Person, or a combination thereof, directly or indirectly, at the date of determination, has (i) a majority ownership interest or (ii) the power to elect or
direct the election of a majority of the directors or other governing body of such Person, or (d) any other Person in which such Person, one or more Subsidiaries (as defined, but excluding subsection (d) of this definition) of such
Person, or a combination thereof, directly or indirectly, at the date of determination, has (i) less than a majority ownership interest or (ii) less than the power to elect or direct the election of a majority of the directors or other
governing body of such Person, provided that (A) such Person, one or more Subsidiaries (as defined, but excluding this subsection (d) of this definition) of such Person, or a combination thereof, directly or indirectly, at the date of
the determination, has at least a 20% ownership interest in such other Person, (B) such Person accounts for such other Person (under U.S. GAAP, as in effect on the later of the date of investment in such other Person or material expansion
of the operations of such other Person) on a consolidated or equity accounting basis, (C) such Person has directly or indirectly material negative control rights regarding such other Person including over such other Person’s ability to
materially expand its operations beyond that contemplated at the date of investment in such other Person, and (D) such other Person is (i) other than with respect to the Operating Company, formed and maintained for the sole purpose of
owning or leasing, operating and chartering no more than 10 vessels for a period of no more than 40 years, and (ii) obligated under its constituent documents, or as a result of a unanimous agreement of its owners, to distribute to its
owners all of its income on at least an annual basis (less any cash reserves that are approved by such Person). 

  
 -21- 

 “Surviving Business Entity” has the meaning assigned to such term in
Section 14.2(b). 
 “Third Target Distribution” means $0.525 per unit per Quarter, subject to adjustment in accordance
with Section 6.5. 
 “Trading Day” means, for the purpose of determining the Current Market Price of any class or series of
Limited Partner Interests, a day on which the principal National Securities Exchange on which such class or series of Limited Partner Interests is listed is open for the transaction of business or, if Limited Partner Interests of a class or series
are not listed on any National Securities Exchange, a day on which banking institutions in New York City generally are open. 

“transfer” has the meaning assigned to such term in Section 4.4(a). 

“Transfer Agent” means such bank, trust company or other Person (including the General Partner or one of its Affiliates) as
shall be appointed from time to time by the Partnership to act as transfer agent for the Common Units and the Preferred Units; provided, however, that if no transfer agent is specifically designated for any other Partnership
Securities, the General Partner shall act in such capacity. 
 “Underwriter” means each Person named as an underwriter in
Schedule I to the Underwriting Agreement who purchases Common Units pursuant thereto. 
 “Underwriting Agreement”
means the Underwriting Agreement dated December 13, 2006 among the Underwriters, the Partnership, the General Partner, the Operating Company, and Teekay Corporation, providing for the purchase of Common Units by such Underwriters. 

“Unit” means a Partnership Security that is designated as a “Unit” and shall include Common Units and
Preferred Units, but shall not include (i) General Partner Units (or the General Partner Interest represented thereby) or (ii) the Incentive Distribution Rights. 

“Unit Majority” means a majority of the Outstanding Common Units (including, for purposes of Section 16.5(d) only,
Common Units issuable upon conversion of the Outstanding Series C Preferred Units), voting as a class. 
 “Unit Register”
means the register of the Partnership for the registration and transfer of Limited Partnership Interests as provided in Section 4.5. 

“Unitholders” means the holders of Units. 

“Unrecovered Capital” means at any time, with respect to a Common Unit, the Initial Unit Price less the sum of all
distributions constituting Capital Surplus theretofore made in respect of an Initial Common Unit and any distributions of cash (or the Net Agreed Value of any 

  
 -22- 

 
distributions in kind) in connection with the dissolution and liquidation of the Partnership theretofore made in respect of an Initial Common Unit, adjusted as the General Partner determines to
be appropriate to give effect to any distribution, subdivision or combination of such Units. 
 “U.S. GAAP” means
United States generally accepted accounting principles consistently applied. 
 “VWAP” as of a particular date means the
volume-weighted average trading price, as adjusted for splits, combinations and other similar transactions, of a Common Unit on the National Securities Exchange on which the Common Units are then listed or admitted to trading. 

“Withdrawal Opinion of Counsel” has the meaning assigned to such term in Section 11.1(b). 

“Working Capital Borrowings” means borrowings used solely for working capital purposes or to pay distributions to Partners
made pursuant to a credit facility, commercial paper facility or similar financing arrangement available to a Group Member, provided that when such borrowing is incurred it is the intent of the borrower to repay such borrowing within 12 months
from sources other than additional Working Capital Borrowings. 
 Section 1.2 Construction. 

Unless the context requires otherwise: (a) any pronoun used in this Agreement shall include the corresponding masculine, feminine or
neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (b) references to Articles and Sections refer to Articles and Sections of this Agreement; (c) the term “include” or
“includes” means includes, without limitation, and “including” means including, without limitation; and (d) the terms “hereof”, “herein” and “hereunder” refer to this Agreement as a whole and
not to any particular provision of this Agreement. The table of contents and headings contained in this Agreement are for reference purposes only, and shall not affect in any way the meaning or interpretation of this Agreement. 

ARTICLE II 
 ORGANIZATION

 Section 2.1 Formation. 
 The
General Partner and the Organizational Limited Partner have previously formed the Partnership as a limited partnership pursuant to the provisions of the Marshall Islands Act and hereby amend and restate the Prior Agreement in its entirety. This
amendment and restatement shall become effective on the date of this Agreement. Except as expressly provided to the contrary in this Agreement, the rights, duties (including fiduciary duties), liabilities and obligations of the Partners and the
administration, dissolution and termination of the Partnership shall be governed by the Marshall Islands Act. All Partnership Interests shall constitute personal property of the owner thereof for all purposes and a Partner has no interest in
specific Partnership property. 

  
 -23- 

 Section 2.2 Name. 

The name of the Partnership shall be “Teekay Offshore Partners L.P.” The Partnership’s business may be conducted under any other
name or names as determined by the General Partner, including the name of the General Partner. The words “Limited Partnership” or the letters “L.P.” or similar words or letters shall be included in the Partnership’s name
where necessary for the purpose of complying with the laws of any jurisdiction that so requires. The General Partner may change the name of the Partnership at any time and from time to time and shall notify the Limited Partners of such change in the
next regular communication to the Limited Partners. 
 Section 2.3 Registered Office; Registered Agent; Principal Office; Other Offices. 

Unless and until changed by the General Partner, the registered office of the Partnership in the Marshall Islands shall be located at Trust
Company Complex, Ajeltake Island, Ajeltake Road, Majuro, Marshall Islands MH 96960, and the registered agent for service of process on the Partnership in the Marshall Islands at such registered office shall be The Trust Company of The Marshall
Islands, Inc. The principal office of the Partnership shall be located at 4th Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda or such other place as the General Partner may from time to time designate by notice to the Limited
Partners. The Partnership may maintain offices at such other place or places within or outside the Marshall Islands as the General Partner determines to be necessary or appropriate. The address of the General Partner shall be 4th Floor, Belvedere
Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda or such other place as the General Partner may from time to time designate by notice to the Limited Partners. 

Section 2.4 Purpose and Business. 

The purpose and nature of the business to be conducted by the Partnership shall be to (a) engage directly in, or enter into or form any
corporation, partnership, joint venture, limited liability company or other arrangement to engage indirectly in, any business activity that is approved by the General Partner and that lawfully may be conducted by a limited partnership organized
pursuant to the Marshall Islands Act and, in connection therewith, to exercise all of the rights and powers conferred upon the Partnership pursuant to the agreements relating to such business activity, and (b) do anything necessary or
appropriate to the foregoing, including the making of capital contributions or loans to a Group Member. The General Partner shall have no duty or obligation to propose or approve, and may decline to propose or approve, the conduct by the Partnership
of any business free of any fiduciary duty or obligation whatsoever to the Partnership, any Limited Partner and, in declining to so propose or approve, shall not be required to act in good faith or pursuant to any other standard imposed by this
Agreement, any Group Member Agreement, any other agreement contemplated hereby or under the Marshall Islands Act or any other law, rule or regulation. 

  
 -24- 

 Section 2.5 Powers. 

The Partnership shall be empowered to do any and all acts and things necessary and appropriate for the furtherance and accomplishment of the
purposes and business described in Section 2.4 and for the protection and benefit of the Partnership. 
 Section 2.6 Power of Attorney.

 (a) Each Limited Partner hereby constitutes and appoints the General Partner and, if a Liquidator shall have been selected pursuant
to Section 12.3, the Liquidator (and any successor to the Liquidator by merger, transfer, assignment, election or otherwise) and each of their authorized officers and attorneys-in-fact, as the case may be, with full power of substitution, as
his true and lawful agent and attorney-in-fact, with full power and authority in his name, place and stead, to: 
 (i) execute, swear to,
acknowledge, deliver, file and record in the appropriate public offices (A) all certificates, documents and other instruments (including this Agreement and the Certificate of Limited Partnership and all amendments or restatements hereof or
thereof) that the General Partner or the Liquidator determines to be necessary or appropriate to form, qualify or continue the existence or qualification of the Partnership as a limited partnership (or a partnership in which the limited partners
have limited liability) in the Marshall Islands and in all other jurisdictions in which the Partnership may conduct business or own property; (B) all certificates, documents and other instruments that the General Partner or the Liquidator
determines to be necessary or appropriate to reflect, in accordance with its terms, any amendment, change, modification or restatement of this Agreement; (C) all certificates, documents and other instruments (including conveyances and a
certificate of cancellation) that the General Partner or the Liquidator determines to be necessary or appropriate to reflect the dissolution and liquidation of the Partnership pursuant to the terms of this Agreement; (D) all certificates,
documents and other instruments relating to the admission, withdrawal, removal or substitution of any Partner pursuant to, or other events described in, Articles IV, X, XI or XII; (E) all certificates, documents and other instruments
relating to the determination of the rights, preferences and privileges of any class or series of Partnership Securities issued pursuant to Section 5.5; and (F) all certificates, documents and other instruments (including agreements and a
certificate of merger) relating to a merger, consolidation or conversion of the Partnership pursuant to Article XIV; and 
 (ii)
execute, swear to, acknowledge, deliver, file and record all ballots, consents, approvals, waivers, certificates, documents and other instruments that the General Partner or the Liquidator determines to be necessary or appropriate to (A) make,
evidence, give, confirm or ratify any vote, consent, approval, agreement or other action that is made or given by the Partners hereunder or is consistent with the terms of this Agreement or (B) effectuate the terms or intent of this Agreement;
provided, however, that when required by Section 13.3 or any other provision of this Agreement that establishes a percentage of the Limited Partners or of the Limited Partners of any class or series required to take any action,
the General Partner and the Liquidator may exercise the power of attorney made in this Section 2.6(a)(ii) only after the necessary vote, consent or approval of the Limited Partners or of the Limited Partners of such class or series, as
applicable. 

  
 -25- 

 Nothing contained in this Section 2.6(a) shall be construed as authorizing the General Partner to amend this
Agreement except in accordance with Article XIII or as may be otherwise expressly provided for in this Agreement. 
 (b) The foregoing
power of attorney is hereby declared to be irrevocable and a power coupled with an interest, and it shall survive and, to the maximum extent permitted by law, not be affected by the subsequent death, incompetency, disability, incapacity,
dissolution, bankruptcy or termination of any Limited Partner and the transfer of all or any portion of such Limited Partner’s Partnership Interest and shall extend to such Limited Partner’s heirs, successors, assigns and personal
representatives. Each such Limited Partner hereby agrees to be bound by any representation made by the General Partner or the Liquidator acting in good faith pursuant to such power of attorney; and each such Limited Partner, to the maximum extent
permitted by law, hereby waives any and all defenses that may be available to contest, negate or disaffirm the action of the General Partner or the Liquidator taken in good faith under such power of attorney. Each Limited Partner shall execute and
deliver to the General Partner or the Liquidator, within 15 days after receipt of the request therefor, such further designation, powers of attorney and other instruments as the General Partner or the Liquidator determines to be necessary or
appropriate to effectuate this Agreement and the purposes of the Partnership. 
 Section 2.7 Term. 

The term of the Partnership commenced upon the filing of the Certificate of Limited Partnership in accordance with the Marshall Islands Act and
shall continue in existence until the dissolution of the Partnership in accordance with the provisions of Article XII. The existence of the Partnership as a separate legal entity shall continue until the cancellation of the Certificate of
Limited Partnership as provided in the Marshall Islands Act. 
 Section 2.8 Title to Partnership Assets. 

Title to Partnership assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the
Partnership as an entity, and no Partner, individually or collectively, shall have any ownership interest in such Partnership assets or any portion thereof. Title to any or all of the Partnership assets may be held in the name of the Partnership,
the General Partner, one or more of its Affiliates or one or more nominees, as the General Partner may determine. The General Partner hereby declares and warrants that any Partnership assets for which record title is held in the name of the General
Partner or one or more of its Affiliates or one or more nominees shall be held by the General Partner or such Affiliate or nominee for the use and benefit of the Partnership in accordance with the provisions of this Agreement; provided,
however, that the General Partner shall use commercially reasonable efforts to cause record title to such assets (other than those assets in respect of which the General Partner determines that the expense and difficulty of conveyancing makes
transfer of record title to the Partnership impracticable) to be vested in the Partnership as soon as reasonably  

  
 -26- 

 
practicable; and, provided further, that, prior to the withdrawal or removal of the General Partner or as soon thereafter as practicable, the General Partner shall use reasonable efforts to
effect the transfer of record title to the Partnership and, prior to any such transfer, will provide for the use of such assets in a manner satisfactory to the General Partner. All Partnership assets shall be recorded as the property of the
Partnership in its books and records, irrespective of the name in which record title to such Partnership assets is held. 
 ARTICLE III

 RIGHTS OF LIMITED PARTNERS 

Section 3.1 Limitation of Liability. 

The Limited Partners shall have no liability under this Agreement except as expressly provided in this Agreement or the Marshall Islands Act.

 Section 3.2 Management of Business. 

No Limited Partner, in its capacity as such, shall participate in the operation, management or control (within the meaning of the Marshall
Islands Act) of the Partnership’s business, transact any business in the Partnership’s name or have the power to sign documents for or otherwise bind the Partnership. Any action taken by any Affiliate of the General Partner or any officer,
director, employee, manager, member, general partner, agent or trustee of the General Partner or any of its Affiliates, or any officer, director, employee, manager, member, general partner, agent or trustee of a Group Member, in its capacity as
such, shall not be deemed to be participation in the control of the business of the Partnership by a limited partner of the Partnership (within the meaning of Section 30 of the Marshall Islands Act) and shall not affect, impair or eliminate the
limitations on the liability of the Limited Partners under this Agreement. 
 Section 3.3 Outside Activities of the Limited Partners. 

Subject to the provisions of Section 7.5 and the Omnibus Agreement, which shall continue to be applicable to the Persons referred to
therein, regardless of whether such Persons shall also be Limited Partners, any Limited Partner shall be entitled to and may have business interests and engage in business activities in addition to those relating to the Partnership, including
business interests and activities in direct competition with the Partnership Group. Neither the Partnership nor any of the other Partners shall have any rights by virtue of this Agreement in any business ventures of any Limited Partner. 

Section 3.4 Rights of Limited Partners. 

(a) In addition to other rights provided by this Agreement or by applicable law, and except as limited by Section 3.4(b), each Limited
Partner shall have the right, for a purpose reasonably related to such Limited Partner’s interest as a Limited Partner in the Partnership, upon reasonable written demand and at such Limited Partner’s own expense, to: 

(i) obtain, promptly after becoming available, a copy of the Partnership’s financial statements or income tax returns, if applicable, for
each year; 

  
 -27- 

 (ii) have furnished to him a current list of the name and last known business, residence or
mailing address of each Partner; 
 (iii) obtain true and full information regarding the amount of cash and a description and statement of
the Net Agreed Value of any other Capital Contribution by each Partner and which each Partner has agreed to contribute in the future, and the date on which each became a Partner; 

(iv) have furnished to him a copy of this Agreement and the Certificate of Limited Partnership and all amendments thereto, together with a copy
of the executed copies of all powers of attorney pursuant to which this Agreement, the Certificate of Limited Partnership and all amendments thereto have been executed; 

(v) obtain true and full information regarding the status of the business and financial condition of the Partnership Group; and 

(vi) obtain such other information regarding the affairs of the Partnership as is just and reasonable. 

(b) The General Partner may keep confidential from the Limited Partners, for such period of time as the General Partner deems reasonable,
(i) any information that the General Partner reasonably believes to be in the nature of trade secrets or (ii) other information the disclosure of which the General Partner in good faith believes (A) is not in the best interests of the
Partnership Group, (B) could damage the Partnership Group or (C) that any Group Member is required by law or by agreement with any third party to keep confidential (other than agreements with Affiliates of the Partnership the primary
purpose of which is to circumvent the obligations set forth in this Section 3.4). 
 ARTICLE IV 

CERTIFICATES; RECORD HOLDERS; TRANSFER OF PARTNERSHIP INTERESTS 

Section 4.1 Certificates. 
 Upon the
Partnership’s issuance of Common Units or Preferred Units to any Person and subject to Section 16.2(b) with respect to any series of Preferred Units described therein, the Partnership shall issue, upon the request of such Person, one or
more Certificates in the name of such Person evidencing the number of such Units being so issued. In addition, (a) upon the General Partner’s request, the Partnership shall issue to it one or more Certificates in the name of the General
Partner evidencing its General Partner Units and (b) upon the request of any Person owning Incentive Distribution Rights or any other Partnership Securities other than Common Units or Preferred Units, the Partnership shall issue to such Person
one or more certificates evidencing such Incentive Distribution Rights or other Partnership Securities other than 

  
 -28- 

 
Common Units or Preferred Units. Certificates shall be executed on behalf of the Partnership by the Chairman of the Board, President or any Executive Vice President or Vice President and the
Chief Financial Officer or the Secretary or any Assistant Secretary of the General Partner. No Common Unit Certificate or Preferred Unit Certificate shall be valid for any purpose until it has been countersigned by the Transfer Agent;
provided, however, that if the General Partner elects to issue Common Units or Preferred Units in global form, the Common Unit Certificates or the Preferred Unit Certificates shall be valid upon receipt of a certificate from the
Transfer Agent certifying that the Common Units or Preferred Units have been duly registered in accordance with the directions of the Partnership. 

Section 4.2 Mutilated, Destroyed, Lost or Stolen Certificates. 

(a) If any mutilated Certificate is surrendered to the Transfer Agent, the appropriate officers of the General Partner on behalf of the
Partnership shall execute, and the Transfer Agent shall countersign and deliver in exchange therefor, a new Certificate evidencing the same number and type of Partnership Securities as the Certificate so surrendered. 

(b) The appropriate officers of the General Partner on behalf of the Partnership shall execute and deliver, and the Transfer Agent shall
countersign, a new Certificate in place of any Certificate previously issued if the Record Holder of the Certificate: 
 (i) makes proof by
affidavit, in form and substance satisfactory to the General Partner, that a previously issued Certificate has been lost, destroyed or stolen; 

(ii) requests the issuance of a new Certificate before the General Partner has notice that the Certificate has been acquired by a purchaser for
value in good faith and without notice of an adverse claim; 
 (iii) if requested by the General Partner, delivers to the General Partner a
bond, in form and substance satisfactory to the General Partner, with surety or sureties and with fixed or open penalty as the General Partner may direct to indemnify the Partnership, the Partners, the General Partner and the Transfer Agent against
any claim that may be made on account of the alleged loss, destruction or theft of the Certificate; and 
 (iv) satisfies any other
reasonable requirements imposed by the General Partner. 
 If a Limited Partner fails to notify the General Partner within a reasonable
period of time after he has notice of the loss, destruction or theft of a Certificate, and a transfer of the Limited Partner Interests represented by the Certificate is registered before the Partnership, the General Partner or the Transfer Agent
receives such notification, the Limited Partner shall be precluded from making any claim against the Partnership, the General Partner or the Transfer Agent for such transfer or for a new Certificate. 

  
 -29- 

 (c) As a condition to the issuance of any new Certificate under this Section 4.2, the
General Partner may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Transfer Agent) reasonably connected
therewith. 
 Section 4.3 Record Holders. 

The Partnership shall be entitled to recognize the Record Holder as the Partner with respect to any Partnership Interest and, accordingly,
shall not be bound to recognize any equitable or other claim to, or interest in, such Partnership Interest on the part of any other Person, regardless of whether the Partnership shall have actual or other notice thereof, except as otherwise
provided by law or any applicable rule, regulation, guideline or requirement of any National Securities Exchange on which such Partnership Interests are listed or admitted to trading. Without limiting the foregoing, when a Person (such as a
broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing) is acting as nominee, agent or in some other representative capacity for another Person in acquiring and/or holding Partnership Interests, as
between the Partnership on the one hand, and such other Persons on the other, such representative Person shall be the Record Holder of such Partnership Interest. 

Section 4.4 Transfer Generally. 
 (a)
The term “transfer,” when used in this Agreement with respect to a Partnership Interest, shall be deemed to refer to a transaction (i) by which the General Partner assigns its General Partner Interest to another Person or by
which a holder of Incentive Distribution Rights assigns its Incentive Distribution Rights to another Person, and includes a sale, assignment, gift, pledge, encumbrance, hypothecation, mortgage, exchange or any other disposition by law or otherwise
or (ii) by which the holder of a Limited Partner Interest (other than an Incentive Distribution Right) assigns such Limited Partner Interest to another Person who is or becomes a Limited Partner, and includes a sale, assignment, gift, exchange
or any other disposition by law or otherwise, including any transfer upon foreclosure of any pledge, encumbrance, hypothecation or mortgage. 

(b) No Partnership Interest shall be transferred, in whole or in part, except in accordance with the terms and conditions set forth in
this Article IV. Any transfer or purported transfer of a Partnership Interest not made in accordance with this Article IV shall be null and void. 

(c) Nothing contained in this Agreement shall be construed to prevent a disposition by any stockholder, member, partner or other owner of the
General Partner of any or all of the shares of stock, membership interests, partnership interests or other ownership interests in the General Partner. 

  
 -30- 

 Section 4.5 Registration and Transfer of Limited Partner Interests. 

(a) The General Partner shall keep or cause to be kept on behalf of the Partnership a register in which, subject to such reasonable regulations
as it may prescribe and subject to the provisions of Section 4.5(b), the Partnership will provide for the registration and transfer of Limited Partner Interests. The Registrar and Transfer Agent are hereby appointed registrar and transfer agent
for the purpose of registering Common Units and Preferred Units and transfers of such Common Units and Preferred Units as herein provided. The Partnership shall not recognize transfers of Certificates evidencing Limited Partner Interests unless such
transfers are effected in the manner described in this Section 4.5. Upon surrender of a Certificate for registration of transfer of any Limited Partner Interests evidenced by a Certificate, and subject to the provisions of Section 4.5(b),
the appropriate officers of the General Partner on behalf of the Partnership shall execute and deliver, and in the case of Common Units, the Transfer Agent shall countersign and deliver, in the name of the holder or the designated transferee or
transferees, as required pursuant to the holder’s instructions, one or more new Certificates evidencing the same aggregate number and type of Limited Partner Interests as was evidenced by the Certificate so surrendered. 

(b) The General Partner shall not recognize any transfer of Limited Partner Interests until the Certificates, if any, evidencing such Limited
Partner Interests are surrendered for registration of transfer. No charge shall be imposed by the General Partner for such transfer; provided, however, that as a condition to the issuance of any new Certificate under this
Section 4.5, the General Partner may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed with respect thereto. 

(c) The General Partner and its Affiliates shall have the right at any time to transfer their Common Units or any Preferred Units to one or
more Persons. 
 Section 4.6 Transfer of the General Partner’s General Partner Interest. 

(a) Subject to Section 4.6(c) below, prior to December 31, 2016, the General Partner shall not transfer all or any part of its
General Partner Interest (represented by General Partner Units) to a Person unless such transfer (i) has been approved by the prior written consent or vote of the holders of a majority of the Outstanding Common Units (excluding Common Units
held by the General Partner and its Affiliates) or (ii) is of all, but not less than all, of its General Partner Interest to (A) an Affiliate of the General Partner (other than an individual) or (B) another Person (other than an
individual) in connection with (1) the merger or consolidation of the General Partner with or into such other Person or (2) the transfer by the General Partner of all or substantially all of its assets to such other Person. 

(b) Subject to Section 4.6(c) below, on or after December 31, 2016, the General Partner may transfer all or any of its General
Partner Interest without Unitholder approval. 
 (c) Notwithstanding anything herein to the contrary, no transfer by the General Partner of
all or any part of its General Partner Interest to another Person shall be permitted 

  
 -31- 

 
unless (i) the transferee agrees to assume the rights and duties of the General Partner under this Agreement and to be bound by the provisions of this Agreement, (ii) the Partnership
receives an Opinion of Counsel that such transfer would not result in the loss of limited liability of any Limited Partner or of any limited partner or member of any other Group Member and (iii) such transferee also agrees to purchase all (or
the appropriate portion thereof, if applicable) of the partnership or membership interest of the General Partner as the general partner or managing member, if any, of each other Group Member. In the case of a transfer pursuant to and in compliance
with this Section 4.6, the transferee or successor (as the case may be) shall, subject to compliance with the terms of Section 10.3, be admitted to the Partnership as the General Partner immediately prior to the transfer of the General
Partner Interest, and the business of the Partnership shall continue without dissolution. 
 Section 4.7 Transfer of Incentive Distribution Rights.

 Prior to December 31, 2016, a holder of Incentive Distribution Rights may transfer any or all of the Incentive Distribution
Rights held by such holder without any consent of the Unitholders to (a) an Affiliate of such holder (other than an individual) or (b) another Person (other than an individual) in connection with (i) the merger or consolidation of
such holder of Incentive Distribution Rights with or into such other Person or (ii) the transfer by such holder of all or substantially all of its assets to such other Person. Any other transfer of the Incentive Distribution Rights prior to
December 31, 2016 shall require the prior approval of holders of a majority of the Outstanding Common Units (excluding Common Units held by the General Partner and its Affiliates). On or after December 31, 2016, the General Partner or any
other holder of Incentive Distribution Rights may transfer any or all of its Incentive Distribution Rights without Unitholder approval. Notwithstanding anything herein to the contrary, no transfer of Incentive Distribution Rights to another Person
shall be permitted unless the transferee agrees to be bound by the provisions of this Agreement. The General Partner and any transferee or transferees of the Incentive Distribution Rights may agree in a separate instrument as to the General
Partner’s exercise of its rights with respect to the Incentive Distribution Rights under Section 11.3 hereof. 
 Section 4.8 Restrictions
on Transfers. 
 (a) Except as provided in Section 4.8(b) below, but notwithstanding the other provisions of this Article IV,
no transfer of any Partnership Interests shall be made if such transfer would (i) violate the then applicable U.S. federal or state securities laws, laws of the Marshall Islands, or rules and regulations of the Commission, any state
securities commission or any other governmental authority with jurisdiction over such transfer or (ii) terminate the existence or qualification of the Partnership or any Group Member under the laws of the jurisdiction of its formation. 

(b) Section 16.10 sets forth restrictions on transfer of the Series C Preferred Units and related restrictive legends. 

  
 -32- 

 (c) Nothing contained in this Article IV, or elsewhere in this Agreement, shall preclude the
settlement of any transactions involving Partnership Interests entered into through the facilities of any National Securities Exchange on which such Partnership Interests are listed or admitted to trading. 

ARTICLE V 
 CAPITAL
CONTRIBUTIONS AND ISSUANCE OF PARTNERSHIP INTERESTS 
 Section 5.1 Organizational Contributions. 

(a) In connection with the formation of the Partnership under the Marshall Islands Act, the General Partner made an initial Capital
Contribution to the Partnership in the amount of $20, for a 2% General Partner Interest in the Partnership and was admitted as the General Partner of the Partnership, and the Organizational Limited Partner made an initial Capital Contribution to the
Partnership in the amount of $980 for a 98% Limited Partner Interest in the Partnership and was admitted as a Limited Partner of the Partnership. 

(b) Prior to the Closing Date (i) the General Partner contributed its 0.52% ownership interest in the Operating Company to the
Partnership in exchange for (A) a continuation of its 2% General Partner Interest, (B) the Incentive Distribution Rights and (C) the assumption by the Partnership of a $2.7 million note representing 2% of the total cash to be
paid to Teekay Corporation from the proceeds of the Initial Offering, and (ii) Teekay Corporation contributed to the Partnership (A) all of its ownership interest in the general partner of the Operating Company and (B) a 25.47%
limited partner interest in the Operating Company, in exchange for a continuation of its 98% limited partner interest in the Partnership and a $131.7 million note representing 98% of the total cash to be paid to Teekay Corporation from the
proceeds of the Initial Offering. 
 Section 5.2 Initial Unit Issuances; General Partner Pre-emptive Rights. 

(a) On or prior to the Closing Date and pursuant to the Contribution Agreement, (i) Teekay Corporation’s 98% initial limited partner
interest was converted into (A) 2,800,000 Common Units and (B) 9,800,000 Subordinated Units (as defined in the Original Agreement) and (ii) the Partnership issued to the General Partner, for no additional consideration, 400,000
General Partner Units evidencing the General Partner’s 2% General Partner Interest. 
 (b) Upon the issuance of any additional Limited
Partner Interests by the Partnership (other than Common Units issued in the Initial Offering, including any Common Units issued pursuant to the Over-Allotment Option), the General Partner may, in exchange for a proportionate number of General
Partner Units, make additional Capital Contributions in an amount equal to the product obtained by multiplying (i) the quotient determined by dividing (A) the General Partner’s Percentage Interest immediately prior to such issuance by
(B) 100 less the General Partner’s Percentage Interest immediately prior to such issuance by (ii) the amount contributed to the Partnership by the Limited Partners in exchange for such additional Limited Partner Interests. The General
Partner shall not be obligated to make any additional Capital 

  
 -33- 

 
Contributions to the Partnership. The General Partner’s Percentage Interest shall not change as a result of the issuance of any Preferred Units. However, the General Partner shall be
entitled to participate in any Preferred Unit Payments only to the extent of its proportionate Capital Contribution with respect to any such issuance of the applicable series of Preferred Units. 

Section 5.3 Contributions by Initial Limited Partners and Distributions to the General Partner and its Affiliates. 

(a) On the Closing Date and pursuant to the Underwriting Agreement, each Underwriter contributed to the Partnership cash in an amount equal to
the Issue Price per Initial Common Unit, multiplied by the number of Common Units specified in the Underwriting Agreement to be purchased by such Underwriter at the Closing Date. In exchange for such Capital Contributions by the Underwriters, the
Partnership issued Common Units to each Underwriter on whose behalf such Capital Contribution was made in an amount equal to the number of Common Units specified in the Underwriting Agreement to be purchased by such Underwriter on the Closing Date.

 (b) Upon exercise of the Over-Allotment Option, each Underwriter contributed to the Partnership cash in an amount equal to the Issue
Price per Initial Common Unit, multiplied by the number of Common Units to be purchased by such Underwriter at the Option Closing Date. In exchange for such Capital Contributions by the Underwriters, the Partnership issued Common Units to each
Underwriter on whose behalf such Capital Contribution was made in an amount equal to the quotient obtained by dividing (i) the cash contributions to the Partnership by or on behalf of such Underwriter by (ii) the Issue Price per Initial
Common Unit. Upon receipt by the Partnership of the Capital Contributions from the Underwriters as provided in this Section 5.3(b), the Partnership used such cash to redeem from Teekay Corporation that number of Common Units equal to the number
of Common Units issued to the Underwriters as provided in this Section 5.3(b). 
 (c) No Limited Partner Interests were issued or
issuable as of or at the Closing Date other than (i) the Common Units issuable pursuant to subparagraph (a) of this Section 5.3 in aggregate number equal to 7,000,000, (ii) the “Option Units” as such term is used
in the Underwriting Agreement in an aggregate number up to 1,050,000 issuable upon exercise of the Over-Allotment Option pursuant to subparagraph (c) hereof, (iii) the 9,800,000 Subordinated Units issuable pursuant to Section 5.2
hereof, (iv) the 2,800,000 Common Units issuable pursuant to Section 5.2 hereof, and (v) the Incentive Distribution Rights. 

Section 5.4 Interest and Withdrawal. 

No interest shall be paid by the Partnership on Capital Contributions. No Partner shall be entitled to the withdrawal or return of its Capital
Contribution, except to the extent, if any, that distributions made pursuant to this Agreement or upon termination of the Partnership may be considered and permitted as such by law and then only to the extent provided for in this Agreement. Except
to the extent expressly provided in this Agreement, no Partner shall have priority over any other Partner either as to the return of Capital Contributions or as to profits, losses or distributions. 

  
 -34- 

 Section 5.5 Issuances of Additional Partnership Securities. 

(a) Subject to any approvals required by Preferred Unit Holders pursuant to Section 16.5(c)(ii), the Partnership may issue additional
Partnership Securities and options, rights, warrants and appreciation rights relating to the Partnership Securities for any Partnership purpose at any time and from time to time to such Persons for such consideration and on such terms and conditions
as the General Partner shall determine, all without the approval of any Limited Partners. 
 (b) Each additional Partnership Security
authorized to be issued by the Partnership pursuant to Section 5.5(a) may be issued in one or more classes, or one or more series of any such classes, with such designations, preferences, rights, powers and duties (which may be senior to
existing classes and series of Partnership Securities), as shall be fixed by the General Partner, including (i) the right to share in Partnership distributions; (ii) the rights upon dissolution and liquidation of the Partnership;
(iii) whether, and the terms and conditions upon which, the Partnership may or shall be required to redeem the Partnership Security (including sinking fund provisions); (iv) whether such Partnership Security is issued with the privilege of
conversion or exchange and, if so, the terms and conditions of such conversion or exchange; (v) the terms and conditions upon which each Partnership Security will be issued, evidenced by certificates and assigned or transferred; (vi) the
method for determining the Percentage Interest as to such Partnership Security; and (vii) the right, if any, of each such Partnership Security to vote on Partnership matters, including matters relating to the relative rights, preferences and
privileges of such Partnership Security. 
 (c) The General Partner shall take all actions that it determines to be necessary or appropriate
in connection with (i) each issuance of Partnership Securities and options, rights, warrants and appreciation rights relating to Partnership Securities pursuant to this Section 5.5, (ii) the conversion of the General Partner Interest
(represented by General Partner Units) or any Incentive Distribution Rights or any convertible Partnership Securities into Units pursuant to the terms of this Agreement, (iii) the admission of additional Limited Partners and (iv) all
additional issuances of Partnership Securities. The General Partner shall determine the relative rights, powers and duties of the holders of the Units or other Partnership Securities being so issued. The General Partner shall do all things necessary
to comply with the Marshall Islands Act and is authorized and directed to do all things that it determines to be necessary or appropriate in connection with any future issuance of Partnership Securities or in connection with the conversion of the
General Partner Interest or any Incentive Distribution Rights or any convertible Partnership Securities into Units pursuant to the terms of this Agreement, including compliance with any statute, rule, regulation or guideline of any federal, state or
other governmental agency or any National Securities Exchange on which the Units or other Partnership Securities are listed or admitted to trading. 

  
 -35- 

 Section 5.6 Limitations on Issuance of Additional Partnership Securities. 

The Partnership may issue an unlimited number of Partnership Securities (or options, rights, warrants or appreciation rights related thereto)
pursuant to Section 5.5 without the approval of the Limited Partners; provided, however, that no fractional units shall be issued by the Partnership. 

Section 5.7 Limited Preemptive Right. 

Except as provided in this Section 5.7 and in Section 5.2(b), no Person shall have any preemptive, preferential or other similar
right with respect to the issuance of any Partnership Security, whether unissued, held in the treasury or hereafter created. The General Partner shall have the right, which it may from time to time assign in whole or in part to any of its
Affiliates, to purchase Partnership Securities from the Partnership whenever, and on the same terms that, the Partnership issues Partnership Securities to Persons other than the General Partner and its Affiliates, to the extent necessary to maintain
the Percentage Interests of the General Partner and its Affiliates equal to that which existed immediately prior to the issuance of such Partnership Securities; provided, however, that the amount of any series of Preferred Units issued
by the Partnership from time to time that the General Partner shall have a right to purchase pursuant to this Section 5.7 shall equal the product of (a) the aggregate Percentage Interest of the General Partner and its Affiliates multiplied
by (b) the number of such series of Preferred Units so issued. 
 Section 5.8 Splits and Combinations. 

(a) Subject to Sections 5.8(d) and 6.5 (dealing with adjustments of distribution levels), the Partnership may make a Pro Rata distribution of
Partnership Securities (other than Preferred Units) to all Record Holders of the same class or series of Partnership Securities or may effect a subdivision or combination of the same class or series of Partnership Securities so long as, after any
such event, each Partner holding such class or series of such Partnership Securities shall have the same Percentage Interest in the Partnership as before such event, and any amounts calculated on a per Unit basis (including those based on the
applicable Preferred Unit Liquidation Preference or the applicable Stated Preferred Unit Liquidation Preference) or stated as a number of Units are proportionately adjusted, to the extent applicable. 

(b) Whenever such a distribution, subdivision or combination of Partnership Securities is declared, the General Partner shall select a Record
Date as of which the distribution, subdivision or combination shall be effective and shall send notice thereof at least 20 days prior to such Record Date to each Record Holder as of a date not less than 10 days prior to the date of such
notice. The General Partner also may cause a firm of independent public accountants selected by it to calculate the number of Partnership Securities to be held by each Record Holder after giving effect to such distribution, subdivision or
combination. The General Partner shall be entitled to rely on any certificate provided by such firm as conclusive evidence of the accuracy of such calculation. 

  
 -36- 

 (c) Promptly following any such distribution, subdivision or combination, the Partnership may
issue Certificates to the Record Holders of Partnership Securities as of the applicable Record Date representing the new number of Partnership Securities held by such Record Holders, or the General Partner may adopt such other procedures that it
determines to be necessary or appropriate to reflect such changes. If any such combination results in a smaller total number of Partnership Securities Outstanding, the Partnership shall require, as a condition to the delivery to a Record Holder of
such new Certificate, the surrender of any Certificate held by such Record Holder immediately prior to such Record Date. 
 (d) The
Partnership shall not issue fractional Units upon any distribution, subdivision or combination of Units. If a distribution, subdivision or combination of Units would result in the issuance of fractional Units but for the provisions of this
Section 5.8(d), each fractional Unit shall be rounded to the nearest whole Unit (and a 0.5 Unit shall be rounded to the next higher Unit). 

Section 5.9 Fully Paid and Non-Assessable Nature of Limited Partner Interests. 

All Limited Partner Interests issued pursuant to, and in accordance with the requirements of, this Article V shall be fully paid and
non-assessable Limited Partner Interests in the Partnership, except as such non-assessability may be affected by the Marshall Islands Act. 

ARTICLE VI 
 ALLOCATIONS
AND DISTRIBUTIONS 
 Section 6.1 Allocations. 

For purposes of the Marshall Islands Act, the Partnership’s items of income, gain, loss and deduction shall be allocated among the
Partners in each taxable year (or portion thereof) as follows: 
 (a) to each (i) Series A Holder, an allocation of items of
income, including if necessary items of gross income, in an amount equal to the difference, if any, between (A) the excess of the Series A Liquidation Preference attributable to such Series A Holder over the Stated Series A
Liquidation Preference attributable to such Series A Holder and (B) the cumulative amount of all prior allocations of income to such Series A Holder pursuant to this Section 6.1(a), (ii) Series B Holder, an allocation of items of
income, including if necessary items of gross income, in an amount equal to the difference, if any, between (A) the excess of the Series B Liquidation Preference attributable to such Series B Holder over the Stated Series B Liquidation
Preference attributable to such Series B Holder and (B) the cumulative amount of all prior allocations of income to such Series B Holder pursuant to this Section 6.1(a) and (iii) Series C Holder, an allocation of items of income,
including if necessary items of gross income, in an amount equal to the difference, if any, between (A) the excess of the Series C Liquidation Preference attributable to such Series C Holder over the Stated Series C Liquidation Preference
attributable to such Series C Holder and (B) the cumulative amount of all prior allocations of income to such Series C Holder pursuant to this Section 6.1(a), provided that, in the event the

  
 -37- 

 
Partnership’s gross income for a taxable year (or portion thereof) is less than the sum of the amounts determined pursuant to clauses (i), (ii) and (iii), allocations shall be made pro
rata to Series A Holders, Series B Holders and Series C Holders in proportion to the amounts set forth in clauses (i), (ii) and (iii) above; and 

(b) (after taking into account any allocations of gross income to a Series A Holder, Series B Holder or Series C Holder, as applicable,
pursuant to Section 6.1(a)), in a manner such that all allocations to the Partners (including allocations made pursuant to Section 6.1(a)) are in accordance with the Partners’ interests in the Partnership, taking into account Sections
6.3, 6.4 and 12.4 and Article XVI. 
 Section 6.2 Requirement and Characterization of Distributions; Distributions to Record Holders. 

(a) Subject to Section 16.3, within 45 days following the end of each Quarter commencing with the Quarter ending on December 31,
2006, an amount equal to 100% of Available Cash with respect to such Quarter shall, subject to Section 51 of the Marshall Islands Act, be distributed in accordance with this Article VI by the Partnership to the Partners as of the Record
Date selected by the General Partner. All amounts of Available Cash distributed by the Partnership on any date from any source shall be deemed to be Operating Surplus until the sum of all amounts of Available Cash theretofore distributed by the
Partnership to the Partners pursuant to Section 6.3 equals the Operating Surplus from the Closing Date through the close of the immediately preceding Quarter. Any remaining amounts of Available Cash distributed by the Partnership on such date
shall, except as otherwise provided in Section 6.4, be deemed to be “Capital Surplus.” This Section 6.2(a) shall not apply to Preferred Units. 

(b) Notwithstanding Section 6.2(a), in the event of the dissolution and liquidation of the Partnership, all receipts received during or
after the Quarter in which the Liquidation Date occurs, other than from borrowings described in (a)(ii) of the definition of Available Cash, shall be applied and distributed solely in accordance with, and subject to the terms and conditions of,
Section 12.4. 
 (c) Each distribution in respect of a Partnership Interest shall be paid by the Partnership, directly or through
the Transfer Agent or through any other Person or agent, only to the Record Holder of such Partnership Interest as of the Record Date set for such distribution. Such payment shall constitute full payment and satisfaction of the
Partnership’s liability in respect of such payment, regardless of any claim of any Person who may have an interest in such payment by reason of an assignment or otherwise. 

At any time there are accrued but unpaid distributions on the Series C Preferred Units, no Special Distributions with respect to Common Units
shall be permitted. 

  
 -38- 

 Section 6.3 Distributions of Available Cash from Operating Surplus. 

Available Cash with respect to any Quarter that is deemed to be Operating Surplus pursuant to the provisions of Sections 6.2 or 6.4,
shall, subject to Section 51 of the Marshall Islands Act, be distributed as follows (subject to Section 16.3 in respect of any series of Preferred Units described therein and except as otherwise required by Section 5.5 in respect of
additional Partnership Securities issued pursuant thereto): 
 (a) First, 100% to the General Partner and the Unitholders in accordance with
their respective Percentage Interests, until there has been distributed in respect of each Unit then Outstanding an amount equal to the Minimum Quarterly Distribution for such Quarter; 

(b) Second, 100% to the General Partner and the Unitholders in accordance with their respective Percentage Interests, until there has been
distributed in respect of each Unit then Outstanding an amount equal to the excess of the First Target Distribution over the Minimum Quarterly Distribution for such Quarter; 

(c) Third, (i) to the General Partner in accordance with its Percentage Interest; (ii) 13% to the holders of the Incentive
Distribution Rights, Pro Rata; and (iii) to all Unitholders, Pro Rata, a percentage equal to 100% less the sum of the percentages applicable to subclauses (i) and (ii) of this clause (c), until there has been distributed in
respect of each Unit then Outstanding an amount equal to the excess of the Second Target Distribution over the First Target Distribution for such Quarter; 

(d) Fourth, (i) to the General Partner in accordance with its Percentage Interest; (ii) 23% to the holders of the Incentive
Distribution Rights, Pro Rata; and (iii) to all Unitholders, Pro Rata, a percentage equal to 100% less the sum of the percentages applicable to subclause (i) and (ii) of this clause (d), until there has been distributed in
respect of each Unit then Outstanding an amount equal to the excess of the Third Target Distribution over the Second Target Distribution for such Quarter; and 

(e) Thereafter, (i) to the General Partner in accordance with its Percentage Interest; (ii) 48% to the holders of the Incentive
Distribution Rights, Pro Rata; and (iii) to all Unitholders, Pro Rata, a percentage equal to 100% less the sum of the percentages applicable to subclauses (i) and (ii) of this clause (e); 

provided, however, that if the Minimum Quarterly Distribution, the First Target Distribution, the Second Target Distribution and the Third Target Distribution
have been reduced to zero pursuant to the second sentence of Section 6.5, the distribution of Available Cash that is deemed to be Operating Surplus with respect to any Quarter will be made solely in accordance with Section 6.3(e). No
distributions shall be made with respect to Preferred Units pursuant to this Section 6.3. 

  
 -39- 

 Section 6.4 Distributions of Available Cash from Capital Surplus. 

Available Cash that is deemed to be Capital Surplus pursuant to the provisions of Section 6.2(a) shall, subject to Section 51 of the
Marshall Islands Act and Section 16.3 in respect of any series of Preferred Units described therein, be distributed, unless the provisions of Section 6.2 require otherwise, 100% to the General Partner and the Unitholders (other than
Preferred Unit Holders) in accordance with their respective Percentage Interests, until a hypothetical holder of a Common Unit acquired on the Closing Date has received with respect to such Common Unit, during the period since the Closing Date
through such date, distributions of Available Cash that are deemed to be Capital Surplus in an aggregate amount equal to the Initial Unit Price. Thereafter and subject to Section 16.3, all Available Cash shall be distributed as if it were
Operating Surplus and shall be distributed in accordance with Section 6.3. 
 Section 6.5 Adjustment of Minimum Quarterly Distribution and
Target Distribution Levels. 
 The Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target
Distribution shall be proportionately adjusted in the event of any distribution, combination or subdivision (whether effected by a distribution payable in Units or otherwise) of Units or other Partnership Securities in accordance with
Section 5.8. In the event of a distribution of Available Cash that is deemed to be from Capital Surplus, the then applicable Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target Distribution,
shall be reduced in the same proportion that the distribution had to the fair market value of the Common Units prior to the announcement of the distribution. If the Common Units are publicly traded on a National Securities Exchange, the fair market
value will be the Current Market Price before the ex-distribution date. If the Common Units are not publicly traded, the fair market value will be determined by the Board of Directors of the General Partner. 

Section 6.6 Special Provisions Relating to the Holders of Incentive Distribution Rights. 

Notwithstanding anything to the contrary set forth in this Agreement, the holders of the Incentive Distribution Rights (a) shall possess
the rights and obligations provided in this Agreement with respect to a Limited Partner pursuant to Articles III and VII and (b) shall not (i) be entitled to vote on any matters requiring the approval or vote of the holders of
Outstanding Units, except as provided by law, or (ii) be entitled to any distributions other than as provided in Sections 6.3(c), (d) and (e) and 12.4. 

ARTICLE VII 
 MANAGEMENT
AND OPERATION OF BUSINESS 
 Section 7.1 Management. 

(a) The General Partner shall conduct, direct and manage all activities of the Partnership. Except as otherwise expressly provided in this
Agreement, all management powers 

  
 -40- 

 
over the business and affairs of the Partnership shall be exclusively vested in the General Partner, and no Limited Partner shall have any management power over the business and affairs of the
Partnership. In addition to the powers now or hereafter granted a general partner of a limited partnership under applicable law or that are granted to the General Partner under any other provision of this Agreement, the General Partner, subject to
Section 7.3, shall have full power and authority to do all things and on such terms as it determines to be necessary or appropriate to conduct the business of the Partnership, to exercise all powers set forth in Section 2.5 and to
effectuate the purposes set forth in Section 2.4, including the following: 
 (i) the making of any expenditures, the lending or
borrowing of money, the assumption or guarantee of, or other contracting for, indebtedness and other liabilities, the issuance of evidences of indebtedness, including indebtedness that is convertible into Partnership Securities (subject to
Section 16.5(c)(ii) with respect to any Senior Securities), and the incurring of any other obligations; 
 (ii) the making of tax,
regulatory and other filings, or rendering of periodic or other reports to governmental or other agencies having jurisdiction over the business or assets of the Partnership; 

(iii) the acquisition, disposition, mortgage, pledge, encumbrance, hypothecation or exchange of any or all of the assets of the Partnership or
the merger, consolidation or other combination of the Partnership with or into another Person (the matters described in this clause (iii) being subject, however, to any prior approval that may be required by Section 7.3 and
Article XIV); 
 (iv) the use of the assets of the Partnership (including cash on hand) for any purpose consistent with the terms of
this Agreement, including the financing of the conduct of the operations of the Partnership Group; subject to Section 7.6(a), the lending of funds to other Persons (including other Group Members); the repayment or guarantee of obligations of
any Group Member; and the making of capital contributions to any Group Member; 
 (v) the negotiation, execution and performance of any
contracts, conveyances or other instruments (including instruments that limit the liability of the Partnership under contractual arrangements to all or particular assets of the Partnership, with the other party to the contract to have no recourse
against the General Partner or its assets other than its interest in the Partnership, even if such non-recourse provision results in the terms of the transaction being less favorable to the Partnership than would otherwise be the case); 

(vi) the distribution of Partnership cash; 

(vii) the selection and dismissal of employees (including employees having titles such as “president,” “vice president,”
“secretary” and “treasurer”) and agents, outside attorneys, accountants, consultants and contractors and the determination of their compensation and other terms of employment or hiring; 

  
 -41- 

 (viii) the maintenance of insurance for the benefit of the Partnership Group, the Partners and
Indemnitees; 
 (ix) the formation of, or acquisition of an interest in, and the contribution of property and the making of loans to, any
further limited or general partnerships, joint ventures, corporations, limited liability companies or other relationships (including the acquisition of interests in, and the contributions of property to, any Group Member from time to time) subject
to the restrictions set forth in Section 2.4; 
 (x) the control of any matters affecting the rights and obligations of the Partnership,
including the bringing and defending of actions at law or in equity and otherwise engaging in the conduct of litigation, arbitration or mediation and the incurring of legal expenses and the settling of claims and litigation; 

(xi) the indemnification of any Person against liabilities and contingencies to the extent permitted by law; 

(xii) the entering into of listing agreements with any National Securities Exchange and the delisting of some or all of the Limited Partner
Interests from, or requesting that trading be suspended on, any such exchange (subject to any prior approval that may be required under Section 4.8); 

(xiii) the purchase, sale or other acquisition or disposition of Partnership Securities (subject to Section 16.6(f)), or the issuance of
options, rights, warrants and appreciation rights relating to Partnership Securities; 
 (xiv) the undertaking of any action in connection
with the Partnership’s participation in any Group Member; and 
 (xv) the entering into of agreements with any of its Affiliates to
render services to a Group Member or to itself in the discharge of its duties as General Partner of the Partnership. 
 (b) Notwithstanding
any other provision of this Agreement, any Group Member Agreement, the Marshall Islands Act or any applicable law, rule or regulation, each of the Partners and each other Person who may acquire an interest in Partnership Securities hereby
(i) approves, ratifies and confirms the execution, delivery and performance by the parties thereto of this Agreement, the Underwriting Agreement, the Omnibus Agreement, the Contribution Agreement, any Group Member Agreement of any other Group
Member and the other agreements described in or filed as exhibits to the Registration Statement that are related to the transactions contemplated by the Registration Statement; (ii) agrees that the General Partner (on its own or on behalf of
the Partnership) is authorized to execute, deliver and perform the agreements referred to in clause (i) of this sentence and the other agreements, acts, transactions and matters described in or contemplated by the Registration Statement on
behalf of the Partnership without any further act, approval or vote of the Partners or the other Persons who 

  
 -42- 

 
may acquire an interest in Partnership Securities; and (iii) agrees that the execution, delivery or performance by the General Partner, any Group Member or any Affiliate of any of them of
this Agreement or any agreement authorized or permitted under this Agreement (including the exercise by the General Partner or any Affiliate of the General Partner of the rights accorded pursuant to Article XV) shall not constitute a breach by
the General Partner of any duty that the General Partner may owe the Partnership or the Limited Partners or any other Persons under this Agreement (or any other agreements) or of any duty stated or implied by law or equity. 

Section 7.2 Certificate of Limited Partnership. 

The General Partner caused the Certificate of Limited Partnership to be filed with the Marshall Islands Registrar as required by the Marshall
Islands Act. The General Partner shall use all commercially reasonable efforts to cause to be filed such other certificates or documents that the General Partner determines to be necessary or appropriate for the formation, continuation,
qualification and operation of a limited partnership (or a partnership or other entity in which the limited partners have limited liability) in the Marshall Islands or any other jurisdiction in which the Partnership may elect to do business or own
property. To the extent the General Partner determines such action to be necessary or appropriate, the General Partner shall file amendments to and restatements of the Certificate of Limited Partnership and do all things to maintain the Partnership
as a limited partnership (or a partnership or other entity in which the limited partners have limited liability) under the laws of the Marshall Islands or of any other jurisdiction in which the Partnership may elect to do business or own property.
Subject to the terms of Section 3.4(a), the General Partner shall not be required, before or after filing, to deliver or mail a copy of the Certificate of Limited Partnership, any qualification document or any amendment thereto to any Limited
Partner. 
 Section 7.3 Restrictions on the General Partner’s Authority. 

(a) Except as otherwise provided in this Agreement, the General Partner may not, without written approval of the specific act by holders of all
of the Outstanding Limited Partner Interests or by other written instrument executed and delivered by holders of all of the Outstanding Limited Partner Interests subsequent to the date of this Agreement, take any action in contravention of this
Agreement. 
 (b) Except as provided in Articles XII and XIV, the General Partner may not sell, exchange or otherwise dispose of all or
substantially all of the assets of the Partnership Group, taken as a whole, in a single transaction or a series of related transactions (including by way of merger, consolidation, other combination or sale of ownership interests in the
Partnership’s Subsidiaries) without the approval of holders of a Unit Majority; provided, however, that this provision shall not preclude or limit the General Partner’s ability to mortgage, pledge, hypothecate or grant a
security interest in all or substantially all of the assets of the Partnership Group and shall not apply to any forced sale of any or all of the assets of the Partnership Group pursuant to the foreclosure of, or other realization upon, any such
encumbrance. Without the approval of holders of a Unit Majority, the General Partner shall not, on behalf of the Partnership, except as permitted under Sections 4.6, 11.1 and 11.2, elect or cause the Partnership to elect a successor general
partner of the Partnership. 

  
 -43- 

 Section 7.4 Reimbursement of the General Partner. 

(a) Except as provided in this Section 7.4 and elsewhere in this Agreement, the General Partner shall not be compensated for its services
as a general partner or managing member of any Group Member. 
 (b) The General Partner shall be reimbursed on a monthly basis, or such
other basis as the General Partner may determine, for (i) all direct and indirect expenses it incurs or payments it makes on behalf of the Partnership Group (including salary, bonus, incentive compensation and other amounts paid to any Person,
including Affiliates of the General Partner, to perform services for the Partnership or for the General Partner in the discharge of its duties to the Partnership Group, which amounts shall also include reimbursement for any Common Units purchased to
satisfy obligations of the Partnership under any of its equity compensation plans), and (ii) all other direct and indirect expenses allocable to the Partnership or otherwise incurred by the General Partner in connection with operating the
Partnership Group’s business (including expenses allocated to the General Partner by its Affiliates). The General Partner shall determine the expenses that are allocable to the Partnership Group. Reimbursements pursuant to this Section 7.4
shall be in addition to any reimbursement to the General Partner as a result of indemnification pursuant to Section 7.7. 
 (c) The
General Partner and its Affiliates may charge any member of the Partnership Group a management fee to the extent necessary to allow the Partnership Group to reduce the amount of any U.S. federal, state or local or any non-U.S. franchise or
income tax or any other tax based upon the revenues or gross margin of any member of the Partnership Group if the tax benefit produced by the payment of such management fee or fees exceeds the amount of such fee or fees. 

(d) The General Partner, without the approval of the Limited Partners (who shall have no right to vote in respect thereof), may propose and
adopt on behalf of the Partnership employee benefit plans, employee programs and employee practices (including plans, programs and practices involving the issuance of Partnership Securities or options to purchase or rights, warrants or appreciation
rights relating to Partnership Securities), or cause the Partnership to issue Partnership Securities in connection with, or pursuant to, any employee benefit plan, employee program or employee practice maintained or sponsored by the General Partner
or any of its Affiliates, in each case for the benefit of employees of the General Partner, any Group Member or any Affiliate thereof, or any of them, in respect of services performed, directly or indirectly, for the benefit of the Partnership
Group. The Partnership agrees to issue and sell to the General Partner or any of its Affiliates any Partnership Securities that the General Partner or such Affiliates are obligated to provide to any employees pursuant to any such employee benefit
plans, employee programs or employee practices. Expenses incurred by the General Partner in connection with any such plans, programs and practices (including the net cost to the General Partner or such Affiliates of Partnership Securities purchased
by the General Partner or such 

  
 -44- 

 
Affiliates from the Partnership or in the open market to fulfill options or awards under such plans, programs and practices) shall be reimbursed in accordance with Section 7.4(b). Any and
all obligations of the General Partner under any employee benefit plans, employee programs or employee practices adopted by the General Partner as permitted by this Section 7.4(c) shall constitute obligations of the General Partner hereunder
and shall be assumed by any successor General Partner approved pursuant to Section 11.1 or 11.2 or the transferee of or successor to all of the General Partner’s General Partner Interest pursuant to Section 4.6. 

Section 7.5 Outside Activities. 
 (a)
After the Closing Date, the General Partner, for so long as it is the general partner of the Partnership (i) agrees that its sole business will be to act as a general partner or managing member, as the case may be, of the Partnership and any
other partnership or limited liability company of which the Partnership is, directly or indirectly, a partner or member and to undertake activities that are ancillary or related thereto (including being a limited partner in the Partnership),
(ii) shall not engage in any business or activity or incur any debts or liabilities except in connection with or incidental to (A) its performance as general partner or managing member, if any, of one or more Group Members or as described
in or contemplated by the Registration Statement or (B) the acquiring, owning or disposing of debt or equity securities in any Group Member and (iii) except to the extent permitted in the Omnibus Agreement, shall not, and shall cause its
controlled Affiliates not to, engage in any LNG Restricted Business or Crude Oil Restricted Business (as such terms are defined in the Omnibus Agreement). 

(b) Teekay Corporation, Teekay LNG Partners L.P. and certain of their respective Affiliates have entered into the Omnibus Agreement, which
agreement sets forth certain restrictions on the ability of Teekay Corporation, Teekay LNG Partners L.P. and certain of their Affiliates to engage in any Offshore Restricted Business (as defined in the Omnibus Agreement). 

(c) Except as specifically restricted by Section 7.5(a) or the Omnibus Agreement, each Indemnitee (other than the General Partner) shall
have the right to engage in businesses of every type and description and other activities for profit and to engage in and possess an interest in other business ventures of any and every type or description, whether in businesses engaged in or
anticipated to be engaged in by any Group Member, independently or with others, including business interests and activities in direct competition with the business and activities of any Group Member, and none of the same shall constitute a breach of
this Agreement or any duty expressed or implied by law to any Group Member or any Partner. Notwithstanding anything to the contrary in this Agreement, (i) the possessing of competitive interests and engaging in competitive activities by any
Indemnitees (other than the General Partner) in accordance with the provisions of this Section 7.5 is hereby approved by the Partnership and all Partners and (ii) it shall be deemed not to be a breach of any fiduciary duty or any other
obligation of any type whatsoever of the General Partner or of any Indemnitee for the Indemnitees (other than the General Partner) to engage in such business interests and activities in preference to or to the exclusion of the Partnership. 

  
 -45- 

 (d) Notwithstanding anything to the contrary in this Agreement, the doctrine of corporate
opportunity, or any analogous doctrine, shall not apply to an Indemnitee (including the General Partner) and, subject to the terms of Section 7.5(a), Section 7.5(b), Section 7.5(c) and the Omnibus Agreement, no Indemnitee (including
the General Partner) who acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Partnership shall have any duty to communicate or offer such opportunity to the Partnership, and,
subject to the terms of Section 7.5(a), Section 7.5(b), Section 7.5(c) and the Omnibus Agreement, such Indemnitee (including the General Partner) shall not be liable to the Partnership, to any Limited Partner or any other Person for
breach of any fiduciary or other duty by reason of the fact that such Indemnitee (including the General Partner) pursues or acquires such opportunity for itself, directs such opportunity to another Person or does not communicate such opportunity or
information to the Partnership. 
 (e) The General Partner and each of its Affiliates may acquire Units or other Partnership Securities in
addition to those acquired on the Closing Date and, except as otherwise provided in this Agreement, shall be entitled to exercise, at their option, all rights relating to all Units or other Partnership Securities acquired by them. The term
“Affiliates” as used in this Section 7.5(e) with respect to the General Partner shall not include any Group Member. 
 Section 7.6
Loans from the General Partner; Loans or Contributions from the Partnership or Group Members. 
 (a) The General Partner or any of its
Affiliates may lend to any Group Member, and any Group Member may borrow from the General Partner or any of its Affiliates, funds needed or desired by the Group Member for such periods of time and in such amounts as the General Partner may
determine; provided, however, that in any such case the lending party may not charge the borrowing party interest at a rate greater than the rate that would be charged the borrowing party or impose terms less favorable to the borrowing
party than would be charged or imposed on the borrowing party by unrelated lenders on comparable loans made on an arms’-length basis (without reference to the lending party’s financial abilities or guarantees), all as determined by the
General Partner. The borrowing party shall reimburse the lending party for any costs (other than any additional interest costs) incurred by the lending party in connection with the borrowing of such funds. For purposes of this Section 7.6(a)
and Section 7.6(b), the term “Group Member” shall include any Affiliate of a Group Member that is controlled by the Group Member. 

(b) The Partnership may lend or contribute to any Group Member, and any Group Member may borrow from the Partnership, funds on terms and
conditions determined by the General Partner. No Group Member may lend funds to the General Partner or any of its Affiliates (other than another Group Member). 

(c) No borrowing by any Group Member or the approval thereof by the General Partner shall be deemed to constitute a breach of any duty,
expressed or implied, of the General Partner or its Affiliates to the Partnership or the Limited Partners by reason of the fact that the purpose or effect of such borrowing is directly or indirectly to enable distributions to the General Partner or
its Affiliates (including in their capacities as Limited Partners) to exceed the General Partner’s Percentage Interest of the total amount distributed to all partners. 

  
 -46- 

 Section 7.7 Indemnification. 

(a) To the fullest extent permitted by law but subject to the limitations expressly provided in this Agreement, all Indemnitees shall be
indemnified and held harmless by the Partnership from and against any and all losses, claims, damages, liabilities, joint or several, expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements or other amounts
arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, in which any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, by reason of its
status as an Indemnitee; provided, however, that the Indemnitee shall not be indemnified and held harmless if there has been a final and non-appealable judgment entered by a court of competent jurisdiction determining that, in respect
of the matter for which the Indemnitee is seeking indemnification pursuant to this Section 7.7, the Indemnitee acted in bad faith or engaged in fraud or willful misconduct or, in the case of a criminal matter, acted with knowledge that the
Indemnitee’s conduct was unlawful; and, provided further, that no indemnification pursuant to this Section 7.7 shall be available to the General Partner or its Affiliates (other than a Group Member) with respect to its or their obligations
incurred pursuant to the Underwriting Agreement, the Omnibus Agreement or the Contribution Agreement (other than obligations incurred by the General Partner on behalf of the Partnership). Any indemnification pursuant to this Section 7.7 shall
be made only out of the assets of the Partnership, it being agreed that the General Partner shall not be personally liable for such indemnification and shall have no obligation to contribute or loan any monies or property to the Partnership to
enable it to effectuate such indemnification. 
 (b) To the fullest extent permitted by law, expenses (including legal fees and expenses)
incurred by an Indemnitee who is indemnified pursuant to Section 7.7(a) in defending any claim, demand, action, suit or proceeding shall, from time to time, be advanced by the Partnership prior to a determination that the Indemnitee is not
entitled to be indemnified upon receipt by the Partnership of any undertaking by or on behalf of the Indemnitee to repay such amount if it shall be determined that the Indemnitee is not entitled to be indemnified as authorized in this
Section 7.7. 
 (c) The indemnification provided by this Section 7.7 shall be in addition to any other rights to which an
Indemnitee may be entitled under any agreement, pursuant to any vote of the holders of Outstanding Limited Partner Interests, as a matter of law or otherwise, both as to actions in the Indemnitee’s capacity as an Indemnitee and as to actions in
any other capacity, and shall continue as to an Indemnitee who has ceased to serve in such capacity and shall inure to the benefit of the heirs, successors, assigns and administrators of the Indemnitee. 

(d) The Partnership may purchase and maintain (or reimburse the General Partner or its Affiliates for the cost of) insurance, on behalf of the
General Partner, its Affiliates and such other Persons as the General Partner shall determine, against any liability that may be asserted against, or expense that may be incurred by, such Person in connection with the Partnership’s activities
or such Person’s activities on behalf of the Partnership, regardless of whether the Partnership would have the power to indemnify such Person against such liability under the provisions of this Agreement. 

  
 -47- 

 (e) For purposes of this Section 7.7, the Partnership shall be deemed to have requested an
Indemnitee to serve as fiduciary of an employee benefit plan whenever the performance by the Indemnitee of its duties to the Partnership also imposes duties on, or otherwise involves services by, it to the plan or participants or beneficiaries of
the plan; excise taxes assessed on an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute “fines” within the meaning of Section 7.7(a); and action taken or omitted by the Indemnitee with
respect to any employee benefit plan in the performance of its duties for a purpose reasonably believed by it to be in the best interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose that is in the best
interests of the Partnership. 
 (f) In no event may an Indemnitee subject the Limited Partners to personal liability by reason of the
indemnification provisions set forth in this Agreement. 
 (g) An Indemnitee shall not be denied indemnification in whole or in part under
this Section 7.7 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement. 

(h) The provisions of this Section 7.7 are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators and
shall not be deemed to create any rights for the benefit of any other Persons. 
 (i) No amendment, modification or repeal of this
Section 7.7 or any provision hereof shall in any manner terminate, reduce or impair the right of any past, present or future Indemnitee to be indemnified by the Partnership, nor the obligations of the Partnership to indemnify any such
Indemnitee under and in accordance with the provisions of this Section 7.7 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior
to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 
 Section 7.8 Liability of Indemnitees.

 (a) Notwithstanding anything to the contrary set forth in this Agreement, no Indemnitee shall be liable for monetary damages to the
Partnership, the Limited Partners or any other Persons who have acquired interests in the Partnership Securities, for losses sustained or liabilities incurred as a result of any act or omission of an Indemnitee unless there has been a final and
non-appealable judgment entered by a court of competent jurisdiction determining that, in respect of the matter in question, the Indemnitee acted in bad faith or engaged in fraud or willful misconduct or, in the case of a criminal matter, acted with
knowledge that the Indemnitee’s conduct was criminal. 

  
 -48- 

 (b) Subject to its obligations and duties as General Partner set forth in Section 7.1(a),
the General Partner may exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents, and the General Partner shall not be responsible for any
misconduct or negligence on the part of any such agent appointed by the General Partner in good faith. 
 (c) To the extent that, at law or
in equity, an Indemnitee has duties (including fiduciary duties) and liabilities relating thereto to the Partnership or to the Partners, the General Partner and any other Indemnitee acting in connection with the Partnership’s business or
affairs shall not be liable to the Partnership or to any Partner for its good faith reliance on the provisions of this Agreement. 
 (d) Any
amendment, modification or repeal of this Section 7.8 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the liability of the Indemnitees under this Section 7.8 as in effect immediately
prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 

Section 7.9 Resolution of Conflicts of Interest; Standards of Conduct and Modification of Duties. 

(a) Unless otherwise expressly provided in this Agreement or any Group Member Agreement, whenever a potential conflict of interest exists or
arises between the General Partner or any of its Affiliates, on the one hand, and the Partnership, any Group Member or any Partner, on the other, any resolution or course of action by the General Partner or its Affiliates in respect of such conflict
of interest shall be permitted and deemed approved by all Partners, and shall not constitute a breach of this Agreement, of any Group Member Agreement, of any agreement contemplated herein or therein, or of any duty stated or implied by law or
equity, if the resolution or course of action in respect of such conflict of interest is (i) approved by Special Approval, (ii) approved by the vote of a majority of the Outstanding Common Units (excluding Common Units owned by the General
Partner and its Affiliates), (iii) on terms no less favorable to the Partnership than those generally being provided to or available from unrelated third parties or (iv) fair and reasonable to the Partnership, taking into account the
totality of the relationships between the parties involved (including other transactions that may be particularly favorable or advantageous to the Partnership). The General Partner shall be authorized but not required in connection with its
resolution of such conflict of interest to seek Special Approval of such resolution, and the General Partner may also adopt a resolution or course of action that has not received Special Approval. If Special Approval is not sought and the Board of
Directors of the General Partner determines that the resolution or course of action taken with respect to a conflict of interest satisfies either of the standards set forth in clauses (iii) or (iv) above, then it shall be presumed that, in
making its decision, the Board of Directors of the General Partner acted in good faith, and in any proceeding brought by any Limited Partner or by or on behalf of such Limited Partner or any other Limited Partner or the Partnership challenging such
approval, the Person bringing or prosecuting such proceeding shall have the burden of overcoming such presumption. Notwithstanding anything to the contrary in this Agreement, the existence of the conflicts of interest described in the Registration
Statement are hereby approved by all Partners. 

  
 -49- 

 (b) Whenever the General Partner makes a determination or takes or declines to take any other
action, or any of its Affiliates causes it to do so, in its capacity as the general partner of the Partnership as opposed to in its individual capacity, whether under this Agreement, any Group Member Agreement or any other agreement contemplated
hereby or otherwise, then, unless another express standard is provided for in this Agreement, the General Partner, or such Affiliates causing it to do so, shall make such determination or take or decline to take such other action in good faith and
shall not be subject to any other or different standards imposed by this Agreement, any Group Member Agreement, any other agreement contemplated hereby or under the Marshall Islands Act or any other law, rule or regulation or at equity. In order for
a determination or other action to be in “good faith” for purposes of this Agreement, the Person or Persons making such determination or taking or declining to take such other action must reasonably believe that the determination or other
action is in the best interests of the Partnership, unless the context otherwise requires. 
 (c) Whenever the General Partner makes a
determination or takes or declines to take any other action, or any of its Affiliates causes it to do so, in its individual capacity as opposed to in its capacity as the general partner of the Partnership, whether under this Agreement, any Group
Member Agreement or any other agreement contemplated hereby or otherwise, then the General Partner, or such Affiliates causing it to do so, are entitled to make such determination or to take or decline to take such other action free of any fiduciary
duty or obligation whatsoever to the Partnership or any Limited Partner, and the General Partner, or such Affiliates causing it to do so, shall not be required to act in good faith or pursuant to any other standard imposed by this Agreement, any
Group Member Agreement, any other agreement contemplated hereby or under the Marshall Islands Act or any other law, rule or regulation or at equity. By way of illustration and not of limitation, whenever the phrase, “at the option of the
General Partner,” or some variation of that phrase, is used in this Agreement, it indicates that the General Partner is acting in its individual capacity. For the avoidance of doubt, whenever the General Partner votes or transfers its Units
(including Common Units and any Preferred Units it may hold), General Partner Interest or Incentive Distribution Rights, to the extent permitted under this Agreement, or refrains from voting or transferring its Units (including Common Units and any
Preferred Units it may hold), General Partner Units or Incentive Distribution Rights, as appropriate, it shall be acting in its individual capacity. The General Partner’s organizational documents may provide that determinations to take or
decline to take any action in its individual, rather than representative, capacity may or shall be determined by its members, if the General Partner is a limited liability company, stockholders, if the General Partner is a corporation, or the
members or stockholders of the General Partner’s general partner, if the General Partner is a limited partnership. 
 (d)
Notwithstanding anything to the contrary in this Agreement, the General Partner and its Affiliates shall have no duty or obligation, express or implied, to (i) sell or otherwise dispose of any asset of the Partnership Group other than in the
ordinary course of business or 

  
 -50- 

 
(ii) permit any Group Member to use any facilities or assets of the General Partner and its Affiliates, except as may be provided in contracts entered into from time to time specifically
dealing with such use. Any determination by the General Partner or any of its Affiliates to enter into such contracts shall be at its option. 

(e) Except as expressly set forth in this Agreement, neither the General Partner nor any other Indemnitee shall have any duties or
liabilities, including fiduciary duties, to the Partnership or any Limited Partner and the provisions of this Agreement, to the extent that they restrict, eliminate or otherwise modify the duties and liabilities, including fiduciary duties, of the
General Partner or any other Indemnitee otherwise existing at law or in equity, are agreed by the Partners to replace such other duties and liabilities of the General Partner or such other Indemnitee. Notwithstanding anything to the contrary, but
subject to Section 7.9(c) and without reference to the definition of “good faith” in Section 7.9(b), neither the General Partner nor any other Indemnitee shall owe any fiduciary duties to Preferred Unit Holders other than a
contractual duty of good faith and fair dealing. 
 (f) The Unitholders hereby authorize the General Partner, on behalf of the Partnership
as a partner or member of a Group Member, to approve of actions by the general partner or managing member of such Group Member similar to those actions permitted to be taken by the General Partner pursuant to this Section 7.9. 

Section 7.10 Other Matters Concerning the General Partner. 

(a) The General Partner may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, bond, debenture or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties. 

(b) The General Partner may consult with legal counsel, accountants, appraisers, management consultants, investment bankers and other
consultants and advisers selected by it, and any act taken or omitted to be taken in reliance upon the advice or opinion (including an Opinion of Counsel) of such Persons as to matters that the General Partner reasonably believes to be within such
Person’s professional or expert competence shall be conclusively presumed to have been done or omitted in good faith and in accordance with such advice or opinion. 

(c) The General Partner shall have the right, in respect of any of its powers or obligations hereunder, to act through any of its duly
authorized officers, a duly appointed attorney or attorneys-in-fact or the duly authorized officers of the Partnership. 
 Section 7.11 Purchase or
Sale of Partnership Securities. 
 Subject to Section 16.6(f), the General Partner may cause the Partnership to purchase or
otherwise acquire Partnership Securities. As long as Partnership Securities are held by any Group Member, such Partnership Securities shall not be considered Outstanding for any purpose, except as otherwise provided herein. The General Partner or
any Affiliate of the General Partner may also purchase or otherwise acquire and sell or otherwise dispose of Partnership Securities for its own account, subject to the provisions of Articles IV and X and Section 16.6(f). 

  
 -51- 

 Section 7.12 Registration Rights of the General Partner and its Affiliates. 

(a) If (i) the General Partner or any Affiliate of the General Partner (including for purposes of this Section 7.12, any Person that
is an Affiliate of the General Partner at the date hereof notwithstanding that it may later cease to be an Affiliate of the General Partner) holds Partnership Securities that it desires to sell and (ii) Rule 144 of the Securities Act (or
any successor rule or regulation to Rule 144) (“Rule 144”) or another exemption from registration is not available to enable such holder of Partnership Securities (the “Holder”) to dispose of the number of
Partnership Securities it desires to sell at the time it desires to do so without registration under the Securities Act, then at the option and upon the request of the Holder, the Partnership shall file with the Commission as promptly as practicable
after receiving such request, and use all commercially reasonable efforts to cause to become effective and remain effective for a period of not less than six months following its effective date or such shorter period as shall terminate when all
Partnership Securities covered by such registration statement have been sold, a registration statement under the Securities Act registering the offering and sale of the number of Partnership Securities specified by the Holder; provided,
however, that the Partnership shall not be required to effect more than three registrations pursuant to this Section 7.12(a); and, provided further, that if the Conflicts Committee determines in good faith that the requested registration
would be materially detrimental to the Partnership and its Partners because such registration would (x) materially interfere with a significant acquisition, reorganization or other similar transaction involving the Partnership, (y) require
premature disclosure of material information that the Partnership has a bona fide business purpose for preserving as confidential or (z) render the Partnership unable to comply with requirements under applicable securities laws, then the
Partnership shall have the right to postpone such requested registration for a period of not more than six months after receipt of the Holder’s request, such right pursuant to this Section 7.12(a) not to be utilized more than once in any
12-month period. Except as provided in the preceding sentence, the Partnership shall be deemed not to have used all commercially reasonable efforts to keep the registration statement effective during the applicable period if it voluntarily takes any
action that would result in Holders of Partnership Securities covered thereby not being able to offer and sell such Partnership Securities at any time during such period, unless such action is required by applicable law. In connection with any
registration pursuant to the immediately preceding sentence, the Partnership shall (i) promptly prepare and file (A) such documents as may be necessary to register or qualify the securities subject to such registration under the securities
laws of such states as the Holder shall reasonably request (provided, however, that no such qualification shall be required in any jurisdiction where, as a result thereof, the Partnership would become subject to general service of process or to
taxation or qualification to do business as a foreign corporation or partnership doing business in such jurisdiction solely as a result of such registration), and (B) such documents as may be necessary to apply for listing or to list the
Partnership Securities subject to such registration on such National Securities Exchange as the Holder shall reasonably request, and (ii) do any and all other acts and things that may be necessary or appropriate to enable the

  
 -52- 

 
Holder to consummate a public sale of such Partnership Securities in such states. Except as set forth in Section 7.12(c), all costs and expenses of any such registration and offering (other
than the underwriting discounts and commissions) shall be paid by the Partnership, without reimbursement by the Holder. 
 (b) If the
Partnership shall at any time propose to file a registration statement under the Securities Act for an offering of Partnership Securities for cash (other than an offering relating solely to an employee benefit plan), the Partnership shall use all
commercially reasonable efforts to include such number or amount of Partnership Securities held by any Holder in such registration statement as the Holder shall request; provided, however, that the Partnership is not required to make
any effort or take any action to so include the Partnership Securities of the Holder once the registration statement becomes or is declared effective by the Commission, including any registration statement providing for the offering from time to
time of Partnership Securities pursuant to Rule 415 of the Securities Act. If the proposed offering pursuant to this Section 7.12(b) shall be an underwritten offering, then, in the event that the managing underwriter or managing
underwriters of such offering advise the Partnership and the Holder in writing that in their opinion the inclusion of all or some of the Holder’s Partnership Securities would adversely and materially affect the success of the offering, the
Partnership shall include in such offering only that number or amount, if any, of Partnership Securities held by the Holder that, in the opinion of the managing underwriter or managing underwriters, will not so adversely and materially affect the
offering. Except as set forth in Section 7.12(c), all costs and expenses of any such registration and offering (other than the underwriting discounts and commissions) shall be paid by the Partnership, without reimbursement by the Holder. 

(c) If underwriters are engaged in connection with any registration referred to in this Section 7.12, the Partnership shall provide
indemnification, representations, covenants, opinions and other assurance to the underwriters in form and substance reasonably satisfactory to such underwriters. Further, in addition to and not in limitation of the Partnership’s obligation
under Section 7.7, the Partnership shall, to the fullest extent permitted by law, indemnify and hold harmless the Holder, its officers, directors and each Person who controls the Holder (within the meaning of the Securities Act) and any agent
thereof (collectively, “Indemnified Persons”) from and against any and all losses, claims, demands, actions, causes of action, assessments, damages, liabilities (joint or several), costs and expenses (including interest, penalties
and reasonable attorneys’ fees and disbursements), resulting to, imposed upon, or incurred by the Indemnified Persons, directly or indirectly, under the Securities Act or otherwise (hereinafter referred to in this Section 7.12(c) as a
“claim” and in the plural as “claims”) based upon, arising out of or resulting from any untrue statement or alleged untrue statement of any material fact contained in any registration statement under which any Partnership
Securities were registered under the Securities Act or any state securities or Blue Sky laws, in any preliminary prospectus or issuer free writing prospectus as defined in Rule 433 of the Securities Act (if used prior to the effective date of
such registration statement), or in any summary or final prospectus or in any amendment or supplement thereto (if used during the period the Partnership is required to keep the registration statement current), or arising out of, based upon or
resulting from the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make 

  
 -53- 

 
the statements made therein not misleading; provided, however, that the Partnership shall not be liable to any Indemnified Person to the extent that any such claim arises out of, is
based upon or results from an untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement, such preliminary, summary or final prospectus or such amendment or supplement, in reliance upon and in
conformity with written information furnished to the Partnership by or on behalf of such Indemnified Person specifically for use in the preparation thereof. 

(d) The provisions of Section 7.12(a) and Section 7.12(b) shall continue to be applicable with respect to the General Partner (and
any of the General Partner’s Affiliates) after it ceases to be a general partner of the Partnership, during a period of two years subsequent to the effective date of such cessation and for so long thereafter as is required for the Holder to
sell all of the Partnership Securities with respect to which it has requested during such two-year period inclusion in a registration statement otherwise filed or that a registration statement be filed; provided, however, that the
Partnership shall not be required to file successive registration statements covering the same Partnership Securities for which registration was demanded during such two-year period. The provisions of Section 7.12(c) shall continue in effect
thereafter. 
 (e) The rights to cause the Partnership to register Partnership Securities pursuant to this Section 7.12 may be assigned
(but only with all related obligations) by a Holder to a transferee or assignee of such Partnership Securities, provided (i) the Partnership is, within a reasonable time after such transfer, furnished with written notice of the name and address
of such transferee or assignee and the Partnership Securities with respect to which such registration rights are being assigned, and (ii) such transferee or assignee agrees in writing to be bound by and subject to the terms set forth in this
Section 7.12. 
 (f) Any request to register Partnership Securities pursuant to this Section 7.12 shall (i) specify the
Partnership Securities intended to be offered and sold by the Person making the request, (ii) express such Person’s present intent to offer such Partnership Securities for distribution, (iii) describe the nature or method of the
proposed offer and sale of Partnership Securities, and (iv) contain the undertaking of such Person to provide all such information and materials and take all action as may be required in order to permit the Partnership to comply with all
applicable requirements in connection with the registration of such Partnership Securities. 
 Section 7.13 Reliance by Third Parties. 

Notwithstanding anything to the contrary in this Agreement, any Person dealing with the Partnership shall be entitled to assume that the
General Partner and any officer of the General Partner authorized by the General Partner to act on behalf of and in the name of the Partnership has full power and authority to encumber, sell or otherwise use in any manner any and all assets of the
Partnership and to enter into any authorized contracts on behalf of the Partnership, and such Person shall be entitled to deal with the General Partner or any such officer as if it were the Partnership’s sole party in interest, both legally and
beneficially. Each Limited Partner hereby waives any and all defenses or other remedies that may be available against such Person to contest, negate or disaffirm any action of the General Partner or any such officer in connection

  
 -54- 

 
with any such dealing. In no event shall any Person dealing with the General Partner or any such officer or its representatives be obligated to ascertain that the terms of this Agreement have
been complied with or to inquire into the necessity or expedience of any act or action of the General Partner or any such officer or its representatives. Each and every certificate, document or other instrument executed on behalf of the Partnership
by the General Partner, its officers or its representatives shall be conclusive evidence in favor of any and every Person relying thereon or claiming thereunder that (a) at the time of the execution and delivery of such certificate, document or
instrument, this Agreement was in full force and effect, (b) the Person executing and delivering such certificate, document or instrument was duly authorized and empowered to do so for and on behalf of the Partnership and (c) such
certificate, document or instrument was duly executed and delivered in accordance with the terms and provisions of this Agreement and is binding upon the Partnership. 

ARTICLE VIII 
 BOOKS,
RECORDS, ACCOUNTING AND REPORTS 
 Section 8.1 Records and Accounting. 

The General Partner shall keep or cause to be kept at the principal office of the Partnership appropriate books and records with respect to the
Partnership’s business, including all books and records necessary to provide to the Limited Partners any information required to be provided pursuant to Section 3.4(a). Any books and records maintained by or on behalf of the Partnership in
the regular course of its business, including the record of the Record Holders of Units or other Partnership Securities, books of account and records of Partnership proceedings, may be kept on, or be in the form of, computer disks, hard drives,
punch cards, magnetic tape, photographs, micrographics or any other information storage device; provided, however, that the books and records so maintained are convertible into clearly legible written form within a reasonable period of
time. The books of the Partnership shall be maintained, for financial reporting purposes, on an accrual basis in accordance with U.S. GAAP. 

Section 8.2 Fiscal Year. 
 The fiscal
year of the Partnership shall be a fiscal year ending December 31. 
 Section 8.3 Reports. 

(a) As soon as practicable, but in no event later than 120 days after the close of each fiscal year of the Partnership, the General
Partner shall cause to be mailed or made available, by any reasonable means (including posting on the Partnership’s website), to each Record Holder of a Unit as of a date selected by the General Partner, an annual report containing financial
statements of the Partnership for such fiscal year of the Partnership, presented in accordance with U.S. GAAP, including a balance sheet and statements of operations, Partnership equity and cash flows, such statements to be audited by a firm of
independent public accountants selected by the General Partner. 

  
 -55- 

 (b) As soon as practicable, but in no event later than 90 days after the close of each
Quarter except the last Quarter of each fiscal year, the General Partner shall cause to be mailed or made available, by any reasonable means (including posting on the Partnership’s website), to each Record Holder of a Unit, as of a date
selected by the General Partner, a report containing unaudited financial statements of the Partnership and such other information as may be required by applicable law, regulation or rule of any National Securities Exchange on which the Units are
listed or admitted to trading, or as the General Partner determines to be necessary or appropriate. 
 ARTICLE IX 

TAX MATTERS 
 Section 9.1 Tax
Elections and Information. 
 (a) The Partnership has elected to be treated as an association taxable as a corporation for United States
federal income tax purposes. Except as otherwise provided herein, the General Partner shall determine whether the Partnership should make any other elections permitted by the Code. 

(b) The tax information reasonably required by Record Holders generally for United States federal and state income tax reporting purposes with
respect to a taxable year shall be furnished to them within 90 days of the close of the calendar year in which the Partnership’s taxable year ends. 

Section 9.2 Withholding. 

Notwithstanding any other provision of this Agreement, the General Partner is authorized to take any action that may be required to cause the
Partnership and other Group Members to comply with any withholding requirements established under the Code or any other U.S. federal, state or local or any non-U.S. law including pursuant to Sections 1441, 1442 and 1445 of the Code;
provided that, the Partnership shall use commercially reasonable efforts to notify the Series C Holders at least five (5) Business Days prior to any withholding with respect to any payments to be made to the Series C Holders. To the extent that
the Partnership is required or elects to withhold and pay over to any taxing authority any amount resulting from the distribution of income to any Partner, the General Partner may treat the amount withheld as a distribution of cash pursuant to
Section 6.2 in the amount of such withholding from such Partner. 
 Section 9.3 Conduct of Operations. 

The General Partner shall use commercially reasonable efforts to conduct the business of the Partnership and its Affiliates in a manner that
does not require a holder of Common Units or Preferred Units to file a tax return in any jurisdiction with which the holder has no contact other than through ownership of Common Units or Preferred Units. 

For greater certainty, the General Partner shall conduct the affairs and governance of the Partnership so that the General Partner and the
Partnership are not residents of Canada for purposes of Canada’s tax legislation and neither the General Partner nor the Partnership is carrying on business in Canada for purposes of such legislation. 

  
 -56- 

 ARTICLE X 

ADMISSION OF PARTNERS 

Section 10.1 Admission of Initial Limited Partners. 

Upon the issuance by the Partnership of Partnership Securities to the General Partner, Teekay Corporation and the Underwriters as described in
Sections 5.1(b), 5.2 and 5.3, the General Partner shall admit such parties to the Partnership as Initial Limited Partners in respect of the Partnership Securities issued to them. 

Section 10.2 Admission of Additional Limited Partners. 

(a) By acceptance of the transfer of any Limited Partner Interests in accordance with Article IV or the acceptance of any Limited Partner
Interests issued pursuant to Article V or pursuant to a merger or consolidation pursuant to Article XIV, each transferee of, or other such Person acquiring, a Limited Partner Interest (including any nominee holder or an agent or
representative acquiring such Limited Partner Interests for the account of another Person) (i) shall be admitted to the Partnership as a Limited Partner with respect to the Limited Partner Interests so transferred or issued to such Person when
any such transfer, issuance or admission is reflected in the books and records of the Partnership and such Limited Partner becomes the Record Holder of the Limited Partner Interests so transferred, (ii) shall become bound by the terms of this
Agreement, (iii) represents that the transferee has the capacity, power and authority to enter into this Agreement, (iv) grants the powers of attorney set forth in this Agreement and (v) makes the consents and waivers contained in
this Agreement, all with or without execution of this Agreement by such Person. The transfer of any Limited Partner Interests and the admission of any new Limited Partner shall not constitute an amendment to this Agreement. A Person may become a
Limited Partner or Record Holder of a Limited Partner Interest without the consent or approval of any of the Partners. A Person may not become a Limited Partner until such Person acquires a Limited Partner Interest and such Person is reflected in
the books and records of the Partnership as the Record Holder of such Limited Partner Interest. 
 (b) The name and mailing address of each
Limited Partner shall be listed on the books and records of the Partnership maintained for such purpose by the Partnership or the Transfer Agent. The General Partner shall update the books and records of the Partnership from time to time as
necessary to reflect accurately the information therein (or shall cause the Transfer Agent to do so, as applicable). A Limited Partner Interest may be represented by a Certificate, as provided in Section 4.1 hereof. 

(c) Any transfer of a Limited Partner Interest shall not entitle the transferee to receive distributions or to any other rights to which the
transferor was entitled until the transferee becomes a Limited Partner pursuant to Section 10.1(a). 

  
 -57- 

 Section 10.3 Admission of Successor General Partner. 

A successor General Partner approved pursuant to Section 11.1 or 11.2 or the transferee of or successor to all of the General Partner
Interest (represented by General Partner Units) pursuant to Section 4.6 who is proposed to be admitted as a successor General Partner shall be admitted to the Partnership as the General Partner, effective immediately prior to the withdrawal or
removal of the predecessor or transferring General Partner, pursuant to Section 11.1 or 11.2 or the transfer of the General Partner Interest (represented by General Partner Units) pursuant to Section 4.6; provided, however,
that no such successor shall be admitted to the Partnership until compliance with the terms of Section 4.6 has occurred and such successor has executed and delivered such other documents or instruments as may be required to effect such
admission. Any such successor shall, subject to the terms hereof, carry on the business of the members of the Partnership Group without dissolution. 

Section 10.4 Amendment of Agreement and Certificate of Limited Partnership. 

To effect the admission to the Partnership of any Partner, the General Partner shall take all steps necessary or appropriate under the Marshall
Islands Act to amend the records of the Partnership to reflect such admission and, if necessary, to prepare as soon as practicable an amendment to this Agreement and, if required by law, the General Partner shall prepare and file an amendment to the
Certificate of Limited Partnership and the General Partner may for this purpose, among others, exercise the power of attorney granted pursuant to Section 2.6. 

ARTICLE XI 
 WITHDRAWAL
OR REMOVAL OF PARTNERS 
 Section 11.1 Withdrawal of the General Partner. 

(a) The General Partner shall be deemed to have withdrawn from the Partnership upon the occurrence of any one of the following events (each
such event herein referred to as an “Event of Withdrawal”): 
 (i) The General Partner voluntarily withdraws from the
Partnership by giving written notice to the other Partners; 
 (ii) The General Partner transfers all of its rights as General Partner
pursuant to Section 4.6; 
 (iii) The General Partner is removed pursuant to Section 11.2; 

(iv) The General Partner (A) makes a general assignment for the benefit of creditors; (B) files a voluntary petition in bankruptcy;
(C) files a petition or answer seeking for itself a liquidation, dissolution or similar relief (but not a reorganization) under any law; (D) files an answer or other pleading admitting or failing to contest the material allegations of a
petition filed against the General Partner in a proceeding of the type described in clauses (A), (B) or (C) of this Section 11.1(a)(iv); or (E) seeks, consents to or acquiesces in the appointment of a trustee, receiver or
liquidator of the General Partner or of all or any substantial part of its properties; 

  
 -58- 

 (v) The General Partner is adjudged bankrupt or insolvent, or has entered against it an order for
relief in any bankruptcy or insolvency proceeding; 
 (vi) (A) in the event the General Partner is a corporation, the filing of a
certificate of dissolution, or its equivalent, for the corporation or the revocation of its charter and the expiration of ninety (90) days after the date of notice to the corporation of revocation without a reinstatement of its charter;
(B) in the event the General Partner is a partnership or a limited liability company, the dissolution and commencement of winding up of the General Partner; (C) in the event the General Partner is acting in such capacity by virtue of being
a trustee of a trust, the termination of the trust; (D) in the event the General Partner is a natural person, his death or adjudication of incompetency; and (E) otherwise in the event of the termination of the General Partner. 

If an Event of Withdrawal specified in Section 11.1(a)(iv), (v) or (vi)(A), (B), (C) or (E) occurs, the withdrawing General Partner shall
give notice to the Limited Partners within 30 days after such occurrence. The Partners hereby agree that only the Events of Withdrawal described in this Section 11.1 shall result in the withdrawal of the General Partner from the
Partnership. 
 (b) Withdrawal of the General Partner from the Partnership upon the occurrence of an Event of Withdrawal shall not
constitute a breach of this Agreement under the following circumstances: (i) at any time during the period beginning on the Closing Date and ending at 12:00 midnight, prevailing Eastern Time, on December 31, 2016, the General Partner
voluntarily withdraws by giving at least 90 days’ advance notice of its intention to withdraw to the Limited Partners; provided, however, that prior to the effective date of such withdrawal, the withdrawal is approved by
Unitholders holding a majority of the Outstanding Common Units (excluding Common Units held by the General Partner and its Affiliates) and the General Partner delivers to the Partnership an Opinion of Counsel (“Withdrawal Opinion of
Counsel”) that such withdrawal (following the selection of the successor General Partner) would not result in the loss of the limited liability of any Limited Partner or any Group Member; (ii) at any time after 12:00 midnight,
prevailing Eastern Time, on December 31, 2016, the General Partner voluntarily withdraws by giving at least 90 days’ advance notice to the Unitholders, such withdrawal to take effect on the date specified in such notice; (iii) at
any time that the General Partner ceases to be the General Partner pursuant to Section 11.1(a)(ii) or is removed pursuant to Section 11.2; or (iv) notwithstanding clause (i) of this sentence, at any time that the General Partner
voluntarily withdraws by giving at least 90 days’ advance notice of its intention to withdraw to the Limited Partners, such withdrawal to take effect on the date specified in the notice, if at the time such notice is given one Person and
its Affiliates (other than the General Partner and its Affiliates) own beneficially or of record or control at least 50% of the Outstanding Units. The withdrawal of the General Partner from the Partnership upon the occurrence of an Event of
Withdrawal shall also constitute the withdrawal of the General Partner as general partner or managing member, if any, to the extent applicable, of the other Group Members. If the General Partner gives a notice

  
 -59- 

 
of withdrawal pursuant to Section 11.1(a)(i), the holders of a Unit Majority, may, prior to the effective date of such withdrawal, elect a successor General Partner. The Person so elected as
successor General Partner shall automatically become the successor general partner or managing member, to the extent applicable, of the other Group Members of which the General Partner is a general partner or a managing member. If, prior to the
effective date of the General Partner’s withdrawal, a successor is not selected by the Unitholders as provided herein or, if applicable, the Partnership does not receive a Withdrawal Opinion of Counsel, the Partnership shall be dissolved in
accordance with Section 12.1. Any successor General Partner elected in accordance with the terms of this Section 11.1 shall be subject to the provisions of Section 10.3. 

Section 11.2 Removal of the General Partner. 

The General Partner may be removed if such removal is approved by the Unitholders holding at least 66 2/3% of the Outstanding Units (including
Units held by the General Partner and its Affiliates voting as a single class). Any such action by such holders for removal of the General Partner must also provide for the election of a successor General Partner by the Unitholders holding a
majority of the outstanding Common Units voting as a class (including Units held by the General Partner and its Affiliates). Such removal shall be effective immediately following the admission of a successor General Partner pursuant to
Section 10.3. The removal of the General Partner shall also automatically constitute the removal of the General Partner as general partner or managing member, to the extent applicable, of the other Group Members of which the General Partner is
a general partner or a managing member. If a Person is elected as a successor General Partner in accordance with the terms of this Section 11.2, such Person shall, upon admission pursuant to Section 10.3, automatically become a successor
general partner or managing member, to the extent applicable, of the other Group Members of which the General Partner is a general partner or a managing member. The right of the holders of Outstanding Units to remove the General Partner shall not
exist or be exercised unless the Partnership has received an Opinion of Counsel opining as to the matters covered by a Withdrawal Opinion of Counsel. Any successor General Partner elected in accordance with the terms of this Section 11.2 shall
be subject to the provisions of Section 10.3. 
 Section 11.3 Interest of Departing General Partner and Successor General Partner. 

(a) In the event of (i) withdrawal of the General Partner under circumstances where such withdrawal does not violate this Agreement or
(ii) removal of the General Partner by the holders of Outstanding Units under circumstances where Cause does not exist, if the successor General Partner is elected in accordance with the terms of Section 11.1 or 11.2, the Departing General
Partner shall have the option, exercisable prior to the effective date of the departure of such Departing General Partner, to require its successor to purchase its General Partner Interest (represented by General Partner Units) and its general
partner interest (or equivalent interest), if any, in the other Group Members and all of the Incentive Distribution Rights (collectively, the “Combined Interest”) in exchange for an amount in cash equal to the fair market value of
such Combined Interest, such amount to be determined and payable as of the effective date of its departure. If the General Partner is removed by the Unitholders under circumstances where Cause exists or if the General Partner withdraws under
circumstances where such withdrawal 

  
 -60- 

 
violates this Agreement, and if a successor General Partner is elected in accordance with the terms of Section 11.1 or 11.2 (or if the business of the Partnership is continued pursuant to
Section 12.2 and the successor General Partner is not the former General Partner), such successor shall have the option, exercisable prior to the effective date of the departure of such Departing General Partner (or, in the event the business
of the Partnership is continued, prior to the date the business of the Partnership is continued), to purchase the Combined Interest for such fair market value of such Combined Interest of the Departing General Partner. In either event, the Departing
General Partner shall be entitled to receive all reimbursements due such Departing General Partner pursuant to Section 7.4, including any employee-related liabilities (including severance liabilities), incurred in connection with the
termination of any employees employed by the Departing General Partner for the benefit of the Partnership or the other Group Members. 
 For
purposes of this Section 11.3(a), the fair market value of the Departing General Partner’s Combined Interest shall be determined by agreement between the Departing General Partner and its successor or, failing agreement within 30 days
after the effective date of such Departing General Partner’s departure, by an independent investment banking firm or other independent expert selected by the Departing General Partner and its successor, which, in turn, may rely on other
experts, and the determination of which shall be conclusive as to such matter. If such parties cannot agree upon one independent investment banking firm or other independent expert within 45 days after the effective date of such departure, then
the Departing General Partner shall designate an independent investment banking firm or other independent expert, the Departing General Partner’s successor shall designate an independent investment banking firm or other independent expert, and
such firms or experts shall mutually select a third independent investment banking firm or independent expert, which third independent investment banking firm or other independent expert shall determine the fair market value of the Combined Interest
of the Departing General Partner. In making its determination, such third independent investment banking firm or other independent expert may consider the then current trading price of Units on any National Securities Exchange on which Units are
then listed or admitted to trading, the value of the Partnership’s assets, the rights and obligations of the Departing General Partner and other factors it may deem relevant. 

(b) If the Combined Interest is not purchased in the manner set forth in Section 11.3(a), the Departing General Partner (or its
transferee) shall become a Limited Partner and its Combined Interest shall be converted into Common Units pursuant to a valuation made by an investment banking firm or other independent expert selected pursuant to Section 11.3(a), without
reduction in such Partnership Interest (but subject to proportionate dilution by reason of the admission of its successor). Any successor General Partner shall indemnify the Departing General Partner (or its transferee) as to all debts and
liabilities of the Partnership arising on or after the date on which the Departing General Partner (or its transferee) becomes a Limited Partner. For purposes of this Agreement, conversion of the Combined Interest of the Departing General Partner to
Common Units will be characterized as if the Departing General Partner (or its transferee) contributed its Combined Interest to the Partnership in exchange for the newly issued Common Units. 

  
 -61- 

 (c) If a successor General Partner is elected in accordance with the terms of Section 11.1
or 11.2 (or if the Partnership is continued pursuant to Section 12.2 and the successor General Partner is not the former General Partner) and the option described in Section 11.3(a) is not exercised by the party entitled to do so, the
successor General Partner shall, at the effective date of its admission to the Partnership, contribute to the Partnership cash in the amount equal to the product of the Percentage Interest of the Departing General Partner and the Net Agreed Value of
the Partnership’s assets on such date. In such event, such successor General Partner shall, subject to the following sentence, be entitled to its Percentage Interest of all Partnership allocations and distributions to which the Departing
General Partner was entitled. In addition, the successor General Partner shall cause this Agreement to be amended to reflect that, from and after the date of such successor General Partner’s admission, the successor General Partner’s
interest in all Partnership distributions and allocations shall be its Percentage Interest. 
 Section 11.4 Withdrawal of Limited Partners. 

No Limited Partner shall have any right to withdraw from the Partnership; provided, however, that when a transferee of a
Limited Partner’s Limited Partner Interest becomes a Record Holder of the Limited Partner Interest so transferred, such transferring Limited Partner shall cease to be a Limited Partner with respect to the Limited Partner Interest so
transferred. 
 ARTICLE XII 

DISSOLUTION AND LIQUIDATION 

Section 12.1 Dissolution. 
 The
Partnership shall not be dissolved by the admission of additional Limited Partners or by the admission of a successor General Partner in accordance with the terms of this Agreement. Upon the removal or withdrawal of the General Partner, if a
successor General Partner is elected pursuant to Sections 11.1 or 11.2, the Partnership shall not be dissolved and such successor General Partner shall continue the business of the Partnership. The Partnership shall dissolve, and (subject to
Section 12.2) its affairs shall be wound up, upon: 
 (a) an election to dissolve the Partnership by the General Partner that is
approved by the holders of a Unit Majority; 
 (b) at any time there are no Limited Partners, unless the Partnership is continued without
dissolution in accordance with the Marshall Islands Act; 
 (c) the entry of a decree of judicial dissolution of the Partnership pursuant to
the provisions of the Marshall Islands Act; or 
 (d) an Event of Withdrawal of the General Partner as provided in Section 11.1(a)
(other than Section 11.1(a)(ii)), unless a successor is elected and an Opinion of Counsel is received as provided in Sections 11.1(b) or 11.2 and such successor is admitted to the Partnership pursuant to Section 10.3. 

  
 -62- 

 Section 12.2 Continuation of the Business of the Partnership After Dissolution. 

Upon (a) dissolution of the Partnership following an Event of Withdrawal caused by the withdrawal or removal of the General Partner as
provided in Sections 11.1(a)(i) or (iii) and the failure of the Partners to select a successor to such Departing General Partner pursuant to Sections 11.1 or 11.2, then within 90 days thereafter, or (b) dissolution of the
Partnership upon an event constituting an Event of Withdrawal as defined in Sections 11.1(a)(iv), (v) or (vi), then, to the maximum extent permitted by law, within 180 days thereafter, the holders of a Unit Majority may elect to
continue the business of the Partnership on the same terms and conditions set forth in this Agreement by appointing as a successor General Partner a Person approved by the holders of a Unit Majority. Unless such an election is made within the
applicable time period as set forth above, the Partnership shall conduct only activities necessary to wind up its affairs. If such an election is so made, then: 

(i) the Partnership shall continue without dissolution unless earlier dissolved in accordance with this Article XII; 

(ii) if the successor General Partner is not the former General Partner, then the interest of the former General Partner shall
be treated in the manner provided in Section 11.3; and 
 (iii) the successor General Partner shall be admitted to
the Partnership as General Partner, effective as of the Event of Withdrawal, by agreeing in writing to be bound by this Agreement; provided, however, that the right of the holders of a Unit Majority to approve a successor General Partner and to
reconstitute and to continue the business of the Partnership shall not exist and may not be exercised unless the Partnership has received an Opinion of Counsel that the exercise of the right would not result in the loss of limited liability of any
Limited Partner. 
 Section 12.3 Liquidator. 

Upon dissolution of the Partnership, unless the business of the Partnership is continued pursuant to Section 12.2, the General Partner
shall select one or more Persons to act as Liquidator. The Liquidator (if other than the General Partner) shall be entitled to receive such compensation for its services as may be approved by holders of a majority of the Outstanding Common Units
voting as a single class. The Liquidator (if other than the General Partner) shall agree not to resign at any time without 15 days’ prior notice and may be removed at any time, with or without cause, by notice of removal approved by
holders of a majority of the Outstanding Common Units voting as a single class. Upon dissolution, removal or resignation of the Liquidator, a successor and substitute Liquidator (who shall have and succeed to all rights, powers and duties of the
original Liquidator) shall within 30 days thereafter be approved by holders of a majority of the Outstanding Common Units voting as a single class. The right to approve a successor or substitute Liquidator in the manner provided herein shall be
deemed to refer also to any such successor or substitute Liquidator approved in the manner herein provided. Except as expressly provided in this Article XII, the Liquidator approved in the manner provided

  
 -63- 

 
herein shall have and may exercise, without further authorization or consent of any of the parties hereto, all of the powers conferred upon the General Partner under the terms of this Agreement
(but subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, other than the limitation on sale set forth in Section 7.3(b)) necessary or appropriate to carry out the duties and functions of the
Liquidator hereunder for and during the period of time required to complete the winding up and liquidation of the Partnership as provided for herein. 

Section 12.4 Liquidation. 
 The
Liquidator shall proceed to dispose of the assets of the Partnership, discharge its liabilities, and otherwise wind up its affairs in such manner and over such period as determined by the Liquidator, subject to Section 60 of the Marshall
Islands Act and the following: 
 (a) The assets may be disposed of by public or private sale or by distribution in kind to one or more
Partners on such terms as the Liquidator and such Partner or Partners may agree. If any property is distributed in kind, the Partner receiving the property shall be deemed for purposes of Section 12.4(c) to have received cash equal to its fair
market value, and contemporaneously therewith, appropriate cash distributions must be made to the other Partners. The Liquidator may defer liquidation or distribution of the Partnership’s assets for a reasonable time if it determines that an
immediate sale or distribution of all or some of the Partnership’s assets would be impractical or would cause undue loss to the Partners. The Liquidator may distribute the Partnership’s assets, in whole or in part, in kind if it determines
that a sale would be impractical or would cause undue loss to the Partners. 
 (b) Liabilities of the Partnership include amounts owed to the
Liquidator as compensation for serving in such capacity (subject to the terms of Section 12.3) and amounts to Partners otherwise than in respect of their distribution rights under Articles VI and XVI, as applicable. With respect to any
liability that is contingent, conditional or unmatured or is otherwise not yet due and payable, the Liquidator shall either settle such claim for such amount as it thinks appropriate or establish a reserve of cash or other assets to provide for its
payment. When paid, any unused portion of the reserve shall be distributed as additional liquidation proceeds. 
 (c) All property and all
cash in excess of that required to discharge liabilities as provided in Section 12.4(b) shall be distributed, subject to Section 16.4 in respect of any series of Preferred Units described therein, as follows: 

(i) If the Current Market Price of the Common Units as of the date three trading days prior to the announcement of the proposed liquidation
exceeds the Unrecovered Capital for a Common Unit: 
 (A) First, (x) to the General Partner in accordance with its
Percentage Interest and (y) to all the Unitholders holding Common Units, Pro Rata, a percentage equal to 100% less the General Partner’s Percentage Interest, until there has been distributed in respect of each Common Unit then Outstanding
an amount equal to such Current Market Price of a Common Unit; and 

  
 -64- 

 (B) Thereafter (x) to the General Partner in accordance with its Percentage
Interest, (y) 48% to the holders of the Incentive Distribution Rights, Pro Rata, and (z) to all Unitholders holding Common Units, Pro Rata, a percentage equal to 100% less the sum of the percentages applicable to subclauses (x) and
(y) of this clause (i)(B); and 
 (ii) If the Current Market Price of a Common Unit as of the date three trading days prior to the
announcement of the proposed liquidation is equal to or less than the Unrecovered Capital for a Common Unit: 
 (A) First,
(x) to the General Partner in accordance with its Percentage Interest and (y) to all the Unitholders holding Common Units, Pro Rata, a percentage equal to 100% less the General Partner’s Percentage Interest, until there has been
distributed in respect of each Common Unit then Outstanding an amount equal to the Unrecovered Capital for a Common Unit; and 

(B) Thereafter, (x) to the General Partner in accordance with its Percentage Interest; (y) 48% to the holders of the
Incentive Distribution Rights, Pro Rata; and (z) to all Unitholders holding Common Units, Pro Rata, a percentage equal to 100% less the sum of the percentages applicable to subclauses (x) and (y) of this clause (ii)(B). 

Distributions with respect to any series of Preferred Units described in Article XVI in connection with a liquidation or dissolution of the Partnership shall
be made pursuant to Section 16.4, rather than pursuant to clause (i) or (ii) of this Section 12.4(c). 
 Section 12.5
Cancellation of Certificate of Limited Partnership. 
 Upon the completion of the distribution of Partnership cash and property as
provided in Section 12.4 in connection with the liquidation of the Partnership, the Certificate of Limited Partnership and all qualifications of the Partnership as a foreign limited partnership in jurisdictions other than the Marshall Islands
shall be canceled and such other actions as may be necessary to terminate the Partnership shall be taken. 
 Section 12.6 Return of Contributions.

 The General Partner shall not be personally liable for, and shall have no obligation to contribute or loan any monies or property to
the Partnership to enable it to effectuate, the return of the Capital Contributions of the Limited Partners or Unitholders, or any portion thereof, it being expressly understood that any such return shall be made solely from Partnership assets. 

  
 -65- 

 Section 12.7 Waiver of Partition. 

To the maximum extent permitted by law, each Partner hereby waives any right to partition of the Partnership property. 

ARTICLE XIII 
 AMENDMENT
OF PARTNERSHIP AGREEMENT; MEETINGS; RECORD DATE 
 Section 13.1 Amendments to be Adopted Solely by the General Partner. 

Each Partner agrees that the General Partner, without the approval of any Partner, may amend any provision of this Agreement and execute, swear
to, acknowledge, deliver, file and record whatever documents may be required in connection therewith, to reflect: 
 (a) a change in the name
of the Partnership, the location of the principal place of business of the Partnership, the registered agent of the Partnership or the registered office of the Partnership; 
  

	(b)	admission, substitution, withdrawal or removal of Partners in accordance with this Agreement; 

(c) a change that the General Partner determines to be necessary or appropriate to qualify or continue the qualification of the Partnership as
a limited partnership or a partnership in which the Limited Partners have limited liability under the laws of the Marshall Islands or to ensure that the Group Members will not be treated as associations taxable as corporations or otherwise taxed as
entities for Marshall Islands income tax purposes; 
 (d) subject to Section 16.5, to the extent applicable, a change that the General
Partner determines (i) does not adversely affect the Limited Partners (including any particular class or series of Partnership Interests as compared to other classes or series of Partnership Interests) in any material respect,
(ii) to be necessary or appropriate to (A) satisfy any requirements, conditions or guidelines contained in any opinion, directive, order, ruling or regulation of any Marshall Islands authority (including the Marshall Islands Act) or
(B) facilitate the trading of the Units (including the division of any class, classes or series of Outstanding Units into different classes or series to facilitate uniformity of tax consequences within such classes or series of Units) or comply
with any rule, regulation, guideline or requirement of any National Securities Exchange on which the Units are or will be listed, (iii) to be necessary or appropriate in connection with action taken by the General Partner pursuant to
Section 5.8 or (iv) is required to effect the intent expressed in the Registration Statement or the intent of the provisions of this Agreement or is otherwise contemplated by this Agreement; 

(e) a change in the fiscal year or taxable year of the Partnership and any other changes that the General Partner determines to be necessary or
appropriate as a result of a change in the fiscal year or taxable year of the Partnership including, if the General Partner shall so determine, a change in the definition of “Quarter” and the dates on which distributions (other than
Preferred Unit Distributions) are to be made by the Partnership; 

  
 -66- 

 (f) an amendment that is necessary, in the Opinion of Counsel, to prevent the Partnership, or the
General Partner or its directors, officers, trustees or agents from in any manner being subjected to the provisions of the U.S. Investment Company Act of 1940, as amended, the U.S. Investment Advisers Act of 1940, as amended, or “plan
asset” regulations adopted under the U.S. Employee Retirement Income Security Act of 1974, as amended, regardless of whether such regulations are substantially similar to plan asset regulations currently applied or proposed by the United
States Department of Labor; 
 (g) subject to Section 16.5, an amendment that the General Partner determines to be necessary or
appropriate in connection with the authorization of issuance of any class or series of Partnership Securities pursuant to Section 5.5; 

(h) any amendment expressly permitted in this Agreement to be made by the General Partner acting alone; 

(i) an amendment effected, necessitated or contemplated by a Merger Agreement approved in accordance with Section 14.3; 

(j) an amendment that the General Partner determines to be necessary or appropriate to reflect and account for the formation by the Partnership
of, or investment by the Partnership in, any corporation, partnership, joint venture, limited liability company or other Person, in connection with the conduct by the Partnership of activities permitted by the terms of Section 2.4; 

(k) a conversion, merger or conveyance pursuant to Section 14.3(d); or 

(l) any other amendments substantially similar to the foregoing. 

Section 13.2 Amendment Procedures. 

Except as provided in Sections 13.1 and 13.3, all amendments to this Agreement shall be made in accordance with the following
requirements. Amendments to this Agreement may be proposed only by the General Partner; provided, however, that the General Partner shall have no duty or obligation to propose any amendment to this Agreement and may decline to do so
free of any fiduciary duty or obligation whatsoever to the Partnership or any Limited Partner and, in declining to propose an amendment, to the fullest extent permitted by applicable law shall not be required to act in good faith or pursuant to any
other standard imposed by this Agreement, any Group Member Agreement, any other agreement contemplated hereby or under the Marshall Islands Act or any other law, rule or regulation. Subject to Section 16.5, to the extent applicable, a proposed
amendment shall be effective upon its approval by the General Partner and the holders of a Unit Majority, unless a greater or different percentage is required under this Agreement or by the Marshall Islands Act. Each proposed amendment that requires
the approval  

  
 -67- 

 
of the holders of a specified percentage of Outstanding Units shall be set forth in a writing that contains the text of the proposed amendment. If such an amendment is proposed, the General
Partner shall seek the written approval of the requisite percentage of Outstanding Units or call a meeting of the Unitholders to consider and vote on such proposed amendment. The General Partner shall notify all Record Holders upon final adoption of
any such proposed amendments. 
 Section 13.3 Amendment Requirements. 

(a) Notwithstanding the provisions of Sections 13.1 and 13.2, no provision of this Agreement that establishes a percentage of Outstanding
Units (including Units deemed owned by the General Partner) required to take any action shall be amended, altered, changed, repealed or rescinded in any respect that would have the effect of reducing such voting percentage unless such amendment is
approved by the written consent or the affirmative vote of holders of Outstanding Units whose aggregate Outstanding Units constitute not less than the voting requirement sought to be reduced. 

(b) Notwithstanding the provisions of Sections 13.1 and 13.2, no amendment to this Agreement may (i) enlarge the obligations of any
Limited Partner without its consent, unless such enlargement shall be deemed to have occurred as a result of an amendment approved pursuant to Section 13.3(c), (ii) enlarge the obligations of, restrict in any way any action by or rights
of, or reduce in any way the amounts distributable, reimbursable or otherwise payable to, the General Partner or any of its Affiliates without its consent, which consent may be given or withheld at the General Partner’s option,
(iii) change Section 12.1(a), or (iv) change the term of the Partnership or, except as set forth in Section 12.1(a), give any Person the right to dissolve the Partnership. 

(c) Except as provided in Section 14.3 and subject to Section 16.5(c)(i) with respect to the applicable series of Preferred Units
described therein, and without limitation of the General Partner’s authority to adopt amendments to this Agreement without the approval of any Partners as contemplated in Section 13.1, any amendment that would have a material adverse
effect on the rights or preferences of any class or series of Partnership Interests in relation to other classes or series of Partnership Interests must be approved by the holders of not less than a majority of the Outstanding
Partnership Interests of the class or series affected. 
 (d) Notwithstanding any other provision of this Agreement, except for
amendments pursuant to Section 13.1 and except as otherwise provided by Section 14.3(b), no amendments shall become effective without the approval of the holders of at least 90% of the Outstanding Units voting as a single class unless the
Partnership obtains an Opinion of Counsel to the effect that such amendment will not affect the limited liability of any Limited Partner under applicable law. 

(e) Except as provided in Section 13.1, this Section 13.3 shall only be amended with the approval of the holders of at least 90% of
the Outstanding Units. 

  
 -68- 

 Section 13.4 Special Meetings. 

All acts of Limited Partners to be taken pursuant to this Agreement shall be taken in the manner provided in this Article XIII. Special
meetings of the Limited Partners may be called by the General Partner or by Limited Partners owning 20% or more of the Outstanding Units of the class, classes or series for which a meeting is proposed. Limited Partners shall call a special meeting
by delivering to the General Partner one or more requests in writing stating that the signing Limited Partners wish to call a special meeting and indicating the general or specific purposes for which the special meeting is to be called. Within
60 days after receipt of such a call from Limited Partners or within such greater time as may be reasonably necessary for the Partnership to comply with any statutes, rules, regulations, listing agreements or similar requirements governing the
holding of a meeting or the solicitation of proxies for use at such a meeting, the General Partner shall send a notice of the meeting to the Limited Partners either directly or indirectly through the Transfer Agent. A meeting shall be held at a time
and place determined by the General Partner on a date not less than 10 days nor more than 60 days after the mailing of notice of the meeting. Limited Partners shall not vote on matters that would cause the Limited Partners to be deemed to
be taking part in the management and control of the business and affairs of the Partnership so as to jeopardize the Limited Partners’ limited liability under the Marshall Islands Act or the law of any other jurisdiction in which the Partnership
is qualified to do business. 
 Section 13.5 Notice of a Meeting. 

Notice of a meeting called pursuant to Section 13.4 shall be given to the Record Holders of the class, classes or series of Units for
which a meeting is proposed in writing by mail or other means of written communication in accordance with Section 17.1. The notice shall be deemed to have been given at the time when deposited in the mail or sent by other means of written
communication. 
 Section 13.6 Record Date. 

For purposes of determining the Limited Partners entitled to notice of or to vote at a meeting of the Limited Partners or to give approvals
without a meeting as provided in Section 13.11, the General Partner may set a Record Date, which shall not be less than 10 nor more than 60 days before (a) the date of the meeting (unless such requirement conflicts with any rule,
regulation, guideline or requirement of any National Securities Exchange on which the Units are listed or admitted to trading, in which case the rule, regulation, guideline or requirement of such National Securities Exchange shall govern) or
(b) in the event that approvals are sought without a meeting, the date by which Limited Partners are requested in writing by the General Partner to give such approvals. If the General Partner does not set a Record Date, then (a) the Record
Date for determining the Limited Partners entitled to notice of or to vote at a meeting of the Limited Partners shall be the close of business on the day next preceding the day on which notice is given, and (b) the Record Date for determining
the Limited Partners entitled to give approvals without a meeting shall be the date the first written approval is deposited with the Partnership in care of the General Partner in accordance with Section 13.11. 

  
 -69- 

 Section 13.7 Adjournment. 

When a meeting is adjourned to another time or place, notice need not be given of the adjourned meeting and a new Record Date need not be
fixed, if the time and place thereof are announced at the meeting at which the adjournment is taken, unless such adjournment shall be for more than 45 days. At the adjourned meeting, the Partnership may transact any business which might have
been transacted at the original meeting. If the adjournment is for more than 45 days or if a new Record Date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given in accordance with this Article XIII. 

Section 13.8 Waiver of Notice; Approval of Meeting; Approval of Minutes. 

The transactions of any meeting of Limited Partners, however called and noticed, and whenever held, shall be as valid as if it had occurred at
a meeting duly held after regular call and notice, if a quorum is present either in person or by proxy. Attendance of a Limited Partner at a meeting shall constitute a waiver of notice of the meeting, except when the Limited Partner attends the
meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened; and except that attendance at a meeting is not a waiver of any right to
disapprove the consideration of matters required to be included in the notice of the meeting, but not so included, if the disapproval is expressly made at the meeting. 

Section 13.9 Quorum and Voting. 
 The
holders of a majority of the Outstanding Units of the class, classes or series for which a meeting has been called (including Outstanding Units deemed owned by the General Partner) represented in person or by proxy shall constitute a quorum at a
meeting of Limited Partners of such class, classes or series unless any such action by the Limited Partners requires approval by holders of a greater percentage of such Units, in which case the quorum shall be such greater percentage. At any meeting
of the Limited Partners duly called and held in accordance with this Agreement at which a quorum is present, the act of Limited Partners holding or deemed holding Outstanding Units that in the aggregate represent a majority of the Outstanding Units
entitled to vote and be present in person or by proxy at such meeting shall be deemed to constitute the act of all Limited Partners, unless a greater or different percentage is required with respect to such action under the provisions of this
Agreement, in which case the act of the Limited Partners holding or deemed holding Outstanding Units that in the aggregate represent at least such greater or different percentage shall be required. The Limited Partners present at a duly called or
held meeting at which a quorum is present may continue to transact business until adjournment, notwithstanding the withdrawal of enough Limited Partners to leave less than a quorum, if any action taken (other than adjournment) is approved by the
required percentage of Outstanding Units specified in this Agreement (including Outstanding Units deemed owned by the General Partner). In the absence of a quorum, any meeting of Limited Partners may be adjourned from time to time by the affirmative
vote of holders of a majority of the Outstanding Units entitled to vote at such meeting (including Outstanding Units deemed owned by the General Partner) represented either in person or by proxy, but no other business may be transacted, except as
provided in Section 13.7. 

  
 -70- 

 Section 13.10 Conduct of a Meeting. 

The General Partner shall have full power and authority concerning the manner of conducting any meeting of the Limited Partners or solicitation
of approvals in writing, including the determination of Persons entitled to vote, the existence of a quorum, the satisfaction of the requirements of Section 13.4, the conduct of voting, the validity and effect of any proxies and the
determination of any controversies, votes or challenges arising in connection with or during the meeting or voting. The General Partner shall designate a Person to serve as chairman of any meeting and shall further designate a Person to take the
minutes of any meeting. All minutes shall be kept with the records of the Partnership maintained by the General Partner. The General Partner may make such other regulations consistent with applicable law and this Agreement as it may deem advisable
concerning the conduct of any meeting of the Limited Partners or solicitation of approvals in writing, including regulations in regard to the appointment of proxies, the appointment and duties of inspectors of votes and approvals, the submission and
examination of proxies and other evidence of the right to vote, and the revocation of approvals in writing. 
 Section 13.11 Action Without a
Meeting. 
 If authorized by the General Partner, any action that may be taken at a meeting of the Limited Partners may be taken without
a meeting if an approval in writing setting forth the action so taken is signed by Limited Partners owning or deemed owning not less than the minimum percentage of the Outstanding Units (including Units deemed owned by the General Partner) that
would be necessary to authorize or take such action at a meeting at which all the Limited Partners were present and voted (unless such provision conflicts with any rule, regulation, guideline or requirement of any National Securities Exchange on
which the Units are listed or admitted to trading, in which case the rule, regulation, guideline or requirement of such National Securities Exchange shall govern). Prompt notice of the taking of action without a meeting shall be given to the Limited
Partners who have not approved the action in writing. The General Partner may specify that any written ballot submitted to Limited Partners for the purpose of taking any action without a meeting shall be returned to the Partnership within the time
period, which shall be not less than 20 days, specified by the General Partner. If a ballot returned to the Partnership does not vote all of the Units held by the Limited Partners, the Partnership shall be deemed to have failed to receive a
ballot for the Units that were not voted. If approval of the taking of any action by the Limited Partners is solicited by any Person other than by or on behalf of the General Partner, the written approvals shall have no force and effect unless and
until (a) they are deposited with the Partnership in care of the General Partner, (b) approvals sufficient to take the action proposed are dated as of a date not more than 90 days prior to the date sufficient approvals are deposited
with the Partnership and (c) an Opinion of Counsel is delivered to the General Partner to the effect that the exercise of such right and the action proposed to be taken with respect to any particular matter (i) will not cause the Limited
Partners to be deemed to be taking part in the management and control of the business and affairs of the Partnership so as to jeopardize the Limited Partners’ limited liability, and (ii) is otherwise permissible under the applicable
statutes then governing the rights, duties and liabilities of the Partnership and the Partners. 

  
 -71- 

 Section 13.12 Right to Vote and Related Matters. 

(a) Only those Record Holders of the Units on the Record Date set pursuant to Section 13.6 (and also subject to the limitations
contained in the definition of “Outstanding”) shall be entitled to notice of, and to vote at, a meeting of Limited Partners or to act with respect to matters as to which the holders of the Outstanding Units have the right to vote or
to act. All references in this Agreement to votes of, or other acts that may be taken by, the Outstanding Units shall be deemed to be references to the votes or acts of the Record Holders of such Outstanding Units. 

(b) With respect to Units that are held for a Person’s account by another Person (such as a broker, dealer, bank, trust company or
clearing corporation, or an agent of any of the foregoing), in whose name such Units are registered, such other Person shall, in exercising the voting rights in respect of such Units on any matter, and unless the arrangement between such Persons
provides otherwise, vote such Units in favor of, and at the direction of, the Person who is the beneficial owner, and the Partnership shall be entitled to assume it is so acting without further inquiry. The provisions of this Section 13.12(b)
(as well as all other provisions of this Agreement) are subject to the provisions of Section 4.3. 
 ARTICLE XIV 

MERGER 
 Section 14.1 Authority.

 The Partnership may merge or consolidate with or into one or more corporations, limited liability companies, statutory trusts
or associations, real estate investment trusts, common law trusts or unincorporated businesses, including a partnership (whether general or limited (including a limited liability partnership)), formed under the laws of the Marshall Islands or the
State of Delaware or any other state of the United States, pursuant to a written agreement of merger or consolidation (“Merger Agreement”) in accordance with this Article XIV. 

Section 14.2 Procedure for Merger or Consolidation. 

Merger or consolidation of the Partnership pursuant to this Article XIV requires the prior consent of the General Partner;
provided, however, that, to the fullest extent permitted by law, the General Partner shall have no duty or obligation to consent to any merger or consolidation of the Partnership and may decline to do so free of any fiduciary duty or
obligation whatsoever to the Partnership or any Limited Partner and, in declining to consent to a merger or consolidation, shall not be required to act in good faith or pursuant to any other standard imposed by this Agreement, any Group Member
Agreement, any other agreement contemplated hereby or under the Marshall Islands Act or any other law, rule or regulation or at equity. If the General Partner shall determine to consent to the merger or consolidation, the General Partner shall
approve the Merger Agreement, which shall set forth: 
 (a) the names and jurisdictions of formation or organization of each of the
business entities proposing to merge or consolidate; 

  
 -72- 

 (b) the name and jurisdiction of formation or organization of the business entity that is
to survive the proposed merger or consolidation (the “Surviving Business Entity”); 
 (c) the terms and conditions of
the proposed merger or consolidation; 
 (d) the manner and basis of exchanging or converting the equity securities of each constituent
business entity for, or into, cash, property or interests, rights, securities or obligations of the Surviving Business Entity; and (i) if any general or limited partner interests, securities or rights of any constituent business entity are not
to be exchanged or converted solely for, or into, cash, property or interests, rights, securities or obligations of the Surviving Business Entity, the cash, property or general or limited partner interests, rights, securities or obligations of any
general or limited partnership, corporation, trust, limited liability company, unincorporated business or other Person (other than the Surviving Business Entity) which the holders of such interests, securities or rights are to receive in exchange
for, or upon conversion of their interests, securities or rights, and (ii) in the case of securities represented by certificates, upon the surrender of such certificates, which cash, property or interests, rights, securities or obligations of
the Surviving Business Entity or any general or limited partnership, corporation, trust, limited liability company, unincorporated business or other Person (other than the Surviving Business Entity), or evidences thereof, are to be delivered; 

(e) a statement of any changes in the constituent documents or the adoption of new constituent documents (the articles or certificate of
incorporation, articles of trust, declaration of trust, certificate or agreement of limited partnership or other similar charter or governing document) of the Surviving Business Entity to be effected by such merger or consolidation; 

(f) the effective time of the merger, which may be the date of the filing of the certificate of merger pursuant to Section 14.4 or a later
date specified in or determinable in accordance with the Merger Agreement (provided, that if the effective time of the merger is to be later than the date of the filing of such certificate of merger, the effective time shall be fixed at a date or
time certain at or prior to the time of the filing of such certificate of merger and stated therein); and 
 (g) such other provisions
with respect to the proposed merger or consolidation that the General Partner determines to be necessary or appropriate. 
 Section 14.3 Approval by
Limited Partners of Merger or Consolidation. 
 (a) Except as provided in Sections 14.3(d) and 14.3(e), the General Partner, upon
its approval of the Merger Agreement, shall direct that the Merger Agreement be submitted to a 

  
 -73- 

 
vote of Limited Partners, whether at a special meeting or by written consent, in either case in accordance with the requirements of Article XIII. A copy or a summary of the Merger Agreement
shall be included in or enclosed with the notice of a special meeting or the written consent. 
 (b) Except as provided in
Sections 14.3(d) and 14.3(e), the Merger Agreement shall be approved upon receiving the affirmative vote or consent of the holders of a Unit Majority. 

(c) Except as provided in Sections 14.3(d) and 14.3(e), after such approval by vote or consent of the Limited Partners, and at any time
prior to the filing of the certificate of merger pursuant to Section 14.4, the merger or consolidation may be abandoned pursuant to provisions therefor, if any, set forth in the Merger Agreement. 

(d) Notwithstanding anything else contained in this Article XIV or in this Agreement, the General Partner is permitted, without Limited
Partner approval, to convert the Partnership or any Group Member into a new limited liability entity, to merge the Partnership or any Group Member into, or convey all of the Partnership’s assets to, another limited liability entity which shall
be newly formed and shall have no assets, liabilities or operations at the time of such conversion, merger or conveyance other than those it receives from the Partnership or other Group Member if (i) the General Partner has received an Opinion
of Counsel that the conversion, merger or conveyance, as the case may be, would not result in the loss of the limited liability of any Limited Partner, (ii) the sole purpose of such conversion, merger or conveyance is to effect a mere change in
the legal form of the Partnership into another limited liability entity and (iii) the governing instruments of the new entity provide the Limited Partners and the General Partner with the same rights and obligations as are herein contained.

 (e) Additionally, notwithstanding anything else contained in this Article XIV or in this Agreement, the General Partner is permitted,
without Limited Partner approval, to merge or consolidate the Partnership with or into another entity if (i) the General Partner has received an Opinion of Counsel that the merger or consolidation, as the case may be, would not result in the
loss of the limited liability of any Limited Partner, (ii) the merger or consolidation would not result in an amendment to this Agreement, other than any amendments that could be adopted pursuant to Section 13.1, (iii) the Partnership
is the Surviving Business Entity in such merger or consolidation, (iv) each Unit outstanding immediately prior to the effective date of the merger or consolidation is to be an identical Unit of the Partnership after the effective date of the
merger or consolidation, and (v) the number of Partnership Securities to be issued by the Partnership in such merger or consolidation does not exceed 20% of the Partnership Securities Outstanding immediately prior to the effective date of such
merger or consolidation. 
 Section 14.4 Certificate of Merger. 

Upon the required approval by the General Partner and the Unitholders of a Merger Agreement, a certificate of merger shall be executed and
filed in conformity with the requirements of the Marshall Islands Act. 

  
 -74- 

 Section 14.5 Amendment of Partnership Agreement. 

Pursuant to Section 20(2) of the Marshall Islands Act, an agreement of merger or consolidation approved in accordance with
Section 20(2) of the Marshall Islands Act may (a) effect any amendment to this Agreement or (b) effect the adoption of a new partnership agreement for a limited partnership if it is the Surviving Business Entity. Any such amendment or
adoption made pursuant to this Section 14.5 shall be effective at the effective time or date of the merger or consolidation. 
 Section 14.6
Effect of Merger. 
 (a) At the effective time of the certificate of merger: 

(i) all of the rights, privileges and powers of each of the business entities that has merged or consolidated, and all property, real, personal
and mixed, and all debts due to any of those business entities and all other things and causes of action belonging to each of those business entities, shall be vested in the Surviving Business Entity and after the merger or consolidation shall be
the property of the Surviving Business Entity to the extent they were of each constituent business entity; 
 (ii) the title to any real
property vested by deed or otherwise in any of those constituent business entities shall not revert and is not in any way impaired because of the merger or consolidation; 

(iii) all rights of creditors and all liens on or security interests in property of any of those constituent business entities shall be
preserved unimpaired; and 
 (iv) all debts, liabilities and duties of those constituent business entities shall attach to the Surviving
Business Entity and may be enforced against it to the same extent as if the debts, liabilities and duties had been incurred or contracted by it. 

(b) A merger or consolidation effected pursuant to this Article shall not be deemed to result in a transfer or assignment of assets or
liabilities from one entity to another. 
 ARTICLE XV 

RIGHT TO ACQUIRE LIMITED PARTNER INTERESTS 

Section 15.1 Right to Acquire Limited Partner Interests. 

(a) Notwithstanding any other provision of this Agreement, if at any time the General Partner and its Affiliates hold more than 80% of the
total Limited Partner Interests of any class or series then Outstanding, the General Partner shall then have the right, which right it may assign and transfer in whole or in part to the Partnership or any Affiliate of the General Partner,
exercisable at its option, to purchase all, but not less than all, of such Limited Partner Interests of such class or series then Outstanding held by Persons other than the General Partner and its 

  
 -75- 

 
Affiliates, at the greater of (x) the Current Market Price as of the date three days prior to the date that the notice described in Section 15.1(b) is mailed and (y) the highest
price paid by the General Partner or any of its Affiliates for any such Limited Partner Interest of such class or series purchased during the 90-day period preceding the date that the notice described in Section 15.1(b) is mailed.
Notwithstanding the foregoing, the repurchase right described in this Article XV shall not apply to Preferred Units. 
 (b) If
the General Partner, any Affiliate of the General Partner or the Partnership elects to exercise the right to purchase Limited Partner Interests granted pursuant to Section 15.1(a), the General Partner shall deliver to the Transfer Agent notice
of such election to purchase (the “Notice of Election to Purchase”) and shall cause the Transfer Agent to mail a copy of such Notice of Election to Purchase to the Record Holders of Limited Partner Interests of such class or series
(as of a Record Date selected by the General Partner) at least 10, but not more than 60, days prior to the Purchase Date. Such Notice of Election to Purchase shall also be published for a period of at least three consecutive days in at least
two daily newspapers of general circulation printed in the English language and published in the Borough of Manhattan, New York. The Notice of Election to Purchase shall specify the Purchase Date and the price (determined in accordance with
Section 15.1(a)) at which Limited Partner Interests will be purchased and state that the General Partner, its Affiliate or the Partnership, as the case may be, elects to purchase such Limited Partner Interests, upon surrender of Certificates
representing such Limited Partner Interests in exchange for payment, at such office or offices of the Transfer Agent as the Transfer Agent may specify, or as may be required by any National Securities Exchange on which such Limited Partner Interests
are listed. Any such Notice of Election to Purchase mailed to a Record Holder of Limited Partner Interests at his address as reflected in the records of the Transfer Agent shall be conclusively presumed to have been given regardless of whether the
owner receives such notice. On or prior to the Purchase Date, the General Partner, its Affiliate or the Partnership, as the case may be, shall deposit with the Transfer Agent cash in an amount sufficient to pay the aggregate purchase price of all of
such Limited Partner Interests to be purchased in accordance with this Section 15.1. If the Notice of Election to Purchase shall have been duly given as aforesaid at least 10 days prior to the Purchase Date, and if on or prior to the
Purchase Date the deposit described in the preceding sentence has been made for the benefit of the holders of Limited Partner Interests subject to purchase as provided herein, then from and after the Purchase Date, notwithstanding that any
Certificate shall not have been surrendered for purchase, all rights of the holders of such Limited Partner Interests (including any rights pursuant to Articles IV, V, VI and XII) shall thereupon cease, except the right to receive the
applicable purchase price (determined in accordance with Section 15.1(a)) for Limited Partner Interests therefor, without interest, upon surrender to the Transfer Agent of the Certificates representing such Limited Partner Interests, and such
Limited Partner Interests shall thereupon be deemed to be transferred to the General Partner, its Affiliate or the Partnership, as the case may be, on the record books of the Transfer Agent and the Partnership, and the General Partner or any
Affiliate of the General Partner, or the Partnership, as the case may be, shall be deemed to be the owner of all such Limited Partner Interests from and after the Purchase Date and shall have all rights as the owner of such Limited Partner Interests
(including all rights as owner of such Limited Partner Interests pursuant to Articles IV, V, VI and XII). 

  
 -76- 

 (c) At any time from and after the Purchase Date, a holder of an Outstanding Limited Partner
Interest subject to purchase as provided in this Section 15.1 may surrender his Certificate evidencing such Limited Partner Interest to the Transfer Agent in exchange for payment of the amount described in Section 15.1(a), without interest
thereon. 
 ARTICLE XVI 

SERIES A, SERIES B AND SERIES C PREFERRED UNITS 

Section 16.1 Designations. 
 (a) On
April 23, 2013, the General Partner designated and created a series of Preferred Units designated as “7.25% Series A Cumulative Redeemable Preferred Units,” and fixed the preferences, rights, powers and duties of the holders of
the Series A Preferred Units as set forth in this Article XVI. Each Series A Preferred Unit shall be identical in all respects to every other Series A Preferred Unit, except as to the respective dates from which the Series A
Liquidation Preference shall increase or from which Series A Distributions may begin accruing, to the extent such dates may differ. The Series A Preferred Units represent perpetual equity interests in the Partnership and shall not give
rise to a claim by the holder for redemption thereof at a particular date. 
 (b) On April 13, 2015, the General Partner designated and
created a series of Preferred Units designated as “8.50% Series B Cumulative Redeemable Preferred Units,” and fixed the preferences, rights, powers and duties of the holders of the Series B Preferred Units as set forth in this
Article XVI. Each Series B Preferred Unit shall be identical in all respects to every other Series B Preferred Unit, except as to the respective dates from which the Series B Liquidation Preference shall increase or from which
Series B Distributions may begin accruing, to the extent such dates may differ. The Series B Preferred Units represent perpetual equity interests in the Partnership and shall not give rise to a claim by the holder for redemption thereof at
a particular date. 
 (c) The General Partner hereby designates and creates a series of Preferred Units to be designated as “8.60%
Series C Cumulative Convertible Perpetual Preferred Units,” and fixes the preferences, rights, powers and duties of the holders of the Series C Preferred Units as set forth in this Article XVI. Each Series C Preferred Unit shall
be identical in all respects to every other Series C Preferred Unit, except as to the respective dates from which the Series C Liquidation Preference and Adjusted Series C Liquidation Preference shall increase or from which Series C
Distributions may begin accruing, to the extent such dates may differ. 
 Section 16.2 Units. 

(a) The authorized number of Series A Preferred Units, of Series B Preferred Units and of Series C Preferred Units shall each be
unlimited. Series A Preferred Units, Series B Preferred Units or Series C Preferred Units that are purchased or otherwise acquired by the Partnership shall be cancelled. 

  
 -77- 

 (b) The Series A Preferred Units and the Series B Preferred Units shall, as to each such
series of Preferred Units, be represented by a single Certificate registered in the name of the Depository or its nominee, and no Series A Holder or Series B Holder shall be entitled to receive a Certificate evidencing such applicable Units,
unless otherwise required by law or the Depository gives notice of its intention to resign or is no longer eligible to act as such with respect to such series of Preferred Units and the Partnership shall have not selected a substitute Depository
within 60 calendar days thereafter. So long as the Depository shall have been appointed and is serving with respect to such series of Preferred Units, payments and communications made by the Partnership to Series A Holders or Series B Holders
shall be made by making payments to, and communicating with, the Depository. The Series C Preferred Units shall initially be registered with the Transfer Agent in book-entry form, and payments and communications made by the Partnership to
Series C Holders shall initially be made by making payments to, and communicating with, the Transfer Agent. At such time as the restrictive legends from the Series C Preferred Units have been removed, the Series C Preferred Units shall be
represented by a single Certificate registered in the name of the Depository or its nominee, at which time no Series C Holder shall be entitled to receive a Certificate evidencing such applicable Units, unless otherwise required by law or the
Depository gives notice of its intention to resign or is no longer eligible to act as such with respect to such series of Preferred Units and the Partnership shall have not selected a substitute Depository within 60 calendar days thereafter. Once
the Depository has been appointed and is serving with respect to such Series C Preferred Units, payments and communications made by the Partnership to Series C Holders shall be made by making payments to, and communicating with, the Depository.

 Section 16.3 Distributions. 

(a) Distributions on each Series A Preferred Unit shall be cumulative and shall accrue at the Series A Distribution Rate from the
Series A Original Issue Date (or, for any subsequently issued and newly Outstanding Series A Preferred Units, from the Series A Distribution Payment Date immediately preceding the issuance date of such Units) until such time as the
Partnership pays the Series A Distribution or redeems the Series A Preferred Units in full in accordance with Section 16.6 below, whether or not such Series A Distributions shall have been declared. Distributions on each Series B
Preferred Unit shall be cumulative and shall accrue at the Series B Distribution Rate from the Series B Original Issue Date (or, for any subsequently issued and newly Outstanding Series B Preferred Units, from the Series B
Distribution Payment Date immediately preceding the issuance date of such Units) until such time as the Partnership pays the Series B Distribution or redeems the Series B Preferred Units in full in accordance with Section 16.6 below,
whether or not such Series B Distributions shall have been declared. Distributions on each Series C Preferred Unit shall be cumulative and shall accrue at the applicable Series C Distribution Rate from the Series C Original Issue Date
(or, for any subsequently issued and newly Outstanding Series C Preferred Units, from the Series C Distribution Payment Date immediately preceding the issuance date of such Units, or if there is no such immediately preceding Series C
Distribution Payment Date, from the issuance date of such Units) until such time as (i) the Partnership pays the Series C Distribution, (ii) such Series C Preferred Unit is converted into Common Units in accordance with Section 16.8
or (iii) such 

  
 -78- 

 
Series C Preferred Unit is redeemed by the Partnership in accordance with Section 16.9(a), whether or not such Series C Distributions shall have been declared. Series A Holders, Series
B Holders and Series C Holders shall be entitled to receive Series A Distributions, Series B Distributions or Series C Distributions, as applicable, from time to time out of any assets of the Partnership legally available for the payment
of distributions at the Series A Distribution Rate per Series A Preferred Unit, at the Series B Distribution Rate per Series B Preferred Unit or at the Series C Distribution Rate per Series C Preferred Unit, as applicable, in each
case when, as, and if declared by the General Partner. Distributions, to the extent declared by the General Partner to be paid by the Partnership in accordance with this Section 16.3, shall be paid quarterly on each Series A Distribution
Payment Date, Series B Distribution Payment Date or Series C Distribution Date, as applicable. Distributions shall accumulate in each Series A Distribution Period from and including the preceding Series A Distribution Payment Date
(other than the initial Series A Distribution Period, which shall commence on and include the Series A Original Issue Date), to but excluding the next Series A Distribution Payment Date for such Series A Distribution Period, and
distributions shall accrue on accumulated Series A Distributions at the Series A Distribution Rate. Distributions shall accumulate in each Series B Distribution Period from and including the preceding Series B Distribution Payment Date
(other than the initial Series B Distribution Period, which shall commence on and include the Series B Original Issue Date), to but excluding the next Series B Distribution Payment Date for such Series B Distribution Period, and distributions shall
accrue on accumulated Series B Distributions at the Series B Distribution Rate. Distributions shall accumulate in each Series C Distribution Period from and including the preceding Series C Distribution Payment Date (other than the initial Series C
Distribution Period with respect to newly issued Series C Preferred Units, which shall commence on and include the Series C Original Issue Date for Series C Preferred Units issued on that date or, for any Series C Preferred Units subsequently
issued, from the Series C Distribution Date immediately preceding the issuance date of such Units, or if there is no such immediately preceding Series C Distribution Payment Date, from the issuance date of such Units), to but excluding the next
Series C Distribution Payment Date for such Series C Distribution Period, and distributions shall accrue on accumulated Series C Distributions at the applicable Series C Distribution Rate. If any Series A Distribution Payment Date, Series
B Distribution Payment Date or Series C Distribution Payment Date otherwise would occur on a date that is not a Business Day, declared Series A Distributions, Series B Distributions or Series C Distributions, as applicable, shall be paid on the
immediately succeeding Business Day without the accumulation of additional distributions. Series A Distributions, Series B Distributions and Series C Distributions shall be payable based on a 360-day year consisting of twelve 30-day months.

 (b) Not later than 5:00 p.m., New York City time, on each Series A Distribution Payment Date, Series B Distribution Payment
Date and Series C Distribution Payment Date, the Partnership shall pay those Series A Distributions, Series B Distributions or Series C Distributions, if any, that shall have been declared by the General Partner to Series A Holders,
Series B Holders or Series C Holders, as applicable, on the Record Date for the applicable Series A Preferred Distribution, Series B Preferred Distribution or Series C Preferred Distribution. The Record Date (the “Series A
Distribution Record Date”) for the payment of  

  
 -79- 

 
any Series A Distributions shall be the fifth Business Day immediately preceding the applicable Series A Distribution Payment Date, except that in the case of payments of Series A
Distributions in arrears, the Series A Distribution Record Date with respect to a Series A Distribution Payment Date shall be such date as may be designated by the General Partner in accordance with this Article XVI. The Record Date
(the “Series B Distribution Record Date”) for the payment of any Series B Distributions shall be the fifth Business Day immediately preceding the applicable Series B Distribution Payment Date, except that in the case of payments of
Series B Distributions in arrears, the Series B Distribution Record Date with respect to a Series B Distribution Payment Date shall be such date as may be designated by the General Partner in accordance with this Article XVI. The Record Date (the
“Series C Distribution Record Date”) for the payment of any Series C Distributions shall be the fifth Business Day immediately preceding the applicable Series C Distribution Payment Date, except that in the case of payments of
Series C Distributions in arrears, the Series C Distribution Record Date with respect to a Series C Distribution Payment Date shall be such date as may be designated by the General Partner in accordance with this Article XVI. For the avoidance of
doubt, each Series A Distribution Date, Series B Distribution Date and Series C Distribution Date shall all fall on the same date. No distribution shall be declared or paid or set apart for payment on any Junior Securities (other than a distribution
payable solely in Junior Securities) unless full cumulative Series A Distributions, Series B Distributions and Series C Distributions have been or contemporaneously are being paid or provided for on all Outstanding Series A Preferred
Units, Series B Preferred Units, Series C Preferred Units and any other Parity Securities through the most recent respective Series A Distribution Payment Dates, Series B Distribution Payment Dates and Series C Distribution Payment Dates.
Accumulated Series A Distributions, accumulated Series B Distributions or accumulated Series C Distributions in arrears for any past Series A Distribution Period, Series B Distribution Period or Series C Distribution Period, as
applicable, may be declared by the General Partner and paid on any date fixed by the General Partner, whether or not a Series A Distribution Payment Date, a Series B Distribution Payment Date or a Series C Distribution Payment Date, to
Series A Holders or Series B Holders or Series C Holders, as applicable, on the Record Date for such payment, which may not be more than 60 days, nor less than 15 days, before such payment date. Subject to the next succeeding sentence, if
all accumulated Series A Distributions, Series B Distributions and Series C Distributions in arrears on all Outstanding Series A Preferred Units, Series B Preferred Units, Series C Preferred Units and any other Parity Securities shall not
have been declared and paid, or if sufficient funds for the payment thereof shall not have been set apart, payment of accumulated distributions in arrears on the Series A Preferred Units, Series B Preferred Units, Series C Preferred Units and
any such Parity Securities shall be made in order of their respective distribution payment dates, commencing with the earliest. If less than all distributions payable with respect to all Series A Preferred Units, Series B Preferred Units,
Series C Preferred Units and any other Parity Securities are paid, any partial payment shall be made pro rata with respect to the Series A Preferred Units, Series B Preferred Units, Series C Preferred Units and any such other Parity Securities
entitled to a distribution payment at such time in proportion to the aggregate distribution amounts remaining due in respect of such Series A Preferred Units, Series B Preferred Units, Series C Preferred Units and such other Parity Securities
at such time. Subject to Sections 12.4 and 16.6, neither Series A Holders nor Series B Holders shall be entitled  

  
 -80- 

 
to any distribution, whether payable in cash, property or stock, in excess of full cumulative Series A Distributions or Series B Distributions, as applicable. Subject to Sections 12.4, 16.3(c),
16.6, 16.8(a), 16.8(b) and 16.9, Series C Holders, in their capacity as Series C Holders, shall not be entitled to any distribution, whether payable in cash, property or stock, in excess of full cumulative Series C Distributions. Except insofar as
distributions accrue on the amount of any accumulated and unpaid Series A Distributions, Series B Distributions or Series C Distributions, as applicable, as described in Section 16.3(a), no interest or sum of money in lieu of interest shall be
payable in respect of any distribution payment which may be in arrears on the Series A Preferred Units, the Series B Preferred Units or the Series C Preferred Units. So long as the Series A Preferred Units or Series B Preferred Units,
as applicable, are held of record by the nominee of the Depository, declared Series A Distributions or Series B Distributions shall be paid to the Depository in same-day funds on each Series A Distribution Payment Date or Series B Distribution
Payment Date, as applicable. Declared Series C Distributions shall initially be paid to the Transfer Agent in same-day funds on each Series C Distribution Payment Date. At such time, if any, as the Series C Preferred Units are held of record by the
nominee of the Depository, declared Series C Distributions shall be paid to the Depository in same-day funds on each Series C Distribution Payment Date. 

(c) Subject to and without limiting the other provisions of this Section 16.3, if the Partnership shall declare and make with
respect to Outstanding Common Units any distributions of cash, securities or other property (including in connection with any spin-off transaction, but excluding, subject to the proviso to this Section 16.3, any regular quarterly distributions
pursuant to Section 6.2(a) or distributions made pursuant to Article XII) (each, a “Special Distributions”), each Series C Preferred Unit shall have the right to share in any such Special Distributions by the Partnership
in the form of such cash, securities or other property Pro Rata with the Common Units, as if the Series C Preferred Units had converted into Common Units at the then-applicable Series C Conversion Ratio; provided, however ̧ that
(i) at any time there are accrued but unpaid distributions on the Series C Preferred Units, no such Special Distributions with respect to the Common Units shall be permitted and (ii) Special Distributions shall not include regular
quarterly distributions pursuant to Section 6.2(a) except to the extent that any such regular quarterly distribution is paid at a rate that exceeds 130% of the quarterly distribution rate for the immediately preceding quarter, on a per Unit
basis, in which case the amount of such distribution in excess of 130% of such quarterly distribution rate shall be deemed a Special Distribution, and such Series C Preferred Unit’s Pro Rata share of amounts to be distributed on a per Common
Unit basis shall be appropriately reduced to account for the 130% base amount of such distribution for which such Series C Preferred Unit does not participate. 

Section 16.4 Liquidation Rights. 

(a) Upon the occurrence of any Liquidation Event, Series A Holders, Series B Holders and Series C Holders (to the extent their Series C
Preferred Units have not been converted to Common Units in accordance with Section 16.8 prior to the occurrence of such Liquidation Event) shall be entitled to receive out of the assets of the Partnership or proceeds thereof legally available
for distribution to the Partners, (i) after satisfaction of all liabilities, if 

  
 -81- 

 
any, to creditors of the Partnership, (ii) after all applicable distributions of such assets or proceeds being made to or set aside for the holders of any Senior Securities then Outstanding
in respect of such Liquidation Event, (iii) concurrently with any applicable distributions of such assets or proceeds being made to or set aside for holders of any Series A Preferred Units, Series B Preferred Units, Series C Preferred Units or
other Parity Securities then Outstanding in respect of such Liquidation Event and (iv) before any distribution of such assets or proceeds is made to or set aside for the holders of Common Units and any other classes or series of Junior
Securities as to such distribution, a liquidating distribution or payment in full redemption of such Series A Preferred Units, Series B Preferred Units or Series C Preferred Units in an amount equal to the Series A Liquidation
Preference, the Series B Liquidation Preference or the Adjusted Series C Liquidation Preference, as applicable. For purposes of clarity, upon the occurrence of any Liquidation Event, (x) the holders of then Outstanding Senior Securities shall
be entitled to receive the applicable Liquidation Preference on such Senior Securities before any distribution shall be made with respect to the Series A Preferred Units, the Series B Preferred Units, the Series C Preferred Units or any
Parity Securities and (y) the Series A Holders shall be entitled to the Series A Liquidation Preference per Series A Preferred Unit in cash, the Series B Holders shall be entitled to the Series B Liquidation Preference per Series
B Preferred Unit in cash and the Series C Holders shall be entitled to the Adjusted Series C Liquidation Preference per Series C Preferred Unit in cash, in each case concurrently with any distribution made to the holders of any Parity Securities and
before any distribution shall be made to the holders of Common Units or any other Junior Securities. Series A Holders, Series B Holders and Series C Holders shall not be entitled to any other amounts from the Partnership, in their capacity as
Series A Holders, Series B Holders or Series C Holder, as applicable, after they have received the Series A Liquidation Preference, the Series B Liquidation Preference or the Adjusted Series C Liquidation Preference, as
applicable. The payment of the Series A Liquidation Preference, Series B Liquidation Preference or Adjusted Series C Liquidation Preference shall be a payment in redemption of the Series A Preferred Units, the Series B Preferred Units or
the Series C Preferred Units, as applicable, such that, from and after payment of the full Series A Liquidation Preference, Series B Liquidation Preference or Adjusted Series C Liquidation Preference, any such Series A Preferred Unit,
Series B Preferred Unit or Series C Preferred Unit, as applicable, shall thereafter be cancelled and no longer be Outstanding. 
 (b) If, in
the event of any distribution or payment described in Section 16.4(a) above where the Partnership’s assets available for distribution to holders of the Outstanding Series A Preferred Units, Series B Preferred Units, Series C Preferred
Units and any other Parity Securities are insufficient to satisfy the applicable Liquidation Preference for such Series A Preferred Units, Series B Preferred Units, Series C Preferred Units and Parity Securities, the Partnership’s then
remaining assets or proceeds thereof legally available for distribution to unitholders of the Partnership shall be distributed among the holders of Outstanding Series A Preferred Units, Series B Preferred Units, Series C Preferred Units and
such Parity Securities, as applicable, ratably on the basis of their relative aggregate Liquidation Preferences. To the extent that the Series A Holders, Series B Holders or Series C Holders receive a partial payment of their Series A
Liquidation Preference, Series B Liquidation Preference or Adjusted Series C Liquidation Preference, as applicable, such partial payment shall reduce the Series A Liquidation 

  
 -82- 

 
Preference of their Series A Preferred Units, the Series B Liquidation Preference of their Series B Preferred Units or the Adjusted Series C Liquidation Preference of their
Series C Preferred Units, as applicable, but only to the extent of such amount paid. 
 (c) After payment of the applicable Liquidation
Preference to the holders of the Outstanding Series A Preferred Units, Series B Preferred Units, Series C Preferred Units and any other Parity Securities, the Partnership’s remaining assets and funds shall be distributed among the holders
of the Common Units and any other Junior Securities then Outstanding according to their respective rights and preferences. 
 Section 16.5 Voting
Rights. 
 (a) Notwithstanding anything to the contrary in this Agreement, none of the Series A Preferred Units, the Series B
Preferred Units or the Series C Preferred Units shall have any voting rights except as set forth in Section 13.3(d), this Section 16.5 or as otherwise provided by the Marshall Islands Act. 

(b) In the event that six quarterly Series A Distributions, whether consecutive or not, are in arrears, the Series A Holders shall have
the right, voting as a class together with holders of any other Parity Securities upon which like voting rights have been conferred and are exercisable, at a meeting of the General Partner called for such purpose within 30 days after receipt by the
General Partner of a request by Series A Holders holding a majority of the Outstanding Series A Preferred Units, to elect one member of the Board of Directors of the General Partner, and the size of the Board of Directors of the General
Partner shall be increased as needed to accommodate such change; provided, however, that such right of the Series A Holders shall not apply to the election of another director if (i) Series A Holders and holders of Parity Securities upon which
like voting rights have been conferred, voting as a class, have previously elected a member of the Board of Directors of the General Partner and (ii) such director continues then to serve on the Board of Directors. Such right of such
Series A Holders to elect a member of the Board of Directors of the General Partner shall continue until the Partnership pays in full, or declares and sets aside funds for the payment of, all Series A Distributions accumulated and in arrears on
the Series A Preferred Units, at which time such right shall terminate, subject to the revesting of such right in the event of each and every subsequent failure to pay six quarterly Series A Distributions as described above in this
Section 16.5(b). In the event that six quarterly Series B Distributions, whether consecutive or not, are in arrears, the Series B Holders shall have the right, voting as a class together with holders of any other Parity Securities upon which
like voting rights have been conferred and are exercisable, at a meeting of the General Partner called for such purpose within 30 days after receipt by the General Partner of a request by Series B Holders holding a majority of the Outstanding Series
B Preferred Units, to elect one member of the Board of Directors of the General Partner, and the size of the Board of Directors of the General Partner shall be increased as needed to accommodate such change; provided, however, that such right of the
Series B Holders shall not apply to the election of another director if (i) Series B Holders and holders of Parity Securities upon which like voting rights have been conferred, voting as a class, have previously elected a member of the Board of
Directors of the General Partner and (ii) such 

  
 -83- 

 
director continues then to serve on the Board of Directors. Such right of such Series B Holders to elect a member of the Board of Directors of the General Partner shall continue until the
Partnership pays in full, or declares and sets aside funds for the payment of, all Series B Distributions accumulated and in arrears on the Series B Preferred Units, at which time such right shall terminate, subject to the revesting of such right in
the event of each and every subsequent failure to pay six quarterly Series B Distributions as described above in this Section 16.5(b). Upon any termination of the right of the Series A Holders, the Series B Holders and, if applicable,
holders of any other Parity Securities to vote as a class for such director, the term of office of the director then in office elected by such Series A Holders, Series B Holders and holders voting as a class shall terminate immediately. Any
director elected by the Series A Holders, the Series B Holders and, if applicable, holders of any other Parity Securities shall be entitled to one vote on any matter before the Board of Directors of the General Partner. 

(c) 
 (i) Unless the General
Partner shall have received the affirmative vote or consent of the holders of at least 66 2/3% of the Outstanding Series A Preferred Units, voting as a separate class, the General Partner shall not adopt any amendment to this Agreement that
would have a material adverse effect on the existing terms of the Series A Preferred Units. Unless the General Partner shall have received the affirmative vote or consent of the holders of at least 66 2/3% of the Outstanding Series B
Preferred Units, voting as a separate class, the General Partner shall not adopt any amendment to this Agreement that would have a material adverse effect on the existing terms of the Series B Preferred Units. Unless the General Partner shall
have received the affirmative vote or consent of the holders of at least 66 2/3% of the Outstanding Series C Preferred Units, voting as a separate class, the General Partner shall not adopt any amendment to this Agreement that would modify any
terms of the Series C Preferred Units; provided, however, that following any listing of the Series C Preferred Units on a National Securities Exchange, such Series C Holder vote or consent shall only be required for any amendment to this
Agreement that would have a material adverse effect on the then existing terms of the Series C Preferred Units. 
 (ii) Unless the General
Partner shall have received the affirmative vote or consent of the holders of at least 66 2/3% of the Outstanding Series A Preferred Units, Series B Preferred Units and Series C Preferred Units, voting as a class together with holders of
any other Parity Securities upon which like voting rights have been conferred and are exercisable, the Partnership shall not (x) issue any Parity Securities or Senior Securities if the cumulative distributions payable on Outstanding
Series A Preferred Units, Series B Preferred Units or Series C Preferred Units are in arrears or (y) create or issue any Senior Securities. In addition, unless the General Partner shall have received the affirmative vote or consent of the
holders of at least 66 2/3% of the Outstanding Series C Preferred Units, voting as a separate class, the Partnership shall not create or issue any Senior Securities. 

(d) If any transaction representing a Change of Control is submitted to a vote of the Limited Partners for approval, the Series C Preferred
Units will have such voting rights pursuant to this Agreement as such Series C Preferred Units would have if they were converted into Common Units, at the then-applicable Series C Conversion Ratio, and shall vote together with the Common Units as a
single class on such matter. 

  
 -84- 

 (e) For any matter described in this Section 16.5 in which the Series A Holders, Series
B Holders and/or Series C Holders are entitled to vote as a class (whether separately or together with the holders of any Parity Securities), such Series A Holders, Series B Holders or Series C Holders shall be entitled to one vote per
Series A Preferred Unit, Series B Preferred Unit or Series C Preferred Unit, as applicable. Any Series A Preferred Units, Series B Preferred Units or Series C Preferred Units held by the Partnership or any of its subsidiaries or Affiliates
shall not be entitled to vote. 
 Section 16.6 Optional Redemption. 

The Partnership shall have the right at any time, and from time to time, on or after April 30, 2018 to redeem the Series A
Preferred Units, in whole or in part, from any source of funds legally available for such purpose. Any such redemption shall occur on a date set by the General Partner (the “Series A Redemption Date”). The Partnership shall
have the right at any time, and from time to time, on or after April 20, 2020 to redeem the Series B Preferred Units, in whole or in part, from any source of funds legally available for such purpose. Any such redemption shall occur on a date
set by the General Partner (the “Series B Redemption Date”). The Partnership shall not give or cause to be given a Series A Redemption Notice or Series B Redemption Notice, or otherwise redeem, repurchase or acquire any Series A
Preferred Units or Series B Preferred Units, unless the Partnership contemporaneously offers to repurchase a corresponding percentage of outstanding Series C Preferred Units for cash. Any such redemption shall occur on a date set by the General
Partner no later than the Series A Redemption Date or Series B Redemption Date, as applicable (the “Series C Redemption Date”). 

(a) The Partnership shall effect any such redemption by paying cash for each Series A Preferred Unit, Series B Preferred Unit or
Series C Preferred Unit, as applicable, to be redeemed equal to (i) the Series A Liquidation Preference for such Series A Preferred Unit on such Series A Redemption Date (the “Series A Redemption Price”),
(ii) the Series B Liquidation Preference for such Series B Preferred Unit on such Series B Redemption Date (the “Series B Redemption Price”) or (iii) the Stated Series C Liquidation Preference plus accrued but unpaid
distributions for each Series C Preferred Unit on such Series C Redemption Date (the “Series C Redemption Price”). So long as the Series A Preferred Units or Series B Preferred Units to be redeemed are held of record by the
nominee of the Depository, the Series A Redemption Price or Series B Redemption Price, as applicable, shall be paid by the Paying Agent to the Depository on the Series A Redemption Date or the Series B Redemption Date. The Series C
Redemption Price shall initially be paid to the Transfer Agent in same-day funds on each Series C Redemption Date. At such time, if any, as the Series C Preferred Units are held of record by the nominee of the Depository, the Series C Redemption
Price shall be paid to the Depository in same-day funds on the Series C Redemption Date. 
 (b) The Partnership shall give notice of
any redemption by mail, postage prepaid, not less than 30 days and not more than 60 days before the scheduled Series A Redemption Date, 

  
 -85- 

 
Series B Redemption Date or Series C Redemption Date, to the Series A Holders or Series B Holders, as applicable, and the Series C Holders (as of 5:00 p.m. New York City time on the
Business Day next preceding the day on which notice is given) of any Series A Preferred Units or Series B Preferred Units to be redeemed, and any Series C Preferred Units redeemable, as such Series A Holders’, Series B Holders’
or Series C Holders’ names appear on the books of the Transfer Agent and at the address of such Series A Holders, Series B Holders or Series C Holders shown therein. Such notice (the “Series A Redemption Notice,”
“Series B Redemption Notice,” or the “Series C Redemption Notice,” as applicable) shall state, as applicable: (1) the Series A Redemption Date, Series B Redemption Date or Series C Redemption Date,
(2) the number of Series A Preferred Units, Series B Preferred Units or Series C Preferred Units redeemable or to be redeemed, as applicable, and, if less than all Outstanding Series A Preferred Units, Series B Preferred Units or
Series C Preferred Units are redeemable or to be redeemed, as applicable, the number (and the identification) of Units redeemable or to be redeemed, as applicable, from such Series A Holder, Series B Holder or Series C Holder, (3) the
Series A Redemption Price, Series B Redemption Price or Series C Redemption Price, (4) the place where the Series A Preferred Units, Series B Preferred Units or Series C Preferred Units are redeemable or to be redeemed, as applicable,
and shall be presented and surrendered for payment of the Series A Redemption Price, Series B Redemption Price or Series C Redemption Price therefor and (5) that distributions on the Units to be redeemed shall cease to accumulate from and
after such Series A Redemption Date, Series B Redemption Date or Series C Redemption Date. 
 (c) Upon receipt of the
Series C Redemption Notice, one or more Series C Holders may elect, each in its own discretion, to have the Partnership redeem all, but not less than all, of the Series C Preferred Units which such Series C Holder is entitled to have redeemed for
the Series C Redemption Price by providing written notice to the Partnership, in the form set forth as Exhibit E hereto (a “Series C Redemption Election”), setting forth the number of Series C Preferred Units such electing
Series C Holder holds, together with such additional information as may be reasonably requested by the Transfer Agent; provided, however, that such delivery shall be made no later than ten (10) Business Days after receipt of the Series C
Redemption Notice. 
 (d) If the Partnership elects to redeem less than all of the Outstanding Series A Preferred Units or Series
B Preferred Units, as applicable, the number of Series A Preferred Units or Series B Preferred Units to be redeemed shall be determined by the General Partner, and such Series A Preferred Units or Series B Preferred Units shall be redeemed
by such method of selection as the Depository shall determine either Pro Rata or by lot, with adjustments to avoid redemption of fractional Series A Preferred Units or Series B Preferred Units. The aggregate Series A Redemption Price or
Series B Redemption Price for any such partial redemption of the Outstanding Series A Preferred Units or Series B Preferred Units shall be allocated correspondingly among the redeemed Series A Preferred Units or Series B Preferred Units,
as applicable. The Series A Preferred Units or Series B Preferred Units not redeemed shall remain Outstanding and entitled to all the rights and preferences provided in this Article XVI. If the Partnership is required to redeem less than the
aggregate number of the Series C Preferred Units for which Series C Redemption Elections have been delivered, such Series C Preferred Units shall be redeemed by such method of selection as the Transfer Agent or the Depository, as

  
 -86- 

 
applicable, shall determine either Pro Rata or by lot amongst Series C Holders who have made such Series C Redemption Election, with adjustments to avoid redemption of fractional Series C
Preferred Units. The aggregate Series C Redemption Price for any such partial redemption of the Outstanding Series C Preferred Units shall be allocated correspondingly among the redeemed Series C Preferred Units. The Series C
Preferred Units not redeemed shall remain Outstanding and entitled to all the rights and preferences provided in this Article XVI. 
 (e) If
the Partnership gives or causes to be given a Series A Redemption Notice, Series B Redemption Notice or Series C Redemption Notice, the Partnership shall deposit with the Paying Agent funds, sufficient to redeem the Series A Preferred
Units or Series B Preferred Units, as applicable, as to which such Series A Redemption Notice or Series B Redemption Notice shall have been given, and the Series C Preferred Units as to which the Series C Redemption Elections have been
received, if any, up to the number of Series C Preferred Units for which the Series C Redemption Notice shall have been given, no later than 5:00 p.m. New York City time on the Business Day immediately preceding the Series A Redemption Date or
Series B Redemption Date, and the Series C Redemption Date, as applicable, and shall give the Paying Agent irrevocable instructions and authority to pay the Series A Redemption Price to the Series A Holders or the Series B Redemption Price
to the Series B Holders, and the Series C Redemption Price to the Series C Holders, to be redeemed upon surrender or deemed surrender (which shall occur automatically if the Series C Preferred Units are held in book-entry form by the Transfer Agent
or if the Certificate representing such Series A Preferred Units, Series B Preferred Units or Series C Preferred Units is issued in the name of the Depository or its nominee) of the Certificates therefor as set forth in the Series A
Redemption Notice, Series B Redemption Notice or Series C Redemption Election, as applicable. If the Series A Redemption Notice or Series B Redemption Notice, and the Series C Redemption Notice shall have been given, from and after the
Series A Redemption Date, Series B Redemption Date or Series C Redemption Date, as applicable, unless the Partnership defaults in providing funds sufficient for such redemption at the time and place specified for payment pursuant to the
Series A Redemption Notice, Series B Redemption Notice or Series C Redemption Notice, all Series A Distributions on such Series A Preferred Units to be redeemed or Series B Distributions on such Series B Preferred Units to be redeemed, and
all Series C Distributions on such Series C Preferred Units to be redeemed, shall cease to accumulate and all rights of holders of such Series A Preferred Units, Series B Preferred Units or Series C Preferred Units as Limited Partners with
respect to such Series A Preferred Units, Series B Preferred Units or Series C Preferred Units to be redeemed shall cease, except the right to receive the Series A Redemption Price, Series B Redemption Price or Series C Redemption Price,
as applicable, and such Series A Preferred Units, Series B Preferred Units or Series C Preferred Units shall not thereafter be transferred on the books of the Transfer Agent or be deemed to be Outstanding for any purpose whatsoever. The
Partnership shall be entitled to receive from the Paying Agent the interest income, if any, earned on such funds deposited with the Paying Agent (to the extent that such interest income is not required to pay the Series A Redemption Price of
the Series A Preferred Units, the Series B Redemption Price of the Series B Preferred Units or the Series C Redemption Price of the Series C Preferred Units, as applicable, to be redeemed), and the holders of any Series A
Preferred Units, Series B Preferred Units or Series C Preferred Units so redeemed shall 

  
 -87- 

 
have no claim to any such interest income. Any funds deposited with the Paying Agent hereunder by the Partnership for any reason, including redemption of Series A Preferred Units, Series B
Preferred Units or Series C Preferred Units, that remain unclaimed or unpaid after two years after the applicable Series A Redemption Date, Series B Redemption Date or Series C Redemption Date or other payment date, as applicable, shall be, to
the extent permitted by law, repaid to the Partnership upon its written request, after which repayment the Series A Holders, Series B Holders or Series C Holders entitled to such redemption or other payment shall have recourse only to the
Partnership. Notwithstanding any Series A Redemption Notice, Series B Redemption Notice or Series C Redemption Notice, there shall be no redemption of any Series A Preferred Units, Series B Preferred Units or Series C Preferred Units, as
applicable, called or accepted for redemption, as applicable, until funds sufficient to pay the full Series A Redemption Price of such Series A Preferred Units, the full Series B Redemption Price of such Series B Preferred Units and the
full Series C Redemption Price of such Series C Preferred Units shall have been deposited by the Partnership with the Paying Agent. 
 (f)
Any Series A Preferred Units, Series B Preferred Units or Series C Preferred Units that are redeemed or otherwise acquired by the Partnership shall be canceled. If only a portion of the Series A Preferred Units, Series B Preferred Units or
Series C Preferred Units represented by a Certificate shall have been called or accepted for redemption, as applicable, upon surrender of the Certificate to the Paying Agent (which shall occur automatically if the Series C Preferred Units are held
in book-entry form by the Transfer Agent or if the Certificate representing such Series A Preferred Units, Series B Preferred Units or Series C Preferred Units is registered in the name of the Depository or its nominee), the Paying Agent shall
issue to the Series A Holders, Series B Holders or Series C Holders, as applicable, a new Certificate (or adjust the applicable book-entry account) representing the number of Series A Preferred Units, Series B Preferred Units or Series C
Preferred Units represented by the surrendered Certificate that have not been called or accepted for redemption. 
 (g) Notwithstanding
anything to the contrary in this Article XVI, in the event that full cumulative distributions on the Series A Preferred Units, Series B Preferred Units, Series C Preferred Units and any other Parity Securities shall not have been paid or
declared and set apart for payment, none of the Partnership, the General Partner or any Affiliate of the General Partner shall be permitted to repurchase, redeem or otherwise acquire, in whole or in part, any Series A Preferred Units, Series B
Preferred Units, Series C Preferred Units or other Parity Securities except pursuant to a purchase or exchange offer made on the same terms to all Series A Holders, Series B Holders, Series C Holders and holders of any other Parity Securities.
None of the Partnership, the General Partner or any Affiliate of the General Partner shall be permitted to redeem, repurchase or otherwise acquire any Common Units or any other Junior Securities unless full cumulative distributions on the
Series A Preferred Units, Series B Preferred Units, Series C Preferred Units and any other Parity Securities for all prior and the then-ending Series A Distribution Periods, Series B Distribution Periods and Series C Distribution Periods
shall have been paid or declared and set apart for payment. 

  
 -88- 

 Section 16.7 Rank. 

The Series A Preferred Units, Series B Preferred Units and Series C Preferred Units shall each be deemed to rank: 

(a) Senior to (i) the Common Units and (ii) any other class or series of Partnership Securities established after the
Series A Original Issue Date by the General Partner, the terms of which class or series do not expressly provide that it is made senior to or on parity with the Series A Preferred Units, Series B Preferred Units or Series C Preferred Units
as to distributions and distributions upon any Liquidation Event (collectively referred to with the Partnership’s Common Units as “Junior Securities”); 

(b) On a parity with each other and with any other class or series of Partnership Securities established after the Series A
Original Issue Date by the General Partner, the terms of which class or series are not expressly subordinated or senior to the Series A Preferred Units, Series B Preferred Units or Series C Preferred Units as to distributions and distributions
upon any Liquidation Event (collectively referred to as “Parity Securities”); and 
 (c) Junior to any class
or series of Partnership Securities established after the Series A Original Issue Date by the General Partner, the terms of which class or series expressly provide that it ranks senior to the Series A Preferred Units, Senior B Preferred
Units and Series C Preferred Units as to distributions and distributions upon any Liquidation Event (collectively referred to as “Senior Securities”). 

The Partnership may issue Junior Securities and, subject to any approvals required by Series A Holders, Series B Holders and/or Series C
Holders pursuant to Section 16.5(c)(ii), Parity Securities from time to time in one or more classes or series without the consent of the Series A Holders, Series B Holders or Series C Holders, as applicable . The General Partner has the
authority to determine the preferences, powers, qualifications, limitations, restrictions and special or relative rights or privileges, if any, of any such class or series before the issuance of any Partnership Securities of such class or series.

 Section 16.8 Series C Preferred Unit Conversion. 

(a) One or more Series C Holders may elect, each in its own discretion, (i) at any time on or after the 18-month anniversary of the Series
C Original Issue Date, to convert all or any portion of the Series C Preferred Units held by such electing Series C Holder(s) in an aggregate amount equaling or exceeding $10 million (or such lesser amount if representing all remaining Series C
Preferred Units held by any such electing Series C Holder) into Common Units, at the then-applicable Series C Conversion Ratio, subject to payment of any accrued but unpaid distributions to the date of conversion, or adjustment of the Series C
Conversion Ratio, in accordance with Section 16.8(c), and (ii) in the event of a Change of Control and in accordance with Section 16.9(b)(i) or Section 16.9(c), to convert all, but not less than all, of the Series C Preferred
Units held by such Series C Holder(s) into Common Units, at the then-applicable Series C Conversion Ratio, subject to payment of any accrued but unpaid distributions on such 

  
 -89- 

 
converted Series C Preferred Units to the date of conversion, or adjustment of the Series C Conversion Ratio, in accordance with Section 16.8(c), in each case, by delivery of:
(A) written notice to the Partnership, in the form set forth as Exhibit F hereto, setting forth the number of Series C Preferred Units such electing Series C Holder holds and the number of Series C Preferred Units such Series C Holder is
electing to convert, and (B) if such Series C Preferred Units are Certificated, a Series C Preferred Unit Certificate to the Transfer Agent representing an amount of Series C Preferred Units at least equal to the amount such Series C
Holder is electing to convert (or an instruction letter to the Transfer Agent, if the Series C Preferred Units are in book-entry form, indicating the amount of Series C Preferred Units such Series C Holder is electing to convert), together with such
additional information as may be reasonably requested by the Transfer Agent; provided, however, that with respect to any conversion pursuant to clause (ii) above, such delivery shall be made by the later of (x) the date three
(3) Business Days after receipt of notice from the Partnership (the “Series C COC Notice”) of such proposed Change of Control and (y) the date 20 Business Days prior to the anticipated closing or effective date of such
Change of Control (which anticipated closing or effective date shall be specified by the Partnership in such notice and shall be based on the Partnership’s reasonable best estimate of such anticipated closing or effective date at the time of
providing such notice) (the “Series C COC Conversion Election”). The Series C COC Notice shall be in such form as determined by the Partnership and must be received by the Series C Holders no earlier than the public announcement of
such potential Change of Control and no later than five (5) Business Days prior to the anticipated closing or effective date of such Change of Control. Upon delivery, such Series C COC Conversion Election shall be irrevocable unless
(1) any material terms related to the Change of Control consideration are subsequently changed or (2) the expected closing or effective date of the Change of Control is delayed by more than 20 Business Days; provided, however that
any Series C Holder that makes a Series C COC Conversion Election shall have until the later of (I) the date five (5) Business Days from receipt of notice from the Partnership of the occurrence of any of the events described in clause
(1) or (2) above and (II) the date 20 Business Days prior to the new anticipated closing or effective date (which new anticipated closing or effective date shall be specified by the Partnership in such notice and shall be based on the
Partnership’s reasonable best estimate of such new anticipated closing or effective date at the time of providing such notice) of any such Change of Control to provide notice to the Partnership that such Series C Holder is revoking its Series C
COC Conversion Election, and if such notice is not provided within such period, the Series C COC Conversion Election previously provided shall be irrevocable. Thereafter, the Partnership shall take all such actions as are necessary or appropriate to
complete such conversion in accordance with this Section 16.8, provided, however, that such conversion shall be effected (x) with respect to any conversion pursuant to clause (i) of the first sentence of this
Section 16.8(a), prior to the tenth Business Day following the date of receipt by the Partnership and the Transfer Agent of notice of conversion and any Certificates or instructions, and any other documentation reasonably requested by the
Partnership or the Transfer Agent, from the applicable Series C Holder(s) as set forth in this Section 16.8 or (y) with respect to any conversion pursuant to clause (ii) of the first sentence of this Section 16.8(a), at any time
prior to the occurrence of the Change of Control, and conditioned upon completion thereof, and subject to the timely delivery of such notices, Certificates and/or instructions, as applicable, and any other documentation reasonably requested by the
Partnership 

  
 -90- 

 
or the Transfer Agent. In the case of any Certificate representing Series C Preferred Units that are converted in part only, upon such conversion the Transfer Agent shall authenticate and deliver
to the applicable Series C Holder thereof, at the expense of the Partnership, a new Certificate representing the number of Series C Preferred Units not so converted. 

(b) At any time on or after the third anniversary of the Series C Original Issue Date, and provided that the average daily trading
volume of the Common Units on the National Securities Exchange upon which such Common Units are listed or admitted to trading was at least 250,000 Common Units (subject to appropriate adjustments in accordance with Section 16.8(i)) for at least
20-trading days in a period of 30 consecutive trading days, if the VWAP for at least 20 trading days during such 30 consecutive-trading day period is greater than 150% of the Stated Series C Liquidation Preference, the General Partner, in its sole
discretion, may cause the Partnership to cause all of the then Outstanding Series C Preferred Units to be automatically converted into Common Units, at the then-applicable Series C Conversion Ratio (the “Series C Mandatory Conversion
Right”). In connection with any such conversion, the Partnership must also pay converting Series C Holders any accrued but unpaid distributions with respect to their Series C Preferred Units being converted to the Series C Mandatory
Conversion Date, or adjust the Series C Conversion Ratio, in accordance with 16.8(c). To exercise the mandatory conversion right described in this Section 16.8(b), the Partnership shall deliver to each Series C Holder a written notice within
five Business Days after the date on which the conditions described in the first sentence of this Section 16.8 are met and at least five Business Days prior to the Series C Mandatory Conversion Date. Such notice shall include, the conversion
date selected by the Partnership, which shall not be more than 10 Business Days after the date of the notice (the “Series C Mandatory Conversion Date”), and the then-applicable Series C Conversion Ratio. Immediately as of the close
of business on the Series C Mandatory Conversion Date, all of the Series C Preferred Units to be converted shall automatically convert into Common Units, at the then-applicable Series C Conversion Ratio, and the Partnership shall pay converting
Series C Holders any accrued but unpaid distributions, with respect to their Series C Preferred Units being converted, to the Series C Mandatory Conversion Date, or adjust the Series C Conversion Ratio, in accordance with Section 16.8(c). 

 (c) The Partnership shall make a cash payment to any Series C Holder with respect to any Series C Preferred Units converted
pursuant to this Section 16.8 to account for any accrued but unpaid distributions on such Series C Preferred Units as of the date of such conversion; provided, however, that in satisfaction of the payment of any accrued but unpaid
distributions, the General Partner may elect, in its sole discretion, to cause the Partnership to adjust the Series C Conversion Ratio with respect to such Series C Preferred Units being converted, such that the number of Series C Preferred Units
converted pursuant to this Section 16.8 includes a number of additional Common Units equal to the quotient of (i) the aggregate dollar amount of any accrued but unpaid distributions as of the date of such conversion with respect to such
Series C Preferred Units for which the adjustment to the Series C Conversion Ratio is to be made pursuant to this Section 16.8(c) divided by (ii) the closing price of a Common Unit on the National Securities Exchange on which the
Common Units are listed or admitted to trading on the second trading day immediately prior to the date of conversion.  

  
 -91- 

 (d) No fractional Common Units will be issued upon conversion of Series C Preferred Units
pursuant to this Section 16.8. In lieu of any fractional Common Units otherwise issuable in respect of the aggregate number of Series C Preferred Units of any Series C Holder that are converted, such Series C Holder will be entitled to receive
an amount in cash (computed to the nearest cent) equal to the product of (i) such fraction of a Common Unit (calculated to five decimal places) multiplied by (ii) the closing price of a Common Unit on the National Securities
Exchange on which the Common Units are listed or admitted to trading on the second trading day immediately prior to the date of conversion. Notwithstanding the foregoing, the Partnership may elect to round up the number of Common Units to be
delivered upon conversion to the next highest whole number of Common Units in lieu of making such cash payment. If more than one Series C Preferred Unit is surrendered for conversion at one time by the same Series C Holder, the number of full Common
Units issuable upon conversion thereof shall be computed on the basis of the aggregate number of Series C Preferred Units so surrendered. 

(e) Upon conversion of Series C Preferred Units pursuant to this Section 16.8, (i) distributions will cease to accrue on the
converted Series C Preferred Units and all rights of holders of the converted Series C Preferred Units as Limited Partners with respect to such Series C Preferred Units shall cease; provided, however, that such holder shall (A) retain
the right to receive, as set forth in this Section 16.8, the Common Units issuable upon conversion of the converted Series C Preferred Units, any accrued but unpaid distributions (to the extent not paid by way of additional Common Units
pursuant to the provision in Section 16.8(c)) prior to the conversion date in accordance with Section 16.8(c), and any cash in lieu of fractional Common Units and (B) not lose or relinquish any claims or rights of action such holder
may then or thereafter have as a result of such holder’s ownership of the converted Series C Preferred Units and (ii) such holder shall be a Limited Partner with respect to the Common Units issued upon such conversion and have the rights
of a holder of Common Units under this Agreement with respect to such Common Units. Prior to such conversion, such holder shall have no rights with respect to such Common Units, including, any rights to distributions or to vote. Each Series C
Preferred Unit shall, upon its conversion, be deemed to be transferred to, and cancelled by, the Partnership in exchange for the issuance of the Common Unit(s) into which such Series C Preferred Unit converted.  

(f) The Partnership shall pay any documentary, stamp or similar issue or transfer taxes or duties relating to the issuance or delivery
of Common Units upon conversion of the Series C Preferred Units; provided, however, that the Series C Holder shall pay any tax or duty which may be payable relating to any transfer involving the issuance or delivery of Common Units in a name
other than the holder’s name. The Transfer Agent may refuse to deliver the Certificate representing Common Units (or make a notation of book entry) in connection with Common Units being issued in a name other than the holder’s name until
the Transfer Agent receives a sum sufficient to pay any tax or duties due because the Common Units are to be issued in a name other than the holder’s name. Nothing herein shall preclude any tax withholding required by law or regulation;
provided that, the Partnership shall use commercially reasonable efforts to notify the Series C Holders at least five (5) Business Days prior to any withholding with respect to any payments to be made to the Series C Holders. 

  
 -92- 

 (g) The Partnership shall keep free from preemptive rights a sufficient number of Common Units to
permit the conversion of all outstanding Series C Preferred Units into Common Units to the extent provided in, and in accordance with, this Section 16.8. 

(h) All Common Units delivered upon conversion of the Series C Preferred Units in accordance with this Section 16.8 shall be
(i) newly issued, (ii) fully paid and non-assessable Limited Partner Interests in the Partnership, except as such non-assessability may be affected by the Marshall Islands Act, and shall be free from preemptive rights and free of any lien,
claim, rights or encumbrances, other than those arising under the Marshall Islands Act, this Agreement or applicable securities laws and (iii) with respect to Common Units delivered upon a conversion in accordance with Section 16.8(b),
registered for public resale under the Securities Act, pursuant to an effective registration statement that is then available for the resale of such Common Units, subject to the obligations of the Series C Holders to provide all information required
under the terms of the Registration Rights Agreement. 
 (i) If, after the Series C Original Issue Date, the Partnership (i) makes a
distribution on its Common Units in Common Units, (ii) subdivides or splits its outstanding Common Units into a greater number of Common Units, (iii) combines or reclassifies its Common Units into a smaller number of Common Units or
(iv) issues by reclassification of its Common Units any Partnership Interests (including any reclassification in connection with a merger, consolidation or business combination in which the Partnership is the surviving Person), then the Series
C Conversion Ratio in effect at the time of the Record Date for such distribution or of the effective date of such subdivision, split, combination, or reclassification shall be proportionately adjusted (calculated to five decimal places) so that the
conversion of the Series C Preferred Units after such time shall entitle the holder to receive the aggregate number of Common Units (or any Partnership Interests into which such Common Units would have been combined, consolidated, merged or
reclassified pursuant to clause (iv) above) that such holder would have been entitled to receive if the Series C Preferred Units had been converted into Common Units immediately prior to such Record Date or effective date, as the case may be,
and in the case of a merger, consolidation or business combination in which the Partnership is the surviving Person, the Partnership shall provide effective provisions to ensure that the provisions in this Article XVI relating to the Series C
Preferred Units shall not be adversely abridged or amended and that the Series C Preferred Units shall thereafter retain substantially the same powers, preferences and relative participating, optional and other special rights, and the
qualifications, limitations and restrictions thereon, that the Series C Preferred Units had immediately prior to such transaction or event. An adjustment made pursuant to this Section 16.8(i) shall become effective immediately after the Record
Date in the case of a distribution and shall become effective immediately after the effective date in the case of a subdivision, split, combination or reclassification (including any reclassification in connection with a merger, consolidation or
business combination in which the Partnership is the surviving Person). Such adjustment shall be made successively whenever any event described above shall occur. 

Section 16.9 Series C Preferred Rights Upon Change of Control. 

(a) Change of Control Redemptions 

  
 -93- 

 (i) Subject to the Series C Mandatory Conversion Right and Section 16.6(f), in the event of
a Cash COC Event, each Series C Holder may, at its sole election, (x) convert all, but not less than all, of the Series C Preferred Units held by such Series C Holder into Common Units pursuant to Section 16.8(a); provided, however,
that each Series C Holder’s conversion right pursuant to this Section 16.9(a)(i)(x) shall be subject to all of such Common Units issued upon conversion of such Series C Preferred Units being purchased in such Cash COC Event, or
(y) require the Partnership to redeem each then Outstanding Series C Preferred Unit for an amount in cash equal to the Series C COC Redemption Price (such redemption event, a “Series C Cash COC Redemption”). 

(ii) Subject to the Series C Mandatory Conversion Right and Section 16.6(f), if in connection with a Non-Cash COC Event, a Series C Holder
elects, pursuant to Section 16.9(b)(iv), to require the Partnership to redeem all of such Series C Holder’s Series C Preferred Units, the Partnership shall redeem each such Series C Preferred Unit for an amount in cash equal to the Series
C COC Redemption Price. 
 (iii) Any redemption pursuant to either subclause (i) or (ii) of this Section 16.9(a) shall occur
on the closing or effective date of such Cash COC Event or Non-Cash COC Event, as applicable (the “Series C COC Redemption Date”), provided that the Series C Holder has delivered: (A) written notice to the Partnership, in the
form set forth as Exhibit G hereto, and (B) if such Series C Preferred Units are Certificated, a Series C Preferred Unit Certificate to the Transfer Agent (or an instruction letter to the Transfer Agent, if the Series C Preferred Units are in
book-entry form), together with such additional information as may be reasonably requested by the Transfer Agent; provided, however, that such delivery shall be made by the later of (x) the date three (3) Business Days after receipt
of a Series C COC Notice from the Partnership and (y) the date 20 Business Days prior to the anticipated closing or effective date of such Change of Control (which anticipated closing or effective date shall be specified by the Partnership in
such notice and shall be based on the Partnership’s reasonable best estimate of such anticipated closing or effective date at the time of providing such notice) (the “Series C COC Redemption Election”). The Series C COC Notice
shall be in such form as determined by the Partnership and must be received by the Series C Holders no earlier than the public announcement of such potential Change of Control and no later than five (5) Business Days prior to the anticipated
closing or effective date of such Change of Control. Upon delivery, such Series C COC Redemption Election shall be irrevocable unless (1) any material terms related to the Change of Control consideration are subsequently changed or (2) the
expected closing or effective date of the Change of Control is delayed by more than 20 Business Days; provided, however that any Series C Holder that makes a Series C COC Redemption Election shall have until the later of (I) the date
five Business Days from receipt of notice from the Partnership of the occurrence of any of the events described in clause (1) or (2) above and (II) the date 20 Business Days prior to the new anticipated closing or effective date (which new
anticipated closing or effective date shall be specified by the Partnership in such notice and shall be based on the Partnership’s reasonable best estimate of such new anticipated closing or effective date at the time of providing such notice)
of any such Change of Control to provide notice to the Partnership that such Series C Holder is revoking its Series C COC Redemption Election, and if such notice is not provided within such period, the Series C COC Redemption Election previously
provided shall be irrevocable. 

  
 -94- 

 (iv) If the Series C Preferred Units to be redeemed pursuant to either subclause (i) or
(ii) of this Section 16.9(a) are held of record by the nominee of the Depository, the Series C COC Redemption Price shall be paid by the Paying Agent to the Depository on the applicable Series C COC Redemption Date. If the
Series C Preferred Units to be redeemed pursuant to either subclause (i) or (ii) of this Section 16.9(a) are not held of record by the nominee of the Depository, the Series C COC Redemption Price shall be paid by the Paying
Agent to the Transfer Agent for distribution to the Series C Holders on the applicable Series C COC Redemption Date. The Partnership shall deposit with the Paying Agent funds sufficient to redeem the applicable Series C Preferred Units no
later than 5:00 p.m. New York City time on the Business Day immediately preceding the Series C COC Redemption Date, and shall give the Paying Agent irrevocable instructions and authority to pay the Series C COC Redemption Price to the
Series C Holders of the Series C Preferred Units to be redeemed upon surrender or deemed surrender (which shall occur automatically if the Series C Preferred Units are held in book-entry form by the Transfer Agent or if the Certificate
representing such Series C Preferred Units is issued in the name of the Depository or its nominee) of the Certificates therefor. From and after the Series C COC Redemption Date, unless the Partnership defaults in providing funds sufficient
for such redemption as specified in this Section 16.9(a)(iii), all Series C Distributions on the Series C Preferred Units to be redeemed shall cease to accumulate and all rights of holders of the Series C Preferred Units as Limited
Partners with respect to such Series C Preferred Units shall cease, except the right to receive the Series C COC Redemption Price and Series C Preferred Units to be redeemed shall not thereafter be transferred on the books of the
Transfer Agent or be deemed to be Outstanding for any purpose whatsoever. The Partnership shall be entitled to receive from the Paying Agent the interest income, if any, earned on such funds deposited with the Paying Agent (to the extent that such
interest income is not required to pay the Series C COC Redemption Price of the Series C Preferred Units to be redeemed), and the holders of any Series C Preferred Units so redeemed shall have no claim to any such interest income. Any
funds deposited with the Paying Agent hereunder by the Partnership for any reason, including redemption of Series C Preferred Units, that remain unclaimed or unpaid after two years after the applicable Series C COC Redemption Date or other
payment date, as applicable, shall be, to the extent permitted by law, repaid to the Partnership upon its written request, after which repayment the Series C Holders entitled to such redemption or other payment shall have recourse only to the
Partnership. Any Series C Preferred Units that are redeemed or otherwise acquired by the Partnership shall be canceled. 
 (b) Subject
to the Series C Mandatory Conversion Right, if a Non-Cash COC Event occurs, then each Series C Holder may, at its sole election: 
 (i)
convert all, but not less than all, of the Series C Preferred Units held by such Series C Holder into Common Units pursuant to Section 16.8(a); 

(ii) if the Partnership is not the surviving entity of a Non-Cash COC Event, then the Partnership shall use commercially reasonable efforts to
deliver or to cause to be 

  
 -95- 

 
delivered to the Series C Holders, in exchange for their Series C Preferred Units upon such Non-Cash COC Event, a security in the surviving entity that has substantially similar terms,
including with respect to economics and structural protections, as the Series C Preferred Units (a “Mirror Security Request”); 

(iii) if the Partnership is the surviving Person of such Non-Cash COC Event, continue to hold Series C Preferred Units; or 

(iv) require the Partnership to redeem (a “Series C Non-Cash COC Redemption”) for cash all the Series C Preferred
Units held by such Series C Holder in accordance with subclauses (ii) and (iii) of Section 16.9(a). 
 (c) Notwithstanding
anything to the contrary, the Partnership’s obligations to redeem any Series C Preferred Units in cash pursuant to this Agreement is subject to such redemption not breaching or violating, or resulting in the breach or violation of, any terms of
the Partnership’s credit facilities, indentures or other debt instruments. In the event (i) that the Partnership engages in any Change of Control transaction at such time as the Partnership has insufficient funds available to effect a
Series C Non-Cash COC Redemption or Series C Cash COC Redemption, as well as any payments necessary to permit such redemption under Section 16.6(f) or (ii) the Partnership is not able to complete a Mirror Security Request of any Series C
Holder, each Series C Holder shall be entitled to (x) take any action otherwise permitted by clause (i), (ii), (iii) or (iv) of Section 16.9(b) (as applicable), or (y) convert each Series C
Preferred Unit held by such Series C Holder immediately prior to such Change of Control into a number of Common Units equal to, if such Change of Control occurs: 

(i) prior to the third anniversary of the Series C Original Issue Date, the quotient of (a) (i) 150% multiplied by the Stated Series
C Liquidation Preference plus accrued and unpaid distributions as of the effective date of the conversion with respect to each Series C Preferred Unit held by such electing Series C Holder less (ii) the sum of all cash distributions paid as of
the effective date of the conversion with respect to such Series C Preferred Unit held by such electing Series C Holder on or prior to the date of the Change of Control, divided by (b) the VWAP Price for the 10 consecutive trading days ending
immediately prior to the date of the closing of such Change of Control, or 
 (ii) after the third anniversary of the Series C Original Issue
Date, the quotient of (a) (i) 150% multiplied by the Stated Series C Liquidation Preference plus accrued and unpaid distributions as of the effective date of the conversion with respect to each Series C Preferred Unit held by such electing
Series C Holder less (ii) the sum of all cash distributions paid as of the effective date of the conversion with respect to such Series C Preferred Unit held by such electing Series C Holder during the three year period following the Series C
Original Issue Date, divided by (b) the VWAP Price for the 10 consecutive trading days ending immediately prior to the date of the closing of such Change of Control. 

  
 -96- 

 Section 16.10 Series C Preferred Unit Legends and Transfer Restrictions. 

(a) The Series C Preferred Units shall be evidenced by Certificates or by book-entry accounts maintained by the Transfer Agent and shall bear
restrictive legends in substantially the following forms: 
 “THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT OR
PURSUANT TO AN EXEMPTION FROM REGISTRATION THEREUNDER AND, IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS SOLD PURSUANT TO RULE 144 UNDER SUCH ACT OR THE ISSUER HAS RECEIVED DOCUMENTATION REASONABLY SATISFACTORY TO IT THAT SUCH
TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER SUCH ACT.” 
 “THIS SECURITY IS SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER SET
FORTH IN THE SERIES C PREFERRED UNIT PURCHASE AGREEMENT, DATED AS OF JUNE 30, 2015, BY AND BETWEEN THE PARTNERSHIP AND THE UNIT PURCHASERS PARTY THERETO, A COPY OF WHICH MAY BE OBTAINED FROM THE PARTNERSHIP AT ITS PRINCIPAL EXECUTIVE OFFICES.”

 (b) Without the prior written consent of the Partnership, Series C Holders may not offer, sell, contract to sell, pledge or otherwise
dispose of (or enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) (each, for purposes
of this Section 16.10, a “disposition”) by such Series C Holder or any Affiliate of such Series C Holder or any Person in privity with such Series C Holder or any Affiliate of such Series C Holder), directly or indirectly, any
Series C Preferred Units or interest therein during the period beginning on the Series C Original Issue Date (or, for any subsequently issued and newly Outstanding Series C Preferred Units, the issuance date of such Units) and ending on the
first anniversary of the Series C Original Issue Date (or, for any subsequently issued and newly Outstanding Series C Preferred Units, the first anniversary of the issuance date of such Units) (the “Series C Restricted
Period”); provided, however, that, notwithstanding the foregoing, such Series C Holder may, subject to compliance with applicable securities laws, effect a disposition of Series C Preferred Units or any interest therein to any Affiliate
thereof or another Series C Holder during the Series C Restricted Period without the prior consent of the Partnership if any such transferee agrees to be bound by the terms of this Section 16.10(b) with respect to any subsequent disposition of
any Series C Preferred Units or any interest therein. Following the Series C Restricted Period, the Series C Holders may, without the prior consent of the 

  
 -97- 

 
Partnership, effect a disposition of Series C Preferred Units or interests therein subject to compliance with applicable securities laws and (x) pursuant to any transaction on the New York
Stock Exchange or another National Securities Exchange, if any, on which the Series C Preferred Units are listed at such time subject to compliance with applicable securities laws or (y) subject to compliance with applicable securities laws,
pursuant to any other transaction other than to any Person that (i) is an operating company (and not a financial institution), or an Affiliate of such company, and (ii) engages in the offshore energy business or otherwise provides similar
services or engages in similar business as the Partnership at any time during the 12 months preceding the proposed disposition. The Partnership may not waive any or all of the provisions of this Section 16.10(b) with respect to less than all of
the Series C Holders. 
 (c) In connection with a sale of the Series C Preferred Units or any Common Units into which such Series C Preferred
Units have been converted by a Series C Holder in reliance on Rule 144, the applicable Series C Holder or its broker shall deliver to the Transfer Agent and the Partnership a broker representation letter providing to the Transfer Agent and the
Partnership any information the Partnership deems necessary to determine that the sale of the Series C Preferred Units or Common Units is made in compliance with Rule 144, including, as may be appropriate, a certification that the Series C Holder is
not an Affiliate of the Partnership and regarding the length of time the Series C Preferred Units or Common Units have been held. Upon receipt of such representation letter and any other such information, and, with respect to Series C Preferred
Units, provided the Series C Preferred Units are then permitted to be transferred pursuant to Section 16.10(b), the Partnership shall promptly direct the Transfer Agent to remove the notation of a restrictive legend in such Series C
Holder’s book-entry account maintained by the Transfer Agent, including the legends referred to in Section 16.10(a), and the Partnership shall bear all costs associated therewith. After a registration statement under the Securities Act
permitting the public resale of the Series C Preferred Units or any Common Units issuable upon conversion of the Series C Preferred Units has become effective or any Series C Holder or its permitted assigns have held the Series C Preferred Units or
any Common Units issued upon conversion of the Series C Preferred Units for one year, and, with respect to Series C Preferred Units, provided the Series C Preferred Units are then permitted to be transferred pursuant to Section 16.10(b), if the
book-entry account of such Series C Preferred Units or Common Units issued conversion of the Series C Preferred Units still bears the notation of the restrictive legends referred to in Section 16.10(a), the Partnership agrees, upon request of
the Series C Holder or permitted assignee, to take all steps necessary to promptly effect the removal of the legends described in Section 16.10(a) from the Series C Preferred Units or Common Units issuable upon conversion of the Series C
Preferred Units, and the Partnership shall bear all costs associated therewith, regardless of whether the request is made in connection with a sale or otherwise, so long as such Purchaser or its permitted assigns provide to the Partnership any
information the Partnership deems reasonably necessary to determine that the legends are no longer required under the Securities Act or applicable state laws, including (if there is no such registration statement) a certification that the holder is
not an Affiliate of the Partnership (and a covenant to inform the Partnership if it should thereafter become an Affiliate and to consent to the notation of an appropriate restriction) and regarding the length of time the Series C Preferred Units or
Common Units have been held. 

  
 -98- 

 Section 16.11 Listing of Series C Preferred Units 

If, at any time after eighteen months following the Series C Original Issue Date, Series C Holders holding at least 50% of the Series C
Preferred Units request that the Partnership list the Series C Preferred Units on a National Securities Exchange, the Partnership shall promptly use commercially reasonable efforts to cause the Series C Preferred Units to be listed on the same
National Securities Exchange as either the Series A Preferred Units or the Series B Preferred Units, or if neither the Series A Preferred Units or the Series B Preferred Units are listed on a National Securities Exchange, any National Securities
Exchange; provided, however, that any such listing shall be subject to the Series C Preferred Units qualifying for such listing and the Partnership shall be under no obligation under this Section 16.11 with respect to the satisfaction of
listing criteria relating to the number of holders of Series C Preferred Units, the public float or market value of the Series C Preferred Units or the satisfaction of Partnership-based financial standards.  

Section 16.12 No Sinking Fund. 
 None
of the Series A Preferred Units, the Series B Preferred Units or the Series C Preferred Units shall have the benefit of any sinking fund. 

Section 16.13 Record Holders. 
 To
the fullest extent permitted by applicable law, the General Partner, Partnership, the Registrar, the Transfer Agent and the Paying Agent may deem and treat any Series A Holder, Series B Holder and Series C Holder as the true, lawful and
absolute owner of the applicable Series A Preferred Units, Series B Preferred Units or Series C Preferred Units for all purposes, and neither the General Partner, the Partnership nor the Registrar, the Transfer Agent or the Paying Agent shall
be affected by any notice to the contrary. 
 Section 16.14 Notices. 

All notices or communications in respect of the Series A Preferred Units, Series B Preferred Units or Series C Units shall be sufficiently
given if given in writing and delivered in person or by first class mail, postage prepaid, or if given in such other manner as may be permitted in this Article XVI, this Agreement or by applicable law. 

Section 16.15 Other Rights; Fiduciary Duties. 

None of the Series A Preferred Units, the Series B Preferred Units or the Series C Preferred Units shall have any voting powers,
preferences or relative, participating, optional or other special rights, or qualifications, limitations or restrictions thereof, other than as set forth in this Article XVI or as provided by applicable law. Notwithstanding anything to the contrary
in this Agreement, but subject to Section 7.9(c) and without reference to the definition of “good faith” in Section 7.9(b), neither the General Partner nor any other Indemnitee shall owe any fiduciary duties to Series A
Holders, Series B Holders or Series C Holders, other than a contractual duty of good faith and fair dealing. 

  
 -99- 

 ARTICLE XVII 

GENERAL PROVISIONS 
 Section 17.1
Addresses and Notices. 
 Any notice, demand, request, report or proxy materials required or permitted to be given or made to a Partner
under this Agreement shall be in writing and shall be deemed given or made when delivered in person or when sent by first class United States mail or by other means of written communication to the Partner at the address described below. Any
notice, payment or report to be given or made to a Partner hereunder shall be deemed conclusively to have been given or made, and the obligation to give such notice or report or to make such payment shall be deemed conclusively to have been fully
satisfied, upon sending of such notice, payment or report to the Record Holder of such Partnership Securities at his address as shown on the records of the Transfer Agent or as otherwise shown on the records of the Partnership, regardless of any
claim of any Person who may have an interest in such Partnership Securities by reason of any assignment or otherwise. An affidavit or certificate of making of any notice, payment or report in accordance with the provisions of this Section 17.1
executed by the General Partner, the Transfer Agent or the mailing organization shall be prima facie evidence of the giving or making of such notice, payment or report. If any notice, payment or report addressed to a Record Holder at the address of
such Record Holder appearing on the books and records of the Transfer Agent or the Partnership is returned by the United States Postal Service marked to indicate that the United States Postal Service is unable to deliver it, such notice, payment or
report and any subsequent notices, payments and reports shall be deemed to have been duly given or made without further mailing (until such time as such Record Holder or another Person notifies the Transfer Agent or the Partnership of a change in
his address) if they are available for the Partner at the principal office of the Partnership for a period of one year from the date of the giving or making of such notice, payment or report to the other Partners. Any notice to the Partnership shall
be deemed given if received by the General Partner at the principal office of the Partnership designated pursuant to Section 2.3. The General Partner may rely and shall be protected in relying on any notice or other document from a Partner or
other Person if believed by it to be genuine. 
 Section 17.2 Further Action. 

The parties shall execute and deliver all documents, provide all information and take or refrain from taking action as may be necessary or
appropriate to achieve the purposes of this Agreement. 

  
 -100- 

 Section 17.3 Binding Effect. 

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors, administrators,
successors, legal representatives and permitted assigns. 
 Section 17.4 Integration. 

This Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior
agreements and understandings pertaining thereto, including the Prior Agreement. 
 Section 17.5 Creditors. 

None of the provisions of this Agreement shall be for the benefit of, or shall be enforceable by, any creditor of the Partnership. 

Section 17.6 Waiver. 
 No failure by
any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach of any other covenant,
duty, agreement or condition. 
 Section 17.7 Counterparts. 

This Agreement may be executed in counterparts, all of which together shall constitute an agreement binding on all the parties hereto,
notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall become bound by this Agreement immediately upon affixing its signature hereto or, in the case of a Person acquiring a Limited Partner
Interest, pursuant to Section 10.2(a) without execution hereof. 
 Section 17.8 Applicable Law. 

This Agreement shall be construed in accordance with and governed by the laws of the Marshall Islands, without regard to the principles of
conflicts of law. 
 Section 17.9 Invalidity of Provisions. 

If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of
the remaining provisions contained herein shall not be affected thereby. 

  
 -101- 

 Section 17.10 Consent of Partners. 

Each Partner hereby expressly consents and agrees that, whenever in this Agreement it is specified that an action may be taken upon the
affirmative vote or consent of less than all of the Partners, such action may be so taken upon the concurrence of less than all of the Partners and each Partner shall be bound by the results of such action. 

Section 17.11 Facsimile Signatures. 

The use of facsimile signatures affixed in the name and on behalf of the transfer agent and registrar of the Partnership on Certificates
representing Common Units and Preferred Units is expressly permitted by this Agreement. 
 Section 17.12 Third-Party Beneficiaries. 

Each Partner agrees that any Indemnitee shall be entitled to assert rights and remedies hereunder as a third-party beneficiary hereto with
respect to those provisions of this Agreement affording a right, benefit or privilege to such Indemnitee. 
 [REMAINDER OF THIS PAGE
INTENTIONALLY LEFT BLANK] 

  
 -102- 

 IN WITNESS WHEREOF, the parties hereto have executed this Fourth Amended and Restated
Agreement of Limited Partnership as of the date first written above. 
  

			
	GENERAL PARTNER:
	
	Teekay Offshore GP L.L.C.
		
	By:	 	     /s/ Peter Evensen

	Name: Peter Evensen
	Title: Chief Executive Officer and Chief Financial Officer

  

			
	ORGANIZATIONAL LIMITED PARTNER:
	
	Teekay Corporation
		
	By:	 	     /s/ Peter Evensen

	Name: Peter Evensen
	Title: Chief Executive Officer

  

			
	LIMITED PARTNERS:
	
	All Limited Partners now and hereafter admitted as Limited Partners of the Partnership, pursuant to powers of attorney now and hereafter executed in favor of, and granted and delivered to the General Partner.

  

			
	Teekay Offshore GP L.L.C.
		
	By:	 	     /s/ Peter Evensen

	Name: Peter Evensen
	Title: Chief Executive Officer and Chief Financial Officer

  
 -103- 

 
			
	ACKNOWLEDGED AND AGREED FOR PURPOSES OF SECTION 16.5(b):
	
	Teekay Corporation
		
	By:	 	     /s/ Peter Evensen

	Name: Peter Evensen
	Title: Chief Executive Officer

  
 -104- 

 EXHIBIT A 

to the Fourth Amended and Restated 

Agreement of Limited Partnership of 

Teekay Offshore Partners L.P. 

Certificate Evidencing Common Units 

Representing Limited Partner Interests in 

Teekay Offshore Partners L.P. 
  

			
	No.                 		                 Common Units

 In accordance with Section 4.1 of the Fourth Amended and Restated Agreement of Limited Partnership
of Teekay Offshore Partners L.P., as amended, supplemented or restated from time to time (the “Partnership Agreement”), Teekay Offshore Partners L.P., a Marshall Islands limited partnership (the “Partnership”),
hereby certifies that                  (the “Holder”) is the registered owner of Common Units representing limited partner interests in the
Partnership (the “Common Units”) transferable on the books of the Partnership, in person or by duly authorized attorney, upon surrender of this Certificate properly endorsed. The rights, preferences and limitations of the Common
Units are set forth in, and this Certificate and the Common Units represented hereby are issued and shall in all respects be subject to the terms and provisions of, the Partnership Agreement. Copies of the Partnership Agreement are on file at, and
will be furnished without charge on delivery of written request to the Partnership at, the principal office of the Partnership located at 4th Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda. Capitalized terms used herein
but not defined shall have the meanings given them in the Partnership Agreement. 
 The Holder, by accepting this Certificate, is
deemed to have (i) requested admission as, and agreed to become, a Limited Partner and to have agreed to comply with and be bound by and to have executed the Partnership Agreement, (ii) represented and warranted that the Holder has all
right, power and authority and, if an individual, the capacity necessary to enter into the Partnership Agreement, (iii) granted the powers of attorney provided for in the Partnership Agreement and (iv) made the waivers and given the
consents and approvals contained in the Partnership Agreement. 
 This Certificate shall not be valid for any purpose unless it has been
countersigned and registered by the Transfer Agent and Registrar. 
  

							
	Dated:                 		Teekay Offshore Partners L.P.
			
	Countersigned and Registered by:		By:		Teekay Offshore GP L.L.C., its General Partner
			
	 		By:		 
	as Transfer Agent and Registrar				Title:
				
	By:		 		By:		 
	Authorized Signature				Secretary

  
 A-1 

 [Reverse of Certificate] 

ABBREVIATIONS 
 The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as follows according to applicable laws or regulations: 
  

									
	TEN COM		—		as tenants in common		UNIF GIFT/TRANSFERS MIN ACT
							Custodian
							(Cust)		(Minor)
	TEN ENT		—		as tenants by the entireties		under Uniform Gifts /Transfers to CD Minors Act (State)
	JT TEN		—		as joint tenants with right of survivorship and not as tenants in common				

 Additional abbreviations, though not in the above list, may also be used. 

ASSIGNMENT OF COMMON UNITS 

in 
 TEEKAY OFFSHORE
PARTNERS L.P. 
 FOR VALUE RECEIVED,
                                 hereby assigns, conveys, sells and transfers unto

					
	 				 
	 				(Please insert Social Security or other identifying number of Assignee)
	(Please print or typewrite name and address of Assignee)			

                     Common Units representing
limited partner interests evidenced by this Certificate, subject to the Partnership Agreement, and does hereby irrevocably constitute and appoint
                         as its attorney-in-fact with full power of substitution to transfer the same on the books of the
Partnership. 
  

					
	Date:                     		NOTE:		The signature to any endorsement hereon must correspond with the name as written upon the face of this Certificate in every particular, without alteration, enlargement or change.
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM),
PURSUANT TO S.E.C. RULE 17Ad-15				 
				(Signature)
				 
				 (Signature)
  

 No transfer of the Common Units evidenced hereby will be registered on the books of the Partnership, unless the Certificate
evidencing the Common Units to be transferred is surrendered for registration or transfer. 

  
 A-2 

 EXHIBIT B 

to the Fourth Amended and Restated 

Agreement of Limited Partnership of 

Teekay Offshore Partners L.P. 

Certificate Evidencing Series A Cumulative 

Redeemable Preferred Units 

Representing Limited Partner Interests in 

Teekay Offshore Partners L.P. 
  

			
	No.                 		                 Series A Preferred Units

 In accordance with Section 4.1 of the Fourth Amended and Restated Agreement of Limited Partnership
of Teekay Offshore Partners L.P., as amended, supplemented or restated from time to time (the “Partnership Agreement”), Teekay Offshore Partners L.P., a Marshall Islands limited partnership (the “Partnership”),
hereby certifies that                  (the “Holder”) is the registered owner of 7.25% Series A Cumulative Redeemable Preferred Units
representing limited partner interests in the Partnership (the “Series A Preferred Units”) transferable on the books of the Partnership, in person or by duly authorized attorney, upon surrender of this Certificate properly
endorsed. The rights, preferences and limitations of the Series A Preferred Units are set forth in, and this Certificate and the Series A Preferred Units represented hereby are issued and shall in all respects be subject to the terms and
provisions of, the Partnership Agreement. Copies of the Partnership Agreement are on file at, and will be furnished without charge on delivery of written request to the Partnership at, the principal office of the Partnership located at 4th Floor,
Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda. Capitalized terms used herein but not defined shall have the meanings given them in the Partnership Agreement. 

The Holder, by accepting this Certificate, is deemed to have (i) requested admission as, and agreed to become, a Limited Partner and to
have agreed to comply with and be bound by and to have executed the Partnership Agreement, (ii) represented and warranted that the Holder has all right, power and authority and, if an individual, the capacity necessary to enter into the
Partnership Agreement, (iii) granted the powers of attorney provided for in the Partnership Agreement and (iv) made the waivers and given the consents and approvals contained in the Partnership Agreement. 

This Certificate shall not be valid for any purpose unless it has been countersigned and registered by the Transfer Agent and Registrar. 

 

							
	Dated:                 		Teekay Offshore Partners L.P.
			
	Countersigned and Registered by:		By:		Teekay Offshore GP L.L.C., its General Partner
			
	 		By:		 
	as Transfer Agent and Registrar				Title:
				
	By:		 		By:		 
	Authorized Signature				Secretary

  
 B-1 

 [Reverse of Certificate] 

ABBREVIATIONS 
 The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as follows according to applicable laws or regulations: 
  

									
	TEN COM		—		as tenants in common		UNIF GIFT/TRANSFERS MIN ACT
							Custodian
							(Cust)		(Minor)
	TEN ENT		—		as tenants by the entireties		under Uniform Gifts /Transfers to CD Minors Act (State)
	JT TEN		—		as joint tenants with right of survivorship and not as tenants in common				

 Additional abbreviations, though not in the above list, may also be used. 

ASSIGNMENT OF SERIES A PREFERRED UNITS 

in 
 TEEKAY OFFSHORE
PARTNERS L.P. 
 FOR VALUE RECEIVED,
                                 hereby assigns, conveys, sells and transfers unto

					
	 				 
	 				(Please insert Social Security or other identifying number of Assignee)
	(Please print or typewrite name and address of Assignee)			

                     Series A Preferred Units
representing limited partner interests evidenced by this Certificate, subject to the Partnership Agreement, and does hereby irrevocably constitute and appoint
                         as its attorney-in-fact with full power of substitution to transfer the same on the books of the
Partnership. 
  

					
	Date:                     		NOTE:		The signature to any endorsement hereon must correspond with the name as written upon the face of this Certificate in every particular, without alteration, enlargement or change.
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM),
PURSUANT TO S.E.C. RULE 17Ad-15				 
				(Signature)
				 
				 (Signature)
  

 No transfer of the Series A Preferred Units evidenced hereby will be registered on the books of the Partnership, unless
the Certificate evidencing the Series A Preferred Units to be transferred is surrendered for registration or transfer. 

  
 B-2 

 EXHIBIT C 

to the Fourth Amended and Restated 

Agreement of Limited Partnership of 

Teekay Offshore Partners L.P. 

Certificate Evidencing Series B Cumulative 

Redeemable Preferred Units 

Representing Limited Partner Interests in 

Teekay Offshore Partners L.P. 
  

			
	No.                 		                 Series B Preferred Units

 In accordance with Section 4.1 of the Fourth Amended and Restated Agreement of Limited Partnership
of Teekay Offshore Partners L.P., as amended, supplemented or restated from time to time (the “Partnership Agreement”), Teekay Offshore Partners L.P., a Marshall Islands limited partnership (the “Partnership”),
hereby certifies that                  (the “Holder”) is the registered owner of 8.50% Series B Cumulative Redeemable Preferred Units
representing limited partner interests in the Partnership (the “Series B Preferred Units”) transferable on the books of the Partnership, in person or by duly authorized attorney, upon surrender of this Certificate properly
endorsed. The rights, preferences and limitations of the Series B Preferred Units are set forth in, and this Certificate and the Series B Preferred Units represented hereby are issued and shall in all respects be subject to the terms and
provisions of, the Partnership Agreement. Copies of the Partnership Agreement are on file at, and will be furnished without charge on delivery of written request to the Partnership at, the principal office of the Partnership located at 4th Floor,
Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda. Capitalized terms used herein but not defined shall have the meanings given them in the Partnership Agreement. 

The Holder, by accepting this Certificate, is deemed to have (i) requested admission as, and agreed to become, a Limited Partner and to
have agreed to comply with and be bound by and to have executed the Partnership Agreement, (ii) represented and warranted that the Holder has all right, power and authority and, if an individual, the capacity necessary to enter into the
Partnership Agreement, (iii) granted the powers of attorney provided for in the Partnership Agreement and (iv) made the waivers and given the consents and approvals contained in the Partnership Agreement. 

This Certificate shall not be valid for any purpose unless it has been countersigned and registered by the Transfer Agent and Registrar. 

 

							
	Dated:                 		Teekay Offshore Partners L.P.
			
	Countersigned and Registered by:		By:		Teekay Offshore GP L.L.C., its General Partner
			
	 		By:		 
	as Transfer Agent and Registrar				Title:
				
	By:		 		By:		 
	Authorized Signature				Secretary

  
 C-1 

 [Reverse of Certificate] 

ABBREVIATIONS 
 The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as follows according to applicable laws or regulations: 
  

									
	TEN COM		—		as tenants in common		UNIF GIFT/TRANSFERS MIN ACT
							Custodian
							(Cust)		(Minor)
	TEN ENT		—		as tenants by the entireties		under Uniform Gifts /Transfers to CD Minors Act (State)
	JT TEN		—		as joint tenants with right of survivorship and not as tenants in common				

 Additional abbreviations, though not in the above list, may also be used. 

ASSIGNMENT OF SERIES B PREFERRED UNITS 

in 
 TEEKAY OFFSHORE
PARTNERS L.P. 
 FOR VALUE RECEIVED,
                                 hereby assigns, conveys, sells and transfers unto

					
	 				 
	 				(Please insert Social Security or other identifying number of Assignee)
	(Please print or typewrite name and address of Assignee)			

                     Series B Preferred Units
representing limited partner interests evidenced by this Certificate, subject to the Partnership Agreement, and does hereby irrevocably constitute and appoint
                         as its attorney-in-fact with full power of substitution to transfer the same on the books of the
Partnership. 
  

					
	Date:                     		NOTE:		The signature to any endorsement hereon must correspond with the name as written upon the face of this Certificate in every particular, without alteration, enlargement or change.
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM),
PURSUANT TO S.E.C. RULE 17Ad-15				 
				(Signature)
				 
				 (Signature)
  

 No transfer of the Series B Preferred Units evidenced hereby will be registered on the books of the Partnership, unless
the Certificate evidencing the Series B Preferred Units to be transferred is surrendered for registration or transfer. 

  
 C-2 

 EXHIBIT D 

to the Fourth Amended and Restated 

Agreement of Limited Partnership of 

Teekay Offshore Partners L.P. 

Certificate Evidencing Series C Cumulative 

Convertible Perpetual Preferred Units 

Representing Limited Partner Interests in 

Teekay Offshore Partners L.P. 
  

			
	No.                 		                 Series C Preferred Units

 In accordance with Section 4.1 of the Fourth Amended and Restated Agreement of Limited Partnership
of Teekay Offshore Partners L.P., as amended, supplemented or restated from time to time (the “Partnership Agreement”), Teekay Offshore Partners L.P., a Marshall Islands limited partnership (the “Partnership”),
hereby certifies that                  (the “Holder”) is the registered owner of 8.60% Series C Cumulative Convertible Perpetual Preferred
Units representing limited partner interests in the Partnership (the “Series C Preferred Units”) transferable on the books of the Partnership, in person or by duly authorized attorney, upon surrender of this Certificate
properly endorsed. The rights, preferences and limitations of the Series C Preferred Units are set forth in, and this Certificate and the Series C Preferred Units represented hereby are issued and shall in all respects be subject to the
terms and provisions of, the Partnership Agreement. Copies of the Partnership Agreement are on file at, and will be furnished without charge on delivery of written request to the Partnership at, the principal office of the Partnership located at 4th
Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda. Capitalized terms used herein but not defined shall have the meanings given them in the Partnership Agreement. 

The Holder, by accepting this Certificate, is deemed to have (i) requested admission as, and agreed to become, a Limited Partner and to
have agreed to comply with and be bound by and to have executed the Partnership Agreement, (ii) represented and warranted that the Holder has all right, power and authority and, if an individual, the capacity necessary to enter into the
Partnership Agreement, (iii) granted the powers of attorney provided for in the Partnership Agreement and (iv) made the waivers and given the consents and approvals contained in the Partnership Agreement. 

This Certificate shall not be valid for any purpose unless it has been countersigned and registered by the Transfer Agent and Registrar. 

 

							
	Dated:                 		Teekay Offshore Partners L.P.
			
	Countersigned and Registered by:		By:		Teekay Offshore GP L.L.C., its General Partner
			
	 		By:		 
	as Transfer Agent and Registrar				Title:
				
	By:		 		By:		 
	Authorized Signature				Secretary

  
 D-1 

 [Reverse of Certificate] 

ABBREVIATIONS 
 The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as follows according to applicable laws or regulations: 
  

									
	TEN COM		—		as tenants in common		UNIF GIFT/TRANSFERS MIN ACT
							Custodian
							(Cust)		(Minor)
	TEN ENT		—		as tenants by the entireties		under Uniform Gifts /Transfers to CD Minors Act (State)
	JT TEN		—		as joint tenants with right of survivorship and not as tenants in common				

 Additional abbreviations, though not in the above list, may also be used. 

ASSIGNMENT OF SERIES C PREFERRED UNITS 

in 
 TEEKAY OFFSHORE
PARTNERS L.P. 
 FOR VALUE RECEIVED,
                                 hereby assigns, conveys, sells and transfers unto

					
	 				 
	 				(Please insert Social Security or other identifying number of Assignee)
	(Please print or typewrite name and address of Assignee)			

                     Series C Preferred Units
representing limited partner interests evidenced by this Certificate, subject to the Partnership Agreement, and does hereby irrevocably constitute and appoint
                         as its attorney-in-fact with full power of substitution to transfer the same on the books of the
Partnership. 
  

					
	Date:                     		NOTE:		The signature to any endorsement hereon must correspond with the name as written upon the face of this Certificate in every particular, without alteration, enlargement or change.
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM),
PURSUANT TO S.E.C. RULE 17Ad-15				 
				(Signature)
				 
				 (Signature)
  

 No transfer of the Series C Preferred Units evidenced hereby will be registered on the books of the Partnership, unless
the Certificate evidencing the Series C Preferred Units to be transferred is surrendered for registration or transfer. 

  
 D-2 

 EXHIBIT E 

FORM OF REDEMPTION ELECTION 

(OFFER TO REDEEM) 

SERIES C PREFERRED UNIT REDEMPTION ELECTION 

(TO BE EXECUTED BY THE REGISTERED HOLDER FOR REDEMPTION OF SERIES C PREFERRED UNITS) 

[Date] 
 The undersigned hereby
elects to have the number of the 8.60% Series C Cumulative Convertible Perpetual Preferred Units (“Series C Preferred Units”) of Teekay Offshore Partners, L.P., a Marshall Islands limited partnership (the
“Partnership”), indicted below, according to the conditions and in accordance with the provisions of the partnership agreement of the Partnership, as of the date written below. If payment is to be issued to an account in the name of
a person or entity other than the holder of such Series C Preferred Units, such holder will deliver such certificates and opinions or other items as may be required by the Partnership or its transfer agent. 

 

			
	Number of Series C Preferred Units held by Undersigned:		  

     
  

	Number of Series C Preferred Units to be Redeemed:		  

     
  

	 	 
	Wire Payment Instructions:		 Bank Name:

Bank Routing Number (ABA Number):
 Account Name:*

Account Number (DDA):
 Bank Contact/Telephone Number:

Beneficiary Account Name:
 Beneficiary Account Number:

*Please provide the name on the account not the type of account

	 		 FOR International
WIRES, PLEASE PROVIDE THE FOLLOWING INFORMATION:
  
 Bank Name:

SWIFT CODE:
 IBAN:

Account Number (DDA):
 Bank Address/Telephone:

Account Name:
 For Further Credit:

For Further Credit Account Number:
 For international wires,
please also provide any details regarding correspondent banks in the United States used by your local bank to receive
 wires from the United
States:

 HOLDER 

  
 E-1 

 EXHIBIT F 

FORM OF NOTICE OF CONVERSION 

SERIES C PREFERRED UNIT CONVERSION NOTICE 

(TO BE EXECUTED BY THE REGISTERED HOLDER IN ORDER 

TO CONVERT SERIES C PREFERRED UNITS) 

[Date] 
 The undersigned hereby
elects to convert the number of 8.60% Series C Cumulative Convertible Perpetual Preferred Units (“Series C Preferred Units”) of Teekay Offshore Partners, L.P., a Marshall Islands limited partnership (the
“Partnership”), indicated below into common units (“Common Units”) of the Partnership, according to the conditions and in accordance with the provisions of the partnership agreement of the Partnership, as of the
date written below. If Common Units are to be issued in the name of a person or entity other than the holder of such Series C Preferred Units, such holder will pay all transfer taxes payable with respect thereto and will deliver such certificates
and opinions or other items as may be required by the Partnership or its transfer agent. No fee will be charged to the holders for any conversion, except for any such transfer taxes. 

Conversion calculations: 
  

			
	Date to Effect Conversion:		  

     
  

	Number of Series C Preferred Units to be Converted:		  

     
  

	Name in which Certificate for Common Units to be Issued:		  

     
  

	Address for Delivery:		  

     
  

 [HOLDER] 

  
 F-1 

 EXHIBIT G 

FORM OF REDEMPTION ELECTION 

(CHANGE OF CONTROL) 

SERIES C PREFERRED UNIT REDEMPTION ELECTION 

(TO BE EXECUTED BY THE REGISTERED HOLDER FOR REDEMPTION OF SERIES C PREFERRED UNITS) 

[Date] 
 The undersigned hereby
elects to have all of the 8.60% Series C Cumulative Convertible Perpetual Preferred Units (“Series C Preferred Units”) of Teekay Offshore Partners, L.P., a Marshall Islands limited partnership (the “Partnership”),
held by the undersigned, according to the conditions and in accordance with the provisions of the partnership agreement of the Partnership, as of the date written below. If payment is to be issued to an account in the name of a person or entity
other than the holder of such Series C Preferred Units, such holder will deliver such certificates and opinions or other items as may be required by the Partnership or its transfer agent. 

 

			
	Number of Series C Preferred Units held by Undersigned:		  

     
  

	Number of Series C Preferred Units to be Redeemed:		  

     
  

	 	 
	Wire Payment Instructions:		 Bank Name:

Bank Routing Number (ABA Number):
 Account Name:*

Account Number (DDA):
 Bank Contact/Telephone Number:

Beneficiary Account Name:
 Beneficiary Account Number:

*Please provide the name on the account not the type of account

	 		 FOR International
WIRES, PLEASE PROVIDE THE FOLLOWING INFORMATION:
  
 Bank Name:

SWIFT CODE:
 IBAN:

Account Number (DDA):
 Bank Address/Telephone:

Account Name:
 For Further Credit:

For Further Credit Account Number:
 For international wires,
please also provide any details regarding correspondent banks in the United States used by your local bank to receive
 wires from the United
States:

 HOLDER 

  
 G-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}]]